1
00:00:04,160 --> 00:00:06,920
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,000 --> 00:00:09,719
Speaker 1: for Friday, the twenty fifth of July twenty twenty five.

3
00:00:09,880 --> 00:00:12,639
Speaker 1: Are Michael Thompson. Every afternoon, We've got the five stories

4
00:00:12,640 --> 00:00:14,560
Speaker 1: that happened today that you need to know about, So

5
00:00:14,640 --> 00:00:17,000
Speaker 1: let's get going. Sorry. Number one, the S and p

6
00:00:17,200 --> 00:00:20,840
Speaker 1: ASX two hundred fell half of one percent today to

7
00:00:20,920 --> 00:00:24,560
Speaker 1: eighty six hundred and sixty seven points, pulled down by

8
00:00:24,640 --> 00:00:27,200
Speaker 1: both the big miners and to an extent, the banks

9
00:00:27,200 --> 00:00:29,720
Speaker 1: as well. Iron all prices fell a mid concerns of

10
00:00:29,760 --> 00:00:33,040
Speaker 1: an oversupply, with Chinese steel production at the lowest in

11
00:00:33,080 --> 00:00:37,360
Speaker 1: five years. BHP was off nearly two percent, four Deescu

12
00:00:37,520 --> 00:00:40,760
Speaker 1: dropped three point four percent, and Rio Tinto closed zero

13
00:00:40,760 --> 00:00:44,479
Speaker 1: point eight percent lower. We've been talking a lot lately

14
00:00:44,600 --> 00:00:46,839
Speaker 1: about the big switch with the miners rising as the

15
00:00:46,880 --> 00:00:49,680
Speaker 1: bank slumps. Well, today it was both of them going backwards. Really,

16
00:00:49,720 --> 00:00:52,199
Speaker 1: all four of the big banks lost a bit of ground.

17
00:00:52,680 --> 00:00:55,520
Speaker 1: Most of the gold miners slumped today as well, except

18
00:00:55,520 --> 00:00:58,440
Speaker 1: for Newmont, which actually had a great day, rising almost

19
00:00:58,480 --> 00:01:03,000
Speaker 1: four percent after coporting better than expected results. Woodside and

20
00:01:03,080 --> 00:01:06,120
Speaker 1: Santos both saw gains as oil prices climbed for a

21
00:01:06,160 --> 00:01:09,039
Speaker 1: second day. For the week, the boss was off about

22
00:01:09,080 --> 00:01:12,760
Speaker 1: one percent. Under Story number two now, an independent Allegra

23
00:01:12,840 --> 00:01:16,480
Speaker 1: spender held a tax round table in Canberra today and

24
00:01:16,520 --> 00:01:18,800
Speaker 1: the gist of the conversation was probably best put by

25
00:01:18,880 --> 00:01:23,920
Speaker 1: veteran economist Chris Richardson, who said, don't do dumb things

26
00:01:24,040 --> 00:01:28,880
Speaker 1: on tax makes sense. Richardson says Australia is not taxing gas,

27
00:01:29,120 --> 00:01:32,920
Speaker 1: banks and cigarettes properly, saying billions could be added if

28
00:01:32,920 --> 00:01:36,680
Speaker 1: things were fixed up earlier. International tax expert viver Hammer

29
00:01:36,840 --> 00:01:40,200
Speaker 1: asked why is the GST so low in Australia by

30
00:01:40,280 --> 00:01:43,440
Speaker 1: international standards so He also said the corporate tax system

31
00:01:43,560 --> 00:01:47,680
Speaker 1: was hugely complex due to the taxation officers administration and

32
00:01:47,720 --> 00:01:52,000
Speaker 1: the uncertainty over how the laws would be applied. Story

33
00:01:52,080 --> 00:01:54,400
Speaker 1: number three. Australia and the United Kingdom will sign a

34
00:01:54,440 --> 00:01:58,360
Speaker 1: new fifty year treaty underpinning cooperation on the Orcus nuclear

35
00:01:58,360 --> 00:02:02,440
Speaker 1: powered submarine program, in a show of defiance against growing

36
00:02:02,520 --> 00:02:06,000
Speaker 1: doubts over the ambitious three hundred and sixty eight billion

37
00:02:06,040 --> 00:02:09,280
Speaker 1: dollar plan. The treaty will be signed by Defense Minister

38
00:02:09,360 --> 00:02:13,160
Speaker 1: Richard Miles and UK Defense Secretary John Healley. This according

39
00:02:13,160 --> 00:02:16,240
Speaker 1: to the Financial Review, Males and Foreign Minister Penny Wong

40
00:02:16,360 --> 00:02:20,519
Speaker 1: are hosting Healley along with UK Foreign Secretary David Lammy

41
00:02:20,680 --> 00:02:25,600
Speaker 1: in Sydney for annual bilateral diplomatic and defense talks. Now

42
00:02:25,800 --> 00:02:30,040
Speaker 1: this treaty, it runs the full gamut of bilateral cooperation

43
00:02:30,240 --> 00:02:34,040
Speaker 1: between Canberra and London on ensuring Australia is capable of operating,

44
00:02:34,200 --> 00:02:39,400
Speaker 1: maintaining and assembling nuclear powered submarines. It includes training naval personnel,

45
00:02:39,520 --> 00:02:44,640
Speaker 1: developing the workforce, building the infrastructure, establishing a regulatory regime.

46
00:02:45,120 --> 00:02:49,280
Speaker 1: It is very comprehensive. Sorry. Number four, Donald Trump is

47
00:02:49,680 --> 00:02:53,400
Speaker 1: scouting a little about the deal to sell beef into Australia.

48
00:02:53,400 --> 00:02:56,320
Speaker 1: In fact, he said he is going to sell so

49
00:02:56,520 --> 00:02:59,799
Speaker 1: much beef to Australia after Canberra lifted its ban on

50
00:02:59,840 --> 00:03:04,000
Speaker 1: beef products from the US. Trump wrote on his Truth

51
00:03:04,080 --> 00:03:07,400
Speaker 1: social platform and I quote for a long time and

52
00:03:07,520 --> 00:03:10,320
Speaker 1: even though we are great friends, they actually banned our beef.

53
00:03:10,760 --> 00:03:13,080
Speaker 1: Now we are going to sell so much to Australia

54
00:03:13,160 --> 00:03:17,040
Speaker 1: because this is undeniable and irrefutable proof that US beef

55
00:03:17,520 --> 00:03:22,480
Speaker 1: is the safest and best in the entire world. Story

56
00:03:22,560 --> 00:03:26,800
Speaker 1: number five, a long awaited merger between Skydance Media and

57
00:03:26,840 --> 00:03:29,840
Speaker 1: Paramount Global, which is the owner of Australian freeware station

58
00:03:29,919 --> 00:03:32,720
Speaker 1: Network ten, has been given the green light by the

59
00:03:32,840 --> 00:03:36,280
Speaker 1: US media regulator weeks after Paramount settled a lawsuit with

60
00:03:36,280 --> 00:03:40,640
Speaker 1: Donald Trump. The Federal Communications Commission overnight backed the deal

61
00:03:40,840 --> 00:03:43,920
Speaker 1: after the Trump administration extracted concessions on the news and

62
00:03:44,040 --> 00:03:48,680
Speaker 1: entertainment company's political coverage and diversity practices. That's it for

63
00:03:48,760 --> 00:03:51,640
Speaker 1: the afternoon Report for Friday, the twenty fifth of July

64
00:03:51,760 --> 00:03:54,040
Speaker 1: twenty twenty five. Make sure you hit follow on the

65
00:03:54,040 --> 00:03:56,440
Speaker 1: podcast and we'll be back tomorrow morning with the weekend

66
00:03:56,560 --> 00:03:58,960
Speaker 1: edition of the fast Fired Business News by Fear and Greed.

67
00:03:59,240 --> 00:04:03,680
Speaker 1: I'm Michael Tomas. Enjoy your evening. M