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

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Speaker 1: for Friday, the fourteenth of June twenty twenty four. I'm

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Speaker 1: Adam Lang. Every afternoon, We've got the five stories that

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

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Speaker 1: Wall Street reached yet another record overnight thanks to AI

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Speaker 1: related companies such as Nvidia, Apple, Broadcom, and Adobe. The

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Speaker 1: S and P ASX two hundred opened with a slight

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Speaker 1: drop and broadly stayed there today, down zero point three

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Speaker 1: percent to seven seven hundred and twenty four points. Consumer discretionary,

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Speaker 1: healthcare and consumer staples were the only rising sectors today,

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Speaker 1: and across the last week, the indexes dropped one point

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Speaker 1: seven percent and sits two point four percent below the

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Speaker 1: high point of the last twelve months. Among the top

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Speaker 1: performers today were Tabcorp, Holdings, Live three sixty and Smart Group.

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Speaker 1: And at the bottom of the ASX table, the Terror

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Speaker 1: Royalty share price fell nearly seven percent to four dollars

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Speaker 1: fifteen after it made a two hundred and seventy seven

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Speaker 1: million dollar bid for British lithium mining group Trident Royalties.

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Speaker 1: In corporate news, Tilex Pharmaceuticals canceled plans for a USIPO

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Speaker 1: that initially caused the share price to fall, but it

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Speaker 1: crept up during the day to close up one percent

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Speaker 1: at sixteen dollars sixty one. Story number two AGL Energy

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Speaker 1: has warned that the investment case for new wind and

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Speaker 1: solar generation is tricky and the group will instead focus

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Speaker 1: on hydro, gas and batteries. It comes a day after

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Speaker 1: rival Origin Energy said it would minimize its solar and

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Speaker 1: win asset ownership and focus on renewable energy purchase contracts,

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Speaker 1: rooftop solar, batteries and gas. Agl's chief operating officer, Marcus

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Speaker 1: Brockhoff said AGL would also ramp up its direct investment

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Speaker 1: in energy firming assets, specifically hydro. He told the Australian

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Speaker 1: Financial Review that AGL would invest in everything from batteries

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Speaker 1: to pumped hydro facilities and gas fired power stations. The

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Speaker 1: investment case for solar is tricky because their peak power

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Speaker 1: generation times during the day coincide with the lowest demand

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Speaker 1: when generation was similarly tricky because revenues were relatively low.

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Speaker 1: He said hydro was undervalued when it comes to the

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Speaker 1: energy transition, as it opens up deep storage capabilities for

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Speaker 1: the energy market, plugging a gap that has plagued the

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Speaker 1: renewable sector as a development of large scale batteries flounders

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Speaker 1: story number three. According to new data from insurer Alions

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Speaker 1: Australia and twenty twenty three, workers took an average of

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Speaker 1: seventy six days off work for each compensation came primarily

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Speaker 1: linked to a mental health condition that amounted to six

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Speaker 1: hundred and fifty five thousand days of work loss to

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Speaker 1: workplace mental health injuries last year across one hundred and

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Speaker 1: fifty five thousand employers ensured by allions. The most common

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Speaker 1: causes of injury complaints were work related harassment and bullying,

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Speaker 1: work pressure and work stress burnout and that was according

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Speaker 1: to The Australian. In the financial year twenty two twenty one,

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Speaker 1: government agency Safe Work Australia put the total time loss

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Speaker 1: to serious claims for work related mental health conditions in

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Speaker 1: the economy at five hundred eighty eight thousand, six hundred

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Speaker 1: and ninety nine working weeks. Allion's Chief General Manager of

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Speaker 1: Personal Injury, Julie Mitchell, said the significant increase in claim

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Speaker 1: volumes pre dated COVID nineteen and was being driven by

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Speaker 1: factors including a rise in violent customer behavior against frontline workers,

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Speaker 1: reducing the stigma around disclosing mental health issues, employee expectations,

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Speaker 1: empowering more workers to call out bad behavior, and the

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Speaker 1: rising cost of living putting more strain on the workforce.

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Speaker 1: Story number four. Tesla's shareholders have reaffirmed a pay award

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Speaker 1: of more than US forty eight billion that's seventy two

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Speaker 1: billion Australian dollars for chief executive Elon Musk. The vote

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Speaker 1: on the package came after the original payment was thrown

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Speaker 1: out in a legal challenge and occurred at Tesla's annual

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Speaker 1: general meeting, demonstrating share holder's faith in mister Musk. Tesla

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Speaker 1: now has to persuade the judge who voided the award

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Speaker 1: to reinstate it. The original ruling was that the pay

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Speaker 1: package was tainted because members of the board failed to

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Speaker 1: disclose conflicts of interests that stemmed from their personal and

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Speaker 1: financial ties to mister Musk. If successful, it should push

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Speaker 1: Elon Musk back to the richest person in the world.

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Speaker 1: And story number five. Former President Donald Trump has told

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Speaker 1: an influential group of CEOs that he wants to further

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Speaker 1: cut the corporate tax rate, which he lowered while in office.

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Speaker 1: Both mister Trump, the presumptive Republican nominee, and Jeffrey Ziance

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Speaker 1: representing US President Joe Biden, met with the Business round

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Speaker 1: Table in Washington. The prominent group represents more than two

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Speaker 1: hundred CEOs. Neither side was commenting publicly on what was

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Speaker 1: said at the meeting, but reports said Trump wants to

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Speaker 1: cut the corporate tax rate by a percentage point to

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Speaker 1: an even twenty percent. The former president focused his remarks

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Speaker 1: on taxes, inflation, and the knee for more oil production.

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Speaker 1: By comparison, the Australian corporate tax rate is thirty percent.

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Speaker 1: That's it for the afternoon report for Friday, the fourteenth

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Speaker 1: of June twenty twenty four. Don't forget to hit follow

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Speaker 1: on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Sean Aylmer and Michael Thompson

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Speaker 1: tomorrow morning for the weekend Fast five by Fear and Greed.

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Speaker 1: I'm Adam lang Enjoy your evening