1 00:00:04,010 --> 00:00:08,039 Michael Thompson: It's Wednesday, the 22nd of September 2021. Welcome to the Fear 2 00:00:08,039 --> 00:00:10,750 Michael Thompson: and Greed Business Headlines, where we give you the top five 3 00:00:10,750 --> 00:00:13,490 Michael Thompson: business stories you need to know today in just five 4 00:00:13,490 --> 00:00:16,470 Michael Thompson: minutes. I'm Michael Thompson, and good morning, Sean Aylmer. 5 00:00:16,650 --> 00:00:17,410 Sean Aylmer: Morning, Michael. 6 00:00:17,820 --> 00:00:21,080 Michael Thompson: Five minutes for five stories. Let's get going. Number one, 7 00:00:21,150 --> 00:00:23,410 Michael Thompson: the protests in Melbourne yesterday. 8 00:00:23,560 --> 00:00:27,140 Sean Aylmer: Crazy. Flares, really ugly scene. It all started a couple 9 00:00:27,140 --> 00:00:29,550 Sean Aylmer: of weeks ago with a decision to only allow limited 10 00:00:29,550 --> 00:00:32,850 Sean Aylmer: numbers of workers on site. Then on Monday, there was 11 00:00:32,850 --> 00:00:36,350 Sean Aylmer: a violent protest outside the CFMEU headquarters. The march has 12 00:00:36,350 --> 00:00:38,870 Sean Aylmer: claimed that the union itself didn't do enough to stop 13 00:00:38,870 --> 00:00:42,100 Sean Aylmer: the mandating of vaccines on work sites that had come 14 00:00:42,100 --> 00:00:44,519 Sean Aylmer: in last week. Keep in mind that more than 400 15 00:00:44,520 --> 00:00:47,060 Sean Aylmer: cases in the state are linked to the construction industry. 16 00:00:47,390 --> 00:00:50,170 Sean Aylmer: Then on Monday night, Victorian Premier, Daniel Andrews, shut down 17 00:00:50,170 --> 00:00:52,750 Sean Aylmer: the sector, clearly he'd had enough. And yesterday, it was 18 00:00:52,750 --> 00:00:56,640 Sean Aylmer: a combination of construction workers and anti- vaxxers confronting the 19 00:00:56,640 --> 00:01:00,190 Sean Aylmer: police and closing down the city. Now, the ACTU came 20 00:01:00,190 --> 00:01:03,110 Sean Aylmer: out saying was the anti- vaxxers and far right- wing 21 00:01:03,110 --> 00:01:05,679 Sean Aylmer: groups who had hijacked the march. It just wasn't a 22 00:01:05,680 --> 00:01:07,709 Sean Aylmer: good look for anyone, and particularly not for the union 23 00:01:07,709 --> 00:01:10,580 Sean Aylmer: movement. In contrast to all this, the New South Wales 24 00:01:10,580 --> 00:01:14,050 Sean Aylmer: government yesterday said it was about to lift its 50% 25 00:01:14,050 --> 00:01:17,520 Sean Aylmer: limit on construction sites in Greater Sydney. So that means 26 00:01:17,520 --> 00:01:20,740 Sean Aylmer: if you work in construction and you're vaccinated, you can 27 00:01:20,740 --> 00:01:23,709 Sean Aylmer: go back to work pretty much as normal from next Monday. 28 00:01:23,900 --> 00:01:26,800 Michael Thompson: Big employer, very important sector because of the flow on 29 00:01:26,800 --> 00:01:28,759 Michael Thompson: spending. Let's just hope we don't see a repeat of 30 00:01:28,760 --> 00:01:33,259 Michael Thompson: yesterday today in Melbourne. Now story number two, got some 31 00:01:33,260 --> 00:01:35,800 Michael Thompson: COVID news and as well, a bit of good news 32 00:01:35,800 --> 00:01:36,740 Michael Thompson: on vaccinations. 33 00:01:37,060 --> 00:01:39,450 Sean Aylmer: That's right, particularly if you're in New South Wales. That 34 00:01:39,450 --> 00:01:43,300 Sean Aylmer: state is on track to hit 70% full vaccination on 35 00:01:43,300 --> 00:01:46,220 Sean Aylmer: October 9, which would mean some reopening of the state. 36 00:01:46,440 --> 00:01:49,640 Sean Aylmer: That first stage from the 11th of October. Yesterday, New 37 00:01:49,640 --> 00:01:54,750 Sean Aylmer: South Wales recorded 1022 cases, and unfortunately 10 deaths. Local 38 00:01:54,750 --> 00:01:56,460 Sean Aylmer: government areas in the north of the state went into 39 00:01:56,460 --> 00:01:58,550 Sean Aylmer: lockdown. There are a bunch of areas near the Queensland 40 00:01:58,550 --> 00:02:01,190 Sean Aylmer: border. In the other news in New South Wales is that 41 00:02:01,310 --> 00:02:04,100 Sean Aylmer: the government will allow three children to gather in a 42 00:02:04,100 --> 00:02:06,080 Sean Aylmer: home. This comes in the middle of the school holidays, 43 00:02:06,080 --> 00:02:10,029 Sean Aylmer: lots of happy parents about that one. Victoria recorded 603 44 00:02:10,030 --> 00:02:14,010 Sean Aylmer: cases yesterday and the ACT recorded 16 new cases. 45 00:02:14,340 --> 00:02:16,410 Michael Thompson: Yeah. My favourite part of the story is the fact 46 00:02:16,410 --> 00:02:20,410 Michael Thompson: that the U.S. Food and Drug Administration has approved the 47 00:02:20,410 --> 00:02:23,660 Michael Thompson: Pfizer vaccine for five to 11 year olds, and I 48 00:02:23,660 --> 00:02:26,760 Michael Thompson: noticed that a health minister Greg Hunt here in Australia 49 00:02:26,760 --> 00:02:29,340 Michael Thompson: is now urging Pfizer to seek approval for the same 50 00:02:29,340 --> 00:02:32,510 Michael Thompson: thing here. So, fingers crossed that comes pretty soon. Now 51 00:02:32,510 --> 00:02:36,060 Michael Thompson: story number three, the boss of ANZ, Shane Elliott, had 52 00:02:36,060 --> 00:02:39,250 Michael Thompson: a bit to say about the preparedness of small businesses 53 00:02:39,250 --> 00:02:41,360 Michael Thompson: when it comes to cyber security. 54 00:02:41,580 --> 00:02:44,829 Sean Aylmer: He called it a massive issue, and said small and medium- 55 00:02:44,830 --> 00:02:48,429 Sean Aylmer: sized businesses were at a higher risk than ever before. 56 00:02:48,430 --> 00:02:53,050 Sean Aylmer: In fact, he said SME's preparedness was woeful. Now phishing 57 00:02:53,120 --> 00:02:55,870 Sean Aylmer: is still the main concern. Phishing's where you open an 58 00:02:55,870 --> 00:02:58,820 Sean Aylmer: email you shouldn't, and you infect your computer and often 59 00:02:58,880 --> 00:03:03,710 Sean Aylmer: your work's systems. 90% of cyber attacks still occur because 60 00:03:03,889 --> 00:03:06,669 Sean Aylmer: people open emails that they shouldn't. The other big one 61 00:03:06,669 --> 00:03:09,329 Sean Aylmer: that's coming to the fore a bit more is ransomware. 62 00:03:10,020 --> 00:03:13,750 Sean Aylmer: We've already seen Nine Entertainment, JBS Meats, Toll Holdings, all 63 00:03:13,750 --> 00:03:17,190 Sean Aylmer: over the last 12 months, get hit by ransomware whereby 64 00:03:17,190 --> 00:03:21,650 Sean Aylmer: hackers demand a ransom to unlock systems. It's a real problem for 65 00:03:21,650 --> 00:03:24,799 Sean Aylmer: the industry, and as Shane Elliott from ANZ said, it's an 66 00:03:24,800 --> 00:03:27,380 Sean Aylmer: increasingly big problem for smaller businesses. 67 00:03:27,580 --> 00:03:32,070 Michael Thompson: Now a fourth story for today. Big corporate takeover this week, 68 00:03:32,200 --> 00:03:36,810 Michael Thompson: Canada's Brookfield Asset Management bidding $9.6 billion for energy group 69 00:03:36,880 --> 00:03:40,660 Michael Thompson: AusNet Services, but there's been a bit of drama. Very exciting. 70 00:03:40,660 --> 00:03:42,470 Michael Thompson: An Australian company has made a counterbid. 71 00:03:42,750 --> 00:03:46,860 Sean Aylmer: That's right. The pipeline company APA Group has come over 72 00:03:46,860 --> 00:03:51,780 Sean Aylmer: the top with a $9.9 billion bid. We're talking big money 73 00:03:51,780 --> 00:03:54,510 Sean Aylmer: for infrastructure assets around the country at the moment. Now 74 00:03:54,510 --> 00:03:58,220 Sean Aylmer: the Canadian group Brookfield has been granted exclusive due diligence 75 00:03:58,220 --> 00:04:00,940 Sean Aylmer: on AusNet for the next eight weeks, but it will 76 00:04:00,940 --> 00:04:03,960 Sean Aylmer: be impossible for the board to ignore the higher bid 77 00:04:04,160 --> 00:04:07,830 Sean Aylmer: that came in from APA. APA's share price ended there 78 00:04:07,830 --> 00:04:12,320 Sean Aylmer: nearly 5% as a result of its offer, but AusNet Services, 79 00:04:12,390 --> 00:04:16,950 Sean Aylmer: its share price jumped 20% on Monday and then 10% yesterday. 80 00:04:17,200 --> 00:04:19,640 Sean Aylmer: There is nothing like a bit of price tension to 81 00:04:19,640 --> 00:04:22,770 Sean Aylmer: up a share price, and my, aren't those shareholders happy. 82 00:04:22,860 --> 00:04:26,000 Michael Thompson: Yeah, certainly are. Now we're talking big money there, but 83 00:04:26,000 --> 00:04:29,830 Michael Thompson: our fifth story has the potential to dwarf all of 84 00:04:29,830 --> 00:04:34,570 Michael Thompson: them. The biggest global story at the moment is Evergrande. 85 00:04:34,620 --> 00:04:35,410 Michael Thompson: Tell me about that one. 86 00:04:35,900 --> 00:04:40,470 Sean Aylmer: Fundamentally, the reason financial markets at the moment, as we speak, 87 00:04:40,760 --> 00:04:44,140 Sean Aylmer: are so nervous is because they fear that Evergrande, the 88 00:04:44,140 --> 00:04:49,880 Sean Aylmer: Chinese property giant with $US300 billion in liabilities, could collapse tomorrow. 89 00:04:50,610 --> 00:04:53,160 Sean Aylmer: Evergrande is due to pay bond holders tomorrow and it 90 00:04:53,160 --> 00:04:56,029 Sean Aylmer: might default, which would pretty much trigger a collapse in 91 00:04:56,029 --> 00:04:58,979 Sean Aylmer: the Chinese real estate market. Now that's not just bad 92 00:04:58,980 --> 00:05:02,790 Sean Aylmer: for China, that's dreadful for the global economy, and it 93 00:05:02,790 --> 00:05:05,849 Sean Aylmer: really does explain why there's so much nervousness around at 94 00:05:05,850 --> 00:05:06,279 Sean Aylmer: the moment. 95 00:05:06,380 --> 00:05:07,529 Michael Thompson: Thank you very much, Sean. 96 00:05:07,650 --> 00:05:08,760 Sean Aylmer: Thank you very much, Michael. 97 00:05:08,839 --> 00:05:11,520 Michael Thompson: There we go. Five stories in five minutes. It's Wednesday, 98 00:05:11,520 --> 00:05:14,510 Michael Thompson: the 22nd of September. Make sure you follow Fear and 99 00:05:14,510 --> 00:05:17,230 Michael Thompson: Greed on LinkedIn, Twitter, and Facebook. And if you're after 100 00:05:17,230 --> 00:05:19,170 Michael Thompson: any more information or you'd like something a little bit 101 00:05:19,170 --> 00:05:22,339 Michael Thompson: longer than five minutes, check out our longer podcast, funnily 102 00:05:22,339 --> 00:05:25,560 Michael Thompson: enough, also called Fear and Greed. I'm Michael Thompson, and 103 00:05:25,560 --> 00:05:27,730 Michael Thompson: that was the fear and great business headlines. Have a 104 00:05:27,730 --> 00:05:28,210 Michael Thompson: great day.