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Speaker 1: Today on Fear and Greed. An American gaming giant makes

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Speaker 1: a last minute bid for Star Entertainment. Bitcoin tumbles towards

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Speaker 1: eighty thousand US dollars and oil trades around a three

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Speaker 1: year low, and Bridgestone invents a tire that doesn't puncture. Plus,

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Speaker 1: the latest polls suggests Australia's heading towards a hung parliament,

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Speaker 1: but Anthony Alberanezi stays as Prime Minister, and big super

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Speaker 1: funds now invest seventy percent of incoming funds overseas. Welcome

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Speaker 1: to Fear and Greed. Daily business news for people who

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Speaker 1: make their own decisions. It is Tuesday, the eleventh of

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Speaker 1: March twenty twenty five. I'm Michael Thompson and good morning

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Something for everyone today. It sure is the main story

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Speaker 1: this morning. American casino giant Bally's Corporation has proposed a

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Speaker 1: two hundred and fifty million dollar recapitalization for Star Entertainment,

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Speaker 1: which would result in it taking at least a majority sake.

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Speaker 2: This is getting very complex, Okay. We know of three

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Speaker 2: involved in talks, there may even be a fourth. In

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Speaker 2: a letter sent to Stars Board, Bally said it would

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Speaker 2: inject new funds into the Star in return for at

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Speaker 2: least fifty point one percent of the company, and said

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Speaker 2: it's very open to discussing a larger transaction. Balle's owns

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Speaker 2: and operates nineteen casinos in the United States, along with

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Speaker 2: a golf course in New York a horse track in Canada.

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Speaker 2: Recently acquired Aspas casino in the United Kingdom.

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Speaker 1: There's nothing in Vegas. I didn't realize they've got one

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Speaker 1: coming in Vegas. But they've got them all over the place.

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Speaker 1: They've got them in kind of Atlantic City and Louisiana

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Speaker 1: and Illinois and all over the place, but not yet

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Speaker 1: in Vegas.

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Speaker 2: So in the letter to Star yesterday it actually talked

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Speaker 2: about the fact that it's got land and approved for

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Speaker 2: a casino in Vegas.

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Speaker 1: There you get a big operator.

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Speaker 2: So Bally's we're talking about. This is different, totally different,

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Speaker 2: totally separate to the Stars board a green to sell

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Speaker 2: its steak in the Queen's Wharf project in Queensland to

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Speaker 2: Hong Kong based shareholders their shareholders of Star. Under that deal,

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Speaker 2: which is at binding heads of agreement stage, binding being

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Speaker 2: the operative word there, the Star gets rid of a

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Speaker 2: promise to pay at least two hundred and twelve million

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Speaker 2: dollars for the precinct in the future, so effectively it

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Speaker 2: takes a big overhang of money off its plate. Chief

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Speaker 2: executive officer Steve McCann has also negotiated a two hundred

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Speaker 2: and fifty million dollar bridging loan from another party, a

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Speaker 2: crowd called King Street Capital out of New York. So

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Speaker 2: we have Bally's, we have King Street Capital, which is

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Speaker 2: the bridging loan, and then we have the Hong Kong

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Speaker 2: based shareholders.

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Speaker 1: So I fat Hong Kong based one is already at

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Speaker 1: that stage. Does that mean that this Bally's proposal has

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Speaker 1: just come in too late or is it kind of

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Speaker 1: not necessarily the case?

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Speaker 2: Excellent question. I don't know the answer that the Ballet's

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Speaker 2: offer is pretty much no strings attached, and that is

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Speaker 2: very attractive, they say. Balis say they've done significant due

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Speaker 2: diligence from publicly available information. They're happy to get the

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Speaker 2: deal done very quickly, like by the twenty eighth of March.

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Speaker 2: That is ridiculously quick. That is fast, and of course

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Speaker 2: you'd have to get Foreign Investment Review Board, there'd be

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Speaker 2: regulatory hurdles around casino buying in Australia. So I don't

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Speaker 2: know whether it actually possibly could happen that quickly.

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Speaker 1: But surely the speed of that would be appealing to

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Speaker 1: the board considering the survival of Star as a day

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Speaker 1: by day prospect.

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Speaker 2: Really isn't it totally? Totally? Now? What Vally says is

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Speaker 2: it wants to keep Star's current business assets and platforms

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Speaker 2: in place, so it's not trying to reinvent it. It

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Speaker 2: just wants to keep the company running, which again is

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Speaker 2: more very attractive. Having said that, the other deal with

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Speaker 2: Hong Kong's Chaoto Fook Enterprises and far As Consortium, it's

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Speaker 2: a fair way down the track binding heads of agreement

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Speaker 2: those two organizations and shareholders in Star. So obviously they're

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Speaker 2: going to be backing their own well, I mean, I

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Speaker 2: say they're going to be backing their own deal, but

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Speaker 2: if the other one's a better deal, maybe they won't.

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Speaker 2: I mean, the bottom line and all this is that

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Speaker 2: there is plenty of interest in keeping Star Entertainment as

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Speaker 2: a going concern. So two weeks ago, I reckon I

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Speaker 2: would put money on Star going under. Today I think

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Speaker 2: that's not the case.

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Speaker 1: It was looking very very dire there wasn't it, And

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Speaker 1: now it's actually become pretty exciting.

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Speaker 2: I believe the word that you were talking about was teaching.

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Speaker 1: Yes, yes, it was teetering. And now you've got a

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Speaker 1: bit of vaguas glamor involved in this.

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Speaker 2: Yes, it's got everything.

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Speaker 1: How about that? All right, let's talk about bitcoin sean

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Speaker 1: heading back towards eighty thousand US dollars a unit. What

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Speaker 1: is going on?

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Speaker 2: So, I mean earlier this year is over one hundred

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Speaker 2: thousand dollars a unit. The reality of the Trump Administration's

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Speaker 2: Strategic Cryptocurrency Reserve has disappointed enthusiasts relative to the promise.

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Speaker 2: Over the weekend, Donald Trump signed an executive order that

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Speaker 2: will collect bitcoin seized in government criminal cases. That will

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Speaker 2: start the reserve. Fun. Now, that's a long way from

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Speaker 2: the year laughing at this. There's a long way from

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Speaker 2: the US government buying bitcoin to start the fund. And obviously,

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Speaker 2: if you're just sort of taking the proceeds of criminal

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Speaker 2: activity dodgy bitcoin, yeah, well it's a bitcoin that is

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Speaker 2: held by dodgy characters, and that's not exactly going to

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Speaker 2: put a fire under the price of bitcoin. Our industry

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Speaker 2: participants are pushing the US government to buy big chunks

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Speaker 2: of bitcoin. Infa're talking about twenty to twenty five percent

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Speaker 2: of what's on issue. That would put a huge fire

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Speaker 2: under the value of bitcoin. But Trump has come and said, no, no,

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Speaker 2: we're just going to take what criminals have got. And

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Speaker 2: that's slightly disappointing. Really, I mean, you think they're going

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Speaker 2: to come and push up the price. That ain't going

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Speaker 2: to do it. That's a great story though, Yeah, that's fantastic.

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Speaker 1: Wow. What else is happening in the national markets?

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Speaker 2: Well, trading around seventy US dollars a barrel, These levels

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Speaker 2: were consistently last experienced in late twenty twenty one. We're

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Speaker 2: getting weak economic data out of China and all the

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Speaker 2: stuff around tariffs. What that means for global growth. That's

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Speaker 2: really putting downward pressure on oil, which of course, in

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Speaker 2: two or three weeks will be reflected in petrol prices

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Speaker 2: in Australia. So if you can afford to not buy

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Speaker 2: petrol for the next two or three weeks, not a

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Speaker 2: bad option.

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Speaker 1: Be happy to walk everywhere, that's right.

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Speaker 2: Goals trading around twenty nine ten a US dollars and

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Speaker 2: now that's near record. It's a great place to be

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Speaker 2: if you're not sure what's going to happen in the future.

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Speaker 2: Coal price is interesting, very close to our heart because

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Speaker 2: we're one of the biggest exporters to places like Japan

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Speaker 2: and China, India, South Korea, Taiwan. Well, they're trading around

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Speaker 2: four year lows. When we're doing this podcast a couple

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Speaker 2: of years ago, we're talking about companies like New Hope

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Speaker 2: and White Haven. They were shooting the lights out because

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Speaker 2: the price of coal is gone through the roof. Well,

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Speaker 2: we're not back down to kind of the pre COVID levels,

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Speaker 2: but we're nothing like we were. Finally, commodity markets, coffee prices,

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Speaker 2: finally some good news. Where I live, there are three

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Speaker 2: coffee shops within twenty minutes of each other. Oh wow,

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Speaker 2: and the fourth month's just opened. And actually there's a

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Speaker 2: fifth one Anyway, I digress. The three that I year

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Speaker 2: is all have increased the price of the flat white,

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Speaker 2: the morning flat white.

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Speaker 1: Did they all do it at the same time? You

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Speaker 1: suggesting time collusion vision, Oh dear coffee cartel.

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Speaker 2: So coffee prices they hit record levels, they've doubled over

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Speaker 2: the last year. We have actually come off a little

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Speaker 2: bit over the last four weeks. You never know. I

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Speaker 2: bet my Barrista doesn't lwerage prices.

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Speaker 1: Though, yeah, I'm tipping that so a one way kind

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Speaker 1: of yeah, movement only so local markets. What else is

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Speaker 1: going on?

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Speaker 2: Well, just quickly, the local share market finished up a

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Speaker 2: bit yesterday. It's still trading under seventy eight hundred points.

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Speaker 2: The resource companies did best yesterday, worst of the large

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Speaker 2: cap CSL that went ex divident.

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Speaker 1: All right, Sean, We've got plenty more. As we said,

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Speaker 1: there is something for everyone today. We're talking newspole figures.

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Speaker 1: Trump has had a whack at a former Australian PM,

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Speaker 1: though not on you might have expect. It's not Kevin Raight.

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Speaker 2: Yes, that's true.

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Speaker 1: There we go. And also I've got some news on

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Speaker 1: super returns. Plenty is still to come. We'll be back

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Speaker 1: in a moment with the rest of the day's business news.

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Speaker 2: Seawan.

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Speaker 1: Australia is headed towards a hung parliament according to the

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Speaker 1: latest News poll, with the majority of voters not overly

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Speaker 1: happy with Anthony Albanese's ALP government but not yet prepared

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Speaker 1: to vote for Peter Dutton's coalition.

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Speaker 2: If the poll reflects reality, then a bunch of Independence

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Speaker 2: and Greens are going to be winners in the next

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Speaker 2: federal election, now expected to be in one of the

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Speaker 2: first of those three Saturdays in May. The poll in

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Speaker 2: the Australian shows a coalition ahead on a two party

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Speaker 2: preferred basis fifty one to forty nine percent, but Anthony

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Speaker 2: Albanezi is ahead of Peter Dutton as preferred prime minister.

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Speaker 2: On a primary vote basis, the coalitions are head by

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Speaker 2: seven points, thirty nine to thirty two. Now thirty two

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Speaker 2: points in terms of a primary vote is what the

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Speaker 2: ALP got elected in last time round. Based on the

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Speaker 2: two party preferred result, it suggests a swing against the

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Speaker 2: government of three percent if uniform across the country, which

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Speaker 2: it won't be, but at least it's an indicator. It

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Speaker 2: would lead to the ALP losing seven seats, which suggests

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Speaker 2: that they would have to get the support of the

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Speaker 2: Independence and the Greens, which they probably would do, and

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Speaker 2: form minority government.

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Speaker 1: Now, the Albereneze government continues to lobby Washington. There's some

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Speaker 1: kind of frantic last minute efforts hoping for an exemption

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Speaker 1: on steel and aluminum tariffs, but time is running out.

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Speaker 2: Yes, well, the levies are due to kicking tomorrow. Mind you,

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Speaker 2: As we found out last week, when it comes to

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Speaker 2: Donald Trump and tariffs, nothing's over until Donald Trump has

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Speaker 2: finally spoken. And even then, even then it's not really

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Speaker 2: out of because it might change his mind.

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Speaker 1: As the last year, it's subject to change.

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Speaker 2: Yeah. Yeah. Yesterday Prime Minister Anthony Albernez he said he'd

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Speaker 2: spoken to Australian Steel comis he hopes to continue to

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Speaker 2: engage constructively with the US. Our ambassador Kevin Rudd had

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Speaker 2: discussions with the administration on the weekend which didn't lead

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Speaker 2: to a carve out or anything like that. So we

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Speaker 2: are still waiting with baited breath.

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Speaker 1: And on this topic of tariff's the President has had

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Speaker 1: a crack at former Prime Minister Malcolm Turnbull if really unloaded,

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Speaker 1: hasn't he He didn't miss saying he led Australia from behind,

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Speaker 1: never understood what was going on in China, nor did

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Speaker 1: he have the capacity to do so.

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Speaker 2: I think he's very unfair on Malcolm Turbull.

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Speaker 1: That's a bit harsh.

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Speaker 2: Intellect was not something he was lacking.

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Speaker 1: Yeah, I think that's right.

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Speaker 2: Writing on's truth social Mister Trump said Turnbull was a

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Speaker 2: weak ineffective leader. Now why would he even say this? Well,

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Speaker 2: Turnbull had just appeared on Bloomberg Television in the US

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Speaker 2: speaking about Tariff's He said Trump's on again, off again

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Speaker 2: tariff's threats were bad for business and could drive the

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Speaker 2: US into recession. He added that Trump is playing into

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Speaker 2: China's hands. Would discuss this off air. Donald Trump in

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Speaker 2: his spare time, which I'd imagine there's not a huge

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Speaker 2: amount of it, just sit watching Bloomberg TV and then

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Speaker 2: just anyone that insults him. He just gets on true

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Speaker 2: social and.

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Speaker 1: Well, I would have thought that was the case, except

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Speaker 1: for the fact that he would usually have it on Fox, right,

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Speaker 1: So it's clearly flicked over to bloomber I.

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Speaker 2: Don't think I reckon he likes Fox because it gives

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Speaker 2: him his worthy, but he'd actually look at business channels

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Speaker 2: because that's where his interest is.

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Speaker 1: That's a good point.

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Speaker 2: I mean, he's more interested in business than nasty geo

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Speaker 2: politics or anything like that. Yeah.

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Speaker 1: I like this. That's a good thought. One day we'll

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Speaker 1: find out, won't we. You've got to love those insider

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Speaker 1: reports kind of on what happens behind the scenes, k

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Speaker 1: of what he watches on TV. I love when you

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Speaker 1: see those stories about what he orders, what he eats

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Speaker 1: during the day, like a big mac or a steak

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Speaker 1: and he has coke with it, and all of these

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Speaker 1: kinds of things. We saw them come out a lot

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Speaker 1: in his first term. Yes, I'm looking forward to seeing

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Speaker 1: what we get this time. Yes, on the topic of

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Speaker 1: politics and Donald Trump and everything that is happening in

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Speaker 1: geopolitics at the moment, We've got a cracker of an

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Speaker 1: interview coming up today after the show. You are speaking

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Speaker 1: with Chris Julman, who was previously the political editor at

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Speaker 1: the ABC and then the political editor at nine and

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Speaker 1: now he is really doing his own thing. He's a

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Speaker 1: political contributor to Sky News and also to The Australian

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Speaker 1: and he makes documentaries a whole lot, and he's speaking

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Speaker 1: to you today, really.

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Speaker 2: Experienced and very apolitical in that he has worked for

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Speaker 2: a bunch of media organizations across the spectrum. So we

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Speaker 2: ask him about Donald Trump, we ask him about Ukraine,

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Speaker 2: we ask him about China's circumnavigation of Australia, we ask

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Speaker 2: him about what's happening in local politics. And I mean,

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Speaker 2: Chris is great to talk to. He's just a great

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Speaker 2: fella very entertaining. I reckon I'd like to go to

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Speaker 2: dout for dinner with Chris Yulman and just get him

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Speaker 2: to tell stories to the crowd because he is so entertaining.

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Speaker 2: And that's what I think this is. This chat is like.

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Speaker 1: Yeah, stick around for that one. It is coming up

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Speaker 1: after the show, Sean, we need to move on. A

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Speaker 1: Personal Hardship scheme has been enacted by the federal government

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Speaker 1: to help residents affected by ex tropical Cyclone Alfred.

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Speaker 2: The hardship systance is on top of the disaster Recovery

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Speaker 2: allowance that allows those who have lost work to access

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Speaker 2: payments which are about the same as job seeker for

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Speaker 2: up to thirteen weeks. They're still heavy rain in parts

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Speaker 2: of Southeast Queensland, with record numbers of sees calls being

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Speaker 2: received in that state. Rain is still falling in parts

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Speaker 2: of northern New South Wales, hundreds of thousands of people

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Speaker 2: last night. Still we're without power. But fortunately the disaster

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Speaker 2: that we thought may occur via the flooding isn't probably

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Speaker 2: as bad as we expected. The Prime Minister, Anthony Alberanezi

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Speaker 2: was out yesterday calling on insurance companies to do the

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Speaker 2: right thing.

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Speaker 1: One last one before we get to international news. Superannuation

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Speaker 1: funds in Australia have recorded their second successive negative month

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Speaker 1: thanks to falling equity markets.

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Speaker 2: So the medium balance superfund option fell nearly one percent

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Speaker 2: in February. The median growth option fell more than that

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Speaker 2: this financial year, though, funds are up about seven percent

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Speaker 2: so from July to end of February according to super ratings.

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Speaker 2: But we have had two down months and we haven't

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Speaker 2: really seen that for a long while. Also, while on superfunds,

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Speaker 2: there's this great interview with the boss of Ossie Super,

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Speaker 2: Paul Schroeder in the Financial Review. Ozzi supermanagers three hundred

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Speaker 2: and sixty five billion dollars. The problem is it's almost

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Speaker 2: got too much money and it's run out of options

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Speaker 2: about where to invest on the ax.

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Speaker 1: What a problem to have, Yeah, I know.

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Speaker 2: So they're sending much more money overseas to fine returns

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Speaker 2: for every ten dollars or let's say that every thousand

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Speaker 2: dollars flowing into the fund, seven hundred dollars is eventually

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Speaker 2: being parked overseas. Oh wow, because there's just not places

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Speaker 2: in Australia to spend the money, all.

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Speaker 1: Right, That is fascinating. Turning to international news, the former

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Speaker 1: boss of the Central Bank of Canada, Mark Carney, will

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Speaker 1: replace Justin Trudeau as the country's prime minister.

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Speaker 2: It pits Carney, who is quite a formidable figure against

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Speaker 2: US President Donald Trump over tariffs. Carney said the ruling

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Speaker 2: Liberal Party will pursue fiscal responsibility in social justice while

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Speaker 2: working to unite Canada and the ruling Liberal Party had

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Speaker 2: absolutely no chance of being re elected. The Conservatives were

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Speaker 2: always going to win that but the fact that Mark

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Speaker 2: Carney has replaced Justin Trudeau and what Donald Trump's been

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Speaker 2: doing has really given them a bit of a shot.

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Speaker 2: Trudeau stepped down in January after much in fighting in

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Speaker 2: Paul Poland. Karney said the government will find new trading

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Speaker 2: relationships with quote reliable partners. He also promised to eliminate

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Speaker 2: the country's carbon and capital gains taxes. He's big line,

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Speaker 2: though I quote him, My government will keep the tariffs

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Speaker 2: on until the Americans show us respect.

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Speaker 1: I just love the idea of the former boss of

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Speaker 1: the Central Bank becoming the leader, that it would be

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Speaker 1: like Phil Low or Michelle Bullock one day going into

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Speaker 1: politics and becoming the prime minister.

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Speaker 2: I just couldn't imagine that.

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Speaker 1: I don't know either. Anyway, it should be interesting to

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Speaker 1: watch from the other side of the world for the

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Speaker 1: first time Sewan. Donald Trump hasn't ruled out a recession

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Speaker 1: in the US, conceding rather that there could be a

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Speaker 1: rough patch coming for the world's biggest economy. That is

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Speaker 1: not what markets would want to hear.

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Speaker 2: No, is a tattle turn around from what he's been

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Speaker 2: saying previously and what his staffers have been saying. He

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Speaker 2: said he just has to do the right thing, even

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Speaker 2: if the stock market doesn't like it, and the stock

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Speaker 2: market's off six percent since its peak in February. It's

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Speaker 2: very significant that he's talking this way. Up until now,

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Speaker 2: he's just blamed everything around the economy on Joe Biden,

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Speaker 2: including saying inflation was rising under Biden, which actually wasn't

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Speaker 2: the case. In the past twelve months, He's conceded now

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Speaker 2: that time's going to be tough.

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Speaker 1: We've got one last one time for one more before

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Speaker 1: we have to wrap things up. There has been something

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Speaker 1: for everyone today. Car parts supply Bridgestone is testing advances

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Speaker 1: in tires that never puncture, potentially smoothing the way for

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Speaker 1: more self driving vehicles.

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Speaker 2: Japanese company, which vis with France's Michelin to be the

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Speaker 2: world's largest tire supplier, has developed an air free version.

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Speaker 2: It says can support a one ton vehicle driving about

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Speaker 2: sixty kilometers an hour according.

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Speaker 1: To the FT, so it's essentially a chariot wheel. They

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Speaker 1: didn't have tires be a little bit more comfortab, wouldn't it.

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Speaker 2: So basically, innovations and tires have improved their performance at

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Speaker 2: highest speeds and weights. They are now contenders to replace

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Speaker 2: pneumatic tires, just as driverless vehicles are putting a premium

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Speaker 2: on safety and no stoppages, which is where these tires

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Speaker 2: should actually play. Mind you, pneumatic tires still have a

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Speaker 2: huge performance and cost advantages, so we're not quite there,

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Speaker 2: but they're being trialed in Japan on shuttle buses, tourist vehicles.

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Speaker 2: Part of it is a necessity in your pan because

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Speaker 2: they're pushing and bring autonomous driving to rural communities to

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Speaker 2: address shortages of drivers and mechanics. So the way around

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Speaker 2: that is to drive US vehicles, and the Bridgestone has

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Speaker 2: just got these tis going. I think it's a pretty

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Speaker 2: cool story.

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Speaker 1: That is a great story, great one to finish on.

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Speaker 1: Up next is the Fear and Greed Daily Interview with

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Speaker 1: political commentator Chris Yulman, and stick around at midday as well.

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Speaker 1: Keep an eye on your playlist. We have a new

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Speaker 1: episode of Ask Fear and Greed, our bonus podcast where

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Speaker 1: we answer listen to questions, and we've got a great

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Speaker 1: question coming up today, So keep an eye on the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearangreed dot com dot au.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: It is Tuesday, the eleventh of March twenty twenty five.

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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, ex TikTok and Facebook. I'm Michael

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