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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the seventeenth of September twenty twenty four. I'm

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Speaker 1: suan alma. Every afternoon, We've got the fire stories that

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Speaker 1: happened today that you need to know about. Story um one.

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Speaker 1: The local share market pushed above eight one hundred and

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Speaker 1: fifty points for the first time today for closing up

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Speaker 1: zero point two percent to eighty one hundred and forty

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Speaker 1: one points. It officially set a new high of eight

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Speaker 1: five zero point five points on the back of growing

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Speaker 1: confidence that the US Federal Reserve will cut rates in

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Speaker 1: the world's largest economy by fifty basis points in coming days. Overall,

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Speaker 1: it was a fairly subdued session with not too much

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Speaker 1: movement or eleven subindices will higher, led by the Tech index,

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Speaker 1: the banks and miners will hire, while the retailers were

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Speaker 1: mostly lower. In corporate news plenty of that around. A

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Speaker 1: Dair share price jumped after it appointed a former Country

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Speaker 1: Road CEO, Earl Roseby as its next boss. Shares and

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Speaker 1: zero jump two percent after it announced its acquiring global

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Speaker 1: cloud reporting, insights and analytics company SIFT Analytics for up

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Speaker 1: to seventy million U S dollars. Shares in gold Mine

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Speaker 1: and West African Resources jumped six percent after analysts that

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Speaker 1: Macquarie up their price target, and the share price of

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Speaker 1: New Hope wherese four percent after outlining a higher dividend

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Speaker 1: or a higher than expected dividend. Pacific Smiles Groups share

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Speaker 1: price jump six percent after nine point nine percent owner

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Speaker 1: Genesis Capital up its offer for the whole group and

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Speaker 1: the proposed Webjet merger will go ahead after ninety seven

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Speaker 1: point six percent of shareholders vaded in favor of the resolution. Now,

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Speaker 1: under the merger, the company will be split into two

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Speaker 1: ASX listed entities, where Travel Group which will own the

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Speaker 1: business to business arm web Beds web Beds, and Webjet Group,

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Speaker 1: which will run the consumer facing operations including Webjet, Ota

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Speaker 1: Go c and Trip Ninja Stroight Number two. The sentiment

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Speaker 1: around iron ore prices is very negative at the moment,

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Speaker 1: with the Commonwealth Bank warning prices may fall towards eighty

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Speaker 1: US dollars a ton. The problem is that the repiles

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Speaker 1: of iron or in China waiting for steel mills to

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Speaker 1: come pick it up and use it. But the world's

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Speaker 1: second largest economy, particularly its property sector, is in a

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Speaker 1: lull not quite a slum, and the economy is still expanding,

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Speaker 1: but just not as fast as it has over recent decades.

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Speaker 1: That continues to weigh on Australia's big miners. Won't help

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Speaker 1: the federal governments bottom line either, because lower prices reduces

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Speaker 1: tax royalties from iron ore mining stowing. Number three Star

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Speaker 1: Entertainment share price is suspended at the moment, having not

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Speaker 1: filed as full year results by the August thirty cutoff,

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Speaker 1: but there are media reports that its lenders are ready

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Speaker 1: to bail the gaming group out. After weeks of discussions

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Speaker 1: between the company and its banks, the lenders have verbally

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Speaker 1: committed to provide a two tranch extension to the Caxenol

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Speaker 1: operators loans, including an immediate one hundred million dollars injection

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Speaker 1: to meet urgent cost blowouts at its new Queen's Wharf

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Speaker 1: resort in Brisbone. According to report in the fin Review,

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Speaker 1: a second trial worth about the same would be available

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Speaker 1: to start if required, and conditional upon Star also raising

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Speaker 1: capital in other forms. The fresh funds are designed to

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Speaker 1: give Stars directors and the company orditor E Y comfort

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Speaker 1: that the casino operator can meet its short term expenses,

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Speaker 1: which would allow them to sign the company's accounts. Star

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Speaker 1: also needs to prove its financial viability to New South

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Speaker 1: Wales's casino regulator by the end of next week. Sight

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Speaker 1: Before Coal Mine and New Hope said full year profits

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Speaker 1: haverved as coal prices continue to fall, but a decent

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Speaker 1: dividend triggered a three percent jump in its share price.

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Speaker 1: New Hope owns thermal coal mines in New South Wales

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Speaker 1: and Queensland and set it sold its color for an

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Speaker 1: average price for one hundred and eighty three dollars per

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Speaker 1: ton in the year's July thirty one. That's down from

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Speaker 1: three hundred and forty six dollars per ton in the

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Speaker 1: previous year. The previous period was a record and now

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Speaker 1: today's results were slightly below analyst expectations. The group set

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Speaker 1: a mile to winter in the Northern Hemisphere and an

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Speaker 1: increase in customer inventories resulted in softening demand of creating

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Speaker 1: downward pressure on prices. You Hope reported a net profit

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Speaker 1: of four hundred and seventy five million dollars, down from

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Speaker 1: one point one billion dollars the previous year, and Storry

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Speaker 1: number five Donald Trump and his sons are promoting a

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Speaker 1: new crypto platform as the Republican presidential nominee courts the

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Speaker 1: digital asset sector. Just fifty days before the US election, Trump,

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Speaker 1: Donald Trump Junior, and Eric Trump, along with New York

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Speaker 1: based property developer and major Trump donor Steve Witkoff and

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Speaker 1: sons Alex and Zach Witcoff, joined an ex spaces conversation

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Speaker 1: on Monday, where World Liberty Financial was officially announced. The

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Speaker 1: company says its mission is crystal clear, make crypto and

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Speaker 1: America great by driving the mass adoption of stable coins

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Speaker 1: and decentralized finance. As if the Afternoon Report for It's Tuesday,

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Speaker 1: the seventeenth of September twenty twenty four, don't forget to

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Speaker 1: hit follow on the podcast and find Fearing Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Joined Michael Thompson and I Tomorrow

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Speaker 1: Morning for the Fast Five by Fearing Greed, the top

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Speaker 1: five business stories you need to know in just five minutes.

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Speaker 1: I'm Shane Elmer. Enjoy