1 00:00:06,360 --> 00:00:10,000 Speaker 1: Consumers plan to save their Stage three tax cuts, which 2 00:00:10,039 --> 00:00:13,920 Speaker 1: could help keep inflation lower, Telstra to acts almost ten 3 00:00:13,960 --> 00:00:17,160 Speaker 1: percent of its workforce, and the ahriable C forecast that 4 00:00:17,360 --> 00:00:20,800 Speaker 1: domestic airfares could fall. Welcome to Fear and Greed, daily 5 00:00:20,840 --> 00:00:23,040 Speaker 1: business news for people who make their own decisions. It 6 00:00:23,120 --> 00:00:26,000 Speaker 1: is Wednesday, the twenty second of May twenty twenty four. 7 00:00:26,320 --> 00:00:28,600 Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer. 8 00:00:29,160 --> 00:00:30,200 Speaker 2: Good morning, Michael. 9 00:00:30,600 --> 00:00:32,839 Speaker 1: Sean. After the show, you have an interview coming up 10 00:00:32,920 --> 00:00:35,519 Speaker 1: with Ingrid Kokoyan, who is the head of Impact and 11 00:00:35,560 --> 00:00:39,199 Speaker 1: Sustainable Investing at Federated Hermes. 12 00:00:39,479 --> 00:00:44,080 Speaker 2: All about biodiversity. Now, biodiversity is kind of well, by 13 00:00:44,120 --> 00:00:47,680 Speaker 2: my reckoning, it's where ESG was ten years ago. It's 14 00:00:47,760 --> 00:00:51,320 Speaker 2: kind of at its beginnings in terms of coming to 15 00:00:51,360 --> 00:00:54,760 Speaker 2: the attention of mainstream investors. A bunch of investors have 16 00:00:54,800 --> 00:00:56,720 Speaker 2: known about it for a long time, but it is 17 00:00:56,760 --> 00:00:59,000 Speaker 2: becoming much more relevant. We're going to hear a lot 18 00:00:59,040 --> 00:01:02,040 Speaker 2: more about it from an investing point of view. So 19 00:01:02,080 --> 00:01:04,400 Speaker 2: we talked to Ingrid all about that. She spoke to 20 00:01:04,480 --> 00:01:06,760 Speaker 2: us from London. She's been out here and she doesn't 21 00:01:06,760 --> 00:01:09,760 Speaker 2: pull up punches about what she thinks about Australia and 22 00:01:10,480 --> 00:01:15,720 Speaker 2: our lack of action on addressing biodiversity challenges. Would you say, Michael. 23 00:01:16,040 --> 00:01:19,400 Speaker 1: That is absolutely right. She is very forthright about it, 24 00:01:19,560 --> 00:01:22,640 Speaker 1: which is actually really refreshing to hear. That's great kind 25 00:01:22,640 --> 00:01:25,479 Speaker 1: of the challenges put out there and it's definitely worth 26 00:01:25,520 --> 00:01:28,600 Speaker 1: a listener. It's coming up a little bit later on Also, Sewan, 27 00:01:28,640 --> 00:01:30,080 Speaker 1: there is still time to head along to Fear and 28 00:01:30,120 --> 00:01:32,120 Speaker 1: Greed dot com DoD au and sign up for the 29 00:01:32,280 --> 00:01:35,560 Speaker 1: weekly newsletter which comes out every Wednesday mid morning, so 30 00:01:35,720 --> 00:01:38,160 Speaker 1: it is not too late, unless, of course you're listening 31 00:01:38,200 --> 00:01:40,360 Speaker 1: to this in the evening, which case, get on now 32 00:01:40,440 --> 00:01:42,800 Speaker 1: and sign up for next week's that's at Fearangreed dot 33 00:01:42,840 --> 00:01:45,720 Speaker 1: com dot au. The main story this morning, Shawn. The 34 00:01:45,760 --> 00:01:49,560 Speaker 1: Reserve Bank seriously debated lifting the official interest rate at 35 00:01:49,600 --> 00:01:52,960 Speaker 1: its board meeting two weeks ago and remains very alert 36 00:01:53,200 --> 00:01:54,840 Speaker 1: to stubbornly high inflation. 37 00:01:55,560 --> 00:01:58,880 Speaker 2: The minutes of the Reserve Bank's board meeting show that 38 00:01:59,120 --> 00:02:02,280 Speaker 2: any further sleep in the bank's current forecast for inflation 39 00:02:02,400 --> 00:02:05,080 Speaker 2: to hit two point six percent by mid twenty twenty 40 00:02:05,120 --> 00:02:08,440 Speaker 2: six could trigger another rate hike. The meeting was held 41 00:02:08,520 --> 00:02:12,560 Speaker 2: after March quarter CPI data, which was higher than forecast. However, 42 00:02:12,680 --> 00:02:14,960 Speaker 2: the central Bank also said it didn't want to use 43 00:02:15,120 --> 00:02:18,800 Speaker 2: monetary policy, which is a very blunt economic policy instrument 44 00:02:18,840 --> 00:02:22,240 Speaker 2: because it hits everyone. They don't want to use monetary 45 00:02:22,240 --> 00:02:26,560 Speaker 2: policy to excessively fine tune the economy. Since then, the 46 00:02:26,600 --> 00:02:28,880 Speaker 2: federal budget has been released in a three hundred dollars 47 00:02:28,919 --> 00:02:32,120 Speaker 2: energy rebate, should push inflation lower towards the end of 48 00:02:32,160 --> 00:02:36,120 Speaker 2: this year. Also, the Westpac Consumer Sentiment survey released yesterday 49 00:02:36,120 --> 00:02:38,440 Speaker 2: shows it people are looking to use their Stage three 50 00:02:38,560 --> 00:02:42,280 Speaker 2: tax cuts to pay down debt or save rather than 51 00:02:42,360 --> 00:02:46,040 Speaker 2: rush out and spend it. Westpac estimates that thirty percent 52 00:02:46,080 --> 00:02:49,359 Speaker 2: will save all the tax cut, while fifty percent will 53 00:02:49,400 --> 00:02:51,760 Speaker 2: save at least half. That would help the Reserve Bank's 54 00:02:51,760 --> 00:02:54,800 Speaker 2: efforts to keep lid on inflation. Overall, the Westpac Consumer 55 00:02:54,880 --> 00:02:59,240 Speaker 2: Sentiment Index fell by zero point three percent during this month. 56 00:02:59,360 --> 00:03:02,040 Speaker 2: Westpac said the survey highlights that there is no let 57 00:03:02,120 --> 00:03:05,320 Speaker 2: up in the weak consumer environment and the cautious mindset 58 00:03:05,360 --> 00:03:08,560 Speaker 2: of consumers. The May survey, conducted during budget week, provides 59 00:03:08,600 --> 00:03:11,840 Speaker 2: a comparison of sentiment before and after the budget announcement. 60 00:03:12,160 --> 00:03:15,880 Speaker 2: Sentiment before the budget was much more optimistic than afterwards. 61 00:03:16,840 --> 00:03:19,160 Speaker 1: Sean, just explain this for me for a second. If 62 00:03:19,240 --> 00:03:22,240 Speaker 1: eighty percent of people save at least some of their 63 00:03:22,240 --> 00:03:24,720 Speaker 1: Stage three tax cuts, does that mean then that Reserve 64 00:03:24,800 --> 00:03:27,560 Speaker 1: Bank might have overestimated the impact on prices. 65 00:03:28,440 --> 00:03:31,240 Speaker 2: Possibly depends on what measures the Central Bank used to 66 00:03:31,280 --> 00:03:35,120 Speaker 2: forecast people's propensity to save. In the minutes of the 67 00:03:35,120 --> 00:03:38,080 Speaker 2: board meeting yesterday, the bank did say households were maintaining 68 00:03:38,080 --> 00:03:41,000 Speaker 2: a higher rate of savings than expected, But the Westpake 69 00:03:41,000 --> 00:03:44,600 Speaker 2: figure of eighty percent definitely seems like a big chunk 70 00:03:44,640 --> 00:03:49,120 Speaker 2: of people being shall we say, prudent, not spending their money. 71 00:03:49,240 --> 00:03:51,600 Speaker 2: If that is the case, it is quite possible that 72 00:03:51,640 --> 00:03:55,680 Speaker 2: the tax cuts won't cause as many price rises as expected. Now, 73 00:03:55,720 --> 00:03:59,000 Speaker 2: remember the Reserve Bank, Treasury, all those guys their forecasts 74 00:03:59,000 --> 00:04:02,320 Speaker 2: that inflation won't returned to target until the second half 75 00:04:02,360 --> 00:04:05,120 Speaker 2: of next year on the basis of people spending their 76 00:04:05,160 --> 00:04:09,320 Speaker 2: tax cuts. So if they don't spend their tax cuts, 77 00:04:09,360 --> 00:04:15,080 Speaker 2: as the Westpac data suggests, well maybe inflation won't quite 78 00:04:15,120 --> 00:04:17,200 Speaker 2: be as bad as we thought, and that would be 79 00:04:17,240 --> 00:04:20,440 Speaker 2: good news for those wanting interest rates to fall. 80 00:04:20,520 --> 00:04:22,599 Speaker 1: All right, let's have a look at local markets. What 81 00:04:22,680 --> 00:04:23,400 Speaker 1: happened yesterday. 82 00:04:24,040 --> 00:04:27,320 Speaker 2: Plenty Michael, Plenty This and PASX two hundred closed down 83 00:04:27,480 --> 00:04:31,080 Speaker 2: slightly to eight hundred and fifty two points, but that 84 00:04:31,160 --> 00:04:34,360 Speaker 2: means it held on to most of Monday's gains and 85 00:04:34,440 --> 00:04:37,359 Speaker 2: remains close to a record level. Among the large caps, 86 00:04:37,360 --> 00:04:39,600 Speaker 2: the banks were mixed, as were the big miners and retailers. 87 00:04:39,680 --> 00:04:43,440 Speaker 2: Energy groups Woodside and Santos Blower Asris property leader Goodwin Group, 88 00:04:43,640 --> 00:04:46,680 Speaker 2: Weis Teach Global was among the better performers. A lot 89 00:04:46,680 --> 00:04:49,400 Speaker 2: of corporate news around yesterday. Let's run through some of 90 00:04:49,480 --> 00:04:54,200 Speaker 2: the key points. Lab testing company als rallied five percent, 91 00:04:54,279 --> 00:04:56,240 Speaker 2: the best of the top two hundred after a net 92 00:04:56,279 --> 00:05:00,240 Speaker 2: profit tumble was in line with expectations. That's when bad 93 00:05:00,240 --> 00:05:03,560 Speaker 2: news is good news because it's exactly what investors thought. 94 00:05:04,160 --> 00:05:07,000 Speaker 2: Now they had a Let's had previously come out and 95 00:05:07,120 --> 00:05:09,800 Speaker 2: said that it had to write down a purchase of 96 00:05:09,839 --> 00:05:13,520 Speaker 2: a European drug testing business. Anyway, the bad news was 97 00:05:13,560 --> 00:05:17,360 Speaker 2: good news yesterday. In that instance, Software Group Technology one 98 00:05:17,520 --> 00:05:19,920 Speaker 2: jumped four point six percent, one of its best days 99 00:05:20,160 --> 00:05:23,400 Speaker 2: in four years, after announcing a sixteen percent rise in 100 00:05:23,480 --> 00:05:27,320 Speaker 2: profit for the six months to the end of March. Basically, 101 00:05:27,520 --> 00:05:30,640 Speaker 2: it makes cloud based enterprise resource planning software during the 102 00:05:30,680 --> 00:05:33,320 Speaker 2: half signed up a bunch of new customers. Good news 103 00:05:33,400 --> 00:05:36,920 Speaker 2: for tech one diagnostics group, Sonic Healthcare said profits will 104 00:05:36,920 --> 00:05:39,680 Speaker 2: be lower than forecast this financially due to inflation and 105 00:05:39,680 --> 00:05:42,640 Speaker 2: currency headwinds that sent its share price down about six percent. 106 00:05:43,240 --> 00:05:47,000 Speaker 2: Produce that Alumina jumped two percent after some of the 107 00:05:47,080 --> 00:05:51,039 Speaker 2: details around its acquisition offered by US partner Alca were 108 00:05:51,240 --> 00:05:54,080 Speaker 2: worked out, and Cascento operate a sky city rarely two 109 00:05:54,120 --> 00:05:56,599 Speaker 2: point six percent on news it has reached an agreement 110 00:05:56,640 --> 00:05:59,920 Speaker 2: with New Zealand's government about its non compliance with any 111 00:06:00,040 --> 00:06:03,240 Speaker 2: money laundering and counter terrorism financing laws. 112 00:06:04,240 --> 00:06:06,919 Speaker 1: Sean, just while we're on local markets, I'm going to 113 00:06:07,200 --> 00:06:11,000 Speaker 1: can I give a quick little plug to today's episode 114 00:06:11,200 --> 00:06:13,520 Speaker 1: of How Do They Afford That? It comes out every Wednesday, 115 00:06:13,720 --> 00:06:15,280 Speaker 1: of course, and I know I'm doing this well out 116 00:06:15,279 --> 00:06:16,800 Speaker 1: of order. Normally I do this at the end of 117 00:06:16,800 --> 00:06:18,800 Speaker 1: the show, but I just want to mention this one 118 00:06:18,839 --> 00:06:22,800 Speaker 1: because it is probably almost my favorite episode of How 119 00:06:22,839 --> 00:06:24,520 Speaker 1: Do They Afford That, which is usually all about kind 120 00:06:24,560 --> 00:06:27,440 Speaker 1: of personal finance and investing, and today we have an 121 00:06:27,480 --> 00:06:31,680 Speaker 1: interview actually with a great supporter of the podcast, Roger Montgomery. 122 00:06:32,279 --> 00:06:34,760 Speaker 1: Is on this episode of How Do They Afford That 123 00:06:34,839 --> 00:06:37,720 Speaker 1: in the studio with me and Canna Campbell, and he 124 00:06:38,080 --> 00:06:44,320 Speaker 1: gives us basically the ultimate guide to his investing principles 125 00:06:45,040 --> 00:06:48,000 Speaker 1: and so is. He takes us through in some detail 126 00:06:48,200 --> 00:06:53,320 Speaker 1: what he actually looks for in quality companies, the whole mindset. 127 00:06:53,360 --> 00:06:55,560 Speaker 1: He gives us a bunch of examples of companies that 128 00:06:55,600 --> 00:06:58,719 Speaker 1: he likes and doesn't like and why, and just explains 129 00:06:58,720 --> 00:07:02,599 Speaker 1: it all. So it is a fantastic interview for experienced investors, 130 00:07:02,640 --> 00:07:05,600 Speaker 1: for anyone interested in kind of getting started, for anyone 131 00:07:05,640 --> 00:07:07,240 Speaker 1: who just wants to kind of brush up on a 132 00:07:07,240 --> 00:07:10,760 Speaker 1: bit of knowledge. It is a fantastic episode. I know 133 00:07:10,760 --> 00:07:14,559 Speaker 1: I'm biased because I'm involved in it, but I should 134 00:07:14,560 --> 00:07:17,680 Speaker 1: acknowledge that. But How Do They Afford That? Is the podcast. 135 00:07:17,720 --> 00:07:20,560 Speaker 1: It is our sister podcast all about personal finance and investing, 136 00:07:20,520 --> 00:07:22,000 Speaker 1: and I'll put a link in today's show notes and 137 00:07:22,000 --> 00:07:23,840 Speaker 1: you can find it wherever you listen to podcasts as well. 138 00:07:24,000 --> 00:07:26,720 Speaker 1: I'm assuming I'm hoping we can count on you to listen. 139 00:07:26,720 --> 00:07:30,200 Speaker 2: Sean, I'll be listening, absolutely, I'll be there before anyone else. 140 00:07:30,440 --> 00:07:33,520 Speaker 1: Well, thank you, International Markets back on track now, just 141 00:07:33,560 --> 00:07:36,680 Speaker 1: seamlessly back on track. What's happening in international markets? 142 00:07:37,000 --> 00:07:39,600 Speaker 2: Oil and gold prices have both come off a bit, 143 00:07:39,680 --> 00:07:42,600 Speaker 2: Iron ores down just to touch following its rise late 144 00:07:42,680 --> 00:07:44,840 Speaker 2: last week, the Aussie dollars catching sixty six and a 145 00:07:44,880 --> 00:07:46,920 Speaker 2: half yers sents. But really most of the action in 146 00:07:47,000 --> 00:07:50,400 Speaker 2: international markets have been in cryptocurrencies. Been a couple of 147 00:07:50,440 --> 00:07:54,680 Speaker 2: really good sessions, particularly for number two unit. It's up 148 00:07:54,680 --> 00:07:57,520 Speaker 2: nearly twenty percent of mid Speculation that the US securities 149 00:07:57,560 --> 00:08:01,520 Speaker 2: regulator may approve an ethereum based extra change traded fund. 150 00:08:02,040 --> 00:08:05,080 Speaker 2: Bitcoin has also risen. It's around seventy one thousand US 151 00:08:05,080 --> 00:08:07,560 Speaker 2: dollars a unit, close to its record high of seventy 152 00:08:07,600 --> 00:08:09,200 Speaker 2: three thousand US dollars a unit. 153 00:08:09,240 --> 00:08:11,720 Speaker 1: Michael, all right, bit to get through. We'll be back 154 00:08:11,720 --> 00:08:13,920 Speaker 1: in a moment with the rest of the day's business news. 155 00:08:20,520 --> 00:08:24,120 Speaker 1: Sean Telstra will cut about ten percent of its workforce 156 00:08:24,200 --> 00:08:27,120 Speaker 1: twenty eight hundred jobs, in an effort to save three 157 00:08:27,240 --> 00:08:30,200 Speaker 1: hundred and fifty million dollars as it struggles to compete 158 00:08:30,240 --> 00:08:31,360 Speaker 1: with new technologies. 159 00:08:31,960 --> 00:08:34,560 Speaker 2: It's part of Telstra's long term plan to become more 160 00:08:34,600 --> 00:08:37,160 Speaker 2: efficient and reflects the fact that people are shifting from 161 00:08:37,200 --> 00:08:41,400 Speaker 2: traditional voice calls, particularly on landlines. To cheaper internet based 162 00:08:41,440 --> 00:08:45,440 Speaker 2: services provided by software companies. Chief Executive Vicky Brady said 163 00:08:45,440 --> 00:08:50,359 Speaker 2: Telstra's working through an evolving competitive landscape, rapid advances in technology, 164 00:08:50,760 --> 00:08:55,160 Speaker 2: changing customer needs, and ongoing inflationary pressures. Telstra will also 165 00:08:55,280 --> 00:08:58,560 Speaker 2: stop its practice of linking price rises on monthly mobile 166 00:08:58,679 --> 00:09:01,640 Speaker 2: plans to inflation. That kind of gives it more leeway 167 00:09:01,679 --> 00:09:05,439 Speaker 2: to adjust prices at different times. Federal treasure Jim Charms 168 00:09:05,440 --> 00:09:08,040 Speaker 2: waded into the debate, saying the cuts will face scrutiny, 169 00:09:08,080 --> 00:09:14,040 Speaker 2: while the Communications Workers' Union called the job cuts absolutely appalling. 170 00:09:14,400 --> 00:09:18,720 Speaker 2: Now the announcement isn't totally surprising. Telstra's enterprise division, which 171 00:09:18,760 --> 00:09:22,560 Speaker 2: provides fixed infrastructure for businesses, was already under review, and 172 00:09:22,600 --> 00:09:24,840 Speaker 2: given how many companies are moving to the cloud, it 173 00:09:24,880 --> 00:09:27,680 Speaker 2: isn't a surprise jobs are going in that part of 174 00:09:27,679 --> 00:09:30,560 Speaker 2: the business. The consumer business has been impacted by the 175 00:09:30,640 --> 00:09:34,040 Speaker 2: NBN rollout. The shift to remote work has coll demand 176 00:09:34,120 --> 00:09:36,800 Speaker 2: for handsets on the office desk, for example, like who 177 00:09:36,880 --> 00:09:40,840 Speaker 2: hasn't office phone now? I don't know. Interestingly, Vicky Brady 178 00:09:40,920 --> 00:09:43,720 Speaker 2: even admitted yesterday she doesn't have a landline. She doesn't 179 00:09:43,760 --> 00:09:46,680 Speaker 2: have a phone on her desk, so it's not really 180 00:09:46,679 --> 00:09:49,559 Speaker 2: surprising some of these changes. Telstra's share price closed down 181 00:09:49,600 --> 00:09:50,920 Speaker 2: nearly three percent yesterday. 182 00:09:52,480 --> 00:09:54,400 Speaker 1: Another big story in the last twenty four hour SEWN 183 00:09:54,400 --> 00:09:57,959 Speaker 1: Prime Minister Anthony Alberezi under fire about his response to 184 00:09:58,000 --> 00:10:01,079 Speaker 1: the International Criminal Court issuing the rest warrants for the 185 00:10:01,160 --> 00:10:04,480 Speaker 1: Israeli Prime Minister Benjamin Netanyahu and her mass leaders. 186 00:10:04,840 --> 00:10:08,000 Speaker 2: Miss Albernesi was keen to deflect questions about the announcement. 187 00:10:08,080 --> 00:10:11,040 Speaker 2: Unlike US President Joe Biden, who called the decision outrageous, 188 00:10:11,360 --> 00:10:13,880 Speaker 2: The local prime minister said he doesn't comment on court 189 00:10:13,960 --> 00:10:17,360 Speaker 2: processes in Australia and globally, to which Australia is not 190 00:10:17,480 --> 00:10:20,240 Speaker 2: a party. Now. The Opposition leader Peter Dutton blasted the 191 00:10:20,280 --> 00:10:24,760 Speaker 2: Prime Minister, saying he had squibbed it and sold out Australia. 192 00:10:25,000 --> 00:10:26,880 Speaker 2: A little bit more on that story later in the show. 193 00:10:27,120 --> 00:10:31,439 Speaker 2: Miss Albernizi yesterday also reiterated his support for Julian Aesange 194 00:10:31,559 --> 00:10:34,200 Speaker 2: in the wake of his extradition appeal. When in the 195 00:10:34,200 --> 00:10:38,040 Speaker 2: British High Court on Monday. Miss Albernzi said his position 196 00:10:38,160 --> 00:10:41,840 Speaker 2: hasn't changed and there is nothing served by the ongoing 197 00:10:41,880 --> 00:10:45,360 Speaker 2: incarceration of mister Asange. Now after that High Court decision, 198 00:10:45,520 --> 00:10:48,600 Speaker 2: Misterssange can now appeal his extradition to the US. Just 199 00:10:48,640 --> 00:10:51,520 Speaker 2: before we leave politics Australian Taurus, we'll be able to 200 00:10:51,640 --> 00:10:54,959 Speaker 2: start leaving New Caledonia after being given the green light 201 00:10:55,040 --> 00:10:56,120 Speaker 2: by French authorities. 202 00:10:57,080 --> 00:11:01,200 Speaker 1: There was plenty of confusion yesterday around whether Star Entertainment 203 00:11:01,280 --> 00:11:04,640 Speaker 1: did or did not receive an offer from Hard Rock 204 00:11:04,679 --> 00:11:08,439 Speaker 1: Hotels and Resorts, with the US based organization saying they 205 00:11:08,480 --> 00:11:10,760 Speaker 1: weren't actually aware of any discussions. 206 00:11:11,360 --> 00:11:14,240 Speaker 2: Yes, it sounds like a case of mistaken identity or 207 00:11:14,280 --> 00:11:18,199 Speaker 2: over enthusiastic reporters, or maybe Star didn't mind being associated 208 00:11:18,200 --> 00:11:21,520 Speaker 2: with a hard rock name. Overnight on Monday, Hard Rock 209 00:11:21,600 --> 00:11:25,880 Speaker 2: International denied it was linked to any proposal for Star 210 00:11:26,120 --> 00:11:28,840 Speaker 2: Entertainment and said it had not licensed its name to 211 00:11:28,880 --> 00:11:32,400 Speaker 2: any proposal and would consider taking legal action against anyone 212 00:11:32,480 --> 00:11:36,000 Speaker 2: using it in talks with Star. The US group said 213 00:11:36,000 --> 00:11:39,679 Speaker 2: they were investigating the matter. Then yesterday morning, Star told 214 00:11:39,679 --> 00:11:42,800 Speaker 2: the ASX that and I quote the company has received 215 00:11:42,840 --> 00:11:46,679 Speaker 2: inbound interest from a number of external parties regarding potential transactions, 216 00:11:46,720 --> 00:11:50,640 Speaker 2: including an incomplete and indicative proposal from a consortium of 217 00:11:50,640 --> 00:11:54,920 Speaker 2: investors which included the entity Hard Rock Hotels and Resorts Specific, 218 00:11:55,559 --> 00:12:00,320 Speaker 2: which is slightly different to hard Rock International. All that 219 00:12:00,520 --> 00:12:05,160 Speaker 2: confusion yesterday since Star's share priced down a touch and 220 00:12:05,240 --> 00:12:09,640 Speaker 2: I'm still not sure who's right and who's wrong, but 221 00:12:10,120 --> 00:12:12,920 Speaker 2: I suspect there's been some confusion over the names. 222 00:12:13,280 --> 00:12:16,880 Speaker 1: I'm still confused now that is. That's all quite extraordinary, 223 00:12:16,960 --> 00:12:18,000 Speaker 1: isn't it. 224 00:12:18,000 --> 00:12:22,000 Speaker 2: It's so what happened? The Financial Review reported that hard 225 00:12:22,120 --> 00:12:25,800 Speaker 2: Rock was interested, was part of a consortium and interested, 226 00:12:26,080 --> 00:12:28,400 Speaker 2: and I think everyone jumped to the conclusion that we 227 00:12:28,400 --> 00:12:32,320 Speaker 2: were talking about the famous hard Rock as in and 228 00:12:32,400 --> 00:12:36,320 Speaker 2: it's real. Its full name is hard Rock International, and 229 00:12:36,360 --> 00:12:39,800 Speaker 2: what the ax announcement from The Star yesterday said that 230 00:12:39,840 --> 00:12:43,160 Speaker 2: there was an entity called hard Rock Hotels and Resorts Specific. 231 00:12:44,280 --> 00:12:47,959 Speaker 2: Now I think about that is hard Rock International, though, 232 00:12:48,640 --> 00:12:54,120 Speaker 2: is very very careful of anyone using its name. So 233 00:12:55,840 --> 00:12:58,160 Speaker 2: to assume that hard Rock Hotels and Resources is a 234 00:12:58,160 --> 00:13:02,400 Speaker 2: subsidiary of hard Rock Internetational or hard Rocks International is 235 00:13:02,440 --> 00:13:05,720 Speaker 2: probably a fair assumption. But maybe it's not. 236 00:13:06,080 --> 00:13:08,320 Speaker 1: It keeps on giving, doesn't it? Sure on this one 237 00:13:08,440 --> 00:13:09,840 Speaker 1: just keeps ongoing. 238 00:13:09,679 --> 00:13:10,400 Speaker 2: Keeps on giving. 239 00:13:11,600 --> 00:13:15,079 Speaker 1: James Hardy's share price tumbled fifteen percent yesterday, The biggest 240 00:13:15,120 --> 00:13:17,400 Speaker 1: one day drop in more than a year after it 241 00:13:17,480 --> 00:13:19,200 Speaker 1: downgraded its profit forecast. 242 00:13:19,520 --> 00:13:23,040 Speaker 2: High house prices in Australia is curbing demand for the 243 00:13:23,200 --> 00:13:26,720 Speaker 2: group's products. Volumes in Australia are expected to forll about 244 00:13:26,720 --> 00:13:30,000 Speaker 2: five percent, but Chief executive Aaron Erta said it's not 245 00:13:30,120 --> 00:13:33,400 Speaker 2: just isolated to Australia. There are challenges across Hardy's global 246 00:13:33,400 --> 00:13:36,760 Speaker 2: operations now. The group, which sells wall cladding and plasterboard products, 247 00:13:36,960 --> 00:13:40,199 Speaker 2: makes about seventy percent of its profit in North America. 248 00:13:40,280 --> 00:13:42,320 Speaker 2: With the timing of interest rate cuts in the US 249 00:13:42,360 --> 00:13:45,720 Speaker 2: being pushed out, earnings will suffer. James Hardy was almost 250 00:13:45,760 --> 00:13:48,360 Speaker 2: bulletproof to hire interest rates last year because of its 251 00:13:48,360 --> 00:13:51,480 Speaker 2: position in the US housing sector. However, this year, with 252 00:13:51,640 --> 00:13:55,240 Speaker 2: road stable, its share price has actually trended down. Then 253 00:13:55,400 --> 00:13:57,880 Speaker 2: the big slump yesterday. About three billion dollars of its 254 00:13:57,880 --> 00:14:00,679 Speaker 2: market capitalization was wiped off yesterday. 255 00:14:00,720 --> 00:14:03,840 Speaker 1: And Sean It's official, at least in the atriable c's eyes, 256 00:14:03,920 --> 00:14:08,839 Speaker 1: Australia's domestic aviation sector has recovered from the COVID nineteen pandemic. 257 00:14:09,559 --> 00:14:11,800 Speaker 2: Travel was among the hardest tip by the pandemic. We 258 00:14:11,880 --> 00:14:14,400 Speaker 2: know that an airlines in particular since they couldn't fly 259 00:14:14,480 --> 00:14:18,199 Speaker 2: people around the competition. Watchdog's latest report on the airline industry, 260 00:14:18,240 --> 00:14:22,240 Speaker 2: released yesterday says the major airlines Jetstar, Quantus, Rex, Virgin 261 00:14:22,280 --> 00:14:26,720 Speaker 2: Australia and it included Bonza carried four point nine million 262 00:14:26,760 --> 00:14:29,480 Speaker 2: domestic passengers in March, which is ninety eight point eight 263 00:14:29,520 --> 00:14:32,440 Speaker 2: percent of the March twenty nineteen figure. It means that 264 00:14:32,480 --> 00:14:35,600 Speaker 2: we're back to normal. Airfas have fallen, and the able 265 00:14:35,680 --> 00:14:39,960 Speaker 2: C says it hopes that a more stable sector means 266 00:14:39,960 --> 00:14:43,160 Speaker 2: ongoing low affairs and in fact it suggests that airfares 267 00:14:43,240 --> 00:14:47,480 Speaker 2: might even have further to fall. Good news. Now, a 268 00:14:47,520 --> 00:14:51,080 Speaker 2: little caveat to this story, So we're talking about March numbers. 269 00:14:51,120 --> 00:14:53,560 Speaker 2: In actual fact, the February twenty twenty four number was 270 00:14:53,640 --> 00:14:55,640 Speaker 2: higher than the February twenty nineteen number, but it was 271 00:14:55,640 --> 00:14:57,920 Speaker 2: a bit of a one off. One of the factors 272 00:14:58,000 --> 00:15:02,240 Speaker 2: was Taylor Swift concerts other fair enough. The other factor, 273 00:15:02,440 --> 00:15:07,640 Speaker 2: which the HBLEC mentions, was a World Wrestling entertainment event 274 00:15:07,760 --> 00:15:11,120 Speaker 2: in Perth. Who would have thought that would have attracted 275 00:15:11,360 --> 00:15:12,560 Speaker 2: tissue It's crowd. 276 00:15:12,560 --> 00:15:13,720 Speaker 1: Enough to skew the numbers. 277 00:15:14,160 --> 00:15:18,480 Speaker 2: Yeah wow, wwe. 278 00:15:17,680 --> 00:15:20,240 Speaker 1: I didn't even realize it was on. Then again, I'm 279 00:15:20,280 --> 00:15:24,280 Speaker 1: not exactly a WWE fanatic, but isn't it funny that 280 00:15:24,280 --> 00:15:26,280 Speaker 1: that we're talking about the pandemic and the recovery of 281 00:15:26,320 --> 00:15:29,840 Speaker 1: the aviation sector during the time since the pandemic, there's 282 00:15:29,880 --> 00:15:34,080 Speaker 1: even been a full airline rise and fall during that time. 283 00:15:34,240 --> 00:15:36,840 Speaker 1: It isn't that extraordinary in terms of Bondso, as you mentioned, 284 00:15:36,920 --> 00:15:40,200 Speaker 1: it's extraordinary now, Shawn, turning to international news. We mentioned 285 00:15:40,240 --> 00:15:42,640 Speaker 1: this one earlier in the show. The International Criminal Court 286 00:15:42,680 --> 00:15:47,000 Speaker 1: has issued arrest warrants against senior Israeli and her mass officials, 287 00:15:47,040 --> 00:15:50,240 Speaker 1: including Prime Minister Benjamin Etnia, who over the conduct of 288 00:15:50,280 --> 00:15:51,200 Speaker 1: the war in Gaza. 289 00:15:51,760 --> 00:15:54,560 Speaker 2: The move marks a dramatic escalation of the legal fallout 290 00:15:54,560 --> 00:15:56,920 Speaker 2: from the war, and comes as Israel is under intense 291 00:15:57,000 --> 00:16:00,760 Speaker 2: international pressure over its seven month assault, which has killed 292 00:16:00,840 --> 00:16:04,480 Speaker 2: thirty five thousand people according to Palestinian officials, and left 293 00:16:04,520 --> 00:16:08,480 Speaker 2: the enclave in a humanitarian crisis. The Financial Times is 294 00:16:08,520 --> 00:16:12,040 Speaker 2: reporting that the ICC said it had reasonable grounds to 295 00:16:12,120 --> 00:16:17,080 Speaker 2: believe that Israeli and Hamas officials bore criminal responsibility. That 296 00:16:17,160 --> 00:16:21,320 Speaker 2: phrase is important for alleged war crimes and crimes against humanity. 297 00:16:21,560 --> 00:16:25,600 Speaker 2: In the case of the Hamas leaders. THEICC alleged they 298 00:16:25,600 --> 00:16:30,600 Speaker 2: had responsibility for crimes of extermination and murder, hostage taking, rape, 299 00:16:30,680 --> 00:16:34,240 Speaker 2: and other acts of sexual violence and torture committed by Hamas. 300 00:16:34,280 --> 00:16:37,400 Speaker 2: In the case of the Israeli officials, including mister Netanyahu, 301 00:16:38,000 --> 00:16:42,440 Speaker 2: the ICC cited alleged responsibility for using starvation of civilians 302 00:16:42,480 --> 00:16:45,680 Speaker 2: as the method of warfare after Israeli posed a siege 303 00:16:45,720 --> 00:16:47,560 Speaker 2: on Gaza in the early days of the war. 304 00:16:48,680 --> 00:16:53,080 Speaker 1: Finally, Sean Iran will hold presidential elections on June twenty eight, 305 00:16:53,480 --> 00:16:57,280 Speaker 1: the semi official Tasmum news agency reported, following the death 306 00:16:57,320 --> 00:17:00,840 Speaker 1: of Ebrahim Raisi in a helicopter crash over the weekskend. 307 00:17:01,200 --> 00:17:04,440 Speaker 2: The vice president Mohammed Makhbar will take on the role 308 00:17:04,560 --> 00:17:07,920 Speaker 2: of president in the meantime. Mister Raisi and eight others 309 00:17:08,000 --> 00:17:11,800 Speaker 2: were killed in northwestern Iran after their helicopter went down 310 00:17:11,840 --> 00:17:14,840 Speaker 2: in a mountainous area. The government blamed bad weather and 311 00:17:14,880 --> 00:17:18,879 Speaker 2: dense fog. Many Iranian analysts have said it's likely the 312 00:17:18,960 --> 00:17:22,879 Speaker 2: clerical establishment and Supreme leader i A Toalli Ali Kamani 313 00:17:23,320 --> 00:17:27,520 Speaker 2: will want a president similar to Raisi, an ultra conservative 314 00:17:27,520 --> 00:17:30,840 Speaker 2: cleric deeply distrusting of the US and Israel. In recent 315 00:17:30,880 --> 00:17:35,160 Speaker 2: elections of Guardian's Council, actingmat difficult for reformers to stand, 316 00:17:35,640 --> 00:17:38,720 Speaker 2: so people expect that we'll see another version of mister 317 00:17:38,800 --> 00:17:40,200 Speaker 2: Raisi in Iran. 318 00:17:41,119 --> 00:17:43,720 Speaker 1: All right, up next is the Fear and Greed Daily Interview. 319 00:17:43,760 --> 00:17:46,679 Speaker 1: You're talking today to Ingrid Kukuljan, head of Impact and 320 00:17:46,720 --> 00:17:49,360 Speaker 1: Sustainable Investing at Federated Hermes. 321 00:17:49,480 --> 00:17:52,400 Speaker 2: All about biodiversity and the role by a diversity will 322 00:17:52,440 --> 00:17:55,800 Speaker 2: play in investing in the future. It's a fascinating chat. 323 00:17:56,200 --> 00:17:57,840 Speaker 1: Yeah, it's sure is. It's coming up next to the 324 00:17:57,840 --> 00:18:00,359 Speaker 1: Fear and Greed playlist on your podcast platform or at 325 00:18:00,400 --> 00:18:02,680 Speaker 1: Fearangreed dot com dot au, where you can sign up 326 00:18:02,840 --> 00:18:05,520 Speaker 1: for our weekly newsletter out every Wednesday, So do it 327 00:18:05,560 --> 00:18:07,919 Speaker 1: now and don't forget to check out that episode of 328 00:18:07,920 --> 00:18:11,600 Speaker 1: How Do They Afford That, our weekly sister podcast all 329 00:18:11,640 --> 00:18:14,720 Speaker 1: about personal finance and investing, making your money work harder 330 00:18:14,760 --> 00:18:18,760 Speaker 1: for you. Special episode today featuring Roger Montgomery in the 331 00:18:18,800 --> 00:18:21,879 Speaker 1: studio sharing all of his tips and wisdom. Thank you 332 00:18:22,000 --> 00:18:25,679 Speaker 1: very much, Sean, Thank you, Michael. It's Wednesday, the twenty 333 00:18:25,760 --> 00:18:28,200 Speaker 1: second of May twenty twenty four. Make sure you're following 334 00:18:28,240 --> 00:18:31,760 Speaker 1: the podcast and please join us online on LinkedIn, Instagram, 335 00:18:31,920 --> 00:18:34,359 Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that was 336 00:18:34,359 --> 00:18:36,000 Speaker 1: fever and greed. Have a great day.