1 00:00:04,240 --> 00:00:07,000 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,000 --> 00:00:09,720 Speaker 1: for Monday, the twenty third September twenty twenty four. I'm 3 00:00:09,760 --> 00:00:12,440 Speaker 1: Sean Elmer. Every afternoon, We've got the five stories have 4 00:00:12,440 --> 00:00:14,560 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:14,600 --> 00:00:18,080 Speaker 1: The SMPASX two hundred close down zero point seven percent 6 00:00:18,120 --> 00:00:20,959 Speaker 1: today to eighty one hundred and fifty three points. It 7 00:00:21,120 --> 00:00:24,800 Speaker 1: was the first negative session in eight trading days. Consumer 8 00:00:24,840 --> 00:00:27,640 Speaker 1: stocks fell, most led by woolies and coals. They both 9 00:00:27,680 --> 00:00:30,960 Speaker 1: lost more than three percent after the corporate regulator alleged 10 00:00:31,160 --> 00:00:34,920 Speaker 1: that the supermarket giants claimed they were dropping prices on 11 00:00:35,000 --> 00:00:38,360 Speaker 1: hundreds of products when they were actually increasing them, thereby 12 00:00:38,520 --> 00:00:41,960 Speaker 1: misleading customers. Ongoing concerns about the strength of the Chinese 13 00:00:42,000 --> 00:00:44,880 Speaker 1: economy is putting pressure on iron ore prices, and subsequently 14 00:00:45,159 --> 00:00:48,559 Speaker 1: the big miners fell today. Gold miners did well, as 15 00:00:48,560 --> 00:00:51,720 Speaker 1: a precious that metal pushed a new high above twenty 16 00:00:51,760 --> 00:00:54,960 Speaker 1: six thirty one US dollars an ounce, and the uranium miners, 17 00:00:55,000 --> 00:00:58,360 Speaker 1: including Boss Energy, Deep Yellow and paleod And Energy surged 18 00:00:58,440 --> 00:01:00,760 Speaker 1: after news that are major nuclear power plant in the 19 00:01:00,880 --> 00:01:04,000 Speaker 1: US is reopening. The big banks were mixed. Webjet was 20 00:01:04,040 --> 00:01:06,480 Speaker 1: the biggest lag art, following eleven percent. That's after it 21 00:01:06,600 --> 00:01:10,640 Speaker 1: emerged into two companies, Webjet Group, which has a separate 22 00:01:10,640 --> 00:01:13,880 Speaker 1: listing on the AX and web Travel Group sorry number 23 00:01:13,880 --> 00:01:17,160 Speaker 1: two fetch A Building, the struggling Building Materials Group says 24 00:01:17,240 --> 00:01:20,039 Speaker 1: it expects sales volumes to fall bay up to fifteen 25 00:01:20,080 --> 00:01:22,840 Speaker 1: percent in Australia and New Zealand. It was in the 26 00:01:22,880 --> 00:01:25,640 Speaker 1: market raising about seven hundred million New Zealand that's six 27 00:01:25,760 --> 00:01:28,679 Speaker 1: forty one million Ozzie to shore up its finances and 28 00:01:28,720 --> 00:01:31,600 Speaker 1: cut debts. Shares are expected to recommence in the next 29 00:01:31,600 --> 00:01:35,360 Speaker 1: couple of days. There were some big contract announcements today. 30 00:01:35,480 --> 00:01:38,920 Speaker 1: Engineering group Walley share price fell nearly one percent after 31 00:01:38,959 --> 00:01:41,560 Speaker 1: it signed a five year DAAL to provide services in 32 00:01:41,600 --> 00:01:45,200 Speaker 1: Amman Minor South thirty two. Her Mosa project in Arizona 33 00:01:45,240 --> 00:01:47,760 Speaker 1: has been selected for a one hundred and sixty six 34 00:01:47,960 --> 00:01:51,520 Speaker 1: million US dollar award negotiation from the US Department of Energy. 35 00:01:51,720 --> 00:01:54,880 Speaker 1: Its share price was flat, and defense shipbuilder Ostile one 36 00:01:54,920 --> 00:01:57,800 Speaker 1: a one hundred and fifty two million US dollar contract 37 00:01:57,800 --> 00:02:00,440 Speaker 1: with the US Navy to support the delivery of one 38 00:02:00,640 --> 00:02:04,160 Speaker 1: Columbia class and two Virginia class submarines. Its share price 39 00:02:04,240 --> 00:02:06,640 Speaker 1: rows almost two and a half percent. Also a couple 40 00:02:06,640 --> 00:02:09,200 Speaker 1: of smaller m and A announcements on cology company Talix 41 00:02:09,200 --> 00:02:12,560 Speaker 1: Pharmaceuticals is expanding in North America with the acquisition of 42 00:02:12,639 --> 00:02:15,959 Speaker 1: US based URLs for an upfront cash payment of two 43 00:02:16,000 --> 00:02:18,960 Speaker 1: hundred and thirty million US and pathology company Helius is 44 00:02:19,000 --> 00:02:22,520 Speaker 1: selling Loomis Imaging for an enterprise value of about nine 45 00:02:22,600 --> 00:02:25,960 Speaker 1: hundred and sixty five million dollars. Story number three. Regulators 46 00:02:25,960 --> 00:02:28,880 Speaker 1: in the federal government want to license crypto operators under 47 00:02:28,919 --> 00:02:32,840 Speaker 1: corporation's law, and the Albanezi government is preparing legislation to 48 00:02:32,919 --> 00:02:37,440 Speaker 1: require crypto exchanges to hold financial service licenses That would 49 00:02:37,440 --> 00:02:40,200 Speaker 1: set down rules for custody of digital assets to reduce 50 00:02:40,360 --> 00:02:43,239 Speaker 1: risks for investors in theory at least, and it would 51 00:02:43,280 --> 00:02:47,280 Speaker 1: hit cryptocurrencies like bitcoin and ethereum. The plan had been 52 00:02:47,320 --> 00:02:49,799 Speaker 1: to release and exposure draft this year, but it's unclear 53 00:02:49,840 --> 00:02:52,040 Speaker 1: whether the bill will appear before the next federal election. 54 00:02:52,160 --> 00:02:55,880 Speaker 1: According to the AFR, today it held a cryptocurrency summit. 55 00:02:55,960 --> 00:03:00,080 Speaker 1: Asset Commissioner Alan Kirkland was there. He said licensing requirements 56 00:03:00,120 --> 00:03:04,960 Speaker 1: will extend beyond digital currency exchanges to operators because asset considers. 57 00:03:05,040 --> 00:03:08,560 Speaker 1: Most major crypto assets are already captured by the Corporations Act, 58 00:03:08,560 --> 00:03:12,320 Speaker 1: and many crypto developers have not attained afsls based on 59 00:03:12,440 --> 00:03:15,120 Speaker 1: legal advice their investment products were not captured by the 60 00:03:15,120 --> 00:03:17,560 Speaker 1: current law. The point of this story plenty going on. 61 00:03:17,800 --> 00:03:20,839 Speaker 1: The crypto market is heading for more regulation. Story number 62 00:03:20,880 --> 00:03:23,960 Speaker 1: four Melbourne's looking at its first one hundred million dollar 63 00:03:24,040 --> 00:03:27,040 Speaker 1: home sale with the grand Turek state of the Meyer 64 00:03:27,120 --> 00:03:30,919 Speaker 1: family up for sale. Cranlana has been owned by the 65 00:03:31,000 --> 00:03:34,280 Speaker 1: Meyer family, founders of the department store chain, since it 66 00:03:34,400 --> 00:03:37,320 Speaker 1: was purchased by patriarch Sydney Meyer and his second wife, 67 00:03:37,320 --> 00:03:41,120 Speaker 1: Merlin in nineteen twenty one. The Edwardian mansion is being 68 00:03:41,160 --> 00:03:44,000 Speaker 1: offered for sale by Meyer Family Investments, the private investment 69 00:03:44,000 --> 00:03:47,280 Speaker 1: company established by Sydney and Merlin Meyer. That's according to 70 00:03:47,320 --> 00:03:50,120 Speaker 1: a story in the Finn Review. Currently MFI chair Sydney 71 00:03:50,120 --> 00:03:53,640 Speaker 1: Meyer definitely not the original. Sydney said that after more 72 00:03:53,680 --> 00:03:56,120 Speaker 1: than one hundred years of family ownership and with more 73 00:03:56,160 --> 00:04:00,320 Speaker 1: than eighty member families fifth generation expanding, the time come 74 00:04:00,360 --> 00:04:02,520 Speaker 1: to pass the keys of our home and its magnificent 75 00:04:02,520 --> 00:04:06,440 Speaker 1: garden to a new owner and Custonian and story number five. 76 00:04:06,480 --> 00:04:09,480 Speaker 1: The US has directly warned Israel against a full blown 77 00:04:09,560 --> 00:04:13,000 Speaker 1: war with Hesbalah, as the Lebanese militant group and Israeli 78 00:04:13,040 --> 00:04:16,159 Speaker 1: forces engaged in some of their most fierce exchanges of 79 00:04:16,240 --> 00:04:19,320 Speaker 1: fire since last year. In Salbo's capping a week of 80 00:04:19,400 --> 00:04:23,159 Speaker 1: spiraling hostilities, Israeli jets mountain some of the heaviest bombing 81 00:04:23,240 --> 00:04:25,880 Speaker 1: raids in southern Lebanon since the start of the fighting, 82 00:04:25,960 --> 00:04:29,479 Speaker 1: while Hesbla fired rockets towards the city of Haifa. The 83 00:04:29,600 --> 00:04:33,080 Speaker 1: escalating attacks have fueled fears that the hostilities could tip 84 00:04:33,279 --> 00:04:36,240 Speaker 1: into a full scale land war. John Kirby, the US 85 00:04:36,320 --> 00:04:40,040 Speaker 1: National Security Council spokesperson, warned Israel that there were better 86 00:04:40,080 --> 00:04:43,440 Speaker 1: ways to ensure Israeli citizens could return to evacuated homes 87 00:04:43,440 --> 00:04:46,240 Speaker 1: in the north than a war, than an escalation, than 88 00:04:46,400 --> 00:04:49,400 Speaker 1: opening up a second front. That's all according to the FT. 89 00:04:50,040 --> 00:04:52,200 Speaker 1: That's it for the afternoon Report for Monday, the twenty 90 00:04:52,200 --> 00:04:54,599 Speaker 1: third September twenty twenty four. Don't forget to follow on 91 00:04:54,640 --> 00:04:57,560 Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram, 92 00:04:57,720 --> 00:05:00,160 Speaker 1: x TikTok and Facebook. Joined Michael Thompson and I borrow, 93 00:05:00,200 --> 00:05:02,039 Speaker 1: I'm morning for the first five by Fear and Greed. 94 00:05:02,279 --> 00:05:04,240 Speaker 1: The top five business stories you need to know in 95 00:05:04,320 --> 00:05:07,039 Speaker 1: five minutes. I'm Sean Almer. Enjoy your evening.