1 00:00:04,200 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,960 --> 00:00:09,440 Speaker 1: for Monday, the first of December. I'm Michael Thompson, and 3 00:00:09,480 --> 00:00:11,920 Speaker 1: every afternoon we have the five big stories you need 4 00:00:11,960 --> 00:00:12,479 Speaker 1: to know about. 5 00:00:12,600 --> 00:00:14,880 Speaker 2: So let's get going with a story number one. A 6 00:00:14,880 --> 00:00:17,440 Speaker 2: bit of a strange day for the share market today. 7 00:00:17,480 --> 00:00:21,120 Speaker 1: The SMPASX two hundred closed zero points six percent lower 8 00:00:21,160 --> 00:00:24,239 Speaker 1: to eighty five hundred and sixty five points. But a 9 00:00:24,400 --> 00:00:28,680 Speaker 1: system outage saw about eighty companies placed in long trading 10 00:00:28,720 --> 00:00:33,400 Speaker 1: halts because the ASX wasn't able to publish market sensitive announcements. 11 00:00:33,600 --> 00:00:36,680 Speaker 1: The delay lasted for about three hours. That are plenty 12 00:00:36,760 --> 00:00:40,000 Speaker 1: of angs for companies and for investors. It is the 13 00:00:40,120 --> 00:00:42,880 Speaker 1: latest in a string of problems for the share market 14 00:00:42,960 --> 00:00:47,479 Speaker 1: operator ASX. The company that is fell almost three percent today. 15 00:00:47,920 --> 00:00:50,400 Speaker 1: A bit more on this one tomorrow. Losses on the 16 00:00:50,400 --> 00:00:53,800 Speaker 1: Bourse were led by healthcare today both CSL and Sigma, 17 00:00:53,840 --> 00:00:57,240 Speaker 1: which is the operator of Chemists Warehouse, They were both 18 00:00:57,360 --> 00:01:02,000 Speaker 1: off one point four percent today. Wholesaleer met Cash fell 19 00:01:02,160 --> 00:01:04,760 Speaker 1: more than nine percent after half year revenue came in 20 00:01:04,800 --> 00:01:11,000 Speaker 1: below expectations. Insurance broker and underwriter AUB tumbled almost eighteen percent. 21 00:01:11,400 --> 00:01:14,440 Speaker 1: After ending takeover talks with two private equity firms that 22 00:01:14,480 --> 00:01:16,919 Speaker 1: would have valued the company at more than five billion dollars. 23 00:01:17,360 --> 00:01:22,000 Speaker 1: All four banks were lower, with investors heading instead to commodities. 24 00:01:22,160 --> 00:01:25,280 Speaker 1: Big miners BHP, Rio Tinto and Fordescu were all higher, 25 00:01:25,600 --> 00:01:29,400 Speaker 1: as was oil and gas giant Woodside On Destory number two, 26 00:01:29,440 --> 00:01:33,959 Speaker 1: now an Origin Energies Giant Raring coal power plant cannot 27 00:01:34,040 --> 00:01:38,000 Speaker 1: close in twenty twenty seven without risking blackouts in New 28 00:01:38,000 --> 00:01:41,640 Speaker 1: South Wales. That's the warning from the Australian Energy Market Operator, 29 00:01:41,920 --> 00:01:44,640 Speaker 1: who also said that equipment needed to keep the grid 30 00:01:44,760 --> 00:01:48,080 Speaker 1: secure will not be installed in time. The threat to 31 00:01:48,160 --> 00:01:51,360 Speaker 1: power supply from shutting down Erring is not because of 32 00:01:51,360 --> 00:01:54,360 Speaker 1: a lack of electricity to replace the two eight hundred 33 00:01:54,360 --> 00:01:57,760 Speaker 1: and eighty megawatt generator, which is the country's biggest, but 34 00:01:57,880 --> 00:02:00,120 Speaker 1: because of a lack of systems strength. 35 00:02:00,000 --> 00:02:03,200 Speaker 2: Services for the power grid. These services essentially act as 36 00:02:03,200 --> 00:02:07,440 Speaker 2: a shock absorber, maintaining grid voltage and frequency stability. They 37 00:02:07,480 --> 00:02:12,079 Speaker 2: are particularly important in a grid powered by relatively volatile 38 00:02:12,200 --> 00:02:14,880 Speaker 2: wind and solar generation. This is according to a report 39 00:02:14,919 --> 00:02:18,639 Speaker 2: in the Financial Review. System strength services have typically been 40 00:02:18,680 --> 00:02:22,600 Speaker 2: provided by coal plants, but these are being phased out. 41 00:02:23,160 --> 00:02:26,600 Speaker 2: Story number three. Online shopping and delivery is shaping up 42 00:02:26,639 --> 00:02:30,200 Speaker 2: to be the key battleground for the supermarketsi Christmas, with 43 00:02:30,280 --> 00:02:33,919 Speaker 2: Woolworth's announcing a new strategy designed to claw market share 44 00:02:33,960 --> 00:02:38,240 Speaker 2: back from rival Coals. From today, Woolworth's is opening up 45 00:02:38,320 --> 00:02:42,440 Speaker 2: an extra one million delivery and pickup slots, plus free 46 00:02:42,440 --> 00:02:45,600 Speaker 2: delivery for any online order over one hundred and fifty dollars. 47 00:02:45,960 --> 00:02:50,320 Speaker 2: It comes as Wooly's sales growth is lagging somewhat behind 48 00:02:50,400 --> 00:02:54,520 Speaker 2: Coals by the widest gap in nearly twenty years. Woolworth 49 00:02:54,639 --> 00:02:57,560 Speaker 2: CEO Amanda Bardwell has also tipped more than one hundred 50 00:02:57,560 --> 00:03:01,160 Speaker 2: million dollars into lower shelf prices and discount ounting, fueling 51 00:03:01,240 --> 00:03:03,240 Speaker 2: a bit of a price war with Colds and also 52 00:03:03,240 --> 00:03:06,480 Speaker 2: with Aldi and Costco. But this new strategy banks more 53 00:03:06,480 --> 00:03:10,240 Speaker 2: on convenience than price, with the Australian newspaper reporting that 54 00:03:10,320 --> 00:03:15,080 Speaker 2: the supermarkets expecting more than four million orders online across 55 00:03:15,080 --> 00:03:17,760 Speaker 2: the festive season that has two point four million home 56 00:03:17,800 --> 00:03:22,280 Speaker 2: deliveries one point six million pickups. Story number four. Tensions 57 00:03:22,360 --> 00:03:26,280 Speaker 2: between the US and Venezuela have escalated sharply after President 58 00:03:26,320 --> 00:03:30,960 Speaker 2: Donald Trump reportedly delivered a blunt ultimatum to Venezuelan leader 59 00:03:31,040 --> 00:03:34,480 Speaker 2: Nicholas Maduro, telling him to resign and leave the country 60 00:03:34,680 --> 00:03:38,800 Speaker 2: or face consequences. According to US media reports, the two 61 00:03:38,920 --> 00:03:42,720 Speaker 2: spoke by phone recently, and Maduro asked for guarantees, including 62 00:03:42,760 --> 00:03:45,720 Speaker 2: global amnesty for himself and his allies, and also the 63 00:03:45,800 --> 00:03:49,160 Speaker 2: right to keep control of Venezuela's military in exchange for 64 00:03:49,200 --> 00:03:53,800 Speaker 2: free elections. Trump reportedly rejected both demands immediately and told 65 00:03:53,840 --> 00:03:57,040 Speaker 2: Maduro that he, his wife, and son could leave Venezuela 66 00:03:57,040 --> 00:03:59,760 Speaker 2: only if they did it right away. Asked about the 67 00:03:59,760 --> 00:04:03,600 Speaker 2: phone call, Trump confirmed that it happened, but offered no details, 68 00:04:03,720 --> 00:04:06,360 Speaker 2: saying only it was a phone call. Since then, the 69 00:04:06,440 --> 00:04:09,800 Speaker 2: US president has announced online that Venezuelan airspace should be 70 00:04:09,840 --> 00:04:14,160 Speaker 2: considered closed in its entirety, with maps showing international airlines 71 00:04:14,160 --> 00:04:17,159 Speaker 2: are now largely avoiding the area. He also warned that 72 00:04:17,320 --> 00:04:22,760 Speaker 2: US military operations inside the country could begin quote very soon. Finally, 73 00:04:22,800 --> 00:04:25,479 Speaker 2: story number five. This might be a little left field 74 00:04:25,520 --> 00:04:28,159 Speaker 2: for a business podcast, but considering the Formula one brand 75 00:04:28,279 --> 00:04:31,400 Speaker 2: is worth billions, I think it probably fits. Australian F 76 00:04:31,480 --> 00:04:35,799 Speaker 2: one driver Oscar Pstre's title Dream has suffered a major 77 00:04:35,839 --> 00:04:40,559 Speaker 2: blow after a brutal strategy decision from his McLaren team 78 00:04:40,760 --> 00:04:44,560 Speaker 2: in Qatar. Pstre was dominating all weekend comfortably. The fastest 79 00:04:44,640 --> 00:04:47,479 Speaker 2: driver took pole position was leading the race when a 80 00:04:47,560 --> 00:04:50,640 Speaker 2: crash saw a safety car come out early. The crash 81 00:04:50,640 --> 00:04:53,080 Speaker 2: did not involve Pastre. It does get a little bit 82 00:04:53,080 --> 00:04:56,240 Speaker 2: complicated here, but in short, the McLaren team made the 83 00:04:56,279 --> 00:04:59,520 Speaker 2: decision not to use that time for Pastre and his 84 00:04:59,560 --> 00:05:02,840 Speaker 2: teammate at Lando Norris to head into the pits while 85 00:05:03,000 --> 00:05:06,720 Speaker 2: every other driver did, and that mistake ended up costing 86 00:05:06,880 --> 00:05:09,800 Speaker 2: the Australian the lead and the win. It is the 87 00:05:09,880 --> 00:05:12,400 Speaker 2: latest in a run of mistakes by the McLaren team. 88 00:05:12,839 --> 00:05:16,880 Speaker 2: Piastre said he was left speechless by the error. It 89 00:05:17,000 --> 00:05:19,840 Speaker 2: is now set up a three way decider next week 90 00:05:19,839 --> 00:05:23,680 Speaker 2: in a Abu Dhabi, an outcome that seemed extremely unlikely 91 00:05:23,960 --> 00:05:26,240 Speaker 2: earlier in the season. And that's it for the Afternoon 92 00:05:26,279 --> 00:05:28,480 Speaker 2: Report for Monday, the first of December. Make sure you're 93 00:05:28,480 --> 00:05:30,560 Speaker 2: following the podcast, and please head along to Fear and 94 00:05:30,600 --> 00:05:32,800 Speaker 2: Greed dot com dot au to sign up for our 95 00:05:32,839 --> 00:05:36,400 Speaker 2: free daily newsletter. Oh Michael Thompson, have a good evening.