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

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Speaker 1: for Thursday, the twenty third of January twenty twenty five.

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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 straightam on. The local

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Speaker 1: share market fell by more than half a percent today

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Speaker 1: to close out eighty three hundred and seventy nine points.

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Speaker 1: What was going on? Well, the Donald Trump commentary on

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Speaker 1: tariff's certainly isn't helping at the moment. He spoke about

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Speaker 1: tariffs with Mexico or on Mexican goods, tariffs and Canadian goods,

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Speaker 1: Chinese goods, well, he was talking about tariffs on European

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Speaker 1: Union goods. That's just putting a bit of skittishness into trading.

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Speaker 1: Battery metals companies struggled, as did the big miners. The

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Speaker 1: retailers also didn't do so well, and all the big

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Speaker 1: banks were lower. In corporate news, Netwelth posted record net

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Speaker 1: inflows in the December quarter as the company rolled out

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Speaker 1: a series of technology improvements to its platform and mayobile app.

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Speaker 1: Its share price as a result, and Bain Capital has

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Speaker 1: issued a revised offer for Insignia that matches the four

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Speaker 1: dollars sixty per share offer put forward by rival bit

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Speaker 1: at CC Capital Insigneia's share prices double since September last year.

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Speaker 1: It's trading at about what closed today at four dollars

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Speaker 1: fifty three. The offer price is four dollars sixty, So

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Speaker 1: there's plenty going on in that stock. Story Number two,

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Speaker 1: the federal government will pay Regional Express but are known

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Speaker 1: as REX another fifty million dollars to keep operating in

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Speaker 1: rural Australia, taking the total amount of taxpayer funding since

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Speaker 1: its collapse to one hundred and thirty million dollars EWY.

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Speaker 1: The administrators of REX said it would be wound up

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Speaker 1: if not for those cash injections. The administrators are actually

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Speaker 1: fairly pessimistic about finding a buyer for the airline. The

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Speaker 1: fifty million dollars announced today will go to PAG Asia Capital.

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Speaker 1: Now Pag's the biggest financial backer of REX. The government

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Speaker 1: will take some of that backing off their hands, so

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Speaker 1: the government will pay the money to PAG. It means

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Speaker 1: canber is now the biggest creditor to REX, and that

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Speaker 1: gives the government more say over the airline. It collapsed

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Speaker 1: till the airline collapsed in July after attempting to expand

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Speaker 1: into ultra competitive capital city routes. I think Brisbane, Sydney,

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Speaker 1: Melbourne bad strategic decision. Those services that have now ended,

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Speaker 1: but the company has continued to fly its regional roots

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Speaker 1: while run by ey Story number three the Australian Securities Exchange.

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Speaker 1: The company has today explained why the market went down

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Speaker 1: on the Friday before Christmas. It was the first time

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Speaker 1: in its history that batches of trades couldn't be completed.

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Speaker 1: The chief executive, Helen Lofthouse, was speaking today. She said

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Speaker 1: it was a highly irregular incident and the AX will

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Speaker 1: provide a million dollars in a good will payment to

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Speaker 1: different stockbrokers who used the system, which is known as

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Speaker 1: chess now. The problem was there wasn't enough computer memory

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Speaker 1: allocated to settle the trades that had been lurking this

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Speaker 1: year since about twenty fourteen, so the actual coding era

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Speaker 1: occurred ten years before it came to the surface. The

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Speaker 1: Australian's Securities and Investments Commission Boss Joe Longo said that

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Speaker 1: the ASEX could now face new regulatory action as a result.

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Speaker 1: It's already facing a scrutiny over failure to replace the

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Speaker 1: chess system in recent years. A stray number four four

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Speaker 1: Skew Metals posted a record half year in iron ore

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Speaker 1: shipments despite bad weather in the Pilbra in the final

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Speaker 1: three months of the year. Total iron ore shipments for

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Speaker 1: the quarter were forty nine point four million tons. For

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Speaker 1: the full half the six months to the end of

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Speaker 1: December was ninety seven point one million tons, shifting to

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Speaker 1: oil and gas. Santos reported rising revenue in the last quarter,

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Speaker 1: though its performance was less than a year earlier. And

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Speaker 1: story number five. New Zealanders are leaving New Zealand in

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Speaker 1: record numbers as the country's economy remains in recession. People

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Speaker 1: leaving New Zealand hit record levels in the year to

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Speaker 1: November twenty twenty four. According to Statistics New Zealand, one

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Speaker 1: hundred and twenty seven eight hundred people left the nation

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Speaker 1: in that year, up twenty eight percent from a year earlier.

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Speaker 1: It was the highest number of people leaving in an

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Speaker 1: annual period ever. Of those leaving, fifty percent, in fact,

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Speaker 1: more than fifty percent when New Zealand citizens. New Zealand

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Speaker 1: has a population of five point three million dollars. Its

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Speaker 1: economy has struggled on the back of very high interest

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Speaker 1: rates in recent years. That's it the Afternoon Report for Thursday,

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Speaker 1: the twenty third of January twenty twenty five. Make sure

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Speaker 1: you hit follow on the podcast. We'll be back tomorrow

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Speaker 1: morning with the Friday edition of the Fast five Business

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Speaker 1: News by Fear and Greed. I'm sure Elma enjoy reading