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

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Speaker 1: for Thursday, the twenty ninth of May twenty twenty five.

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Speaker 1: I'm sure in Alma every afternoon we've got the five

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Speaker 1: stories that happened today that you need to know about.

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Speaker 1: Storingtam more one. The local share market swung between losses

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Speaker 1: and gains all day before closing up just to touch

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Speaker 1: to eighty four hundred and ten points. Energy and tech

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Speaker 1: stocks did best, while the real estate investment trusts lagged.

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Speaker 1: Among the large caps, Mcquarie Group and Weisstech Global did

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Speaker 1: pretty well. Goodman and Promedicus not so well. Woodside added

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Speaker 1: another three percent following Wednesday's decision to allow the energy

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Speaker 1: giant to extend its north West Shelf gas project that

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Speaker 1: was probably the standout among the large caps. Sorry, number

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Speaker 1: two Prime Minister Anthony Alberizi has been forced to defend

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Speaker 1: Labour's decision to grant Woodside that forty five year extension

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Speaker 1: on its Northwest Shelf gas development. The Prime Minister stood

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Speaker 1: by the call, arguing that very strict conditions had been

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Speaker 1: imposed on the project before, suggest the decisions had to

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Speaker 1: be viewed within Labour's broader efforts to reduce emissions. While

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Speaker 1: welcomed by the resources sector, the decision has upset environmentalists

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Speaker 1: and some indigenous stakeholders, who argue the project will undermine

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Speaker 1: action on climate change and the preservation of aboriginal culture.

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Speaker 1: Sorry number three. Local data center stocks rose then fell

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Speaker 1: today after a positive earnings result from Nvidia showed the

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Speaker 1: world's biggest manufacturer of AI accelerators is stepping up output

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Speaker 1: to meet rising demand for artificial intelligence, and Vidia's chief

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Speaker 1: executive Jensin Huang said the AI computing market is still

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Speaker 1: poised for exponential growth. That it was his phrase, avershadowing

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Speaker 1: investor fears about a China slowdown and chip manufacturing after

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Speaker 1: the company's sales met forecasts. And Video's share price searched

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Speaker 1: five percent in after hours trading after it announced a

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Speaker 1: seventy percent jump in quarterly revenues. Not bad sorry number

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Speaker 1: four and corporate news. Capstone Copper's share price surged following

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Speaker 1: a decision by Chi, the world's largest copper producer, to

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Speaker 1: raise its price projections for the medal this year. Capstone

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Speaker 1: share price ended up five percent, the best of the

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Speaker 1: top two hundred today. Champion Iron rose after growing earnings

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Speaker 1: by forty four percent in the fourth quarter, driven by

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Speaker 1: record sales of iron ore concentrate. Agribusiness company Elders rose

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Speaker 1: despite the Australian Competition and Consumer Commission flagging concerns that

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Speaker 1: it's proposed four hundred and seventy million dollars buyout of

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Speaker 1: rival Delta Agrobusiness risked competition in rural supplies to farmers,

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Speaker 1: and Resolute Mining fell after the gold miner said it

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Speaker 1: was seeking further information and clarification from the Guinea and

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Speaker 1: government following media reports that a number of its permits

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Speaker 1: may be revoked in that country. And finally, story number five,

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Speaker 1: Elon Musk is formally stepping down from his role in

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Speaker 1: the Trump administration after just five months, ending a tumultuous

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Speaker 1: period during which he oversaw cost cutting by the so

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Speaker 1: called Department of Government Efficiency. Musk, who began scaling back

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Speaker 1: his work at DOGE last month, said, and I quote,

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Speaker 1: as my schedule time as a special government employee comes

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Speaker 1: to an end, I would like to thank President Donald

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Speaker 1: Trump for the opportunity to reduce wasteful spending end quote.

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Speaker 1: Musk originally intended to lead DOGE until next summer. A

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Speaker 1: white House official said that Musk's offboarding had begun. Mosk

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Speaker 1: originally pledged to cut two trillion US dollars from the

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Speaker 1: annual federal budget, or almost one third of all government spending.

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Speaker 1: As of May, Doge had claimed one hundred and seventy

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Speaker 1: five billion dollars in savings. That's less than ten percent.

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Speaker 1: That's about eight percent of it, and many of those

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Speaker 1: line items that made up that figure were found to

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Speaker 1: be unverifiable. The TESLA Chief executive has in recent weeks

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Speaker 1: blamed lawmakers for Doge's slow progress and criticized the House

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Speaker 1: Republican tax bill that passed last week that's Trump's top

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Speaker 1: priority in Congress. Clearly those two aren't as close as

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Speaker 1: they once were. Nonpartisan estimates have found that that bill

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Speaker 1: that Congress passed, which still needs to go through the Senate,

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Speaker 1: will add more than three point three trillion dollars over

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Speaker 1: the next decade to the US dead as if the

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Speaker 1: Afternoon Report for Thursday, the twenty ninth of May twenty

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Speaker 1: twenty five, make sure you follow on the podcast. We

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Speaker 1: will be back tomorrow morning with the Friday edition of

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Speaker 1: Past five Business News. I Fear and Greed. I'm sure

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Speaker 1: I Elma and Joey Revi