1
00:00:06,320 --> 00:00:09,440
Speaker 1: Welcome to Fear and Greed business news you can use Today.

2
00:00:09,520 --> 00:00:13,960
Speaker 1: Abu Dhabi's national oil company bids thirty billion dollars for Santos.

3
00:00:14,280 --> 00:00:17,319
Speaker 1: Prime Minister Anthony Albanezi meets with world leaders at the

4
00:00:17,320 --> 00:00:20,800
Speaker 1: G seven, agreeing to negotiate a security packed with Europe,

5
00:00:21,079 --> 00:00:25,480
Speaker 1: and the corporate regulator launches an investigation into ASX Limited.

6
00:00:25,800 --> 00:00:29,520
Speaker 1: Plus US President Donald Trump says Israel and Iran might

7
00:00:29,600 --> 00:00:32,680
Speaker 1: have to fight a bit before finding peace. And I

8
00:00:32,800 --> 00:00:35,600
Speaker 1: six is Real Life. Q gets the top job at

9
00:00:35,640 --> 00:00:39,200
Speaker 1: the UK spy Agency. It's Tuesday, the seventeenth of June

10
00:00:39,280 --> 00:00:42,839
Speaker 1: twenty twenty five. I'm Michael Thompson and good morning Sean Aylmer.

11
00:00:43,159 --> 00:00:44,200
Speaker 2: Good morning, Michael.

12
00:00:44,280 --> 00:00:46,240
Speaker 1: Real mixed bag today, Sean, and a mixed bag in

13
00:00:46,280 --> 00:00:48,760
Speaker 1: the newsletter, the Fear and Greed newsletter out every morning

14
00:00:48,800 --> 00:00:49,760
Speaker 1: by six am.

15
00:00:49,880 --> 00:00:51,800
Speaker 2: Yes we do. We have a very mixed bag.

16
00:00:52,000 --> 00:00:54,520
Speaker 3: In fact, funny kind of twenty four hours because it

17
00:00:54,560 --> 00:00:56,640
Speaker 3: was news coming left, right and center of an m

18
00:00:56,680 --> 00:00:58,920
Speaker 3: and a activity which we talk about in the newsletter

19
00:00:59,720 --> 00:01:01,720
Speaker 3: today and whether it's a good or a bad thing

20
00:01:01,760 --> 00:01:04,759
Speaker 3: for the market, plus plenty more. Obviously, you know, as

21
00:01:04,760 --> 00:01:06,240
Speaker 3: we say every morning, if you want to be one

22
00:01:06,240 --> 00:01:10,240
Speaker 3: step ahead before you start the day, get the Newsletterfereinggreed

23
00:01:10,280 --> 00:01:11,160
Speaker 3: dot com dot am.

24
00:01:11,240 --> 00:01:13,040
Speaker 1: Yeah, indeed, I'll put a link in today's show notes

25
00:01:13,080 --> 00:01:15,800
Speaker 1: as well, just so it's super easy and it's entirely free,

26
00:01:15,840 --> 00:01:18,720
Speaker 1: so there's no reason not to sign up on With

27
00:01:18,760 --> 00:01:20,640
Speaker 1: the show now shown, the main story this morning, the

28
00:01:20,640 --> 00:01:24,480
Speaker 1: Abu Dhabi National Oil Company has made a nearly thirty

29
00:01:24,560 --> 00:01:27,920
Speaker 1: billion dollar cash takeover bid for Santos and has received

30
00:01:27,959 --> 00:01:30,240
Speaker 1: the endorsement from the board of one of the country's

31
00:01:30,280 --> 00:01:31,840
Speaker 1: biggest oil and gas producers.

32
00:01:32,040 --> 00:01:35,640
Speaker 3: The non binding bid at five dollars and seventy six

33
00:01:35,880 --> 00:01:38,920
Speaker 3: US per share, which is around eight dollars eighty nine.

34
00:01:39,000 --> 00:01:43,440
Speaker 3: OSSIE is led by xarg, the international investment arm of

35
00:01:43,560 --> 00:01:47,240
Speaker 3: the Abu Dhabi government company, which holds a majority stake

36
00:01:47,240 --> 00:01:50,200
Speaker 3: in the consortium that's making the bid. Santos's share price

37
00:01:50,240 --> 00:01:54,320
Speaker 3: jumped eleven percent yesterday, demonstrating that puts it about seven

38
00:01:54,480 --> 00:01:58,040
Speaker 3: seventy six. It just demonstrates that there's still a bunch

39
00:01:58,040 --> 00:02:00,880
Speaker 3: of hurdles to overcome before this deal is done. The

40
00:02:00,960 --> 00:02:04,600
Speaker 3: big one is foreign investment clearance, and that puts pressure

41
00:02:04,640 --> 00:02:07,360
Speaker 3: on treasure Jim Chalmers, who will have final say. The

42
00:02:07,400 --> 00:02:10,440
Speaker 3: bid price plus the debt of Santos values the company

43
00:02:10,440 --> 00:02:13,679
Speaker 3: at thirty six point four billion dollars. If successful, it's

44
00:02:13,720 --> 00:02:18,920
Speaker 3: probably the largest all cash deal in ASX history. Santos's

45
00:02:19,000 --> 00:02:22,440
Speaker 3: board has granted due diligence access to ADNOCK, that's the

46
00:02:22,480 --> 00:02:25,320
Speaker 3: Abu Dhabi National Oil Company ADKNOCK, and it intends to

47
00:02:25,440 --> 00:02:28,919
Speaker 3: unanimously recommend the bid in the absence of any higher

48
00:02:28,960 --> 00:02:32,320
Speaker 3: offer and if an independent expert deems it fair and

49
00:02:32,360 --> 00:02:35,440
Speaker 3: reasonable for shareholders. In an attempt to get around expected

50
00:02:35,480 --> 00:02:39,320
Speaker 3: foreign investment hurdles, the bidders have committed to keeping Santos's

51
00:02:39,400 --> 00:02:42,960
Speaker 3: headquarters in Adelaide and retaining its brand, as well as

52
00:02:43,200 --> 00:02:44,520
Speaker 3: investing in the company.

53
00:02:44,880 --> 00:02:47,480
Speaker 1: Sean, there's a few things in this. Number One is

54
00:02:47,520 --> 00:02:53,000
Speaker 1: the price fair. Number Two, you mentioned foreign investment being

55
00:02:53,280 --> 00:02:55,680
Speaker 1: the big challenge trying to get that tick from the government,

56
00:02:56,040 --> 00:02:58,880
Speaker 1: whether that is actually going to happen, is the deal

57
00:02:59,040 --> 00:03:00,880
Speaker 1: likely to get over the line? And you alluded that

58
00:03:01,000 --> 00:03:03,079
Speaker 1: to the fact that in the absence of any kind

59
00:03:03,120 --> 00:03:06,680
Speaker 1: of higher bids, are there any other potential parties here?

60
00:03:06,840 --> 00:03:09,040
Speaker 1: This just seems like such a big deal that would

61
00:03:09,040 --> 00:03:11,040
Speaker 1: require an even bigger fish to come.

62
00:03:10,919 --> 00:03:13,880
Speaker 3: Along, yes, and there's not many bigger fish than the

63
00:03:13,919 --> 00:03:15,880
Speaker 3: oil and gas giants of the Middle East. Now, I

64
00:03:15,880 --> 00:03:18,359
Speaker 3: said a moment ago it got to seven seventy six.

65
00:03:18,360 --> 00:03:23,040
Speaker 3: It actually closed at seven seventy yesterday. So what that

66
00:03:23,320 --> 00:03:26,720
Speaker 3: says in answer to your question, it's unlikely that someone

67
00:03:26,720 --> 00:03:30,480
Speaker 3: else will come along. That's what people probably think. And

68
00:03:31,200 --> 00:03:33,440
Speaker 3: it's also got a lot on it now. From a

69
00:03:33,480 --> 00:03:36,880
Speaker 3: shareholders point of view, Santos hasn't traded it as sort

70
00:03:36,920 --> 00:03:39,520
Speaker 3: of eighty nine a sharing more than a decade. It's

71
00:03:39,520 --> 00:03:42,200
Speaker 3: about a thirty percent premium to where it was last week.

72
00:03:42,400 --> 00:03:44,920
Speaker 3: So from a shareholder's point of view, this is a

73
00:03:44,920 --> 00:03:48,240
Speaker 3: pretty good deal. Clearly the board thinks so it's a

74
00:03:48,280 --> 00:03:51,200
Speaker 3: cash offer as well, So planning to like about it

75
00:03:51,240 --> 00:03:53,520
Speaker 3: from the board and the shareholders view might be a

76
00:03:53,640 --> 00:03:56,560
Speaker 3: very different story in Canberra, though, where the Albanezi government

77
00:03:56,600 --> 00:03:59,600
Speaker 3: will be lobbied and tested and criticized for whatever it does.

78
00:04:00,120 --> 00:04:03,200
Speaker 3: Santos has assets in Papua New Guinea. In Papua New

79
00:04:03,240 --> 00:04:06,080
Speaker 3: Guinea is really now the center of its operations team

80
00:04:06,160 --> 00:04:09,680
Speaker 3: or Western Alaska. Jim Chalmers, though, will be much more

81
00:04:09,720 --> 00:04:14,120
Speaker 3: interested in its Glanstone LNG project in Queensland, its Western

82
00:04:14,160 --> 00:04:17,840
Speaker 3: Australian domestic gas business and the critical infrastructure it has

83
00:04:17,880 --> 00:04:20,560
Speaker 3: along the East coast of Australia. One thing in the

84
00:04:20,560 --> 00:04:24,560
Speaker 3: bidder's favor is that the United Arab Emirates is Australia's

85
00:04:24,640 --> 00:04:27,960
Speaker 3: largest trading partner in the Middle East, having said that

86
00:04:28,040 --> 00:04:31,880
Speaker 3: Middlestian governments aren't exactly known for their transparency and energy

87
00:04:31,920 --> 00:04:32,800
Speaker 3: security is.

88
00:04:32,680 --> 00:04:35,160
Speaker 2: Such a big political issue.

89
00:04:35,480 --> 00:04:38,760
Speaker 3: So eight eighty nine bid seven to seventy share price

90
00:04:38,800 --> 00:04:42,960
Speaker 3: closed yesterday. Lots of barnacles on this one. Long way

91
00:04:43,000 --> 00:04:44,360
Speaker 3: to go before it gets across the line.

92
00:04:44,400 --> 00:04:46,000
Speaker 1: Yeah, it does feel like we might be talking about

93
00:04:46,000 --> 00:04:46,960
Speaker 1: it for some time, Sean.

94
00:04:47,000 --> 00:04:47,240
Speaker 2: Now.

95
00:04:47,760 --> 00:04:51,560
Speaker 1: Prime Minister Anthony Abernezi has agreed to negotiate a defense

96
00:04:51,640 --> 00:04:56,360
Speaker 1: pact between Australia and the European Union and supports Canada

97
00:04:57,080 --> 00:05:00,880
Speaker 1: joining the ORCUS Pact, which would make it the What Caucus.

98
00:05:02,600 --> 00:05:03,279
Speaker 2: That's very true.

99
00:05:03,360 --> 00:05:06,120
Speaker 3: The Prime Minister met with Canada's leader Mark Carney on

100
00:05:06,200 --> 00:05:09,279
Speaker 3: the sidelines of the G seven summit in Calgary and

101
00:05:09,320 --> 00:05:12,520
Speaker 3: said Australia needs to broaden its security relationships in a

102
00:05:12,600 --> 00:05:17,400
Speaker 3: volatile world. He says he's open to Canada joining orcas

103
00:05:17,880 --> 00:05:20,520
Speaker 3: becoming Caucus or maybe Orcus.

104
00:05:21,680 --> 00:05:23,640
Speaker 1: If you wanted to put it in the most unlikely

105
00:05:23,960 --> 00:05:26,359
Speaker 1: spot of all that it might be Orcus.

106
00:05:27,080 --> 00:05:28,719
Speaker 3: And you can't really put it between the U and

107
00:05:28,720 --> 00:05:31,599
Speaker 3: the Cave because you can't really break up the United Kingdom. Yeah, yeah, okay,

108
00:05:31,720 --> 00:05:34,960
Speaker 3: so let's go Caucus. It's a pillar two streams, so

109
00:05:35,240 --> 00:05:37,640
Speaker 3: that actually doesn't involve the submarines. It's more the development

110
00:05:37,640 --> 00:05:41,920
Speaker 3: of joint advanced military capabilities Albanize. He said he'll officially

111
00:05:41,960 --> 00:05:47,120
Speaker 3: accept an invitation from EU Commissioner Commissioned President erslavon de Lane,

112
00:05:47,480 --> 00:05:49,760
Speaker 3: one of the great names in global politics. I'd like

113
00:05:49,800 --> 00:05:53,120
Speaker 3: to say erslavonder Lane to consider a security and defense

114
00:05:53,200 --> 00:05:56,760
Speaker 3: partnership with the EU. Any pact would be non legally

115
00:05:57,000 --> 00:06:00,599
Speaker 3: binding and be in MAU to facilitate collaboration between Australia

116
00:06:00,680 --> 00:06:07,120
Speaker 3: and the EU in defense industry, cyber critical technologies, encountered terrorism.

117
00:06:07,080 --> 00:06:10,839
Speaker 1: And just quickly did Anthony Ipneasy say anything about his

118
00:06:11,000 --> 00:06:12,200
Speaker 1: meeting with Donald Trump.

119
00:06:12,440 --> 00:06:15,320
Speaker 3: Well, he said he'll highlight the value the US receives

120
00:06:15,320 --> 00:06:19,000
Speaker 3: from the Orcus Pact, as well as the support Australia

121
00:06:19,080 --> 00:06:23,080
Speaker 3: offers the defense relationship between the two countries. When asked

122
00:06:23,160 --> 00:06:26,640
Speaker 3: about using the meeting to apply pressure around Israel, the

123
00:06:26,640 --> 00:06:29,360
Speaker 3: Prime Minister avoided answering it. Basically, he just said the

124
00:06:29,400 --> 00:06:32,080
Speaker 3: discussion would be about Australia and the United States.

125
00:06:32,480 --> 00:06:35,640
Speaker 1: Okay, there you go, Sean. Very quickly, before we head

126
00:06:35,680 --> 00:06:38,599
Speaker 1: to a break, we are working with FONTO, which is

127
00:06:38,640 --> 00:06:41,120
Speaker 1: a research agency, to learn more about the Fear and

128
00:06:41,160 --> 00:06:43,800
Speaker 1: Greed community. We are running a short survey. We want

129
00:06:43,800 --> 00:06:45,360
Speaker 1: to hear from you. We want to know how are

130
00:06:45,360 --> 00:06:45,880
Speaker 1: you feeling.

131
00:06:46,360 --> 00:06:47,280
Speaker 2: What you love.

132
00:06:47,480 --> 00:06:51,440
Speaker 1: Obviously about the podcast, not just in your life, might

133
00:06:51,480 --> 00:06:54,040
Speaker 1: love your dog, tell us about it, what we could

134
00:06:54,080 --> 00:06:57,880
Speaker 1: improve on a whole lot of stuff. It only takes

135
00:06:57,920 --> 00:07:00,000
Speaker 1: a couple of minutes and if you take part before

136
00:07:00,120 --> 00:07:02,520
Speaker 1: or June thirty, you will you'll be in the running

137
00:07:02,560 --> 00:07:05,120
Speaker 1: to win a three thousand dollars Luxury Escapes bout You,

138
00:07:05,240 --> 00:07:08,039
Speaker 1: which is a pretty extraordinary prize. I will put a

139
00:07:08,080 --> 00:07:10,840
Speaker 1: link in today's show notes as well so that you

140
00:07:10,880 --> 00:07:11,440
Speaker 1: can find it.

141
00:07:11,440 --> 00:07:12,400
Speaker 2: It is very easy.

142
00:07:12,480 --> 00:07:15,200
Speaker 1: And then I'll also put in today's newsletter as well,

143
00:07:15,240 --> 00:07:17,280
Speaker 1: so if you're already subscribe to the newsletter, to scroll

144
00:07:17,320 --> 00:07:18,720
Speaker 1: on down to the bottom and you will find the

145
00:07:18,720 --> 00:07:19,200
Speaker 1: link there.

146
00:07:19,720 --> 00:07:21,239
Speaker 2: All right, Sean A. Quick break.

147
00:07:21,320 --> 00:07:22,680
Speaker 1: We'll be back in a moment with the rest of

148
00:07:22,680 --> 00:07:33,360
Speaker 1: the day's business news. Sean, the Corporate regulator has launched

149
00:07:33,360 --> 00:07:37,320
Speaker 1: an inquiry into ASX Limited, the company that is, over

150
00:07:37,360 --> 00:07:40,920
Speaker 1: its risk management culture and corporate governance standards.

151
00:07:41,360 --> 00:07:44,280
Speaker 3: The inquiry will determine if the ax is fit to

152
00:07:44,360 --> 00:07:45,920
Speaker 3: operate financial markets.

153
00:07:46,040 --> 00:07:47,640
Speaker 2: So the stakes are pretty high.

154
00:07:47,880 --> 00:07:50,960
Speaker 3: ASEX Limited has suffered a number of tech related issues,

155
00:07:50,960 --> 00:07:54,760
Speaker 3: none bigger than its inability to adequately update its aging

156
00:07:55,040 --> 00:07:56,480
Speaker 3: chess settlement system.

157
00:07:56,840 --> 00:07:57,480
Speaker 2: What that is?

158
00:07:57,520 --> 00:08:00,320
Speaker 3: That's that big black box that settles all up buy

159
00:08:00,400 --> 00:08:03,680
Speaker 3: and sell orders on the exchange. Very important, The Astrained

160
00:08:03,680 --> 00:08:06,720
Speaker 3: Securities and Investments Commission says it and the Reserve Bank

161
00:08:07,040 --> 00:08:11,480
Speaker 3: has ongoing concerns over Asx's ability to maintain stable, secure

162
00:08:11,640 --> 00:08:16,760
Speaker 3: and resilient critical market infrastructure. ASSEK chair Jo Longo added

163
00:08:16,760 --> 00:08:20,200
Speaker 3: that the inquiry was the result of repeated and serious

164
00:08:20,400 --> 00:08:24,240
Speaker 3: failures at the ax. AX The share price closed down

165
00:08:24,360 --> 00:08:26,640
Speaker 3: quite a bit yesterday, Okay, now.

166
00:08:26,720 --> 00:08:29,920
Speaker 1: Santos, we talked a lot about that before. Obviously, that

167
00:08:30,000 --> 00:08:34,839
Speaker 1: wasn't the only big deal announced yesterday. Campavan Group THHL

168
00:08:35,080 --> 00:08:38,680
Speaker 1: received a bid from private equity, while Freedom Furniture was

169
00:08:38,720 --> 00:08:40,720
Speaker 1: sold to another Pea group it a busy.

170
00:08:40,559 --> 00:08:42,040
Speaker 2: Day a plenty going on.

171
00:08:42,400 --> 00:08:46,920
Speaker 3: Private equity group BGH Capital and two Queensland brothers, Luke

172
00:08:47,000 --> 00:08:50,360
Speaker 3: and Carl Truchet, have made a four hundred and seventy

173
00:08:50,360 --> 00:08:54,080
Speaker 3: one million dollar bid for THL Tourism Holdings Limited, which

174
00:08:54,160 --> 00:08:56,600
Speaker 3: is the struggling camp of van rentals business.

175
00:08:56,760 --> 00:08:58,920
Speaker 2: It's listed here and in New Zealand.

176
00:08:59,000 --> 00:09:01,160
Speaker 3: It's a fleet got a flat about seventy two hundred

177
00:09:01,240 --> 00:09:05,720
Speaker 3: camper vans under brands including Britz, Maui and Apollo. It

178
00:09:05,800 --> 00:09:08,120
Speaker 3: was started by the Truchet family. The brothers still hold

179
00:09:08,200 --> 00:09:11,520
Speaker 3: a large steak now. The bid price is a fifty

180
00:09:11,520 --> 00:09:15,960
Speaker 3: percent premium to thhl's last close. Its share price jumped

181
00:09:15,960 --> 00:09:20,600
Speaker 3: to fifty three percent yesterday. Over at Freedom Furniture, Amart Furniture,

182
00:09:20,840 --> 00:09:25,400
Speaker 3: which is backed by Quadrant Private Equity, has bought Freedom

183
00:09:25,800 --> 00:09:28,520
Speaker 3: to create a retailer with one billion dollars in sales.

184
00:09:28,600 --> 00:09:32,240
Speaker 3: The combined businesses will continue to operate as standalone brands,

185
00:09:32,520 --> 00:09:35,439
Speaker 3: although a name change is likely, particularly if there's a

186
00:09:35,440 --> 00:09:38,400
Speaker 3: public float next year. Combined, the group will operate one

187
00:09:38,480 --> 00:09:40,720
Speaker 3: hundred and twenty six stores in Australia and New Zealand

188
00:09:40,800 --> 00:09:43,760
Speaker 3: twenty two hundred staff about one hundred million dollars in

189
00:09:43,800 --> 00:09:44,720
Speaker 3: annual earnings.

190
00:09:45,000 --> 00:09:47,920
Speaker 1: Speaking of public float, Sean a little over a week

191
00:09:47,960 --> 00:09:51,160
Speaker 1: out from Virgin Australia listing on the ASX, and some

192
00:09:51,440 --> 00:09:54,520
Speaker 1: investors are suggesting that the price might be a little

193
00:09:54,559 --> 00:09:55,240
Speaker 1: too high.

194
00:09:55,640 --> 00:09:58,319
Speaker 3: Yes, So the gist of the commentary is that at

195
00:09:58,320 --> 00:10:01,240
Speaker 3: two dollars ninety a share, the current owners, private equity

196
00:10:01,240 --> 00:10:06,600
Speaker 3: group Bane primarily is essentially taking advantage of the current

197
00:10:06,720 --> 00:10:09,760
Speaker 3: high travel demand. Now, I'm sure that's true. Why wouldn't they?

198
00:10:09,840 --> 00:10:12,000
Speaker 3: Of course you list when things are going well. The

199
00:10:12,120 --> 00:10:14,600
Speaker 3: question is whether it can be sustained. So whether that

200
00:10:14,640 --> 00:10:18,240
Speaker 3: two dollars ninety is share is sustainable.

201
00:10:17,720 --> 00:10:19,959
Speaker 2: In the longer term. Bit going on.

202
00:10:20,720 --> 00:10:23,120
Speaker 3: Not real helpful for the sellers baying at the moment

203
00:10:23,160 --> 00:10:27,440
Speaker 3: is a recent spike in oil prices and aviation fuel. Also,

204
00:10:27,840 --> 00:10:31,719
Speaker 3: Quantus's decision to drop Jetstar Asia means their planes will

205
00:10:31,720 --> 00:10:36,600
Speaker 3: come back into the Quantus broader fleet. That might not

206
00:10:36,720 --> 00:10:39,720
Speaker 3: help either. Quantitas to share prices up seventy percent over

207
00:10:39,720 --> 00:10:42,240
Speaker 3: the last year. Now in Tom's the first forecast earnings,

208
00:10:42,280 --> 00:10:46,000
Speaker 3: it's still a lot more expensive than Virgin. Just a

209
00:10:46,000 --> 00:10:48,360
Speaker 3: few people out there wondering whether Virgin's going to be

210
00:10:48,360 --> 00:10:49,800
Speaker 3: worth It.

211
00:10:49,240 --> 00:10:52,400
Speaker 1: Really shows the difficulty in finding the right time yep

212
00:10:52,800 --> 00:10:55,000
Speaker 1: to do this, isn't it Because a week ago we

213
00:10:55,000 --> 00:10:57,360
Speaker 1: were saying, yeah, it's a great time now because travel

214
00:10:57,360 --> 00:11:00,480
Speaker 1: demand is booming, oil prices are low. Then all of

215
00:11:00,520 --> 00:11:03,320
Speaker 1: a sudden, oil prices spike, Quantus makes all of its

216
00:11:03,360 --> 00:11:05,880
Speaker 1: moves and the situation is flipped on its head.

217
00:11:06,040 --> 00:11:07,560
Speaker 2: Yeah, incredible, All right.

218
00:11:07,600 --> 00:11:10,320
Speaker 1: Local share market, Sean, where did we finish up yesterday?

219
00:11:10,480 --> 00:11:11,280
Speaker 2: Well? Flat?

220
00:11:11,320 --> 00:11:13,000
Speaker 3: In fact, it was up one point, yes, and PA

221
00:11:13,080 --> 00:11:16,640
Speaker 3: six two hundred to eighty five hundred and forty eight points.

222
00:11:17,120 --> 00:11:19,440
Speaker 3: It probably did better than it should on the back

223
00:11:19,480 --> 00:11:22,680
Speaker 3: of that Santos deal. Great day for the uranium stocks,

224
00:11:22,800 --> 00:11:25,560
Speaker 3: Deep Yellow, Palette, and Energy Boss Energy all jump between

225
00:11:25,600 --> 00:11:29,520
Speaker 3: ten and twenty percent. Flip side was the gold company's evolution, Mining,

226
00:11:29,559 --> 00:11:33,240
Speaker 3: Northern Star, Remelius Resources, West Gold all lost quite a bit.

227
00:11:33,679 --> 00:11:36,680
Speaker 3: More broadly, the energy sector was easily the best performer.

228
00:11:36,760 --> 00:11:39,840
Speaker 3: Consumer Staples was worst. Not really a lot of share

229
00:11:39,880 --> 00:11:42,720
Speaker 3: price movement, Michael. Among the large caps, the banks were mixed,

230
00:11:42,720 --> 00:11:46,200
Speaker 3: The three big iron ore miners were higher, Tilstra was flat,

231
00:11:46,440 --> 00:11:48,120
Speaker 3: and the big retailers trended lower.

232
00:11:48,520 --> 00:11:48,800
Speaker 2: Okay.

233
00:11:48,880 --> 00:11:51,760
Speaker 1: Turning to international news now and President Donald Trump says

234
00:11:51,920 --> 00:11:55,200
Speaker 1: that he hopes Israel and Iran can broker a deal,

235
00:11:55,280 --> 00:11:57,880
Speaker 1: but said sometimes countries have to fight it out first.

236
00:11:58,679 --> 00:12:01,240
Speaker 1: He also alluded to the idea year of the US

237
00:12:01,360 --> 00:12:02,240
Speaker 1: entering the conflict.

238
00:12:02,880 --> 00:12:06,679
Speaker 3: His comments come as attacks between the two countries continue,

239
00:12:06,720 --> 00:12:09,720
Speaker 3: fueling concerns among world leaders gathering in Canada for the

240
00:12:09,760 --> 00:12:13,240
Speaker 3: G seven summit. The real fear is that there's an

241
00:12:13,240 --> 00:12:16,559
Speaker 3: all out war between Israel and Iran. Reuts is reporting

242
00:12:16,559 --> 00:12:19,920
Speaker 3: that Trump also veted in Israeli plan in recent days

243
00:12:19,920 --> 00:12:25,000
Speaker 3: to kill Iran's supreme leader Ayatola Ali Kamani. Meanwhile, the

244
00:12:25,040 --> 00:12:28,840
Speaker 3: conflict continues, with missiles striking tele Aviv yesterday. Dozens of

245
00:12:28,840 --> 00:12:31,880
Speaker 3: people have been killed in recent days on both sides,

246
00:12:31,880 --> 00:12:34,920
Speaker 3: one hundreds injured. Israel says it has killed the chief

247
00:12:34,960 --> 00:12:39,360
Speaker 3: of Iran's Armed forces intelligence unit and Iran's tole mediators

248
00:12:39,440 --> 00:12:42,679
Speaker 3: Qatar and Oman, that is not open to negotiating a

249
00:12:42,720 --> 00:12:45,480
Speaker 3: ceasefire while it's under Israeli attack.

250
00:12:46,120 --> 00:12:49,480
Speaker 1: Now Sean, there's been some mixed economic news out of China,

251
00:12:49,600 --> 00:12:52,600
Speaker 1: which is obviously vital for US. The world's second largest

252
00:12:52,640 --> 00:12:58,480
Speaker 1: economy is crucial to Australia's fortunes. Consumption has jumped, but

253
00:12:58,600 --> 00:13:02,040
Speaker 1: house prices are falling as the growth in factory output

254
00:13:02,280 --> 00:13:02,840
Speaker 1: is slowing.

255
00:13:03,440 --> 00:13:06,319
Speaker 3: Something for everyone. Ritar sales grew last month at They're

256
00:13:06,400 --> 00:13:09,280
Speaker 3: fastest paced since late twenty twenty three, much better than

257
00:13:09,280 --> 00:13:12,880
Speaker 3: anyone expected. That's the really good news. It helped offset

258
00:13:12,920 --> 00:13:17,080
Speaker 3: disappointing industrial output. Now it was up six percent, but

259
00:13:17,679 --> 00:13:20,720
Speaker 3: slower than the previous month. Tariffs are really starting to

260
00:13:20,760 --> 00:13:24,040
Speaker 3: play a role there. China's new home prices fell the

261
00:13:24,080 --> 00:13:28,160
Speaker 3: most in seven months last month. The property market is

262
00:13:28,200 --> 00:13:31,240
Speaker 3: something in China. The property market's akin, shall we say,

263
00:13:31,240 --> 00:13:34,520
Speaker 3: to the property market in Australia. It is really central

264
00:13:34,760 --> 00:13:38,680
Speaker 3: to what's going on, and given how home prices are falling,

265
00:13:38,760 --> 00:13:42,960
Speaker 3: senior government officials are renewing pledges to revive that property market.

266
00:13:43,320 --> 00:13:46,280
Speaker 1: Finally, Sean in the UK, I've been looking forward to

267
00:13:46,320 --> 00:13:50,360
Speaker 1: this story. Six will be led by a woman for

268
00:13:50,400 --> 00:13:54,120
Speaker 1: the first time in the Foreign Intelligence services one hundred

269
00:13:54,200 --> 00:13:56,320
Speaker 1: and sixteen year history.

270
00:13:56,679 --> 00:14:01,559
Speaker 3: Blaize Metroueli is her name. She joined the Secret Intelligence

271
00:14:01,720 --> 00:14:05,080
Speaker 3: Service in nineteen ninety nine. She'll become the eighteenth chief

272
00:14:05,120 --> 00:14:08,320
Speaker 3: of the organization, takeover from Sir Richard Moore later in

273
00:14:08,360 --> 00:14:12,680
Speaker 3: the year. Now, she's currently responsible for technology and innovation

274
00:14:12,920 --> 00:14:13,720
Speaker 3: at the service.

275
00:14:14,520 --> 00:14:16,360
Speaker 2: For those of you out there, and Michael, I'm sure

276
00:14:16,400 --> 00:14:17,480
Speaker 2: you are one of these people.

277
00:14:17,640 --> 00:14:21,880
Speaker 3: You will know exactly who's responsible for technology and innovation

278
00:14:22,520 --> 00:14:24,400
Speaker 3: in those James Upond films.

279
00:14:24,600 --> 00:14:25,080
Speaker 2: That is Q.

280
00:14:25,480 --> 00:14:29,360
Speaker 1: That is Q traditionally played in all of the great

281
00:14:29,440 --> 00:14:31,280
Speaker 1: old movies by Desmond Llewellyn.

282
00:14:31,600 --> 00:14:36,000
Speaker 3: Yes, miss Metrowelli or Miss Metrowelli, I should say, she's Q.

283
00:14:37,080 --> 00:14:38,840
Speaker 2: Pretty cool the only but.

284
00:14:38,800 --> 00:14:41,400
Speaker 3: You know, the only person actually publicly named in MI

285
00:14:41,640 --> 00:14:44,640
Speaker 3: six is the boss, really, and the boss is known

286
00:14:44,640 --> 00:14:48,000
Speaker 3: as C. So Metroweli is going from Q to C.

287
00:14:48,400 --> 00:14:52,120
Speaker 1: But in the movies the boss is M, so she'd

288
00:14:52,160 --> 00:14:54,120
Speaker 1: be going from Q to M to C.

289
00:14:54,560 --> 00:14:54,920
Speaker 2: True.

290
00:14:55,040 --> 00:14:57,280
Speaker 1: Maybe this is part of the strategy, just to confuse

291
00:14:57,320 --> 00:14:59,160
Speaker 1: everyone with so many letters that no one.

292
00:14:59,160 --> 00:15:03,000
Speaker 3: Maybe too from mister Sakir Starmer called the appointment historic

293
00:15:03,040 --> 00:15:05,720
Speaker 3: at a time when the work of our intelligence services

294
00:15:06,000 --> 00:15:07,240
Speaker 3: has never been more vital.

295
00:15:07,520 --> 00:15:10,840
Speaker 1: Sean, you met, you met James Bond once? Didn't you

296
00:15:10,840 --> 00:15:11,760
Speaker 1: met Daniel Craig.

297
00:15:14,120 --> 00:15:17,760
Speaker 3: I did meet Daniel Craig once. Yes, at a State

298
00:15:17,800 --> 00:15:23,080
Speaker 3: of Origin event, which is a rugby league game and yeah,

299
00:15:23,160 --> 00:15:25,920
Speaker 3: let's not go further than this, Michael. Perhaps it's a

300
00:15:25,960 --> 00:15:31,000
Speaker 3: weekend edition discussion rather than a serious Tuesday morning discussion

301
00:15:31,000 --> 00:15:32,440
Speaker 3: because it wasn't my finest moment.

302
00:15:32,720 --> 00:15:35,800
Speaker 1: Well, I met another James Bond. I met Sir Roger.

303
00:15:35,600 --> 00:15:37,760
Speaker 2: Moore once, did you. Oh wow?

304
00:15:37,840 --> 00:15:41,600
Speaker 1: It was an absolute gentleman. He has since passed, but

305
00:15:42,080 --> 00:15:44,440
Speaker 1: that was a bit of a bucket list things.

306
00:15:44,720 --> 00:15:47,320
Speaker 2: Yeah, that's pretty very cool. Yeah.

307
00:15:47,360 --> 00:15:50,240
Speaker 1: Anyway, Sean, we digress. We have an interview coming up

308
00:15:50,280 --> 00:15:52,080
Speaker 1: after the show. Need to talk about this. This was

309
00:15:52,080 --> 00:15:55,440
Speaker 1: a cracker of a chat. You were speaking with Microsoft

310
00:15:55,800 --> 00:15:57,760
Speaker 1: Australia boss Stephen Warrel.

311
00:15:58,360 --> 00:16:02,240
Speaker 3: So we came in into the studio when we're discussing

312
00:16:02,400 --> 00:16:06,440
Speaker 3: basically AI in business and Microsoft has this great survey

313
00:16:07,000 --> 00:16:10,320
Speaker 3: I think it was thirty one thousand participants over thirty

314
00:16:10,360 --> 00:16:14,240
Speaker 3: one countries. We talked about difference between employers and employees

315
00:16:14,400 --> 00:16:17,480
Speaker 3: and things like that, but as the conversation went on,

316
00:16:18,280 --> 00:16:21,480
Speaker 3: we talked about how you can use AI kind of as.

317
00:16:21,320 --> 00:16:22,640
Speaker 2: A digital employee.

318
00:16:23,040 --> 00:16:26,120
Speaker 3: And then this term agentic AI came up and like

319
00:16:26,160 --> 00:16:30,480
Speaker 3: an agent with an ic agentic AI, and we discussed

320
00:16:30,800 --> 00:16:34,800
Speaker 3: how your business can get so much more out of AI.

321
00:16:35,960 --> 00:16:41,760
Speaker 3: If it treats AI agentic AI kind of as an employee.

322
00:16:41,880 --> 00:16:43,880
Speaker 2: It's a fantastic chat. It's really interesting.

323
00:16:44,000 --> 00:16:47,800
Speaker 1: Yeah, if James Bond used AI would be secret urgentic.

324
00:16:50,440 --> 00:16:52,120
Speaker 2: Nice. Nice. Don't know.

325
00:16:52,720 --> 00:16:54,600
Speaker 1: That is coming up next in the Fear and Greed

326
00:16:54,640 --> 00:16:57,160
Speaker 1: playlist on your podcast platform or at fearanngreed dot com

327
00:16:57,160 --> 00:16:58,720
Speaker 1: dot au, which is also where you sign up for

328
00:16:58,760 --> 00:17:00,560
Speaker 1: the free daily newsletter. Thank you very much, Sewan.

329
00:17:00,720 --> 00:17:01,360
Speaker 2: Thank you Michael.

330
00:17:01,440 --> 00:17:03,920
Speaker 1: It is Tuesday, the seventeenth of June twenty twenty five.

331
00:17:03,960 --> 00:17:06,560
Speaker 1: Make sure you're following the podcast and please join us

332
00:17:06,640 --> 00:17:10,080
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook and Michael

333
00:17:10,119 --> 00:17:11,359
Speaker 1: Thompson And that was Fear and Greed.

334
00:17:11,600 --> 00:17:12,320
Speaker 2: Had a great day.