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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 twenty sixth of November. I'm Michael Thompson,

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Speaker 1: and every afternoon we've got the five stories that happened

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Speaker 1: today that you need to know about. Let's go with

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Speaker 1: story number one. Higher than expected inflation data for October

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Speaker 1: has pretty much ruled out an interest rate cut anytime soon.

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Speaker 1: In fact, the next move might actually be up, and

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Speaker 1: it also took some of the heat out of a

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Speaker 1: strong rally on the ASX two hundred today. It was

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Speaker 1: still a pretty solid day on the local market, though,

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Speaker 1: with the boors closing zero point eight percent higher to

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Speaker 1: eight six hundred and seven points. It was higher than

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Speaker 1: that earlier in the day, fueled by a good night

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Speaker 1: on Wall Street and hopes of an interest rate cut

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Speaker 1: in the US next month, but the local monthly CPI

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Speaker 1: figures dashed any hopes of a cut here, the headline

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Speaker 1: inflation figure coming in at three point eight percent, well

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Speaker 1: over the three point six percent that had been forecast.

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Speaker 1: Investment banks Baron, Joey and UBS are now actually forecasting

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Speaker 1: the Reserve Bank will increase interest rates next year. Defensive

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Speaker 1: stocks did pretty well today healthcare companies like Ramsey up

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Speaker 1: three point eight percent and ResMed two point one percent.

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Speaker 1: Materials for the best on the boss lithium companies, in

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Speaker 1: particular due to plans in the UK to stockpile critical

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Speaker 1: minerals to reduce reliance on China. BHP was up two percent.

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Speaker 1: Bit of a mixed day for retailers, though West Farmers

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Speaker 1: was up nearly two percent. JB hi Fi climbed two

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Speaker 1: but online retailer Temple and Webster absolute shocker, tumbling thirty

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Speaker 1: two point three percent today. Its growth in the half

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Speaker 1: to date came in below expectations, and investors did not

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Speaker 1: like that. On Destory number two. Now and last minute

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Speaker 1: policy negotiations are underway in Canberra over the government's signatory

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Speaker 1: form of environmental laws, with the Prime Minister negotiating with

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Speaker 1: Green's leader Larissa Waters to secure support for the overhaul.

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Speaker 1: Media reports suggest that the government is hoping to finalize

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Speaker 1: a deal today, with Parliament only sitting for one more

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Speaker 1: day before rising for the year. It has been a

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Speaker 1: pretty frantic day really in Canberra. A mystery it outage

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Speaker 1: a Parliament House took parts of the building's website and

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Speaker 1: several internal systems offline, triggering what's been described as an

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Speaker 1: urgent investigation. The Department of Parliamentary Services told staff that

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Speaker 1: support teams were working to find the cause after sections

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Speaker 1: of the Parliament House website and some of the key

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Speaker 1: databases went down. It is interesting timing because it came

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Speaker 1: just days after MPs were warned to tighten their cybersecurity

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Speaker 1: during the visit of a senior Chinese official, although there

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Speaker 1: is no evidence to suggest that this outage is related

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Speaker 1: to a cyber attack. And then this afternoon a little

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Speaker 1: bit more chaos in Parliament House, many of the lights

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Speaker 1: going off in the House of Reps. The Opposition did

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Speaker 1: not miss their chance, having already nicknamed Energy Minister Chris

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Speaker 1: Bowen blackout Bowen. They switched on their phone torches, jumped

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Speaker 1: to their feet and started shouting at the government. Always

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Speaker 1: fun and games in Canberra. Story number three. Optus has

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Speaker 1: suffered another major outage, with more than fourteen thousand customers

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Speaker 1: in Victoria Southeast without mobile services this morning after vandals

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Speaker 1: cut through fiber cables while trying to steal copper from

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Speaker 1: telecom pits. The telco says that the damage was deliberate.

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Speaker 1: They've handed photographic evidence to police. Five of the six

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Speaker 1: affected sites were restored by mid morning. Triple zero calls

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Speaker 1: were being automatically redirected through other networks, but it is

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Speaker 1: another blow for the telco. It's still facing a Senate

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Speaker 1: inquiry into a triple zero outage in September, which linked

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Speaker 1: to the deaths of two people who couldn't contact emergency services.

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Speaker 1: The chair of that inquiry, Green Senator Sarah Hanson Young,

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Speaker 1: has today called for an urgent review of Optus's license.

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Speaker 1: Story number four. This one is out of New South Wales,

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Speaker 1: but it is pretty remarkable wherever you are listening. A

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Speaker 1: New South Wales government agency has admitted that it kept

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Speaker 1: paying almost five hundred for employees after they left their jobs,

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Speaker 1: including one person who quit and went on to receive

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Speaker 1: more than two hundred and ninety five thousand dollars over

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Speaker 1: three years. The state Audit Office says poor payroll controls

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Speaker 1: and slow processing led to hundreds of cases of overpayment,

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Speaker 1: with six former staff receiving more than four hundred thousand

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Speaker 1: dollars between them. It also found widespread problems across the

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Speaker 1: public sector, including long term contractors on extremely high rates,

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Speaker 1: some earning more than five hundred and fifty thousand dollars

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Speaker 1: a year, and major overtime blowouts in several departments, and finally,

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Speaker 1: story number five. French police have arrested four more people

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Speaker 1: over the Louver Crown jewel heist. We've talked a lot

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Speaker 1: about this one in recent weeks. Three men have already

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Speaker 1: been charged over the robbery. In October, the latest round

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Speaker 1: of arrests saw two men and two women, all aged

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Speaker 1: between thirty one and forty, detained by police. CNN is

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Speaker 1: reporting that one of those men is believed to be

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Speaker 1: the fourth member of the gang that actually carried out

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Speaker 1: the heist. The thieves, you'll remember this Unesday truck mounted

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Speaker 1: ladder to reach a window at the museum. They smashed

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Speaker 1: into two high security display cases and stole nine items

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Speaker 1: worth more than one hundred million dollars. It all took

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Speaker 1: place in just seven minutes. The stolen pieces included historic

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Speaker 1: diamond and sapphire jewels worn by French Royalty. One crown

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Speaker 1: was dropped during the escape. The rest of the collection

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Speaker 1: is still missing. Police are still investigating whether the jewels

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Speaker 1: have been broken up or melted down. There are still

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Speaker 1: some hopes that maybe the quick arrests might mean that

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Speaker 1: the jewels can be recovered, though you'd have to think

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Speaker 1: those hopes would be fading by now. That's it for

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Speaker 1: the afternoon Report for Wednesday, the twenty sixth of November.

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Speaker 1: Make sure you're following the podcast, and please head along

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Speaker 1: to Fearandgreed dot com dot au to sign up for

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Speaker 1: our free daily newsletter. I'll put a link in today's

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Speaker 1: show notes as well. I'm Michael Thompson. Have a great

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Speaker 1: ethic