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Speaker 1: Today on Fear and Greed. The employment market shows some

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Speaker 1: signs of cooling, but rate cuts are still months away.

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Speaker 1: An Australian Minors CEO detained in Mali faces a two

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Speaker 1: hundred and fifty million dollar payment for his release, and

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Speaker 1: Donald Trump's appointments to his administration get even more bizarre.

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Speaker 1: Plus the latest on the Prime Minister's visit to Peru

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Speaker 1: and all the market news. Welcome to Fear and Greed,

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Speaker 1: daily business news for people who make their own decisions.

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Speaker 1: It is Friday, the fifteenth of November twenty twenty four.

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Speaker 1: Are Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, welcome back. Enjoy your holiday.

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Speaker 1: It was fantastic. Straight back into it now though, Sean,

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Speaker 1: and I'm very much good looking forward to today's show

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Speaker 1: because we've got plenty coming up. As I just mentioned

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Speaker 1: the main story, the employment market showed signs of slowing

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Speaker 1: last month, just as the Reserve Bank Governor Michelle Bullock

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Speaker 1: warned the jobs market remained tight. We've heard that a

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Speaker 1: few times, haven't we preventing the Central Bank from cutting right?

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Speaker 2: That's right. The Australian Bureau Statistics figures show that the

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Speaker 2: unemployment rate came in at four point one percent in October.

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Speaker 2: That's the third straight month of four point one percent.

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Speaker 2: Fifteen nine hundred people found work an extra eighty three

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Speaker 2: hundred became unemployed. Now that fifteen thy nine hundred was

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Speaker 2: actually a little lower than expected and it ends a

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Speaker 2: run of six months of really strong figures. The participation

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Speaker 2: rates still high at sixty seven point one percent. That's

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Speaker 2: the people looking for work or in a job. The

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Speaker 2: numbers came after Michelle Bullock was speaking at an ASSE conference.

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Speaker 2: What she said was that through the Reserve Bank survey,

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Speaker 2: through its liaison program, what they're hearing is that labor

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Speaker 2: market is still tight and businesses are finding it hard

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Speaker 2: to get staff. She said that strength in the jobs

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Speaker 2: market probably reflects population growth in strength in demand, as

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Speaker 2: in economic growth, strength in demand, and it's why Australia

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Speaker 2: hasn't started a rate cutting cycle, notwithstanding plenty of others have.

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Speaker 2: So you think the United States, United Kingdom, Canada and

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Speaker 2: New Zealand, Europe, they've all started cutting rates. But shel

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Speaker 2: Bullet made it very clear yesterday fears that the labor

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Speaker 2: market is still too tight. It's a key real that

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Speaker 2: there's key reasons why she hasn't started cutting rates yet.

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Speaker 1: What's your take on this, though, Sean? Do the October figures,

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Speaker 1: the labor force figures push the argument the rates should

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Speaker 1: fall early next year.

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Speaker 2: Oh, Michael, you let me give you one of my

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Speaker 2: favorite phrases ever. You know, one swallow does not make

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Speaker 2: a spring. One number does not make a trend.

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Speaker 1: Can't we just make it a trend? Please, Sean.

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Speaker 2: So, we've had like six months of fifty sixty thousand

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Speaker 2: new jobs, one month of sixteen thousand. The little under

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Speaker 2: sixteen thousand too early to say, what's interesting? So you

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Speaker 2: need about thirty nine thousand jobs each month to stop

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Speaker 2: the unemployment rate from rising. Based on the current level

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Speaker 2: of immigration. Last month we had about ten thousand or

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Speaker 2: nine thousand, seven hundred full time workers sixty two hundred

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Speaker 2: part time workers. I mean, that's obviously no, we need

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Speaker 2: thirty nine thousand. If that keeps happening, you are going

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Speaker 2: to get the unemployment rate rising. We're really seeing a

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Speaker 2: split in the market. The private sector is definitely pulling back,

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Speaker 2: not the public sector. Seventy percent of jobs growth over

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Speaker 2: the past year has been in the non market sector,

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Speaker 2: stuff like education, health, public service. We saw that earlier

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Speaker 2: in the week when we saw that wage cost index.

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Speaker 2: Private sector came in at three and a half percent,

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Speaker 2: public sector came in at three point seven percent. All

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Speaker 2: in all, it's still a healthy labor market. And if

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Speaker 2: you compare it to kind of pre COVID, So March

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Speaker 2: twenty twenty, that's really when COVID started kicking off, the

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Speaker 2: unemployment rate was five point two percent. That's a lot

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Speaker 2: higher than four point one percent. It hit a low

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Speaker 2: in June last year is three point five percent, so

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Speaker 2: it's creeping up, but it is still relatively low. What's

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Speaker 2: all that mean for rates? Well, National Australia Bank became

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Speaker 2: the first of the big four banks yesterday to come

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Speaker 2: and push out its forecast to May next year. All

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Speaker 2: the other three at February. NAB was at February, but

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Speaker 2: on the back of these sorts of numbers, they've pushed

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Speaker 2: it out to May. So bottom line, don't think we're

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Speaker 2: going to get a rate cut anytime soon.

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Speaker 1: So you really don't have any good news for me.

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Speaker 2: Do you? No?

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Speaker 1: No, welcome back, thanks Sean. Great to be back now.

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Speaker 1: This next story, this is quite incredible, isn't it. And

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Speaker 1: I know it's been going on for a little bit,

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Speaker 1: but these latest developments. The government of Mali is demanding

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Speaker 1: one hundred and sixty million US dollars are about what's app.

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Speaker 1: Two hundred and fifty million Aussie from gold group Resolute Mining,

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Speaker 1: as it continues to detain the company's CEO. This is

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Speaker 1: just extraordinary.

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Speaker 2: Bloomberg is reporting that the Malian government wants the money

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Speaker 2: to resolve a tax dispute. Resolutes share prices were suspended yesterday,

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Speaker 2: but they're down forty percent since CEO Terry Hollahan and

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Speaker 2: two colleagues were detained last week. The news came out

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Speaker 2: over the weekend. The Marley government is saying that Resolute

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Speaker 2: should pay the money to settle the dispute over alleged

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Speaker 2: back taxes following a sector wide audit. Now mister Hollahan

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Speaker 2: had gone over to discuss this particular issue. The Bloomberg

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Speaker 2: reports says the parties are talking about discussing paying half

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Speaker 2: that two ndred and fifty million Aussie now and half later.

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Speaker 2: Don't know where this one lands, but it certainly demonstrates

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Speaker 2: sovereign risk involved in investing in some of these countries,

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Speaker 2: and we certainly hope, mister holohand is okay.

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Speaker 1: Yeah, indeed just quickly sean. A rally in technology and

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Speaker 1: bank shares pushed the Australians share market high yesterday.

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Speaker 2: Yes, it ended up about point three percent bit of

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Speaker 2: a holding pattern. At the moment. Tech stock's doing pretty well,

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Speaker 2: miners doing poorly, design all prices for and the bank

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Speaker 2: stock's doing a bit of both. Gold miners continue to

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Speaker 2: slide on the back of a drop in the price

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Speaker 2: of the precious metal. West African Resources from Melius Resources

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Speaker 2: Northern Star were all down Sharpee. Yesterday a Goodman Group

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Speaker 2: it had its AGM, suffered a thirty four percent first

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Speaker 2: strike against its remuneration report. It's fifth since twenty sixteen.

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Speaker 1: And while we're on the topic of markets, immediately after

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Speaker 1: the show, we've got an interview coming up with Michael

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Speaker 1: McCarthy from Moomoo.

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Speaker 2: Yes, we sure I do. It's all about well instant

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Speaker 2: earnings data. So when a company reports, what's the information

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Speaker 2: that you need to look at really quickly to make

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Speaker 2: an investment decision. It's a really really good chat. Michael

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Speaker 2: just knows the market so well. The fact that MUMU

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Speaker 2: has so much data at hand that's kind of about

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Speaker 2: what data you're looking for and earnings are being reported.

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Speaker 1: Yeah, it's a great conversation. It's really education more than anything,

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Speaker 1: an investor education series with Moumou which a great supporters

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Speaker 1: of fear and greed. Sean, We've got a lot still

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Speaker 1: to cover. We'll be back in a moment with the

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Speaker 1: rest of the day's business news, Sean. The CEO superfund

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Speaker 1: SEBUS has apologized to members after the corporate watchdog launched

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Speaker 1: actions against the ninety billion dollar plus fund over alleged

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Speaker 1: customer service failings involving grieving families and disabled people.

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Speaker 2: So the story's been running for a few days. The

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Speaker 2: allegation is that the fund delayed paying up to twenty

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Speaker 2: million dollars in death and disability payments. If the claim

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Speaker 2: from ASCIC in court is found true, then Sebus could

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Speaker 2: face fines of between thirty three million dollars and forty

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Speaker 2: nine million dollars. The question there is where does the

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Speaker 2: money come from to pay those fines? Is that coming

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Speaker 2: from members? Funds CEO Christian Fock yesterday told a Senate

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Speaker 2: inquiry he wouldn't speculate on where the money would come from,

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Speaker 2: though he did apologize for the fund's failure to look

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Speaker 2: after customers making death benefit or disability insurance claims. Mister

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Speaker 2: Fox also defended payments SeaBus made to the CFMEU. He

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Speaker 2: said he provided those payments provided incredible value, most of

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Speaker 2: the money when on partnership programs, that stuff like informing

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Speaker 2: CEFMU members about the right insurance. That's an industry which

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Speaker 2: has got a lot of dangerous jobs. Do you have

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Speaker 2: the right insurance for that job? That type of stuff

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Speaker 2: uncovering unpaid super But SeaBus is certain well it's under

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Speaker 2: fire for that, but it's mostly under fire because of

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Speaker 2: this allegation from ask about the twenty million dollars.

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Speaker 1: Politicians from both sides of the aisle are lining up

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Speaker 1: to support Kevin Rudd as Australia's ambassador to the United States.

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Speaker 2: Yes, same Kevin Rudd once was a Prime minister. Also

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Speaker 2: called Donald Trump a village idiot, called them a traitor

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Speaker 2: to the West. That's a fella. Yesterday, Help Minister Mike

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Speaker 2: Butler said he's a high color representative who works well

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Speaker 2: with both sides of politics. Now this is blown up

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Speaker 2: in the last couple of days. One of Donald Trump's

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Speaker 2: advisors dont Scavino posted an hour glass with the sand

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Speaker 2: running out next to a statement from mister Rud congratulating

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Speaker 2: the President elect. To Scavino has also just been nominated

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Speaker 2: as Donald Trump's deputy chief of staff. Doesn't look too

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Speaker 2: good for Kevin Rudd. A bunch of people have come

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Speaker 2: out and supported him, a bunch of coalition illuminaries as well.

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Speaker 2: Peter Dunton. Well, Peter dunt equivocated a little bit yesterday,

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Speaker 2: but generally he's supported Kevin run in that role. Malcolm

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Speaker 2: Turnbull has, Taney Abbott has, But I just think that

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Speaker 2: Donald Trump is a long memory.

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Speaker 1: It also just feels like this is a sign of

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Speaker 1: the colorful way that things will be done for the

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Speaker 1: next four years. The fact that the message is sent

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Speaker 1: essentially with an hour glass picture. Yeah, it's so true,

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Speaker 1: Okay now. Prime Minister Anthony Alberanezi arrived in Lima yesterday

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Speaker 1: ahead of the APEC and G twenty summits, saying as

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Speaker 1: much as seventy four percent of Australia's trade is with

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Speaker 1: APEC countries.

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Speaker 2: Yes. When asked about Donald Trump's policies or potential policies,

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Speaker 2: he said Australia will always support free and fair trade.

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Speaker 2: He said one in four jobs in Australia are trade depended.

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Speaker 2: That's his focus. The talks this week will also include

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Speaker 2: climate change and the transition to renewable energy.

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Speaker 1: Australia shifted its vote in the United Nations to recognize

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Speaker 1: the permanent sovereignty of Palestinians over the occupied territories, potentially

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Speaker 1: triggering a flash point with the Trump administration in the US.

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Speaker 2: This whole concept of recognizing the permanent sovereignty of Palestinians

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Speaker 2: over the occupied territories is something that we've generally abstained from.

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Speaker 2: I mean, it's been asked for the last twelve or

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Speaker 2: thirteen years, we've always abstained. Yesterday morning, we switched our

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Speaker 2: vote to a yes. That's significant. It comes as the

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Speaker 2: incoming US administration is likely to increase its support for Israel,

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Speaker 2: so we're going against the tide on that one. Now,

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Speaker 2: Donald Trump's pick for the US ambassador to Israel is

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Speaker 2: a guy called Mike Huckabee. He's a hard line supporter

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Speaker 2: of the Jewish state who has long rejected calls for

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Speaker 2: a Palestinian state.

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Speaker 1: Okay, back home again. Now, Chemical and explosives maker Aurica

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Speaker 1: has posted a jump in fully air profit, helped by

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Speaker 1: higher demand for its digital products and it's new blasting technology.

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Speaker 2: The world's biggest manufacturer of commercial explosives, has a really

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Speaker 2: cool history. It's one hundred and fifty years old. Next

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Speaker 2: year it actually begins supplying explosives to the Victorian goldfields.

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Speaker 2: Great ever since yesterday in a now stay seventy seven

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Speaker 2: percent jump in net profit those share price did for

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Speaker 2: I saw your face when you said digital. I actually was, like,

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Speaker 2: always think of as a blasting company. What's digital? Well,

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Speaker 2: it's got this thing called blast Iq Underground, which is

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Speaker 2: a digitized system that Urica reckons will provides greater control

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Speaker 2: over mining explosions underground. The other one, though, which is

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Speaker 2: kind of cool, it's high definition cameras, like radar, scanners, lasers.

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Speaker 2: They all track wall movements, the signs of any movement

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Speaker 2: or rock falls or potentially collapses. That's pretty cool. The

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Speaker 2: company's targeting a fifty to fifty split between its blasting

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Speaker 2: business and non blasting business like that tech stuff, and

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Speaker 2: it seems to be on the way to achieving that.

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Speaker 1: That is really interesting, really interesting. All of your stories

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Speaker 1: are interesting, Sean, but that one's just got something a

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Speaker 1: little bit unexpected in it, hasn't it?

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Speaker 2: Yeah, And I'd never really thought about it, but of

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Speaker 2: course it makes a lot of sense to use technology

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Speaker 2: to make sure there's no shifting. That's cool.

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Speaker 1: What a history to go from one hundred and forty

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Speaker 1: nine years ago, kind of starting out supplying explosives to

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Speaker 1: the Victorian gold fields, to now one and a half

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Speaker 1: centuries later we are talking about this company and the

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Speaker 1: digital technology that's now using. I just I find that

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Speaker 1: really really fascinating, very cool. Now, Accounting Software Group zero

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Speaker 1: has recorded a seventy six percent jump in net profit

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Speaker 1: for the half year to the end of September. Chief

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Speaker 1: executives the Kinder Singh Cassidy called it a solid performance,

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Speaker 1: including strong revenue growth. It's share price jumped six percent yesterday.

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Speaker 1: Another to report was Grain Corp Its net profit for

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Speaker 1: twelve months to the end of September with sixty two

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Speaker 1: million dollars. That's down from two hundred and fifty million dollars.

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Speaker 2: A year early. A year earlier. The company blamed a

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Speaker 2: variability of Australian crops. No earnings guidance was given. The

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Speaker 2: share price at one point yesterday was down four percent

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Speaker 2: on the back of that staying in that same sector

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Speaker 2: farm chemical supply. New Farm booked in at loss of

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Speaker 2: six million dollars due to lower selling prices, lower profit margins.

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Speaker 2: Many parts of the business much better than expected, though

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Speaker 2: share price jumped seven percent.

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Speaker 1: Now, Sean ray Hadley, the morning radio King of Sydney,

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Speaker 1: has lost his first ratings period in twenty years.

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Speaker 2: Now.

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Speaker 1: This is a story that is very close to my

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Speaker 1: heart because I spent quite a long time working on

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Speaker 1: Ray's show, and that twenty years is a very, very

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Speaker 1: very long time to be at number one when you

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Speaker 1: think that there are eight radio survey periods every year.

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Speaker 1: So he has been number one for one one hundred

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Speaker 1: and sixty consecutive surveys. It's pretty spectacular run.

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Speaker 2: It is totally spectacular. He was very gracious yesterday came

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Speaker 2: in third behind WSFM and Smooth FM in Sydney. He said,

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Speaker 2: I'm gracious when I win, and I'm going to be

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Speaker 2: gracious when I don't win, and so congratulations to WSM.

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Speaker 2: Seventy year old last week said he'd step down from

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Speaker 2: his show. It's from nine am till twelve pm Monday

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Speaker 2: to Friday on two GB in Sydney. As you say,

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Speaker 2: highest rated for twenty years. The other interesting thing out

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Speaker 2: of the ratings news yesterday the high profile Sidney pair

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Speaker 2: Carl Sanderlans and Jackie Oh Jackie Henderson. They've moved to Melbourne.

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Speaker 2: Their share fell slightly, is there one point one percent

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Speaker 2: to five point one percent In Sydney they rate about

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Speaker 2: thirteen percent, but they're just struggling to make headway in

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Speaker 2: their first year in Melbourne.

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Speaker 1: Turning to International News now, and these surprising appointments from

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Speaker 1: Donald Trump continue with a somewhat controversial appointment as Attorney General.

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Speaker 2: Sean Yes, Matt Gates is the gentleman's name Attorney General.

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Speaker 2: What's at the top law enforcement job. Very strong ally

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Speaker 2: of Donald Trump. He was actually investigated for sex trafficking,

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Speaker 2: but not criminally charged. He's also investigated for illegal drug

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Speaker 2: use and accepting in public gifts. He will now be

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Speaker 2: Attorney General if he can get through the nomination process,

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Speaker 2: which is probably big question. Mark Tulsey Gabbard of Hawaii.

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Speaker 2: She'll be the Director of National Intelligence. Has no experience

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Speaker 2: in intelligence. We spoke yesterday about Pete Hegseth. He's the

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Speaker 2: Fox News Weekend co host. An Comman we're calling him yesterday, Michael,

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Speaker 2: to lead the Pentagon. All of these guys have to

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Speaker 2: get through Congress. The fight will be fierce, not just

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Speaker 2: from the Democrats, but there's a bunch of Republicans as well,

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Speaker 2: just saying how surprised they were that Matt Gates actually

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Speaker 2: was nominated as Attorney General yesterday.

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Speaker 1: The US inflation rate rose to two point six percent

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Speaker 1: in October, while the core CPI came in at three

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Speaker 1: point three percent, suggesting sewn that inflation is yet to

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Speaker 1: be fully tamed in the US, and I think so.

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Speaker 2: Monthly core prizes were up zero point three percent for

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Speaker 2: the third month in a row, little too high to

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Speaker 2: be comfortable. The US Fed meets once more before the

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Speaker 2: new administration comes in, the market has priced in an

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Speaker 2: eighty percent chance of a rate cut. Otherwise, in global markets,

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Speaker 2: copper is back training around March levels really come off

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Speaker 2: the boil copper, of course, that is seen as a

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Speaker 2: benchmark for global growth. Gold slow to client continues, and

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Speaker 2: the Aussie dollar has slipped to just above sixty four

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Speaker 2: point four US since okay.

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Speaker 1: Up next is the Fear and Greed Daily Interview with

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Speaker 1: Michael McCarthy from Mumu, and keep an eye on your

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Speaker 1: playlist as well for midday today when the next episode

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Speaker 1: of Ask Fear and Greed drops where we answer listener questions,

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Speaker 1: and just a little heads up to tune into tomorrow's

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Speaker 1: weekend edition because we are changing things up just as

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Speaker 1: a one off because I've been away. I'm going to

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Speaker 1: be the judge.

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Speaker 2: And I'm nice.

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Speaker 1: I won't be nice, no, that's the problem. I think

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Speaker 1: I'm going to be absolutely savage. So there is a

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Speaker 1: lot of good listening coming up, not just today but

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Speaker 1: across the weekend as well. Thank you very much, Sean,

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Speaker 1: Thank you very much.

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Speaker 2: Michael.

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Speaker 1: It is Friday, the fifteenth of November twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson

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Speaker 1: and that was Fear and Greed. Have a great day.