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Speaker 1: On Fear and Greed. This morning a frantic last day

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Speaker 1: of the year for Federal Parliament, with the government successfully

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Speaker 1: pushing through legislation affecting housing and migration, through to social

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Speaker 1: media bands and changes to the Reserve Bank. Business investment

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Speaker 1: stays weak as interest rates bite, and the world's first

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Speaker 1: twenty four hour equities trading exchange is given the go ahead.

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Speaker 1: Plus the local share market hits another record high, and

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Speaker 1: takeover deals in the home building and insurance sectors. 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 Thursday, the twenty ninth

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Speaker 1: of November twenty twenty four. I'm Michael Thompson and good

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Speaker 1: morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, nothing like a deadline to

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Speaker 1: get things done. The Federal government yesterday secured the support

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Speaker 1: of the Greens and Independence in the Senate to pass

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Speaker 1: twenty seven pieces of legislation, including reforms to the housing

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Speaker 1: sector and to the Reserve.

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Speaker 2: I'd call that a pretty busy final day of parliament

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Speaker 2: for the year, would you agree, Michael.

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Speaker 1: Look, you know what it shows me, Sean. It shows

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Speaker 1: just how effective people can be and Parliament can potentially

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Speaker 1: be maybe we just need to reduce the sitting sessions

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Speaker 1: down to just hey, one week, you got to get

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Speaker 1: it all done.

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Speaker 2: Plenty of horse training yesterday to get the Greens and

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Speaker 2: Independent Senators David Pocock and Jackie Lamby on side. Some

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Speaker 2: of the changes that passed thanks to the support of

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Speaker 2: the Greens and the Independence included a second board for

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Speaker 2: the Reserve Bank to deal with monetary policy. That's in

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Speaker 2: addition to a governance board. Now that's all part of

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Speaker 2: a recommendation from an inquiry into the Reserve Bank. Which

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Speaker 2: do you think that was going to get through anyway?

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Speaker 2: Did yesterday? The Future made in Australia legislation that's about

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Speaker 2: twenty three billion dollars over the next decade to help

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Speaker 2: the transition to net zero. Also the Build to Rent

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Speaker 2: housing bill. There are also negotiations between the Government and

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Speaker 2: Opposition to get some other bills passed. So these are

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Speaker 2: things that the Greens and the Independence work. It's so fast.

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Speaker 2: On the obvious one, there is the social media ban.

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Speaker 2: The Opposition joined with the Government on that one. There

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Speaker 2: were also a number of changes to migration laws.

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Speaker 1: Obviously plenty got through Sean. But what didn't make it through?

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Speaker 1: I reckon it's almost this as interesting, so.

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Speaker 2: True, So the extra tax on earnings from super accounts

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Speaker 2: with three million dollars in them, that one didn't get through.

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Speaker 2: There are also these a bunch of electoral reforms around

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Speaker 2: donations to political parties, limiting individual donations, that type of

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Speaker 2: thing that one didn't get through either.

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Speaker 1: You mentioned horse trading. I presume the Greens extracted some concessions,

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Speaker 1: you would say, before doing deals, various plural deals with

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Speaker 1: the government. What do they get out of this.

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Speaker 2: About half a billion dollars in promises, it's not bad.

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Speaker 2: Good negotiating, including improvements to energy efficiency in fifty thousand

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Speaker 2: social housing properties around the country. There will be retrofitting

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Speaker 2: of public and community that should lower power bills for tenants.

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Speaker 2: In fact, Adam Band, the leaders of the Greens, reckons

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Speaker 2: about fifty thousand people will say about eighteen hundred dollars

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Speaker 2: a year. But to your point at the beginning, what

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Speaker 2: it really shows is how much politics is about posturing

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Speaker 2: and when it comes down to it, deals do get

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Speaker 2: done and they can get done. And it's not just

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Speaker 2: the government with the crossbenches and the Greens. It's also

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Speaker 2: the government with the opposition. The money for the Greens yesterday,

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Speaker 2: now that came in exchange for a whole In fact,

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Speaker 2: there was a whole clump of twenty seven bills and

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Speaker 2: Adam Band negotiated with the government. So we'll do these

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Speaker 2: twenty seven bills because we're quite uncomfortable with them. If

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Speaker 2: you can give us that half a billion dollars. They've

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Speaker 2: done that. The Greens can argue they've looked after who

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Speaker 2: they want to look after, so too can the government.

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Speaker 1: Very busy day, certainly as canber is a fascinating place now, Sean.

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Speaker 1: Turning to local markets, the share market hit another record yesterday.

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Speaker 1: You had another record. How many is that now? With

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Speaker 1: healthcare stocks doing well.

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Speaker 2: Just keeps going, doesn't it. There's in PASX two hundred

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Speaker 2: touched a new high of eighty four hundred and sixty

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Speaker 2: six point seven points, before closing half percent higher on

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Speaker 2: the day to four hundred and forty four points. Cs L,

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Speaker 2: res Meed and Promedicus which I'll tell you about it

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Speaker 2: in a moment. They all did very well, so to

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Speaker 2: the banks and insurers. Under Performers included West Farmers, Telstra

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Speaker 2: and transurban and some of the gold stocks. That was

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Speaker 2: a bit of surprise because of the leading from Wall Street.

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Speaker 2: It just wasn't so strong. After inflation data from the

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Speaker 2: US came in stronger than expected for the second success

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Speaker 2: of month. Now, don't look at me on getting a

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Speaker 2: side about this next bit, because I ended up going

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Speaker 2: down a rabbit hole when I was looking at international markets,

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Speaker 2: because I have a night with Thanksgiving Thanksgiving holiday, and

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Speaker 2: that's all about, you know, football games, eating a lot

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Speaker 2: of food. Macy's Thanksgiving Day parade. I think of that

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Speaker 2: one and I actually thought, what's it about? What do

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Speaker 2: they thinks? I mean, Thanksgiving kind of sounds religious? So

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Speaker 2: looked at up and that's what it was. So it's

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Speaker 2: a fourth Thursday November. Farmers traditionally thank God for their

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Speaker 2: autumn harvest. Gets more interesting apparently it actually its origins

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Speaker 2: are back in the UK and in the US. It

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Speaker 2: goes back to about sixteen twenty one when a harvest

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Speaker 2: feast was held between a native tribe and English colonists

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Speaker 2: on that day. What I didn't know go on Norfolk Island,

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Speaker 2: which is Australian. This is one of the few places

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Speaker 2: outside the USA to celebrate Thanksgiving Day really, so they

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Speaker 2: actually celebrated on the twenty seventh on Wednesday. Why well,

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Speaker 2: American whaling ships stopped there regularly in the late eighteen

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Speaker 2: hundreds and started the tradition, and it's just kept going.

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Speaker 1: Oh there you go. Goodness me, we are not even

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Speaker 1: halfway through the show yet, and I've already.

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Speaker 2: Learned something nothing to do with business, economics, politics, a

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Speaker 2: lot to do with Thanksgiving and Norfolkland.

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Speaker 1: Norfolk Island. Indeed, now immediately after the show, Sigaurmon, I've

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Speaker 1: got heapsmore coming up before this, but afterwards, we've got

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Speaker 1: an interview coming up today with Darren Hopkins and Brendan Paine,

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Speaker 1: who are cyber partners at mcgrad Nickel Advisory.

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Speaker 2: That's right. The interview is all about cybercrime and ransomware

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Speaker 2: and all that sort of stuff. What is absolutely amazing,

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Speaker 2: it blew me away, is the average size of ransomware

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Speaker 2: payments and how many people are paying them, and then

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Speaker 2: we talk about why they're paying them and the thoughts

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Speaker 2: on new regulations. It is a fascinating chat. It's about

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Speaker 2: cyber but it's kind of bigger than that. It's how

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Speaker 2: business leaders think about challenges. They come up against, in

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Speaker 2: this case cybercrime. The bad news, of course, is that

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Speaker 2: it's getting worse, not better.

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Speaker 1: Yeah, the fact that this is a seven figure payout,

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Speaker 1: the payment that they are making to their cyber criminals,

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Speaker 1: it is worth a listen just for that, because these

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Speaker 1: numbers are staggering and a little bit frightening. Still to come, Sean,

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Speaker 1: We've got the latest on Star Entertainment, the story that

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Speaker 1: just keeps on giving. Why the HBLEC is taking webject

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Speaker 1: to court and an extraordinary act of sabotage. We'll get

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Speaker 1: to that later. We'll be back in a moment with

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Speaker 1: the rest of the day's business news. Shawn. Business investment

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Speaker 1: continues to be relatively weak, but there were some signs

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Speaker 1: of improvement during the September quarter.

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Speaker 2: This is very important. We need business to invest in

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Speaker 2: buildings and structures and equipment. Then you end up with

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Speaker 2: more employment, produce more goods and services. It's how the

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Speaker 2: economy ticks over. Private capital expenditure rose by just over

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Speaker 2: one percent during the September quarter according to the Australian

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Speaker 2: Bureau of Statistics. Over the last year, building in structure

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Speaker 2: investment has actually fallen. The plant and equipment is up

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Speaker 2: three point four percent. It's been a week point in

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Speaker 2: the economy. Broadly, we've seen a pullback in mining investment

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Speaker 2: and to a lesser extent, wholesale and retail trade, but

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Speaker 2: a pickup in mation media and telcoms that would capture

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Speaker 2: all the technology AI investing, that type of thing future plans.

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Speaker 2: So one thing about this ABS series it asks businesses

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Speaker 2: what they think will have in the future. Still looking

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Speaker 2: a bit soft unfortunately.

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Speaker 1: Now I mentioned Star Entertainment before. The boss of Star,

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Speaker 1: Steve McCann, said yesterday that the casino is experiencing negative

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Speaker 1: monthly cash flows and has asked for patients to turn

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Speaker 1: the business around.

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Speaker 2: Yes, patients from shareholders, patients from lenders say the shareholders

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Speaker 2: had to be patient yesterday because they had the annual

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Speaker 2: general meeting went on for nearly three hours. That's very long,

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Speaker 2: isn't it. It's really long. I mean the first three

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Speaker 2: motions I think took two hours, and the mood not happy.

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Speaker 1: Well, when you think about it, if there was any

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Speaker 1: company where there's a fair bit of discussion and a

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Speaker 1: fair bit of probably a few views to be voiced,

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Speaker 1: it's going to be at the Star Entertainment ahm right.

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Speaker 2: Yeah, yeah, not happy. Not happy. Yesterday, the company said

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Speaker 2: it had made a pre tax loss of twenty four

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Speaker 2: million dollars for the first four months of this financial year.

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Speaker 2: It said revenue was down significantly and the cost of

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Speaker 2: transformation and external advice had risen its exploring asset sales.

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Speaker 2: It's trying to raise one hundred and fifty million dollars

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Speaker 2: in capital from external sources. If it can do that,

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Speaker 2: it gets access to a second trunch of a two

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Speaker 2: hundred million dollar loan. If you look at what Star

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Speaker 2: is facing. Steve mccannon, who used to run len Lease

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Speaker 2: now running Star. He's got a bit on his plate.

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Speaker 2: So the company has already been fined fifteen million dollars

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Speaker 2: by the new South Wales Independent Casino Commission for compliance breaches.

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Speaker 2: It's awaiting an OSTRAK fine for breaches of counter terrorism

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Speaker 2: and anti money laundering laws that's likely to be in

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Speaker 2: the tens of millions of dollars. It needs to refinance

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Speaker 2: one point six billion dollars in debt for its Queens

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Speaker 2: at warf precinct in Brisbane at the end of next year. Ouch,

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Speaker 2: and they're still trying to raise it. One hundred and

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Speaker 2: fifty million dollars in capital to get access to the

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Speaker 2: two hundred million dollars. I'm exhausted. Share price down six

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Speaker 2: percent yesterday, it's about one third of its peak in

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Speaker 2: late July.

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Speaker 1: Now IAG will buy the insurance business of the Royal

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Speaker 1: Automobile Club of Queensland for eight hundred and fifty five

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Speaker 1: million dollars to add to its NRMA brand in New

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Speaker 1: South Wales, and it's RACV in Victoria.

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Speaker 2: Got the East coast locked up. That IRIG has the

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Speaker 2: twenty five year deal to sell home and car and

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Speaker 2: chan insurance policies means they get access to one point

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Speaker 2: seven million members. RACQ, like NRMA and RCV, provides roaside

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Speaker 2: assistance and sells insurance to drivers. IAG writes about sixteen

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Speaker 2: billion dollars of premium per annum, and it's got a

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Speaker 2: bunch of other brands like CGU, WFI and Role. In Australia.

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Speaker 2: I'm going to spell that for you capital R, capitol O,

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Speaker 2: capital L, capital L, little, I, capital n apostrophe.

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Speaker 1: Reach to the marketing meeting where they're discussing what letters

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Speaker 1: do you want to capitalize here, Let's just pick one

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Speaker 1: at random and make that lower case. That'll confuse people.

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Speaker 1: Let's make it the eye.

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Speaker 2: Yeah. Share price jumped four percent yesterday.

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Speaker 1: Another deal yesterday Sean was American real estate giant Proprium

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Speaker 1: Capital Partners bidding three hundred and seventy four million dollars

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Speaker 1: to buy AV Jennings.

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Speaker 2: The price is nearly double AV jennings trading price. It's

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Speaker 2: share price jump nearly nearly ninety percent yesterday. No surprises

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Speaker 2: ever since COVID Even before that. Really, AV Jennings has

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Speaker 2: struggled a bit. Twenty years ago it was trading close

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Speaker 2: to twenty bucks a share. Today it's sixty two cents share.

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Speaker 2: The offer is for sixty seven sense to share. The

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Speaker 2: difference between that the five cents that suggests that there

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Speaker 2: are a few regulatory hurdles still to overcome. If successful,

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Speaker 2: AV Jennings will become part of AVID Property, which is

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Speaker 2: owned by the Proprium Capital Group. Proprium capitalis actually a

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Speaker 2: peer group. Avid focuses on residential market in Australia. AV

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Speaker 2: Jennings has been building homes in Australia for more than

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Speaker 2: ninety years nineteen thirty two, so it's at ninety two years,

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Speaker 2: though nowadays it's majority shareholder is a Singaporean based investor,

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Speaker 2: Simon Chiong.

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Speaker 1: Pro Medicus you mentioned this one in passing earlier. Sean

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Speaker 1: A share price hit a record high yesterday after the

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Speaker 1: imaging group signed a ten year, three hundred and thirty

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Speaker 1: million dollars deal with a large not for profit healthcare

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Speaker 1: system in the US.

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Speaker 2: I reckon, this is my early nomination for company of

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Speaker 2: the year, at least among the large caps. Pro Medicus

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Speaker 2: basically brought technology to radiology. That's not quite right, but

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Speaker 2: it's got this product called Visage seven. It's a clinical

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Speaker 2: desktop application that radiologists use to view and enhance and

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Speaker 2: manipulate images from any device to make a diagnostic So

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Speaker 2: break that down, break marketing speak down X rays stuff

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Speaker 2: like that. They take the X rays and the app

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Speaker 2: allows them to be seen on phones, on laptops and manipulated.

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Speaker 2: Really amazing technology. It's up one hundred and fifty percent

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Speaker 2: this year. It's now I'm including nine percent yesterday. It's

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Speaker 2: now the twenty second largest company on the AX easily

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Speaker 2: the best performing top one hundred stock. I reckon. Outside

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Speaker 2: the investment community, most people would never have heard of Promedicus.

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Speaker 2: I remember about eighteen months ago, someone explaining to me

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Speaker 2: Promedicus was the next big thing. Yeah, yeah, yeah, I said,

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Speaker 2: well it was an Iron the deal, Yeah, the deal yesterday.

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Speaker 1: That's sure. That, Sean is why we always say this

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Speaker 1: is not an investing podcast. Absolutely, you need to get

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Speaker 1: your own professional advice before you make investment decisions. Listening

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Speaker 1: to Sean.

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Speaker 2: Alma over there, Yeah, yeah, the deal yesterday puts it

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Speaker 2: into ninety three hospitals across twenty six states in the US,

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Speaker 2: but it puts it into the hands about one hundred

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Speaker 2: and twenty seven thousand people like physicians, clinicians, those types

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Speaker 2: of people. So it suddenly becomes this software that everyone's using.

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Speaker 2: It's quite an incredible stock.

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Speaker 1: Yeah, that's a great story. Independent Senator Lydia Thorpe Sean

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Speaker 1: disrupted the Federal Senate for the second day running yesterday,

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Speaker 1: yelling in the chamber, having been suspended on Wednesday.

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Speaker 2: After speaking with Indigenous leaders outside Parliament House, she went

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Speaker 2: into the press gallery, which sits above the house above

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Speaker 2: the Senate, and yelled to the members below free, Free Palestine.

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Speaker 2: She also yelled from outside the chamber on the ground

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Speaker 2: floor that caused the doors to be shut Earlier, she

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Speaker 2: accused Labour and the Coalition of racism and trying to

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Speaker 2: block her private member's bill about genocide.

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Speaker 1: The a Triple C is taking online travel agency Webjet

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Speaker 1: to court, alleging that it advertised flights without highlighting compulsory

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Speaker 1: charges and then requested additional payment after confirmed bookings.

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Speaker 2: The HBC claims that that leads for what you've just

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Speaker 2: described there, Michael, I'm trying to get my head around

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Speaker 2: what you described. I think that's right. The HC is

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Speaker 2: claiming that that is deceptive and misleading conduct. Over five years,

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Speaker 2: webgit promoted air on its app, social media sites and

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Speaker 2: website that excluded compulsory fees ranging from about thirty four

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Speaker 2: dollars ninety to fifty four dollars ninety, not about thirty

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Speaker 2: four dollars ninety exactly thirty four dollars ninety to fifty

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Speaker 2: four dollars ninety. Jena Katz good Leeb said a statement

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Speaker 2: about the lowest price must be a true minimum price,

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Speaker 2: not a price subject to further fees and charges. Yesterday,

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Speaker 2: Webjet said it had fully cooperated with the atriable C

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Speaker 2: before the legal action and proactively undertaken a number of

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Speaker 2: steps to improve its disclosure of pricing end fees.

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Speaker 1: Turn into international news. Now, a twenty four hour stock

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Speaker 1: exchange has been approved by US regulators, allowing round the

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Speaker 1: clock trading on Wall Street, which is our first, isn't

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Speaker 1: it for any major equity market startup?

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Speaker 2: Twenty four exchange was approved by the Securities and Exchange

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Speaker 2: Commission and will initially launch in regular hours and expand

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Speaker 2: to include around the clock trading from Sunday night through

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Speaker 2: to Thursday night. While treasuries and other major currency stuff

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Speaker 2: like that are traded almost continuously on weekdays, stocks haven't

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Speaker 2: because of tight rules designed to protect investments investors, and

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Speaker 2: because the complexities and time needed to settle trades. Now,

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Speaker 2: in recent years, round the clock trading has been given

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Speaker 2: a boost by the rise of retail investors who are

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Speaker 2: keen to trade stocks outside working hours. According to the FT,

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Speaker 2: some brokers already execute customer out of our stock orders

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Speaker 2: in what they call dark pools, so members trade amongst themselves.

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Speaker 2: A regulated overnight exchange will mean a big, big change

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Speaker 2: because it actually lights the pool. It's a lit market

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Speaker 2: where the trades and prices become the official record. Hasn't

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Speaker 2: happened on a major exchange before game to hit Wall Street,

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Speaker 2: and I'd almost guarantee that over time it'll hit the AX.

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Speaker 1: Finally, Sean I mentioned this one. This is extraordinary, this

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Speaker 1: last story. A Chinese ship is suspected of severing two

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Speaker 1: critical Internet cables in the Baltic Sea, an act of

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Speaker 1: sabotage that may have been orchestrated by Russia. We are

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Speaker 1: just talking NonStop about these undersea cables at the moment.

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Speaker 1: These are loving things.

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Speaker 2: Investigators believe that the Ye paying three, a Chinese registered

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Speaker 2: bulk carrier, deliberately severed the two key cables last week

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Speaker 2: by dragging its anchor along the Baltic seabed for more

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Speaker 2: than one hundred and sixty kilometers, according to the Telegraph

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Speaker 2: of London. The investigation is now focused on whether the

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Speaker 2: captain of the two hundred and twenty five meter long

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Speaker 2: ship was directed to carry out these suspected sabotage by Moscow.

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Speaker 2: A senior European investigator told the Wall Street Journal, I

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Speaker 2: quote it's extremely unlikely that the captain would not have

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Speaker 2: noticed that his ship dropped and dragged its anchor, losing

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Speaker 2: speed for hours and cutting cables along the way. Quote.

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Speaker 2: The incident has caused concern among Western nations that Russia

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Speaker 2: is engaging in what the White House describes as hybrid warfare.

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Speaker 2: Kremlin denies that, but it's a story that is quite amazing.

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Speaker 2: As we discussed yesterday, to think about these undersea cables.

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Speaker 2: This is the lifelile of the Internet. This is lifelove communication.

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Speaker 2: So if you said, for those you're in big.

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Speaker 1: Trouble, I'll tell you what I have. It just a

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Speaker 1: hunch right that these cables are going to come up

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Speaker 1: on the weekend edition of Fear and Greed, where you

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Speaker 1: and I are pretty battle over who has the best

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Speaker 1: stories of the week, and it will be a battle

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Speaker 1: just between us to see who can get to that

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Speaker 1: one first because we both love it. Yeah, I agree, indeed,

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Speaker 1: So tune into that one. It's on tomorrow. Before that, though,

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Speaker 1: you've got two things to do. You've got to listen

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Speaker 1: next to Darren Hopkins and Brendan Paine, cyber partners at

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Speaker 1: mcgrih Nickel Advisory, all about ransomware. It is essential listening

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Speaker 1: for anybody in business. And keep an eye on your

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Speaker 1: playlist as well. At midday because I've got a new

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Speaker 1: episode of Ask Fear and Greed coming out. It's our

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Speaker 1: bonus episode where we answer listener questions. Today's question comes

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Speaker 1: from one of our younger listeners. Yeah, but it is

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Speaker 1: a great question and we will answer it well. We'll

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Speaker 1: do our best to answer it at midday, so stick

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Speaker 1: around for that one as well.

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Speaker 2: Thank you so much, Sewan, Thank you, Michael.

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Speaker 1: It is Friday, the twenty ninth of November twenty twenty four.

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

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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