1 00:00:03,800 --> 00:00:06,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,519 --> 00:00:09,119 Speaker 1: for Tuesday, the twenty seventh of August twenty twenty four. 3 00:00:09,160 --> 00:00:12,000 Speaker 1: I'm Sean Alma. Every afternoon, We've got the five stories 4 00:00:12,000 --> 00:00:14,120 Speaker 1: that happened today that you need to know about. Story 5 00:00:14,200 --> 00:00:17,319 Speaker 1: number one. The SMPASEX two hundred closed down to zero 6 00:00:17,320 --> 00:00:20,639 Speaker 1: point two percent today to eighty seventy one points, with 7 00:00:20,760 --> 00:00:24,080 Speaker 1: the Technology sub index the worst performer, while the Energy 8 00:00:24,079 --> 00:00:27,320 Speaker 1: index was the best. The banks Wallowa while the retailers 9 00:00:27,320 --> 00:00:29,840 Speaker 1: were mixed, as is normal at the moment. Much to 10 00:00:29,880 --> 00:00:32,440 Speaker 1: the action came on the back of profit results. BHP 11 00:00:32,640 --> 00:00:35,680 Speaker 1: share price rose more than one percent after it announced 12 00:00:35,720 --> 00:00:38,519 Speaker 1: a twenty billion dollar profit for the Last Financial Lim. 13 00:00:38,640 --> 00:00:42,000 Speaker 1: Global Engineering group Walley share price rose three percent after 14 00:00:42,040 --> 00:00:45,920 Speaker 1: reporting a higher profit Last Financial Lim. Infection prevention group 15 00:00:46,000 --> 00:00:49,400 Speaker 1: Nanosonics jump twenty three percent, best of the top two 16 00:00:49,479 --> 00:00:53,120 Speaker 1: hundred today following the release of its results. Jewelry retailer 17 00:00:53,159 --> 00:00:57,080 Speaker 1: Levisa tumbled nearly thirteen percent after a trading update disappointed 18 00:00:57,160 --> 00:01:00,480 Speaker 1: investors despite high net profit. In twenty two twenty four, 19 00:01:00,880 --> 00:01:04,800 Speaker 1: property services business John's Ling Group fell twenty seven percent 20 00:01:05,120 --> 00:01:08,000 Speaker 1: after a revenue decline in the year ended June thirty 21 00:01:08,280 --> 00:01:10,800 Speaker 1: and by now pay Later group Zipco announced cash earnings 22 00:01:10,800 --> 00:01:13,480 Speaker 1: of sixty nine million dollars last year. Transactions fell in 23 00:01:13,520 --> 00:01:16,840 Speaker 1: Australia amid softer consumer spending as it pulled back on 24 00:01:16,959 --> 00:01:20,560 Speaker 1: lending to more risky borrowers, but turnover surged in the US, 25 00:01:20,800 --> 00:01:23,880 Speaker 1: where it has almost four million customers. Its share price 26 00:01:23,959 --> 00:01:27,000 Speaker 1: finished down eight percent. A story number two, Woodside Energy 27 00:01:27,040 --> 00:01:29,840 Speaker 1: says it can pay strong dividends even as it increases 28 00:01:29,840 --> 00:01:33,520 Speaker 1: spending on low carbon energy projects and invests in developing 29 00:01:33,560 --> 00:01:35,959 Speaker 1: new oil and gas fields. The oil and gas producer 30 00:01:36,000 --> 00:01:40,360 Speaker 1: announced an underlying profit of one point six billion US 31 00:01:40,400 --> 00:01:42,319 Speaker 1: dollars for the six months to the end of June 32 00:01:42,920 --> 00:01:46,760 Speaker 1: on sales at dipped nineteen percent two six billion US dollars. 33 00:01:47,120 --> 00:01:49,480 Speaker 1: The average price that Woodside received for its oil and 34 00:01:49,520 --> 00:01:52,840 Speaker 1: gas fell fifteen percent to sixty two dollars sixty US 35 00:01:52,840 --> 00:01:55,800 Speaker 1: of barrel shares an oil and gas producer rose four percent, 36 00:01:55,880 --> 00:01:59,000 Speaker 1: notwithstanding a cut in its dividend. Woodside Chief executive Mego 37 00:01:59,120 --> 00:02:01,440 Speaker 1: Neil said the company it was delivering on its strategy 38 00:02:01,480 --> 00:02:05,520 Speaker 1: to thrive through the energy transition while maintaining a discipline 39 00:02:05,560 --> 00:02:09,200 Speaker 1: to capital management. Approach. She said Woodside's agreement last month 40 00:02:09,280 --> 00:02:13,120 Speaker 1: by a clean ammonia project in Texas positions Woodside to 41 00:02:13,120 --> 00:02:15,960 Speaker 1: be an early mover in the emerging low carbon ammonia 42 00:02:16,080 --> 00:02:20,320 Speaker 1: industry and makes a significant contribution to delivering its Scape 43 00:02:20,360 --> 00:02:24,000 Speaker 1: three targets Stretum of three. Hostel is fighting to maintain 44 00:02:24,040 --> 00:02:26,840 Speaker 1: its standing as a responsible contractor to the US Navy 45 00:02:27,200 --> 00:02:30,320 Speaker 1: after accepting a twenty four million US dollar penalty as 46 00:02:30,360 --> 00:02:33,200 Speaker 1: part of a plea deal to head off criminal prosecution 47 00:02:33,280 --> 00:02:36,680 Speaker 1: by US regulators in a fraud investigation. The deal is 48 00:02:36,720 --> 00:02:39,760 Speaker 1: the result of negotiations with the US Department of Justice 49 00:02:39,800 --> 00:02:44,080 Speaker 1: and Securities in Exchange Commission, whose investigations focused on alleged 50 00:02:44,200 --> 00:02:48,720 Speaker 1: fraud between twenty thirteen and twenty sixteen within Hostel's US division. 51 00:02:48,840 --> 00:02:52,120 Speaker 1: According to a report in The Australian, Perth headquartered Hostel 52 00:02:52,200 --> 00:02:55,000 Speaker 1: has been desperate to ensure any settlement was acceptable to 53 00:02:55,040 --> 00:02:58,760 Speaker 1: its biggest customers, the US Navy and the Royal Australian Navy. 54 00:02:59,080 --> 00:03:01,840 Speaker 1: Stratum before the vig Victorian government has announced day seven 55 00:03:01,840 --> 00:03:05,480 Speaker 1: and a half percent levee on short stay accommodation bookings, 56 00:03:05,520 --> 00:03:08,600 Speaker 1: including bookings made through AIRB and B and stays from 57 00:03:08,680 --> 00:03:12,080 Speaker 1: January one next year. Treasure At Tim Pallas said the 58 00:03:12,200 --> 00:03:15,639 Speaker 1: Short Stay Levy Bill twenty twenty four will be introduced 59 00:03:15,680 --> 00:03:18,359 Speaker 1: into Parliament this week. The tax is expected to raise 60 00:03:18,360 --> 00:03:20,320 Speaker 1: sixty million dollars a year, with revenue to go to 61 00:03:20,360 --> 00:03:23,760 Speaker 1: Homes Victoria to support the building and maintenance of social 62 00:03:23,800 --> 00:03:27,360 Speaker 1: and affordable housing. Homeowners leasing out their primary place of 63 00:03:27,440 --> 00:03:31,440 Speaker 1: residence for a short stay. Hotels, motels and caravan parks 64 00:03:31,600 --> 00:03:34,880 Speaker 1: will all be exempt from the levee and Story number five. 65 00:03:34,960 --> 00:03:38,280 Speaker 1: The share price of PDD Holdings, the parent company of 66 00:03:38,320 --> 00:03:42,400 Speaker 1: online retailer Team, who tumbled nearly thirty percent today, cutting 67 00:03:42,400 --> 00:03:46,200 Speaker 1: the wealth of founder Colin Huang by about fourteen billion dollars. 68 00:03:46,200 --> 00:03:49,800 Speaker 1: It Meanswang is now worth just thirty five billion US 69 00:03:49,880 --> 00:03:52,840 Speaker 1: dollars according to the Bloomberg Billionaires Index. He's now the 70 00:03:52,920 --> 00:03:56,000 Speaker 1: fourth wealthiest person in China. His reign as the richest 71 00:03:56,040 --> 00:03:59,360 Speaker 1: person lasted just two weeks. Now anyone with teenagers in 72 00:03:59,400 --> 00:04:03,600 Speaker 1: the house nos Team it's a marketplace for very low 73 00:04:03,640 --> 00:04:07,360 Speaker 1: cost items. Its parent PDD reported disappointing revenue for the 74 00:04:07,440 --> 00:04:11,280 Speaker 1: Dune quarter and conceded its growth trajectory isn't sustainable given 75 00:04:11,320 --> 00:04:15,120 Speaker 1: the increased competition from competitors like Ali Baba. Huang founded 76 00:04:15,160 --> 00:04:18,520 Speaker 1: PDD in twenty fifteen. After launching a few gaming and 77 00:04:18,560 --> 00:04:21,920 Speaker 1: e commerce ventures, The former Google engineer quickly ascended the 78 00:04:21,960 --> 00:04:24,719 Speaker 1: ranks of the world's richest people, with his net worth 79 00:04:24,880 --> 00:04:27,320 Speaker 1: peaking at about seventy one and a half billion US 80 00:04:27,360 --> 00:04:29,840 Speaker 1: dollars in early twenty twenty one. He stepped down as 81 00:04:29,880 --> 00:04:33,120 Speaker 1: pdd's chief executive in twenty twenty and left the board 82 00:04:33,160 --> 00:04:36,240 Speaker 1: as chairman in twenty twenty one, as Beijing began cracking 83 00:04:36,279 --> 00:04:39,120 Speaker 1: down on China's tech giants. That's it for the afternoon 84 00:04:39,120 --> 00:04:41,520 Speaker 1: report for you, say the twenty seventh of August twenty 85 00:04:41,560 --> 00:04:43,720 Speaker 1: twenty four. Michael Thompson and I will be back tomorrow 86 00:04:43,720 --> 00:04:46,760 Speaker 1: morning with the Wednesday edition Offear and Greed business News. 87 00:04:46,839 --> 00:04:48,799 Speaker 1: I'm Sean Elman. Enjoy your evening.