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

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Speaker 1: for Friday, the fifth of December. Oh Michael Thompson and

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Speaker 1: every afternoon, We've got the five stories that happened today

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Speaker 1: that you need to know about. Let's go a story

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Speaker 1: number one. The S and p ASX two hundred closed

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Speaker 1: zero point two percent higher today to eighty six hundred

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Speaker 1: and thirty five points. It means the BOSS was up

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Speaker 1: slightly for the week as well, up zero point two

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Speaker 1: percent for the week. The best performers today with the

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Speaker 1: material stops led by the lithium miners, UBS lifted its

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Speaker 1: outlook for lithium demand between now and twenty thirty. That

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Speaker 1: played out very well indeed for the local miners. Igo

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Speaker 1: was up seven point one percent today. Both Mineral Resources

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Speaker 1: and Liontown were up almost five percent. The banks broadly

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Speaker 1: had a good day Westpac, Comwealth Bank and NAB We're

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Speaker 1: all up. A and ZED was flat and Bendigo and

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Speaker 1: Adelaide Bank jumped two and a half percent. With the

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Speaker 1: Financial Review reporting that police in Victoria arrested four people

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Speaker 1: in a money laundering investigation linked to a branch. There

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Speaker 1: were slightly mixed results today for the tech stocks. Data

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Speaker 1: center operator next dc inked a partnership with open Ai.

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Speaker 1: It climbed three point one percent today. For the retailers

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Speaker 1: Premier Investments, which owns brands like Peter, Alexander, Smiggle, Just Genes,

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Speaker 1: it fell almost sixteen percent after its first half guidance

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Speaker 1: came in below expectations. Broadly, markets are in a bit

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Speaker 1: of a holding pattern at the moment ahead of two

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Speaker 1: big big meetings next week, the Reserve Bank Board and

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Speaker 1: the US Federal Reserve. Story number two. The other big

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Speaker 1: story on market today a very bruising debut on the

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Speaker 1: ASX for Saluta Medical, the spinal cord stimulation company, listed

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Speaker 1: on the share market today, only to tumble more than

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Speaker 1: fifty percent. Shares were issued at two dollars sixty five,

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Speaker 1: but opened at one dollar ninety and continued to head

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Speaker 1: south from there, closing at one dollar twenty. Saluta had

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Speaker 1: raised two hundred and thirty million dollars ahead of the float,

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Speaker 1: hoping for evaluation of about seven hundred and seventy five

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Speaker 1: million dollars. It is the second week debut from a

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Speaker 1: medical device maker just this week. Saluta is based in

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Speaker 1: the US, but the technology was developed in Sydney and

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Speaker 1: the third of its operations are in Australia. The tech

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Speaker 1: aims to treat chronic back and leg pain by adjusting

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Speaker 1: electrical stimulation in real time. The company says six thousand

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Speaker 1: patients have already been implanted with the device, with no

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Speaker 1: requests for removal onto story number three. Now, an AGL

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Speaker 1: has walked away from its flagship offshore wind proposal in Gippsland,

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Speaker 1: delivering another blow to Victoria's renewable energy ambitions. The company

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Speaker 1: and its partners have surrendered their feasibility license for the

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Speaker 1: Gippsland Skyes project, halting plans to explore large scale offshore

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Speaker 1: turbines in the region. It is the highest profile exit

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Speaker 1: so far from Victoria's offshore wind program, following two two

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Speaker 1: earlier project cancelations. It raises some fresh questions about the

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Speaker 1: state's ability to meet its twenty thirty two offshore wind targets.

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Speaker 1: The Australian newspaper reports this afternoon that the federal government

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Speaker 1: had tried to keep developers engaged by waiving license fees,

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Speaker 1: but rising costs and regulatory hurdles and delays to an

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Speaker 1: auction that was crucial to the development in Victoria have

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Speaker 1: all hit confidence. AGL says it will now focus on

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Speaker 1: onshore wind gas and a major battery rollout, with plans

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Speaker 1: to approve up to nine hundred megawatts of grid scale

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Speaker 1: batteries within the next eighteen months. Story number four Media

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Speaker 1: icon Oprah Winfrey has praised Australia's ban on social media

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Speaker 1: for under sixteens, calling it world leading and a move

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Speaker 1: that could change the lives of an entire generation. The

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Speaker 1: ban comes into effect next week, preventing anyone under the

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Speaker 1: age of sixteen from having an account on platforms including Instagram, TikTok, Fail,

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Speaker 1: Spoken more. Appearing in Sydney last night, Winfrey said, and

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Speaker 1: I quote, there are all of these young people who

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Speaker 1: cannot actually communicate or have a conversation, particularly young boys,

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Speaker 1: because they become addicted to pawn so early and don't

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Speaker 1: know how to actually ask somebody out on a date.

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Speaker 1: Haven't experienced the socialization of talking to a real person.

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Speaker 1: So once again, Australia leads the way for the rest

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Speaker 1: of the world. The Speaking Tour is Oprah's first visit

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Speaker 1: to Australia in a decade, and finally, Story number five

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Speaker 1: a big one to finish the Afternoon. Netflix is in

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Speaker 1: exclusive negotiations to buy Warner Brothers Discovery, with Bloomberg reporting

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Speaker 1: that the blockbuster deal could reshape the global entertainment industry.

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Speaker 1: Netflix has reportedly offered twenty eight dollars a share for

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Speaker 1: Warner Brothers Discovery, coming in above a twenty seven dollar

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Speaker 1: per share offer from rival Paramount, though Paramount wants to

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Speaker 1: buy the whole company, including cable channel CNN, whereas Netflix

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Speaker 1: is focused on the film and TV studios, HBO Max

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Speaker 1: streaming service, and related parts of the company, including a

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Speaker 1: huge content library ranging from Harry Potter and Friends to

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Speaker 1: The White Lotus and The Sopranos. Netflix has also offered

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Speaker 1: a five billion dollar breakup fee. If regulators block the takeover,

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Speaker 1: a deal could be announced within days. The merger would

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Speaker 1: create a streaming giant with more than four hundred million

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Speaker 1: subscribers worldwide, but may raise a few antitrust concerns in

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Speaker 1: the US and in Europe. And that's it for the

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Speaker 1: Afternoon Report for Friday, the fifth of December. Make sure

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Speaker 1: you're following the podcast and head along to Fearandgreed dot

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Speaker 1: com dot au to sign up for our free daily newsletter.

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Speaker 1: I'll put a link in today's show notes as well.

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