1 00:00:04,200 --> 00:00:07,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,440 --> 00:00:10,560 Speaker 1: for Friday, the twenty second of November twenty twenty four. 3 00:00:11,000 --> 00:00:13,800 Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that 4 00:00:13,840 --> 00:00:16,400 Speaker 1: happen today that you need to know about. So let's 5 00:00:16,400 --> 00:00:20,360 Speaker 1: get cracking with story number one. Commonwealth Bank just keeps 6 00:00:20,600 --> 00:00:23,880 Speaker 1: giving to investors, closing at a record high today of 7 00:00:23,920 --> 00:00:27,320 Speaker 1: one hundred and fifty nine dollars and three cents. It 8 00:00:27,400 --> 00:00:30,840 Speaker 1: is up more than fifty percent over the last year. 9 00:00:30,880 --> 00:00:33,960 Speaker 1: That is quite incredible. The SMPA is sex two hundred 10 00:00:34,040 --> 00:00:36,400 Speaker 1: finished the week at a new high as well, of 11 00:00:36,560 --> 00:00:39,920 Speaker 1: eighty three hundred and ninety four points. It's up a 12 00:00:39,960 --> 00:00:43,360 Speaker 1: pretty remarkable twenty percent in the last year. Now, it 13 00:00:43,400 --> 00:00:46,520 Speaker 1: did look like it was going to close above eighty 14 00:00:46,600 --> 00:00:49,680 Speaker 1: four hundred points for the first time ever, and watching 15 00:00:49,920 --> 00:00:54,160 Speaker 1: the market as it was creeping towards four o'clock. Suddenly 16 00:00:54,160 --> 00:00:56,600 Speaker 1: it dipped below. So we didn't quite make it this week, 17 00:00:56,640 --> 00:00:59,880 Speaker 1: but you never know, next week could be something different. 18 00:01:00,520 --> 00:01:03,400 Speaker 1: The story though behind it all, is pretty much unchanged. 19 00:01:03,440 --> 00:01:07,640 Speaker 1: The banks and tech stocks just keeps surging today, strengthening 20 00:01:07,680 --> 00:01:11,520 Speaker 1: oil prices on concerns about Russia. And Ukraine exchanging missiles 21 00:01:11,520 --> 00:01:15,080 Speaker 1: boosted Woodside, Santos and some of the coal companies. Bullion 22 00:01:15,160 --> 00:01:18,720 Speaker 1: prices also rallied on the back of rising geopolitical tensions, 23 00:01:19,000 --> 00:01:22,080 Speaker 1: pushing the gold miners higher. There's plenty of corporate news 24 00:01:22,120 --> 00:01:24,560 Speaker 1: around today. The A two milk company serves as much 25 00:01:24,600 --> 00:01:28,560 Speaker 1: as seventeen percent after lifting revenue guidance and announcing it 26 00:01:28,600 --> 00:01:32,240 Speaker 1: would start paying dividends thanks to stronger than expected sales 27 00:01:32,520 --> 00:01:37,200 Speaker 1: and higher dairy prices. Globally, Resolute Mining rose after its 28 00:01:37,280 --> 00:01:41,080 Speaker 1: chief executive and two other employees were released by Mali's government. 29 00:01:41,600 --> 00:01:46,160 Speaker 1: And software company Megaport was among the worst performers, despite 30 00:01:46,280 --> 00:01:50,160 Speaker 1: reaffirming its earnings outlook for the financial year. Onto story 31 00:01:50,240 --> 00:01:53,960 Speaker 1: number two now and wise Tech's billionaire founder, Richard White 32 00:01:54,000 --> 00:01:57,880 Speaker 1: front of the company's virtual AGM today saying he deeply 33 00:01:57,920 --> 00:02:01,440 Speaker 1: regretted the impact recent media tension has had on people 34 00:02:01,480 --> 00:02:04,720 Speaker 1: around him and on shareholders. His comments came as wise 35 00:02:04,800 --> 00:02:08,160 Speaker 1: tech Global downgrade at its annual revenue guidance, sending its 36 00:02:08,200 --> 00:02:10,919 Speaker 1: share price down close to sixteen percent at one point 37 00:02:11,120 --> 00:02:14,440 Speaker 1: throughout the day, before it finished down twelve point four percent. 38 00:02:14,560 --> 00:02:17,680 Speaker 1: The chair of the company partially blamed the downgrade on 39 00:02:17,800 --> 00:02:22,359 Speaker 1: the diversion of founder Richard White's attention in the lead 40 00:02:22,480 --> 00:02:25,000 Speaker 1: up to his exit from the company. He said, I 41 00:02:25,120 --> 00:02:27,720 Speaker 1: need to say that the board is disappointed that the 42 00:02:27,760 --> 00:02:30,840 Speaker 1: diversion of Richard White's attention away from product development at 43 00:02:30,840 --> 00:02:34,680 Speaker 1: a critical juncture has impacted the timing of the release 44 00:02:34,720 --> 00:02:37,680 Speaker 1: of some of the three breakthrough products. It's the end 45 00:02:37,720 --> 00:02:40,960 Speaker 1: of the quote. Mister White resigned from Wistech's executive and 46 00:02:41,120 --> 00:02:44,680 Speaker 1: board in late October following a string of allegations about 47 00:02:44,720 --> 00:02:46,400 Speaker 1: his personal life. We've gone and to those in some 48 00:02:46,480 --> 00:02:49,280 Speaker 1: detail throughout the course of fear and greed. He has 49 00:02:49,360 --> 00:02:52,360 Speaker 1: moved into a consulting role reporting to the board with 50 00:02:52,440 --> 00:02:56,359 Speaker 1: the title of Founder and founding CEO. He will maintain 51 00:02:56,520 --> 00:02:59,960 Speaker 1: his one million dollar a year salary story Num three. 52 00:03:00,040 --> 00:03:03,520 Speaker 1: Very Federal Treasurer Jim Chalmers says he is not concerned 53 00:03:03,560 --> 00:03:07,520 Speaker 1: about Elon Musk's criticism of the Albanese government's planned social 54 00:03:07,600 --> 00:03:10,920 Speaker 1: media ban for children under sixteen. His comments came after 55 00:03:10,960 --> 00:03:13,880 Speaker 1: mister Musk, who of course owned social media site x 56 00:03:14,200 --> 00:03:18,040 Speaker 1: and says he is a free speech libertarian, accused the 57 00:03:18,080 --> 00:03:22,240 Speaker 1: government of surreptitiously trying to dominate the online lives of 58 00:03:22,280 --> 00:03:27,400 Speaker 1: its citizens. He tweeted or xed, I suppose seems like 59 00:03:27,560 --> 00:03:30,360 Speaker 1: a backdoor way to control access to the Internet by 60 00:03:30,440 --> 00:03:33,959 Speaker 1: all Australians. He was responding to Prime Minister Anthony Albanesi's 61 00:03:34,000 --> 00:03:37,360 Speaker 1: post heraldingly proposed changes to laws that will ban social 62 00:03:37,400 --> 00:03:40,680 Speaker 1: media for under sixteen year olds that Chalmers said mister 63 00:03:40,840 --> 00:03:45,200 Speaker 1: Musk's comments were quote entirely unsurprising, saying the government's job 64 00:03:45,480 --> 00:03:49,080 Speaker 1: wasn't to please Elon Musk, but to place necessary protections 65 00:03:49,080 --> 00:03:52,400 Speaker 1: for kids online. On to story number four. Now and 66 00:03:52,560 --> 00:03:56,320 Speaker 1: Foreign Minister Penny Wong has backed the International Criminal Court's 67 00:03:56,320 --> 00:03:59,720 Speaker 1: decision to issue an arrest warrant for Israeli Prime Minister 68 00:03:59,720 --> 00:04:03,160 Speaker 1: benj Netnia Who, as an alleged war criminal. The warrant 69 00:04:03,240 --> 00:04:06,680 Speaker 1: obliges the government to arrest Netanya Who should he set 70 00:04:06,760 --> 00:04:10,640 Speaker 1: foot in Australia. The ICC overnight issued warrants for Netnia 71 00:04:10,720 --> 00:04:15,040 Speaker 1: Who and Israel's former Defense minister, accusing them of war 72 00:04:15,080 --> 00:04:18,000 Speaker 1: crimes and crimes against humanity over Israel's conduct in the 73 00:04:18,040 --> 00:04:21,240 Speaker 1: war against terror group Hamas in Gaza, which has resulted 74 00:04:21,320 --> 00:04:25,560 Speaker 1: in thousands of civilian casualties, including starving the civilian population. 75 00:04:25,880 --> 00:04:29,320 Speaker 1: According to the AFR, the court also issued a warrant 76 00:04:29,440 --> 00:04:32,599 Speaker 1: for a senior Hamas official, one of the masterminds of 77 00:04:32,680 --> 00:04:36,240 Speaker 1: last year's October seven terror attack that killed one thy 78 00:04:36,320 --> 00:04:39,600 Speaker 1: two hundred people in southern Israel, saying there were reasonable 79 00:04:39,600 --> 00:04:43,680 Speaker 1: grounds to believe that he was responsible for murder, torture, kidnappings, 80 00:04:43,720 --> 00:04:47,960 Speaker 1: and rape and sexual violence. Israeli officials believe they killed 81 00:04:47,960 --> 00:04:51,680 Speaker 1: the commander of Hamasa's military wing in a July airstrike, 82 00:04:51,720 --> 00:04:54,440 Speaker 1: but Hamas has denied that he's dead, although they have 83 00:04:54,560 --> 00:04:57,400 Speaker 1: not actually produced any evidence that he is in fact 84 00:04:57,600 --> 00:05:01,880 Speaker 1: still alive. And finally, Star number five, US President elect 85 00:05:01,960 --> 00:05:06,159 Speaker 1: Donald Trump has nominated Pam Bondie, not Bondie. It's written 86 00:05:06,200 --> 00:05:08,240 Speaker 1: like Bondi. It's going to take some getting used to 87 00:05:08,360 --> 00:05:12,880 Speaker 1: saying Bondi instead for Attorney General, just hours after Matt Gates, 88 00:05:12,920 --> 00:05:16,320 Speaker 1: his initial pick, withdrew from consideration. For the role, the 89 00:05:16,360 --> 00:05:18,880 Speaker 1: new attorney general will need to be confirmed by a 90 00:05:18,920 --> 00:05:23,360 Speaker 1: majority of US senators. Bondi is a two term state 91 00:05:23,440 --> 00:05:26,200 Speaker 1: attorney general from Florida. As she's seen it as a 92 00:05:26,279 --> 00:05:29,960 Speaker 1: less controversial pick than Gates, who had limited legal experience 93 00:05:30,000 --> 00:05:33,119 Speaker 1: and was previously under investigation by the Department of Justice, 94 00:05:33,560 --> 00:05:36,960 Speaker 1: which he would have run for allegedly having a sexual 95 00:05:37,000 --> 00:05:40,640 Speaker 1: relationship with an underage girl, while no charges were ever brought. 96 00:05:40,880 --> 00:05:43,480 Speaker 1: He was also the subject of a long running congressional 97 00:05:43,520 --> 00:05:47,800 Speaker 1: investigation into alleged sexual misconduct and drug use. The investigation 98 00:05:48,000 --> 00:05:51,600 Speaker 1: was shelved when Gates resigned his congressional seat last week. 99 00:05:51,720 --> 00:05:56,039 Speaker 1: According to The Financial Times, Gates has denied all allegations 100 00:05:56,080 --> 00:06:00,320 Speaker 1: of wrongdoing. Bondi is a longtime Trump ally who was 101 00:06:00,400 --> 00:06:03,120 Speaker 1: part of his legal defense team in his first impeachment 102 00:06:03,160 --> 00:06:07,160 Speaker 1: trial and defended the president's elect's efforts to question the 103 00:06:07,200 --> 00:06:10,640 Speaker 1: result of the twenty twenty election. That's it for the 104 00:06:10,640 --> 00:06:13,520 Speaker 1: afternoon report for Friday, the twenty second of November twenty 105 00:06:13,520 --> 00:06:15,719 Speaker 1: twenty four. Don't forget to hit follow on the podcast 106 00:06:15,800 --> 00:06:19,120 Speaker 1: and find Fear and Greed on LinkedIn, Instagram, ex TikTok 107 00:06:19,160 --> 00:06:22,040 Speaker 1: and Facebook. Join us tomorrow morning for the weekend edition 108 00:06:22,440 --> 00:06:24,880 Speaker 1: of the Fast five Business News by Fear and Greed. 109 00:06:25,040 --> 00:06:26,920 Speaker 1: I'm Michael Thompson. Enjoy your evening.