1 00:00:04,200 --> 00:00:06,760 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,800 --> 00:00:09,360 Speaker 1: for Monday, the two of December twenty twenty four. I'm 3 00:00:09,400 --> 00:00:12,159 Speaker 1: Sean Aelmer. Every afternoon, we've got the five stories that 4 00:00:12,240 --> 00:00:14,400 Speaker 1: happened today that you need to know about. Story number one, 5 00:00:14,480 --> 00:00:17,360 Speaker 1: the SMPA six two hundred closed up just to touch 6 00:00:17,440 --> 00:00:21,560 Speaker 1: today to eight four hundred and forty five points. Wasn't 7 00:00:21,640 --> 00:00:24,560 Speaker 1: really that much going on. The big miners and retailed 8 00:00:24,600 --> 00:00:28,040 Speaker 1: stocks were higher, while the banks were mixed outperformers among 9 00:00:28,040 --> 00:00:30,240 Speaker 1: the large caps at least, we're Wise Tech Global and 10 00:00:30,280 --> 00:00:33,040 Speaker 1: West Farmers. Those are only up a little over one percent. 11 00:00:33,440 --> 00:00:37,720 Speaker 1: Goodman Group was the underperformer Across the market, techtoks and 12 00:00:37,800 --> 00:00:42,760 Speaker 1: consumer discretionary businesses did best, while healthcare did worst. In 13 00:00:42,880 --> 00:00:46,279 Speaker 1: corporate news, Telstra said it has a quiet Boost mobile 14 00:00:46,640 --> 00:00:50,680 Speaker 1: for an undisclosed sum. Northern Star the gold Digger, agreed 15 00:00:50,720 --> 00:00:54,920 Speaker 1: to buy smaller rival to Gray Mining for five billion dollars. 16 00:00:54,960 --> 00:00:57,720 Speaker 1: That's a big deal in that sector. And fund manager 17 00:00:57,760 --> 00:01:01,080 Speaker 1: net Wealth said it's funds under management has passed one 18 00:01:01,120 --> 00:01:04,440 Speaker 1: hundred billion dollars for the first time. Mind You investors 19 00:01:04,440 --> 00:01:07,040 Speaker 1: sold off the stock. It finished down nearly five percent. 20 00:01:07,520 --> 00:01:10,160 Speaker 1: Mind you, it's up about nine percent this year. Story 21 00:01:10,280 --> 00:01:13,880 Speaker 1: number two met Cash, the wholesaler to IgA Supermarkets, has 22 00:01:13,920 --> 00:01:16,800 Speaker 1: struggled to grow earnings in the past six months, even 23 00:01:16,880 --> 00:01:19,840 Speaker 1: on higher revenue. Its half year result to the end 24 00:01:19,880 --> 00:01:22,600 Speaker 1: of Octaber was better than expected, and that meant its 25 00:01:22,640 --> 00:01:26,040 Speaker 1: share price rose two point four percent. The group profit 26 00:01:26,280 --> 00:01:29,080 Speaker 1: was about one point four to two million dollars, though 27 00:01:29,080 --> 00:01:31,200 Speaker 1: it did cut its interim dividend by about twenty two 28 00:01:31,200 --> 00:01:35,120 Speaker 1: percent and revenue was high. Chief executive officer Doug Jones 29 00:01:35,200 --> 00:01:39,000 Speaker 1: said holding market share as shoppers look beyond Coals and 30 00:01:39,080 --> 00:01:43,160 Speaker 1: Woolly's was a challenge, but Ija seemed to be doing it. 31 00:01:43,400 --> 00:01:47,440 Speaker 1: Metcash's portfolios include IgA Foodland and Richies, as well as 32 00:01:47,480 --> 00:01:50,760 Speaker 1: Minor ten and Total Tools. They also have some liquor stores. 33 00:01:50,960 --> 00:01:54,560 Speaker 1: While supermarkets held up well, the hardware stores suffered, with 34 00:01:54,680 --> 00:01:58,560 Speaker 1: sales down nearly six percent. Story number three. Sydney Harbor's 35 00:01:58,680 --> 00:02:01,560 Speaker 1: Lunar Park is back in local hands after pub and 36 00:02:01,640 --> 00:02:05,560 Speaker 1: hotel company Oscars Group bought it off Canadian giant Brookfield. 37 00:02:06,080 --> 00:02:09,280 Speaker 1: Oscar's plans to have a series of new Harborside restaurants 38 00:02:09,280 --> 00:02:12,360 Speaker 1: and bars at the location. Brookfield bought it from Multiplex 39 00:02:12,400 --> 00:02:14,480 Speaker 1: back in two thousand and seven, then put it up 40 00:02:14,520 --> 00:02:17,680 Speaker 1: for sale in June this year. The price wasn't disclosed, 41 00:02:17,680 --> 00:02:20,720 Speaker 1: but it's expected to be that fifty sixty seventy million 42 00:02:20,720 --> 00:02:23,560 Speaker 1: dollar mark. Might not sound a lot, but under New 43 00:02:23,600 --> 00:02:27,160 Speaker 1: South Wales law, the site must remain an amusement facility, 44 00:02:27,240 --> 00:02:29,560 Speaker 1: so you can't knock it down and build houses or 45 00:02:29,560 --> 00:02:32,520 Speaker 1: anything like that. Hence the price probably isn't as high 46 00:02:32,520 --> 00:02:35,560 Speaker 1: as many people thought it might be. It will take 47 00:02:35,840 --> 00:02:39,160 Speaker 1: more money to introduce new rides, eteries and conference facilities, 48 00:02:39,160 --> 00:02:42,200 Speaker 1: and that's what Oscars Group plans to do. Oscars Group 49 00:02:42,240 --> 00:02:45,280 Speaker 1: beat off others including Warner Brothers, Movie World and Dream World. 50 00:02:45,639 --> 00:02:49,120 Speaker 1: Story number four, the largest attempted importation of cocaine in 51 00:02:49,160 --> 00:02:52,840 Speaker 1: Australia's history, has been thwarted by police who have charged 52 00:02:52,880 --> 00:02:55,080 Speaker 1: more than a dozen people over the billion dollar hall. 53 00:02:55,639 --> 00:02:59,480 Speaker 1: The AFP charged eleven men and two juveniles with conspiring 54 00:02:59,520 --> 00:03:03,240 Speaker 1: to import two point three four tons of cocaine into 55 00:03:03,240 --> 00:03:07,040 Speaker 1: the country by sea. According to AAP, it's alleged the 56 00:03:07,080 --> 00:03:09,959 Speaker 1: men and crew of a vessel attempted to import the 57 00:03:10,000 --> 00:03:13,200 Speaker 1: drugs into Queensland, with multiple groups planning to collect the 58 00:03:13,240 --> 00:03:16,640 Speaker 1: cocaine on Shore. The men were arrested on Saturday following 59 00:03:16,680 --> 00:03:20,839 Speaker 1: a collaborative effort by the AFP and Queensland Police investigating 60 00:03:20,880 --> 00:03:24,440 Speaker 1: a transnational organized crime sending it. The amount of cocaine 61 00:03:24,480 --> 00:03:28,600 Speaker 1: allegedly attempted to be imported weighs the same as a 62 00:03:28,639 --> 00:03:32,600 Speaker 1: forward raptor ut and story numbers five. A record number 63 00:03:32,600 --> 00:03:35,440 Speaker 1: of Australians are struggling to pay their energy bills, according 64 00:03:35,440 --> 00:03:39,280 Speaker 1: to the Market Regulatum. The Australian Energy Regulatum said that 65 00:03:39,320 --> 00:03:42,280 Speaker 1: one point nine percent of customers are now on hardship 66 00:03:42,440 --> 00:03:45,520 Speaker 1: payment plans. That's up from one point four percent twelve 67 00:03:45,560 --> 00:03:48,720 Speaker 1: months ago, but the average cost of debt is lower 68 00:03:48,720 --> 00:03:51,360 Speaker 1: than twelve months earlier thanks to the federal government's three 69 00:03:51,400 --> 00:03:55,080 Speaker 1: hundred dollars rebate introduced on one July. The regulator also 70 00:03:55,120 --> 00:03:58,720 Speaker 1: said more people entering hardship payments are doing it earlier 71 00:03:59,000 --> 00:04:01,360 Speaker 1: and that's a good thing. That's it for the Afternoon 72 00:04:01,400 --> 00:04:03,880 Speaker 1: Report for Monday, The tewond of December twenty twenty four. 73 00:04:03,920 --> 00:04:06,280 Speaker 1: Don't forget to follow on the podcast and find Fear 74 00:04:06,320 --> 00:04:09,960 Speaker 1: and Greed on LinkedIn, Instagram, x TikTok and Facebook. Join 75 00:04:10,000 --> 00:04:12,160 Speaker 1: Michael Thompson and I tomorrow morning for the Fast Five 76 00:04:12,240 --> 00:04:14,280 Speaker 1: by Fear and Greed, the top five business stories you 77 00:04:14,320 --> 00:04:17,279 Speaker 1: need to know in just five minutes. I'm sure Elma 78 00:04:17,760 --> 00:04:18,480 Speaker 1: enjoy your reading.