1 00:00:04,160 --> 00:00:07,000 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,040 --> 00:00:09,760 Speaker 1: for Monday, the twenty fourth of November. I'm Michael Thompson, 3 00:00:09,840 --> 00:00:12,240 Speaker 1: and every afternoon we have the five big stories that 4 00:00:12,280 --> 00:00:14,360 Speaker 1: happened today that you need to know about. Let's go 5 00:00:14,400 --> 00:00:17,320 Speaker 1: with story number one. The SMPA s X two hundred 6 00:00:17,400 --> 00:00:20,680 Speaker 1: rebounded today. It climbed one point three percent to eighty 7 00:00:20,760 --> 00:00:23,759 Speaker 1: five hundred and twenty five points. Came after really a 8 00:00:23,760 --> 00:00:25,799 Speaker 1: bit of a horror week last week that saw it 9 00:00:25,880 --> 00:00:27,840 Speaker 1: hit a six month low, first on the back of 10 00:00:27,920 --> 00:00:30,880 Speaker 1: nerves over chip maker and Vidious results, and then once 11 00:00:30,920 --> 00:00:33,479 Speaker 1: those results were better than expected, the market tumbled on 12 00:00:33,560 --> 00:00:37,600 Speaker 1: more general fear and uncertainty, including interest rate expectations in 13 00:00:37,640 --> 00:00:40,720 Speaker 1: the US. But Wall Street bounced heading into the weekend, 14 00:00:40,880 --> 00:00:43,720 Speaker 1: and today we saw that flow through to the local boss. 15 00:00:43,880 --> 00:00:45,880 Speaker 1: It was a good day for the tech stocks. Life 16 00:00:45,880 --> 00:00:48,839 Speaker 1: three sixty was up more than seven percent. Weistet Global 17 00:00:48,880 --> 00:00:51,640 Speaker 1: climbed two percent. The big banks also went pretty well 18 00:00:51,960 --> 00:00:54,560 Speaker 1: Comonwealth Bank was up one point two percent, Westpac two 19 00:00:54,600 --> 00:00:58,840 Speaker 1: point three percent. BHP now BHP closed zero point six 20 00:00:58,920 --> 00:01:02,560 Speaker 1: percent higher today after a very eventful day. The Big 21 00:01:02,600 --> 00:01:06,520 Speaker 1: Australian confirmed it was no longer considering a takeover of 22 00:01:06,720 --> 00:01:10,520 Speaker 1: UK listed rival Anglo American after holding talks for a 23 00:01:10,600 --> 00:01:13,160 Speaker 1: second time with the minor. And how about this one 24 00:01:13,200 --> 00:01:17,360 Speaker 1: as well. Logistics business Cube closed almost twenty percent higher 25 00:01:17,360 --> 00:01:20,800 Speaker 1: today after it received an eleven point six billion dollar 26 00:01:20,920 --> 00:01:24,839 Speaker 1: takeover offer from Macquarie Asset Management. So a very big 27 00:01:24,959 --> 00:01:28,200 Speaker 1: day for deals and not quite deals. We'll have more 28 00:01:28,280 --> 00:01:31,680 Speaker 1: on all of this tomorrow morning under story number two. 29 00:01:31,760 --> 00:01:35,320 Speaker 1: Now and a visit from a senior Chinese official, Joo 30 00:01:35,440 --> 00:01:41,000 Speaker 1: Lagie to Parliament House has prompted unusually strict cybersecurity measures, 31 00:01:41,040 --> 00:01:44,440 Speaker 1: with MPs reportedly told to switch off all non essential 32 00:01:44,560 --> 00:01:49,120 Speaker 1: Internet connected devices, including phones, tablets and laptops. The Department 33 00:01:49,160 --> 00:01:52,800 Speaker 1: of Parliamentary Services warned that any devices which must remain 34 00:01:52,880 --> 00:01:56,600 Speaker 1: on should be updated and placed in lockdown mode. Shadow 35 00:01:56,680 --> 00:02:01,240 Speaker 1: Cybersecurity Minister Claire Chandler said the precautions quote went beyond 36 00:02:01,280 --> 00:02:04,160 Speaker 1: what's usually expected for a visiting delegation and we're a 37 00:02:04,200 --> 00:02:08,120 Speaker 1: stark reminder of cyber threats linked to China, and she 38 00:02:08,240 --> 00:02:12,960 Speaker 1: pointed to previous China linked attacks on MPs, including herself. 39 00:02:13,160 --> 00:02:16,560 Speaker 1: The Australian Strategic Policy Institute backed the move as well, 40 00:02:16,600 --> 00:02:20,800 Speaker 1: calling it a prudent precautionary measure given the warnings that 41 00:02:20,840 --> 00:02:23,720 Speaker 1: have been made in the past from intelligence agencies, including 42 00:02:23,880 --> 00:02:27,640 Speaker 1: MI five in the UK about China's recruitment and cyber 43 00:02:27,840 --> 00:02:32,320 Speaker 1: espionage efforts story number three. It's been revealed the controversial 44 00:02:32,400 --> 00:02:37,200 Speaker 1: website redesign for the Bureau of Meteorology cost almost one 45 00:02:37,280 --> 00:02:40,600 Speaker 1: hundred million dollars, which is nearly twenty four times the 46 00:02:40,680 --> 00:02:45,000 Speaker 1: original figure reported. The Bureau's new CEO, doctor Stewart Minchin, 47 00:02:45,320 --> 00:02:49,040 Speaker 1: says the rebuild cost ninety six point five million dollars 48 00:02:49,080 --> 00:02:51,799 Speaker 1: in total. There was the initial four point one million 49 00:02:51,880 --> 00:02:55,080 Speaker 1: dollars that was reported that was spent on the public 50 00:02:55,120 --> 00:02:58,120 Speaker 1: facing redesign, and the rest was on the full rebuild 51 00:02:58,160 --> 00:03:01,480 Speaker 1: and testing of the underlying ITC systems and data pipelines. 52 00:03:01,880 --> 00:03:05,640 Speaker 1: Environment Minister Murray Watt says he is not happy with 53 00:03:05,760 --> 00:03:08,680 Speaker 1: the cost blowout, and he's asked the Bureau chief to 54 00:03:08,840 --> 00:03:12,960 Speaker 1: explain what went wrong and ensure proper financial oversight going forward. 55 00:03:13,200 --> 00:03:15,680 Speaker 1: The website overhaul as part of an eight hundred and 56 00:03:15,680 --> 00:03:19,119 Speaker 1: sixty six million dollar decade long upgrade to the agency's 57 00:03:19,360 --> 00:03:23,720 Speaker 1: aging IT systems after a major twenty fifteen cyber intrusion. 58 00:03:24,360 --> 00:03:27,800 Speaker 1: The new site was heavily criticized by users at launch, 59 00:03:28,360 --> 00:03:31,080 Speaker 1: and then the bureau has already rolled out several fixes 60 00:03:31,120 --> 00:03:34,720 Speaker 1: and updates to it. Since then, they did pause further updates, though, 61 00:03:34,800 --> 00:03:37,559 Speaker 1: due to severe tropical cyclone Feena. 62 00:03:37,720 --> 00:03:41,080 Speaker 2: Story number four. ASIK, the corporate watchdog, has collected three 63 00:03:41,200 --> 00:03:44,520 Speaker 2: hundred and eleven million dollars in fines and penalties in 64 00:03:44,680 --> 00:03:47,920 Speaker 2: just four months, triple last year's total. The surge is 65 00:03:48,000 --> 00:03:51,000 Speaker 2: led by a record two hundred and forty million dollar 66 00:03:51,080 --> 00:03:54,480 Speaker 2: penalty for A and Z, with another seventy million dollars 67 00:03:54,640 --> 00:03:57,480 Speaker 2: or a bit more actually from actions against nab Rams 68 00:03:57,520 --> 00:04:02,120 Speaker 2: and others, including compensation tied to ASEK led cases. The 69 00:04:02,160 --> 00:04:07,040 Speaker 2: total enforcement this year tops seven hundred million dollars. Deputy 70 00:04:07,120 --> 00:04:10,640 Speaker 2: chair Sarah Court says Assek has doubled new investigations and 71 00:04:10,800 --> 00:04:15,040 Speaker 2: is securing quote record penalties. It comes after ACIK was 72 00:04:15,080 --> 00:04:18,840 Speaker 2: slammed last year as a toothless tiger by a long 73 00:04:18,960 --> 00:04:23,000 Speaker 2: running Senate inquiry chaired by Liberal Senator Andrew Bragg and 74 00:04:23,120 --> 00:04:26,800 Speaker 2: finally Storry number five. The Department of Government Efficiency, known 75 00:04:26,839 --> 00:04:30,200 Speaker 2: as DOGE, once headed up by Elon Musk, has been 76 00:04:30,279 --> 00:04:33,279 Speaker 2: quietly shut down by the White House eight months before 77 00:04:33,480 --> 00:04:37,200 Speaker 2: its mandate was due to expire. The Office of Personnel 78 00:04:37,279 --> 00:04:41,960 Speaker 2: Management confirmed the agency quote doesn't exist anymore is no 79 00:04:42,040 --> 00:04:46,920 Speaker 2: longer operating as a centralized body. DOGE was launched in January, 80 00:04:47,040 --> 00:04:50,359 Speaker 2: just after the President took office with a mandate to 81 00:04:50,440 --> 00:04:55,159 Speaker 2: slash federal spending, cut grants, fireworkers, cancel contracts pretty wide 82 00:04:55,279 --> 00:04:58,240 Speaker 2: ranging really. Musk claimed that it would help reduce the 83 00:04:58,279 --> 00:05:01,200 Speaker 2: deficit by one trillion dollars b by September, but his 84 00:05:01,440 --> 00:05:04,599 Speaker 2: public split with Donald Trump over the President's One Big 85 00:05:04,640 --> 00:05:08,920 Speaker 2: Beautiful Bill caused the partnership to unravel, and Elon Musk left. 86 00:05:09,240 --> 00:05:11,960 Speaker 2: Despite the fallout, he has recently re emerged at a 87 00:05:12,040 --> 00:05:15,560 Speaker 2: number of Trump linked events. The White House has not 88 00:05:16,040 --> 00:05:19,599 Speaker 2: commented on why the agency was disbanded early, though I 89 00:05:19,640 --> 00:05:22,359 Speaker 2: suspect the departure of Elon Musk might have had something 90 00:05:22,400 --> 00:05:24,520 Speaker 2: to do with that. That's it for the Afternoon Report 91 00:05:24,560 --> 00:05:27,080 Speaker 2: for Monday, the twenty fourth of November. Make sure you're 92 00:05:27,080 --> 00:05:29,160 Speaker 2: following the podcast and head along to Fear and Greed 93 00:05:29,200 --> 00:05:31,479 Speaker 2: dot com dot au to sign up for our free 94 00:05:31,560 --> 00:05:33,680 Speaker 2: daily newsletter. I'll put a link in today's show notes 95 00:05:33,680 --> 00:05:35,120 Speaker 2: as well. I'm Michael Thompson. 96 00:05:35,400 --> 00:05:36,159 Speaker 1: Have a great evening.