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Speaker 1: The aged care sector set for its biggest overhaul in

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Speaker 1: thirty years. Alan Joyce, the former boss of Qantas, took

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Speaker 1: home three point four million dollars last financial year for

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Speaker 1: two months work, and the collapsed airline res accused of

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Speaker 1: stealing four planes. Welcome to Fear and Greed. Daily business

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Speaker 1: news for people who make their own decisions. It is Friday,

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Speaker 1: the thirteenth of September twenty twenty four. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning. Federal Labor and the Coalition

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Speaker 1: have struck a deal on aged care funding in which

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Speaker 1: many self funded retirees and part pensioners will pay more

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Speaker 1: for their care.

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Speaker 2: Prime Minister Anthony Albanezi called the Aged Care Act the

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Speaker 2: greatest improvement to the sector in thirty years. It includes

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Speaker 2: an extra four point three billion dollars for supported home

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Speaker 2: which is forecast to reduce wait times for in home

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Speaker 2: care quite significantly. There's also new laws to protect older

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Speaker 2: Australians at home, but wealthier older Australians will have to

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Speaker 2: pay more, and the deal will save the budget twelve

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Speaker 2: point six billion dollars over ten years. Both sides of

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Speaker 2: politics have been in negotiations over the past six months

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Speaker 2: or so. Yesterday, the Opposition leader Peter Dunton said he

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Speaker 2: wanted people to have dignity as they age. Hcare costs

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Speaker 2: the government about thirty six billion dollars a year, a

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Speaker 2: top five spend in the federal budget, notwithstanding yesterday's announcement

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Speaker 2: that impost is expected to keep rising. However, aged care

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Speaker 2: spending as a percentage of GDP, which is actually a

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Speaker 2: better measure, will reduce. Under the deal. People already in

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Speaker 2: aged care homes or on the waiting list for home

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Speaker 2: care will be exempt.

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Speaker 1: That is a big story in itself, but there's a

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Speaker 1: fair bit of other stuff going on as well in

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Speaker 1: camber at the moment.

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Speaker 2: Very very busy. At Federal Parliament yesterday, Defense Minister Richard

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Speaker 2: Miles said he'd stripped Distinguished Service medals from several current

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Speaker 2: and former Army commanders for failing to prevent war crimes

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Speaker 2: by Australian Special Forces soldiers in Afghanistan, though he didn't

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Speaker 2: identify who those were that were losing their awards. The

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Speaker 2: decision finalizes the government's response to the Brereton War Crimes Inquiry,

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Speaker 2: which found credible information that twenty five Special Air Service

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Speaker 2: soldiers unlawfully killed thirty nine Afghan civilians and prisoners. Also,

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Speaker 2: t l MP highly tink seat of North Sydney will

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Speaker 2: be abolished before next year's federal election after the final

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Speaker 2: decision in controversial changes to election boundaries were confirmed yesterday

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Speaker 2: the Australian Electoral Commission SEI review had unanimously accepted the

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Speaker 2: proposed boundaries released in May. Now North Sydney will be

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Speaker 2: abolished and the division of Cook in Sydney's Sutherland Shire

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Speaker 2: will be altered to recognize early Prime Minister Joseph Cook

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Speaker 2: and explorer Captain James Cook. Also, Labour has scrabbed criminal

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Speaker 2: penalties for seriously vilifying minority groups from its upcoming hate

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Speaker 2: Crimes bill, and Labor will expand its plans to crack

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Speaker 2: down on lies on social media by adding content into

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Speaker 2: misinformation laws before the federal election. That I'm pretty much

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Speaker 2: set up a dispute in Parliament about whether the revised

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Speaker 2: plan will curb free speech, as you said, and I agreed.

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Speaker 2: Plenty going on in Canberra.

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Speaker 1: Yeah, sure was? How about local markets? What happened yesterday?

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Speaker 2: Plenty going on? Michael the s and PASX two hundred

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Speaker 2: closed up more than one percent yesterday to eight thousand

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Speaker 2: and seventy six points, the best session in about three weeks.

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Speaker 2: In fact, the index is now just seventy two points

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Speaker 2: off the all time high that was set in August.

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Speaker 2: It's eighty one hundred and forty eight point seven points,

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Speaker 2: not far off that are rarely in u s stocks help

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Speaker 2: things along, while the miners set the pace locally, with

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Speaker 2: uranium and lithium players among the best. Rising Brent prices

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Speaker 2: helped the oil and gas companies, while tech lead a

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Speaker 2: wise tech Global hit a record high. It jumped almost

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Speaker 2: four percent yesterday. The banks were higher, Westpac, Ains and

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Speaker 2: CBA were all up more than a percent. Goodman Group

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Speaker 2: jump more than two percent. The retails in Telstra were

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Speaker 2: among the underperformers. Plenty of corporate news around really medi

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Speaker 2: Reports suggest that entertainment's lenders have oftened to give the

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Speaker 2: Game In Group an extra one hundred and fifty million

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Speaker 2: dollars to help it survive a cash crunch caused by

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Speaker 2: cost blowouts at its new Brisbane casino and a slow

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Speaker 2: down in patrons visiting its gaming floors. Its shares were

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Speaker 2: suspended yesterday health insurer nib Rose after chief executive Mark

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Speaker 2: Fitzgibbon announced hit step down in November after more than

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Speaker 2: two decades leading the company. Brick Works will take a

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Speaker 2: one hundred and twenty four million dollar expense this fiscal

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Speaker 2: year due to a severe deterioration in building activity in

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Speaker 2: Sydney and Brisbane, higher operating costs, and a slow down

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Speaker 2: in the US market. Finally, Woodside Energy has been forced

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Speaker 2: to temporarily cease production at its shen Ze Oil and

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Speaker 2: gas field in the US golf of Mexico. That's because

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Speaker 2: Hurricane Francine is tracking through the area.

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Speaker 1: Do you know why it's called Brent crude?

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Speaker 2: Sean, Well, Brett was too common.

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Speaker 1: This is I find this absolutely fascinating, right do you

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Speaker 1: know the answer?

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Speaker 2: I do? I do know? Oh, yes, me tell me.

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Speaker 1: Apparently it came from because that oil was initially produced

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Speaker 1: from the Brent oil field, and the Brent oil field

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Speaker 1: got its name because the Shell company originally named all

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Speaker 1: of its oil fields after birds, in this case the

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Speaker 1: Brent goose.

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Speaker 2: Really. Yes, that is a cracking piece of trivia.

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Speaker 1: Yeah, and look, I'd like to thank my friends at

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Speaker 1: Wikipedia for.

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Speaker 2: Ever reliable. Yeah. I'm sure.

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Speaker 1: I'm sure it's true. Oh isn't that fascinating?

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Speaker 2: So I can I ask? Can I ask a follow

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Speaker 2: up question? Yes? So what sort of oil is Brent

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Speaker 2: oil compared to some other sort of oil?

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Speaker 1: Well, it's it's typically oil made from geese, I'm assuming.

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Speaker 1: Moving on, and you can actually pinpoint the moment at

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Speaker 1: which my knowledge ran out just there.

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Speaker 2: Well, I mean there's West Texas Intermediate, right, so that's

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Speaker 2: kind of different to But I'm just wondering whether there's

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Speaker 2: only two types of world or whether out there in

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Speaker 2: the world there's hundreds of different types of oil.

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Speaker 1: Oh, you know what. This has all the makings of

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Speaker 1: an Ask Fear and Greed, But it might be a

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Speaker 1: question that we ask ourselves.

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Speaker 2: Yeah, someone better ask us first, then we'll go and

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Speaker 2: do the research. Yeah. I think that'd be a hard one. Yeah.

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Speaker 1: Indeed, if you have a question for Ask Fear and Greed,

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Speaker 1: send it on through and we will get onto it.

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Speaker 1: Please please ask us about Brent crude and was it

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Speaker 1: West Texas Intermediary?

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Speaker 2: Yeah? West Texas Intermediate wtih.

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Speaker 1: Okay, w wt I okay, not f gotcha. Immediately after

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Speaker 1: the show terrible segue here You've got a great interview

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Speaker 1: coming up with Stefan Vonimoff, who is the co founder

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Speaker 1: of alternative investing community fund alts dot co. This is fascinating,

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Speaker 1: it sure is.

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Speaker 2: We always talked to Stefan about ways to invest in

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Speaker 2: things that you've never thought about, and this time around

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Speaker 2: it's film financing. And there's two types of investing in

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Speaker 2: film financing, the big hits and then the indie productions.

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Speaker 2: Often the indie productions the crowdsourcing. Stefan's alls dot Co

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Speaker 2: invests in big hits, but it's not directly, it's actually

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Speaker 2: in something it's sort of a bridging finance product that

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Speaker 2: they've got and it is a fascinating look at what

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Speaker 2: to think about when investing in films and you know,

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Speaker 2: the risks the rewards. As always with Stefan, we end

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Speaker 2: up having a really interesting conversation about stuff I know

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Speaker 2: nothing about.

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Speaker 1: Yeah, and particularly when he's talking about which genre of

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Speaker 1: film actually delivers the best returns, which I won't spoil

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Speaker 1: because it's worth going on having a listen. The interviews

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Speaker 1: is coming up after the show.

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Speaker 2: Now.

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Speaker 1: Thanks to blue Chip Communication, the experts helping financial services

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Speaker 1: companies market communicate and grow, is it blue chip communication,

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Speaker 1: dot com dot AU? What's going on in international markets?

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Speaker 2: Chip maker and Vidia's share price jump to eight percent

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Speaker 2: yesterday morning after CEO Jensen Huang said the company is

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Speaker 2: struggling to meet demand expectator, as in everyone wants their product.

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Speaker 2: He said customers had no choice but to embrace accelerated computing.

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Speaker 2: As a result, they need end video chips. Staying in

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Speaker 2: that artificial intelligence space, Open ai is in talks to

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Speaker 2: Ray six point five billion US dollars. According to Bloomberg.

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Speaker 2: What's interesting about this it puts a value on the

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Speaker 2: company and a value as a company at about one

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Speaker 2: hundred and fifty billion US dollars. Basically, it's become the

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Speaker 2: world's most valuable startup company now. It is nine years old.

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Speaker 2: Started in it was found in twenty fifteen. It's pretty

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Speaker 2: much been at the center of the technology industry's rapid

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Speaker 2: shift towards AI, kicking off a massive investing frenzy in

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Speaker 2: twenty twenty two with the debut of chat GPT. All

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Speaker 2: this positive news helped the tech heavy NASACK close up

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Speaker 2: two point two percent yesterday morning. The border based s

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Speaker 2: and P five hundred was up more than one percent

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Speaker 2: otherwys Brent.

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Speaker 1: Crude, the oil made from geese.

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Speaker 2: That's it up a touch, trading around seventy one US

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Speaker 2: dollars a barrel, gold twenty five to seventeen US dollars

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Speaker 2: an ounce, and the Aussie dollar is buying just to

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Speaker 2: touch under sixty seven US cents.

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Speaker 1: All right, We'll take a quick break, restore some credibility,

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Speaker 1: and be back in a moment with the rest of

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Speaker 1: the day's business news. Sean former Quantus spots Alan Joyce,

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Speaker 1: took home three point four million dollars last financial year,

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Speaker 1: even though we only worked for the national carrier for

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Speaker 1: two months, while current CEO Vanessa Hudson had her paypacket

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Speaker 1: cut to four point four million.

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Speaker 2: Yes, so the airline's annual report published yesterday shows that

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Speaker 2: the board has decided Ms Hudson had exceeded expectations as

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Speaker 2: a phrase used, and her pay includes a base one

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Speaker 2: point four billion dollars, short term bonuses of over one

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Speaker 2: million dollars, adding long term incent of plans a few

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Speaker 2: other benefits comes out about four point four million dollars,

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Speaker 2: though that is down from the nearly six million dollars

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Speaker 2: the previous financial year. Mister Joyce's pay would have much more,

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Speaker 2: but the board had already decided he wouldn't receive a

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Speaker 2: nine point two million dollar bonus after a review of

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Speaker 2: the company's governance. His three point four million last year

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Speaker 2: included three hundred and eighty one thousand base pay, so

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Speaker 2: he's earning about two hundred thousand a month another three

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Speaker 2: point one five million in long term bonuses he would

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Speaker 2: have recrued that over his time. Quantita's remuneration reports suffered

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Speaker 2: one of the biggest ever votes against it at last

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Speaker 2: year's AGM. Yesterday, in the annual report, the National carrier

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Speaker 2: said it will change how it assesses the performance of

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Speaker 2: executives from next year. I'm sure it was going to

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Speaker 2: come under a bit of pressure on this one again.

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Speaker 1: Yes, I suspect you might be right on that one, Sean. Now,

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Speaker 1: the boss of Nine Entertainment, Mike Sneezeby, will leave the

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Speaker 1: job at the end of the month, with the search

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Speaker 1: now on for a new CEO for the country's largest

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Speaker 1: listed media company.

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Speaker 2: He was a bit of a surprise announcement and comes

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Speaker 2: after a tough period for Nine, including both failing profits

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Speaker 2: and share price sneeze By the architect of nine's stand

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Speaker 2: streaming service was promoted to the top job of three

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Speaker 2: and a half years ago. Since then, the company's share

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Speaker 2: price has fallen by more than fifty percent. More recently,

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Speaker 2: Sneezeby has been criticized for payouts to senior management and

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Speaker 2: broiled in allegations of predatory behavior that forced him to

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Speaker 2: launch an investigation into the group's workplace culture. Now media

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Speaker 2: is reporting that shareholders aren't happy with the pace of

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Speaker 2: change at nine, which of course owns television stations freeedomware,

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Speaker 2: as well as stand radio stations including three AW and TWOGB,

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Speaker 2: streaming services and publishing assets, the big ones being The Age,

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Speaker 2: The City Morning Herald and the Ishraining Financial Review. In

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Speaker 2: the same missus, Sneesbe said he made the personal decision

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Speaker 2: to consider new opportunities, and the company's chief financial and

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Speaker 2: strategy officer, Matt Stanton, has been named interim CEO. Katherine West,

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Speaker 2: nine's chair said mister Sneedsby had successfully guided the company

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Speaker 2: through the COVID nineteen pandemic, secured the rights to the

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Speaker 2: Olympic Games, and overseen strategic and cultural change. Nine share

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Speaker 2: price fell four percent yesterday, not helped by the fact

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Speaker 2: it was trading ex dividend.

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Speaker 1: No, how about this one. I mentioned this at the

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Speaker 1: top of the show. Sean Regional Express, the collapsed airline

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Speaker 1: allegedly stole four planes from an aircraft graveyard in the

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Speaker 1: Arizona Desert, stripped them for parts and sold the rest.

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Speaker 1: This is a claim from an American aircraft leasing and

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Speaker 1: maintenance company.

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Speaker 2: It is a cracking story and there are only allegations,

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Speaker 2: but it's just too good an allegation not to look into.

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Speaker 2: The lawsuit filed by Jet Midwest and the Supreme Court

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Speaker 2: of New South Wales comes as Rex is in administration.

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Speaker 2: Rex ended that way after lenders grew anxious about its

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Speaker 2: ability to repay debts, and of course, the company's planned

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Speaker 2: to compete with Quantits and Virgin Australia on Busy RISZ

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Speaker 2: between Sydney and Melbourne and Brisbane faulted. Now. According to

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Speaker 2: a report in the fin Review, Jet Midwest alleges that

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Speaker 2: Rex took possession of four Saab twin engine turbo props

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Speaker 2: at Kingman Airport, a former military base in Arizona, shipped engines,

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Speaker 2: propellers and other value parts to Australia. It claims that

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Speaker 2: Rex asked that the wings be cut off from the

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Speaker 2: airline and SEUL. The profits from the sale of these

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Speaker 2: parts also went to Rex, at least in part. According

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Speaker 2: to court filings, Jet Midwest had agreed to sell Rex

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Speaker 2: the aircraft in twenty nineteen for two million US. The

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Speaker 2: airline paid two hundred thousand US it's a ten percent deposit,

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Speaker 2: but never paid the rest. It requested more time, citing

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Speaker 2: a loss of earnings during the COVID nineteen pandemic, where

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Speaker 2: no payment was made by June twenty twenty. Jet Midwest

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Speaker 2: alleges the sale contract was void ie Rex had stole

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Speaker 2: on the planes. The administrators of Rex weren't coming in yesterday.

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Speaker 2: It's still got to go through the court system, of course.

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Speaker 1: Now lithium and nickel minor Igo has promised to continue

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Speaker 1: to focus on battery minerals, even though prices are fallen sharply,

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Speaker 1: and it wants to add copper to its list of products.

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Speaker 2: IGO's share price jumped seven percent yesterday after Chief executive

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Speaker 2: Ivan Vella outlined the group's strategy to investors expect extreme

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Speaker 2: volatility in lithium prices for the next decade. He also

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Speaker 2: said that Igo would have a lesser focus on nickel.

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Speaker 2: That commodity has experienced huge supply growth out of Indonesia,

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Speaker 2: sending its price tumbling. Mister Vello wants to build a

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Speaker 2: copper division now. Copper is a mature industry and he

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Speaker 2: says it will provide Ido with a stable compliment to

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Speaker 2: the volatility of the lithium sector. Lithium prices are actually

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Speaker 2: less than ten percent what they were at the beginning

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Speaker 2: of the year, so it's certainly been a very volatile commodity.

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Speaker 1: Turning to international news, now, Vladimir Putin says Moscow should

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Speaker 1: consider limiting exports of uranium, titanium and nickel in retaliation

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Speaker 1: for Western sanctions, sending shares of the commodity soaring.

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Speaker 2: Yeah, that's what helped some of the Australian uranium makers yesterday.

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Speaker 2: The remarks prompted a rise in nickel prices, drove shares

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Speaker 2: and uranium mining companies globally. Mister Putin said such restrictions

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Speaker 2: could also be introduced for other commodities, noting that Russia

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Speaker 2: is a major producer of natural gas, diamonds and gold,

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Speaker 2: but he added the measures do not need to be

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Speaker 2: taken immediately and must not cause damage to Russia. Itself.

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Speaker 2: While Western countries have cut purchases of Russia's oil and

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Speaker 2: gas since the start of the war in Ukraine, Russia

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Speaker 2: remains a major exporder of metals to world markets.

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Speaker 1: Donald Trump has suggested that he would not debate Carmela

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Speaker 1: Harris again unless it was on his own terms. After

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Speaker 1: he lost Wednesday's debate on a points decision.

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Speaker 2: Yes so, mister Trump criticized the ABC news network that

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Speaker 2: hosted the debate insisted he had won, even though most commentators,

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Speaker 2: including conservatives, disagree. Mister Trump also said that Miss Harris's

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Speaker 2: request for another debate proved she'd lost because only the

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Speaker 2: loser asks for a rematch. Snap Pole suggests Miss Harris

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Speaker 2: had won the debate by wide margin. Reuters is reporting

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Speaker 2: that mister Trump's donors and advisors believe he lost the debate,

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Speaker 2: while shares his media company fill more than thirteen percent.

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Speaker 2: The share price of Trump Media and Technology Group tends

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Speaker 2: to oscillate with missus, the Trump's prospects of returning to office.

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Speaker 1: And Taylor Swift, fresh from endorsing Karmala Harris, has then

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Speaker 1: gone back to doing what she does best, winning awards

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Speaker 1: for her music.

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Speaker 2: Yeah, maybe she sings better than she wins awards, but

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Speaker 2: she's pretty good at both of them. She took home

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Speaker 2: seven gongs at the twenty twenty four MTV Video Music Awards,

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Speaker 2: taking her career total to thirty, equalling Beyonce as a

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Speaker 2: most awarded musician in the Video Music Awards history. The

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Speaker 2: Cruel Summer singer picked up the prizes for Video of

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Speaker 2: the Year for Fortnite that featured Post Malone, Artist of

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Speaker 2: the Year, and Best Collaboration, among her record equalling Hall

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Speaker 2: at the fortieth edition of the annual event. Swift also

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Speaker 2: encouraged her fans who are over eighteen to register to

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Speaker 2: vote in the upcoming US election, though she avoided directly

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Speaker 2: mentioning her endorsement of Vice President KRMLA Harris.

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Speaker 1: All right, up next is the Fear and Greed Daily Interview.

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Speaker 1: Your guest today is Stefan von Imoff, who is the

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Speaker 1: co founder of Alternate of Investing Community fund alts dot Co.

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Speaker 2: All about investing in films, so big budget films, independent films.

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Speaker 2: I didn't even realize that you could do it. Well

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Speaker 2: you can, Stefan tells us all about it.

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Speaker 1: Yeah, it is a cracking chat. It is up next

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Speaker 1: to the Fear and Greed playlist on your podcast platform

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Speaker 1: or at Fearangreed dot com dot au.

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Speaker 2: Thanks very much, Sean, Thank you, Michael.

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Speaker 1: It is Friday, the thirteenth of September 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. I'm Michael

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