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

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Speaker 1: for Tuesday, the twenty eighth of October, Oh Michael Thompson.

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Speaker 1: Every afternoon we bring you the five stories that happened

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Speaker 1: today that you need to know about. Let's get going

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Speaker 1: with story number one. The S and p ASX two

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Speaker 1: hundred closed zero point five percent lower today to nine

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Speaker 1: thirteen points. But that does not tell the whole story,

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Speaker 1: because there were some very big moves today for some

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Speaker 1: very big companies. We'll start with health tech Giant CSL

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Speaker 1: shares plunged almost sixteen percent today after it cut its

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Speaker 1: revenue guidance. Then onto Wistech Global out fell by the

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Speaker 1: same amount after the AFP and Corporate Regulator raided its

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Speaker 1: offices requesting documents related to alleged trading by founder Richard

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Speaker 1: White and three others. We'll dig into that one a

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Speaker 1: lot more on tomorrow's episode. Then at the other end

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Speaker 1: of the market, we had Dominos, which jumped more than

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Speaker 1: seventeen percent after a media report that Bain Capital was

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Speaker 1: looking at a bid for the company. Dominos went into

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Speaker 1: a trading hold, then it denied receiving any bids from

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Speaker 1: Bain Trading resumed and the share price came back down. Well,

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Speaker 1: it's still closed seven point two percent higher for the day.

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Speaker 1: It wasn't a great day for the gold miners with

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Speaker 1: trade tensions easing between the US and China. The price

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Speaker 1: of gold fell below four thousand US dollars, which hit

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Speaker 1: Newmont Romilius Resources and a bunch of others. Really a

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Speaker 1: good session though for the banks, with the Big four

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Speaker 1: all climbing. Overall, just a massive day for the ASX

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Speaker 1: under story number two. Now there is a bit going

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Speaker 1: on in politics, even though the Prime Minister is out

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Speaker 1: of the country. Assistant Treasurer Daniel Molino suggested the government

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Speaker 1: won't extend energy bill relief payments beyond those already announced.

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Speaker 1: The current program runs out at the end of the year.

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Speaker 1: Julie and Lisa, the Opposition spokesman for Education and Early Learning,

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Speaker 1: said the Coalition has written to the government to offer

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Speaker 1: bipartisan support on efforts to address the crisis of child

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Speaker 1: abuse in Australian early learning centers. That follows a report

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Speaker 1: on Four Corners on the ABC on Monday night that

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Speaker 1: explored the infiltration of pedophiles into the childcare industry. Green's

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Speaker 1: leader Larissa Waters said the government will likely do a

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Speaker 1: deal with the coalition on its environmental law changes rather

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Speaker 1: than amend the draft legislation to address the Greens concerns.

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Speaker 1: And there's plenty more actually, including the latest on the

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Speaker 1: Prime Minister's talks on the sidelines of the Asian Summit

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Speaker 1: in Malaysia. We'll have all of that in tomorrow morning's episode.

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Speaker 1: Story number three. Two miners have been killed in an

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Speaker 1: underground explosion at the Endeavor mine near Koba in western

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Speaker 1: New South Wales. Emergency crews were called to the site

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Speaker 1: just before four am, where one man died underground and

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Speaker 1: two women were brought to the serface. One of those

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Speaker 1: women later died. The mind's owner, Polymetals Resources, has suspended operations.

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Speaker 1: Trading in Polymetals shares has been paused on the ASX

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Speaker 1: pending further announcements, and the New South Wales Resources Regulator

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Speaker 1: and police have launched a joint investigation in the incident.

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Speaker 1: Onto story number four. And Amazon is preparing to lay

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Speaker 1: off up to thirty thousand corporate employees as part of

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Speaker 1: a sweeping cost cutting drive. Reutter's reports that the cuts

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Speaker 1: will begin this week, perhaps as early as tonight. Affecting

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Speaker 1: nearly ten percent of Amazon's global corporate workforce and marking

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Speaker 1: the company's largest reduction since twenty twenty two. The layoffs

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Speaker 1: are expected across human resources, operations, devices, and Amazon Web services,

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Speaker 1: with the company leaning on AI to boost efficiency and

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Speaker 1: reduce bureaucracy. CEO Andy Jasse has been under pressure to

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Speaker 1: trim costs. He's hinted that automation will continue to drive

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Speaker 1: future job cuts as well. Managers have been instructed to

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Speaker 1: prepare for the process, with affected employees to be notified

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Speaker 1: by email and finally, story number five, Hurricane Melissa has

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Speaker 1: intensified into a Category five storm as it nears Jamaica,

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Speaker 1: threatening catastrophic flooding, landslides widespread destruction. It has sustained winds

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Speaker 1: of two hundred and eighty one kilometers an hour and

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Speaker 1: even stronger gusts, making it his strongest storm on record

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Speaker 1: this year. It could be the most powerful to ever

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Speaker 1: hit the island. Forecasters are warning of a four meter

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Speaker 1: storm surge more than a meter of rainfall in some areas.

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Speaker 1: The Jamaican Prime Minister has said he has been on

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Speaker 1: his knees in prayer as the country braces for impact.

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Speaker 1: The storms expected to move across Jamaica later today our time,

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Speaker 1: before heading towards Cuba and the Bahamas. Meteorologists say that

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Speaker 1: Melissa's speed and intensity are unprecedented in nearly two centuries

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Speaker 1: of recorded Atlantic hurricanes. That's it for the afternoon report

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Speaker 1: for Tuesday, the twenty eighth of October. Make sure you

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Speaker 1: hit follow on the podcast and head along the Fearangreed

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

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Speaker 1: daily newsletter and go into the draw to win a

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Speaker 1: Fear and Greed merchandise pack. I'm Michael Thompson. Enjoy your

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Speaker 1: red