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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 third of June twenty twenty four. I'm

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Speaker 1: Sean a Elma. Every afternoon, We've got the five stories

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Speaker 1: that happened today that you need to know about. Story

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Speaker 1: on one was a good day for the market, with

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Speaker 1: the SMPASX two hundred closing up zero point eight percent

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Speaker 1: seven hundred and sixty one points. Financials, utilities and property

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Speaker 1: stocks did best, while the tech and telco indices went backwards.

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Speaker 1: It was a day for the banks, with Westpac closing

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Speaker 1: up more than two percent, while Commonwealth Bank, National Australia

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Speaker 1: Bank and A and ZED all jump more than one percent.

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Speaker 1: Goodman Group closed two percent higher, while whilst Tech Global

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Speaker 1: was down one and a half percent. The big miners

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Speaker 1: were mixed, while the insurers did well. QBE finished up

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Speaker 1: two point three percent, IAG rose one point five percent

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Speaker 1: and Sun Corp was one percent higher. In corporate news,

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Speaker 1: New Zealand dairy Group sin Lat's share price fell two

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Speaker 1: point three percent after EAT warned of ongoing week training

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Speaker 1: conditions and the risk it is unlikely to meet three

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Speaker 1: of its current banking covenants the end of next month.

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Speaker 1: And APM Human Services closed up ten percent after a

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Speaker 1: deal to be bought by Chicago's and Madison Dearborn Partners.

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Speaker 1: Story Um two. OPECK plus members have agreed to extend

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Speaker 1: cuts in oil production, in some cases to the end

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Speaker 1: of next year as they battle the shore up prices,

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Speaker 1: a midweek global demand and increased supply from other parts

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Speaker 1: of the world. At its latest buy annual meeting, the

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Speaker 1: cartel conceded that it had no room yet to change

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Speaker 1: stands on output cuts that began about eighteen months ago,

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Speaker 1: pledging to keep more than three million barrels a day

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Speaker 1: of crude off the market until the end of next year.

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Speaker 1: What's that mean, Well, it push up oil prices and

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Speaker 1: that isn't good when you're buying petrol at the bowser.

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Speaker 1: In currency markets, the OSI dollars trading around sixty six

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Speaker 1: and a half few US cents, while cryptocurrencies remain strong,

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Speaker 1: with bitcoin worth about sixty eight thousand US dollars a unit.

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Speaker 1: STORRYT number three. The Super Members Council of Australia is

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Speaker 1: calling for an end to the ban on older Australians

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Speaker 1: receiving contributions into retirement phase super accounts, arguing it those

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Speaker 1: dipping back into the workforce later in life. The Industry

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Speaker 1: Superlobby Group wants the Federal government to lift the rules

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Speaker 1: that forces working retirees to open a separate accumulation account

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Speaker 1: to receive super contributions. Under the current rules, those working

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Speaker 1: in retirees then pay two sets of account fees, the

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Speaker 1: one from the original stuff and the new account. They're

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Speaker 1: often slugged with more taxes as well. It comes as

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Speaker 1: new research shows one in four Australians continue to work

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Speaker 1: into their early seventies and the retirement of two and

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Speaker 1: a half minute baby boomers is upon us. That'll happen

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Speaker 1: over the next decade. That'll flood the retiree pool. Many

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Speaker 1: of them will want to work again. The Lobby Group

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Speaker 1: made the call as it announced its new chair and

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Speaker 1: Sherry Ao will take over from intraim share Nicla Roxon.

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Speaker 1: According to a report in The Australian Storing them Before,

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Speaker 1: the chief executive of Smiggle has jumped ship and will

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Speaker 1: run fast fashion jewelry chain Levisa. And in the retail

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Speaker 1: world there are some very high profile, very rich players,

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Speaker 1: including Solomon lou who controls Premier Investments, the owner of

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Speaker 1: Smiggles and Brett Blundy, the person who launched Levisa, John

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Speaker 1: Cheston currently at Smiggles. We'll take over at Levisa. It

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Speaker 1: fellows Mark McGinnis, who was expected to take the top

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Speaker 1: job at Meyer, another Solomon Leeu company. He opted to

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Speaker 1: work for mister Blundey's empire instead. That's too nil to

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Speaker 1: mister Blundey. As far as I can make it, all

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Speaker 1: this is happenings. Premier looks to spin off Smiggles and

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Speaker 1: Peter Alexander the pajama brand on the Stock Exchange. To

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Speaker 1: add to the story, the guy leaving Smiggles, Victor Herrero,

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Speaker 1: is the second highest paid CEO on the AX. Shareholders

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Speaker 1: weren't fust and all the changes Today Livisa closed down

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Speaker 1: eleven percent in Premier finished more than three percent lower.

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Speaker 1: In story number five, Rupert Murdoch has married for the

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Speaker 1: fifth time, tying the knot with retired molecular biologist Elaine Zakova.

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Speaker 1: The ninety three year old Murdoch married the sixty seven

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Speaker 1: year olds of Coba at his Californian vineyard last year.

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Speaker 1: Mister Murdoch was briefly engaged to a former police chaplain,

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Speaker 1: and prior to that he was married to former model

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Speaker 1: Jerry Hall for six years. Anyway, good luck to Murdoch

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Speaker 1: and Elena Zakova. That's it for the Afternoon Report for Monday,

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Speaker 1: the third of June twenty twenty four. Don't forget tit.

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Speaker 1: Follow on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow

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Speaker 1: I'm morning for the Fast Five by Fear and Greed,

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Speaker 1: the top five business stories you need to know in

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Speaker 1: just five minutes. I'm Sean Almer. Enjoy your evening