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

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Speaker 1: for Wednesday, the tenth of September twenty twenty five are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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

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Speaker 1: hundred climbed zero point three percent today to eight hundred

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Speaker 1: and thirty points, with nine of the eleven sectors showing gains,

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Speaker 1: led by the banks. Commonwealth Bank was up one and

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Speaker 1: a half percent, Westpac a little more than that. NAB

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Speaker 1: climbed one point five percent, two after announcing job cuts.

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Speaker 1: More on that one in a moment. Lithium miners, though,

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Speaker 1: had a shocker. Pilbur Minerals tumbled more than seventeen percent.

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Speaker 1: That's its worst day in more than three years. Liontown

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Speaker 1: Resources was even worse, off eighteen percent. IGO's share price

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Speaker 1: slumped fourteen percent. Mineral Resources was down nearly seven percent.

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Speaker 1: This is all tied back to a mine in China,

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Speaker 1: a lithium mind that we've spoken about previously. It was

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Speaker 1: shut down because of an expired license last month and

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Speaker 1: was expected did to be shut for at least three months,

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Speaker 1: but it is preparing to reopen early, and that fueled

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Speaker 1: fears of a big increase in lithium supplies and then

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Speaker 1: a bit of downward pressure on prices elsewhere on the

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Speaker 1: burs iron all miners fell in the wake of a

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Speaker 1: big merger deal between Anglo American and Canada's tech resources,

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Speaker 1: and even though gold just keeps hitting record highs, the

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Speaker 1: gold miners lost a bit of ground today. Onto story

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Speaker 1: number two now and I mentioned the job cuts at

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Speaker 1: NAB on Tuesday it was A and Z cutting jobs.

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Speaker 1: Yesterday it was National Australia Bank's turn, with the Melbourne

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Speaker 1: based bank cutting four hundred technology jobs. The number was

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Speaker 1: well below A and z's three and a half thousand cuts,

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Speaker 1: but it suggests a trend in the banking sector, and

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Speaker 1: as we know, the trend, unfortunately in this case, is

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Speaker 1: your friend. The cuts came in the Technology and Enterprise

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Speaker 1: Operations Division, the biggest department in the bank. A restructure

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Speaker 1: in the department we'll see one hundred and twenty seven

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Speaker 1: back office roles moved to NAB's offices in India and Vietnam,

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Speaker 1: with the net job lost to be four hundred and

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Speaker 1: ten full time roles onto story number three, and Prime

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Speaker 1: Minister Anthony Abernezi has signaled Labor will set a less

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Speaker 1: ambitious twenty thirty five emissions reduction target than some in

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Speaker 1: his party are pushing for, because the target has to

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Speaker 1: be achievable and balance energy reliability. THEPM is with other

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Speaker 1: Pacific leaders in the Solomon Islands at the moment where

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Speaker 1: Australia pledged one hundred million dollars towards a new Pacific

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Speaker 1: Resilience facility. He said climate policy quote is the key

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Speaker 1: to credibility in the region, but that it's this is

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Speaker 1: another good quote, not just a matter of plucking figures

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Speaker 1: out of the air, and it has to take into

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Speaker 1: account the need for, as we said, energy reliability. The

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Speaker 1: government is expected to announce its new climate target as

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Speaker 1: early as next week. Story number four. Chinese ev maker

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Speaker 1: BYD has predicted a major shakeup of China's crowded electric

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Speaker 1: vehicle market, warning that as many as one hundred of

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Speaker 1: the country's one hundred and thirty car makers could.

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Speaker 2: Be forced out. Bid which really vies with Tesla for

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Speaker 2: the title of world's largest ev maker, reported weaker than

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Speaker 2: expected second quarter profits as Beijing crackdown on discounting and

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Speaker 2: supplier practices. Analysts have cut sales forecasts for BYD to

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Speaker 2: four point six million cars this year, compared to earlier

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Speaker 2: estimates of five point eight million. Australia has seen a

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Speaker 2: boom in Chinese evs. Last month, four brands from China

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Speaker 2: were ranked in the top ten for new vehicle sales

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Speaker 2: in Australia for the first time. BYD outsold Tesla in

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Speaker 2: this market by a significant margin and finally Sorry number five.

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Speaker 2: US President Donald Trump has rebuked Israel after the country

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Speaker 2: launched a strike on Hamas political leaders in Doha, the

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Speaker 2: capital of Qatar, which is a key ally of the

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Speaker 2: United States. Israeli Prime Minister Benjamin at Nyahu said it

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Speaker 2: was quote a wholly independent Israeli operation, with Trump calling

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Speaker 2: the strike unfortunate, warning that it risked undermining ceasefire talks

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Speaker 2: and the release of Israel the hostage is held by Hermas.

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Speaker 2: The strikers, I mentioned targeted the political leaders of Hermas,

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Speaker 2: who have been based openly in Qatar since twenty twelve.

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Speaker 2: Qatar has been the key mediator in negotiations between Israel,

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Speaker 2: Hamas and the US since the October seven massacre back

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Speaker 2: in twenty twenty three, where Harmas killed more than twelve

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Speaker 2: hundred Israelis. Australia has joined Britain, Canada and the EU

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Speaker 2: in condemning the latest attack, with Foreign Minister Penny Wong

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Speaker 2: saying that it violated Katari sovereignty and could derail those

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Speaker 2: peace efforts. Donald Trump told the leaders of Katar that

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Speaker 2: it wouldn't happen again, stressing that Qatar is a vital ally.

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Speaker 1: That's it for the Afternoon Report for Wednesday, the tenth

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Speaker 1: of September twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast and we'll be back tomorrow morning with

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Speaker 1: the Thursday edition of The Fast by Business News by

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Speaker 1: Bier and Greed. I'm Mark Thompson.

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Speaker 2: Enjoy your evening,