1
00:00:06,440 --> 00:00:09,640
Speaker 1: Donors pour tens of millions of dollars into the Democrats

2
00:00:09,680 --> 00:00:12,840
Speaker 1: campaign for the White House as Vice President. Carmala Harris

3
00:00:12,840 --> 00:00:16,480
Speaker 1: firms the person to take on Donald Trump. Woodside buys

4
00:00:16,520 --> 00:00:20,080
Speaker 1: a US LNG group for nearly two billion dollars, and

5
00:00:20,160 --> 00:00:24,599
Speaker 1: the government pushes for more female representation on picks sporting groups.

6
00:00:24,920 --> 00:00:27,360
Speaker 1: Welcome to Fear and Greed. Daily business news for people

7
00:00:27,400 --> 00:00:30,240
Speaker 1: who make their own decisions. It is Tuesday, the twenty

8
00:00:30,400 --> 00:00:33,360
Speaker 1: third of July twenty twenty four. Oh Michael Thompson and

9
00:00:33,400 --> 00:00:34,680
Speaker 1: good morning, Sean Aylmer.

10
00:00:35,000 --> 00:00:36,520
Speaker 2: Good morning, Michael, Sean.

11
00:00:36,560 --> 00:00:39,360
Speaker 1: The main story this morning. Money is pouring in for

12
00:00:39,479 --> 00:00:43,080
Speaker 1: Krmala Harris, the most likely Democrat nominee to run against

13
00:00:43,120 --> 00:00:46,160
Speaker 1: Donald Trump in the US presidential election in November.

14
00:00:46,479 --> 00:00:49,680
Speaker 2: In the seven hours after President Joe Biden said he

15
00:00:49,720 --> 00:00:53,960
Speaker 2: won't run for president again, missus Harris raised forty seven

16
00:00:54,160 --> 00:00:58,000
Speaker 2: million US dollars, the most the Biden Harris campaign has

17
00:00:58,120 --> 00:01:01,720
Speaker 2: ever raised in one day. Of course, there's also about

18
00:01:01,720 --> 00:01:04,240
Speaker 2: one hundred and fifty nine million newest dollars of funds

19
00:01:04,520 --> 00:01:07,520
Speaker 2: sitting there with Joe Biden, which would be transferred to

20
00:01:07,640 --> 00:01:11,640
Speaker 2: Miss Harris if she becomes the nominee. That looks extremely

21
00:01:12,080 --> 00:01:15,840
Speaker 2: likely given mister Biden nominated her to take on Donald Trump,

22
00:01:16,040 --> 00:01:20,240
Speaker 2: though it isn't assured. Democrat politicians and heavyweights are mostly

23
00:01:20,360 --> 00:01:25,360
Speaker 2: supporting Carmala Harris, Bill and Hillary Clinton. State governors Democratic senators.

24
00:01:25,360 --> 00:01:28,760
Speaker 2: They've all come out in support of her. No other

25
00:01:28,840 --> 00:01:33,160
Speaker 2: top Democrats have challenged her. Maybe more notable, there are

26
00:01:33,200 --> 00:01:35,840
Speaker 2: some who haven't quite come out in support of miss

27
00:01:35,920 --> 00:01:40,240
Speaker 2: Harris yet. Barrack Obama, for example, congratulated Joe Biden but

28
00:01:40,319 --> 00:01:44,200
Speaker 2: withheld his support for Carmla Harris. Meanwhile, applaud It's for

29
00:01:44,280 --> 00:01:47,080
Speaker 2: Joe Biden came from around the world from Ukrainian President

30
00:01:47,160 --> 00:01:50,800
Speaker 2: Vladimir Zelenski, who thanked the US president for his unwavering

31
00:01:50,840 --> 00:01:54,600
Speaker 2: support to the leaders of UK countries in Europe and Canada.

32
00:01:54,960 --> 00:01:58,040
Speaker 2: The Trump camp weren't quite so positive, with the Republican

33
00:01:58,080 --> 00:02:01,840
Speaker 2: nominee calling mister Biden the worst president ever. Jd Vance,

34
00:02:01,880 --> 00:02:05,840
Speaker 2: Donald Trump's running mate, tweeted, if Joe Biden ends his

35
00:02:05,920 --> 00:02:09,120
Speaker 2: re election campaign, how can he justify a remaining president?

36
00:02:09,520 --> 00:02:11,400
Speaker 2: Which is a bit odd really, because I mean Barack

37
00:02:11,440 --> 00:02:14,079
Speaker 2: Obama the two terms and just because he wasn't going

38
00:02:14,120 --> 00:02:17,280
Speaker 2: to run again. Didn't have to step down or anything anyway.

39
00:02:17,520 --> 00:02:20,800
Speaker 2: You can imagine, Michael, what's going on from both sides

40
00:02:20,840 --> 00:02:22,160
Speaker 2: of politics in the US.

41
00:02:22,200 --> 00:02:25,520
Speaker 1: Oh, the theater Sean, it's just something else altogether. What

42
00:02:25,639 --> 00:02:28,560
Speaker 1: about locally though, what was the response here? Well?

43
00:02:28,560 --> 00:02:31,920
Speaker 2: Prime Minister Anthony Alberaneze said mister Biden will be able

44
00:02:31,960 --> 00:02:35,200
Speaker 2: to retire from public life in January with an extraordinary record.

45
00:02:35,840 --> 00:02:39,320
Speaker 2: Mister Albanesi nominated climate change, the introduction of the Inflation

46
00:02:39,560 --> 00:02:44,040
Speaker 2: Reduction Act, his support for Ukraine, his COVID nineteen recovery efforts,

47
00:02:44,280 --> 00:02:47,480
Speaker 2: and his support for gender equality as key achievements. The

48
00:02:47,520 --> 00:02:50,359
Speaker 2: prime ministers of the orchest relationship is just one aspect

49
00:02:50,480 --> 00:02:53,400
Speaker 2: of the closeness between Australia and the United States, and

50
00:02:53,480 --> 00:02:56,120
Speaker 2: President Biden has been a great friend of ours and

51
00:02:56,160 --> 00:03:00,000
Speaker 2: that will continue. When asked whether he supported price pread

52
00:03:00,000 --> 00:03:03,080
Speaker 2: sident Carmla Harris to become the next presidential nominee, he

53
00:03:03,080 --> 00:03:05,560
Speaker 2: said it was a matter for the Democratic Party. Opposition

54
00:03:05,639 --> 00:03:08,600
Speaker 2: leader Peter Dunton also thanked the US President and pointed

55
00:03:08,600 --> 00:03:12,399
Speaker 2: to the security alliance between the US, UK and Australia

56
00:03:12,520 --> 00:03:15,680
Speaker 2: as one of his lasting achievements. Former Prime Minister Malcolm

57
00:03:15,720 --> 00:03:18,320
Speaker 2: Turnbull said mister Biden had done the right thing, while

58
00:03:18,400 --> 00:03:21,680
Speaker 2: National MP Barnaby Joyce said he should have stepped away earlier.

59
00:03:22,080 --> 00:03:25,919
Speaker 2: Arthur Sinadinis a former ambassador in Washington, and I think

60
00:03:25,919 --> 00:03:29,920
Speaker 2: one of the most sensible voices in US Australian relations.

61
00:03:30,080 --> 00:03:32,960
Speaker 2: He urged the government not to react emotionally to ensure

62
00:03:33,000 --> 00:03:35,839
Speaker 2: Australia's interests are best served in the US.

63
00:03:36,200 --> 00:03:38,640
Speaker 1: What about local markets, Sean, how did they react to

64
00:03:38,680 --> 00:03:39,080
Speaker 1: the news?

65
00:03:39,320 --> 00:03:41,760
Speaker 2: Well? Generally, equity markets in the region dropped, with the

66
00:03:41,840 --> 00:03:45,280
Speaker 2: SMPA six two hundred closing down half percent. Initially it

67
00:03:45,280 --> 00:03:47,960
Speaker 2: fell by almost one percent, but paired back losses in

68
00:03:48,040 --> 00:03:51,680
Speaker 2: late training. Energy stocks fell most, followed by materials, real

69
00:03:51,760 --> 00:03:54,560
Speaker 2: estate investment trusts and Tolco's. Among the large caps, the

70
00:03:54,600 --> 00:03:57,120
Speaker 2: banks were flat or lah Goodman Group dropped more than

71
00:03:57,120 --> 00:04:01,120
Speaker 2: two percent, while Aria and QBA both one percent. The

72
00:04:01,160 --> 00:04:05,000
Speaker 2: retailers were strong performers, led by Coles, Woolies and Wes Farmers.

73
00:04:05,320 --> 00:04:09,320
Speaker 2: Insignia Financials share price jumped five percent after it said

74
00:04:09,320 --> 00:04:12,120
Speaker 2: it expects higher than forecast earnings. Another to say that

75
00:04:12,240 --> 00:04:14,760
Speaker 2: was Iris, and its share price closed up nine percent.

76
00:04:15,440 --> 00:04:18,400
Speaker 1: Very convenient, Sean, that you mentioned Wes Farmers just before

77
00:04:18,480 --> 00:04:21,719
Speaker 1: because after the show today you have an interview coming

78
00:04:21,800 --> 00:04:24,920
Speaker 1: up with Gore have Sodi from Intelligent Investor and you

79
00:04:25,040 --> 00:04:27,799
Speaker 1: really take a very close look at West Farmers.

80
00:04:28,279 --> 00:04:30,760
Speaker 2: Yeah, so we don't normally look at one stock, but

81
00:04:30,800 --> 00:04:32,960
Speaker 2: we decided to look at West Farmers because it's a

82
00:04:33,000 --> 00:04:36,080
Speaker 2: particularly interesting company given it's a conglomerate, which there aren't

83
00:04:36,080 --> 00:04:39,040
Speaker 2: many of those left. It's dominated by its retail arm

84
00:04:39,040 --> 00:04:43,080
Speaker 2: which is Bunning's and Camar primarily. So we ask Orrob

85
00:04:43,120 --> 00:04:48,200
Speaker 2: about Wes Farmers, its history, whether it's goodbye or sell

86
00:04:48,240 --> 00:04:51,280
Speaker 2: at the moment in terms of market pricing and what

87
00:04:51,320 --> 00:04:54,239
Speaker 2: the future hole. So it's just a really interesting chat

88
00:04:54,480 --> 00:04:56,880
Speaker 2: and look at one of Australia's biggest companies.

89
00:04:57,240 --> 00:04:59,279
Speaker 1: Yeah, it is a fascinating one. It's coming up after

90
00:04:59,279 --> 00:05:01,400
Speaker 1: the show. Of course we are not an investing podcast.

91
00:05:01,640 --> 00:05:04,640
Speaker 1: Then you should seek professional advice before making investment decisions.

92
00:05:04,760 --> 00:05:06,560
Speaker 1: But go and have a listen to GOREV because he's

93
00:05:06,600 --> 00:05:09,200
Speaker 1: a great communicator and knows this space so well. And

94
00:05:09,240 --> 00:05:11,960
Speaker 1: it's just such a fascinating story with Kmart and Bunnings

95
00:05:11,960 --> 00:05:13,480
Speaker 1: and all of it. Stick around for that one is

96
00:05:13,480 --> 00:05:16,360
Speaker 1: coming up later. What's happening in international market Sean.

97
00:05:16,400 --> 00:05:19,040
Speaker 2: Earning season on Wall Street gets interesting over the next

98
00:05:19,080 --> 00:05:21,920
Speaker 2: few days, with Google's parent Alphabet and Tesla due to

99
00:05:21,960 --> 00:05:25,919
Speaker 2: at least profit reports tomorrow morning. Australian time futures training

100
00:05:25,960 --> 00:05:28,640
Speaker 2: in the US well, it showed a little movement following

101
00:05:28,720 --> 00:05:32,240
Speaker 2: Joe Biden's decision to not run for offers. Broadly, equity

102
00:05:32,279 --> 00:05:37,400
Speaker 2: traders would prefer Donald Trump beats the Democrat nominee because

103
00:05:37,440 --> 00:05:40,120
Speaker 2: part of his platform is to cut the corporate tax rate.

104
00:05:40,720 --> 00:05:44,719
Speaker 2: Companies that might win if trade barriers are increased or

105
00:05:44,720 --> 00:05:48,400
Speaker 2: if inflation rises. They've also benefited the fact that the

106
00:05:48,440 --> 00:05:50,360
Speaker 2: markets at the Wall Street at least didn't do a

107
00:05:50,520 --> 00:05:54,239
Speaker 2: huge amount suggests that equity investors still think Donald Trump

108
00:05:54,360 --> 00:05:57,480
Speaker 2: is the most likely president. Haveing said that there's a

109
00:05:57,520 --> 00:06:00,200
Speaker 2: long way to go, and Carmala Harris will certainly get

110
00:06:00,200 --> 00:06:02,880
Speaker 2: a bump in coming days just by being part of

111
00:06:02,880 --> 00:06:05,719
Speaker 2: the news cycle. I'd say, Michael plenty going on in

112
00:06:05,720 --> 00:06:08,359
Speaker 2: commodity markets on all prices are lower heading towards one

113
00:06:08,440 --> 00:06:11,040
Speaker 2: hundred US dollars and ounce now. Inventry levels at Chinese

114
00:06:11,080 --> 00:06:14,479
Speaker 2: ports have risen and Chinese steel production is off. We've

115
00:06:14,520 --> 00:06:18,440
Speaker 2: also had higher shipments from key markets such as Australia

116
00:06:18,440 --> 00:06:20,640
Speaker 2: and Brazil. Put all that together, you get higher supply,

117
00:06:20,760 --> 00:06:23,840
Speaker 2: lower demand, therefore down with pressure on prices. That's why

118
00:06:23,920 --> 00:06:26,320
Speaker 2: people like BHP forts few medals and Rio didn't do

119
00:06:26,400 --> 00:06:30,280
Speaker 2: so well yesterday in the market. Then there's copper that's

120
00:06:30,320 --> 00:06:34,599
Speaker 2: considered a benchmark for the global growth. Last week, copper

121
00:06:34,640 --> 00:06:37,760
Speaker 2: had its worst five days since twenty twenty two, down

122
00:06:37,880 --> 00:06:40,520
Speaker 2: five percent. Now peaked back in May, but since then

123
00:06:40,600 --> 00:06:44,039
Speaker 2: demand from China has disappointed. Last week's third Plenum in

124
00:06:44,040 --> 00:06:47,479
Speaker 2: Beijing did little to simulate the world's second largest economy.

125
00:06:47,680 --> 00:06:51,120
Speaker 2: That sent copper lower. A bunch of other medals like aluminium,

126
00:06:51,160 --> 00:06:54,560
Speaker 2: tin and nickel also fell. Having said all that, on

127
00:06:54,600 --> 00:06:58,240
Speaker 2: a historical basis, copper prices remained pretty high. What's a

128
00:06:58,320 --> 00:07:01,240
Speaker 2: pretty good story. In the world of oil. Oil prices

129
00:07:01,320 --> 00:07:04,240
Speaker 2: rose after Joe Biden's announcement that followed a Big four

130
00:07:04,320 --> 00:07:07,520
Speaker 2: late last week. The other factor impacting the price of

131
00:07:07,600 --> 00:07:11,160
Speaker 2: oil is bushfires in Alberta, Canada, which we don't normally

132
00:07:11,240 --> 00:07:14,720
Speaker 2: talk about, but a paronym an estimated three hundred and

133
00:07:14,800 --> 00:07:19,040
Speaker 2: forty eight thousand barrels a day of production are at risk.

134
00:07:19,360 --> 00:07:22,120
Speaker 2: I had no idea that Alberta was such a big

135
00:07:22,160 --> 00:07:23,280
Speaker 2: producer of oil.

136
00:07:23,600 --> 00:07:24,160
Speaker 1: I mean it is.

137
00:07:24,720 --> 00:07:27,040
Speaker 2: Yeah, Yeah, of course, we've got all the stuff going

138
00:07:27,040 --> 00:07:28,720
Speaker 2: on in the Middle East. That's that's sort of putting

139
00:07:28,720 --> 00:07:31,760
Speaker 2: pressure on oil prices as well. Can't forget gold either.

140
00:07:31,920 --> 00:07:34,280
Speaker 2: It benefits when there's uncertainty around the place, and the

141
00:07:34,280 --> 00:07:37,360
Speaker 2: precious metal rose after the Biden announcement, as did the

142
00:07:37,480 --> 00:07:39,679
Speaker 2: US dollar. That pushed the Aussie dollar back towards sixty

143
00:07:39,720 --> 00:07:42,360
Speaker 2: six and a half fews cents somewhere where I'm sure

144
00:07:42,400 --> 00:07:43,800
Speaker 2: you find it much more comfortable.

145
00:07:44,280 --> 00:07:47,800
Speaker 1: Yes, it feels like it's very familiar terrain around here,

146
00:07:47,840 --> 00:07:50,280
Speaker 1: doesn't it, now, Sean, Just listening to all of that,

147
00:07:50,320 --> 00:07:53,760
Speaker 1: You've got kind of copper, gold and oil and the

148
00:07:53,800 --> 00:07:56,760
Speaker 1: Aussie dollar and all of these things, it's very fertile

149
00:07:56,880 --> 00:08:01,800
Speaker 1: ground for questions. And I know that I'm actually putting

150
00:08:01,800 --> 00:08:04,560
Speaker 1: a call out to listeners here to help me stump Sean,

151
00:08:05,560 --> 00:08:09,120
Speaker 1: because twice a week we put out a little bonus

152
00:08:09,160 --> 00:08:12,880
Speaker 1: episode of Fear and Greed called Ask Fear and Greed.

153
00:08:13,440 --> 00:08:16,320
Speaker 1: It comes out about midday on a Tuesday and midday

154
00:08:16,360 --> 00:08:20,600
Speaker 1: on a Thursday, and it is basically listener questions about

155
00:08:20,680 --> 00:08:22,800
Speaker 1: various things. If there's something that you're interested in that

156
00:08:22,840 --> 00:08:25,080
Speaker 1: you're not kind of sure about. We've had some great

157
00:08:25,120 --> 00:08:27,400
Speaker 1: questions recently. We've got a great one coming up today

158
00:08:27,960 --> 00:08:31,680
Speaker 1: about whether it's possible to vary the GST as an

159
00:08:31,720 --> 00:08:35,679
Speaker 1: alternative mechanism to help combat inflation instead of using interest rates.

160
00:08:35,920 --> 00:08:38,080
Speaker 1: But if you have a question about any of those things,

161
00:08:38,080 --> 00:08:40,920
Speaker 1: like copper or aluminium, or tin or nickel, or oil

162
00:08:41,000 --> 00:08:43,760
Speaker 1: prices or something like that, send them on through. Jump

163
00:08:43,840 --> 00:08:47,040
Speaker 1: onto Fearangreed dot com dot au send them through, or

164
00:08:47,120 --> 00:08:50,000
Speaker 1: get on Facebook or LinkedIn or Instagram or any one

165
00:08:50,000 --> 00:08:52,520
Speaker 1: of those platforms. Send them on through, and.

166
00:08:53,280 --> 00:08:56,480
Speaker 2: Don't make them too hard. That's my only request.

167
00:08:56,559 --> 00:08:58,679
Speaker 1: I'm trying to stitch you up a little bit here, Sean,

168
00:08:58,800 --> 00:09:02,520
Speaker 1: and I'm enlisting everyone to get on board and just

169
00:09:02,600 --> 00:09:05,520
Speaker 1: stitch up Sean. In our Ask Fear and Greed podcast

170
00:09:05,600 --> 00:09:08,040
Speaker 1: out twice a week, send through your questions and we'll

171
00:09:08,080 --> 00:09:10,160
Speaker 1: have a bit of fun with that. Sean. We've got

172
00:09:10,160 --> 00:09:12,280
Speaker 1: plenty still to get through. We'll be back in a

173
00:09:12,280 --> 00:09:21,640
Speaker 1: moment with the rest of the day's business news. Sean

174
00:09:21,679 --> 00:09:26,160
Speaker 1: Woodside Energy will buy us LNG company Tellurian for one

175
00:09:26,200 --> 00:09:29,480
Speaker 1: point eight billion dollars as Australia's biggest oil and gas

176
00:09:29,520 --> 00:09:31,160
Speaker 1: company extends its global reach.

177
00:09:31,360 --> 00:09:34,040
Speaker 2: Woodside Chief executive Meg o' neill said the deal will

178
00:09:34,080 --> 00:09:37,880
Speaker 2: position the company to tap global demand for LNG, making

179
00:09:37,920 --> 00:09:41,079
Speaker 2: the company a powerhouse in the market. She said having

180
00:09:41,120 --> 00:09:44,600
Speaker 2: complementary positions in Australia and the US will help capture

181
00:09:44,640 --> 00:09:47,920
Speaker 2: markets across the Atlantic and Pacific basins. The purchase is

182
00:09:47,960 --> 00:09:52,000
Speaker 2: somewhat opportunistic. Tilurian has spent years and hundreds of millions

183
00:09:52,000 --> 00:09:55,280
Speaker 2: of dollars trying to finance and build the Driftwood LLNG

184
00:09:55,640 --> 00:09:58,520
Speaker 2: plant in Louisiana. Last year, it said it might not

185
00:09:58,600 --> 00:10:01,320
Speaker 2: be able to cover operating and debt costs due to

186
00:10:01,400 --> 00:10:06,120
Speaker 2: continued losses and dwindling cash reserves. Gas is broadly now

187
00:10:06,160 --> 00:10:10,119
Speaker 2: considered the most important transition energy as the world shifts

188
00:10:10,160 --> 00:10:14,199
Speaker 2: renewable and people will be using gas for decades to come,

189
00:10:14,600 --> 00:10:18,280
Speaker 2: Hence Woodside's purchase. Its share price fell two percent yesterday.

190
00:10:19,120 --> 00:10:22,560
Speaker 1: South thirty two share price fell thirteen percent yesterday, sean

191
00:10:22,600 --> 00:10:26,400
Speaker 1: after it warned about the viability of its Warsley Alumina refinery,

192
00:10:26,440 --> 00:10:30,960
Speaker 1: blaming the Western Australian government's strict approach to environmental approvals.

193
00:10:31,200 --> 00:10:34,240
Speaker 2: The devest fried minor announced a five hundred and fifty

194
00:10:34,240 --> 00:10:38,000
Speaker 2: four million US dollar impairment and isn't happy with the

195
00:10:38,000 --> 00:10:41,000
Speaker 2: West Australian government. It said for five years, South thirty

196
00:10:41,000 --> 00:10:44,440
Speaker 2: two has been working on environmental approvals for the refinery,

197
00:10:44,520 --> 00:10:48,640
Speaker 2: saying it had undertaken extensive environmental assessment and consultation with

198
00:10:48,760 --> 00:10:52,600
Speaker 2: a range of stakeholders. Then two weeks ago the state's EPA,

199
00:10:52,720 --> 00:10:56,560
Speaker 2: the Environmental Protection Agency, said the proposal could go ahead

200
00:10:56,679 --> 00:10:59,839
Speaker 2: subject to conditions. Now South thirty two says several of

201
00:10:59,840 --> 00:11:04,840
Speaker 2: them as conditions go beyond what's reasonable. Not happy Jan. Otherwise,

202
00:11:05,040 --> 00:11:08,080
Speaker 2: South thirty two's quarterly production report was broadly in line

203
00:11:08,080 --> 00:11:11,240
Speaker 2: with expectations, with high volumes across the business.

204
00:11:11,559 --> 00:11:12,320
Speaker 1: Not a happy Jan.

205
00:11:12,640 --> 00:11:13,079
Speaker 2: Do you reckon?

206
00:11:13,120 --> 00:11:17,559
Speaker 1: There are people younger listeners have no idea who would

207
00:11:17,600 --> 00:11:20,640
Speaker 1: never have seen the what was it? The Yellow Pages.

208
00:11:20,280 --> 00:11:23,240
Speaker 2: Ad was that it's probably his Yellow Pages and there

209
00:11:23,840 --> 00:11:26,480
Speaker 2: there is a Yellow Pages still, but much more than

210
00:11:26,480 --> 00:11:28,640
Speaker 2: there ever was before. Yes, good point.

211
00:11:28,800 --> 00:11:32,400
Speaker 1: Because it was the ad where the person jam from

212
00:11:32,400 --> 00:11:35,200
Speaker 1: the company forgot to put the ad in the Yellow

213
00:11:35,240 --> 00:11:37,120
Speaker 1: Pages and the boss found out and opened up the

214
00:11:37,120 --> 00:11:39,560
Speaker 1: window and screamed out as Jan was running up the street.

215
00:11:39,720 --> 00:11:43,719
Speaker 1: Not happy Jan exactly, and younger listeners, perhaps jen Z

216
00:11:43,840 --> 00:11:46,719
Speaker 1: listeners may never have actually seen it. Anyway, there's a

217
00:11:46,720 --> 00:11:48,800
Speaker 1: bit of context. It's the only thing I can bring

218
00:11:48,840 --> 00:11:50,439
Speaker 1: to this show. Sean. I'm not much help on the

219
00:11:50,440 --> 00:11:52,360
Speaker 1: business side of things, but if you ask me about

220
00:11:52,400 --> 00:11:54,080
Speaker 1: an old TV ad, I am there.

221
00:11:54,520 --> 00:11:54,640
Speaker 2: Now.

222
00:11:54,800 --> 00:11:59,240
Speaker 1: The latest opinion polls suggest neither Prime Minister Anthony Abernezi

223
00:11:59,360 --> 00:12:02,160
Speaker 1: or oppositionally to Peter Dutton are particularly popular with the

224
00:12:02,200 --> 00:12:03,160
Speaker 1: electorate at the moment.

225
00:12:03,720 --> 00:12:05,680
Speaker 2: You know what I like about that sentence you just said.

226
00:12:06,040 --> 00:12:08,959
Speaker 2: So you said, oh, like Prime Minister Anthony Aberzi or

227
00:12:08,960 --> 00:12:12,000
Speaker 2: Opposition leader Peter Dunton. It's actually should benaw and you don't.

228
00:12:12,200 --> 00:12:14,280
Speaker 2: There's not many opportunities to use nor.

229
00:12:14,960 --> 00:12:17,199
Speaker 1: Yeah, you are absolutely right, and it's one of those

230
00:12:17,240 --> 00:12:19,520
Speaker 1: ones that I often find myself googling it just to

231
00:12:19,559 --> 00:12:22,240
Speaker 1: double check. But I do like to be correct obviously

232
00:12:22,320 --> 00:12:24,600
Speaker 1: on this occasion. Others not, And thank you for pointing

233
00:12:24,679 --> 00:12:25,040
Speaker 1: that out.

234
00:12:25,440 --> 00:12:27,439
Speaker 2: No, it's just like when you say neither, you're allowed

235
00:12:27,440 --> 00:12:29,079
Speaker 2: to say no, so the two ends go together.

236
00:12:29,480 --> 00:12:32,280
Speaker 1: Oh that's a good way to remember it. Neither nor

237
00:12:32,320 --> 00:12:34,679
Speaker 1: there we go thanks Sean Bmill. It's something today.

238
00:12:35,040 --> 00:12:37,360
Speaker 2: Less than a third of voters say mister Alberzi is

239
00:12:37,360 --> 00:12:40,240
Speaker 2: their preferred leader of the Labor Party and it is

240
00:12:40,280 --> 00:12:42,679
Speaker 2: the same for mister Dutton and the Liberal Party. Head

241
00:12:42,679 --> 00:12:45,880
Speaker 2: to head, Anthony Alberesi comes out on top by seven points,

242
00:12:45,880 --> 00:12:48,800
Speaker 2: but the News poll conducted for The Australian suggests a

243
00:12:48,840 --> 00:12:51,959
Speaker 2: minority government is a possibility at the next election. Mister

244
00:12:52,000 --> 00:12:56,360
Speaker 2: Alberesi's disapproval rating is now higher than mister Dutton's on

245
00:12:56,400 --> 00:12:59,200
Speaker 2: a two party preferred vote, which historically has been a

246
00:12:59,720 --> 00:13:03,199
Speaker 2: good predictor of elections, probably the best predict durer of elections.

247
00:13:03,520 --> 00:13:06,160
Speaker 2: Labour is in front fifty one percent to forty nine percent,

248
00:13:06,520 --> 00:13:08,880
Speaker 2: which is actually an improvement for the government over the

249
00:13:08,880 --> 00:13:11,440
Speaker 2: past six weeks. The next federal poll must be held

250
00:13:11,480 --> 00:13:12,440
Speaker 2: by May next year.

251
00:13:12,960 --> 00:13:18,040
Speaker 1: Seawn crowd strikes Australian customers have quote foregone their rights

252
00:13:18,080 --> 00:13:22,440
Speaker 1: to pursue compensation for Friday's global outage in the Australian courts.

253
00:13:22,440 --> 00:13:24,960
Speaker 1: According to one of the nation's top law firms.

254
00:13:24,920 --> 00:13:29,479
Speaker 2: A botched software upgrade is expected to cost businesses billions

255
00:13:29,480 --> 00:13:32,680
Speaker 2: of dollars globally. Estimates in New South Wales alone top

256
00:13:32,720 --> 00:13:36,480
Speaker 2: two hundred million dollars after big banks, hospitals, retailers and

257
00:13:36,520 --> 00:13:39,480
Speaker 2: airlines were faced with what's known as the blue screen

258
00:13:39,520 --> 00:13:42,880
Speaker 2: of death. James North, head of Technology Media during communications

259
00:13:42,920 --> 00:13:47,080
Speaker 2: at Couse Chambers Westcarth, told The Australian that extracting compensation

260
00:13:47,240 --> 00:13:50,800
Speaker 2: for losses would be difficult. He said many of crowdstrikes

261
00:13:50,840 --> 00:13:54,160
Speaker 2: customers must agree to New York governing law and arbitration

262
00:13:54,320 --> 00:13:58,320
Speaker 2: in Singapore, thereby for going access to Australian courts in

263
00:13:58,320 --> 00:14:02,040
Speaker 2: pursuit of legal remedies. CrowdStrike earned more than two billion

264
00:14:02,120 --> 00:14:05,000
Speaker 2: US dollars from companies globally last year, according to Gartner.

265
00:14:05,200 --> 00:14:07,400
Speaker 2: In Australia, it was about one hundred and eleven million

266
00:14:07,440 --> 00:14:11,480
Speaker 2: dollars from companies. If mister North from Couse Chambers Westcarth

267
00:14:11,600 --> 00:14:15,800
Speaker 2: is correct, there's little legal recourse for the AZZI companies

268
00:14:15,800 --> 00:14:16,959
Speaker 2: that lost money last week.

269
00:14:17,440 --> 00:14:20,520
Speaker 1: Sean Virgin Australia will act all flights from Canns to

270
00:14:20,680 --> 00:14:23,520
Speaker 1: Hunada just one year after the launch of the route,

271
00:14:23,520 --> 00:14:25,280
Speaker 1: citing poor inbound tourism.

272
00:14:25,480 --> 00:14:28,160
Speaker 2: The route will cease in February twenty twenty five because

273
00:14:28,160 --> 00:14:31,080
Speaker 2: there are still thirty percent fewer inbound tourists from Japan

274
00:14:31,160 --> 00:14:34,800
Speaker 2: to Australia. That's compared to pre COVID. Keep in mind,

275
00:14:34,800 --> 00:14:36,680
Speaker 2: of course, how weak the yen is. No doubt that's

276
00:14:36,760 --> 00:14:40,080
Speaker 2: hurting Australia at least in terms of attracting Japanese tourists.

277
00:14:40,280 --> 00:14:42,560
Speaker 2: Virgin's fleet of seven three seven Max eights will be

278
00:14:42,600 --> 00:14:45,880
Speaker 2: redeployed to the carrier's domestic routes. It is the latest

279
00:14:45,920 --> 00:14:49,680
Speaker 2: route to Asia to be scrapped now quantas back in

280
00:14:49,760 --> 00:14:53,920
Speaker 2: May exited from mainland China. In fact, those flights stop

281
00:14:54,160 --> 00:14:55,480
Speaker 2: in about a week's time.

282
00:14:55,800 --> 00:14:59,640
Speaker 1: The number of Australians accessing the government's reverse mortgage style

283
00:14:59,640 --> 00:15:03,000
Speaker 1: product to help fund their retirements rose almost forty percent

284
00:15:03,240 --> 00:15:04,160
Speaker 1: in the past year.

285
00:15:04,480 --> 00:15:07,840
Speaker 2: The nation's home Equity Access scheme was used by thirteen

286
00:15:08,280 --> 00:15:10,640
Speaker 2: four hundred and seventy nine people in the year to June,

287
00:15:11,040 --> 00:15:13,200
Speaker 2: more than double the amount who accessed it in the

288
00:15:13,240 --> 00:15:16,720
Speaker 2: corresponding period two years earlier. According to the Department of

289
00:15:16,760 --> 00:15:20,200
Speaker 2: Social Security. Under the program, people who have reached the

290
00:15:20,240 --> 00:15:22,880
Speaker 2: pension age of sixty seven can borrow against the equity

291
00:15:22,880 --> 00:15:25,560
Speaker 2: in their property and take out a government loan. According

292
00:15:25,600 --> 00:15:28,360
Speaker 2: to Bloomberg, it comes as a report released by the

293
00:15:28,400 --> 00:15:33,000
Speaker 2: Actuaries Institute recommends policy changes to encourage more people to

294
00:15:33,080 --> 00:15:35,840
Speaker 2: utilize the value stored in their family home or to

295
00:15:35,920 --> 00:15:38,760
Speaker 2: downsize to a smaller property to help fund a shortfall

296
00:15:38,800 --> 00:15:42,960
Speaker 2: in their retirement savings. Obviously, more people are taking advantage

297
00:15:43,040 --> 00:15:46,520
Speaker 2: of the reverse mortgage style product and I'm sure that

298
00:15:46,560 --> 00:15:48,560
Speaker 2: reflects the cost of living crisis.

299
00:15:48,440 --> 00:15:51,360
Speaker 1: Now, Shawn, the Olympics are just days away and the

300
00:15:51,360 --> 00:15:54,800
Speaker 1: Albaneza government, along with some states, are developing plans to

301
00:15:55,000 --> 00:15:59,000
Speaker 1: force peak sporting organizations to set aside a set number

302
00:15:59,040 --> 00:16:01,960
Speaker 1: of board positions for women in exchange for funding.

303
00:16:02,360 --> 00:16:05,120
Speaker 2: Almost fifty six percent of the four hundred and sixty

304
00:16:05,160 --> 00:16:08,320
Speaker 2: Australian athletes competing at the Paris Olympic Games are women,

305
00:16:08,680 --> 00:16:11,680
Speaker 2: the highest proportion in history, but last year just twenty

306
00:16:11,720 --> 00:16:15,000
Speaker 2: five percent of board chairs across the sixty five sports

307
00:16:15,040 --> 00:16:18,000
Speaker 2: were women. According to the Financial Review, only twenty two

308
00:16:18,000 --> 00:16:21,800
Speaker 2: percent of chief executives were women. Sports Minister arniicle Wells,

309
00:16:22,000 --> 00:16:24,440
Speaker 2: who is traveling to Paris for the Games, is expected

310
00:16:24,440 --> 00:16:27,280
Speaker 2: to announce the changes in coming days now. In late June,

311
00:16:27,320 --> 00:16:30,240
Speaker 2: the government announced about half a billion dollars in Olympic funding,

312
00:16:30,280 --> 00:16:33,240
Speaker 2: a large portion of which was allocated to the Australian

313
00:16:33,280 --> 00:16:36,040
Speaker 2: Institute of Sport. The government has also doubled the amount

314
00:16:36,040 --> 00:16:38,720
Speaker 2: of funding for the Paralympics, but it wants to get

315
00:16:38,720 --> 00:16:41,680
Speaker 2: a better gender representation at the top of these sports.

316
00:16:42,440 --> 00:16:46,520
Speaker 1: Just quickly shot in international news Israeli Prime Minister Benjamin Etanier,

317
00:16:46,600 --> 00:16:49,720
Speaker 1: who was heading to Washington to make a politically precarious

318
00:16:49,760 --> 00:16:53,480
Speaker 1: speech to the US Congress. Just as US politics is

319
00:16:53,520 --> 00:16:54,239
Speaker 1: in turmoil.

320
00:16:54,680 --> 00:16:57,280
Speaker 2: While efforts to bring about a ceasefire between Israel and

321
00:16:57,520 --> 00:17:01,600
Speaker 2: Maas are ongoing, there's rising concern about the war spreading

322
00:17:01,600 --> 00:17:05,240
Speaker 2: to Lebanon and Yemen. Joe Biden will host mister Yetnya

323
00:17:05,280 --> 00:17:08,160
Speaker 2: who at the White House and whatever he says will

324
00:17:08,200 --> 00:17:12,040
Speaker 2: be very closely watched everywhere. He is Raeli Prime Minister's

325
00:17:12,040 --> 00:17:15,560
Speaker 2: schedule to address Congress on Wednesday. Not surprisingly, he's also

326
00:17:15,720 --> 00:17:18,240
Speaker 2: now expected to meet Vice President Karmla Harris.

327
00:17:18,800 --> 00:17:20,760
Speaker 1: All right, now, Up next is the Fear and Greed

328
00:17:20,840 --> 00:17:24,120
Speaker 1: Daily interview with gorera have Sodi from Intelligent Investor.

329
00:17:24,160 --> 00:17:27,000
Speaker 2: All about Wes Farmers, which of course owns Bunnings, and

330
00:17:27,040 --> 00:17:29,360
Speaker 2: came out a bit of a deep dive into that company.

331
00:17:29,880 --> 00:17:31,879
Speaker 2: The goods and bads of it, whether it's a buy

332
00:17:32,040 --> 00:17:34,359
Speaker 2: or sell all sorts of things, well worth listen.

333
00:17:34,480 --> 00:17:38,240
Speaker 1: Yeah, particularly interesting when Gora's talking about the Ancho brand,

334
00:17:38,280 --> 00:17:41,359
Speaker 1: the success of the km Art home brand Ancho and

335
00:17:41,600 --> 00:17:44,720
Speaker 1: just how big it has become in terms of clothing

336
00:17:44,760 --> 00:17:46,720
Speaker 1: and toys and all kinds of things, and the global

337
00:17:46,760 --> 00:17:50,280
Speaker 1: expansion now that wes Farmers is planning for this kind

338
00:17:50,280 --> 00:17:53,880
Speaker 1: of humble brand that's come out of Kmart here in Australia.

339
00:17:53,920 --> 00:17:57,120
Speaker 1: It's a really interesting conversation and well worth a listen.

340
00:17:57,160 --> 00:17:59,040
Speaker 1: It is up next in the Fear and Greed playlist

341
00:17:59,280 --> 00:18:03,040
Speaker 1: on your podcast platform or at Fearangreed dot com dot au.

342
00:18:03,200 --> 00:18:06,440
Speaker 1: And don't forget the new episode of Ask Fear and Greed.

343
00:18:06,440 --> 00:18:08,800
Speaker 1: That bonus episode is about four or five minutes long,

344
00:18:09,000 --> 00:18:12,000
Speaker 1: will be out today at midday, delving into a listener question.

345
00:18:12,040 --> 00:18:14,399
Speaker 1: Don't miss that one. Thank you Sean, Thank you Michael.

346
00:18:14,760 --> 00:18:17,760
Speaker 1: It is Tuesday, the twenty third of July twenty twenty four.

347
00:18:18,000 --> 00:18:20,080
Speaker 1: Make sure you're following the podcast and please join us

348
00:18:20,119 --> 00:18:23,960
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson

349
00:18:24,000 --> 00:18:26,080
Speaker 1: and that was Fear and Greed. Have a great day