1 00:00:03,410 --> 00:00:07,270 Michael Thompson: It's Tuesday, the 21st of September 2021. Welcome to Fear 2 00:00:07,270 --> 00:00:09,590 Michael Thompson: And Greed, the business podcast that sets you up for 3 00:00:09,590 --> 00:00:12,920 Michael Thompson: a successful day. I'm Michael Thompson. And good morning, Sean Aylmer. 4 00:00:13,030 --> 00:00:13,930 Sean Aylmer: Good morning Michael. 5 00:00:14,280 --> 00:00:17,710 Michael Thompson: Iron ore prices fall below 100 US dollars a ton 6 00:00:17,790 --> 00:00:20,479 Michael Thompson: hitting not just the big miners but also the national 7 00:00:20,480 --> 00:00:24,500 Michael Thompson: economy, that's our main story this morning. Also, another infrastructure 8 00:00:24,500 --> 00:00:27,250 Michael Thompson: asset gets a mega bid from an offshore buyer, the 9 00:00:27,270 --> 00:00:29,550 Michael Thompson: COVID news gets a bit better, and we have a 10 00:00:29,550 --> 00:00:32,890 Michael Thompson: look at who's winning the streaming wars. Plus stay listening 11 00:00:32,890 --> 00:00:36,880 Michael Thompson: for a chat to demographer Simon Kuestenmacher about Australia's population 12 00:00:37,000 --> 00:00:40,909 Michael Thompson: grinding to a halt. But the big story today is 13 00:00:40,909 --> 00:00:44,190 Michael Thompson: iron ore. Prices fell even further over the past 24 14 00:00:44,190 --> 00:00:47,280 Michael Thompson: hours down to a low of 90 US dollars a 15 00:00:47,280 --> 00:00:50,630 Michael Thompson: ton. It peaked a few months ago, around 230 US 16 00:00:50,630 --> 00:00:51,809 Michael Thompson: dollars. What's happening? 17 00:00:52,030 --> 00:00:57,050 Sean Aylmer: Very good question Michael. Futures trading in Singapore pushed prices lower, 18 00:00:57,340 --> 00:00:59,870 Sean Aylmer: but it's actually well past being rational at this point. 19 00:01:00,160 --> 00:01:04,759 Sean Aylmer: We know Chinese steel mills will cap output, but apart 20 00:01:04,760 --> 00:01:07,429 Sean Aylmer: from that, there's not actually much more to it. There's 21 00:01:07,430 --> 00:01:10,880 Sean Aylmer: plenty of selling momentum and panic has set in. Now 22 00:01:10,980 --> 00:01:13,790 Sean Aylmer: the Chinese spot market is actually closed at the moment 23 00:01:13,970 --> 00:01:17,380 Sean Aylmer: today and yesterday, that's not helping things either. One of 24 00:01:17,380 --> 00:01:21,050 Sean Aylmer: the issues at the edges, which is increasingly relevant is Evergrande. 25 00:01:21,360 --> 00:01:24,780 Sean Aylmer: That's the biggest property player in China. If it goes 26 00:01:24,780 --> 00:01:28,250 Sean Aylmer: into liquidation this week, which is possible on Thursday, then 27 00:01:28,250 --> 00:01:32,479 Sean Aylmer: the property market in China could tumble and 35 to 40% 28 00:01:32,480 --> 00:01:36,050 Sean Aylmer: of steel goes to property in China. What it all 29 00:01:36,050 --> 00:01:40,140 Sean Aylmer: means is for our majors, they're in all sorts of trouble. BHP, Fortescue, 30 00:01:40,600 --> 00:01:44,980 Sean Aylmer: and Rio were all down between 3 and 4% yesterday, leading 31 00:01:44,980 --> 00:01:47,930 Sean Aylmer: the market lower. Some of the juniors like Champion Iron, 32 00:01:47,930 --> 00:01:51,720 Sean Aylmer: it was off almost 13%. Mineral Resources, another junior, was 33 00:01:51,720 --> 00:01:52,560 Sean Aylmer: off more than 5%. 34 00:01:53,200 --> 00:01:55,610 Michael Thompson: Big moves. Is that why the market was off so 35 00:01:55,610 --> 00:01:56,360 Michael Thompson: much yesterday? 36 00:01:56,690 --> 00:01:59,620 Sean Aylmer: Pretty much, there was contagion throughout the whole market. Only 37 00:01:59,620 --> 00:02:02,740 Sean Aylmer: one of the top 40 stocks actually was in positive 38 00:02:02,740 --> 00:02:07,620 Sean Aylmer: territory yesterday and that was Coles. Overall the S&P/ ASX 200 ended the 39 00:02:07,620 --> 00:02:11,929 Sean Aylmer: day down 2%, that's about fifty billion dollars wiped off the bourse. 40 00:02:12,020 --> 00:02:14,040 Sean Aylmer: It also put pressure on the Aussie dollar and that's 41 00:02:14,040 --> 00:02:17,929 Sean Aylmer: now trading just above 72 US cents. Interestingly, iron ore 42 00:02:17,930 --> 00:02:22,100 Sean Aylmer: helps Australia's fiscal position. Every 10 US dollar drop cuts 43 00:02:22,100 --> 00:02:23,960 Sean Aylmer: about six and a half billion dollars from the budget 44 00:02:23,960 --> 00:02:26,590 Sean Aylmer: bottom line. So it's starting to hit the budget now, 45 00:02:26,810 --> 00:02:29,940 Sean Aylmer: and it's really moved beyond stocks onto the national economy. 46 00:02:30,220 --> 00:02:32,500 Michael Thompson: Big story. So what have the markets done over the 47 00:02:32,500 --> 00:02:33,670 Michael Thompson: last 24 hours? 48 00:02:33,930 --> 00:02:37,410 Sean Aylmer: Well, it's been pretty brutal. The sell off has been global. 49 00:02:37,500 --> 00:02:40,580 Sean Aylmer: I've mentioned the iron ore miners here in Australia. Locally 50 00:02:40,580 --> 00:02:44,100 Sean Aylmer: the battery metals groups, Lynas Rare Earths, that fell 11%. 51 00:02:44,430 --> 00:02:47,889 Sean Aylmer: Nickel Mines was off more than 9%. Lithium producers Pilbara 52 00:02:47,889 --> 00:02:51,720 Sean Aylmer: Minerals and Orocobre both fell more than 8%. Another couple 53 00:02:51,720 --> 00:02:53,210 Sean Aylmer: which I like to focus on at the moment, AMP 54 00:02:54,110 --> 00:02:56,710 Sean Aylmer: is now at 95 cents a share the lowest ever. 55 00:02:56,990 --> 00:02:59,980 Sean Aylmer: AGL is at 20 year lows. All the banks were 56 00:02:59,980 --> 00:03:02,970 Sean Aylmer: down yesterday around 2%. It was a very rough day in 57 00:03:02,970 --> 00:03:05,810 Sean Aylmer: the office. Same deal on Wall Street though. It sold 58 00:03:05,810 --> 00:03:08,929 Sean Aylmer: off heavily overnight, and at one point the S&P 500 59 00:03:09,160 --> 00:03:13,010 Sean Aylmer: was down as much as 2.7%. Now that's the biggest 60 00:03:13,160 --> 00:03:17,060 Sean Aylmer: one day slide since October last year. Now Wall Street 61 00:03:17,060 --> 00:03:20,440 Sean Aylmer: is still up 15% this year, but wow, what a selloff overnight. 62 00:03:20,900 --> 00:03:24,120 Sean Aylmer: Basically investors are worried that central banks will start tapering 63 00:03:24,120 --> 00:03:27,990 Sean Aylmer: bond purchases which is the first step towards tightening monetary policy, 64 00:03:28,060 --> 00:03:31,639 Sean Aylmer: that's the big one. They're also really worried about China 65 00:03:31,639 --> 00:03:36,150 Sean Aylmer: slowing and particularly about the country's largest property group, Evergrande. 66 00:03:36,150 --> 00:03:38,780 Sean Aylmer: We've mentioned this group, there are fears it will default. 67 00:03:38,870 --> 00:03:43,390 Sean Aylmer: It owes about $US300 billion and D-Day is Thursday. European 68 00:03:43,390 --> 00:03:46,410 Sean Aylmer: markets were also sold off overnight. The STOXX Europe 600, 69 00:03:46,640 --> 00:03:49,420 Sean Aylmer: which is a broad measure of markets across that region, 70 00:03:49,690 --> 00:03:53,760 Sean Aylmer: fell 1.7%. That was a two month low. And shares 71 00:03:53,760 --> 00:03:56,500 Sean Aylmer: in Chinese and Hong Kong property groups fell to their lowest 72 00:03:56,500 --> 00:03:59,570 Sean Aylmer: level in five years. That of course is all about Evergrande. 73 00:03:59,680 --> 00:04:02,920 Sean Aylmer: And Michael, you'll be pleased to know cryptocurrencies were lower too, 74 00:04:03,350 --> 00:04:04,610 Sean Aylmer: Bitcoin was down 7%. 75 00:04:04,810 --> 00:04:06,940 Michael Thompson: All right thank you. We'll be back in a moment 76 00:04:06,940 --> 00:04:08,650 Michael Thompson: with the rest of the day's business news. 77 00:04:13,860 --> 00:04:17,089 Michael Thompson: Sean, plenty of stories around this morning. Energy group AusNet 78 00:04:17,089 --> 00:04:20,810 Michael Thompson: Services share price jumped as much as 22% yesterday after 79 00:04:20,810 --> 00:04:25,510 Michael Thompson: receiving a $9.6 billion takeover offer from Brookfield Asset Management, 80 00:04:25,670 --> 00:04:26,550 Michael Thompson: the Canadian giant. 81 00:04:26,880 --> 00:04:30,630 Sean Aylmer: Yet another bid for a big infrastructure asset in Australia, I'm 82 00:04:30,640 --> 00:04:33,740 Sean Aylmer: almost getting sick of talking about them. Sydney Airport's got 83 00:04:33,740 --> 00:04:36,300 Sean Aylmer: one, Spark Infrastructure, in a moment I'll tell you about 84 00:04:36,300 --> 00:04:39,539 Sean Aylmer: WestConnex, and AusNet services has just got one from, as 85 00:04:39,540 --> 00:04:43,159 Sean Aylmer: you mentioned, Brookfield Asset Management, the Canadian group. Now investors 86 00:04:43,220 --> 00:04:47,320 Sean Aylmer: love these big infrastructure assets. Stable, predictable, income that's what 87 00:04:47,390 --> 00:04:49,800 Sean Aylmer: they want. This is the third time Brookfield has had 88 00:04:49,800 --> 00:04:53,359 Sean Aylmer: a crack at AusNet and this time the board of 89 00:04:53,690 --> 00:04:55,820 Sean Aylmer: AusNet are happy to open up the books. They offered 90 00:04:55,820 --> 00:04:59,990 Sean Aylmer: a 26% premium to Friday's closing price, and now they 91 00:04:59,990 --> 00:05:02,950 Sean Aylmer: go to due diligence. The twist in this one is 92 00:05:02,950 --> 00:05:06,660 Sean Aylmer: that two of the big shareholders are Singapore Power and 93 00:05:06,670 --> 00:05:10,940 Sean Aylmer: State Grid Corporation of China. Convincing those two groups to 94 00:05:10,940 --> 00:05:13,970 Sean Aylmer: sell is the big unknown. Still, a lot to play 95 00:05:13,970 --> 00:05:14,610 Sean Aylmer: out in this one. 96 00:05:15,040 --> 00:05:18,160 Michael Thompson: Let's have a quick look at COVID news. Things are 97 00:05:18,160 --> 00:05:22,110 Michael Thompson: looking much better now in New South Wales with 935 98 00:05:22,200 --> 00:05:25,440 Michael Thompson: new cases recorded yesterday. That's the first drop below the 99 00:05:25,440 --> 00:05:28,360 Michael Thompson: 1000 mark in more than three weeks. There were still 100 00:05:28,360 --> 00:05:29,109 Michael Thompson: four deaths though. 101 00:05:29,570 --> 00:05:33,760 Sean Aylmer: Yeah, fingers crossed the news keeps getting better. Gladys Berejiklian, 102 00:05:33,760 --> 00:05:37,070 Sean Aylmer: the Premier, certainly welcomed the news, but she warned, and 103 00:05:37,070 --> 00:05:39,150 Sean Aylmer: she's been saying this for a couple of weeks, the 104 00:05:39,150 --> 00:05:41,800 Sean Aylmer: state needs to brace for October, which will be the 105 00:05:41,800 --> 00:05:46,719 Sean Aylmer: month with the largest number of hospitalisations and deaths. Yesterday, 106 00:05:46,720 --> 00:05:50,830 Sean Aylmer: Victoria recorded 567 cases, that was the highest this year, 107 00:05:50,830 --> 00:05:53,440 Sean Aylmer: and one death. There were seven cases in the ACT, 108 00:05:54,290 --> 00:05:57,840 Sean Aylmer: one in Queensland but fortunately that person was in hotel quarantine. 109 00:05:58,230 --> 00:06:00,900 Sean Aylmer: And other COVID news around the place, Moderna vaccines landed 110 00:06:00,980 --> 00:06:03,180 Sean Aylmer: in the country over the weekend, great news. And the 111 00:06:03,180 --> 00:06:05,710 Sean Aylmer: problems with the supplier Pfizer, there was all sorts of 112 00:06:05,710 --> 00:06:08,700 Sean Aylmer: rumors over the past 48 hours pushed along a little 113 00:06:08,700 --> 00:06:11,370 Sean Aylmer: bit by the Premiers, particularly Daniel Andrews, well those problems 114 00:06:11,370 --> 00:06:14,300 Sean Aylmer: seemed to have been sorted. The other COVID story today 115 00:06:14,529 --> 00:06:19,470 Sean Aylmer: involves sometimes violent protests outside the CFMEU offices in Melbourne 116 00:06:19,470 --> 00:06:22,880 Sean Aylmer: yesterday. And it was all over mandatory vaccinations and it stems from 117 00:06:22,880 --> 00:06:26,900 Sean Aylmer: Daniel Andrews, the Victorian Premier, last week saying construction workers 118 00:06:26,900 --> 00:06:30,760 Sean Aylmer: needed to be vaccinated to be on site. Construction workers 119 00:06:30,820 --> 00:06:33,970 Sean Aylmer: are upset about that. They've complained to the union leadership, 120 00:06:33,970 --> 00:06:38,070 Sean Aylmer: including John Setka, a controversial character. They believe that he and 121 00:06:38,070 --> 00:06:41,920 Sean Aylmer: the union haven't done enough to prevent mandated vaccinations. The 122 00:06:41,920 --> 00:06:44,300 Sean Aylmer: scenes were pretty ugly and last night, the Andrews government 123 00:06:44,300 --> 00:06:47,440 Sean Aylmer: came out and shut down the construction industry for two weeks. 124 00:06:47,920 --> 00:06:51,370 Michael Thompson: Now, building materials companies have done well recently with booming 125 00:06:51,370 --> 00:06:55,349 Michael Thompson: housing sectors around the globe. James Hardie and Fletcher had 126 00:06:55,350 --> 00:06:58,420 Michael Thompson: both done well, at least in share price terms. And 127 00:06:58,420 --> 00:07:00,330 Michael Thompson: yesterday there was a big announcement from BlueScope. 128 00:07:00,900 --> 00:07:04,450 Sean Aylmer: BlueScope is Australia's biggest steel maker. It's having a look 129 00:07:04,600 --> 00:07:07,369 Sean Aylmer: at developing a facility on the east coast of the 130 00:07:07,370 --> 00:07:11,150 Sean Aylmer: US to manufacture painted and coated steel products. Now it 131 00:07:11,150 --> 00:07:14,780 Sean Aylmer: wants to diversify its business in the US. At the moment, 132 00:07:14,930 --> 00:07:18,110 Sean Aylmer: it does COLORBOND fences. That's pretty much what they do. 133 00:07:18,370 --> 00:07:20,660 Sean Aylmer: They actually want to move beyond that. It's already spending 134 00:07:20,660 --> 00:07:24,730 Sean Aylmer: $1 billion expanding its North Star steel mill in Ohio 135 00:07:25,020 --> 00:07:27,670 Sean Aylmer: and it's pretty clear really to see where BlueScope's future 136 00:07:27,670 --> 00:07:29,590 Sean Aylmer: lies and that's outside our shores. 137 00:07:29,780 --> 00:07:35,570 Michael Thompson: Now, yesterday you mentioned reports that Transurban would buy the 49% 138 00:07:35,570 --> 00:07:39,040 Michael Thompson: of WestConnex that it didn't own. Those reports were true and 139 00:07:39,040 --> 00:07:40,611 Michael Thompson: it's ponied up $9.3 billion. 140 00:07:40,611 --> 00:07:45,210 Sean Aylmer: Transurban is quite an incredible company. It has had a 141 00:07:45,210 --> 00:07:48,400 Sean Aylmer: rough COVID period. People haven't been driving, fair enough, but 142 00:07:48,400 --> 00:07:50,660 Sean Aylmer: it's six times bigger now than it was a decade ago. 143 00:07:50,940 --> 00:07:53,490 Sean Aylmer: The CEO is a guy called Scott Charlton. He came 144 00:07:53,490 --> 00:07:56,250 Sean Aylmer: into the job in 2012 and he's just done a terrific job. 145 00:07:56,680 --> 00:08:00,530 Sean Aylmer: So Transurban now is the dominant toll- road player in 146 00:08:00,530 --> 00:08:02,890 Sean Aylmer: the market and as you said, it wants to buy 147 00:08:02,890 --> 00:08:06,430 Sean Aylmer: the 49% of WestConnex it doesn't own. It's gone to due diligence. 148 00:08:06,500 --> 00:08:09,420 Sean Aylmer: It will be raising $4.2 billion to fund the bid. 149 00:08:09,420 --> 00:08:11,730 Sean Aylmer: Now its share price was on hold yesterday, probably good 150 00:08:11,730 --> 00:08:14,080 Sean Aylmer: luck to it given what happened in the market, but 151 00:08:14,680 --> 00:08:17,630 Sean Aylmer: it looks like Transurban will get that 49% and continue 152 00:08:17,630 --> 00:08:18,390 Sean Aylmer: its domination. 153 00:08:23,040 --> 00:08:25,870 Michael Thompson: Now running through some of the other stories around today. 154 00:08:25,970 --> 00:08:30,290 Michael Thompson: Barnaby Joyce isn't known for remaining quiet on controversial issues 155 00:08:30,290 --> 00:08:34,390 Michael Thompson: and yesterday it was certainly no exception. Scott Morrison was 156 00:08:34,390 --> 00:08:37,210 Michael Thompson: on a plane on his way to Washington, which makes 157 00:08:37,210 --> 00:08:40,089 Michael Thompson: Barnaby Joyce the acting prime minister. And he stood by 158 00:08:40,090 --> 00:08:44,040 Michael Thompson: Christian Porter, the former industry minister and attorney general, who 159 00:08:44,040 --> 00:08:46,920 Michael Thompson: stepped down from the front bench on Sunday over who 160 00:08:46,920 --> 00:08:50,069 Michael Thompson: paid his legal bills in his defamation case against the ABC. 161 00:08:50,970 --> 00:08:55,599 Michael Thompson: Now Mr. Joyce said, "Christian Porter was an incredibly capable minister, 162 00:08:56,059 --> 00:08:59,690 Michael Thompson: but had had a bad day at the wicket." 163 00:09:00,710 --> 00:09:03,870 Sean Aylmer: More like a first-ball duck that was. Another federal government 164 00:09:03,870 --> 00:09:06,440 Sean Aylmer: story is the decision to extend by five months the 165 00:09:06,440 --> 00:09:10,040 Sean Aylmer: international aviation support program. That'll push it through to the 166 00:09:10,040 --> 00:09:12,270 Sean Aylmer: end of March next year. That's about an extra $120 167 00:09:12,270 --> 00:09:15,480 Sean Aylmer: million for the sector. You could imagine Qantas was very 168 00:09:15,480 --> 00:09:16,490 Sean Aylmer: quick to welcome that one. 169 00:09:17,000 --> 00:09:19,940 Michael Thompson: Good news for them. Now my favorite story of the day, 170 00:09:19,940 --> 00:09:23,720 Michael Thompson: the latest streaming figures that show Netflix at number one 171 00:09:23,720 --> 00:09:27,179 Michael Thompson: with six million subscribers. Stan has fallen from number two 172 00:09:27,179 --> 00:09:32,059 Michael Thompson: to number four with 2. million. Amazon's at 2.9 million, and Disney+ 173 00:09:32,059 --> 00:09:36,300 Michael Thompson: is at 2.6 million. I'm personally a subscriber to all of them. 174 00:09:36,450 --> 00:09:37,699 Sean Aylmer: Ah, as am I. 175 00:09:37,760 --> 00:09:41,070 Michael Thompson: Excellent, we are inflating the figures for them. Kayo has 1. 176 00:09:41,380 --> 00:09:46,380 Michael Thompson: 1 million subscribers according to the Telsyte's 2021 Australian entertainment 177 00:09:46,380 --> 00:09:47,809 Michael Thompson: subscription study results. 178 00:09:47,940 --> 00:09:49,679 Sean Aylmer: I know this is just a lead- in because this next 179 00:09:49,679 --> 00:09:52,559 Sean Aylmer: story is for you, Michael. The streaming platforms were the 180 00:09:52,559 --> 00:09:55,820 Sean Aylmer: big winners at yesterday's Emmy's with Netflix and Apple TV, 181 00:09:56,080 --> 00:09:58,870 Sean Aylmer: they took home the major awards. Now across the TV 182 00:09:58,870 --> 00:10:02,220 Sean Aylmer: shows the big winners included The Crown. Have you watched it? 183 00:10:02,530 --> 00:10:05,100 Michael Thompson: I have not seen the latest season, but it is 184 00:10:05,100 --> 00:10:06,420 Michael Thompson: a ripper up until there. 185 00:10:06,679 --> 00:10:08,359 Sean Aylmer: Don't make an excuse. Ted Lasso, seen it? 186 00:10:09,420 --> 00:10:10,450 Michael Thompson: No, no excuse. 187 00:10:10,630 --> 00:10:11,240 Sean Aylmer: Hacks? 188 00:10:11,550 --> 00:10:13,449 Michael Thompson: Seen it, love it. Fantastic show. 189 00:10:13,610 --> 00:10:14,480 Sean Aylmer: Mare Of Easttown? 190 00:10:14,750 --> 00:10:15,730 Michael Thompson: No, not yet. 191 00:10:15,940 --> 00:10:18,929 Sean Aylmer: I'm in lockdown. Seen them all, love them all. There's another 192 00:10:18,929 --> 00:10:21,520 Sean Aylmer: couple of tiddlers worth a mention Michael. Telstra's launching a 193 00:10:21,520 --> 00:10:24,780 Sean Aylmer: two hour delivery service from some of its retail outlets 194 00:10:24,780 --> 00:10:27,450 Sean Aylmer: for new sales of Apple and Samsung devices, which were 195 00:10:27,450 --> 00:10:29,500 Sean Aylmer: launched over the past week. A bit of a gimmick, 196 00:10:29,500 --> 00:10:30,720 Sean Aylmer: but not bad if you can pick it up in 197 00:10:30,720 --> 00:10:33,819 Sean Aylmer: two hours. And Mercedes has signed up all of its 198 00:10:33,820 --> 00:10:37,240 Sean Aylmer: local dealers to a fixed price model so when you 199 00:10:37,240 --> 00:10:40,020 Sean Aylmer: go to the car yard, you won't be haggling about 200 00:10:40,070 --> 00:10:43,240 Sean Aylmer: a price if you're buying Mercedes. All 53 dealers will 201 00:10:43,240 --> 00:10:46,120 Sean Aylmer: be selling similar cars at the same price. 202 00:10:46,390 --> 00:10:50,790 Michael Thompson: Hang on, no haggling at the car yard for a new car? 203 00:10:50,860 --> 00:10:52,630 Sean Aylmer: I feel like I'm in a Monty Python video at 204 00:10:52,630 --> 00:10:52,989 Sean Aylmer: the moment. 205 00:10:53,240 --> 00:10:57,050 Michael Thompson: This is an outrage. You cannot take away haggling for 206 00:10:57,050 --> 00:11:00,560 Michael Thompson: a new car. A car yard is not a supermarket. 207 00:11:01,059 --> 00:11:03,130 Sean Aylmer: We don't trust them and if we actually can't take 208 00:11:03,130 --> 00:11:05,370 Sean Aylmer: the haggling away, they're going to go up the Edelman 209 00:11:05,370 --> 00:11:08,190 Sean Aylmer: trust barometer above journalists, which none of us want. 210 00:11:08,559 --> 00:11:11,670 Michael Thompson: Yeah, we'll see. Now what's the key overseas news this morning? 211 00:11:12,090 --> 00:11:14,450 Sean Aylmer: US president Joe Biden, he's due to speak at the 212 00:11:14,450 --> 00:11:18,429 Sean Aylmer: United Nations General Assembly later today. He's expected to make 213 00:11:18,429 --> 00:11:21,610 Sean Aylmer: the case for the United States and China cooperating on 214 00:11:21,610 --> 00:11:24,849 Sean Aylmer: global threats, the big one there is climate change of course. 215 00:11:24,900 --> 00:11:27,500 Sean Aylmer: He's also likely to insist that the countries aren't headed 216 00:11:27,500 --> 00:11:30,370 Sean Aylmer: for a new cold war, let's hope so. An interesting 217 00:11:30,370 --> 00:11:33,679 Sean Aylmer: one out of Associated Press: it's estimated that COVID has 218 00:11:33,679 --> 00:11:38,270 Sean Aylmer: now killed as many Americans as did the 1918-19 Spanish 219 00:11:38,270 --> 00:11:43,210 Sean Aylmer: flu pandemic. That's about 675,000. Also I mentioned this week that 220 00:11:43,210 --> 00:11:47,390 Sean Aylmer: the US, Japan, and UK central banks were holding monetary 221 00:11:47,390 --> 00:11:52,480 Sean Aylmer: policy meetings. I neglected to say that Switzerland, Sweden, and Norway, 222 00:11:52,480 --> 00:11:55,929 Sean Aylmer: were also doing some. There was an election in Canada overnight, 223 00:11:56,300 --> 00:11:59,660 Sean Aylmer: Justin Trudeau was fighting for his political life there, and 224 00:11:59,660 --> 00:12:02,040 Sean Aylmer: of course there's a big election in Germany on the weekend. 225 00:12:02,290 --> 00:12:04,959 Sean Aylmer: All these things don't help global markets and add to 226 00:12:04,960 --> 00:12:07,450 Sean Aylmer: the uncertainty. And finally, just a quick one from the 227 00:12:07,450 --> 00:12:10,650 Sean Aylmer: Financial Times, the world's largest tech companies have bought up 228 00:12:10,650 --> 00:12:14,630 Sean Aylmer: smaller rivals, smaller companies, at a record pace. So far 229 00:12:14,630 --> 00:12:19,609 Sean Aylmer: this year, they've spent $264 billion buying smaller players. Now 230 00:12:19,610 --> 00:12:22,220 Sean Aylmer: there's lots of debate in the US and other places 231 00:12:22,470 --> 00:12:28,170 Sean Aylmer: that Apple, Facebook, Amazon, Google, and Microsoft stifle competition, in part, 232 00:12:28,510 --> 00:12:31,020 Sean Aylmer: by buying competitors. This adds to that evidence. 233 00:12:31,980 --> 00:12:34,850 Michael Thompson: If any of the tech giants are looking to acquire 234 00:12:34,950 --> 00:12:37,929 Michael Thompson: a small business podcast, I think we're happy to take 235 00:12:37,929 --> 00:12:38,980 Michael Thompson: a meeting aren't we? 236 00:12:39,170 --> 00:12:41,559 Sean Aylmer: Yeah, we'll take a meeting. We'll see. 237 00:12:41,830 --> 00:12:45,510 Michael Thompson: Now up next is the daily interview. Simon Kuestenmacher, co-founder 238 00:12:45,510 --> 00:12:48,030 Michael Thompson: of the Demographics Group, one of our favorite guests. 239 00:12:48,080 --> 00:12:50,050 Sean Aylmer: Well, I've got to say one thing about Simon. He's 240 00:12:50,050 --> 00:12:55,000 Sean Aylmer: so interesting and like Ziggy Switkowski, Shemara Wikramanayake, he makes up the 241 00:12:55,010 --> 00:12:58,390 Sean Aylmer: trio of great names on Fear and Greed. Simon Kuestenmacher. 242 00:12:58,920 --> 00:13:01,240 Michael Thompson: That's up next in the Fear and Greed playlist on 243 00:13:01,240 --> 00:13:03,819 Michael Thompson: your podcast platform, or you can find it of course, 244 00:13:03,820 --> 00:13:06,470 Michael Thompson: at fearandgreed.com.au. Thank you very much, Sean. 245 00:13:06,710 --> 00:13:07,870 Sean Aylmer: Thank you, Michael. Have a good day. 246 00:13:08,110 --> 00:13:11,920 Michael Thompson: You too. It's Tuesday, the 21st of September 2021. Make 247 00:13:11,920 --> 00:13:14,960 Michael Thompson: sure you followed Fear and Greed on LinkedIn, Twitter and Facebook, 248 00:13:14,980 --> 00:13:18,540 Michael Thompson: and you can always find more info at fearandgreed.com.au. I'm 249 00:13:18,790 --> 00:13:21,550 Michael Thompson: Michael Thompson, and that was Fear and Greed. Enjoy your day.