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

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Speaker 1: for Thursday, the twenty ninth of August twenty twenty four

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Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: get going. Story number one. The S and PA Sex

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Speaker 1: two hundred closed down zero point three percent today to

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Speaker 1: eight thousand and forty five points after a pretty rocky

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Speaker 1: day of earnings. The sector that performed best over the

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Speaker 1: day was financials, with the banks all posting modest gains.

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Speaker 1: Most other things slumped, including significant slides for energy, consumer discretionary,

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Speaker 1: and stables and resources. Mineral Resources was leading the decline

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Speaker 1: in that space, down eight percent. It was pretty flat

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Speaker 1: for industrials, healthcare, and it A Perth based minor, Red

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Speaker 1: five was one of the worst performers, down more than

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Speaker 1: ten percent after a reported loss after tax of five

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Speaker 1: point four million dollars. One of the top performers over

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Speaker 1: the day was Veggie might Own a bigger up ten

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Speaker 1: percent after it announced a statutory profit of thirty point

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Speaker 1: five million dollars over the last financial year compared to

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Speaker 1: a two hundred and thirty million dollar statutory loss the

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Speaker 1: year before. Quantas shares fell after it announced earnings were

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Speaker 1: down eighteen percent to two point eight billion dollars, but

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Speaker 1: it recovered in late afternoon trading to close up zero

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Speaker 1: point eight percent. It will resume its dividend for the

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Speaker 1: first time since the pandemic in the second half of

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Speaker 1: the year. And online fashion seller Satire has had a

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Speaker 1: pretty tough day after missing estimates and posting a thirty

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Speaker 1: four percent profit drop. It was down twenty percent on

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Speaker 1: to story number two now and Nvidia's earnings have disappointed

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Speaker 1: some investors, with its shares dropping nearly nine percent in

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Speaker 1: New York. That's because while the figures were objectively pretty good,

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Speaker 1: there's a frenzy over the brand, with some expecting to

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Speaker 1: be blown out of the water by future guidance. Despite

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Speaker 1: reporting revenues for the second quarter up fifteen percent over

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Speaker 1: the previous three months at thirty billion US dollars and

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Speaker 1: up one hundred and twenty two percent year on year,

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Speaker 1: it was all about the third quarter, and Vidia expects

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Speaker 1: these revenues to be up slightly, but some analysts were

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Speaker 1: expecting a massive increase. Another issue flagged by the chip

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Speaker 1: maker are a few production challenges with the Blackwell product

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Speaker 1: designer chip, for which there is a lot of anticipation,

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Speaker 1: and Vidia is considered both a leader and a litmus

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Speaker 1: test for the AI excitement that's taken hold for investors,

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Speaker 1: so confidence in other companies will be affected by its

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Speaker 1: success or failures too. Story number three back home for

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Speaker 1: this one. West Farmers posted a three point seven percent

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Speaker 1: lift in profit over the financial year to around two

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Speaker 1: point five to six billion dollars, but managing director Rob

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Speaker 1: Scott has warned about a challenging year ahead amidst slowing

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Speaker 1: home building, volatile commodity prices and significant cost of living

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Speaker 1: pressures weighing on customers. Over the last fiscal year, Kmart

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Speaker 1: sales or up four point four percent. Office Works was

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Speaker 1: up two point three percent. West Farmer's Health division, which

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Speaker 1: includes Price Line and Silk Laser Clinic, reported revenues up

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Speaker 1: five point nine percent. Bunning sales were up two point

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Speaker 1: three percent. But there's a slow down coming apparently for

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Speaker 1: the hardware business, with the growth already weakening in the

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Speaker 1: second half of last year, softening building activity. As part

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Speaker 1: of that story, sales for the first eight weeks of

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Speaker 1: this financial year have also been slower across the kmart group,

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Speaker 1: including target Story number four, Triple M and hit radio

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Speaker 1: station owner Southern Cross Ostereo is putting its TV network

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Speaker 1: up for sale and canceling its dividend amid the advertising slowdown.

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Speaker 1: The TV ad market has been a headache for major

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Speaker 1: media businesses this earning season, with nine also flagging challenges.

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Speaker 1: Southern Cross CEO John Kelly said he'd had active negotiations

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Speaker 1: to sell their ninety six TV stations. With revenue across

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Speaker 1: the entire business down one percent to four hundred and

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Speaker 1: ninety nine point four million dollars an underlying profit down

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Speaker 1: forty nine percent to eleven point two million. One positive

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Speaker 1: is that its digital audio platform, Listener, is profitable and growing,

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Speaker 1: And finally, story number five. Pavel Durov, the founder of

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Speaker 1: messaging app Telegram, has been charged in France in relation

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Speaker 1: to alleged illicit activity on the app that authorities are

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Speaker 1: looking to make him personally liable for. He's also been

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Speaker 1: stopped from leaving the country. He's been investigated for complicity

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Speaker 1: in managing a platform that enabled illegal transactions, as well

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Speaker 1: as complicity in crimes as serious as enabling child abuse

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Speaker 1: material to be distributed as well as fraud and drug trafficking.

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Speaker 1: Part of the concern from prosecutors has been a lack

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Speaker 1: of response to requests for cooperation from Telegram when major

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Speaker 1: criminal cases were brought to its attention. At the heart

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Speaker 1: of the issue here is the line between freedom of

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Speaker 1: speech and the responsibility of the platforms to help law enforcement.

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Speaker 1: According to The New York Times, this case could come

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Speaker 1: with a sentence of ten years if Durov is found responsible.

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Speaker 1: That's it for the afternoon report for Thursday, the twenty

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Speaker 1: ninth of August twenty twenty four. Will be back tomorrow

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Speaker 1: morning with the Friday edition of Fear and Green Business News.

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Speaker 1: I'm Michael Thompson. Enjoy your evening.