1 00:00:06,280 --> 00:00:09,440 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,840 --> 00:00:12,280 Speaker 1: Businesses are set to get here with a bunch of 3 00:00:12,320 --> 00:00:15,880 Speaker 1: fee hikes from tomorrow, while employees can also expect changes 4 00:00:15,880 --> 00:00:19,920 Speaker 1: in their pay packets, rate cut hopes supercharge the housing market, 5 00:00:20,200 --> 00:00:23,400 Speaker 1: and James Hardy is shifting to the US. Plus Donald 6 00:00:23,440 --> 00:00:26,960 Speaker 1: Trump's big, beautiful tax bill takes a big step closer 7 00:00:26,960 --> 00:00:31,320 Speaker 1: to reality and Warren Buffett gives away nine billion dollars. 8 00:00:31,360 --> 00:00:34,400 Speaker 1: It is Monday, the thirtieth of June twenty twenty five. 9 00:00:34,720 --> 00:00:37,080 Speaker 1: I'm Michael Thompson and good morning Adam Lang. 10 00:00:37,280 --> 00:00:40,480 Speaker 2: Good morning, Michael. What a great end to the financial year. 11 00:00:40,800 --> 00:00:43,640 Speaker 1: That's very exciting. A great newsletter to kick off the 12 00:00:43,760 --> 00:00:45,560 Speaker 1: end of the financial year as well as a big 13 00:00:45,600 --> 00:00:47,480 Speaker 1: one today. Plenty of stuff in it. If you haven't 14 00:00:47,479 --> 00:00:49,839 Speaker 1: signed up already, head along to Fearandgreed dot com dot 15 00:00:49,840 --> 00:00:51,880 Speaker 1: au or check out the link in today's show notes 16 00:00:52,200 --> 00:00:55,200 Speaker 1: basically in your inbox every morning by six am, and 17 00:00:55,240 --> 00:00:57,040 Speaker 1: it is a quick cheat sheet to help you get 18 00:00:57,040 --> 00:01:00,400 Speaker 1: ahead for the start of the day. Let's get on 19 00:01:00,480 --> 00:01:03,320 Speaker 1: with the show, though, Adam. The main story this morning, 20 00:01:03,880 --> 00:01:06,760 Speaker 1: business is getting ready to for a whole bunch of 21 00:01:06,800 --> 00:01:09,880 Speaker 1: fee hikes from tomorrow one July, and employees can also 22 00:01:09,920 --> 00:01:12,520 Speaker 1: expect changes to their pay packets. Obviously, as the new 23 00:01:12,560 --> 00:01:17,240 Speaker 1: financial year kicks in, some big changes that basically every 24 00:01:17,319 --> 00:01:20,600 Speaker 1: business needs to be aware of. The first is an 25 00:01:20,640 --> 00:01:23,679 Speaker 1: increase in the national minimum wage. A three point five 26 00:01:23,720 --> 00:01:28,360 Speaker 1: percent increase takes effect, meaning the new national minimum wage 27 00:01:28,760 --> 00:01:31,479 Speaker 1: is twenty four dollars and ninety five cents per hour 28 00:01:31,600 --> 00:01:33,160 Speaker 1: or nine hundred and forty eight dollars a. 29 00:01:33,080 --> 00:01:35,840 Speaker 2: Week and Michael. The second one is a rise in 30 00:01:35,880 --> 00:01:39,520 Speaker 2: the superannuation guarantee rate from eleven point five percent up 31 00:01:39,560 --> 00:01:42,679 Speaker 2: to twelve percent. Whether that comes as a wage increase, 32 00:01:42,760 --> 00:01:45,640 Speaker 2: as in your employer increases you super without your noticing 33 00:01:45,680 --> 00:01:48,440 Speaker 2: any difference in your pay packet, or as a reduction 34 00:01:48,520 --> 00:01:51,200 Speaker 2: in your take home pay, well, that's up to your employer. 35 00:01:51,560 --> 00:01:54,520 Speaker 2: Another big change from tomorrow is that the Australian Taxation 36 00:01:54,560 --> 00:01:58,440 Speaker 2: Office will pay superannuation on government funded parental leave pay. 37 00:01:58,880 --> 00:02:01,240 Speaker 2: That's part of a big bush to close the gender 38 00:02:01,240 --> 00:02:02,360 Speaker 2: gap in superannuation. 39 00:02:02,840 --> 00:02:05,480 Speaker 1: Yeah, it's a very exciting move that one now, Adam. 40 00:02:05,720 --> 00:02:08,720 Speaker 1: There's also some higher fees kicking in from tomorrow, as 41 00:02:08,760 --> 00:02:12,000 Speaker 1: well as changes around electricity bills and tax deductions at 42 00:02:12,040 --> 00:02:16,040 Speaker 1: the cost of registering or renewing a business name increases. 43 00:02:16,480 --> 00:02:21,480 Speaker 1: ACIC will also increase company registration and annual review fees. 44 00:02:21,520 --> 00:02:24,400 Speaker 1: I'm trying to sound excited about that one. 45 00:02:24,840 --> 00:02:27,200 Speaker 2: Well there's another one, Michael, which could be costly for 46 00:02:27,240 --> 00:02:30,520 Speaker 2: small businesses is that they no longer claim a tax 47 00:02:30,560 --> 00:02:34,920 Speaker 2: deduction for any ato interest incurred after tomorrow. In effect, 48 00:02:35,320 --> 00:02:39,080 Speaker 2: tax debts become more costly. And there is some good news. 49 00:02:39,160 --> 00:02:42,720 Speaker 2: Eligible small businesses with electricity bills may receive up to 50 00:02:42,760 --> 00:02:45,240 Speaker 2: one hundred and fifty dollars in energy bill rebates for 51 00:02:45,280 --> 00:02:48,080 Speaker 2: the rest of the year. Rebates will be automatically applied 52 00:02:48,080 --> 00:02:52,160 Speaker 2: to electricity bills in two seventy five dollars quarterly installments. 53 00:02:52,720 --> 00:02:55,800 Speaker 1: I don't want to be a bad news barri here, Adam, 54 00:02:56,000 --> 00:02:59,079 Speaker 1: and the energy rebates are certainly welcome, but overall energy 55 00:02:59,080 --> 00:03:02,400 Speaker 1: prices arising, not just for businesses but for households as well. 56 00:03:02,520 --> 00:03:05,520 Speaker 2: Yeah, Michael, energy price increases and these are not pretty. 57 00:03:05,600 --> 00:03:08,880 Speaker 2: The default market offer set by the Australian Energy Regulator 58 00:03:09,240 --> 00:03:11,960 Speaker 2: applies to households and small businesses in New South Wales, 59 00:03:12,000 --> 00:03:16,240 Speaker 2: South Australian and Southeast Queensland from tomorrow, residential consumers will 60 00:03:16,280 --> 00:03:19,760 Speaker 2: see increases ranging from zero point five percent to nine 61 00:03:19,760 --> 00:03:23,080 Speaker 2: point seven percent, depending on their usage and location. The 62 00:03:23,120 --> 00:03:25,959 Speaker 2: price rises for small businesses will range from zero point 63 00:03:26,040 --> 00:03:29,600 Speaker 2: eight to eight point five percent, depending on the same factors. 64 00:03:30,040 --> 00:03:34,320 Speaker 2: In Victoria, prices are expected to rise in the same range. 65 00:03:34,160 --> 00:03:36,520 Speaker 1: And also from tomorrow Adam there are changes to the 66 00:03:36,560 --> 00:03:40,280 Speaker 1: merger rules for smaller companies. Businesses thinking about acquisitions that 67 00:03:40,280 --> 00:03:43,920 Speaker 1: meet certain thresholds must notify the Australian Competition and Consumer 68 00:03:43,920 --> 00:03:49,440 Speaker 1: Commission and wait for approval before their proposed acquisition can proceed. Now, 69 00:03:49,600 --> 00:03:52,200 Speaker 1: obviously there's a lot of information in all of that. 70 00:03:52,440 --> 00:03:55,640 Speaker 1: Really this is part news story, part community service announcement, 71 00:03:55,720 --> 00:03:57,320 Speaker 1: right and if you didn't get all of these changes, 72 00:03:57,320 --> 00:03:59,360 Speaker 1: you can visit business dot gov dot AU if you 73 00:03:59,360 --> 00:04:02,720 Speaker 1: want to read about them or want more information onto 74 00:04:02,760 --> 00:04:07,360 Speaker 1: financial markets. Now it seems like all the turmoil in 75 00:04:07,400 --> 00:04:10,600 Speaker 1: the Middle East over the past month didn't happen at 76 00:04:10,640 --> 00:04:12,960 Speaker 1: least as far as equity markets are concerned. With Wall 77 00:04:13,000 --> 00:04:14,880 Speaker 1: Street hitting a new high that was on the back 78 00:04:14,880 --> 00:04:18,400 Speaker 1: of the de escalation of the Iran Israel US situation. 79 00:04:18,960 --> 00:04:21,360 Speaker 1: For last week, the S and P five hundred rows 80 00:04:21,360 --> 00:04:24,720 Speaker 1: three point four percent to a new high. European shares 81 00:04:24,760 --> 00:04:27,359 Speaker 1: were up nearly two percent, as were Chinese shares, and 82 00:04:27,480 --> 00:04:31,400 Speaker 1: Japanese shares were four percent higher. Locally, the market was flat. 83 00:04:31,839 --> 00:04:34,120 Speaker 2: Now, Michael, this is one for you, a favorite of 84 00:04:34,160 --> 00:04:36,400 Speaker 2: the bond market. There was some good news from the 85 00:04:36,400 --> 00:04:39,200 Speaker 2: bond market, which is a predictor of interest rates. Yields 86 00:04:39,240 --> 00:04:42,599 Speaker 2: have fallen in Australia after last week's monthly inflation figure, 87 00:04:42,800 --> 00:04:45,320 Speaker 2: suggesting at least two more rate cuts sometime this year, 88 00:04:45,600 --> 00:04:48,599 Speaker 2: with the first expected on just eight July. That's only 89 00:04:48,680 --> 00:04:51,359 Speaker 2: days away. The Aussie dollar is also on the rise, 90 00:04:51,400 --> 00:04:54,359 Speaker 2: trading at sixty five point three cents. In fact, the 91 00:04:54,360 --> 00:04:57,479 Speaker 2: greenback is at its lowest level against a basket of 92 00:04:57,520 --> 00:05:01,599 Speaker 2: currencies since late twenty twenty two. Against the euro, the 93 00:05:01,640 --> 00:05:04,720 Speaker 2: Aussie dollar is still training at fifteen year lows. And 94 00:05:04,760 --> 00:05:07,000 Speaker 2: we know our colleague Sean is regretting that. 95 00:05:08,080 --> 00:05:11,120 Speaker 1: Right now in Italy. I enjoy that one, Sean. Now, 96 00:05:11,760 --> 00:05:14,080 Speaker 1: you know what I mentioned all the end of financial 97 00:05:14,160 --> 00:05:16,360 Speaker 1: year and start at the new financial year things, and 98 00:05:16,400 --> 00:05:18,840 Speaker 1: I forgot to mention one very important thing at it 99 00:05:18,880 --> 00:05:22,880 Speaker 1: all that today is the last day to do the 100 00:05:22,920 --> 00:05:25,359 Speaker 1: Fear and Greed Survey and be in the chance to 101 00:05:25,480 --> 00:05:28,320 Speaker 1: win the three thousand dollars Luxury Escapes Boutcher. This is 102 00:05:28,320 --> 00:05:30,200 Speaker 1: the quick survey that we're doing just to find out 103 00:05:30,200 --> 00:05:31,840 Speaker 1: more about the Fear and Greed community. What you like 104 00:05:31,880 --> 00:05:34,359 Speaker 1: about the podcast, what you think we could do better, 105 00:05:34,400 --> 00:05:35,960 Speaker 1: what you want to hear more of all that kind 106 00:05:35,960 --> 00:05:37,640 Speaker 1: of thing. It's your chance to have your say, and 107 00:05:37,720 --> 00:05:40,320 Speaker 1: if you do it today, you will be in with 108 00:05:40,360 --> 00:05:42,800 Speaker 1: a chance to win that three thousand dollars Luxury escapes 109 00:05:42,800 --> 00:05:45,080 Speaker 1: about you. I'll put a link in today's show notes. 110 00:05:45,120 --> 00:05:46,720 Speaker 1: It is also at the bottom of the Fear and 111 00:05:46,760 --> 00:05:49,200 Speaker 1: Greed Newslettor all right, quick break. We'll be back in 112 00:05:49,200 --> 00:05:58,400 Speaker 1: a moment with the rest of the day's business news. Adam. 113 00:05:58,400 --> 00:06:01,080 Speaker 1: There's nothing like hopes of a rate and perhaps higher 114 00:06:01,160 --> 00:06:04,839 Speaker 1: financial markets to ratchet up the housing market. The preliminary 115 00:06:04,880 --> 00:06:08,719 Speaker 1: auction clearance rate over the last week reached seventy four 116 00:06:08,800 --> 00:06:12,760 Speaker 1: point five percent. That is the highest early success rate 117 00:06:12,839 --> 00:06:16,400 Speaker 1: since July of last year. This is according to Cotality 118 00:06:16,440 --> 00:06:20,960 Speaker 1: formerly core Logic. Impressively, the result was achieved from more 119 00:06:21,000 --> 00:06:23,039 Speaker 1: than twenty one hundred auctions. 120 00:06:23,279 --> 00:06:26,160 Speaker 2: Yeah, that's a healthy amount and Melbourne was once again 121 00:06:26,200 --> 00:06:29,080 Speaker 2: the busiest auction market, with a thousand homes going under 122 00:06:29,080 --> 00:06:32,000 Speaker 2: the hammer and a clearance rate approaching seventy seven percent. 123 00:06:32,360 --> 00:06:34,239 Speaker 2: It was the ninth week in a row where Melbourne 124 00:06:34,240 --> 00:06:37,440 Speaker 2: has returned a preliminary auction clearance rate above the seventy 125 00:06:37,440 --> 00:06:41,120 Speaker 2: percent mark. Sydney came in at seventy three point five percent, 126 00:06:41,200 --> 00:06:43,800 Speaker 2: and that's three weeks in a row where Sydney has 127 00:06:43,839 --> 00:06:46,960 Speaker 2: been above the seventy percent mark. Brisbane was busy with 128 00:06:47,040 --> 00:06:49,800 Speaker 2: a seventy six percent result that's the best for that 129 00:06:49,839 --> 00:06:51,960 Speaker 2: city in a year. Adelaide was back to its market 130 00:06:52,000 --> 00:06:54,400 Speaker 2: leading best with a clearance rate of eighty one percent 131 00:06:54,800 --> 00:06:56,960 Speaker 2: and Camber came in at sixty four percent. 132 00:06:57,200 --> 00:06:59,480 Speaker 1: Good time to mention today's fear and great interviews coming 133 00:06:59,520 --> 00:07:03,200 Speaker 1: up after the show show Demaines Nicola Powell talking all 134 00:07:03,240 --> 00:07:06,359 Speaker 1: about not just what property has done over the last 135 00:07:06,360 --> 00:07:10,880 Speaker 1: twelve months, but most importantly what domain is forecasting will 136 00:07:10,920 --> 00:07:14,600 Speaker 1: happen in the next twelve months. And Nicola has some 137 00:07:14,840 --> 00:07:20,680 Speaker 1: reasonably bold predictions about what's happening in Sydney, in Melbourne, Brisbane, Perth, Adelaide, everywhere, 138 00:07:20,760 --> 00:07:23,800 Speaker 1: and actual dollar figures on what your property might be 139 00:07:23,840 --> 00:07:25,720 Speaker 1: worth over the next twelve months. It's a great chat. 140 00:07:25,840 --> 00:07:28,600 Speaker 2: It is so rare that we get forward looking predictions 141 00:07:28,640 --> 00:07:30,920 Speaker 2: most of the data we get. Obviously he's in the 142 00:07:30,920 --> 00:07:34,360 Speaker 2: revision mirror and this is Demain's Nicola Powell actually putting 143 00:07:34,360 --> 00:07:37,040 Speaker 2: predictions on the line. Really courageous step well worth a 144 00:07:37,040 --> 00:07:37,920 Speaker 2: listen to this interview. 145 00:07:38,080 --> 00:07:39,920 Speaker 1: Yeah, certainly as it's coming up after the show. I 146 00:07:39,920 --> 00:07:42,920 Speaker 1: don't know if you heard on Friday afternoon Adam in 147 00:07:43,000 --> 00:07:45,080 Speaker 1: the Fear and Greed Afternoon Report. 148 00:07:45,240 --> 00:07:46,200 Speaker 2: Of course I did. 149 00:07:46,520 --> 00:07:48,920 Speaker 1: I was talking about a story and this is relevant 150 00:07:48,960 --> 00:07:53,480 Speaker 1: to property, about a young multimillionaire. I say young because 151 00:07:53,520 --> 00:07:55,560 Speaker 1: he is a millennial and I am also a millennial. 152 00:07:55,600 --> 00:07:58,480 Speaker 1: Therefore I am young. He paid one hundred and forty 153 00:07:58,520 --> 00:08:01,480 Speaker 1: one point five to five million dollars for the top 154 00:08:01,520 --> 00:08:06,440 Speaker 1: three floors of one Sydney Harbor at Barangaroo. An incredible purchase, 155 00:08:06,520 --> 00:08:09,640 Speaker 1: incredible property. God, that's a lot of money. 156 00:08:09,840 --> 00:08:12,360 Speaker 2: It's staggering, isn't it. But generous And that he's got 157 00:08:12,440 --> 00:08:13,400 Speaker 2: room for his guests. 158 00:08:13,680 --> 00:08:16,240 Speaker 1: Yeah, it's a two story penthouse for himself and then 159 00:08:16,280 --> 00:08:19,160 Speaker 1: the sub penthouse below for friends and family. I'm going 160 00:08:19,240 --> 00:08:21,080 Speaker 1: to try and become friends with him now, just so 161 00:08:21,160 --> 00:08:23,680 Speaker 1: that I can see what it's like anyway moving on 162 00:08:24,000 --> 00:08:26,160 Speaker 1: from property or they've got still a lot to get 163 00:08:26,160 --> 00:08:30,440 Speaker 1: through Adam ow. Home Affairs Minister Tony Burke said he 164 00:08:30,640 --> 00:08:35,040 Speaker 1: is very conscious of attacks on Australian politicians similar to 165 00:08:35,040 --> 00:08:38,000 Speaker 1: those seen in the United Kingdom and the United States. 166 00:08:38,440 --> 00:08:41,240 Speaker 2: Yeah, Michael. The Home Affairs Minister added Terror Gram to 167 00:08:41,280 --> 00:08:43,959 Speaker 2: the list of terror organizations on Friday after it was 168 00:08:44,000 --> 00:08:46,360 Speaker 2: linked to an alleged plot to kill New South Wales 169 00:08:46,440 --> 00:08:49,600 Speaker 2: labor MP Tim Kracknthorpe. It's the first time the terror 170 00:08:49,600 --> 00:08:52,360 Speaker 2: group has been linked to a plot in Australia. 171 00:08:52,520 --> 00:08:55,880 Speaker 1: Building products group James Hardy is shifting its primary listing 172 00:08:55,920 --> 00:08:58,400 Speaker 1: to the New York Sock Exchange, which is another loss 173 00:08:58,480 --> 00:09:03,360 Speaker 1: Adam for the ASX shareholders. In the US, outdoor decking 174 00:09:03,400 --> 00:09:07,440 Speaker 1: company Azek approved a fourteen billion dollar buyout, a deal 175 00:09:07,679 --> 00:09:11,160 Speaker 1: that did really It infuriated a lot of Australian shareholders 176 00:09:11,200 --> 00:09:13,000 Speaker 1: who didn't actually have a chance to vote on. 177 00:09:12,960 --> 00:09:16,120 Speaker 2: It, Michael. Aaseex shareholders gave the green light to the 178 00:09:16,160 --> 00:09:18,600 Speaker 2: cash and script deal at a meeting held over the weekend. 179 00:09:18,720 --> 00:09:23,040 Speaker 2: According to the Australian financial review. Anti asbestos disease campaigners 180 00:09:23,040 --> 00:09:26,800 Speaker 2: are watching carefully as the shift of domicile occurs, warning 181 00:09:26,840 --> 00:09:30,040 Speaker 2: on Friday the cases of asbestos diseases from products sold 182 00:09:30,040 --> 00:09:33,480 Speaker 2: by James Hardy until nineteen eighty seven are still rising 183 00:09:33,520 --> 00:09:36,880 Speaker 2: in Australia as renovators and builders uncovered materials in old 184 00:09:36,880 --> 00:09:39,880 Speaker 2: houses and schools that were installed many decades ago. 185 00:09:40,200 --> 00:09:43,120 Speaker 1: The federal government says a new tax designed to push 186 00:09:43,120 --> 00:09:46,080 Speaker 1: technology giants into paying local news outlets for their content 187 00:09:46,240 --> 00:09:49,640 Speaker 1: is a key priority, despite fears that the Trump administration 188 00:09:49,800 --> 00:09:53,400 Speaker 1: will retaliate over the laws. US President Donald Trump over 189 00:09:53,400 --> 00:09:57,319 Speaker 1: the weekend suspended trade talks with Canada over its plan 190 00:09:57,480 --> 00:10:01,720 Speaker 1: to impose a digital services tax on technology companies, which 191 00:10:01,800 --> 00:10:05,760 Speaker 1: he called a direct and blatant attack on our country. 192 00:10:05,480 --> 00:10:08,559 Speaker 2: Yeah Michael. Announcing the decision on social media on Saturday, 193 00:10:08,679 --> 00:10:11,520 Speaker 2: Trump said he would quote let Canada know the tariff 194 00:10:11,600 --> 00:10:14,079 Speaker 2: that they will be paying to business with the United 195 00:10:14,120 --> 00:10:17,400 Speaker 2: States of America within the next seven day period end 196 00:10:17,400 --> 00:10:21,800 Speaker 2: of quote. The Albanesi government's proposed news bargaining incentive aims 197 00:10:21,880 --> 00:10:25,160 Speaker 2: to force tech giants to negotiate commercial deals with local 198 00:10:25,240 --> 00:10:29,600 Speaker 2: news publishers. Assistant Treasurer Daniel Molino said the new incentive 199 00:10:29,640 --> 00:10:32,960 Speaker 2: remained a key priority and a consultation paper would soon 200 00:10:33,040 --> 00:10:36,640 Speaker 2: be released. Consultations with publishers and tech platforms have been 201 00:10:36,640 --> 00:10:40,920 Speaker 2: delayed amid Trump's threats over tariffs and retaliatory taxes. 202 00:10:41,280 --> 00:10:44,079 Speaker 1: Okay, turning to international news now and another one out 203 00:10:44,080 --> 00:10:47,679 Speaker 1: of the US here Adam Sennett. Republicans, voting in an 204 00:10:47,800 --> 00:10:53,760 Speaker 1: unusual weekend session have narrowly cleared a key procedural step 205 00:10:53,920 --> 00:10:57,040 Speaker 1: to advance US President Donald Trump's package of tax breaks, 206 00:10:57,480 --> 00:11:03,160 Speaker 1: spending cuts, and bolstered deportation far fourth of July deadline. 207 00:11:03,200 --> 00:11:06,400 Speaker 1: This is, of course, the Big Beautiful Bill, and the 208 00:11:06,440 --> 00:11:09,520 Speaker 1: process has pushed that closer now to becoming a reality. 209 00:11:09,559 --> 00:11:12,520 Speaker 1: In the end, just two Republicans opposed the motion to 210 00:11:12,559 --> 00:11:15,160 Speaker 1: proceed to debate, joining all Democrats. 211 00:11:15,720 --> 00:11:19,040 Speaker 2: Republicans are using their majorities in Congress to push through 212 00:11:19,120 --> 00:11:22,880 Speaker 2: Democratic opposition, but not all Republican politicians are on board 213 00:11:22,920 --> 00:11:26,400 Speaker 2: with these proposals to reduce spending on medicaid, food stamps, 214 00:11:26,440 --> 00:11:28,840 Speaker 2: and other programs as a way to help cover the 215 00:11:28,840 --> 00:11:31,400 Speaker 2: cost of extending some of the US three point eight 216 00:11:31,559 --> 00:11:35,120 Speaker 2: trillion in Trump tax breaks. That three point eight US 217 00:11:35,200 --> 00:11:38,640 Speaker 2: trillions about five point eight billion Australian. While the debate 218 00:11:38,679 --> 00:11:41,320 Speaker 2: and vote were going on, Trump himself was at his 219 00:11:41,400 --> 00:11:45,280 Speaker 2: golf course in Virginia on Saturday, with Republican senators posting 220 00:11:45,320 --> 00:11:46,640 Speaker 2: about it on social media. 221 00:11:47,160 --> 00:11:51,520 Speaker 1: One player not particularly enamored with the bill is Elon Musk. 222 00:11:51,760 --> 00:11:54,360 Speaker 1: He says the legislation will kill jobs and bog down 223 00:11:54,400 --> 00:11:58,040 Speaker 1: burgeoning industries. On x of course, he wrote, the latest 224 00:11:58,080 --> 00:12:01,440 Speaker 1: Senate draft bill will destroy millions of jobs in America 225 00:12:01,520 --> 00:12:05,440 Speaker 1: and cause immense strategic harm to our country. So that 226 00:12:05,520 --> 00:12:08,480 Speaker 1: battle continues. Now, bit of good news. How good is this? 227 00:12:08,559 --> 00:12:12,240 Speaker 1: Warren Buffett will donate about six billion US dollars or 228 00:12:12,320 --> 00:12:16,520 Speaker 1: nine billion Ossie of Berkshire Hathaway shares to five foundations 229 00:12:16,559 --> 00:12:18,559 Speaker 1: as part of a pledge that he made nearly two 230 00:12:18,600 --> 00:12:21,800 Speaker 1: decades ago. The charities receiving the money include the Bill 231 00:12:21,840 --> 00:12:26,360 Speaker 1: and Melinda Gates Foundation, his children's foundations, the Sherwood Foundation. 232 00:12:27,280 --> 00:12:30,800 Speaker 1: The ninety four year old started the giving pledge in 233 00:12:30,880 --> 00:12:36,240 Speaker 1: twenty ten, alongside Bill Gates and Melinda Frenchgates are his friends, 234 00:12:36,720 --> 00:12:39,600 Speaker 1: with the goal of donating Buffett's fortune either in his 235 00:12:39,640 --> 00:12:41,559 Speaker 1: lifetime or at his death. 236 00:12:42,200 --> 00:12:45,440 Speaker 2: Michael. This is a quote from Buffett. The mathematics of 237 00:12:45,480 --> 00:12:48,920 Speaker 2: a lifetime commitments to the Five Foundations are interesting. The 238 00:12:48,960 --> 00:12:52,400 Speaker 2: five Foundations have received Berkshire b shares that had a 239 00:12:52,480 --> 00:12:57,199 Speaker 2: value when received of about US sixty billion dollars, substantially 240 00:12:57,200 --> 00:12:59,640 Speaker 2: more than my entire net worth in two thousand and six. 241 00:13:00,160 --> 00:13:02,760 Speaker 2: Quote Buffett earlier this year announced he would step down 242 00:13:02,760 --> 00:13:05,640 Speaker 2: as chief executive officer of Berkshire Hathaway by the end 243 00:13:05,760 --> 00:13:08,120 Speaker 2: of this year twenty twenty five. He says, you will 244 00:13:08,160 --> 00:13:11,280 Speaker 2: not sell a single share of Berkshire Hathaway, but will 245 00:13:11,280 --> 00:13:15,320 Speaker 2: give them away gradually. He's still worth about US two 246 00:13:15,400 --> 00:13:17,400 Speaker 2: hundred and twenty billion dollars. 247 00:13:17,760 --> 00:13:19,720 Speaker 1: And what I love most about this is the fact 248 00:13:19,720 --> 00:13:23,600 Speaker 1: that between him and Bill Gates and Melinda French Gates 249 00:13:23,679 --> 00:13:25,640 Speaker 1: is the fact that they have encouraged so many of 250 00:13:25,679 --> 00:13:29,680 Speaker 1: these other ultra wealthy people to commit to do a 251 00:13:29,720 --> 00:13:34,760 Speaker 1: similar thing. And at the staggering fortunes of these people, 252 00:13:34,800 --> 00:13:38,280 Speaker 1: have the ability to actually affect real change around the world. 253 00:13:38,480 --> 00:13:41,320 Speaker 2: Oh very much so. And we've seen the great Jeff 254 00:13:41,360 --> 00:13:43,800 Speaker 2: Bezos wedding in Venice this week. Let's hope that he 255 00:13:43,880 --> 00:13:45,880 Speaker 2: too can add a little more to the pot after 256 00:13:45,880 --> 00:13:46,320 Speaker 2: the weekend. 257 00:13:46,480 --> 00:13:49,400 Speaker 1: Oh my god. Anyway, Okay. Up next is the Fear 258 00:13:49,440 --> 00:13:52,959 Speaker 1: and Greed Daily Interview, domains Nicola Powell, as we mentioned 259 00:13:53,000 --> 00:13:55,440 Speaker 1: as our guest, and at midday today, keep an eye 260 00:13:55,440 --> 00:13:58,520 Speaker 1: on your playlist for Fear and Greed the week Ahead 261 00:13:58,679 --> 00:14:02,720 Speaker 1: featuring our resident Anymous Stephen Coculas. Always plenty to discuss 262 00:14:02,760 --> 00:14:03,240 Speaker 1: with Steven. 263 00:14:03,480 --> 00:14:05,440 Speaker 2: Thank you very much, Adam, Thank you, Michael. 264 00:14:05,600 --> 00:14:07,920 Speaker 1: It is Monday, the thirtieth of June twenty twenty five. 265 00:14:07,960 --> 00:14:10,080 Speaker 1: Make sure you're following the podcast and please join us 266 00:14:10,120 --> 00:14:14,880 Speaker 1: online on LinkedIn, Instagram, x TikTok Facebook. I'm Michael Thompson 267 00:14:14,920 --> 00:14:16,920 Speaker 1: and that was Fhear and Greed. Have a great day.