1 00:00:04,120 --> 00:00:06,960 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,000 --> 00:00:10,000 Speaker 1: for Thursday, the fourth of September twenty twenty five are 3 00:00:10,000 --> 00:00:12,400 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:12,480 --> 00:00:14,560 Speaker 1: happened today that you need to know about. Let's go 5 00:00:14,640 --> 00:00:18,000 Speaker 1: storry number one. The local share market bounced back today, 6 00:00:18,120 --> 00:00:21,360 Speaker 1: the SMPA SX two hundred, climbing one percent to eight 7 00:00:22,040 --> 00:00:24,760 Speaker 1: hundred and twenty seven points. It didn't quite make up 8 00:00:24,760 --> 00:00:26,880 Speaker 1: all the ground at lost yesterday on its worst day 9 00:00:27,000 --> 00:00:30,680 Speaker 1: since April. That is probably what halfway there. Nine of 10 00:00:30,720 --> 00:00:33,320 Speaker 1: the eleven sectors were up today, boosted by news out 11 00:00:33,360 --> 00:00:36,199 Speaker 1: of the US, where weaker job starta increased the likelihood 12 00:00:36,200 --> 00:00:38,680 Speaker 1: of an interest rate cut in the world's biggest economy. 13 00:00:39,000 --> 00:00:41,040 Speaker 1: Great day for the banks Comnwealth Bank was up two 14 00:00:41,080 --> 00:00:44,000 Speaker 1: point one percent, Both NAB and Westpac climbed around two 15 00:00:44,040 --> 00:00:47,280 Speaker 1: percent a and zed one point three percent higher. For 16 00:00:47,360 --> 00:00:50,400 Speaker 1: the tech stocks, Cloud Accounting Group Zero led the way, 17 00:00:50,479 --> 00:00:54,320 Speaker 1: reversing yesterday's losses, climbing four point eight percent and higher. 18 00:00:54,360 --> 00:00:56,840 Speaker 1: Iron All prices gave four to Skew and Rio tinto 19 00:00:56,880 --> 00:00:58,880 Speaker 1: a boost, up one point eight percent and two point 20 00:00:58,920 --> 00:01:03,680 Speaker 1: three percent, respectively, BHP actually dropped, but that's largely because 21 00:01:03,680 --> 00:01:06,200 Speaker 1: it went ex dividend today, which, as I've mentioned before, 22 00:01:06,319 --> 00:01:08,399 Speaker 1: is the point at which new investors won't receive the 23 00:01:08,400 --> 00:01:12,520 Speaker 1: dividends announced last month. Oil prices dropped a little on 24 00:01:12,600 --> 00:01:16,600 Speaker 1: reports that OPEC plus might consider boosting output again next month. 25 00:01:16,600 --> 00:01:19,840 Speaker 1: That's all. Woodside and Santos both drop. Gold prices were 26 00:01:19,880 --> 00:01:22,280 Speaker 1: down as well after a very good week which hit 27 00:01:22,319 --> 00:01:25,760 Speaker 1: the gold miners on just story number two now in Dominoes, 28 00:01:25,800 --> 00:01:28,959 Speaker 1: executive chairman Jack Cowen has doubled down on the struggling 29 00:01:29,000 --> 00:01:32,720 Speaker 1: pizza chains turnaround, buying five million dollars worth of shares 30 00:01:32,760 --> 00:01:35,960 Speaker 1: through his investment vehicle. Eighty three year old Cowen bought 31 00:01:36,120 --> 00:01:39,080 Speaker 1: three hundred and thirty five thousand shares, lifting his stake 32 00:01:39,160 --> 00:01:42,200 Speaker 1: in the business to twenty seven percent. He took over 33 00:01:42,319 --> 00:01:45,039 Speaker 1: day to day control of Dominoes in July after the 34 00:01:45,360 --> 00:01:49,280 Speaker 1: abrupt exit of CEO Mark Van Dyck, who lasted less 35 00:01:49,280 --> 00:01:52,480 Speaker 1: than a year. Cowen's turnaround plan is basically to scrap 36 00:01:52,560 --> 00:01:55,800 Speaker 1: the heavy discounting and vouchers that they currently offer in 37 00:01:55,840 --> 00:01:58,480 Speaker 1: favor of an everyday low pricing model, something he says 38 00:01:58,640 --> 00:02:01,720 Speaker 1: is going to bring back stability and restore margins, much 39 00:02:01,880 --> 00:02:05,520 Speaker 1: like the Bunnings approach in hardware. Domino's closed the day 40 00:02:05,640 --> 00:02:08,960 Speaker 1: up one point four percent. Story number three. The High 41 00:02:09,000 --> 00:02:12,760 Speaker 1: Court has rejected ben Robert Smith's bid to appeal his 42 00:02:12,840 --> 00:02:15,960 Speaker 1: defamation loss, signaling the end now of a seven year 43 00:02:16,080 --> 00:02:19,520 Speaker 1: legal battle that has cost tens of millions of dollars. 44 00:02:19,760 --> 00:02:24,000 Speaker 1: Australia's most decorated living soldier had sued the Age, The 45 00:02:24,040 --> 00:02:27,280 Speaker 1: Sydney Morning Herald and The Canberra Times over reports that 46 00:02:27,400 --> 00:02:29,760 Speaker 1: he was a war criminal, but in twenty twenty three, 47 00:02:29,960 --> 00:02:33,120 Speaker 1: Justice Anthony Bussenko in the Federal Court found to a 48 00:02:33,160 --> 00:02:36,240 Speaker 1: civil standard that Robert Smith was complicit in the murder 49 00:02:36,520 --> 00:02:40,079 Speaker 1: of four unarmed Afghan prisoners while serving with the SAS. 50 00:02:40,400 --> 00:02:43,760 Speaker 1: Robert Smith then sought special leave to appeal that decision, 51 00:02:44,000 --> 00:02:47,760 Speaker 1: which the High Court today denied. The Full Court said 52 00:02:47,840 --> 00:02:50,800 Speaker 1: it found no error in the judgment of the Federal Court. 53 00:02:51,080 --> 00:02:53,920 Speaker 1: Robert Smith has also been ordered to pay the newspaper's 54 00:02:54,000 --> 00:02:57,839 Speaker 1: legal costs. Story number four. PwC could be banned from 55 00:02:57,840 --> 00:03:00,720 Speaker 1: government work for five years under a bill being introduced 56 00:03:00,720 --> 00:03:04,119 Speaker 1: by the Greens. The proposal follows the scandal where PwC 57 00:03:04,320 --> 00:03:08,920 Speaker 1: partners misused confidential tax briefings to help clients. Green Senator 58 00:03:09,040 --> 00:03:12,519 Speaker 1: Barbara Pocock says her bill would give the Commonwealth quote 59 00:03:12,639 --> 00:03:15,920 Speaker 1: the teeth that currently lacks to deal with future scandals, 60 00:03:16,080 --> 00:03:20,280 Speaker 1: and would exclude contractors found guilty of misconduct by the AFP, 61 00:03:20,560 --> 00:03:23,840 Speaker 1: the Tax Practitioners Board, or the National Anti Corruption Commission. 62 00:03:24,000 --> 00:03:27,960 Speaker 1: PwC remains under investigation by the AFP, although a temporary 63 00:03:28,000 --> 00:03:32,600 Speaker 1: ban by the government on PwC tenders expired in July. Finally, 64 00:03:32,639 --> 00:03:36,160 Speaker 1: Story number five, shares in Google's parent company, Alphabet, jumped 65 00:03:36,200 --> 00:03:39,280 Speaker 1: more than nine percent after a US judge decided not 66 00:03:39,400 --> 00:03:42,880 Speaker 1: to force Google to sell its Chrome browser. The case 67 00:03:43,040 --> 00:03:46,440 Speaker 1: was the biggest against big tech in three decades and 68 00:03:46,520 --> 00:03:50,520 Speaker 1: centered on claims that Google illegally monopolized search by paying 69 00:03:50,600 --> 00:03:53,560 Speaker 1: billions to Apple and others to make its search engine 70 00:03:53,560 --> 00:03:56,960 Speaker 1: the default search engine. The court agreed that Google did 71 00:03:56,960 --> 00:04:00,400 Speaker 1: abuse its dominance, but stopped short of enforcing a breakup, 72 00:04:00,520 --> 00:04:04,600 Speaker 1: instead of ordering much milder remedies, such as sharing search 73 00:04:04,680 --> 00:04:08,960 Speaker 1: data with rivals and ending some exclusivity deals. Investors were 74 00:04:09,040 --> 00:04:12,960 Speaker 1: clearly delighted with the somewhat lighter than expected outcome, sending 75 00:04:13,040 --> 00:04:16,440 Speaker 1: Alphabet stock to its highest level in nearly five months. 76 00:04:16,960 --> 00:04:19,320 Speaker 1: That's it for the afternoon report for Thursday, the fourth 77 00:04:19,360 --> 00:04:22,080 Speaker 1: of September twenty twenty five. Make sure you hit follow 78 00:04:22,120 --> 00:04:24,359 Speaker 1: on the podcast and we'll be back tomorrow morning with 79 00:04:24,400 --> 00:04:26,680 Speaker 1: the Friday edition of the Past by Business News, by 80 00:04:26,720 --> 00:04:29,400 Speaker 1: Fear and Greed. I'm Michael Thompson. Enjoy your evening.