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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Monday, the eighteenth of August twenty twenty five. Oh

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Speaker 1: Michael Thompson. Every afternoon, we got the five stories that

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Speaker 1: happened today that you need to know about. So let's

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Speaker 1: go story number one. Another record for the local share

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Speaker 1: market today, the S and PA sex two hundred, hitting

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Speaker 1: an intra day high for the sixth consecutive session. The

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Speaker 1: BOSS closed zero point two percent higher at eighty nine

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Speaker 1: hundred and sixty points. That's a closing high as well,

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Speaker 1: and the intra day high set earlier in the day

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Speaker 1: was a few points above that. Banks were strong performers today,

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Speaker 1: led by NAB. Its shares closed two point seven percent

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Speaker 1: higher after it gave a June quarter update, even though

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Speaker 1: it did flag one hundred and thirty million dollar spike

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Speaker 1: in operating expenses this financial year, partly caused by underpayment

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Speaker 1: of staff. Westpac continued its strong run. Commonwealth Bank even

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Speaker 1: climbed one point two percent after a selloff last week.

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Speaker 1: As for the big miners, a bit of a slump

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Speaker 1: in iron ore prices saw BHP and Rio Tinto down

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Speaker 1: more than one percent. A huge drop in profit for

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Speaker 1: blue Scope Steel from more than eight hundred million dollars

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Speaker 1: down to about eighty four million dollars, led to a

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Speaker 1: three point one percent decline in its share price, and

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Speaker 1: Quantus's share price was down about half of one percent

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Speaker 1: after the airline was fined ninety million dollars for illegally

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Speaker 1: sacking eighteen hundred workers during the pandemic. On to story

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Speaker 1: number two now and on the eve of the government's

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Speaker 1: economic reform round table, Productivity Commission Chair Daniel Wood has

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Speaker 1: gone straight for two of Australia's most contentious taxes, stamp

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Speaker 1: duty on property and the fringe benefits tax break for

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Speaker 1: electric vehicles. In a speech to the National Press Club today,

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Speaker 1: Would called stamp duty exceptionally economically damaging and said it

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Speaker 1: should be wound back in favor of a broad based

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Speaker 1: land tax, and she warned the EV fringe benefits concession

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Speaker 1: is duplicative and high cost, with the Productivity Commission estimating

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Speaker 1: that it costs between one thousand dollars and twenty thousand

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Speaker 1: dollars per ton of carbon abated. She also called for

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Speaker 1: a growth mindset in government. This is all as Jim

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Speaker 1: Chalmers gathers business and policy leaders in Canberra tomorrow. Productivity

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Speaker 1: is right at the top of the agenda.

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Speaker 2: Story number three. Google has been hit with a fifty

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Speaker 2: five million dollar fine here in Australia for anti competitive

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Speaker 2: deals with Telstra and Optus. The a Triple C says

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Speaker 2: Google's Asia Pacific arms struck agreements that forced the telcos

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Speaker 2: to pre install Google Search on Android phones sold between

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Speaker 2: late twenty nineteen and early twenty twenty one, essentially shutting

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Speaker 2: out rival search engines. In return, Telstra and Optus pocketed

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Speaker 2: a share of Google's ad revenue from those searches. Google

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Speaker 2: has admitted liability and signed a court enforceable undertaking pledging

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Speaker 2: to strip out pre installation and default search restrictions from

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Speaker 2: its contracts with Android manufacturers and telco's. Story number four.

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Speaker 2: Indonesian forces have air dropped almost eighteen tons of humanitarian

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Speaker 2: aid for the Palestinian people in the Gaza Strip to

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Speaker 2: coincide with Indonesia's Independence Day. The Australian newspaper reports that

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Speaker 2: the Indonesian mission arrived in Jordan on Friday for the

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Speaker 2: ad drop on Sunday local time. It was part of

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Speaker 2: a multinational operation led by Jordan and consisted of sixty

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Speaker 2: six personnel and two Hercules aircraft. The delivery was dropped

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Speaker 2: using parachutes, including ready to eat meals, medicine, emergency supplies,

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Speaker 2: and other essential goods. The Indonesian military described it in

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Speaker 2: a statement as a demonstration not only of Indonesia's concern

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Speaker 2: for the suffering of the Palestinian people, but also a

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Speaker 2: message of solidarity and finally, story number five. Ukrainian President

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Speaker 2: Vladimir Zelenski has arrived in Washington, DC ahead of his

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Speaker 2: meeting with Donald Trump overnight Australian time, but he will

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Speaker 2: not be on his own, with the leaders of France, Britain, Germany, Italy,

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Speaker 2: NATO and the European Commission all accompanying him to the

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Speaker 2: Oval Office for talks about ending the war in Ukraine.

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Speaker 2: Trump posted on social media that he'd never had so

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Speaker 2: many European leaders at one time and it was his

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Speaker 2: great honor to host them, but it is going to

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Speaker 2: be a challenging meeting, CNN reports the US President has

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Speaker 2: indicated he'll tells Zelenski to agree to sum of Russia's conditions,

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Speaker 2: including that Ukraine give up Crimea, which Russia annexed back

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Speaker 2: in twenty fourteen, and agree never to join NATO. The

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Speaker 2: president is also hoping to tear up a meeting between

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Speaker 2: Zelenski and Russian lead of Vladimir Putin within a week.

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Speaker 2: That's it for the afternoon Report for Monday, the eighteenth

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Speaker 2: of August twenty twenty five. Make sure you're following the

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Speaker 2: podcast and we'll be back tomorrow morning with the Tuesday

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Speaker 2: edition of Fear and Greed.

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Speaker 1: I'm Michael Thompson. Enjoy your evening.