1 00:00:06,160 --> 00:00:09,680 Michael Thompson: Today on Fear and Greed, Prime Minister Anthony Albanese attempts 2 00:00:09,760 --> 00:00:13,160 Michael Thompson: to downplay the imposition of US tariff's on Australian goods, 3 00:00:13,200 --> 00:00:17,200 Michael Thompson: saying America only buys five percent of our exports. ASIC 4 00:00:17,280 --> 00:00:20,480 Michael Thompson: boss Joe Longo warns that scandals in the bedroom are 5 00:00:20,480 --> 00:00:24,720 Michael Thompson: affecting the boardroom, and Star Entertainment once again stands on 6 00:00:24,760 --> 00:00:27,960 Michael Thompson: the brink of collapse. Plus both sides of politics push 7 00:00:28,040 --> 00:00:30,960 Michael Thompson: for a real wage rise for minimum pay workers, and 8 00:00:31,040 --> 00:00:34,600 Michael Thompson: the share price of a Donald Trump aligned right wing 9 00:00:34,800 --> 00:00:38,680 Michael Thompson: media company jumps two two hundred percent in two days. 10 00:00:39,280 --> 00:00:41,680 Michael Thompson: Welcome to Fear and Greed. Daily business news for people 11 00:00:41,720 --> 00:00:44,320 Michael Thompson: who make their own decisions. It is Thursday, the third 12 00:00:44,440 --> 00:00:47,479 Michael Thompson: of April twenty twenty five. I'm Michael Thompson and good morning, 13 00:00:47,560 --> 00:00:48,280 Michael Thompson: Sean Aylmer. 14 00:00:48,360 --> 00:00:49,400 Sean Aylmer: Good morning, Michael. 15 00:00:49,880 --> 00:00:52,639 Michael Thompson: The main story this morning, Sean, it is the only 16 00:00:52,680 --> 00:00:54,480 Michael Thompson: story that everyone's going to be talking about for the 17 00:00:54,480 --> 00:00:57,360 Michael Thompson: next twenty four hours. Right. Prime Minister Anthony Albanese is 18 00:00:57,360 --> 00:01:00,880 Michael Thompson: attempting to play down the impact of US tariffs on Australia, 19 00:01:00,920 --> 00:01:04,840 Michael Thompson: saying the world's largest economy buys less than five percent 20 00:01:05,160 --> 00:01:07,560 Michael Thompson: of our total exports, and he says that our focus 21 00:01:08,000 --> 00:01:11,559 Michael Thompson: really needs to be on Asian countries such as Indonesia 22 00:01:11,600 --> 00:01:12,240 Michael Thompson: and India. 23 00:01:12,319 --> 00:01:15,039 Sean Aylmer: His comments came ahead of this morning's announcement by the 24 00:01:15,040 --> 00:01:18,679 Sean Aylmer: Trump Administration on tariffs, due to take place sometime after 25 00:01:18,720 --> 00:01:23,200 Sean Aylmer: seven am Australian Eastern daylight savings time. The new tariffs 26 00:01:23,200 --> 00:01:26,360 Sean Aylmer: are likely to be widespread, and they're scheduled to take 27 00:01:26,400 --> 00:01:30,440 Sean Aylmer: effect immediately, though there are plenty of unknowns about what 28 00:01:30,480 --> 00:01:35,280 Sean Aylmer: that actually means in practice for Australia, Medicines and vaccines, gold, 29 00:01:35,480 --> 00:01:39,160 Sean Aylmer: beef and agricultural products are among the products most likely 30 00:01:39,240 --> 00:01:42,360 Sean Aylmer: to be affected, but Australia is a relatively small player 31 00:01:42,440 --> 00:01:48,000 Sean Aylmer: in terms of sales to the US. The big guys Mexico, Canada, China, Germany, Japan, 32 00:01:48,160 --> 00:01:51,080 Sean Aylmer: South Korea and Taiwan, they're set to be hit much 33 00:01:51,240 --> 00:01:55,320 Sean Aylmer: much harder. In report yesterday, A and Z said the 34 00:01:55,360 --> 00:01:59,240 Sean Aylmer: threat of tariffs have hit sentiment in rural communities already 35 00:01:59,360 --> 00:02:01,440 Sean Aylmer: a bit of a pro prob if for casts at 36 00:02:01,480 --> 00:02:03,960 Sean Aylmer: a major tariff on beef from the US, for example, 37 00:02:04,000 --> 00:02:07,360 Sean Aylmer: would reduce exports, The flip side is it would actually 38 00:02:07,360 --> 00:02:09,560 Sean Aylmer: push down the price of local beef by about forty 39 00:02:09,600 --> 00:02:12,280 Sean Aylmer: cents of kilo, according to ain Z, because obviously the 40 00:02:12,280 --> 00:02:13,880 Sean Aylmer: guys who are selling to the US need to find 41 00:02:13,880 --> 00:02:16,840 Sean Aylmer: new markets. Any tariff over eight percent would make local 42 00:02:16,960 --> 00:02:22,200 Sean Aylmer: exports of beef significantly less competitive. Australia's the largest supplier 43 00:02:22,240 --> 00:02:24,359 Sean Aylmer: of beef to the US, exporting nearly three hundred and 44 00:02:24,400 --> 00:02:27,919 Sean Aylmer: ninety five thousand tons last year, mostly for burgers. 45 00:02:28,720 --> 00:02:31,680 Michael Thompson: How does this play out, Sean, How does a tariff 46 00:02:31,680 --> 00:02:34,280 Michael Thompson: war kind of roll out of Australia is not a 47 00:02:34,400 --> 00:02:37,400 Michael Thompson: major target, how will it filter through to our economy? 48 00:02:37,800 --> 00:02:41,120 Sean Aylmer: So in a scenario where Trump applies say twenty five 49 00:02:41,120 --> 00:02:45,040 Sean Aylmer: percent of all imports into the US, it would cause 50 00:02:45,240 --> 00:02:49,359 Sean Aylmer: according to a study from Ashton University in the UK, 51 00:02:49,960 --> 00:02:53,480 Sean Aylmer: a one point four trillion US dollar hit to the 52 00:02:53,480 --> 00:02:57,720 Sean Aylmer: global economy would push up US prices very very quickly. Now, 53 00:02:57,760 --> 00:03:00,920 Sean Aylmer: if US training partners hit back, then you would end 54 00:03:00,960 --> 00:03:04,920 Sean Aylmer: up with widespread disruption, arising prices, full of living standards. 55 00:03:04,919 --> 00:03:09,080 Sean Aylmer: Not out about that. That's probably the extreme view on it. 56 00:03:09,919 --> 00:03:13,560 Sean Aylmer: Australia and other countries could benefit in pockets as trade 57 00:03:13,560 --> 00:03:16,480 Sean Aylmer: flows that averted away from the US, but we can't 58 00:03:16,520 --> 00:03:19,360 Sean Aylmer: really avoid a global slowdown. Now, the economies of China 59 00:03:19,360 --> 00:03:22,000 Sean Aylmer: and Japan who buy commodities such as iron, ore and 60 00:03:22,040 --> 00:03:25,560 Sean Aylmer: coal from US. They'll slow a demand will falter also 61 00:03:25,639 --> 00:03:31,040 Sean Aylmer: hit exports of financial services, education services, intellectual property, technical services. 62 00:03:31,240 --> 00:03:33,919 Sean Aylmer: It will hit the travel sector like a global slowdown 63 00:03:34,000 --> 00:03:37,880 Sean Aylmer: stops people visiting Australia. There are very few good things 64 00:03:37,920 --> 00:03:41,440 Sean Aylmer: about a global trade war. However, to the point that 65 00:03:41,480 --> 00:03:45,160 Sean Aylmer: Anthony Albanezi was making, it does mean that we can 66 00:03:45,200 --> 00:03:49,520 Sean Aylmer: look to other nations, particularly in our region, to both 67 00:03:49,720 --> 00:03:52,839 Sean Aylmer: sell and buy from and their opportunities which we may 68 00:03:52,880 --> 00:03:53,760 Sean Aylmer: not have had otherwise. 69 00:03:54,040 --> 00:03:56,760 Michael Thompson: One of the big challenges has been the uncertainty around 70 00:03:56,760 --> 00:03:58,560 Michael Thompson: this as well, and that the lead up to this 71 00:03:58,680 --> 00:04:01,080 Michael Thompson: that no one's really known what's going to happen, and 72 00:04:01,120 --> 00:04:03,880 Michael Thompson: we won't know until after seven o'clock this morning, and 73 00:04:04,000 --> 00:04:07,000 Michael Thompson: after seven not too long after that, Sean, we will 74 00:04:07,000 --> 00:04:10,560 Michael Thompson: have a special bonus episode of Fear and Greed appearing 75 00:04:10,600 --> 00:04:14,680 Michael Thompson: in the playlist, with basically a quick rap of what 76 00:04:14,760 --> 00:04:17,400 Michael Thompson: tariffs have been introduced, how it affects Australia, what it 77 00:04:17,440 --> 00:04:20,440 Michael Thompson: means for Australian businesses and Australian consumers. So keep an 78 00:04:20,440 --> 00:04:22,720 Michael Thompson: eye on the Fear and Greed feed for that one. 79 00:04:23,040 --> 00:04:26,400 Michael Thompson: As Sean moving away from Tariff's Both sides of politics 80 00:04:26,600 --> 00:04:29,200 Michael Thompson: have backed a real wage rise for about three million 81 00:04:29,240 --> 00:04:30,159 Michael Thompson: low paid workers. 82 00:04:30,279 --> 00:04:32,920 Sean Aylmer: Prime Minister said label we'll ask the Fair Work Commission 83 00:04:33,000 --> 00:04:35,520 Sean Aylmer: to increase the award for the country's lowest paid workers 84 00:04:35,600 --> 00:04:38,200 Sean Aylmer: to a minimum hourly rate of twenty four dollars and 85 00:04:38,240 --> 00:04:40,520 Sean Aylmer: ten cents. It's the first time in four years that 86 00:04:40,560 --> 00:04:43,039 Sean Aylmer: the ALP has asked for a real increase in the 87 00:04:43,040 --> 00:04:46,080 Sean Aylmer: minimum wage. Of course, when we're talking about real we're 88 00:04:46,120 --> 00:04:49,599 Sean Aylmer: talking about the nominal rate minus inflation, and if that 89 00:04:50,160 --> 00:04:53,000 Sean Aylmer: ends up as a plus, it's actually an increase in 90 00:04:53,200 --> 00:04:56,120 Sean Aylmer: the real wage. The proposed award, if approved by the 91 00:04:56,120 --> 00:04:58,400 Sean Aylmer: Fair Work Commission, would provide higher wages for about three 92 00:04:58,400 --> 00:05:02,120 Sean Aylmer: million people, cleaners, retail worker, security guards, people like that. 93 00:05:02,480 --> 00:05:05,479 Sean Aylmer: The Commission determines what it thinks is a fair increase 94 00:05:05,640 --> 00:05:08,840 Sean Aylmer: after taking submissions from the government, employees and employers. Now, 95 00:05:08,839 --> 00:05:11,479 Sean Aylmer: when pressed yesterday and he was pressed and Opposition Leader 96 00:05:11,480 --> 00:05:14,480 Sean Aylmer: Peter Dutton said he agrees with a rise in real 97 00:05:14,520 --> 00:05:18,479 Sean Aylmer: wages for the Australians on the minimum wage, so we're 98 00:05:18,520 --> 00:05:21,320 Sean Aylmer: taking that as if he would agree with what Anthony 99 00:05:21,320 --> 00:05:25,880 Sean Aylmer: Abernezi is saying. Yesterday, one of the leading business community 100 00:05:25,880 --> 00:05:29,320 Sean Aylmer: members a kid a Chamber of Commerce and Industry said 101 00:05:29,320 --> 00:05:32,479 Sean Aylmer: the wage increase shouldn't be above inflation, so it should 102 00:05:32,480 --> 00:05:33,480 Sean Aylmer: be about two and a half a cent. 103 00:05:34,160 --> 00:05:36,200 Michael Thompson: What else was happening on the election trail yesterday? 104 00:05:36,680 --> 00:05:39,839 Sean Aylmer: Treasuring as Taylor was at the National Press Club. He 105 00:05:39,920 --> 00:05:43,159 Sean Aylmer: said it's his ambition to make Australia a financial center 106 00:05:43,160 --> 00:05:46,839 Sean Aylmer: and the coalition government will establish an office called Investment Australia, 107 00:05:47,160 --> 00:05:51,320 Sean Aylmer: cut red tape, streamline Investment. Otherwise than a lot of 108 00:05:51,839 --> 00:05:55,800 Sean Aylmer: big announcements, the Prime Minister was in Tasmania announcing money 109 00:05:55,800 --> 00:05:57,839 Sean Aylmer: for a hospital down there. For a bit a name 110 00:05:57,920 --> 00:06:01,560 Sean Aylmer: calling yesterday, of course, so our position leader Peter Dunton 111 00:06:01,600 --> 00:06:05,320 Sean Aylmer: says he'd fight fight with any global leader to defend 112 00:06:05,320 --> 00:06:08,680 Sean Aylmer: Australia's national interest and that Anthony Albanesi doesn't have the 113 00:06:08,720 --> 00:06:11,920 Sean Aylmer: strength to do it. Alberanzi replied by saying that sort 114 00:06:11,960 --> 00:06:14,800 Sean Aylmer: of agro approach is not very diplomatic. Then, I think 115 00:06:14,880 --> 00:06:16,800 Sean Aylmer: later in the day Bridget McKenzie came out and said 116 00:06:16,800 --> 00:06:19,120 Sean Aylmer: something along you know, in a bar fight, Anthony ALBANIZI 117 00:06:19,120 --> 00:06:25,040 Sean Aylmer: would be in the toilet. Oh my god, the level 118 00:06:25,040 --> 00:06:27,279 Sean Aylmer: of discussion. If I was at a part and there's 119 00:06:27,279 --> 00:06:30,080 Sean Aylmer: a bar fight. You know what I'd do, Head straight 120 00:06:30,120 --> 00:06:31,680 Sean Aylmer: to the toilets, yeah, or out of there. 121 00:06:31,680 --> 00:06:34,960 Michael Thompson: At least I'm a chicken gone. You would not see 122 00:06:35,000 --> 00:06:38,280 Michael Thompson: me anyway. Seawan local markets, how do they perform? Yesterday? 123 00:06:38,440 --> 00:06:40,800 Sean Aylmer: F and PISX two hundred closed up at touch, finished 124 00:06:40,800 --> 00:06:43,280 Sean Aylmer: at seven nine hundred and thirty five points for the 125 00:06:43,279 --> 00:06:45,760 Sean Aylmer: second day running. Was a property sector that did best. 126 00:06:45,839 --> 00:06:50,239 Sean Aylmer: Wile materials companies think big three miners, they were among 127 00:06:50,360 --> 00:06:52,919 Sean Aylmer: the worst performers. If you look at the large caps 128 00:06:52,920 --> 00:06:55,880 Sean Aylmer: Goodman Group chump three percent, Weistech Global, CSL Brand, Will 129 00:06:55,880 --> 00:06:58,760 Sean Aylmer: Sigma Healthcare did well, the miners, woolies not so well. 130 00:06:59,440 --> 00:07:01,880 Michael Thompson: Sewan got great interview coming up after the show today. 131 00:07:02,160 --> 00:07:04,640 Michael Thompson: It is one for investors, but it is It's got 132 00:07:04,640 --> 00:07:06,600 Michael Thompson: nothing to do with tariffs, nothing to do with any 133 00:07:06,640 --> 00:07:09,840 Michael Thompson: of that. You were talking to Josh Gilbert from E Toro, 134 00:07:10,000 --> 00:07:11,920 Michael Thompson: and it is all about Nike. 135 00:07:12,600 --> 00:07:15,920 Sean Aylmer: Nike, you are under selling it because it's beyond investors. 136 00:07:15,960 --> 00:07:18,680 Sean Aylmer: Definitely for investors, because its share price is down sixty 137 00:07:18,720 --> 00:07:22,520 Sean Aylmer: percent since its peak. We talked to Josh about that, 138 00:07:22,600 --> 00:07:24,760 Sean Aylmer: but about its strategy and what it used to do, 139 00:07:25,240 --> 00:07:28,120 Sean Aylmer: how it changed and now how it's going back to 140 00:07:28,280 --> 00:07:32,040 Sean Aylmer: the whole goal of sponsoring sports stars and trying to 141 00:07:32,120 --> 00:07:36,760 Sean Aylmer: win that sort of sports shoe market back which it's 142 00:07:36,880 --> 00:07:40,360 Sean Aylmer: lost to people like on Running and Hokker and some 143 00:07:40,480 --> 00:07:43,680 Sean Aylmer: of that. So fantastic chat about Nike starts with the 144 00:07:43,720 --> 00:07:47,480 Sean Aylmer: discussion is it Nike or Nike and Josh and I disagree. 145 00:07:47,120 --> 00:07:49,280 Michael Thompson: On that one, yep, and then you proceed to both 146 00:07:49,960 --> 00:07:52,320 Michael Thompson: mix it up, changing preciation team Tiwan. It was worth 147 00:07:52,320 --> 00:07:53,720 Michael Thompson: listening just for that. But this is such a it 148 00:07:53,800 --> 00:07:56,040 Michael Thompson: is such a household name, it's such an iconic brand. 149 00:07:56,400 --> 00:07:58,600 Michael Thompson: It is a really good conversation. It's coming up after 150 00:07:58,640 --> 00:08:00,520 Michael Thompson: the show. Sean will be back in a moment with 151 00:08:00,560 --> 00:08:09,920 Michael Thompson: the rest of the day's business news. Sean Assek boss 152 00:08:10,040 --> 00:08:14,040 Michael Thompson: Joe Longo is worried about scandals in the bedroom affecting 153 00:08:14,080 --> 00:08:14,840 Michael Thompson: the boardroom. 154 00:08:15,040 --> 00:08:15,640 Sean Aylmer: What aligne. 155 00:08:15,800 --> 00:08:17,920 Michael Thompson: Oh, that's fantastic, isn't It's a great story. 156 00:08:18,680 --> 00:08:20,880 Sean Aylmer: In fact, the boss of the corporate watchdog said, I 157 00:08:20,960 --> 00:08:23,800 Sean Aylmer: will quote him, there does appear to be an outbreak 158 00:08:23,800 --> 00:08:27,960 Sean Aylmer: of issues in the bedroom migrating to the boardroom. What 159 00:08:28,120 --> 00:08:30,800 Sean Aylmer: happens in people's personal lives is a matter for them. 160 00:08:31,240 --> 00:08:34,080 Sean Aylmer: What the issue for me and the regulator is if 161 00:08:34,120 --> 00:08:37,000 Sean Aylmer: that alleged misbehavior starts to impact good governance at the 162 00:08:37,000 --> 00:08:40,199 Sean Aylmer: board level and becomes a distraction. And if that's the case, 163 00:08:40,480 --> 00:08:43,600 Sean Aylmer: there might be something we're interested in, And that might 164 00:08:43,640 --> 00:08:45,000 Sean Aylmer: be something we're interested. 165 00:08:44,600 --> 00:08:47,800 Michael Thompson: In an outbreak of issues in the bedroom. That is 166 00:08:47,800 --> 00:08:48,360 Michael Thompson: a great one. 167 00:08:48,440 --> 00:08:51,000 Sean Aylmer: It is. He had been questioned about the wis Tech 168 00:08:51,040 --> 00:08:53,679 Sean Aylmer: global scandal, which has wiped about thirteen billion dollars from 169 00:08:53,679 --> 00:08:56,600 Sean Aylmer: the tech company's share price this year. Ask is making 170 00:08:56,640 --> 00:09:00,920 Sean Aylmer: preliminary inquiries into Wistech. Two major superfunds have recently raised 171 00:09:00,920 --> 00:09:04,720 Sean Aylmer: concerns over governance at the tech company. This all came 172 00:09:05,040 --> 00:09:08,120 Sean Aylmer: after Weiss Tech founder and former SEO Richard White took 173 00:09:08,120 --> 00:09:11,600 Sean Aylmer: over his executive chair earlier this year. Now he's facing 174 00:09:11,640 --> 00:09:14,640 Sean Aylmer: allegations around relationships with women inside and outside the company. 175 00:09:15,400 --> 00:09:18,280 Sean Aylmer: Decision for him become executive chair again. Of course, he's 176 00:09:18,280 --> 00:09:20,400 Sean Aylmer: a thirty six percent shareholder, led to the resignation of 177 00:09:20,440 --> 00:09:22,480 Sean Aylmer: four independent directors earlier this year. 178 00:09:23,440 --> 00:09:26,760 Michael Thompson: Star Entertainment sean it is just sank giving. It is 179 00:09:26,760 --> 00:09:30,400 Michael Thompson: a rollercoaster riot, right, You've got to feel sorry for 180 00:09:30,440 --> 00:09:34,520 Michael Thompson: the investors. Star has failed to secure a seven hundred 181 00:09:34,520 --> 00:09:37,720 Michael Thompson: and fifty million dollar lifeline from Salter Brothers, putting the 182 00:09:37,760 --> 00:09:41,040 Michael Thompson: operator of casinos and hotels at Sydney Brisbane Gold Coast 183 00:09:41,600 --> 00:09:45,319 Michael Thompson: at risk of collapse for the third time in three months. 184 00:09:45,400 --> 00:09:49,080 Sean Aylmer: Star told investors that Salter Brothers had withdrawn its proposal 185 00:09:49,440 --> 00:09:52,840 Sean Aylmer: despite its engagement with the state regulators and governments. Star 186 00:09:52,960 --> 00:09:56,080 Sean Aylmer: chief executive Steve McCann and advisor Ubs had been in 187 00:09:56,160 --> 00:09:59,040 Sean Aylmer: talks about a funding package for a few weeks now. 188 00:09:59,040 --> 00:10:01,800 Sean Aylmer: It had given Salt Others until April one to sign 189 00:10:01,920 --> 00:10:04,760 Sean Aylmer: a binding deal. The casino group and its bankers have 190 00:10:04,800 --> 00:10:08,280 Sean Aylmer: now shifted their focus to American casino giant Bally's Corporation 191 00:10:08,760 --> 00:10:11,040 Sean Aylmer: in a final attempt to raise money. Now, the Financial 192 00:10:11,040 --> 00:10:13,840 Sean Aylmer: Reviews reporting that the Star has enough cash to run 193 00:10:13,880 --> 00:10:18,760 Sean Aylmer: operations for up to another week. That's it, seven days. 194 00:10:19,120 --> 00:10:21,840 Sean Aylmer: The quote from the group. The company continues to explore 195 00:10:21,840 --> 00:10:25,000 Sean Aylmer: liquidity solutions that might materially increase the group's liquidity position 196 00:10:25,080 --> 00:10:28,800 Sean Aylmer: in the medium term, including engaging with Bally's Corporation. This 197 00:10:28,960 --> 00:10:31,480 Sean Aylmer: is part you really like. However, there remains a material 198 00:10:31,559 --> 00:10:34,520 Sean Aylmer: uncertainty as to the group's ability to continue to operate 199 00:10:34,600 --> 00:10:37,040 Sean Aylmer: as a going concern. Ouch. 200 00:10:37,720 --> 00:10:42,440 Michael Thompson: Yeah, that's more uncertainty. Wow, that is extraordinary. Sean building 201 00:10:42,480 --> 00:10:48,559 Michael Thompson: approvals were roughly unchanged last month, falling slightly, but posting 202 00:10:48,600 --> 00:10:49,800 Michael Thompson: a much better result than. 203 00:10:51,520 --> 00:10:53,319 Sean Aylmer: You weren't giving it much of them. 204 00:10:53,440 --> 00:10:56,959 Michael Thompson: Well, no, roughly unchanged, falling slightly, but you are right. 205 00:10:57,040 --> 00:10:59,200 Michael Thompson: The key is that it was a much better result 206 00:10:59,240 --> 00:11:01,079 Michael Thompson: than economists actually expecting, and the. 207 00:11:01,080 --> 00:11:05,880 Sean Aylmer: Previous month was the forecast or the revision. The number 208 00:11:05,960 --> 00:11:08,360 Sean Aylmer: was revised up by to a six point nine percent 209 00:11:08,400 --> 00:11:09,760 Sean Aylmer: in so when you had such a big jump, you 210 00:11:09,840 --> 00:11:11,720 Sean Aylmer: expected to drop back and it didn't. 211 00:11:11,840 --> 00:11:14,120 Michael Thompson: So maintaining that is actually, you know what, I should 212 00:11:14,120 --> 00:11:15,400 Michael Thompson: have just really given it something. 213 00:11:15,400 --> 00:11:16,880 Sean Aylmer: You should have You should have given it some The 214 00:11:16,920 --> 00:11:18,840 Sean Aylmer: trend is your friend, Michael. We know that in the 215 00:11:18,840 --> 00:11:21,360 Sean Aylmer: past three months the pace of approvals has been around 216 00:11:21,679 --> 00:11:25,440 Sean Aylmer: one hundred and ninety five thousand per annum. That's about 217 00:11:25,440 --> 00:11:29,000 Sean Aylmer: twenty three percent high then it's bottom of early twenty 218 00:11:29,040 --> 00:11:31,640 Sean Aylmer: twenty three. Now, according to IMP, building approvals are now 219 00:11:31,679 --> 00:11:35,960 Sean Aylmer: matching the pace of population growth through immigration, which should 220 00:11:36,000 --> 00:11:37,720 Sean Aylmer: take some heat out of the housing market. That's not 221 00:11:37,760 --> 00:11:39,760 Sean Aylmer: to say the crisis is over. A long way from it. 222 00:11:40,040 --> 00:11:44,240 Sean Aylmer: The average building time in Australia remains elevated. Abandonment rates 223 00:11:44,240 --> 00:11:47,200 Sean Aylmer: of building constructions still higher than the twenty tens period. 224 00:11:47,480 --> 00:11:49,400 Sean Aylmer: One way to go, but it's a start. 225 00:11:50,000 --> 00:11:52,360 Michael Thompson: Just one more quick one before we get to international news. 226 00:11:52,559 --> 00:11:57,320 Michael Thompson: Sean Kelseyan Group, Australia's largest integrated transport and tourism operator, 227 00:11:57,360 --> 00:12:00,800 Michael Thompson: is looking at selling its resort, tour and ferry services 228 00:12:00,800 --> 00:12:02,080 Michael Thompson: businesses to pay down debt. 229 00:12:02,200 --> 00:12:05,600 Sean Aylmer: So we're talking about Captain Cook cruisers, the Sea Link. 230 00:12:05,760 --> 00:12:10,520 Sean Aylmer: Oh yeah, yeah, that's four states in Northern Territory, Adelaide Sightseeing. 231 00:12:10,960 --> 00:12:13,600 Sean Aylmer: It still wants to run its marine, bust and motor 232 00:12:13,640 --> 00:12:17,560 Sean Aylmer: coach operations. Problem for Kelseian, it's got to market capitalization 233 00:12:17,600 --> 00:12:20,200 Sean Aylmer: about seven hundred million in debt of about nine hundred 234 00:12:20,200 --> 00:12:24,280 Sean Aylmer: and thirty three million. Jumbers aren't great, so offloading it 235 00:12:24,360 --> 00:12:26,320 Sean Aylmer: investors like the idea of its share price jump more 236 00:12:26,360 --> 00:12:27,520 Sean Aylmer: than six percent yesterday. 237 00:12:27,880 --> 00:12:31,720 Michael Thompson: Okay, turning to international news now and China has held 238 00:12:31,760 --> 00:12:35,360 Michael Thompson: a second day of drills around Taiwan, adding to the 239 00:12:35,400 --> 00:12:39,720 Michael Thompson: unprecedented military pressure that it is applying to the Taiwanese government. 240 00:12:39,840 --> 00:12:42,760 Sean Aylmer: The latest exercises were held in the central and southern 241 00:12:42,760 --> 00:12:45,760 Sean Aylmer: parts of the Taiwan Strait. According to a statement, they 242 00:12:45,880 --> 00:12:49,760 Sean Aylmer: practiced the People's Liberation Army's ability to conduct a blockade 243 00:12:50,000 --> 00:12:54,560 Sean Aylmer: and involved precision strikes on simulated targets, including ports and 244 00:12:54,679 --> 00:12:58,440 Sean Aylmer: energy facilities. Now, the Taiwanese Defense Ministry said that thirty 245 00:12:58,440 --> 00:13:01,200 Sean Aylmer: seven Chinese planes crossed the midland line in the Strait 246 00:13:01,480 --> 00:13:04,240 Sean Aylmer: and that its own warplanes, ships and missile systems responded, 247 00:13:04,280 --> 00:13:08,000 Sean Aylmer: without saying what that actually entailed. The latest drills puts 248 00:13:08,040 --> 00:13:10,640 Sean Aylmer: more pressure on Taiwan. Comes a day after China held 249 00:13:10,679 --> 00:13:15,240 Sean Aylmer: exercises that involved the most naval warships in nearly a year. 250 00:13:15,880 --> 00:13:19,320 Michael Thompson: Not great, No, it's not sure. I want to talk 251 00:13:19,360 --> 00:13:22,720 Michael Thompson: to you about Newsmax. This is a remarkable story. 252 00:13:22,760 --> 00:13:23,360 Sean Aylmer: Remarkable. 253 00:13:24,240 --> 00:13:27,720 Michael Thompson: Newsmax is a right wing media organization listed on the 254 00:13:27,840 --> 00:13:31,280 Michael Thompson: New York Stock Exchange this week. It is a Donald 255 00:13:31,320 --> 00:13:36,520 Michael Thompson: Trump friendly company. The share price of Newsmax is up 256 00:13:37,080 --> 00:13:41,479 Michael Thompson: two thousand, two hundred percent in just two sessions. 257 00:13:41,559 --> 00:13:45,160 Sean Aylmer: I think that's more than the meme mania of twenty 258 00:13:45,160 --> 00:13:45,680 Sean Aylmer: twenty one. 259 00:13:45,800 --> 00:13:47,800 Michael Thompson: It does have that feel to it, doesn't it. 260 00:13:47,800 --> 00:13:52,120 Sean Aylmer: It's basically a cable TV company and it loses money. 261 00:13:52,800 --> 00:13:56,240 Sean Aylmer: But it's founder, Christopher Ruddy, is a right wing media 262 00:13:56,360 --> 00:13:58,760 Sean Aylmer: mogul and longtime friend of Donald Trump. Is now a 263 00:13:58,880 --> 00:14:02,560 Sean Aylmer: multi billionaire. So he founded Ruddy founded the Conservative TV 264 00:14:02,720 --> 00:14:06,240 Sean Aylmer: Company nineteen ninety eight, has a market cap of more 265 00:14:06,280 --> 00:14:09,840 Sean Aylmer: than twenty billion US dollars now after this twenty two 266 00:14:09,920 --> 00:14:16,120 Sean Aylmer: hundred percent rise twenty billion usd despite the fact that 267 00:14:16,160 --> 00:14:20,040 Sean Aylmer: it's lost seventy two million dollars last year on one 268 00:14:20,120 --> 00:14:22,760 Sean Aylmer: hundred and seventy one million dollars in revenue. Now, if 269 00:14:22,800 --> 00:14:24,800 Sean Aylmer: you think of News Corp, News Corp's got a market 270 00:14:24,880 --> 00:14:26,119 Sean Aylmer: cap of twenty four. 271 00:14:26,480 --> 00:14:28,680 Michael Thompson: So twenty four compared to twenty. 272 00:14:29,240 --> 00:14:33,400 Sean Aylmer: Okay, it made revenue of fourteen billion last year compared 273 00:14:33,400 --> 00:14:36,720 Sean Aylmer: to a one hundred and seventy one million, and it 274 00:14:36,760 --> 00:14:41,920 Sean Aylmer: makes money. Who knows? Radio Former New York Post journalist 275 00:14:42,280 --> 00:14:46,880 Sean Aylmer: frequently visits Trump's Mar-a-Lago golf resort. He owns a bunch 276 00:14:46,920 --> 00:14:49,440 Sean Aylmer: of stock with about nine point one billion dollars now. 277 00:14:50,960 --> 00:14:53,160 Michael Thompson: Don't even know what to say about that one. Up 278 00:14:53,200 --> 00:14:55,960 Michael Thompson: next is the Fear and Greed Daily Interview. Josh Gilbert 279 00:14:56,000 --> 00:14:59,840 Michael Thompson: from eToro is coming up. He is talking all about Nike. 280 00:15:00,080 --> 00:15:02,520 Michael Thompson: Great interview, and don't forget we will have all of 281 00:15:02,520 --> 00:15:05,520 Michael Thompson: the latest on the reciprocal tariffs that are being announced 282 00:15:05,560 --> 00:15:08,480 Michael Thompson: this morning that will be hitting the Fear and Greed 283 00:15:08,560 --> 00:15:11,120 Michael Thompson: feed Not long after the announcement is made by US 284 00:15:11,160 --> 00:15:14,000 Michael Thompson: President Donald Trump. Thank you very much, Sean, thank you, Michael. 285 00:15:14,080 --> 00:15:16,680 Michael Thompson: It is Thursday, the third of April twenty twenty five. 286 00:15:16,760 --> 00:15:19,040 Michael Thompson: Make sure you're following the podcast and please join us 287 00:15:19,040 --> 00:15:22,480 Michael Thompson: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 288 00:15:22,520 --> 00:15:27,720 Michael Thompson: Thompson and that was Fear and Greed. Have a great day.