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

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Speaker 1: for Wednesday, the fifth of March twenty twenty five. I'm

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Speaker 1: Sean Elmer. 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: The local share market fell zero point seven percent today

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Speaker 1: after a sell off on Wall Street. Fears of a

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Speaker 1: trade war hit markets hard. There's some PISX two hundred

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Speaker 1: closed at eight one hundred and forty one points. It's

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Speaker 1: back to where it was in late December. Followed a

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Speaker 1: sell off on Wall Street after Canada and China instituted

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Speaker 1: tariffs on US imports into their countries. That's in response

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Speaker 1: to the US tariffs on their products. Mexico is expected

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Speaker 1: to impose tariffs in coming days. There's a slight caveat

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Speaker 1: Donald Trump's Commerce secretary, Howard Lotnik, suggested there could be

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Speaker 1: a middle ground between the USA and Canada and Mexico.

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Speaker 1: In any case, there's a trade war going on and

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Speaker 1: that will lift global prices and disrupt supply chains that

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Speaker 1: could hit earnings of local cum hence the sell off.

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Speaker 1: Big banks were losers on the day, while the miners

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Speaker 1: benefited from a bunch of new economic stimuli out of

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Speaker 1: Beijing away from equities. The Yozi dollars trading around sixty

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Speaker 1: two and a half, few US cents goals higher at

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Speaker 1: twenty nine to thirteen US dollars announce and iron Ore

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Speaker 1: continues to trade under one hundred US dollars a ton

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Speaker 1: sorry number two Rare Tinto will allow its Australian investors

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Speaker 1: to vote on whether it should consider dumping its London listing,

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Speaker 1: even though the board of the mining giant is against

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Speaker 1: any such move. Rio is listed in both Australia and

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Speaker 1: the United Kingdom. It's faced pressure from activist share holders

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Speaker 1: to follow its major rival BHP and only list in

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Speaker 1: Australian now. VHP stopped trading on the London Sotock Exchange

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Speaker 1: back in twenty twenty two. The current implied valuation discount

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Speaker 1: between chairs of Rio Tinto Plc in London relative to

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Speaker 1: the ass listed company is around eighteen percent. That's a

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Speaker 1: thirty billion dollar valuation gap. Why is there a gap, Well,

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Speaker 1: it's in large part due to different tax treatment of dividends.

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Speaker 1: We have Frankin credits here in Australia. That's ignited. Though

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Speaker 1: a debate about the structure, with activist investors saying it

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Speaker 1: should just be listed on the AX. Your company will

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Speaker 1: allow a vote at its AGM, even though it publicly

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Speaker 1: says the current dual listing continues to be effective and

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Speaker 1: provides benefits to investors. Another reason not too well. It

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Speaker 1: probably likes access to European investors easier from the London

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Speaker 1: Stock Exchange. RIO itself says it would be value destructive

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Speaker 1: and result in tax costs in the billions of dollars.

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Speaker 1: Straight Number three Mineral Resources has been hit by a

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Speaker 1: downgrade from ratings agency Fitch, adding to the growing list

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Speaker 1: of problems for the iron ore and lithium minor ratings

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Speaker 1: downgrade means it's more expensive for the company to raise

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Speaker 1: money and it has a lot of debt on its books.

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Speaker 1: Fich has given it a rating of double B minus.

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Speaker 1: It said it's an elevated vulnerability to default risk, particularly

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Speaker 1: in the event of adverse changes in business or economic

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Speaker 1: conditions over time. Once upon a time, we call that

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Speaker 1: junk bonds. Nowadays we call it to non investment grade.

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Speaker 1: Same thing. Though min Rez is having a tough time

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Speaker 1: during earning season, it announced an eight hundred and seven

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Speaker 1: million dollar interim loss. It cut iron Are production targets,

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Speaker 1: cut its dividend. It's also facing the regulatory probe into

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Speaker 1: the behavior of founder and see Chris Ellison. With down

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Speaker 1: three percent today, it's down nearly forty percent over the

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Speaker 1: past year. Story number four, Nine Entertainment's second largest shareholder, Pendal,

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Speaker 1: is urging the group to pursue a deal with US

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Speaker 1: real estate giant Costar to sell proper platform Domain nine

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Speaker 1: sixty percent of Domain. Co Stars off at two point

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Speaker 1: seven billion dollars for domain and needs Nine to agree

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Speaker 1: to a deal. Now, Pendal owns almost eight percent of

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Speaker 1: Nine and wants the media group to do a deal.

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Speaker 1: According to the AFI, the challenge for Nine, what do

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Speaker 1: they do if they sell Domain? They end up with

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Speaker 1: stan the nine TV network, a bunch of publishing assets

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Speaker 1: radio stations, but it will be a much smaller business.

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Speaker 1: Domain share price is training above four dollars thirty a

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Speaker 1: share at the moment. That's higher than the offer of

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Speaker 1: four dollars twenty a share. Clearly, investors think a deal

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Speaker 1: is on the way, but they think will be done

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Speaker 1: at a higher price. And finally, Story number five, Ukrainian

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Speaker 1: President Vladimir Zelenski has reached out to US President Donald Trump,

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Speaker 1: saying it was time to make things right between them

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Speaker 1: and pursue peace as soon as possible under America's strong leadership.

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Speaker 1: His post on social media platform mix came immediately after

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Speaker 1: Trump cut off military assistance to Ukraine, raising European fears

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Speaker 1: that Russia will quickly gain the upper hand in the war.

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Speaker 1: The post said, and I quit my team and I

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Speaker 1: stand ready to work under President Trump's strong leadership to

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Speaker 1: get a piece that lasts media's reporting that the two

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Speaker 1: will move forward on a mineral's sharing deal that was

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Speaker 1: dumped after the White House brawl last Friday. Aspt for

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Speaker 1: the Afternoon Report for Wednesday, the fifth of March twenty

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

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Speaker 1: We'll be back tomorrow morning with a Thursday edition of

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Speaker 1: the Fast five Business News by Fear and Greed. I'm

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Speaker 1: sure Elma enjoy later