1 00:00:03,680 --> 00:00:06,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,200 --> 00:00:09,480 Speaker 1: for Thursday, the nineteenth of June twenty twenty five. I'm sure, alma, 3 00:00:09,600 --> 00:00:12,120 Speaker 1: every afternoon we've got the five stories that happened today 4 00:00:12,119 --> 00:00:13,840 Speaker 1: that you need to know about. Story number one. The 5 00:00:13,920 --> 00:00:17,759 Speaker 1: smp ASEX two hundred was broadly unchanged today. In fact, 6 00:00:17,720 --> 00:00:20,599 Speaker 1: they've ended down zero point one percent to eighty five 7 00:00:20,680 --> 00:00:23,720 Speaker 1: hundred and twenty four points. That's after the Australian Bureau 8 00:00:23,720 --> 00:00:27,560 Speaker 1: Statistics figures, so there were two thousand, five hundred fewer 9 00:00:27,640 --> 00:00:31,040 Speaker 1: workers last month, although the unemployment rates stayed at four 10 00:00:31,040 --> 00:00:33,960 Speaker 1: point one percent. The highlight in the market today was 11 00:00:34,000 --> 00:00:37,720 Speaker 1: Commonwealth Bank again. It hit a new intra day record 12 00:00:37,800 --> 00:00:39,640 Speaker 1: of one hundred and eighty three dollars and thirty one 13 00:00:39,680 --> 00:00:42,760 Speaker 1: cents a share, while the big miners went backwards as 14 00:00:42,800 --> 00:00:45,600 Speaker 1: the price of iron ore fell further, gold prices dropped, 15 00:00:45,600 --> 00:00:48,240 Speaker 1: taking the gold miners with it. In corporate news, Rio 16 00:00:48,320 --> 00:00:50,640 Speaker 1: Tinto has agreed to a payout to settle a case 17 00:00:50,680 --> 00:00:53,640 Speaker 1: where it was accused of defrauding investors. But we're beholding 18 00:00:53,680 --> 00:00:57,240 Speaker 1: information about cost blowouts and delays at its giant copper 19 00:00:57,280 --> 00:01:01,840 Speaker 1: project in Mongolia and KMD brand, owner of Katmandu, has 20 00:01:01,880 --> 00:01:05,520 Speaker 1: downgraded its profit outlook for this financial year. Apparently people 21 00:01:05,560 --> 00:01:08,200 Speaker 1: aren't buying puffet jackets like they used to. That sent 22 00:01:08,280 --> 00:01:10,840 Speaker 1: its share price to a record low. Story number two. 23 00:01:10,920 --> 00:01:13,759 Speaker 1: The Federal Reserve has cut its outlook for the US economy, 24 00:01:13,760 --> 00:01:16,280 Speaker 1: though it's unclear if the world's most important central bank 25 00:01:16,480 --> 00:01:19,880 Speaker 1: will cut interest rates further this year. FED officials also 26 00:01:19,920 --> 00:01:23,039 Speaker 1: pushed higher their forecast for inflation. The FED Open Market 27 00:01:23,080 --> 00:01:25,360 Speaker 1: Committee held rate steady for the fourth meeting in a row, 28 00:01:25,480 --> 00:01:28,720 Speaker 1: notwithstanding US President Donald Trump had called for a full 29 00:01:28,760 --> 00:01:32,080 Speaker 1: one percentage point cut. Story number three. There's been big 30 00:01:32,120 --> 00:01:35,120 Speaker 1: moves in the upper echelons of both ain Zed and 31 00:01:35,160 --> 00:01:39,840 Speaker 1: Weisstech Global. High profile ain Z retail boss Miley Carnegie 32 00:01:40,280 --> 00:01:43,080 Speaker 1: will leave the bank just one month into new chief 33 00:01:43,080 --> 00:01:46,960 Speaker 1: executive Nuno Matos's tenure. Missus Carnegie will step down on 34 00:01:47,040 --> 00:01:50,720 Speaker 1: July one to focus on non executive roles. Her departure 35 00:01:50,800 --> 00:01:54,640 Speaker 1: comes after comments from mister Mathos on the frustratingly slow 36 00:01:54,800 --> 00:01:57,680 Speaker 1: rollout of the bank's digital platform, ain Z Plus in 37 00:01:57,720 --> 00:02:00,800 Speaker 1: the migration of Suncourt Bank. Miss Carnegie is heavily involved 38 00:02:00,800 --> 00:02:03,200 Speaker 1: in both initiatives. Over at weis Tech, two of its 39 00:02:03,200 --> 00:02:06,720 Speaker 1: longest serving directors are leaving the business. Charles Gibbon, who 40 00:02:06,800 --> 00:02:08,960 Speaker 1: joined weis Tech in two thousand and six, will retire 41 00:02:09,000 --> 00:02:12,040 Speaker 1: next month, while Michael Greg, who has had two stints 42 00:02:12,080 --> 00:02:14,760 Speaker 1: on the board, will leave at the company's annual meeting 43 00:02:14,840 --> 00:02:18,040 Speaker 1: later this year. Mister Greg, an early stage investor who 44 00:02:18,080 --> 00:02:21,080 Speaker 1: presumably made plenty of money out of wis Tech, rejoined 45 00:02:21,200 --> 00:02:24,560 Speaker 1: the board in late February after four independent directors, including 46 00:02:24,600 --> 00:02:29,120 Speaker 1: then chair Richard Damery, quit the company over corporate governance concerns. 47 00:02:29,600 --> 00:02:33,000 Speaker 1: Story number four. Energy Minister Chris Bowen says the Albanesi 48 00:02:33,080 --> 00:02:35,640 Speaker 1: government does not agree with some of the activities of 49 00:02:35,680 --> 00:02:39,080 Speaker 1: Israel over recent weeks and months, as the government's thus 50 00:02:39,120 --> 00:02:42,160 Speaker 1: far stoic response to the Middle East crisis starts to crack. 51 00:02:42,639 --> 00:02:45,240 Speaker 1: Until now, Foreign Affairs Minister Penny Wong and Prime Minister 52 00:02:45,280 --> 00:02:49,480 Speaker 1: Anthony Alberanizi have consistently called on all parties to pursue 53 00:02:49,520 --> 00:02:53,320 Speaker 1: dialogue and diplomacy, but this morning mister Bowen was asked 54 00:02:53,320 --> 00:02:56,440 Speaker 1: to respond to the Iranian ambassador's demand that Australia condemn 55 00:02:56,560 --> 00:03:00,200 Speaker 1: Israel for the pre emptive strikes over the life last 56 00:03:00,240 --> 00:03:02,480 Speaker 1: few days, Mister Bowen said the Prime Minister and the 57 00:03:02,520 --> 00:03:04,520 Speaker 1: Foreign Minister have been very clear on our views that 58 00:03:04,560 --> 00:03:07,160 Speaker 1: we don't agree with some of the activities of Israel 59 00:03:07,520 --> 00:03:10,800 Speaker 1: over recent weeks and months. Meanwhile, Senator Walks is about 60 00:03:10,800 --> 00:03:14,040 Speaker 1: fifteen hundred Australians and family members in Iran and about 61 00:03:14,040 --> 00:03:17,360 Speaker 1: twelve hundred in Israel have registered for evacuation with the 62 00:03:17,360 --> 00:03:21,440 Speaker 1: Australian government finally storing number five. Over the past week, 63 00:03:21,960 --> 00:03:26,440 Speaker 1: tank raids using the Strait of Homaz, which Iran controls, 64 00:03:26,800 --> 00:03:30,000 Speaker 1: have more than doubled, demonstrating how the Middle East conflict 65 00:03:30,080 --> 00:03:33,040 Speaker 1: is quickly pushing up energy prices. So the cost of 66 00:03:33,160 --> 00:03:36,560 Speaker 1: chartering a very large crude carrier capable of carrying two 67 00:03:36,640 --> 00:03:41,040 Speaker 1: million barrels of oil from the Gulf to China went 68 00:03:41,040 --> 00:03:43,600 Speaker 1: from just under twenty thousand US dollars a day a 69 00:03:43,640 --> 00:03:47,400 Speaker 1: week ago to forty seven or forty eight thousand US 70 00:03:47,400 --> 00:03:51,119 Speaker 1: dollars a day. That's according to figures from Clarkson's research. 71 00:03:51,520 --> 00:03:53,920 Speaker 1: The rise on the root has far outpaced the twelve 72 00:03:53,920 --> 00:03:56,560 Speaker 1: percent increase in the wider Baltic Dirty Tanker Index of 73 00:03:56,600 --> 00:04:00,200 Speaker 1: crude oil tanker rates globally over the same period. Knows 74 00:04:00,280 --> 00:04:03,200 Speaker 1: how transport costs can actually flow through to the bowser. 75 00:04:03,520 --> 00:04:05,800 Speaker 1: That's it for the afternoon Report for Thursday, the nineteenth 76 00:04:05,840 --> 00:04:07,800 Speaker 1: of June twenty twenty five. Make sure you hit follow 77 00:04:07,800 --> 00:04:09,880 Speaker 1: them on the podcast. We will be back tomorrow morning 78 00:04:10,000 --> 00:04:12,400 Speaker 1: with the Friday edition of the Fear and Greed Business News. 79 00:04:12,400 --> 00:04:14,160 Speaker 1: I'm Sean Elmer. Enjoy your evening.