1 00:00:03,760 --> 00:00:06,320 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,360 --> 00:00:08,920 Speaker 1: for Wednesday, the twenty third of July twenty twenty five. 3 00:00:09,000 --> 00:00:12,080 Speaker 1: I'm Sean Aelma. Every afternoon, We've got the five stories 4 00:00:12,080 --> 00:00:14,080 Speaker 1: that happened today that you need to know about. Story 5 00:00:14,160 --> 00:00:17,120 Speaker 1: number one. The local share market jumped about zero point 6 00:00:17,120 --> 00:00:20,720 Speaker 1: seven percent today, nearing a record finished with the SMPASX 7 00:00:20,720 --> 00:00:24,040 Speaker 1: two hundred closing in eighty seven hundred and thirty seven points. 8 00:00:24,320 --> 00:00:26,160 Speaker 1: It was a better day for most of big banks, 9 00:00:26,160 --> 00:00:28,400 Speaker 1: particularly A and Z, which rose two and a half percent, 10 00:00:28,440 --> 00:00:31,360 Speaker 1: while Westpack was up one point four percent. Again, the 11 00:00:31,360 --> 00:00:34,199 Speaker 1: big miners outperformed, with four s Q Metals rising more 12 00:00:34,240 --> 00:00:36,760 Speaker 1: than two percent. The tech dogs were among the laggards, 13 00:00:36,800 --> 00:00:40,760 Speaker 1: with Promedicus, Ria and zero all falling best on the day. 14 00:00:40,760 --> 00:00:42,960 Speaker 1: There was white Haven Coal up six and a half 15 00:00:42,960 --> 00:00:46,760 Speaker 1: percent after Chinese officials said they're cracking down on cocine 16 00:00:46,800 --> 00:00:50,280 Speaker 1: coal over production. Story number two. Australia is one of 17 00:00:50,479 --> 00:00:54,440 Speaker 1: only a handful of OECD countries where there's more money 18 00:00:54,440 --> 00:00:58,000 Speaker 1: being held in savings accounts than in capital market investments. 19 00:00:58,080 --> 00:01:01,120 Speaker 1: That according to a new report from global fund manager Vanguard, 20 00:01:01,560 --> 00:01:04,240 Speaker 1: and it's significant for a couple of reasons. It means 21 00:01:04,319 --> 00:01:07,080 Speaker 1: people are putting their money into a term deposit rather 22 00:01:07,200 --> 00:01:10,520 Speaker 1: than investing it inequities or managed funds that could lower 23 00:01:10,560 --> 00:01:13,600 Speaker 1: their returns. People could be missing out. The other point 24 00:01:13,760 --> 00:01:17,320 Speaker 1: means there's plenty of money not available for Australian businesses. 25 00:01:17,640 --> 00:01:21,280 Speaker 1: The US is the prime example, but in places like Canada, Italy, Mexico, 26 00:01:21,360 --> 00:01:24,360 Speaker 1: Spain and the Netherlands, savers are more likely to what 27 00:01:24,440 --> 00:01:27,480 Speaker 1: you think of as invest money rather than just put 28 00:01:27,520 --> 00:01:30,720 Speaker 1: it in a savings account. Vanguard says to change the behavior, 29 00:01:30,800 --> 00:01:34,920 Speaker 1: new motivations are needed, like tax incentives outside super more 30 00:01:34,920 --> 00:01:39,680 Speaker 1: affordable financial advice, and improving financial literacy levels story number three. 31 00:01:39,720 --> 00:01:42,520 Speaker 1: New research suggests that more than fifty percent of Australians 32 00:01:42,560 --> 00:01:45,320 Speaker 1: now align the federal and state governments as their main 33 00:01:45,480 --> 00:01:49,560 Speaker 1: source of income. Government spending during and after COVID rammed 34 00:01:49,640 --> 00:01:52,360 Speaker 1: up more recently that have been bigger outlaids in aged 35 00:01:52,400 --> 00:01:54,800 Speaker 1: care and childcare. But the main reason for the rise 36 00:01:55,200 --> 00:01:58,480 Speaker 1: in reliance on government money is the ndis. It costs 37 00:01:58,480 --> 00:02:01,360 Speaker 1: fifty two billion dollars a year and Australia is among 38 00:02:01,400 --> 00:02:04,880 Speaker 1: the largest disability spenders in the world. The fifty percent 39 00:02:04,880 --> 00:02:08,160 Speaker 1: figure includes welfare payments and subsidies, as well as public 40 00:02:08,240 --> 00:02:11,840 Speaker 1: sector wages, and comes from a Center for Independent Studies report. 41 00:02:12,080 --> 00:02:14,600 Speaker 1: Total federal and state government spending has hit a postwar 42 00:02:14,680 --> 00:02:17,800 Speaker 1: high of thirty nine percent of GDP, up from thirty 43 00:02:17,800 --> 00:02:20,160 Speaker 1: four to thirty five percent before the two thousand and 44 00:02:20,200 --> 00:02:24,400 Speaker 1: eight global financial crisis. Australia before cancer diagnostic group Telix 45 00:02:24,400 --> 00:02:28,519 Speaker 1: Pharmaceuticals share price tumbled fifteen percent today after the US 46 00:02:28,600 --> 00:02:33,120 Speaker 1: regulators appeended it seeking information about disclosures related to the 47 00:02:33,120 --> 00:02:36,760 Speaker 1: development of the company's prostate cancer therapies. Melbourne based Telis 48 00:02:36,800 --> 00:02:39,680 Speaker 1: says it has notified the Australian Securities and Investments Commission 49 00:02:39,720 --> 00:02:43,080 Speaker 1: about the subpoena, which it called a fact finding request. 50 00:02:43,400 --> 00:02:45,440 Speaker 1: It does not know when the matter will be resolved 51 00:02:45,760 --> 00:02:49,040 Speaker 1: or if any action will be taken. Telix makes most 52 00:02:49,040 --> 00:02:51,639 Speaker 1: of its revenue from a prostate cancer imaging drug. It 53 00:02:51,760 --> 00:02:56,080 Speaker 1: said the sec request related to its prostate cancer therapeutic 54 00:02:56,280 --> 00:03:00,519 Speaker 1: candidates didn't impact the commercial or late stage assets, including 55 00:03:00,880 --> 00:03:04,079 Speaker 1: the imaging drug and story number five. In corporate news, 56 00:03:04,160 --> 00:03:07,720 Speaker 1: Woodside Energy reported strong second quarter production of fifty million 57 00:03:07,720 --> 00:03:10,760 Speaker 1: barrels of oil equivalent, up two percent pushing its share 58 00:03:10,760 --> 00:03:13,520 Speaker 1: price up one and a half percent. Karon Energy, chief 59 00:03:13,560 --> 00:03:16,400 Speaker 1: executive at Julian Fowls, will leave the company by midnext 60 00:03:16,480 --> 00:03:19,480 Speaker 1: year after a decision announced at its annual meeting in 61 00:03:19,560 --> 00:03:22,280 Speaker 1: May to relocate key corporate teams in Roles to Brazil 62 00:03:22,320 --> 00:03:24,520 Speaker 1: in the US from Melbourne. Julian doesn't want to leave 63 00:03:24,520 --> 00:03:27,880 Speaker 1: Melbourne fair enough. The Queensland Revenue Office has declined an 64 00:03:27,919 --> 00:03:31,720 Speaker 1: initial proposal by suspended ASEX coal miner Bowen cocon Coal 65 00:03:31,800 --> 00:03:34,520 Speaker 1: for the firmadive the payment of state royalties. Bowen really 66 00:03:34,600 --> 00:03:37,880 Speaker 1: needs a deal to stay viable. Ampole flagged first half 67 00:03:37,920 --> 00:03:40,160 Speaker 1: pretax earnings of about six hundred and forty million dollars 68 00:03:40,200 --> 00:03:44,360 Speaker 1: as resilient convenience in New Zealand operations offset soft volumes 69 00:03:44,480 --> 00:03:48,360 Speaker 1: and a weaker refining environment and points. Bet has rejected 70 00:03:48,400 --> 00:03:52,000 Speaker 1: an unsolicited all script takeover offer from Better, backing a 71 00:03:52,080 --> 00:03:55,400 Speaker 1: superior or cash bid from Japanese giant Mixy. That's it 72 00:03:55,560 --> 00:03:58,040 Speaker 1: the Afternoon Report for Wednesday, the twenty third of July 73 00:03:58,160 --> 00:03:59,840 Speaker 1: twenty twenty five. Make sure you hit follow on the 74 00:03:59,880 --> 00:04:02,000 Speaker 1: PO podcast. We will be back tomorrow morning with the 75 00:04:02,040 --> 00:04:04,840 Speaker 1: first edition of Fear and Greed Business News. I'm shanielma 76 00:04:05,240 --> 00:04:06,000 Speaker 1: enjoy your evening.