1 00:00:06,400 --> 00:00:09,520 Speaker 1: Joe Biden drops out of the presidential race. It could 2 00:00:09,520 --> 00:00:13,000 Speaker 1: take weeks or months to fully recover from Friday's massive 3 00:00:13,039 --> 00:00:16,360 Speaker 1: ITA outage and the changing demographics of Australia over the 4 00:00:16,440 --> 00:00:19,400 Speaker 1: last century. Welcome to Fear and Greed, daily business news 5 00:00:19,480 --> 00:00:21,880 Speaker 1: for people who make their own decisions. It is Monday, 6 00:00:21,960 --> 00:00:25,120 Speaker 1: the twenty second of July twenty twenty four. Are Michael 7 00:00:25,120 --> 00:00:26,840 Speaker 1: Thompson and good morning, Sean Alema. 8 00:00:26,920 --> 00:00:28,720 Speaker 2: Good morning, Michael. Did you enjoy your break? 9 00:00:29,080 --> 00:00:32,200 Speaker 1: I had a great break. Thank you, and very big 10 00:00:32,240 --> 00:00:34,879 Speaker 1: thank you to Julian King for holding the ford. I 11 00:00:34,880 --> 00:00:36,559 Speaker 1: was supposed to have two weeks off, actually, but I've 12 00:00:36,600 --> 00:00:40,160 Speaker 1: got too many comments from my family about how well 13 00:00:40,280 --> 00:00:42,760 Speaker 1: Julian was going. And look here I am back a 14 00:00:42,760 --> 00:00:43,280 Speaker 1: week early. 15 00:00:43,400 --> 00:00:45,519 Speaker 2: Oh you know it. Suddenly you pop up on a 16 00:00:45,520 --> 00:00:47,839 Speaker 2: Monday morning. Huh. I thought you'd have another week off. 17 00:00:47,840 --> 00:00:48,240 Speaker 2: There you again. 18 00:00:48,360 --> 00:00:50,640 Speaker 1: I don't know, no, always planned just one week. I'm 19 00:00:50,680 --> 00:00:53,120 Speaker 1: back and Julian really though, did a fantastic job, so 20 00:00:53,479 --> 00:00:57,360 Speaker 1: you very much to him for filling in. But anyway, Sean, 21 00:00:57,400 --> 00:00:59,720 Speaker 1: we have plenty to get through this morning and a 22 00:00:59,760 --> 00:01:03,160 Speaker 1: big story to kick us off today. After intense pressure 23 00:01:03,200 --> 00:01:06,399 Speaker 1: from within his own Party President Joe Biden has said 24 00:01:06,480 --> 00:01:10,480 Speaker 1: he's ending his campaign and backing Vice President Carmala Harris 25 00:01:10,480 --> 00:01:11,360 Speaker 1: to run in his place. 26 00:01:11,680 --> 00:01:14,600 Speaker 2: Miss Harris immediately spoke. She said she'd seek the nomination, 27 00:01:14,840 --> 00:01:17,680 Speaker 2: adding together we will fight, and together we will win. 28 00:01:18,000 --> 00:01:20,280 Speaker 2: The eighty one year old mister Biden has not recovered 29 00:01:20,319 --> 00:01:23,440 Speaker 2: from his disastrous debate with Donald Trump. Eventually, he cave 30 00:01:23,520 --> 00:01:26,560 Speaker 2: too relentless pressure from his closest allies to drop out 31 00:01:26,560 --> 00:01:28,959 Speaker 2: of the race amid deep concerns that he's too old 32 00:01:29,000 --> 00:01:31,480 Speaker 2: and frail to defeat mister Trump. According to The New 33 00:01:31,560 --> 00:01:35,680 Speaker 2: York Times, after calling Vice President Carmla Harris an extraordinary partner, 34 00:01:36,080 --> 00:01:38,360 Speaker 2: he endorsed her to take his place atop the ticket. 35 00:01:38,880 --> 00:01:41,840 Speaker 2: It's been and I'm quoting Joe Biden here, Michael, it's 36 00:01:41,880 --> 00:01:44,039 Speaker 2: been the greatest honor of my life to serve as 37 00:01:44,080 --> 00:01:47,480 Speaker 2: your president. This is on social medium, and while it 38 00:01:47,520 --> 00:01:50,160 Speaker 2: has been my intention to seek re election, I believe 39 00:01:50,160 --> 00:01:52,440 Speaker 2: it is in the best interest of my party and 40 00:01:52,480 --> 00:01:55,440 Speaker 2: the country for me to stand down and focus entirely 41 00:01:55,480 --> 00:01:58,520 Speaker 2: on fulfilling my duties as president for the remainder of 42 00:01:58,560 --> 00:02:02,600 Speaker 2: my term. End quote. Very very gracious comment on. 43 00:02:02,880 --> 00:02:05,640 Speaker 1: X Sean This was really a case of kind of 44 00:02:05,840 --> 00:02:08,320 Speaker 1: not not if, but when it would happen. What was 45 00:02:08,320 --> 00:02:11,120 Speaker 1: the reaction, like, particularly I suppose Donald Trump. 46 00:02:11,760 --> 00:02:15,360 Speaker 2: Well, Donald Trump immediately telephoned CNN like we're talking minutes 47 00:02:15,400 --> 00:02:19,960 Speaker 2: after the announcement, and he said that he was the worst, 48 00:02:20,000 --> 00:02:22,640 Speaker 2: single worst president in history. 49 00:02:23,440 --> 00:02:25,560 Speaker 1: Where savage. 50 00:02:26,160 --> 00:02:29,560 Speaker 2: Where Joe Biden showed grace that Donald Trump did not. 51 00:02:30,120 --> 00:02:34,360 Speaker 2: He also posted a pretty extraordinary rant on social media. 52 00:02:35,040 --> 00:02:37,240 Speaker 2: I mean, it's a bit typical, I suppose nowadays, but 53 00:02:37,400 --> 00:02:40,080 Speaker 2: he absolutely hooked into Joe Biden. He called him not 54 00:02:40,120 --> 00:02:42,480 Speaker 2: fit to run and not fit to serve, which was 55 00:02:42,520 --> 00:02:47,440 Speaker 2: extremely harsh. I think his running mate jaded events from Ohio. 56 00:02:48,080 --> 00:02:50,240 Speaker 2: He wrote on XT that President Trump and I are 57 00:02:50,280 --> 00:02:52,680 Speaker 2: ready to save America whoever's at the top of the 58 00:02:52,680 --> 00:02:56,720 Speaker 2: Democrat ticket if we turn to the Democrats. Former President 59 00:02:56,760 --> 00:02:59,560 Speaker 2: Barack Obama was pretty vocal over the last few hours. 60 00:02:59,600 --> 00:03:02,200 Speaker 2: He called Biden, who of course is his former vice president, 61 00:03:02,680 --> 00:03:05,480 Speaker 2: one of America's most consequential presidents, as well as a 62 00:03:05,520 --> 00:03:08,960 Speaker 2: dear friend and partner to me. The leaders of the UK, 63 00:03:09,320 --> 00:03:13,000 Speaker 2: Germany and Canada have been out saying congratulating Joe Biden 64 00:03:13,080 --> 00:03:16,520 Speaker 2: on his years and his announcement. Carmla Harris still needs 65 00:03:16,560 --> 00:03:20,480 Speaker 2: to be endorsed. Not every single politician is behind her. 66 00:03:20,560 --> 00:03:24,000 Speaker 2: It seems some states seem to bit lukewarm about KRMLA Harris, 67 00:03:24,160 --> 00:03:27,120 Speaker 2: but I'm sure that will evolve over the next few days. 68 00:03:27,520 --> 00:03:31,960 Speaker 2: Already the Republicans, Donald Trump and Jaidly Advances Party have 69 00:03:32,400 --> 00:03:36,240 Speaker 2: got attack ads ready to go against KRMLA Harris. Now, 70 00:03:36,320 --> 00:03:39,840 Speaker 2: in terms of polling, there have been polls done Trump 71 00:03:39,960 --> 00:03:44,560 Speaker 2: b Harris. She is slightly behind Trump, though in a 72 00:03:44,600 --> 00:03:49,080 Speaker 2: better position than what Biden was. So, Michael, this really 73 00:03:49,200 --> 00:03:52,360 Speaker 2: changes the whole political landscape in the US, and it's 74 00:03:52,360 --> 00:03:55,280 Speaker 2: going to be a really really interesting few days all 75 00:03:55,320 --> 00:03:57,240 Speaker 2: the way through to the election in November. 76 00:03:57,720 --> 00:04:02,160 Speaker 1: Yeah, in the extraordinary sideeshell, So US politics continues. Let's 77 00:04:02,200 --> 00:04:05,160 Speaker 1: turn our attention back home. Now, local markets, how do 78 00:04:05,200 --> 00:04:06,280 Speaker 1: they finish up on Friday? 79 00:04:06,440 --> 00:04:09,120 Speaker 2: Well, there's in PISX two hundred closed down nearly one 80 00:04:09,120 --> 00:04:11,760 Speaker 2: percent to seven nine hundred and seventy two points, meaning 81 00:04:11,760 --> 00:04:15,160 Speaker 2: for a week, the boss was flat up about thirteen points, 82 00:04:15,200 --> 00:04:17,000 Speaker 2: I think. Mind you, of course, it was quite the 83 00:04:17,040 --> 00:04:20,160 Speaker 2: week because during last week the benchmark hit both anew 84 00:04:20,160 --> 00:04:22,800 Speaker 2: inter day high and a new closing high on Friday. 85 00:04:22,839 --> 00:04:24,279 Speaker 2: The big miners led the way down, but there were 86 00:04:24,279 --> 00:04:27,960 Speaker 2: some decent falls among the real estate, utilities and financial stocks. 87 00:04:28,240 --> 00:04:31,960 Speaker 2: A few retailers came out on Friday flagged earning changes. 88 00:04:32,200 --> 00:04:35,760 Speaker 2: Jewelry store operator Michael Hill blamed poor economic conditions for 89 00:04:35,760 --> 00:04:38,880 Speaker 2: a squeeze in margins and week revenue growth. Adore Beauty 90 00:04:38,920 --> 00:04:40,880 Speaker 2: said sales are up about seven percent for the last 91 00:04:40,920 --> 00:04:45,320 Speaker 2: financial year. Universal stores also flagged better than expected results. 92 00:04:45,560 --> 00:04:48,080 Speaker 2: All those report their full year earnings next month. 93 00:04:48,480 --> 00:04:50,520 Speaker 1: And you've got a terrific interview coming up after the 94 00:04:50,560 --> 00:04:53,400 Speaker 1: show with one of our favorite guests, doctor Shane Oliver, 95 00:04:53,520 --> 00:04:55,400 Speaker 1: head of Investment and Strategy at AMP. 96 00:04:55,880 --> 00:04:58,720 Speaker 2: Yeah, we're not talking economics here, we are talking investing, 97 00:04:58,760 --> 00:05:01,240 Speaker 2: and we ask Shane what he thinks will happen to 98 00:05:01,360 --> 00:05:04,240 Speaker 2: the ASEX two one hundred, just given where it's at 99 00:05:04,279 --> 00:05:08,760 Speaker 2: now valuations, it is relatively highly priced. What about the 100 00:05:08,880 --> 00:05:11,160 Speaker 2: US election? How is that playing to it? So we 101 00:05:11,279 --> 00:05:14,400 Speaker 2: have a great chat to Shane about where he thinks 102 00:05:14,400 --> 00:05:15,159 Speaker 2: the market will go. 103 00:05:15,560 --> 00:05:18,159 Speaker 1: They're always worth a listen to Shane Oliver. He's coming 104 00:05:18,279 --> 00:05:20,800 Speaker 1: up after the show, so stick around for that one. Now, 105 00:05:21,080 --> 00:05:24,719 Speaker 1: onto international markets thanks to blue Chip communications, the experts 106 00:05:24,720 --> 00:05:29,920 Speaker 1: helping financial services companies markets communicate and grow. Visit blue Chipcommunication, 107 00:05:30,360 --> 00:05:33,560 Speaker 1: dot Com dot AU. How did markets finish over the weekend? 108 00:05:33,600 --> 00:05:36,640 Speaker 2: Sean lower. In fact, there was a pretty rough week 109 00:05:36,760 --> 00:05:40,000 Speaker 2: around the globe. Wall Street was down two percent, Eurozone 110 00:05:40,040 --> 00:05:43,120 Speaker 2: shares fell three point four percent, the Japanese market lost 111 00:05:43,160 --> 00:05:45,760 Speaker 2: more than five percent. Now China's market was actually up 112 00:05:45,800 --> 00:05:49,880 Speaker 2: two percent, notwithstanding the third planum held last week disappointed 113 00:05:49,920 --> 00:05:52,760 Speaker 2: everyone with very little in terms of new stimulus. Still 114 00:05:52,880 --> 00:05:57,040 Speaker 2: that market rose plenty. Going on. Really, June quarter earning 115 00:05:57,080 --> 00:05:59,920 Speaker 2: season is getting busy. Profits are tip to be strong. 116 00:06:00,160 --> 00:06:02,640 Speaker 2: We also have falling inflation and central banks talking about 117 00:06:02,720 --> 00:06:05,760 Speaker 2: rate cuts, though of course not the Reserve Bank of Australia, 118 00:06:05,920 --> 00:06:09,919 Speaker 2: so they should all help equities. However, our recession remains 119 00:06:09,960 --> 00:06:13,760 Speaker 2: a real risk, and there's plenty of geopolitical uncertainty, not 120 00:06:13,920 --> 00:06:17,080 Speaker 2: least around the US. Selection Late last week, the IMF 121 00:06:17,160 --> 00:06:20,520 Speaker 2: upgraded its growth forecasts. It said global growth could be 122 00:06:20,560 --> 00:06:24,000 Speaker 2: slightly stronger than it had previously anticipated. In terms of 123 00:06:24,080 --> 00:06:26,720 Speaker 2: the numbers, Michael Oil's lower, with a barrel of bent 124 00:06:26,839 --> 00:06:29,760 Speaker 2: costing around eighty two dollars fifty. That's US, of course, 125 00:06:29,960 --> 00:06:32,240 Speaker 2: goals dropped back to under twenty four hundred US dollars 126 00:06:32,279 --> 00:06:35,560 Speaker 2: an ounce. Bitcoins training just over sixty seven thousand US 127 00:06:35,560 --> 00:06:39,880 Speaker 2: dollars a unit. And Michael, you missed an enormous amount 128 00:06:39,880 --> 00:06:42,160 Speaker 2: of excitement last week with the Aussie dollar, no doubt 129 00:06:42,200 --> 00:06:45,320 Speaker 2: about it. Go on, while you're away, we've got to 130 00:06:45,680 --> 00:06:49,600 Speaker 2: high sixty seven point four to eight cents, crazy stuff. 131 00:06:50,320 --> 00:06:53,240 Speaker 2: Of course, now you're back, it's fetching just under sixty 132 00:06:53,279 --> 00:06:56,040 Speaker 2: seven US cents. But just for a few brief days there, 133 00:06:56,320 --> 00:06:58,520 Speaker 2: there was a lot of excitement in the studio about. 134 00:06:58,480 --> 00:07:00,640 Speaker 1: Did you sleep at all during the period, because I 135 00:07:00,720 --> 00:07:02,640 Speaker 1: know you get very worked up about the Aussie do. 136 00:07:02,720 --> 00:07:05,640 Speaker 2: I kept waiting out to my fan, how's it? I 137 00:07:05,640 --> 00:07:07,919 Speaker 2: think I can? I think I can. Yeah, no I can't. 138 00:07:08,240 --> 00:07:10,080 Speaker 1: Then it just rises ever so slightly and they're like, 139 00:07:10,160 --> 00:07:13,200 Speaker 1: I can't sleep for hours now. Just the thrill of 140 00:07:13,240 --> 00:07:16,000 Speaker 1: it all. Sean, speaking of thrills, I was even though 141 00:07:16,000 --> 00:07:17,920 Speaker 1: I was away last week. You know what I still did. 142 00:07:18,120 --> 00:07:20,320 Speaker 1: I still read the Fear and Greed newsletter when it 143 00:07:20,360 --> 00:07:21,680 Speaker 1: came out on Wednesday. 144 00:07:21,280 --> 00:07:22,800 Speaker 2: Morning, and you found it thrilling. 145 00:07:23,000 --> 00:07:27,600 Speaker 1: I did. I genuinely enjoy because the newsletter while this 146 00:07:27,640 --> 00:07:30,160 Speaker 1: show is all about the news throughout the week, and 147 00:07:30,200 --> 00:07:33,040 Speaker 1: then the newsletter is your views on it, and so 148 00:07:33,160 --> 00:07:35,840 Speaker 1: I really like them because I wasn't here to kind 149 00:07:35,840 --> 00:07:38,160 Speaker 1: of talk to you and get your thoughts, your private 150 00:07:38,240 --> 00:07:41,400 Speaker 1: kind of innermost thoughts, which sounds kind of creepy on 151 00:07:41,560 --> 00:07:44,040 Speaker 1: all of these stories. I relied on the newsletter for 152 00:07:44,120 --> 00:07:45,920 Speaker 1: it last week and I thought it was great. So 153 00:07:46,440 --> 00:07:49,440 Speaker 1: if you haven't signed up already, head along to Fearangreed 154 00:07:49,480 --> 00:07:52,520 Speaker 1: dot com dot au pop your email addressing. It'll come 155 00:07:52,560 --> 00:07:55,640 Speaker 1: out mid morning on Wednesday, so do it now before 156 00:07:55,680 --> 00:07:58,720 Speaker 1: you'd forgetting. You too, will be privy to Sean's innermost 157 00:07:58,760 --> 00:08:00,440 Speaker 1: thoughts on a whole range of topics. 158 00:08:00,880 --> 00:08:03,040 Speaker 2: Not everything, just a range of topics. 159 00:08:03,120 --> 00:08:06,520 Speaker 1: Let's leave it there, just a range of topics strictly business. 160 00:08:06,680 --> 00:08:08,520 Speaker 2: Sure, strictly business mine. 161 00:08:08,520 --> 00:08:10,480 Speaker 1: Indeed, we'll be back in a moment with the rest 162 00:08:10,520 --> 00:08:19,760 Speaker 1: of the day's business news. Sean Westpac has received a 163 00:08:19,800 --> 00:08:22,440 Speaker 1: tick of approval from the regulator over its efforts to 164 00:08:22,480 --> 00:08:25,760 Speaker 1: improve its risk management and governance since its twenty nineteen 165 00:08:25,800 --> 00:08:26,920 Speaker 1: money laundering scandal. 166 00:08:27,080 --> 00:08:29,200 Speaker 2: It's been a while coming this one, the Australian Prudential 167 00:08:29,240 --> 00:08:31,440 Speaker 2: Regulation Authority said it will cut in half its one 168 00:08:31,480 --> 00:08:35,240 Speaker 2: billion dollar capital penalty on the bank. The capital add on, 169 00:08:35,440 --> 00:08:37,880 Speaker 2: which requires the bank to hold more funds and reserve 170 00:08:37,960 --> 00:08:42,960 Speaker 2: to accommodate for inadequate risk management, represented two separate actions 171 00:08:43,000 --> 00:08:46,360 Speaker 2: from Opera its removal. The five hundred million dollar removal 172 00:08:46,480 --> 00:08:49,440 Speaker 2: freeze up money to be used elsewhere. The first five 173 00:08:49,480 --> 00:08:52,040 Speaker 2: hundred million dollar impost arrived in July twenty nineteen as 174 00:08:52,120 --> 00:08:54,360 Speaker 2: part of a crackdown on all the major banks for 175 00:08:54,440 --> 00:08:58,000 Speaker 2: flouting self assessments. APRAA applied another five hundred million dollars 176 00:08:58,040 --> 00:09:00,640 Speaker 2: to Westpac the next year after OSTree level the one 177 00:09:00,640 --> 00:09:03,760 Speaker 2: point three billion dollar fine against it for remember that 178 00:09:03,800 --> 00:09:07,440 Speaker 2: twenty three million breaches of anti money laundering laws. Chief 179 00:09:07,440 --> 00:09:10,240 Speaker 2: executive Peter Kings in Westpax now are simpler, stronger bank 180 00:09:10,440 --> 00:09:13,040 Speaker 2: with substantially improved risk governance. 181 00:09:13,760 --> 00:09:16,760 Speaker 1: Now, I know we all have a good statistic yeah 182 00:09:16,800 --> 00:09:19,360 Speaker 1: on fear and greed. This one is definitely one for 183 00:09:19,400 --> 00:09:22,760 Speaker 1: the demographers among us. This is great. Nine in ten 184 00:09:22,960 --> 00:09:25,719 Speaker 1: Australians now live in cities and towns, and over the 185 00:09:25,800 --> 00:09:28,360 Speaker 1: last one hundred years or so fertility rates have halved 186 00:09:28,360 --> 00:09:31,000 Speaker 1: and shown a bit of good news life expectancy has 187 00:09:31,080 --> 00:09:32,880 Speaker 1: jumped by twenty six years. 188 00:09:33,120 --> 00:09:35,679 Speaker 2: Yeah. These are some of the findings from Australian Bureau 189 00:09:35,720 --> 00:09:39,400 Speaker 2: Statistics report that looks at historical population figures for as 190 00:09:39,440 --> 00:09:42,440 Speaker 2: long as they have the data. There are plenty of 191 00:09:42,480 --> 00:09:45,600 Speaker 2: interesting facts and figures. Australia's population in twenty twenty one, 192 00:09:45,720 --> 00:09:48,160 Speaker 2: that's when the last census was done, was twenty five 193 00:09:48,200 --> 00:09:52,400 Speaker 2: point seven million, seven times larger than in nineteen oh one, 194 00:09:52,600 --> 00:09:55,480 Speaker 2: when the nation had just three point eight million people. 195 00:09:55,720 --> 00:09:59,360 Speaker 2: Now the population has grown every year since nineteen oh one, 196 00:09:59,480 --> 00:10:04,240 Speaker 2: exclude World War One, with the highest net increase coming 197 00:10:04,400 --> 00:10:06,839 Speaker 2: in two thousand and nine. Over the past one hundred years, 198 00:10:06,880 --> 00:10:08,719 Speaker 2: the median age has gone from twenty two and a 199 00:10:08,760 --> 00:10:11,800 Speaker 2: half years to thirty eight point four years. We're getting older. 200 00:10:12,280 --> 00:10:17,560 Speaker 2: Females have outnumbered males since nineteen seventy eight. Workers to 201 00:10:17,640 --> 00:10:20,440 Speaker 2: non workers, which is basically under fifty year olds plus 202 00:10:20,520 --> 00:10:23,000 Speaker 2: sixty five year olds compared to the rest is lower 203 00:10:23,040 --> 00:10:25,559 Speaker 2: today than it was a century ago. And as you said, 204 00:10:25,800 --> 00:10:28,600 Speaker 2: nine in ten people now live in cities and towns. 205 00:10:28,640 --> 00:10:31,440 Speaker 2: It was about two thirds at level back in the 206 00:10:31,440 --> 00:10:32,840 Speaker 2: early nineteen hundreds. 207 00:10:33,960 --> 00:10:37,559 Speaker 1: Are you a little bit curious as to why there 208 00:10:37,640 --> 00:10:40,000 Speaker 1: was such a big spike in our population in two 209 00:10:40,040 --> 00:10:42,839 Speaker 1: thousand and nine. I'm assuming it was a migration immigration 210 00:10:43,040 --> 00:10:47,280 Speaker 1: kind of thing. Or did like Barry White put out 211 00:10:47,320 --> 00:10:49,960 Speaker 1: a new song in two thousand and eight or something 212 00:10:50,040 --> 00:10:52,320 Speaker 1: like that. Man, I don't know the first season of 213 00:10:52,320 --> 00:10:55,359 Speaker 1: Bridgeston launched or something all of a sudden boom. 214 00:10:55,800 --> 00:10:58,920 Speaker 2: See you think Barry White Bridge, and I'm thinking that's GFC. 215 00:11:00,280 --> 00:11:02,000 Speaker 2: People don't have job that had to stay at home. 216 00:11:01,920 --> 00:11:03,760 Speaker 1: Looking for that for cheap entertainment. 217 00:11:03,800 --> 00:11:06,760 Speaker 2: Sean, Yeah, that's the different ways you and I think. 218 00:11:06,880 --> 00:11:08,920 Speaker 1: Oh goodness, bet you've missed me, haven't you. 219 00:11:09,080 --> 00:11:11,440 Speaker 2: Yeah, totally show it really has. 220 00:11:11,520 --> 00:11:16,679 Speaker 1: Let's move on. Lifestyle Communities share price tumbled fourteen percent 221 00:11:16,840 --> 00:11:20,600 Speaker 1: on Friday after it Withdrew Ford guidance, blaming interest rate rises, 222 00:11:20,800 --> 00:11:24,920 Speaker 1: high inflation, ongoing insolvencies in the building sector, and the media. 223 00:11:25,440 --> 00:11:29,240 Speaker 2: Yeah, A lifestyle develops owns and managers affordable independent living communities. 224 00:11:29,280 --> 00:11:32,120 Speaker 2: Over the past week, the ABC has alleged the company's 225 00:11:32,160 --> 00:11:35,280 Speaker 2: gouging residents with unfair fees, and eighty homeowners in a 226 00:11:35,280 --> 00:11:39,680 Speaker 2: community had lodged claims in the Victorian Civil and Administrative Tribunal. 227 00:11:39,880 --> 00:11:43,000 Speaker 2: The company late last week rejected the allegations they've done 228 00:11:43,000 --> 00:11:44,839 Speaker 2: it a couple of times, said the media coverage was 229 00:11:44,880 --> 00:11:48,920 Speaker 2: actually incomplete, didn't take into account some of the entry fees. 230 00:11:49,200 --> 00:11:51,959 Speaker 2: Rather it just looked at the exit fees. That hasn't 231 00:11:52,000 --> 00:11:55,560 Speaker 2: helped lifestyle o hit share price since those media reports 232 00:11:55,600 --> 00:11:56,920 Speaker 2: is down twenty four percent. 233 00:11:57,400 --> 00:12:00,560 Speaker 1: That's pretty big now, Sean. Turning to international news, it 234 00:12:00,600 --> 00:12:04,480 Speaker 1: could take weeks to recover from the IT outage on Friday, 235 00:12:04,800 --> 00:12:08,200 Speaker 1: which some experts say is the biggest ever after a 236 00:12:08,240 --> 00:12:12,280 Speaker 1: bug broke eight and a half million Windows PCs. Did 237 00:12:12,280 --> 00:12:12,520 Speaker 1: you know. 238 00:12:12,440 --> 00:12:15,040 Speaker 2: Australia was one of the hardest hit because when it 239 00:12:15,160 --> 00:12:19,080 Speaker 2: happened it was middle of the day on Friday, and 240 00:12:19,120 --> 00:12:22,559 Speaker 2: of course we're all awake working along with the New Zealanders. 241 00:12:22,559 --> 00:12:25,079 Speaker 2: I suppose in some of the Asian countries anyway, to 242 00:12:25,160 --> 00:12:28,680 Speaker 2: hit US harder than most other countries. The US also 243 00:12:28,760 --> 00:12:31,600 Speaker 2: got hit pretty hard. But interesting little fact. 244 00:12:31,480 --> 00:12:35,120 Speaker 1: Oh, because the update to the software would have been 245 00:12:35,160 --> 00:12:37,959 Speaker 1: rolled out overnight, the middle of the night in the US, 246 00:12:38,040 --> 00:12:40,800 Speaker 1: and of course that just hits US right in prime 247 00:12:40,880 --> 00:12:43,120 Speaker 1: working hours exactly great. 248 00:12:43,600 --> 00:12:46,880 Speaker 2: A faulty software update from crowd Strike, a company which 249 00:12:46,920 --> 00:12:50,920 Speaker 2: is basically trusted to secure systems around the world triggered 250 00:12:50,960 --> 00:12:53,120 Speaker 2: the massive global disruption. Crowd Strike is one of the 251 00:12:53,120 --> 00:12:55,880 Speaker 2: world's biggest security vendors, and it blamed an update on 252 00:12:55,920 --> 00:12:59,920 Speaker 2: its Falcon software for the bug that basically grounded plane, 253 00:13:00,240 --> 00:13:04,480 Speaker 2: disrupted hospital services, interrupted financial service transactions, took mediear off 254 00:13:04,480 --> 00:13:08,160 Speaker 2: the air quite phenomenal. Microsoft said that while the percentage 255 00:13:08,200 --> 00:13:12,480 Speaker 2: of Window uses directly hit was small, about one percent, 256 00:13:13,000 --> 00:13:16,640 Speaker 2: the broad economic and societal impact reflects the use of 257 00:13:16,679 --> 00:13:21,240 Speaker 2: crowd strike by enterprises that run many critical services. The 258 00:13:21,320 --> 00:13:23,720 Speaker 2: fix is for years as affected by the blue screen 259 00:13:23,760 --> 00:13:28,360 Speaker 2: of death to reboot their computers and manually delete crowd 260 00:13:28,400 --> 00:13:33,560 Speaker 2: strikes failed file update. That means hands on access to devices. 261 00:13:34,120 --> 00:13:38,840 Speaker 2: We are talking about millions eight point five million Window PCs, 262 00:13:39,400 --> 00:13:43,000 Speaker 2: so each of those has to individually be upgraded. That's 263 00:13:43,040 --> 00:13:45,080 Speaker 2: why it's going to take weeks or months to fix 264 00:13:45,080 --> 00:13:45,720 Speaker 2: the problem. 265 00:13:46,120 --> 00:13:48,679 Speaker 1: It's such a big job. And there's an Australian that 266 00:13:48,840 --> 00:13:51,960 Speaker 1: is really involved in this. As the president, I think 267 00:13:52,000 --> 00:13:54,880 Speaker 1: of crowd strikers an Australian named Michael Santonus, and we've 268 00:13:54,920 --> 00:13:57,199 Speaker 1: spoken to him twice on Fear and Greed while he 269 00:13:57,320 --> 00:13:59,520 Speaker 1: was still based here in Australia in Melbourne. I think 270 00:13:59,520 --> 00:14:02,920 Speaker 1: for memory when he was the CTO for CrowdStrike, and 271 00:14:03,000 --> 00:14:06,720 Speaker 1: since he's been promoted to president and he is he's 272 00:14:07,280 --> 00:14:08,120 Speaker 1: right in the middle of this. 273 00:14:08,120 --> 00:14:10,320 Speaker 2: Tri very busible, very busy at the moment. 274 00:14:10,360 --> 00:14:14,439 Speaker 1: Michael Yes at tad busy shawing. A crackdown on passwords sharing, 275 00:14:14,559 --> 00:14:17,800 Speaker 1: a push into advertising, and a strong viewing lineup has 276 00:14:17,840 --> 00:14:21,040 Speaker 1: helped Netflix push its quarterly profit up forty four percent. 277 00:14:21,480 --> 00:14:23,160 Speaker 1: That is well above expectations. 278 00:14:23,360 --> 00:14:26,680 Speaker 2: You've always been grumpy about this, the whole password sharing thing. However, 279 00:14:26,720 --> 00:14:28,480 Speaker 2: I'm on Netflix side on this one. 280 00:14:28,720 --> 00:14:32,240 Speaker 1: I'm not grumpy about it. I just Netflix used to 281 00:14:32,240 --> 00:14:34,840 Speaker 1: promote the fact that they were quite happy for people 282 00:14:34,880 --> 00:14:37,520 Speaker 1: to share passwords. They tweeted about it, and then all 283 00:14:37,560 --> 00:14:39,400 Speaker 1: of a sudden they just changed their mind and it 284 00:14:39,480 --> 00:14:42,080 Speaker 1: just it took a little bit of it justing. 285 00:14:42,240 --> 00:14:45,360 Speaker 2: The streaming service added eight million subscribers globally in the 286 00:14:45,400 --> 00:14:47,760 Speaker 2: three months to the end of June, now has nearly 287 00:14:48,000 --> 00:14:51,720 Speaker 2: two hundred and seventy eight million subscribers. Pretty phenomenal. It's 288 00:14:51,720 --> 00:14:55,280 Speaker 2: thirty seven percent high than a year ago. Netflix's share 289 00:14:55,320 --> 00:14:58,440 Speaker 2: prices up more than thirty percent this year since mid 290 00:14:58,480 --> 00:15:01,360 Speaker 2: at twenty twenty two, Netflix is in blocking the previously 291 00:15:01,360 --> 00:15:06,400 Speaker 2: widespread practice of sharing subscriber passwords with family and friends. 292 00:15:07,000 --> 00:15:09,640 Speaker 2: It also introduced commercials for the first time as part 293 00:15:09,680 --> 00:15:12,280 Speaker 2: of a low priced version of its service. Since those 294 00:15:12,360 --> 00:15:16,160 Speaker 2: moves began rolling out, Netflix has picked up nearly fifty 295 00:15:16,200 --> 00:15:21,360 Speaker 2: five million more pain customers. On one of them there 296 00:15:21,360 --> 00:15:24,720 Speaker 2: you go, I yeah, no, I've never cheated it to 297 00:15:24,720 --> 00:15:25,120 Speaker 2: be honest. 298 00:15:25,400 --> 00:15:27,320 Speaker 1: No, well, I'm one of the new ones, one of 299 00:15:27,400 --> 00:15:30,000 Speaker 1: the disgruntled people forced onto their own account, but please 300 00:15:30,040 --> 00:15:30,280 Speaker 1: go on. 301 00:15:31,160 --> 00:15:34,040 Speaker 2: Netflix has also been coming back spending on movies and series, 302 00:15:34,080 --> 00:15:36,640 Speaker 2: and it's had some huge bridget and you've mentioned that 303 00:15:36,720 --> 00:15:38,360 Speaker 2: already in the show. That was one of the big 304 00:15:38,360 --> 00:15:40,800 Speaker 2: ones over the last twelve months. But they've actually saved 305 00:15:40,800 --> 00:15:43,880 Speaker 2: money there. That's why they're quarterly profits up forty four percent. 306 00:15:44,880 --> 00:15:48,000 Speaker 1: An anti aging drug that could help people live longer 307 00:15:48,080 --> 00:15:51,760 Speaker 1: and healthier lives is on the horizon after scientists extended 308 00:15:51,800 --> 00:15:55,000 Speaker 1: life spans in mammals by twenty five percent. Wow. 309 00:15:55,480 --> 00:15:59,240 Speaker 2: London's Imperial College discovered that switching off a protein called 310 00:15:59,400 --> 00:16:04,680 Speaker 2: into Luke eleven prevented cancer, boosted vision and hearing, and 311 00:16:04,760 --> 00:16:09,400 Speaker 2: improved metabolism. Lung health and muscle function in middle aged mice. 312 00:16:10,480 --> 00:16:14,600 Speaker 2: It may even prevent hair loss and grain. According to 313 00:16:14,680 --> 00:16:17,640 Speaker 2: report in the Daily Telegraph of London, the treated mice 314 00:16:17,760 --> 00:16:19,680 Speaker 2: also lived for an average of one hundred and fifty 315 00:16:19,680 --> 00:16:22,520 Speaker 2: five weeks, compared with one hundred and twenty weeks in 316 00:16:22,720 --> 00:16:27,200 Speaker 2: untreated mice. The treated mice had stronger muscles but a lungs, skin, 317 00:16:27,640 --> 00:16:31,040 Speaker 2: hearing and vision than there are untreated counterparts, and were 318 00:16:31,120 --> 00:16:34,520 Speaker 2: freer from the usual signs of aging and frailty i e. 319 00:16:35,160 --> 00:16:38,240 Speaker 2: Gray hair. Professor Stewart Cook from the Medical Research Council 320 00:16:38,320 --> 00:16:42,160 Speaker 2: Laboratory of Medical Science at Imperial said, and I quiet, 321 00:16:42,200 --> 00:16:43,800 Speaker 2: and I think think it's important that we keep this 322 00:16:43,880 --> 00:16:47,040 Speaker 2: in mind. While these findings are only in mice, it 323 00:16:47,120 --> 00:16:50,520 Speaker 2: raises the tantalizing possibility that the drugs could have a 324 00:16:50,520 --> 00:16:53,240 Speaker 2: similar effect in elderly humans. 325 00:16:53,680 --> 00:16:56,640 Speaker 1: There you go, Michael, just fascinated by the concept of 326 00:16:56,720 --> 00:16:59,240 Speaker 1: middle aged mice. How do they tell which ones are 327 00:16:59,280 --> 00:17:01,800 Speaker 1: the middle age? Like the young mice are all at 328 00:17:01,800 --> 00:17:03,680 Speaker 1: a mouse rave and the middle aged master are the 329 00:17:03,680 --> 00:17:05,280 Speaker 1: ones happy to stay in and watch the bill? 330 00:17:08,720 --> 00:17:09,800 Speaker 2: Oh we've missed you, Michael. 331 00:17:09,800 --> 00:17:13,679 Speaker 1: With mister shown up next is fear and greed. The 332 00:17:13,680 --> 00:17:16,600 Speaker 1: week Ahead, featuring our resident economist Stephen could call us 333 00:17:16,640 --> 00:17:20,440 Speaker 1: big week this week. 334 00:17:20,720 --> 00:17:23,520 Speaker 2: I'm not how to answer that. Oh I should have 335 00:17:23,680 --> 00:17:26,679 Speaker 2: I pre warned you on that particular comment ahead of 336 00:17:26,720 --> 00:17:28,760 Speaker 2: the show. Now, not a luck going on, to be honest. 337 00:17:28,760 --> 00:17:30,800 Speaker 2: We had the employment figures out last week, kind of 338 00:17:30,800 --> 00:17:33,480 Speaker 2: something for everyone in those there was an unemployment rate jump. 339 00:17:33,480 --> 00:17:35,120 Speaker 2: But so the two did jobs. So we talk about 340 00:17:35,160 --> 00:17:37,280 Speaker 2: that a bit, we talk about what's going on overseas, 341 00:17:37,680 --> 00:17:40,840 Speaker 2: and even though there's not a huge amount of economic 342 00:17:40,920 --> 00:17:44,160 Speaker 2: data out this week, he's still very excited. He did 343 00:17:44,160 --> 00:17:45,639 Speaker 2: a great job. I've got to tell your he was 344 00:17:45,680 --> 00:17:50,960 Speaker 2: our judge on the weekend edition, Michael, and notwithstanding two 345 00:17:51,000 --> 00:17:53,640 Speaker 2: of the four criteria, like in two of the four 346 00:17:53,720 --> 00:17:57,240 Speaker 2: slots he gave the wrong result, he did do a 347 00:17:57,280 --> 00:17:57,880 Speaker 2: good job. 348 00:17:57,720 --> 00:17:59,280 Speaker 1: Though, as in ruled against you. 349 00:17:59,560 --> 00:18:02,479 Speaker 2: As it turns out that is the case one of them. 350 00:18:02,480 --> 00:18:04,800 Speaker 2: I've got to say the FMAU story from last week, 351 00:18:04,840 --> 00:18:08,639 Speaker 2: Adam put that forward in I can't really complain about 352 00:18:08,640 --> 00:18:11,520 Speaker 2: losing that one. That's a great story. The other story, 353 00:18:11,560 --> 00:18:13,919 Speaker 2: Adam was talking about horoscopes on Channel seven years and 354 00:18:13,960 --> 00:18:16,640 Speaker 2: I was talking about tens of millions of dollars going 355 00:18:16,640 --> 00:18:19,879 Speaker 2: to dinosaurs and Steven somehow went for the horoscopes. 356 00:18:20,480 --> 00:18:25,280 Speaker 1: It's just unpredictable. Very Oh that is I'm going to 357 00:18:25,359 --> 00:18:26,920 Speaker 1: have to go back and have a listen to that one, 358 00:18:26,960 --> 00:18:30,560 Speaker 1: because the weekend edition is always good fun, and it's 359 00:18:30,640 --> 00:18:32,840 Speaker 1: especially good fun when you're not part of it and 360 00:18:32,880 --> 00:18:35,600 Speaker 1: all of a sudden you aren't being sledged by your Oh. 361 00:18:35,520 --> 00:18:39,720 Speaker 2: No, no, no, I sledged you. Still it's okay, thanks, We'll. 362 00:18:39,560 --> 00:18:42,160 Speaker 1: Now have to go and listen to that one. And also, 363 00:18:42,200 --> 00:18:44,920 Speaker 1: of course Shane Oliver comes up after the week Ahead as. 364 00:18:44,800 --> 00:18:47,080 Speaker 2: Well, all about what he thinks is going to happen 365 00:18:47,119 --> 00:18:48,800 Speaker 2: to the ASEX two hundred over the next twelve months 366 00:18:48,880 --> 00:18:49,040 Speaker 2: or so. 367 00:18:49,440 --> 00:18:51,920 Speaker 1: Plenty of good listening in the Fear and Greed playlist 368 00:18:51,960 --> 00:18:54,800 Speaker 1: on your podcast platform or at Fearangreed dot com dot au, 369 00:18:54,840 --> 00:18:56,640 Speaker 1: which is where you can sign up for the Fear 370 00:18:56,680 --> 00:18:58,440 Speaker 1: and Greed newsletter out on Wednesday. 371 00:18:58,440 --> 00:19:00,320 Speaker 2: Thank you very much, Sean, Thank you, Michael. 372 00:19:00,440 --> 00:19:02,880 Speaker 1: It's Monday, the twenty second of July twenty twenty four. 373 00:19:02,920 --> 00:19:06,959 Speaker 1: Make sure you're following the podcast. Join us online on LinkedIn, Instagram, 374 00:19:07,160 --> 00:19:09,800 Speaker 1: x TikTok and Facebook. Michael Thompson, and that was fear 375 00:19:09,840 --> 00:19:13,520 Speaker 1: and greed. Have a great day.