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Speaker 1: Welcome to the Bearing Greed Business Newsday Afternoon Report for Wednesday,

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Speaker 1: the tenth July twenty twenty four. I'm sure n Aelma

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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. Story number one there

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Speaker 1: in PASX two hundred closed down zero point two percent

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Speaker 1: today to seven eight hundred and seventeen points. It fell

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Speaker 1: on the opening, then scrambled higher for most of the

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Speaker 1: day than it dropped. Then it spiked crazy day. Really,

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Speaker 1: the utilities and material sectors were the worst on the day,

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Speaker 1: while telcos were the best, and all futures well lower,

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Speaker 1: pulling down the big miners BHP, Fortescu, Metals Group in

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Speaker 1: Rio Tinto all fell more than one percent. Chues for

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Speaker 1: share price continued its run of yesterday, jumping another two

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Speaker 1: point four percent. In fact, it hit a ten month

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Speaker 1: high today. The banks were mixed, while the big retailers

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Speaker 1: were generally higher. Insignia Financial's share price fell seven percent

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Speaker 1: after it told investors that it hadn't asked for m

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Speaker 1: and a help from investment group City as had been

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Speaker 1: written in the media, and Bill Financiel's share price jumped

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Speaker 1: after it said it expects its first half profit pretax

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Speaker 1: to rise by nearly fifty percent, storing number two. Federal

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Speaker 1: Reserve Chair Jerown Powell appeared before Congress overnight, and the

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Speaker 1: general takeout is that while the Fed doesn't quite have

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Speaker 1: the information it needs to cut interest rates, it's looking

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Speaker 1: very hard to find it. The quote that everyone seems

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Speaker 1: to were focused on is elevated inflation is not the

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Speaker 1: only risk we face. Reducing policy restraint too late or

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Speaker 1: too little could unduly weaken economic activity and employment. Quote

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Speaker 1: that helped equity markets, with the S and P five

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Speaker 1: hundred again closing at a new high that six days

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Speaker 1: of record highs in a row. The tech heavy NASTAC

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Speaker 1: also closed at a new record. The tech stocks rallied,

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Speaker 1: with Tesla up nearly four percent and Nvidia adding two

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Speaker 1: and a half percent. Apple jumped to only zero point

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Speaker 1: four percent, but that was enough to push it past

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Speaker 1: the US three point five trillion dollar mark in value.

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Speaker 1: Story number three insttect Pivot says it ceased negotiations with

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Speaker 1: Indonesia's pt P Pook Color Montane Timur for the sale

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Speaker 1: of its fertilizers business. The splitting of the fertilizer and

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Speaker 1: explosives business has been mooted for months, maybe years really,

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Speaker 1: but today the company said the deal it was working

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Speaker 1: on had fallen through and going forward the explosives arm

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Speaker 1: Dino Nobel and the fertilizer's division will be managed separately.

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Speaker 1: That means no shared costs. CEO Moro Needs said the

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Speaker 1: strategy hasn't changed, but the company would have to work

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Speaker 1: harder to execute it. It seems that the pace of

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Speaker 1: negotiations around the sale were too slow for intect pivots

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Speaker 1: liking and there was a risk it wouldn't receive Foreign

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Speaker 1: Investment Review Board approval anyhow. The company will also start

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Speaker 1: it's already announced nine hundred million dollar stock buyback straightum before.

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Speaker 1: South Australia has become the first state to sign a

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Speaker 1: federal government agreement to ensure every household in Adelaide can

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Speaker 1: be powered by renewable energy by twenty thirty. The Renewal

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Speaker 1: All Energy Transformation Agreement is part of the federal government's

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Speaker 1: plan to have an additional thirty two gigawatts of renewable

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Speaker 1: generation and storage built and operating by the end of

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Speaker 1: the decade. Camber will underwrite developers to build a minimum

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Speaker 1: of one thousand megawatts of new wind and solar projects

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Speaker 1: in four hundred megawatts of new storage capacity, bringing South

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Speaker 1: Australia's total storage capacity to six hundred megawatts. The state

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Speaker 1: will establish its own grid reliability mechanism to be used

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Speaker 1: in place of the national framework, and finally, story number five,

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Speaker 1: a couple of other state stories. In New South Wales,

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Speaker 1: the government has banned retailing on ANZAC Day. At the moment,

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Speaker 1: retailing from one pm is allowed, but under new legislation,

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Speaker 1: large retailers won't be able to open their doors at all.

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Speaker 1: Western Australia is the only other state that closes retailers

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Speaker 1: all day. On April fifteen and today, residents in Melbourne's

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Speaker 1: West were told to stay indoors and motorists were told

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Speaker 1: to drive with their windows up due to toxic smoke

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Speaker 1: blowing through suburbs. That's because of a large fact tree fire.

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Speaker 1: Apparent chemical explosion triggered the fire and about one hundred

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Speaker 1: and eighty five fighters wrapped the scene for most of

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Speaker 1: the day. Fire Crews found multiple forty four gallon drums

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Speaker 1: full of fuel at the site. Fortunately there were no

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Speaker 1: reports of injuries. That's it's the afternoon report for Wednesday,

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Speaker 1: the tenth of July twenty twenty four. Michael Thompson and

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Speaker 1: I will be back tomorrow morning with a Thursday edition

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Speaker 1: of Fear and Greed Business News. I'm sure Elma enjoy

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Speaker 1: your evening