Welcome to the Fear and Greed Business News Afternoon Report for Wednesday, the fourth of December twenty twenty four. I'm Sean a. Elman. Every afternoon, we've got the five stories that happened today that you need to know about. Story number one a big one. This Australian economy grew by just zero point three percent in September quarter, taking annual growth to less than one percent, its lowest level since the early nineteen nineties if you exclude the COVID pandemic that sent local markets lower. Starting with the Aussie dollar, investors sold down the currency to sixty four point seven u s sense That reflects bets that maybe the Reserve Bank will need to do something about interest rates before the middle of next year. Bond markets also reacted and are pricing in a two to three chance of a rate cut by April next year. On the share market, the SMPASX two hundred closed down almost half a percent to eight thy four hundred and sixty three points. The big miners did best on the back of rising iron ore prices BHP, forts few metals group in Rio all finished up around one percent. The real estate investment trusts were worse thanks to a selloff in Goodman. It ended down three percent. Banks were also laggards, reflecting fears about economic growth and what that means for loan repayments. Westpac, National, Australia Bank and an Z all fell around one and a half percent. Best performer on the day was Goozman E Gomez, up five percent, while Star Entertainment was the worst, down seven percent. Story number two tab Corp boss Gil McLaughlin has successfully cut about ten percent of the wagering Group's workforce, or two hundred jobs, as he attempts to simplify the business. The jobs have gone since the annual general meeting in October when mister McLoughlin flagged the cuts. They come from across the business and there's also a reduction in external consultants. Mister mclochlin wants the business to be more in line with digital plays. According to The Financial Review, Tabcorp's share price tumbled in August when the CEO said it wouldn't hit cost cutting targets or reach its goal of thirty percent share of digital wagering market by next year. It was down two percent. Today it's off nearly twenty five percent for the year. Story number three, Andrew and Nikola forres Mindru Foundation has committed one hundred million dollars to a new woman's investment fund with the goal of driving gender equality. It's an initiative of the Future Generation and Investment House with more than a billion dollars under management, it raises money for charities. In its ten years, it's given ninety million dollars to charities. The new fund, Future Generation Women, will be an unlisted trust in the Future Generation Group or Investing, will be managed by female fund managers and Future Gen boss Jeff Wilson hopes it will drive strong gender equity practices. The fund will have no management or performance fees for investors. The goal, of course, is to provide strong returns. One percent of assets each year will be given to nonprofits that advance economic equality and opportunity for women and their children in Australia, a very worthwhile fund. Story number four. Pro Medicus share price jump two percent today, pushing its value to more than twenty seven billion dollars after its founders said they don't plan to sell any more shares in the foreseeable future. Promedicus is one of those companies with founders running the business. The two guys are called Sam Hubert and Anthony Hall. On Tuesday night, last night they sold two million shares worth about half a billion dollars. That's booked the market just to touch. But today the two mister Hupert and mister Hall, were out reassuring investors. The Radiology Imaging Company only entered the top one hundred stocks in March this year. It's now a top twenty five stock on the back of a two hundred percent jump in its share price this year. One of the things it's only got two substantial shareholders. So a substantial shareholder is someone above five percent. That's mister Hupert and mister Hall. They owned about twelve billion dollars worth of the stock, but because it's now so big, fund managers need to own it, so there's plenty of dem out there. The two sold down last night, but they said they're not selling any more for the time being. And story number five. Maybe it's an end of year thing, but there seems to be a bit of corporate activity around the place at the moment. Rio Tinto and Japanese giant Sumatomo Metal Mining have done a joint venture to develop the winnw copper gold project in Western Australia's Great Sandy Desert. Sumatomo will buy a thirty percent stake in the project for a bit over six hundred million dollars. It certainly pushes Rare further into copper. Pacific Equity Partners has officially agreed to acquire a leasing group SG Fleet for around one point four billion dollars. Investors piled into management software company Breva today after upgraded its earnings guidance for this financial year. Its share price finished up twenty one percent and shares in Auckland International Airport entered a training halt today. As its major shareholder, the Auckland Council positions itself for a one billion dollar plus sell down out of the group. That's it's the afternoon report for Wednesday, the fourth of December twenty twenty four. Well, Michael Thomas and I will be back tomorrow morning with the Thursday edition of Beer and Greed Business News. I'm Sean Elmer. Enjoy your evening

Welcome to the Fear and Greed Business News Afternoon Report for Wednesday, the fourth of December twenty twenty four. I'm Sean a. Elman. Every afternoon, we've got the five stories that happened today that you need to know about. Story number one a big one. This Australian economy grew by just zero point three percent in September quarter, taking annual growth to less than one percent, its lowest level since the early nineteen nineties if you exclude the COVID pandemic that sent local markets lower. Starting with the Aussie dollar, investors sold down the currency to sixty four point seven u s sense That reflects bets that maybe the Reserve Bank will need to do something about interest rates before the middle of next year. Bond markets also reacted and are pricing in a two to three chance of a rate cut by April next year. On the share market, the SMPASX two hundred closed down almost half a percent to eight thy four hundred and sixty three points. The big miners did best on the back of rising iron ore prices BHP, forts few metals group in Rio all finished up around one percent. The real estate investment trusts were worse thanks to a selloff in Goodman. It ended down three percent. Banks were also laggards, reflecting fears about economic growth and what that means for loan repayments. Westpac, National, Australia Bank and an Z all fell around one and a half percent. Best performer on the day was Goozman E Gomez, up five percent, while Star Entertainment was the worst, down seven percent. Story number two tab Corp boss Gil McLaughlin has successfully cut about ten percent of the wagering Group's workforce, or two hundred jobs, as he attempts to simplify the business. The jobs have gone since the annual general meeting in October when mister McLoughlin flagged the cuts. They come from across the business and there's also a reduction in external consultants. Mister mclochlin wants the business to be more in line with digital plays. According to The Financial Review, Tabcorp's share price tumbled in August when the CEO said it wouldn't hit cost cutting targets or reach its goal of thirty percent share of digital wagering market by next year. It was down two percent. Today it's off nearly twenty five percent for the year. Story number three, Andrew and Nikola forres Mindru Foundation has committed one hundred million dollars to a new woman's investment fund with the goal of driving gender equality. It's an initiative of the Future Generation and Investment House with more than a billion dollars under management, it raises money for charities. In its ten years, it's given ninety million dollars to charities. The new fund, Future Generation Women, will be an unlisted trust in the Future Generation Group or Investing, will be managed by female fund managers and Future Gen boss Jeff Wilson hopes it will drive strong gender equity practices. The fund will have no management or performance fees for investors. The goal, of course, is to provide strong returns. One percent of assets each year will be given to nonprofits that advance economic equality and opportunity for women and their children in Australia, a very worthwhile fund. Story number four. Pro Medicus share price jump two percent today, pushing its value to more than twenty seven billion dollars after its founders said they don't plan to sell any more shares in the foreseeable future. Promedicus is one of those companies with founders running the business. The two guys are called Sam Hubert and Anthony Hall. On Tuesday night, last night they sold two million shares worth about half a billion dollars. That's booked the market just to touch. But today the two mister Hupert and mister Hall, were out reassuring investors. The Radiology Imaging Company only entered the top one hundred stocks in March this year. It's now a top twenty five stock on the back of a two hundred percent jump in its share price this year. One of the things it's only got two substantial shareholders. So a substantial shareholder is someone above five percent. That's mister Hupert and mister Hall. They owned about twelve billion dollars worth of the stock, but because it's now so big, fund managers need to own it, so there's plenty of dem out there. The two sold down last night, but they said they're not selling any more for the time being. And story number five. Maybe it's an end of year thing, but there seems to be a bit of corporate activity around the place at the moment. Rio Tinto and Japanese giant Sumatomo Metal Mining have done a joint venture to develop the winnw copper gold project in Western Australia's Great Sandy Desert. Sumatomo will buy a thirty percent stake in the project for a bit over six hundred million dollars. It certainly pushes Rare further into copper. Pacific Equity Partners has officially agreed to acquire a leasing group SG Fleet for around one point four billion dollars. Investors piled into management software company Breva today after upgraded its earnings guidance for this financial year. Its share price finished up twenty one percent and shares in Auckland International Airport entered a training halt today. As its major shareholder, the Auckland Council positions itself for a one billion dollar plus sell down out of the group. That's it's the afternoon report for Wednesday, the fourth of December twenty twenty four. Well, Michael Thomas and I will be back tomorrow morning with the Thursday edition of Beer and Greed Business News. I'm Sean Elmer. Enjoy your evening