1 00:00:03,680 --> 00:00:07,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:10,080 Speaker 1: for Wednesday, the twentieth of November twenty twenty four. I'm 3 00:00:10,080 --> 00:00:13,000 Speaker 1: sure in Aelma every afternoon we've got the five stories 4 00:00:13,039 --> 00:00:15,000 Speaker 1: that happened today that you need to know about. Stringham 5 00:00:15,000 --> 00:00:16,560 Speaker 1: Why I'm The share market might have hit a new 6 00:00:16,640 --> 00:00:20,400 Speaker 1: high yesterday, but it fell today. In fact, it dropped 7 00:00:20,440 --> 00:00:23,400 Speaker 1: another zero point six percent to finish at eighty three 8 00:00:23,440 --> 00:00:26,680 Speaker 1: hundred and twenty seven points. Telcos were among the hardest 9 00:00:26,720 --> 00:00:29,880 Speaker 1: hit after Telstra dropped nearly two percent, while industrials and 10 00:00:29,960 --> 00:00:33,840 Speaker 1: consumer discretionary stocks also fell. Among the large caps, there 11 00:00:33,840 --> 00:00:37,880 Speaker 1: plenty that dropped more than one percent. Westpac, Woodside, Ria Group, Aristocrat, 12 00:00:38,000 --> 00:00:42,240 Speaker 1: Leisure QB zero, Brambles Coals CSL was the best of 13 00:00:42,280 --> 00:00:45,960 Speaker 1: the megacaps. It rose nearly one percent. Downer came out 14 00:00:45,960 --> 00:00:48,880 Speaker 1: with an update at its annual general meeting. It disappointed 15 00:00:48,960 --> 00:00:51,440 Speaker 1: and its share price dropped nearly one percent. Where The 16 00:00:51,600 --> 00:00:54,680 Speaker 1: Travel Group was supposed to report today, but it delayed 17 00:00:54,680 --> 00:00:57,960 Speaker 1: for seven days. No real reason for that one and 18 00:00:58,040 --> 00:01:00,040 Speaker 1: wis Tech Global is under five for holding out a 19 00:01:00,240 --> 00:01:04,480 Speaker 1: virtual AGM on Friday. Means Richard White, the founder and 20 00:01:04,680 --> 00:01:10,039 Speaker 1: CEO won't have to physically front shareholders. Hmm. Interesting that one. 21 00:01:10,200 --> 00:01:13,919 Speaker 1: Story Number two. Australia's Ambassador to the United States, Kevin Rudd, 22 00:01:14,240 --> 00:01:17,319 Speaker 1: has made his first public comments since the US election, 23 00:01:17,840 --> 00:01:20,480 Speaker 1: saying he will work to deepen US engagement in the 24 00:01:20,480 --> 00:01:25,440 Speaker 1: Indo Pacific, adding that American leadership remains indispensable. Now, this 25 00:01:25,680 --> 00:01:28,520 Speaker 1: is the guy who was talking about Donald Trump, called 26 00:01:28,600 --> 00:01:31,759 Speaker 1: him a traitor to the West, the most destructive president 27 00:01:31,880 --> 00:01:36,240 Speaker 1: in history, a village idiot. You get the gist. Having 28 00:01:36,240 --> 00:01:40,480 Speaker 1: said all that, Donald Trump has forgiven enemies previously. In fact, 29 00:01:40,560 --> 00:01:44,160 Speaker 1: his vice president elect j D Vance was very anti 30 00:01:44,200 --> 00:01:46,080 Speaker 1: Trump at some point. But it seems to have turned 31 00:01:46,080 --> 00:01:49,000 Speaker 1: things around. Looks like Donald Trump loves a convert more 32 00:01:49,040 --> 00:01:52,080 Speaker 1: than anything else. And that's what is sounding like. Miss Rudzi. 33 00:01:52,120 --> 00:01:54,240 Speaker 1: The Albanezi government had done all the work and was 34 00:01:54,320 --> 00:01:57,880 Speaker 1: ready to work with the new Trump administration. He said 35 00:01:57,880 --> 00:02:00,320 Speaker 1: that the embassy in Washington has been working hard for 36 00:02:00,360 --> 00:02:03,160 Speaker 1: this moment. He would try and sell Donald Trump on 37 00:02:03,160 --> 00:02:06,240 Speaker 1: the benefits of the Orchest nuclear subdeal to American industry 38 00:02:06,280 --> 00:02:09,840 Speaker 1: and jobs. He was speaking via video, so he couldn't 39 00:02:09,880 --> 00:02:13,040 Speaker 1: actually answer any questions. That's a shame. Story number three, 40 00:02:13,120 --> 00:02:15,960 Speaker 1: furniture retailer Nick Scary said that profits could be lower 41 00:02:16,000 --> 00:02:19,160 Speaker 1: than estimated a month ago because one of its logistics 42 00:02:19,160 --> 00:02:24,480 Speaker 1: partners has collapsed. Now about two hundred contained containers full 43 00:02:24,520 --> 00:02:28,800 Speaker 1: of sofas and dining sets are stranded, mostly at ports. 44 00:02:29,240 --> 00:02:33,400 Speaker 1: The company's name is Line Global Forwarding. It collapsed. Basically 45 00:02:33,440 --> 00:02:36,480 Speaker 1: what it does is ship furniture from China. NCK Scarly 46 00:02:36,520 --> 00:02:39,000 Speaker 1: realized there were problems last month when they were asked 47 00:02:39,040 --> 00:02:43,080 Speaker 1: to pay their bills early. The group obtained court orders 48 00:02:43,320 --> 00:02:46,840 Speaker 1: for the shipping lines engaged Byline to release the company's containers. 49 00:02:46,840 --> 00:02:49,639 Speaker 1: How About half are now delivered, but there's still a 50 00:02:49,720 --> 00:02:52,960 Speaker 1: stack at ports. Nick Carly's share price was down two 51 00:02:52,960 --> 00:02:57,080 Speaker 1: percent today. Story number four ask is threatening Superannuation Fund 52 00:02:57,120 --> 00:03:01,040 Speaker 1: executives with penalties if they don't fix their customer service failings, 53 00:03:01,400 --> 00:03:05,560 Speaker 1: and it's telling boards they're responsible for improved governance. Today, 54 00:03:05,600 --> 00:03:08,640 Speaker 1: the Australian Financial Regulation Authority warned Sea Bus that it 55 00:03:08,760 --> 00:03:12,639 Speaker 1: was still under investigation around governance after the super fund 56 00:03:12,760 --> 00:03:16,480 Speaker 1: rubber stamped three new CFMEU linked directors to its board. 57 00:03:16,840 --> 00:03:19,920 Speaker 1: Over the past week, we've had asset launch action against 58 00:03:20,080 --> 00:03:22,720 Speaker 1: sea Bus alleging it delayed paying up to twenty million 59 00:03:22,720 --> 00:03:25,760 Speaker 1: dollars in death and disability payments to people most in need. 60 00:03:26,040 --> 00:03:29,560 Speaker 1: SeaBus is also under fire for making payments to the CFMEU, 61 00:03:29,880 --> 00:03:32,359 Speaker 1: another giant of the industry. Hester will be forced to 62 00:03:32,400 --> 00:03:35,080 Speaker 1: compensate more than one hundred and twenty thousand members who 63 00:03:35,120 --> 00:03:39,600 Speaker 1: had their retirement savings stranded in unlisted property Assetshen valuations 64 00:03:39,600 --> 00:03:43,880 Speaker 1: tumbled in the early days of COVID. The Superannuation watchdog 65 00:03:43,880 --> 00:03:47,520 Speaker 1: APPRES says Hester's processes were inadequate. It is a sector 66 00:03:47,600 --> 00:03:50,240 Speaker 1: under the spotlight at the moment and story number five. 67 00:03:50,360 --> 00:03:53,880 Speaker 1: Israeli Prime Minister Benjamin nett Yahoo will pay five million 68 00:03:54,000 --> 00:03:57,400 Speaker 1: US dollars to any Gaza resident who returns a hostage, 69 00:03:57,560 --> 00:04:01,200 Speaker 1: plus insure safe passage out of the wall ravaged territory. 70 00:04:01,560 --> 00:04:04,360 Speaker 1: It's the latest twist and what's been an unsuccessful attempt 71 00:04:04,560 --> 00:04:07,520 Speaker 1: to get the one hundred and one hostages home. Talks 72 00:04:07,520 --> 00:04:10,720 Speaker 1: between Hamas and Israel to free the hostages have stalled 73 00:04:11,000 --> 00:04:14,520 Speaker 1: after attempts to reach a ceasefire failed. Benjamin Netanya, who 74 00:04:14,600 --> 00:04:17,480 Speaker 1: visited Gaza overnight, he said Hamas would not rule the 75 00:04:17,520 --> 00:04:21,000 Speaker 1: Palestinian territory after the war ends. That's it for the 76 00:04:21,040 --> 00:04:24,159 Speaker 1: afternoon report for Wednesday, the twentieth of November twenty twenty four. 77 00:04:24,240 --> 00:04:26,560 Speaker 1: Michael Thompson and I will be back tomorrow morning, which 78 00:04:26,640 --> 00:04:29,760 Speaker 1: the Thursday edition of Fear and Greed Business News. I'm Chanaelma. 79 00:04:30,240 --> 00:04:30,960 Speaker 1: Enjoy your evening.