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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 ninth of August twenty twenty four. I'm

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Speaker 1: suan Aelma. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Straightum one,

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Speaker 1: there's some PAX two hundred jumped one and a quarter

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Speaker 1: percent today to close it seven thousand, seven hundred and

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Speaker 1: seventy eight points. In fact, it was seven thousand, seven

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Speaker 1: hundred and seventy seven point seven points to be exact.

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Speaker 1: It filed a strong lead in from what Wall Street overnight.

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Speaker 1: The rally in the US reflected data that alleviated fears

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Speaker 1: about the world's biggest economy falling into recession. Gold, oil,

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Speaker 1: and bitcoin all rallied as well for the week. The

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Speaker 1: ASX two hundred finished down two percent after the big

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Speaker 1: drop on Monday. Among the large caps today, high iron

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Speaker 1: ore prices helped the big miners, with RIOBHP and fortes

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Speaker 1: Q medals all that performing. Goodman Group was another strong stock,

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Speaker 1: alongside with Woodside Energy and Weis Tech Global. West Farmers

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Speaker 1: was one of the worst of the large caps. In

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Speaker 1: corporate news, Life three sixty shares jumped by as much

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Speaker 1: as twenty percent to a record high after a twenty

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Speaker 1: percent rise in revenue. The US based tracking company so

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Speaker 1: a twenty five percent year on year rise in subscription revenue,

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Speaker 1: adding one hundred and thirty two thousand more paying customers.

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Speaker 1: Now the company has about two point four million active

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Speaker 1: users in Australia. That's different to paying subscribers Mine Do

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Speaker 1: It's got more than seventy million users globally. White having

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Speaker 1: cole It was out saying the High Court had rejected

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Speaker 1: a Green Group appeal for special leave about two of

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Speaker 1: its mining projects. The legal challenges have been going on

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Speaker 1: since twenty twenty two and led to plenty of delays

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Speaker 1: in some of its coal mines. Story number two. Australia

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Speaker 1: will be able to accept nuclear material from the US

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Speaker 1: and UK as part of an updated Orchestra agreement. The

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Speaker 1: update was signed off during Osman meetings in the United

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Speaker 1: States this week. Osmond, of course, is the annual talks

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Speaker 1: between Australian and American Defense and foreign ministers, and the

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Speaker 1: agreement Australia will be allowed to take in nuclear material

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Speaker 1: for the procurement of nuclear submarines. The terms of the

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Speaker 1: original deal in March twenty twenty three only allowed the

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Speaker 1: exchange of information about new clear propulsion. Defense Minister Richard

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Speaker 1: Miles said the new arrangements provide the legal underpinning of

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Speaker 1: what was agreed with the US and UK under the

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Speaker 1: Aucus beenner. He said the agreement signed did not mean

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Speaker 1: other ORCUST partners would be able to use Australia to

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Speaker 1: store its own nuclear waste. As part of the Orchis agreement,

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Speaker 1: Australia will acquire three Virginia class vessels from the US

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Speaker 1: before Australian built nuclear submarines begin operating. Story number three.

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Speaker 1: News Court reported an eight percent jump in profits to

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Speaker 1: one and a half billion dollars off revenue of just

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Speaker 1: over ten billion dollars for the last financial year. Earnings

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Speaker 1: from its majority stake and online property group area was

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Speaker 1: a highlight. Its book publishing arm half of Collins also

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Speaker 1: did well, as did dal Jones. That's the publishing business

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Speaker 1: which includes the Wall Street Journal, The Week parts of

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Speaker 1: the business, including the news media segment that's its operations

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Speaker 1: or part of its operations here in Australia, and lower

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Speaker 1: revenues at its US online property company. Chief executive Robert

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Speaker 1: Thompson said last financial year delivered robust earnings and included

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Speaker 1: significant steps to prepare the company to prosper in an

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Speaker 1: artificial intelligence world. Meanwhile, Ria share price jump more than

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Speaker 1: six percent of following a twenty percent rise in underlying profit.

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Speaker 1: News Corps share was also up nearly seven percent. Story

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Speaker 1: at number four. QB Insurance's share price fell more than

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Speaker 1: two percent today after doubling its net profit in the

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Speaker 1: first half of this year to eight hundred and two

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Speaker 1: million dollars. It was a great result compared to last year,

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Speaker 1: but fell short of expectations, hence sell off. The result

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Speaker 1: benefited from lower levels of natural catastrophe losses while still

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Speaker 1: being able to push through premium increases. The good news

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Speaker 1: for week customers is that insurance premium growth is expected

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Speaker 1: to slow on the back of increased competition and fewer

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Speaker 1: natural disasters. QBE writes two thirds of its business outside Australium.

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Speaker 1: It also said it had done a deal to offload

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Speaker 1: its long tail of claims in North America. Chief executive

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Speaker 1: Andrew Horton said the insurer was facing more competition in

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Speaker 1: its global business, with a recovery in Australian insurance markets

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Speaker 1: also tempting global insurers back into the local market and

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Speaker 1: story number five retailer Nick Scaley has recorded a near

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Speaker 1: twenty percent drop in full year profit and reduced dividends

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Speaker 1: as shoppers hold back from buying big ticket items. The

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Speaker 1: furniture retailer is always one of the first consumer discretionary

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Speaker 1: stocks to report, and based on a sample of one,

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Speaker 1: things in consumer land ain't so good. That's, of course,

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Speaker 1: due to high interest rates and cost of living pressures.

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Speaker 1: Mixcally said shoppers had delayed buying big ticket items like furniture,

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Speaker 1: and the group reported an eight percent drop in revenue

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Speaker 1: across its one hundred and twenty eight stores in Australia

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Speaker 1: and the United Kingdom. It also warned that trading in

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Speaker 1: the UK, where it owns fab Furniture, is expected to deteriorate.

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Speaker 1: Its share price finished down two percent. That's it for

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Speaker 1: the afternoon report for Friday, the ninth of August twenty

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Speaker 1: twenty four. Guest Judge Jen Duke, Michael Thompson and I

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Speaker 1: will be back tomorrow morning with a weekend edition off

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Speaker 1: Fear and Greed business News. I'm Sean Elmer. Enjoy your evening,