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Welcome to the Fearing Greed Business News Afternoon Report

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for Friday 10 May 2024, I'm

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Sean Elmer. Every afternoon we've got

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the 5 stories that happen today that you need

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to know about. Story number 1, the S&P ASX200

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closed up nearly half a percent today to 7749

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points. For

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the week, the benchmark finished up 1.6%. The

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big move is today with the energy stocks, while the

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gold stocks did pretty well also. That's on rising oil

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and gold prices. In the energy sector,

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Woodside finished up around 2%. Santos,

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Ampol and Viva Energy also did well.

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Goldig and Northern Star closed up 1%. All

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the big banks did okay. National Australia Bank, Westpac

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and ANZ were all up more than 1%. Macquarie

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Group was also up more than 1%. And

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the big miners generally were lower. The retailers were

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mixed. Story number 2,

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in a win for the Albanese

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government, the High Court has dismissed

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a case brought by an Iranian

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man seeking release from immigration detention

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after he refused to cooperate with

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his planned deportation, according to a

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report in the Financial Review. The

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man, known as ASF17, had told

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the court he would be persecuted

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if returned to Iran because he's

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bisexual. His lawyers sought his

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release following the 2023 High Court ruling

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in the case of a Rohingya man.

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In that case, the court ruled that indefinite immigration detention is

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unlawful for people with no reasonable

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prospect of deportation. That

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decision sparked the release of about 150 people,

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including some criminals who have

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reoffended in the community. This morning's decision

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is a win for the government and

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Immigration Minister Andrew Giles welcomed it, saying

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the community remains the government's highest priority.

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Story number 3, QBE is pushing through

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double digit insurance premium increases, but there

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is some good news for consumers. The

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pace of increases appears to have slowed

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to its lowest point in a year. At

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its annual general meeting in Sydney today, QBE, which

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operates in 27 countries covering everything

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from aircraft to organ transplants, said

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markets have supported premium increases this year.

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Australia, according to the insurer,

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has been rising at about 11%, which

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is actually down over the previous year.

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The rise reflects the higher risk insurers have

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to take on. In QBE, Chair Mike Wilkins

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calls for more help from government. The bill

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for claims from weather disasters in 2024 is

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also tracking broadly in line with

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planned assumptions. QBE told investors net

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costs from catastrophes are about US$300

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million, about US$450 million, with

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its internally budget allowance sitting at US$600 million

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for about six months through the year. So

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that's not too bad. Story number

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four, Anglo-Americans' key South African shareholders

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are open to a takeover offer

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from BHP, with some advocating for

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an additional cash component to the

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bid. According to a report

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in the Financial Times, investors who collectively hold

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more than 15% of Anglo-Americans

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said BHP needs to sweeten its offer,

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but they are not opposed in

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principle to an acquisition by the

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Australian group. The FT is reporting

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that other fund managers with minority

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states in Anglo are pushing for

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a more straightforward offer from BHP,

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possibly with a cash component or

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without the condition of selling Anglo's

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South African assets. Late last month,

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Anglo-American rebuffed BHP's US$57 billion script

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takeover proposal, saying it significantly undervalued

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the London-listed miner and its prospects.

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And story number five today, Federal Court Judge

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Michael Lee has granted a costs order in

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Network 10 and Lisa Wilkinson's favour

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in its landmark defamation case against

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Bruce Lerman. Justice Lee has ruled

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the network can recover costs from

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Mr Lerman on an indemnity basis,

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covering about 90% of

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its legal bill in relation to its

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truth defence and on an ordinary

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or party-party basis, which is about 70% of

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its legal bill in relation to the

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qualified privilege defence. He made an award

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in the same terms for Ms Wilkinson.

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That's it for the afternoon report for

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Friday 10 May 2024. Michael

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Thompson, Adam Lang and I will be back tomorrow

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morning with a weekend edition of Fear and Greed

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Business News. I'm Shana Elmer. Enjoy your

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evening.