This is the Fear and Greed Afternoon Report - the top five things you need to know today, in just five minutes.
CSL tumbles
Keating v Pelosi
SEEK warning
Orora rejects bid
Challenger beats market
Welcome to the Fear and Greed Business News Afternoon Report for Tuesday, the thirteenth of August twenty twenty four. I'm Sean Elma. Every afternoon, we've got the five stories that happen today that you need to know about. Story number one, there's in PASX two hundred closed up slightly today the seven eight hundred and twenty eight points, with profit results dominating proceedings broadly, the financials did best and the Healthcare index did worst. The main reason for the drop in the health Care Index was the CSL result. Its share price fell four and a half percent after Australia's second largest company set its core plasma collection business is back on track. However, its vaccine and pharmaceutical operations will not grow as fast in the near term. Also, while revenue was higher, so too we're operating costs outside the reporting companies today as ED and Comwealth Bank led the way, both jumping more than one and a half percent. Westpac rose one percent, as did West Farmers and Goodman Group. Oil giant Santos with another strong performer, ford es Q and wis Tech Global were among the laggards. Story number two Paul Keating and Nancy Pelosi have traded barbes over the status of Taiwan, with the former United States House Speaker saying Keating's description of the self governing island as Chinese real estate was a stupid statement. The former Labor Prime Minister hit back, declaring Pelosi had been recklessly indulgent and brought the US and China close to war by visiting Taiwan in twenty twenty two. According to a report in the Cydney Morning Herald. In an interview on the ABC seven to thirty program last week, Keeping downplayed concerns about a Chinese invasion of Taiwan, saying the island was Chinese real estate. Pelosi responded also on seven thirty, saying, you don't want to get my description of him for saying that that's ridiculous. It is not Chinese real estate, and he should know that Taiwan is Taiwan, and it is the people of Taiwan who have a democracy there. I think that was a stupid statement. Wow, she got him. Story Number three Online Jobs group seeks share price tumble six point six percent today after a significant reduction in job add volumes across Australia, along with an impairment of its investment in Chinese group Zoupin pushed the group's full year earnings to a loss. Chief executive in Nareva didn't have a lot of good news for shareholders, saying the economic situation would weigh further on the company this financial year amid a higher unemployment rate in less demand for hiring. He said, based on macroeconomists forecasts, SEEK had assumed paid ad volumes will continue to fall this financial lim. Revenue last financial year fell seventeen percent, while adjusting net profit fell more than seventy percent. Seek previously announced an impairment charge related to its investment in Zaupin of one hundred and forty one million dollars straightam before packaging Giant. Aurora has rejected a three point four billion dollar takeover offer from US private equity group loan Star Fund twelve Acquisitions. Aurora, which reports its earnings tomorrow, said the bid was opportunistic, conditional and non buy, but that didn't stop the group's share price surging nineteen percent today to two dollars twenty seven. The bid is priced at two dollars fifty five per share, less any dividends declared or payable. The board of Aurora said the bid undervalued the company, and finally, story number five Annuity and funds manage a Challenger said it's selling record numbers of retirement products as retirees and pre retirees worry about cost of living pressures. Challenger announceday seventeen percent increase in profit last financial year thanks to a doubling of sales of its annuity products, which provide a set income for anywhere from two years to the rest of a person's life. The search has come in annuities linked to inflation. Not surprising really. The increase in interest rates in recent years has also helped make annuities more attractive, said Chief executive Nick Hamilton. The funds management business of Challenger reported an eleven percent drop in underlying earnings, even though funds under management rose. Challenges share price closed up six and a half percent as it for the Afternoon Report for Tuesday, the thirteenth of August twenty twenty four, Don't Forget Tit following on the podcast and find fear and Greed on LinkedIn, Instagram, ex TikTok, and Facebook. Join Michael Thompson Night Tomorrow Morning for the Fast five by fear and greed. The top five business stories you need to know in just five minutes. I'm Sean Elma enjoy evening,