1 00:00:03,680 --> 00:00:06,560 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,600 --> 00:00:09,480 Speaker 1: for Friday, the fourteenth of November are Michael Thompson, and 3 00:00:09,640 --> 00:00:12,880 Speaker 1: every afternoon we have the five big stories that happen 4 00:00:12,920 --> 00:00:14,960 Speaker 1: today that you need to know about. Let's get going. 5 00:00:15,000 --> 00:00:18,000 Speaker 1: Story number one a brutal day on the SMPA SEX 6 00:00:18,000 --> 00:00:22,200 Speaker 1: two hundred, tumbling one point four percent to eighty six 7 00:00:22,360 --> 00:00:25,160 Speaker 1: hundred and thirty five points. That is its lowest in 8 00:00:25,320 --> 00:00:28,280 Speaker 1: four months. Around thirty seven billion dollars in value was 9 00:00:28,320 --> 00:00:31,560 Speaker 1: wiped out today, which came after a pretty awful lead 10 00:00:31,600 --> 00:00:34,200 Speaker 1: in from Wall Street. The big issue here is interest 11 00:00:34,240 --> 00:00:37,159 Speaker 1: rate expectations. Both here and in the US. Investors are 12 00:00:37,159 --> 00:00:41,239 Speaker 1: worried that rates aren't coming down anymore anytime soon. Locally, 13 00:00:41,400 --> 00:00:44,160 Speaker 1: bond markets are pricing in just a forty percent chance 14 00:00:44,200 --> 00:00:46,800 Speaker 1: of a cut by the middle of next year, particularly 15 00:00:46,880 --> 00:00:50,519 Speaker 1: after yesterday's strong jobs number. On the burse, ten of 16 00:00:50,560 --> 00:00:54,360 Speaker 1: the eleven sectors closed lower today, the worst being the 17 00:00:54,520 --> 00:00:58,280 Speaker 1: tech stocks. Megaport was the worst performer overall, off nearly 18 00:00:58,320 --> 00:01:02,360 Speaker 1: ten percent, while monitoring app Life three sixty lost another 19 00:01:02,400 --> 00:01:06,400 Speaker 1: six point seven percent today. After a brief reprieve yesterday, 20 00:01:06,480 --> 00:01:10,480 Speaker 1: Commonwealth Bank extended its Losses was down another one point 21 00:01:10,520 --> 00:01:14,480 Speaker 1: eight percent, meaning Australia's biggest company is now down eleven 22 00:01:14,520 --> 00:01:18,000 Speaker 1: percent this week. The other banks all lost ground today 23 00:01:18,040 --> 00:01:21,119 Speaker 1: two NAB and Westpac just over one and a half percent, 24 00:01:21,160 --> 00:01:23,760 Speaker 1: and A and Z was down two point six percent. 25 00:01:24,040 --> 00:01:27,280 Speaker 1: The big miners all retreated, and even the gold miners 26 00:01:27,280 --> 00:01:30,319 Speaker 1: fell despite an increase in the price of the precious metal. 27 00:01:30,800 --> 00:01:33,839 Speaker 1: Newmont was off three point four percent and Evolution Mining 28 00:01:33,920 --> 00:01:36,960 Speaker 1: down two point four percent. Overall, a pretty ordinary day. 29 00:01:37,480 --> 00:01:40,200 Speaker 1: On to story number two now and BHP will tonight 30 00:01:40,280 --> 00:01:43,959 Speaker 1: learn whether it faces billions of dollars more in compensation 31 00:01:44,080 --> 00:01:47,680 Speaker 1: claims over a twenty fifteen dam collapse in Brazil when 32 00:01:47,720 --> 00:01:50,880 Speaker 1: a UK High court hands down what is going to 33 00:01:50,920 --> 00:01:54,240 Speaker 1: be a major ruling. The collapse was one of Brazil's 34 00:01:54,240 --> 00:01:59,400 Speaker 1: worst environmental disasters, killing nineteen people, contaminated hundreds of kilometers 35 00:01:59,400 --> 00:02:02,160 Speaker 1: of waterways. The dam was owned by Somaco, which is 36 00:02:02,200 --> 00:02:06,480 Speaker 1: a joint venture between BHP and Valley. BHP last year 37 00:02:06,960 --> 00:02:10,079 Speaker 1: made a separate agreement with Brazilian authorities to pay almost 38 00:02:10,160 --> 00:02:13,480 Speaker 1: thirty two billion US dollars in reparations over two decades. 39 00:02:13,880 --> 00:02:17,000 Speaker 1: The UK case aims to establish for the first time 40 00:02:17,000 --> 00:02:20,480 Speaker 1: where the BHP can be held legally liable in England. 41 00:02:20,800 --> 00:02:26,080 Speaker 1: Lawyers have described it as the largest environmental class action ever, 42 00:02:26,639 --> 00:02:29,880 Speaker 1: originally involving more than six hundred thousand claimants and a 43 00:02:29,919 --> 00:02:34,400 Speaker 1: potential liability of up to thirty six billion pounds. BHP 44 00:02:35,240 --> 00:02:37,640 Speaker 1: has not yet commented ahead of the ruling. It is 45 00:02:37,720 --> 00:02:42,160 Speaker 1: expected at eight thirty pm Australian Eastern daylight time. This 46 00:02:42,280 --> 00:02:46,760 Speaker 1: evening story. Number three tlmps have slammed the Liberal Party 47 00:02:46,800 --> 00:02:49,960 Speaker 1: for abandoning net zero by twenty fifty, warning the decision 48 00:02:50,080 --> 00:02:54,000 Speaker 1: makes the party unelectable in city based seats and declaring 49 00:02:54,040 --> 00:02:57,840 Speaker 1: that independents are now the real opposition. You can't blame 50 00:02:57,880 --> 00:03:01,440 Speaker 1: them for making the most of this. Including Zali Stegel, 51 00:03:01,560 --> 00:03:06,720 Speaker 1: Sophie Scamps, Kate Cheney, Allegraspender, Manique Ryan and Nicolette Buller 52 00:03:07,160 --> 00:03:11,120 Speaker 1: said the Liberals had effectively surrendered inner city electorates by 53 00:03:11,120 --> 00:03:15,200 Speaker 1: following the National's lead. Zali Stegel described the Liberals as 54 00:03:15,240 --> 00:03:20,160 Speaker 1: a and I quote Trumpian mockery of a serious political party, 55 00:03:20,240 --> 00:03:24,080 Speaker 1: while Monique Ryan accused oppositionally to Susan Lee of caving 56 00:03:24,080 --> 00:03:28,160 Speaker 1: to Barnaby Joyce in a startling display of indecisive weakness. 57 00:03:28,560 --> 00:03:31,320 Speaker 1: For her part, Susan Lee has insisted she cares about 58 00:03:31,320 --> 00:03:34,720 Speaker 1: the climate instead, positioning the net zero decision really as 59 00:03:34,760 --> 00:03:39,760 Speaker 1: one focused on affordability, particularly for jen Z millennials. Story 60 00:03:39,840 --> 00:03:44,800 Speaker 1: number four. Today, dementia, including Alzheimer's disease, has overtaken heart 61 00:03:44,800 --> 00:03:48,480 Speaker 1: disease as the leading cause of death in Australia, according 62 00:03:48,480 --> 00:03:51,560 Speaker 1: to the Australian Bureau of Statistics. New data released today 63 00:03:51,840 --> 00:03:55,080 Speaker 1: shows that more than seventeen and a half thousand people 64 00:03:55,160 --> 00:03:58,560 Speaker 1: died from dementia in twenty twenty four, accounting for over 65 00:03:58,680 --> 00:04:01,000 Speaker 1: nine percent of all deaths at an average age of 66 00:04:01,080 --> 00:04:04,880 Speaker 1: eighty eight. The number has been steadily rising while deaths 67 00:04:04,920 --> 00:04:10,400 Speaker 1: from heart and cerebrovascular disease have declined. Experts say that 68 00:04:10,440 --> 00:04:14,400 Speaker 1: the figures highlight the need for urgent investment in brain health, 69 00:04:14,440 --> 00:04:17,520 Speaker 1: with the number of Australians living with dementia potentially exceeding 70 00:04:17,560 --> 00:04:22,640 Speaker 1: one million by twenty sixty five without significant intervention. And finally, 71 00:04:22,640 --> 00:04:27,400 Speaker 1: story number five, the Trump administration has directed US consulates 72 00:04:27,440 --> 00:04:32,280 Speaker 1: to consider obesity, heart disease, diabetes, and other chronic conditions 73 00:04:32,520 --> 00:04:36,160 Speaker 1: as reasons to deny foreigners entry into the country. The 74 00:04:36,279 --> 00:04:41,000 Speaker 1: Washington Post reports a leaked State Department cable from Secretary 75 00:04:41,000 --> 00:04:44,839 Speaker 1: of State Marco Rubio instructs officials to weigh up whether 76 00:04:45,120 --> 00:04:49,120 Speaker 1: applicants could pose a quote financial burden due to potential 77 00:04:49,160 --> 00:04:52,839 Speaker 1: health costs. Critics argue that the directive goes far beyond 78 00:04:53,080 --> 00:04:57,200 Speaker 1: medical screening guidelines could lead to discrimination against people with 79 00:04:57,240 --> 00:05:00,559 Speaker 1: common health issues, but the White House has defended the change, 80 00:05:00,600 --> 00:05:04,240 Speaker 1: saying it enforces a long standing policy to prioritize American 81 00:05:04,279 --> 00:05:08,520 Speaker 1: taxpayers and curb welfare costs linked to immigration. That's it 82 00:05:08,640 --> 00:05:11,840 Speaker 1: for the afternoon Report for Friday, the fourteenth of November. 83 00:05:11,960 --> 00:05:14,280 Speaker 1: Make sure you're following the podcast and head along to 84 00:05:14,360 --> 00:05:17,440 Speaker 1: Fearandgreed dot com dot au or click the link in 85 00:05:17,520 --> 00:05:20,520 Speaker 1: our show notes. Sign up for our free daily newsletter. 86 00:05:20,560 --> 00:05:22,520 Speaker 1: I'm Michael Thompson. Have a great weekend.