1 00:00:04,200 --> 00:00:07,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,480 --> 00:00:10,719 Speaker 1: for Friday, the twenty eighth of February twenty twenty five, Am. 3 00:00:10,720 --> 00:00:13,319 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:13,400 --> 00:00:16,160 Speaker 1: happened today that you need to know about, and there's 5 00:00:16,160 --> 00:00:18,160 Speaker 1: some big ones today, So let's get going a story 6 00:00:18,239 --> 00:00:21,680 Speaker 1: number one. The S and p ASX two hundred finished 7 00:00:21,680 --> 00:00:25,280 Speaker 1: down one point two percent today to eighty one hundred 8 00:00:25,280 --> 00:00:27,920 Speaker 1: and seventy two points. It is, of course, the last 9 00:00:27,960 --> 00:00:30,000 Speaker 1: day of February, so looking at the full month, the 10 00:00:30,040 --> 00:00:33,400 Speaker 1: ASEX is down four point two percent. The market is 11 00:00:33,440 --> 00:00:35,760 Speaker 1: now lower than it was at the start of January, 12 00:00:35,800 --> 00:00:38,160 Speaker 1: which means all of the games so far this year 13 00:00:38,200 --> 00:00:40,960 Speaker 1: have now been wiped off. There really wasn't much good 14 00:00:40,960 --> 00:00:43,960 Speaker 1: news today. It was a pretty much broad based selloff 15 00:00:44,200 --> 00:00:48,000 Speaker 1: following more tariff announcements from US President Donald Trump. More 16 00:00:48,040 --> 00:00:51,160 Speaker 1: on that later. The big minor is Copter hammering, BHP, 17 00:00:51,520 --> 00:00:54,120 Speaker 1: RIO and ford ESQ, all falling more than two and 18 00:00:54,120 --> 00:00:57,120 Speaker 1: a half percent. Tech stocks were down two with the 19 00:00:57,200 --> 00:01:00,720 Speaker 1: sector off nearly three percent. After you US chip maker 20 00:01:00,760 --> 00:01:03,639 Speaker 1: in Vidia's eight and a half percent plunge overnight at 21 00:01:03,640 --> 00:01:06,160 Speaker 1: Wistech Global, which has been in the headlines this week 22 00:01:06,200 --> 00:01:08,720 Speaker 1: because of the return of Richard White as executive chair, 23 00:01:09,120 --> 00:01:13,280 Speaker 1: fell nearly five percent today. The worst performer was Star Entertainment, 24 00:01:13,319 --> 00:01:15,160 Speaker 1: and we'll have more on that one in a moment 25 00:01:15,200 --> 00:01:18,520 Speaker 1: as well. On to story number two now, Prime Minister 26 00:01:18,680 --> 00:01:23,520 Speaker 1: Anthony Abernezi has dismissed suggestions that a Chinese flotilla is 27 00:01:23,560 --> 00:01:28,240 Speaker 1: rehearsing a land strike mission against Australian infrastructure, declaring that 28 00:01:28,280 --> 00:01:32,120 Speaker 1: he quote stands by the Australian Defense Force personnel. The 29 00:01:32,160 --> 00:01:34,840 Speaker 1: Prime Minister said the warships were about five hundred and 30 00:01:34,920 --> 00:01:38,440 Speaker 1: ninety three k's southwest of Adelaide, after circumnavigating much of 31 00:01:38,440 --> 00:01:42,280 Speaker 1: Australia just outside its exclusive economic zone. He added that 32 00:01:42,280 --> 00:01:46,200 Speaker 1: the vessels had been monitored and shadowed by Australian or 33 00:01:46,240 --> 00:01:49,800 Speaker 1: New Zealand defense ships the entire time. Mister Albanzi said 34 00:01:49,800 --> 00:01:53,840 Speaker 1: the government had protested China's decision to fire rounds during 35 00:01:53,880 --> 00:01:57,200 Speaker 1: a drill at short notice. Meanwhile, local politicians of all 36 00:01:57,240 --> 00:02:00,960 Speaker 1: persuasions have rushed to excuse US President Donald Trump forgetting 37 00:02:01,000 --> 00:02:04,280 Speaker 1: what the Orcus Agreement is. Mister Trump was asked whether 38 00:02:04,320 --> 00:02:07,960 Speaker 1: he would discuss the Orcus trilateral security partnership. When meeting 39 00:02:07,960 --> 00:02:12,240 Speaker 1: with British PM Keir Starmer Now, Mister Trump appeared confused 40 00:02:12,280 --> 00:02:15,160 Speaker 1: by the question after being told it was a defense partnership. 41 00:02:15,160 --> 00:02:18,440 Speaker 1: The President confirmed that yes ORCUS would be discussed, and 42 00:02:18,480 --> 00:02:21,760 Speaker 1: he also defended the strength of the US relationship with Australia. 43 00:02:22,440 --> 00:02:26,000 Speaker 1: Story number three. I mentioned Star Entertainment before. The group 44 00:02:26,160 --> 00:02:29,120 Speaker 1: is on the verge of collapse, with management hoping a 45 00:02:29,280 --> 00:02:32,480 Speaker 1: last minute proposal will prevent the company from closing its doors. 46 00:02:32,880 --> 00:02:36,280 Speaker 1: Star owned precincts in Sydney, Brisbane and the Gold Coast. 47 00:02:36,280 --> 00:02:40,240 Speaker 1: The company this afternoon was waiting on one or more 48 00:02:40,320 --> 00:02:44,200 Speaker 1: liquidity proposals that might improve its financial position. Its half 49 00:02:44,280 --> 00:02:48,120 Speaker 1: year results could not be finalized until the proposals were received. 50 00:02:48,480 --> 00:02:51,000 Speaker 1: The financial reviewers reporting that the Star is struggling to 51 00:02:51,000 --> 00:02:54,040 Speaker 1: meet payroll now. Star's lenders are rowed about four hundred 52 00:02:54,040 --> 00:02:56,959 Speaker 1: and thirty million dollars and have security over its assets. 53 00:02:56,960 --> 00:02:59,800 Speaker 1: CEO Steve McCann has been asking for more funds for 54 00:02:59,840 --> 00:03:03,600 Speaker 1: me months. Stars share price fell more than fifteen percent. 55 00:03:03,760 --> 00:03:06,920 Speaker 1: Today it is one fifth of what it was in 56 00:03:07,040 --> 00:03:11,200 Speaker 1: late July last year. Story number four strong demand for 57 00:03:11,240 --> 00:03:15,360 Speaker 1: a new generation of artificial intelligence enabled devices is driving 58 00:03:15,440 --> 00:03:19,120 Speaker 1: sales growth. At Harvey Norman, the white goods and electronic retailer, 59 00:03:19,120 --> 00:03:22,239 Speaker 1: announced better than expected first half results and chair Jerry 60 00:03:22,240 --> 00:03:27,640 Speaker 1: Harvey expects ongoing sales strength in home appliances, TVs, audio devices, 61 00:03:27,760 --> 00:03:32,080 Speaker 1: mobile phones and computers. Sales in Australia were higher, particularly 62 00:03:32,080 --> 00:03:34,440 Speaker 1: in the important pre Christmas season, though the news from 63 00:03:34,480 --> 00:03:39,960 Speaker 1: overseas stores including New Zealand, the UK, Singapore, Malaysia that 64 00:03:40,080 --> 00:03:43,240 Speaker 1: was less positive. Harvey Normous share price, though rose two 65 00:03:43,280 --> 00:03:46,240 Speaker 1: and a half percent today and finally story number five. 66 00:03:46,480 --> 00:03:49,960 Speaker 1: Donald Trump says he is working on a trade deal 67 00:03:50,000 --> 00:03:53,640 Speaker 1: with the UK and suggested that Britain could escape tariffs 68 00:03:53,640 --> 00:03:56,640 Speaker 1: if the country's secure one but the allies failed to 69 00:03:56,680 --> 00:04:01,000 Speaker 1: agree on US security guarantees for Ukraine. During a warm 70 00:04:01,320 --> 00:04:03,960 Speaker 1: joint press conference at the White House, the US President 71 00:04:04,000 --> 00:04:07,400 Speaker 1: said that his UK counterpart, so Kiir Starmer, was quite 72 00:04:07,480 --> 00:04:11,440 Speaker 1: working very hard to persuade him not to impose tariffs 73 00:04:11,440 --> 00:04:15,480 Speaker 1: on Britain. According to the Financial Times, the suggestion by 74 00:04:15,520 --> 00:04:18,120 Speaker 1: Donald Trump that the UK could avoid tariffs came a 75 00:04:18,200 --> 00:04:21,360 Speaker 1: day after he threatened the EU with twenty five percent 76 00:04:21,440 --> 00:04:24,240 Speaker 1: duties on its exports. An hours after He said he'd 77 00:04:24,240 --> 00:04:28,000 Speaker 1: press ahead with tariffs on Mexico and Canada and boosted 78 00:04:28,160 --> 00:04:32,000 Speaker 1: his planned levy on China as well. Mister Trump said 79 00:04:32,000 --> 00:04:35,360 Speaker 1: the UK was a very different place from the EU. 80 00:04:35,680 --> 00:04:38,360 Speaker 1: British officials said the two sides were aiming for a 81 00:04:38,440 --> 00:04:41,240 Speaker 1: phased economic and tech agreement that stopped short of a 82 00:04:41,279 --> 00:04:44,520 Speaker 1: full free trade agreement. That's it for the afternoon Report 83 00:04:44,600 --> 00:04:47,400 Speaker 1: for Friday, the twenty eighth of February twenty twenty five. 84 00:04:47,560 --> 00:04:49,600 Speaker 1: Make sure he hit follow on the podcast and we'll 85 00:04:49,640 --> 00:04:51,760 Speaker 1: be back tomorrow morning with the weekend edition of the 86 00:04:51,760 --> 00:04:54,880 Speaker 1: Fast five Business News by Fear and Greed. I'm Michael Thompson. 87 00:04:55,080 --> 00:04:55,960 Speaker 1: Enjoy your evening.