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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Rupert and Lochlan Murdoch do a deal with other family

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Speaker 1: members to ensure Lachlan takes control of News Corp and

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Speaker 1: Fox after his father dies. A and ZED set to

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Speaker 1: cut thousands of jobs, and an agreement between Australia and

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Speaker 1: Vanuatu stumbles over the Pacific nation's relationship with China. Plus

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Speaker 1: the government's new First Home Buyers scheme opens up the

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Speaker 1: market to buyers, and US politicians release Jeffrey Epstein's birthday book,

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Speaker 1: including the grubby birthday card allegedly written by Donald Trump.

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Speaker 1: It is Wednesday, the tenth of September twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Morning Michael Plenty going on.

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Speaker 1: Yeah, there certainly is the main story this morning. Lochlan

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Speaker 1: Murdoch is buying, essentially buying the family business, purchasing control

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Speaker 1: effectively of News Corp And Fox Corporation off his siblings,

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Speaker 1: ensuring that he stays in charge the media group when

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Speaker 1: his ninety four year old father, Rupert, eventually one day

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Speaker 1: passes away.

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Speaker 2: And given that Rupert's mother lived to will over one

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Speaker 2: hundred that may not be anytime soon. Rupert Murdoch has

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Speaker 2: agreed to sell billions in shares and give them to

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Speaker 2: three of his children in exchange for Lachlan Murdock retaining control.

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Speaker 2: It resolves the high profile, long running battle between Rupert

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Speaker 2: and Lachlan on one side, and Prudence, Elizabeth and James

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Speaker 2: Murdoch on the other side. Lachlan will get to run

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Speaker 2: the whole show. That's News Corp, which owns book publisher

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Speaker 2: Harper Collins, a controlling stake in real estate listings Group Aria,

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Speaker 2: along with The Wall Street Journal, The Times and the

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Speaker 2: Australian newspaper Empire I think The Australian Daily, Telly, Herald, Son,

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Speaker 2: Adelaide Advertiser, etc. It's also Fox Corporation, which really is

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Speaker 2: the cash cow or the family empire. Under the terms

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Speaker 2: of the settlement, the Murdoch family Trust, which held forty

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Speaker 2: three percent of Fox forty one percent of News Corps

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Speaker 2: voting shares, will be dissolved to make way for four

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Speaker 2: new trusts. Lachlan and his two younger siblings, Grace and Chloe.

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Speaker 2: They're from Wendy Dang's marriage to Rupert. Those three will

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Speaker 2: be members of one trust, which Lachlan will control. Prudence,

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Speaker 2: Elizabeth and James will each have their own trust with

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Speaker 2: money from selling their shares in News Corp And Fox Now.

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Speaker 2: The New York Times values the deal at about three

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Speaker 2: point three billion US that's about five billion Aussie, which

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Speaker 2: means Prudence, Elizabeth and James will each receive about one

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Speaker 2: point one billion dollars. They've also agreed to sell any

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Speaker 2: shares have got in News Corp Or Fox Corporation and

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Speaker 2: they won't be buying anymore.

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Speaker 1: The deal, Sean, is a bit of a shock, but

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Speaker 1: it does seem to solve the succession interest here in a.

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Speaker 2: Such an apple word. Isn't it succession?

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Speaker 1: Yeah? Yes, indeed in a rather radical way though, isn't

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Speaker 1: it because it effectively layers Lochlan Murdock with a significant

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Speaker 1: amount of debt and it's sures the other three siblings

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Speaker 1: will get paid out?

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Speaker 2: Yes? I mean I suppose News Corbyn Fox have the

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Speaker 2: debt which Lachlan is responsible for, like News Corp or Loathan.

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Speaker 2: It is an incredible success story. Rupert took a single

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Speaker 2: Australian newspaper, The Advertiser in Adelaide, built it into the

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Speaker 2: world's most powerful conservative media empire over his seventy year

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Speaker 2: career that has made him an absolute political king maker

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Speaker 2: in some ways a cultural king maker. Family in fighting

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Speaker 2: threatened to destroy that, with Rupert and Lachlan last year

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Speaker 2: going to court to force the others to make Lachlan

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Speaker 2: chair of the business. Now. Rupert and Lochlan or Rupert

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Speaker 2: specifically argued that because Lachlan was the most conservative, he

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Speaker 2: was really the only family member that could run the

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Speaker 2: business without destroying value. They lost that. It was a

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Speaker 2: case in Nevada started in December nineteen December twenty twenty three.

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Speaker 2: They lost that case. This is plan B. Under the deal,

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Speaker 2: Lachlan runs News Corp And Fox, and given the deal

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Speaker 2: was done on his fifty fourth birthday and the Murdoch

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Speaker 2: Jans are long living, he could now run this company

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Speaker 2: for several decades now.

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Speaker 1: Sean after the show Fear and Greed, Q and A

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Speaker 1: Today delves a little deeper into this and what it

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Speaker 1: means for the future of the Murdoch Empire. You're speaking

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Speaker 1: with Tim Burrows, who is the publisher of Unmade and Umbrella.

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Speaker 2: That's right. I mean Tim's been in this sector for

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Speaker 2: years and years and years. He knows a lot more

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Speaker 2: about this than probably anyone else in the country in

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Speaker 2: an independent sense, and we ask him what it means

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Speaker 2: for the assets in the Murdoch Empire, what it means

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Speaker 2: for Lachlan, what it means for the others. Is a

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Speaker 2: fantastic if you want to know about this deal. And

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Speaker 2: let's face it, this is the sexiest deal in the

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Speaker 2: market this year, Lachlan winning over control of Fox and

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Speaker 2: News from his siblings. Well, the person who can tell

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Speaker 2: you how white so exciting is Tim Burrows. Well worth listen.

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Speaker 1: Indeed, it's coming up after the show, so stick around

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Speaker 1: for that one. Sean A and Zed will cut three

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Speaker 1: and a half thousand jobs by September next year and

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Speaker 1: cut its use of consultants in a major restructure that

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Speaker 1: new chief executive knew No Mathos hopes will turn around

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Speaker 1: the country's fourth largest bank.

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Speaker 2: Matos said the eight percent cut to the bank's workforce

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Speaker 2: was a very tough decision, but he needs to simplify

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Speaker 2: ain Z. He wants to ain Z to be able

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Speaker 2: to run at pace. That's one of the goals for

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Speaker 2: the organization now. Mados took the top job in May,

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Speaker 2: replacing longtime chief executive Shane Elliott, it's been a challenging

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Speaker 2: start for him. Ain Z remains under investigation by the

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Speaker 2: Australian Securities and Investments Commission for allegedly manipulating the market

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Speaker 2: when it sold fourteen billion dollars in government bonds in

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Speaker 2: twenty twenty three. It's also operating in a very competitive

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Speaker 2: lending end deposit market, that's business and home lending markets.

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Speaker 2: Matos said the job cuts weren't about profits, but about

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Speaker 2: reducing complexity. He added that the decision had nothing to

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Speaker 2: do with the increased use of artificial intelligence or technology.

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Speaker 2: Now A's a global workforce sits at almost forty three thousand,

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Speaker 2: which is more than Westpac and National Australia Bank, despite

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Speaker 2: being the smallest of the major four banks. The Finance

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Speaker 2: Sector Union called the decision unhinged and greedy, and Michael,

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Speaker 2: can I say if you want to know more about this,

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Speaker 2: because this is one area which I kind of I

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Speaker 2: can't pertain to knowing much about anything really, but I

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Speaker 2: do know a bit about the banks. So in the

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Speaker 2: newsletter today, I just sort of give you my view

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Speaker 2: on the future for the big four banks. On the

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Speaker 2: back of this story, Oh fantastic. If you haven't already

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Speaker 2: subscribed to the newsletter, it's entirely free. I'll put a

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Speaker 2: link in today's show notes all you can head along

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Speaker 2: to Fear and Greed dot com dot au local markets

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Speaker 2: sean how do they go? Yesterday this PAX two hundred

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Speaker 2: closed down half a percent to just over eighty eight

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Speaker 2: hundred points. The banks were the biggest drag on the market,

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Speaker 2: with the four majors or lower banks remain relatively expensive

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Speaker 2: on a historical basis. Investors therefore attacking profits and energy

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Speaker 2: stocks are also banks of a bit of corporate news

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Speaker 2: around the place. Yesterday, Telix Pharmaceuticals jumped after reaching an

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Speaker 2: agreement with the US Food and Drug Administration to resubmit

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Speaker 2: its application for approval for its brain cancer imaging agent.

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Speaker 2: BHP fell after settling a class action with Australian investors

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Speaker 2: who bought shares in the company ahead of its FUNDAO

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Speaker 2: DAM failure for one hundred and ten million dollars. That costs.

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Speaker 2: That's what it cost HP on all futures climb for

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Speaker 2: their sixth day at one point, though just over one

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Speaker 2: hundred and seven US dollars a ton. That's on the

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Speaker 2: back of confidence that Chinese demand will gather the momentum.

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Speaker 2: The Australian dollar jumped above sixty six US cents for

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Speaker 2: the first time since late July, as the greenback fell

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Speaker 2: in line with US bond yearls Ousie dollars about seven

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Speaker 2: US cents higher than it was on Liberation Day back

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Speaker 2: in April, and Michael Gold hit an all time high

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Speaker 2: of more than three thousand, six hundred and forty seven

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Speaker 2: US dollars an ounce, which beat the previous peak.

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Speaker 1: On Monday, massive starts to the show from Murdock deals

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Speaker 1: to a and said job cuts and gold price records

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Speaker 1: quick Breakshawan will be back in a moment with the

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Speaker 1: rest of the day's business news. Sean Prime Minister Anthony

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Speaker 1: Albanezi is in Vanuatu, but there has been a delay

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Speaker 1: in the leaders of the two countries signing the Nakomal Agreement,

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Speaker 1: whereby Australia is expected to invest about five hundred million

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Speaker 1: dollars into Vanuatu over the next decade.

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Speaker 2: The money is for key climate, security and economic projects

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Speaker 2: and establishes Australia as the Pacific nation's primary security and

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Speaker 2: development partner. The agreement was initially flagged for signature yesterday.

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Speaker 2: Last minute disagreements have led to a hold up in

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Speaker 2: the process. On the Vanuatan side, some members of Parliament

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Speaker 2: said more works needed on the specific wording of any agreement,

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Speaker 2: particularly around critical infrastructure. Now read between the lines of

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Speaker 2: flying the ointment appears to be potential restrictions around doing

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Speaker 2: deals with China. According to media reports. Benez He said

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Speaker 2: it was a matter of process, but he's confident and

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Speaker 2: agreement can be reached now.

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Speaker 1: The chairman of the federal government's two hundred and fifty

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Speaker 1: two billion dollar investment Fund and former union boss Greg

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Speaker 1: Comba says it is futile to resist AI because of

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Speaker 1: the economic benefits that it will deliver.

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Speaker 2: Combay, a former Labour Government minister and Australian Council of

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Speaker 2: Trade Union secretary, endorsed AI as he announced a twelve

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Speaker 2: point two percent annual return for the future Fund. His

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Speaker 2: comments comer's trade union's grapple with the introduction of AI

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Speaker 2: amid fears the technology could wipe out many jobs. Kombe

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Speaker 2: said he learnt very early on in his trade union

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Speaker 2: career that no one can stand in the way of

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Speaker 2: technological change. He said it's a matter for government policy

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Speaker 2: to consider how the deployment of AI may affect the workforce. Now,

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Speaker 2: the twelve point two percent return for the years through

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Speaker 2: June was fueled by strong share markets and private investments.

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Speaker 2: The Future Fund's annual gain exceeded the previous year's nine

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Speaker 2: point one percent return because total assets, as you mentioned,

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Speaker 2: to two fifty two billion dollars, that is a big

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Speaker 2: sovereign wealth fund. The fund has about a third of

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Speaker 2: its portfolio and global equities across developed and emerging markets. Interestingly,

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Speaker 2: it also invests in major data centers, which of course

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Speaker 2: is a central plank for the rollout of AI. So

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Speaker 2: green Combe is putting his money where his mouth.

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Speaker 1: Is, speaking of sovereign wealth funds. I was reading an

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Speaker 1: article yesterday and I mentioned this because you are in

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Speaker 1: Europe at the moment, you were doing the show remotely

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Speaker 1: for the next oh what six weeks or so, And

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Speaker 1: the Norwegian Sovereign Wealth Fund is just like we say,

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Speaker 1: two hundred and fifty two billion dollars is big for

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Speaker 1: the Future Fund, it is nothing compared to Norway, which

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Speaker 1: is what two trillion dollars or something like that. It

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Speaker 1: is taggering wealth.

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Speaker 2: It's the biggest. Well, I think we've mentioned this before.

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Speaker 2: China has two soverign wealth funds. We put them together.

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Speaker 2: It's big in the Norway, but as an individual sovereign

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Speaker 2: wealth fund, Norway, thanks to all that money from the

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Speaker 2: from oil, is kind of putting into someone will fund,

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Speaker 2: pushing its future. I was in Norway, Michael. This is

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Speaker 2: an excellent seaway, so I can just talk about myself.

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Speaker 2: So you've really done the reader, the listeners of disservice here.

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Speaker 2: What I found really interesting about Norway is how progressive

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Speaker 2: a country it is.

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Speaker 1: Now.

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Speaker 2: I wasn't in Oslo. I was in other places, but

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Speaker 2: in terms of Internet, in terms of electricity generation and

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Speaker 2: particularly the wind farms offshore, a long way ahead of

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Speaker 2: many other countries.

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Speaker 1: I thought, wow, and that is just yea two trillion US.

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Speaker 1: So it is just it is staggering wealth and it

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Speaker 1: is an extra extraordinary country. Back home, though, Sean, we

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Speaker 1: need to talk about property. The fast tracked expansion of

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Speaker 1: the federal government's Home Guarantee Scheme effective from October one,

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Speaker 1: so what three weeks away now. It's set to significantly

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Speaker 1: increase the range of suburbs that are available to first

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Speaker 1: home buyers, which in turn could potentially suit charge prices.

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Speaker 2: The number of qualifying markets under the updated scheme is

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Speaker 2: set to double, according to cotality known as core logic.

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Speaker 2: Previously nowadays totality. Under the l price caps, around a

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Speaker 2: third of markets analyzed nationally had a median value below

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Speaker 2: the respective limits, but under the new rules that's gone

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Speaker 2: from less than a third or about a third to

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Speaker 2: sixty three point one percent. In terms of houses v units,

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Speaker 2: fifty two percent of house markets will now fall under

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Speaker 2: the new price caps, ninety four percent of uni markets

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Speaker 2: will be Unit markets will be under the threshold. The

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Speaker 2: scheme allows eligible first time buyers to avoid lender's mortgage

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Speaker 2: insurance while purchasing a home with a five percent deposit.

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Speaker 2: The new rules that are clicking in remove income and

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Speaker 2: place limits, while also raising property price caps across most regions.

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Speaker 2: Totality economists Caitlin Ezzi said that the whilst demand side

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Speaker 2: policy that will undoubtedly put some upward pressure on values,

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Speaker 2: it will help create a more equitable starting point and

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Speaker 2: provide more options for those looking to get on the

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Speaker 2: property ladder.

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Speaker 1: Okay, turning to international news, now and US politicians have

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Speaker 1: released a copy of a birthday book given to the

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Speaker 1: late convicted pedophile financier Jeffrey Epstein. In two thousand and three,

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Speaker 1: it was which includes a note allegedly signed by US

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Speaker 1: President Donald Trump. This has been talked about for some time,

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Speaker 1: and now we're seeing it.

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Speaker 2: Yes, it's causing Trump no end of grief. The book

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Speaker 2: was released with a bunch of documents that include Epstein's

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Speaker 2: will and his personal address book with contacts that include royalty, celebrities, models,

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Speaker 2: and politicians from around the world. Lawyers for Epstein's the

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Speaker 2: State sent documents to the House Oversight Committee after being

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Speaker 2: subpoened last month, the White House denied the alleged letter

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Speaker 2: from Trump was authentic. It features the drawing of a

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Speaker 2: woman's body. The White House said, the President did not

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Speaker 2: draw this picture and he did not sign it. Now

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Speaker 2: it features a drawing of a woman's body. Grubby. I mean,

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Speaker 2: it's cartoonish, but grubby, shall we say. The release comes

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Speaker 2: as he president faces growing pressure, including from his own

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Speaker 2: supporters and within his own Republican party, for more transparency

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Speaker 2: on what investigations into Epstein uncovered. According to the BBC,

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Speaker 2: the two hundred and thirty eight page book was put

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Speaker 2: together for Epstein's fiftieth birthday by Gallaine Maxwell, his British

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Speaker 2: co conspirator and ex girlfriend who was convicted in twenty

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Speaker 2: twenty one of conspiring with him to traffic girls for sex.

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Speaker 2: Was created in two thousand and three, three years before

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Speaker 2: allegations of sex abuse by Epstein became public.

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Speaker 1: Finally, Sean, there's a mega merger going on in the

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Speaker 1: mining industry. According to media reports, Anglo American is close

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Speaker 1: to a deal to acquire Canada's Tech Resources in what

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Speaker 1: could be the biggest mining deal in more than a decade.

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Speaker 1: It comes just after a year after Anglo rejected a

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Speaker 1: forty nine billion US dollar bid from BHP.

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Speaker 2: As right, a combination of the two companies, Anglo and

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Speaker 2: Tech would rank among the biggest in the mining industry

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Speaker 2: and mark the culmination of several years of revived deal

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Speaker 2: making activity among the large players. According to Bloomberg, take

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Speaker 2: Itself Food off a takeover bid from Glencore a couple

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Speaker 2: of years ago. Now that failed bid, along with BHP's

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Speaker 2: failure to get Anglo American, basically kicked off a deal

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Speaker 2: making frenzy in the sector, driven in large part by

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Speaker 2: everyone's desire to buy copper production. Having said that a

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Speaker 2: transaction between Anglo and Tech would mark the first successful

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Speaker 2: megadeal in recent years.

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Speaker 1: All right, good way to finish up? Next Sean is

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Speaker 1: Fear and Greed Q and A speaking with Tim Burrows

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Speaker 1: from Unmade, all about the Murdock deal that we were

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Speaker 1: discussing earlier. That's coming up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearandgreed dot

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Speaker 1: com dot au.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It's Wednesday, the tenth of September twenty twenty five. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson

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