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

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Speaker 1: Prime Minister Anthony Albanesi characterizes talks with China's leaders as

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Speaker 1: constructive and highlights the respect that Beijing is showing Australia.

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Speaker 1: The local share market records its worst day since May,

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Speaker 1: and National Australian Bank CEO Andrew Irvine is under fire

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Speaker 1: for his management style and drinking at client events. Plus

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Speaker 1: Rio Tinto gets a new boss, and Oracles Larry Ellison

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Speaker 1: becomes the world's second richest person. It's Thursday, the seventeenth

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Speaker 1: of July twenty twenty five. I'm Adam Lang and good morning,

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Speaker 1: Sean Ailmer.

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Speaker 2: Good morning, Adam, Sean.

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Speaker 1: The main story this morning. Prime Minister Anthony Albanesi says

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Speaker 1: the talks he has held with China's leadership have been

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Speaker 1: quote unquote really constructive, and the treatment he is receiving

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Speaker 1: is a sign of respect.

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Speaker 2: Really constructive. A words mith, our Prime minister, no doubt

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Speaker 2: as a lyricist. He is in China for a six

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Speaker 2: day visit, and perhaps the most notable sign of respect,

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Speaker 2: as Albanizi put it, is that Premier Jijing Ping spent

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Speaker 2: two hours with him talking through the two countries' policies.

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Speaker 2: The Prime Minister had defended Australia's case by case assessment

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Speaker 2: of foreign investment into Australia. Now, China's Premier Lie Kwang

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Speaker 2: had complained that businesses were being treated unfairly because of

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Speaker 2: foreign investment restrictions. Albanesi said that the Darwin Port sale

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Speaker 2: had not come up in discussions, but it's fairly clear

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Speaker 2: that Li Kwang was talking about that, not that it

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Speaker 2: was mentioned. Albanzi reiterated that the government continues to support

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Speaker 2: a one China policy and by definition it doesn't support

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Speaker 2: any unilateral action on Taiwan. When asked about the business

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Speaker 2: roundtable held by Albanesi in Shanghai on Tuesday, he said

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Speaker 2: it came up with practical initiatives to aid the decarbonization

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Speaker 2: of China's steel industry.

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Speaker 1: Shown beyond the serious business of international relations. Albanesi had

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Speaker 1: some time to stroll the Great Wall of China alongside

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Speaker 1: his fiance Joe Hayden, and he thanked the band the

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Speaker 1: previous Night's Dinner for playing Midnight Oil and Paul Kelly songs.

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Speaker 2: And powder Finger and a bunch of others.

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Speaker 1: Good band.

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Speaker 2: The Prime Minister also paid homage to Goff Whitlam, who

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Speaker 2: visited China in nineteen seventy one as leader of the

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Speaker 2: Labour Party while in opposition. The next year, after being

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Speaker 2: elected Prime Minister, Whitlam recognized the People's Republic of China

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Speaker 2: in the way to the trade relationship we have today,

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Speaker 2: Albanizi said, Whitlam expanded Australia's horizons. He said the State

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Speaker 2: dinner on Tuesday night was a wonderful event. He think

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Speaker 2: thanked the band for learning and playing Paul Kelly's to

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Speaker 2: Her Door, Midnight, Owl's Power and the Passion and a

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Speaker 2: few others. I can see your smile here. Whenever it

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Speaker 2: comes to Australian music. You are a happy man.

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Speaker 1: Well. I was wondering if the Prime Minister were his

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Speaker 1: radio Birdman t shirt if they honored it with the song.

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Speaker 2: Possibly not. He had his rabbit O's cap on all

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Speaker 2: day yesterday, though.

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Speaker 1: Very local sean to the local share market and the

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Speaker 1: good news on that local share market did not last long,

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Speaker 1: with the S and P ASX two hundred yesterday having

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Speaker 1: its worst one day loss since May, and that was

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Speaker 1: on the back of inflation fears in the USA.

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Speaker 2: You win some, you lose, so quickly Yes and BISX

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Speaker 2: two hundred closed down to zero point eight percent two

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Speaker 2: eight thousand, five hundred and sixty two points. With the

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Speaker 2: financial struggling most that includes the big banks. National Australian

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Speaker 2: Bank was off three percent more on that in a moment,

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Speaker 2: Westpac was down one point six percent. Commonwealth Bank was

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Speaker 2: off more than one percent. The miners started lover, but

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Speaker 2: by the clothes BHP was down in line with the market,

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Speaker 2: but Rio and Fortescue Metals actually outperformed the market. The

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Speaker 2: textocs were the best of the lot, broadly speaking, including

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Speaker 2: Promedicus Zero and Aria Group gold Digger. Neumont fell six

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Speaker 2: percent after it sold its stakes in t North American

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Speaker 2: Mines and its CFO resigned. The drop on the ASX

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Speaker 2: followed a nine percent full on Wall Street the previous

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Speaker 2: night for the duelistic company Evolution Mining, also a goal company,

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Speaker 2: fell two percent, even though it reported significantly high cash

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Speaker 2: generation during the last six months, and when least drop

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Speaker 2: two percent after it announced plans to develop a two

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Speaker 2: and a half billion dollar luxury residential tower in Sydney, Sean.

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Speaker 1: The CEO of National Australia Bank, Andrew Irvine, is under

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Speaker 1: scrutiny for his management style and drinking at client events,

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Speaker 1: with media reports saying investors have raised the issue with

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Speaker 1: the bank's board, so the.

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Speaker 2: Bank's chairman, Phil Chronicken continues to support mister Irvine, according

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Speaker 2: to a National Australia Bank spokesperson, The AFR stories say

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Speaker 2: at least two large investors have questioned Irvine's behavior after

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Speaker 2: a lunch in Sydney last month. There's also disquiet about

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Speaker 2: the loss of National Australia Bank's Chief financial officer Nathan

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Speaker 2: Goonan in March. Now, I have no idea about the

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Speaker 2: racity of the story. I'm hesitant even to talk about it,

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Speaker 2: to be perfectly honest, but it's coming from a reputable

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Speaker 2: third party, which is the Financial Review. It's also in

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Speaker 2: the public realm now and the bank may well have

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Speaker 2: to do something more about it. So it was the

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Speaker 2: worst performing bank stock yesterday, dropping more than three percent

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Speaker 2: on the back of this story. So once again we

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Speaker 2: are not saying, you know, it's not my story. This

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Speaker 2: comes from a third party source, but it is actually

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Speaker 2: making a difference to its share price.

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Speaker 1: Yeah, it's in the public domain. We'll be back in

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

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Speaker 1: Sean Rio Tinto has appointed its head of iron ore,

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Speaker 1: Simon Trott as the company's next chief executive, and he

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Speaker 1: will be busy with the global minus first half iron

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Speaker 1: ore exports falling to their lowest level in a decade.

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Speaker 2: Trot will replace jakeb staus Home next month, who stepped

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Speaker 2: down in May, reportedly following strains between him and the board.

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Speaker 2: Rio has four main pillars, iron ore, copper, aluminum, and lithium.

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Speaker 2: Notwithstanding yesterday's production report for first half year, iron ore

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Speaker 2: really is the business that's performed best. The reason for

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Speaker 2: the week numbers last half year were four big storms

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Speaker 2: cyclone Tallia, Cyclone, cyclone Azelia and the well named Cyclone.

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Speaker 2: Sean correct, it was particularly strong that one well headstrong,

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Speaker 2: perhaps the bit of putting it. Investors are hoping trot

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Speaker 2: can shift his operational focus in the iron ore business

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Speaker 2: to other parts of the rear. The critics are saying

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Speaker 2: he's not a visionary, but what the what's the opposite

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Speaker 2: to critics quarters Yeah, advocaters, the advocates. The advocates are

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Speaker 2: like the fact that he can actually run a business.

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Speaker 2: The fifty year old was born in the West Australian

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Speaker 2: farming town of You're going to have to pronounce this

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Speaker 2: one Wickipen, southeast of Perth. Trot spent more than twenty

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Speaker 2: years at RIO, and before running the iron Ore division,

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Speaker 2: was the company's chief commercial officer. Rio's share price was

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Speaker 2: flat yesterday's down about six percent over the past year,

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Speaker 2: reflecting commodity prices more than anything Seawan.

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Speaker 1: The Council of Financial Regulators, that very good named group

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Speaker 1: wants a new power for federal government or regulated to

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Speaker 1: step in and oversee cash in the economy if the

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Speaker 1: last remaining transport service, armor Guard collapses.

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Speaker 2: The big yeuses of cash have been working with the

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Speaker 2: Reserve Bank and others to ensure cash continues to be

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Speaker 2: transported around the country. There are still some big uses

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Speaker 2: of cash. The problem is that there's not enough big

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Speaker 2: uses of cash and so it's almost uneconomic to transport

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Speaker 2: around the country. Commonwealth Bank, Westpac, National Australia Bank and

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Speaker 2: AMS Ed Colson, Woolies, Bunnings and Australia Posts all agree

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Speaker 2: to inject twenty five million dollars to keep Armor Guard

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Speaker 2: operating until the end of the year. We are kind

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Speaker 2: of now deliberating what comes next. The Council of Financial

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Speaker 2: Regulators is proposing an overhaul of how cash is managed

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Speaker 2: and distributed to give regulators much greater powers over crash

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Speaker 2: distribution services.

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Speaker 1: It's a sign of generational change, isn't it that cash

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Speaker 1: is on this kind of life support commercial speak.

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Speaker 2: So I'm trying to remember the numbers. I think was

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Speaker 2: one point five million people use cash for eighty percent

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Speaker 2: of their purchases, so there's still a lot of people. Yeah.

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Speaker 1: Sean ken Henry, former Boss of Treasury and former chair

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Speaker 1: of National Australia Bank and the writer of the very

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Speaker 1: good twenty ten tax reform white Paper, which remains the

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Speaker 1: blueprint for change, says fixing environmental laws is more important

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Speaker 1: than tax when it comes to improving productivity.

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Speaker 2: This has got Adam Lange all over this tax reform productivity.

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Speaker 2: Speaking at the National Press Club in Canberray yesterday, mister

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Speaker 2: Henry said the country's productivity challenge faces no greater imperative

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Speaker 2: than overhauling the Environment Protection and Biodiversity Conservation Act. Henry,

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Speaker 2: who's also chair of the Australian Clone and Biodiversity Foundation,

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Speaker 2: says new minds and processing plants for critical minerals, housing

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Speaker 2: and associated roads and infrastructure, as well as soul and

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Speaker 2: wind farms, and the requisite thousands of kilometers of transition

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Speaker 2: lines can't be loaded onto the broken EPBC. So the

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Speaker 2: Environment Protection Biodiversity Conservation Acts, assessment processes, its approval processes,

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Speaker 2: it's not fit for purpose. And so what he says

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Speaker 2: is that that needs to be redone and we need

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Speaker 2: a high quality national law to replace it that sets

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Speaker 2: clear environmental standards for major projects. A strong national decision

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Speaker 2: maker basically cut the red tape to let this stuff happen.

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Speaker 2: He is not saying that we don't need to look

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Speaker 2: after the environment. It's quite the opposite. But he just

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Speaker 2: says it just needs to be fit for purpose if

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Speaker 2: we want to improve productivity.

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Speaker 1: What a cracking insight for you. I'm loving this reform talk.

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Speaker 1: Seawan Local rare Earth miners outperformed yesterday after Apple did

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Speaker 1: a US five hundred million dollar deal with the only

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Speaker 1: US Rare Earth's minor MP Materials to purchase magnets from

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Speaker 1: the company.

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Speaker 2: Okay, stay with me on this one. So rare Earth

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Speaker 2: magnets are used in iPhones. Okay, first thing you need

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Speaker 2: to know. Second thing you need to know Rare earths,

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Speaker 2: which are actually seventeen different chemical elements, hence the plural

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Speaker 2: and earth. They're not very rare, in fact, they're all

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Speaker 2: over the place, but they're really difficult to process. Now

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Speaker 2: China processes more than half of all rare earths. The

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Speaker 2: US wants to find its own sources. So this company

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Speaker 2: MP materials that has been very, very popular recently. We

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Speaker 2: had the Apple deal yesterday. Last week, the Pentagon invested

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Speaker 2: in the company. Its share price has doubled or almost

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Speaker 2: doubled in the past week. What's that mean for the

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Speaker 2: local rare earth players. Well, investors think that companies like

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Speaker 2: a Luca Resources and Linus for rare earth could get

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Speaker 2: some of the reflected limelight benefit, and so they're buying

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Speaker 2: them up. Luca and Linus's share prices are up nearly

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Speaker 2: twenty five percent in the last week, for example. We'll

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Speaker 2: wait and see what happens there sewn.

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Speaker 1: In state politics, Tasmanians go to the polls this weekend,

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Speaker 1: with Labor leader Dean Winter up against the Premier Jeremy Rockcliffe,

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Speaker 1: and a hung parliament seems the most likely outcome.

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Speaker 2: Pole suggests the Liberals will win, which means Rockcliffe stays

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Speaker 2: as premier but will be short of majority. Yesterday, the

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Speaker 2: two faced off in a televised debate hosted on Sky News.

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Speaker 2: Rockcliffe and Winter clashed over healthcare, the state's debt, and

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Speaker 2: the controversial efforts to build a new AFL stadium at

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Speaker 2: mcquarie Point. Meanwhile, in New South Wales, independent MP and

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Speaker 2: former leader of Federal Labor Mark Latham is under fire

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Speaker 2: over allegations of threatening and coercive behavior from his former partner,

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Speaker 2: allegations he denies. Natalie Matthews made the allegations in an

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Speaker 2: application for an apprehended violence order against him. Latham dismissed

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Speaker 2: them as preposterous and will contest them in court.

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Speaker 1: Sean in International News, US President Donald Trump says he

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Speaker 1: will impose a tariff on pharmaceuticals by the end of

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Speaker 1: the month before ramping it up over a year or so.

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Speaker 2: He said the tariff will be low to begin with

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Speaker 2: to give the pharmaceutical companies time to relocate into the US. Then,

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Speaker 2: I quote, there are two ways you do it. You

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Speaker 2: make money or you have them move here so they

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Speaker 2: don't have to pay the tariff. Those are the two

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Speaker 2: ways the pharmaceutical companies are moving back to America where

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Speaker 2: they would be. Trump also said he had reached a

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Speaker 2: deal with Indonesia where that country will pay a nineteen

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Speaker 2: percent tariff, and a deal with Vietnam where it will

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Speaker 2: pay twenty percent, down from its initial forty six percent

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Speaker 2: impost Sean.

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Speaker 1: Speaking of the US, inflation there rose last month to

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Speaker 1: its highest level since February as the impact of tariff

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Speaker 1: started to push up consumer prices.

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Speaker 2: Really interesting significantly, the price rises came mostly in products

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Speaker 2: from overseas starting to be hit by the tariffs, so furniture, clothing,

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Speaker 2: large appliances. While it's only one month's reading, economists said

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Speaker 2: the outlook for inflation has certainly deteriorated. That means the

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Speaker 2: outlook is likely for higher price rises than that hoped.

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Speaker 2: Donald Trump's been very critical of FED chaireds your own

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Speaker 2: power for not cutting US interest rates. Powell has always

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Speaker 2: said he just wants to hold back and see what

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Speaker 2: happens as a result of tariff's before he does anything.

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Speaker 2: The data yesterday will stiffen the Fed's op opposition to

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Speaker 2: lower rates. Notwithstanding the figures, Trump's on social media called

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Speaker 2: on the FED to cut rates.

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Speaker 1: Sean Larry Ellison is the world's second wealthiest person for

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Speaker 1: the first time ever, and this is according to the

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Speaker 1: Bloomberg Billionaires Index. As a rally in Oracle's share price

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Speaker 1: pushes his net worth to US two one hundred and

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Speaker 1: fifty one billion dollars, and in doing so, overtaking metaboss

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Speaker 1: mark Zuckerberg staggering number.

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Speaker 2: Five hundred and fifty one billion dollars.

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Speaker 1: Spare one or two for us here at Fear and Greed.

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Speaker 2: Would love it. Oracle's been a key winner as investors

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Speaker 2: have piled into artificial intelligence stocks. The company's shares have

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Speaker 2: almost tripled since chat GPT was released to the public

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Speaker 2: in November twenty twenty two, but the big rises have

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Speaker 2: come in the past three weeks. It's actually almost doubled

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Speaker 2: its share price in the past three weeks. Wow, Oracle

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Speaker 2: it shares jump yesterday. Our news at the US government

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Speaker 2: will allow chip makers, including Nvidia and Advanced micro Devices

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Speaker 2: to export some semiconductors to China, reversing Biden era restrictions

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Speaker 2: that pushed Ellison's ahead of Zuckerberg on the Bloomberg's Wealth Index,

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Speaker 2: So he's now number two at the Ripe. I was

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Speaker 2: going to say the ripe old age of eighty and

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Speaker 2: that's bit rough at the right page of atim Elon

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Speaker 2: Musk is still the world's richest person. According to Bloomberg.

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Speaker 2: He's worth three hundred and fifty eight billion US dollars.

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Speaker 2: So what's that about? Fifty percent more than Larry Ellison.

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Speaker 2: Just asn't aside, the news on the chips being exported

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Speaker 2: to China pushed up Nvidia's share price. It's now worth

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Speaker 2: four point two trillion dollars. It's actually about a third

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Speaker 2: bigger than Apple.

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Speaker 1: That's incredible, an incredible run. And Sean, I've seen you've

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Speaker 1: put a table in the newsletter this morning with the

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Speaker 1: billionaires the top twelve.

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Speaker 2: So twelve and Jensen Huang from Nvidia makes a foray

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Speaker 2: into the top twelve there on the back of Nvidia's

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Speaker 2: share price. But if you want to see it, yeah

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Speaker 2: you should. You really must sign up absolutely fearing Greed

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Speaker 2: newsletter gottafaranderk Greed dot com dot au. Get the newsletter

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Speaker 2: every morning. You will be a step ahead of your neighbor,

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Speaker 2: your client if you read that newsletter. That's my promise.

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Speaker 2: Can't say guaranteed, promise, Sean.

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Speaker 1: Immediately after the show, we want everyone to stay listening

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Speaker 1: for your chat with Adriano di Pietro, who's the CEO

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Speaker 1: of AMSL Eero. Now, Sean, when he came to the studio,

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Speaker 1: I thought a new James Bond had walked into the room.

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Speaker 2: It's very very good looking man.

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Speaker 1: Isn't fit f R A very interesting company.

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Speaker 2: The company is a I mean, don't.

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Speaker 1: Tell it all, just tease it a bit.

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Speaker 2: So basically I sort of said flying cars sort of

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Speaker 2: and they're not. I mean they're they're air vehicles, battery operated,

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Speaker 2: sort of, very tiny helicopters almost they say, think drone,

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Speaker 2: but could harry five hundred kg payload which includes people,

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Speaker 2: And by twenty thirty he expects them to be seriously

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Speaker 2: flying around the skies of Australia. Really fascinating. Chat to

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Speaker 2: him about what they're doing.

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Speaker 1: Brilliant. That's up next in the Fear and Greed Playlist

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Speaker 1: on your podcast platform for at fiomgre dot com dot au.

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Speaker 1: Thank you, Sean, Thank you Adam. It's Thursday, the seventeenth

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Speaker 1: of July twenty twenty five. Make sure you're following the podcast.

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Speaker 1: Join us online on LinkedIn, Instagram, x TikTok and Facebook

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Speaker 1: and please have a great day