1 00:00:03,200 --> 00:00:05,760 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:05,800 --> 00:00:08,320 Speaker 1: for Wednesday, the second of April twenty twenty five. I'm 3 00:00:08,320 --> 00:00:11,280 Speaker 1: sure in Alma every afternoon we've got the five stories 4 00:00:11,320 --> 00:00:13,320 Speaker 1: that happened today that you need to know about Story 5 00:00:13,360 --> 00:00:16,040 Speaker 1: numer one. The S and p ASX two hundred closed 6 00:00:16,120 --> 00:00:18,760 Speaker 1: up a touch today to finish at seven nine hundred 7 00:00:18,760 --> 00:00:21,279 Speaker 1: and thirty five points for the second day running. It 8 00:00:21,320 --> 00:00:24,160 Speaker 1: was a property sector that did best, while materials were worst. 9 00:00:24,360 --> 00:00:26,840 Speaker 1: Among the large caps, Goodman Group jumped to three percent, 10 00:00:27,240 --> 00:00:30,880 Speaker 1: while Wise Tech, Globals, CSL, Brambles and Sigma Healthcare all 11 00:00:30,880 --> 00:00:34,560 Speaker 1: did well. Big miners suffered, with BHP, Fortes, fue Metals 12 00:00:34,600 --> 00:00:37,599 Speaker 1: Group in Rio's share prices all ending more than one 13 00:00:37,600 --> 00:00:40,200 Speaker 1: and a half cent lower. In corporate news, Kelsey and Group, 14 00:00:40,280 --> 00:00:43,839 Speaker 1: Australia's largest integrated transport and tourism operator, is looking at 15 00:00:43,880 --> 00:00:47,360 Speaker 1: selling its resort, tour and ferry services to pay down debt. 16 00:00:47,640 --> 00:00:49,280 Speaker 1: Some of the assets that could go up for sale 17 00:00:49,320 --> 00:00:53,200 Speaker 1: Adelaide Sightseeing, Sealink ferry Services, which operates in four states 18 00:00:53,200 --> 00:00:56,080 Speaker 1: in the Northern Territory and Captain Cork Cruises. It would 19 00:00:56,120 --> 00:00:58,640 Speaker 1: keep running its marine bus and motor Coach Operations. The 20 00:00:58,680 --> 00:01:01,280 Speaker 1: company has a market cap of just over seven hundred 21 00:01:01,320 --> 00:01:03,279 Speaker 1: million dollars in debt of nine hundred and thirty three 22 00:01:03,480 --> 00:01:06,240 Speaker 1: million dollars. Its share price jump more than six percent today. 23 00:01:06,640 --> 00:01:10,240 Speaker 1: Story number two on the election. Shadow treasurer Angus Taylor 24 00:01:10,280 --> 00:01:12,800 Speaker 1: was at the National Press Club today. He said it's 25 00:01:12,840 --> 00:01:16,039 Speaker 1: his ambition to make Australia a financial center and the 26 00:01:16,040 --> 00:01:20,160 Speaker 1: Coalition government would establish an office called Investment Australia to 27 00:01:20,240 --> 00:01:24,199 Speaker 1: cut red tape and streamline investment. Plenty of name calling today. 28 00:01:24,200 --> 00:01:27,280 Speaker 1: Opposition leader Peter Dunn says he would fight with any 29 00:01:27,600 --> 00:01:31,119 Speaker 1: global leader to defend Australia's national interest and that Anthony 30 00:01:31,160 --> 00:01:33,679 Speaker 1: Alberanezi doesn't have the strength to do it. Alban Easy 31 00:01:33,800 --> 00:01:37,679 Speaker 1: replied by saying that sort of agro approach isn't very diplomatic. 32 00:01:38,000 --> 00:01:42,199 Speaker 1: Story number three. Building approvals were roughly unchanged last month, 33 00:01:42,480 --> 00:01:45,440 Speaker 1: falling slightly but posting a much better result than economists 34 00:01:45,480 --> 00:01:49,240 Speaker 1: expected in the previous months. Figures were advised higher to 35 00:01:49,280 --> 00:01:52,680 Speaker 1: a six point nine percent increase. The trend in housing 36 00:01:52,680 --> 00:01:55,720 Speaker 1: approval continues. Over the past three months, the pace of 37 00:01:55,760 --> 00:01:58,560 Speaker 1: approvals was one hundred and ninety five thousand per annum, 38 00:01:59,120 --> 00:02:00,760 Speaker 1: up by twenty three per cent from the lower of 39 00:02:00,800 --> 00:02:03,880 Speaker 1: early twenty twenty three, a courting to imp building approvals 40 00:02:03,920 --> 00:02:07,520 Speaker 1: are now matching the impact of population growth from immigration, 41 00:02:07,600 --> 00:02:10,440 Speaker 1: which theoretically should take some of the heat out of 42 00:02:10,440 --> 00:02:13,160 Speaker 1: the housing market. That's not to say the housing crisis 43 00:02:13,240 --> 00:02:15,720 Speaker 1: is over. A long way from it. The average building 44 00:02:15,720 --> 00:02:19,760 Speaker 1: time in Australia remains elevated and abandonment rates for building 45 00:02:19,800 --> 00:02:23,640 Speaker 1: construction are still higher than the twenty tens periods. Still 46 00:02:23,680 --> 00:02:26,080 Speaker 1: a long way to go, but it is a start story. 47 00:02:26,160 --> 00:02:28,920 Speaker 1: Number four Mining group Mineral Resources and co founder Chris 48 00:02:28,919 --> 00:02:31,480 Speaker 1: Ellison have been hit with a class action in Victoria's 49 00:02:31,480 --> 00:02:35,360 Speaker 1: Supreme Court over his involvement in alleged tax evasion and 50 00:02:35,440 --> 00:02:38,959 Speaker 1: other corporate governance issues. The action comes as the Australian 51 00:02:39,000 --> 00:02:42,720 Speaker 1: Securities and Investments Commission conducts its own investigation into the 52 00:02:42,760 --> 00:02:45,880 Speaker 1: company's actions in response to mister Ellison's admission that he 53 00:02:46,000 --> 00:02:48,920 Speaker 1: was a tax cheat who failed to make proper disclosures 54 00:02:48,960 --> 00:02:51,880 Speaker 1: around a series of companies registered in the British Virgin Islands. 55 00:02:52,200 --> 00:02:55,200 Speaker 1: Mister Ellison apologized in October for what he described as 56 00:02:55,200 --> 00:02:59,600 Speaker 1: a serious lapse in judgment In a statement today, MinRes said, 57 00:02:59,600 --> 00:03:02,320 Speaker 1: and I the proceeding relates to matters that have been 58 00:03:02,360 --> 00:03:05,519 Speaker 1: comprehensibly addressed by the company in the market since October 59 00:03:05,560 --> 00:03:08,760 Speaker 1: twenty twenty four. It intends to strongly defend the matter 60 00:03:09,240 --> 00:03:11,919 Speaker 1: and story at number five. China has held a second 61 00:03:12,000 --> 00:03:15,760 Speaker 1: day of drills around Taiwan, adding to the unprecedented military 62 00:03:15,880 --> 00:03:19,760 Speaker 1: pressure it's applying to the Taiwanese government. The latest exercises 63 00:03:19,840 --> 00:03:21,679 Speaker 1: were held in the central and southern parts of the 64 00:03:21,720 --> 00:03:25,160 Speaker 1: Taiwan Strait. According to a statement, they practiced the People's 65 00:03:25,200 --> 00:03:28,840 Speaker 1: Liberation Army's ability to conduct a blog aid and involve 66 00:03:28,919 --> 00:03:33,839 Speaker 1: precision strikes on simulated targets, including ports and energy facilities. 67 00:03:34,080 --> 00:03:37,640 Speaker 1: The Taiwanese Defense Ministry said that thirty seven Chinese planes 68 00:03:37,680 --> 00:03:40,840 Speaker 1: crossed the midline in the strait and that its own warplanes, 69 00:03:40,880 --> 00:03:44,440 Speaker 1: ships and missile systems responded without seeing what that entailed. 70 00:03:44,680 --> 00:03:47,160 Speaker 1: The latest drills PILs more pressure on Taiwan, coming a 71 00:03:47,200 --> 00:03:50,360 Speaker 1: day after China held exercises that involved the most naval 72 00:03:50,400 --> 00:03:52,880 Speaker 1: warships in nearly a year. That's it for the afternoon 73 00:03:52,920 --> 00:03:55,320 Speaker 1: report for Wednesday, the second of April twenty twenty five. 74 00:03:55,400 --> 00:03:57,080 Speaker 1: Make sure you hit follow on the podcast. We will 75 00:03:57,120 --> 00:03:59,200 Speaker 1: be back tomorrow morning with the Thursday edition of the 76 00:03:59,240 --> 00:04:02,400 Speaker 1: past five business news by Fear and Greed. I'm Sean Elmer. 77 00:04:02,800 --> 00:04:03,640 Speaker 1: Enjoy your evening.