1 00:00:04,200 --> 00:00:07,480 Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Friday, 2 00:00:07,520 --> 00:00:09,959 Speaker 1: the twelfth of July twenty twenty four. I'm Sean Almer. 3 00:00:10,280 --> 00:00:12,559 Speaker 1: Every afternoon, we've got the five stories that happened today 4 00:00:12,560 --> 00:00:14,400 Speaker 1: that you need to know about. Story number one, there's 5 00:00:14,400 --> 00:00:17,239 Speaker 1: in PAX two hundred hit a record high of seven 6 00:00:17,680 --> 00:00:20,239 Speaker 1: six hundred and ninety six points today after jumping one 7 00:00:20,280 --> 00:00:23,400 Speaker 1: percent on opening before pairing the games to close up 8 00:00:23,560 --> 00:00:26,720 Speaker 1: zero point nine percent. The final close was seven nine 9 00:00:26,760 --> 00:00:30,160 Speaker 1: to five nine points. It was the highest close ever. 10 00:00:30,280 --> 00:00:32,519 Speaker 1: Shares in Commonwealth Bank rose again, this time to a 11 00:00:32,560 --> 00:00:34,360 Speaker 1: record high of one hundred and thirty one dollars and 12 00:00:34,400 --> 00:00:37,680 Speaker 1: sixty cents, pushing its market value to two hundred and 13 00:00:37,680 --> 00:00:42,319 Speaker 1: twenty billion dollars now. BHP went backwards slightly and as 14 00:00:42,360 --> 00:00:44,800 Speaker 1: of this afternoon, the Commonwealth Bank is now the largest 15 00:00:44,840 --> 00:00:48,680 Speaker 1: company on the AX, just pipping BHP. The banks did well, 16 00:00:48,760 --> 00:00:52,479 Speaker 1: as did West Farmer's CSL Transurban and Aristocrat Leisure. Triggering 17 00:00:52,479 --> 00:00:55,280 Speaker 1: the rally was data out overnight from the US which 18 00:00:55,320 --> 00:00:59,319 Speaker 1: shows inflation slowing sharply in the world's biggest economy. Then 19 00:00:59,360 --> 00:01:01,520 Speaker 1: you'll inflation rate fell the three percent in June. The 20 00:01:01,600 --> 00:01:04,280 Speaker 1: lowest in a year and below forecast. That added to 21 00:01:04,280 --> 00:01:06,559 Speaker 1: the argument that the US Federal reserv will cut rates 22 00:01:06,560 --> 00:01:09,240 Speaker 1: in coming months, helping local equities and the Aussie dollar, 23 00:01:09,280 --> 00:01:11,520 Speaker 1: which is heading into the weekend trading around sixty seven 24 00:01:11,560 --> 00:01:14,160 Speaker 1: point seven US since it was very much to the 25 00:01:14,200 --> 00:01:17,800 Speaker 1: interst rate sensitive stocks that did best today. Among the sectors, 26 00:01:17,840 --> 00:01:21,480 Speaker 1: the real estate and consumer discretionary stocks performed best. Online 27 00:01:21,480 --> 00:01:24,640 Speaker 1: Property Group Domain Holdings and reets Charter Hall and GPT 28 00:01:25,040 --> 00:01:27,559 Speaker 1: were among the top performers. The worst for the tech stocks, 29 00:01:27,640 --> 00:01:29,920 Speaker 1: Computer Share, Weice, tech Global in the next DC were 30 00:01:29,959 --> 00:01:32,840 Speaker 1: among the worst performers of the top two hundred story. 31 00:01:32,880 --> 00:01:36,240 Speaker 1: Number two US President Joe Biden has had another very 32 00:01:36,319 --> 00:01:39,880 Speaker 1: uncomfortable twenty four hours, calling his number two Karmala Harris, 33 00:01:40,200 --> 00:01:46,560 Speaker 1: Vice President Trump and Ukrainian President Volimir Zelenski President Putin. 34 00:01:47,240 --> 00:01:49,800 Speaker 1: Watching Joe Biden gas has become a bit of a sport, 35 00:01:49,840 --> 00:01:52,400 Speaker 1: which isn't good given he is running for president again 36 00:01:52,440 --> 00:01:54,960 Speaker 1: in November. Mister Biden has vowed to stay in the 37 00:01:54,960 --> 00:01:58,040 Speaker 1: presidential race and defended his fitness for office. He gave 38 00:01:58,080 --> 00:02:01,160 Speaker 1: a forty minute press conference this morning Australian Time, where 39 00:02:01,200 --> 00:02:03,760 Speaker 1: he showed a very strong grasp of foreign policy and 40 00:02:03,800 --> 00:02:06,840 Speaker 1: the just completed NATO conference. He also said he's the 41 00:02:06,840 --> 00:02:09,000 Speaker 1: most qualified person to run for office and he wants 42 00:02:09,040 --> 00:02:12,120 Speaker 1: to complete the job he started. But the reference to 43 00:02:12,200 --> 00:02:16,160 Speaker 1: Vice President Trump, not Harris, is what will be remembered 44 00:02:16,200 --> 00:02:19,239 Speaker 1: most about that press conference. The Democrat's national conference is 45 00:02:19,280 --> 00:02:21,960 Speaker 1: a month away, which is the deadline for replacing mister Biden. 46 00:02:22,360 --> 00:02:25,960 Speaker 1: Sum three. Prime Minister Anthony Abernezi today said Australia's intelligence 47 00:02:26,000 --> 00:02:28,600 Speaker 1: agencies are among the best in the world, after it 48 00:02:28,639 --> 00:02:32,200 Speaker 1: was revealed a Russian born couple have been accused of 49 00:02:32,320 --> 00:02:35,840 Speaker 1: providing secret defense material to the Russian government. The case 50 00:02:35,840 --> 00:02:38,720 Speaker 1: involves a woman employed as an information system technician with 51 00:02:38,760 --> 00:02:41,920 Speaker 1: the Australian Army and her husband. The Russian couple are 52 00:02:41,960 --> 00:02:45,080 Speaker 1: accused of gathering intelligence over more than eighteen months. The 53 00:02:45,120 --> 00:02:47,280 Speaker 1: Prime Minister said the fact that they were caught show 54 00:02:47,360 --> 00:02:53,120 Speaker 1: security agencies are operating effectively. The male Igor Koraliev, briefly 55 00:02:53,160 --> 00:02:55,720 Speaker 1: appeared in a Brisbane court this morning, where bail was 56 00:02:55,760 --> 00:03:00,359 Speaker 1: formally refused. His wife, Kira did not appear. Used of 57 00:03:00,440 --> 00:03:04,640 Speaker 1: preparing to provide secret Australian national security information to the 58 00:03:04,680 --> 00:03:07,959 Speaker 1: Intelligence service of the government of the Russian Federation a 59 00:03:08,000 --> 00:03:11,280 Speaker 1: straight number four. BHP will mothball its nickel mines in 60 00:03:11,360 --> 00:03:14,839 Speaker 1: Western Australia, hitting hundreds of employees as well as operations 61 00:03:14,960 --> 00:03:18,280 Speaker 1: at other miners in the region. BHP announced the suspension 62 00:03:18,520 --> 00:03:21,600 Speaker 1: last night and foreshadowed an underlying full year loss on 63 00:03:21,720 --> 00:03:24,440 Speaker 1: nickel of four hundred and fifty million dollars. It blamed 64 00:03:24,440 --> 00:03:26,919 Speaker 1: a global over supply of nickel that comes from Chinese 65 00:03:26,919 --> 00:03:30,720 Speaker 1: back producers mining in Indonesia. BHP said it will try 66 00:03:30,720 --> 00:03:33,080 Speaker 1: and find jobs for as many workers as possible now 67 00:03:33,120 --> 00:03:36,000 Speaker 1: the nickel business has been losing about fifty million dollars 68 00:03:36,040 --> 00:03:38,560 Speaker 1: a month. Earlier in the year, BHP wrote down the 69 00:03:38,640 --> 00:03:41,240 Speaker 1: value of the business by five point four billion dollars. 70 00:03:41,640 --> 00:03:44,200 Speaker 1: The Big Australian has invested about four point four billion 71 00:03:44,240 --> 00:03:46,600 Speaker 1: dollars in the nickel business since twenty twenty, but those 72 00:03:46,840 --> 00:03:49,720 Speaker 1: fall in global nickel prices have done all the damage. 73 00:03:49,720 --> 00:03:52,160 Speaker 1: They've gone from about twenty five thousand US dollars a 74 00:03:52,200 --> 00:03:55,640 Speaker 1: ton eighteen months ago to about sixteen or seventeen thousand 75 00:03:55,680 --> 00:03:59,040 Speaker 1: US dollars a ton today. Following the announcement, Rare Earth's 76 00:03:59,040 --> 00:04:02,400 Speaker 1: Minor Liners said dhp's suspension would hit the supply of 77 00:04:02,480 --> 00:04:06,520 Speaker 1: sulfuric acid needed for Linus's new eight hundred million dollar 78 00:04:06,560 --> 00:04:10,600 Speaker 1: processing plant. Now, sulfuric acid is a byproduct of nickel smelting, 79 00:04:10,960 --> 00:04:14,520 Speaker 1: so that hit Linus's share price. Plenty of fall out 80 00:04:14,520 --> 00:04:18,039 Speaker 1: there and story number five. The largest shareholder of Regional 81 00:04:18,080 --> 00:04:21,520 Speaker 1: Express REX, the airline, is pushing to kick out the 82 00:04:21,560 --> 00:04:25,560 Speaker 1: carrier's entire board, just one month after he stepped down 83 00:04:25,600 --> 00:04:29,960 Speaker 1: as the company's executive chair. Lim Kim Hwai, a Singaporean businessman, 84 00:04:30,360 --> 00:04:32,680 Speaker 1: had run the regional carrier out until June, when he 85 00:04:32,720 --> 00:04:35,920 Speaker 1: abruptly left the board and handed day to day management 86 00:04:35,960 --> 00:04:39,479 Speaker 1: to the airline's chief operating officer, Neville Howe. Mister Lim 87 00:04:39,600 --> 00:04:43,880 Speaker 1: and his then business partner Lee than Sue, became shareholders 88 00:04:43,920 --> 00:04:46,040 Speaker 1: in two thousand and two after REX emerged from the 89 00:04:46,080 --> 00:04:49,520 Speaker 1: collapse of Anset, which had operated two regional carriers. REX 90 00:04:49,760 --> 00:04:52,080 Speaker 1: today told investors that mister Lim had calls for a 91 00:04:52,120 --> 00:04:56,000 Speaker 1: shareholder meeting to move mister Lee and the airline's new 92 00:04:56,080 --> 00:04:59,120 Speaker 1: chair form of Federal Transport Minister John Sharp. That's according 93 00:04:59,120 --> 00:05:01,600 Speaker 1: to the Financial Review. The only director mister limb does 94 00:05:01,680 --> 00:05:06,040 Speaker 1: not want to remove is the nominee of pag Asset Capital, 95 00:05:06,400 --> 00:05:09,159 Speaker 1: which is the big private equity firm that's provided about 96 00:05:09,160 --> 00:05:11,760 Speaker 1: one hundred and fifty million dollars in funding to the airline, 97 00:05:11,880 --> 00:05:14,360 Speaker 1: but he wants to get rid of the rest. Plenty 98 00:05:14,480 --> 00:05:16,719 Speaker 1: to go on that story. That's it for the Afternoon 99 00:05:16,720 --> 00:05:19,080 Speaker 1: Report for Friday, the twelfth of July twenty twenty four. 100 00:05:19,120 --> 00:05:21,720 Speaker 1: Don't forget to follow on the podcast and find Fear 101 00:05:21,760 --> 00:05:25,000 Speaker 1: and Greed on LinkedIn, Instagram, ex TikTok, and Facebook. Join 102 00:05:25,040 --> 00:05:27,559 Speaker 1: Michael Thompson and I tomorrow, I'm Morning fil Weekend Fast five. 103 00:05:27,920 --> 00:05:30,120 Speaker 1: I'm Sean Elmer. Enjoy your evening.