1
00:00:06,440 --> 00:00:09,480
Speaker 1: Welcome to Fear and Greed business news you can use today.

2
00:00:09,760 --> 00:00:13,240
Speaker 1: CSL shares free fall amid a major shakeup for the

3
00:00:13,240 --> 00:00:16,919
Speaker 1: healthcare giant. Unions and business clash at the Economic Roundtable

4
00:00:16,960 --> 00:00:20,320
Speaker 1: in Canberra, and consumer sentiment saws to its highest level

5
00:00:20,360 --> 00:00:25,599
Speaker 1: in three years. Plus Woolies slashes prices and Canvas Valuation

6
00:00:25,880 --> 00:00:29,240
Speaker 1: gets a redesign. It is Wednesday, the twentieth of August

7
00:00:29,240 --> 00:00:32,879
Speaker 1: twenty twenty five. I'm Michael Thompson and good morning Natalie McDonald.

8
00:00:33,080 --> 00:00:35,080
Speaker 2: Good morning, Michael, Natalie.

9
00:00:35,120 --> 00:00:38,879
Speaker 1: The main story this morning. After six consecutive days of

10
00:00:39,040 --> 00:00:42,800
Speaker 1: setting records, the local share market slumped yesterday and it

11
00:00:42,880 --> 00:00:45,479
Speaker 1: was led by a massive fall in the boss's third

12
00:00:45,680 --> 00:00:50,080
Speaker 1: largest company. Shares in CSL experienced their biggest one day

13
00:00:50,159 --> 00:00:54,560
Speaker 1: fall ever as the biotech giant announced major changes.

14
00:00:55,040 --> 00:00:57,320
Speaker 2: It's a big shakeup for CSL, which is set to

15
00:00:57,360 --> 00:01:01,160
Speaker 2: cut almost three thousand staff globally fifteen percent of its

16
00:01:01,160 --> 00:01:04,200
Speaker 2: workforce in a bid to slash costs and offset challenges

17
00:01:04,240 --> 00:01:08,600
Speaker 2: the company faces from competition and geopolitical upheaval. As part

18
00:01:08,640 --> 00:01:11,960
Speaker 2: of the restructure, CSL will spin off its influenza vaccine

19
00:01:12,000 --> 00:01:15,960
Speaker 2: business into a separate ASX listed company. This year along

20
00:01:16,000 --> 00:01:19,880
Speaker 2: with changes to its core blood plasma and iron deficiency businesses,

21
00:01:20,120 --> 00:01:22,960
Speaker 2: announcing it had closed seven percent of its blood plasma

22
00:01:23,000 --> 00:01:26,520
Speaker 2: collection centers in the US. All up, the restructure is

23
00:01:26,600 --> 00:01:29,480
Speaker 2: expected to deliver cost savings of five hundred and fifteen

24
00:01:29,480 --> 00:01:33,600
Speaker 2: million dollars annually over the next three years. This side,

25
00:01:33,800 --> 00:01:37,319
Speaker 2: CSL posted a fourteen percent increase in underlying net profit

26
00:01:37,360 --> 00:01:39,840
Speaker 2: to three point three billion US dollars for the twelve

27
00:01:39,880 --> 00:01:42,479
Speaker 2: months to June thirty from two point nine to one

28
00:01:42,520 --> 00:01:47,119
Speaker 2: billion a year earlier, but its revenue came in below expectations.

29
00:01:47,560 --> 00:01:51,600
Speaker 2: Shares tumbled almost seventeen percent, call wiping twenty two billion

30
00:01:51,640 --> 00:01:53,040
Speaker 2: dollars off its market cap.

31
00:01:53,400 --> 00:01:55,560
Speaker 1: Yeah, when you have a fall of that size from

32
00:01:55,600 --> 00:01:58,160
Speaker 1: a company of that size, it makes it very hard

33
00:01:58,440 --> 00:02:00,440
Speaker 1: for the market to have a good day, and that

34
00:02:00,560 --> 00:02:01,800
Speaker 1: was certainly the case yesterday.

35
00:02:02,400 --> 00:02:06,200
Speaker 2: Precisely, the Australian share market had its sharpest fall in

36
00:02:06,600 --> 00:02:10,160
Speaker 2: well weeks, led by healthcare stocks which punged eight point

37
00:02:10,200 --> 00:02:13,200
Speaker 2: seven percent, but with five out of the eleven sectors

38
00:02:13,240 --> 00:02:17,120
Speaker 2: traded in the red, there wasn't really too much sparkle

39
00:02:17,160 --> 00:02:19,839
Speaker 2: to be had. The local boss falling by sixty three

40
00:02:19,880 --> 00:02:23,400
Speaker 2: points or point seven percent to eight hundred and ninety

41
00:02:23,440 --> 00:02:27,079
Speaker 2: six oil and gas giant Santos, revealing a four week

42
00:02:27,160 --> 00:02:29,960
Speaker 2: delayed to a potential thirty six point four billion dollar

43
00:02:30,040 --> 00:02:34,280
Speaker 2: takeover by a consortium led by Abi Dabbi National Oil Company,

44
00:02:34,600 --> 00:02:38,160
Speaker 2: raising freshed douts about the deal. Some rare green on

45
00:02:38,200 --> 00:02:40,640
Speaker 2: screen though, coming from BHP, which we'll discuss in just

46
00:02:40,760 --> 00:02:42,960
Speaker 2: a moment, and the financials.

47
00:02:44,320 --> 00:02:46,880
Speaker 1: You really do have an issue with calling it ADNOK,

48
00:02:46,919 --> 00:02:50,720
Speaker 1: the Abu Dhabi National Oil Company. There's just this allergy,

49
00:02:50,800 --> 00:02:55,000
Speaker 1: this aversion to initialisms and acronyms that we first noticed

50
00:02:55,160 --> 00:02:57,560
Speaker 1: last week when we started working with us. It's continuing

51
00:02:57,560 --> 00:02:58,040
Speaker 1: to develop.

52
00:02:58,120 --> 00:03:01,840
Speaker 2: Right wait until we get to the woolworth story. Woolworths

53
00:03:01,880 --> 00:03:03,440
Speaker 2: always never woollies.

54
00:03:03,800 --> 00:03:07,720
Speaker 1: Oh no, it's an Australian thing to call it woolies.

55
00:03:08,720 --> 00:03:11,320
Speaker 1: I don't mean to make this a nationality thing, but

56
00:03:11,440 --> 00:03:14,760
Speaker 1: come on, are you you live here, you're pretty much Australian.

57
00:03:14,800 --> 00:03:15,880
Speaker 1: You've got to call it woolies.

58
00:03:15,919 --> 00:03:17,560
Speaker 2: One of us, one of.

59
00:03:17,840 --> 00:03:20,600
Speaker 1: Us exactly got to get to some of the other

60
00:03:20,600 --> 00:03:25,480
Speaker 1: big results yesterday because there were spoiled for results coming through.

61
00:03:26,200 --> 00:03:28,320
Speaker 1: Woodside needs a bit of a look.

62
00:03:29,000 --> 00:03:31,720
Speaker 2: Shares and Woodside fell two point eight percent after it

63
00:03:31,760 --> 00:03:35,000
Speaker 2: posted a twenty four percent drop in first half core profit.

64
00:03:35,200 --> 00:03:38,480
Speaker 2: Chief executive Meg O'Neil hit out at the Albanese government's

65
00:03:38,480 --> 00:03:42,600
Speaker 2: delays in approving an extension of the company's giant Northwest

66
00:03:42,640 --> 00:03:45,840
Speaker 2: Shelf project, saying the conditions the government wants to impose

67
00:03:45,960 --> 00:03:49,640
Speaker 2: are not technically feasible and are at odds with labour's

68
00:03:49,640 --> 00:03:54,720
Speaker 2: pushed to improve productivity and economic resilience. Challenger Bank Judo's

69
00:03:54,800 --> 00:03:58,080
Speaker 2: and Your net profit rose by twenty four percent to

70
00:03:58,320 --> 00:04:00,760
Speaker 2: eighty six point four million dollars for the year to

71
00:04:00,840 --> 00:04:04,080
Speaker 2: June thirty, driven by strong growth in loans and deposits.

72
00:04:04,360 --> 00:04:08,080
Speaker 2: The bank crediting its expansion into regional areas for the growth,

73
00:04:08,320 --> 00:04:11,280
Speaker 2: shares that point three percent at a dollar seventy six.

74
00:04:11,600 --> 00:04:13,920
Speaker 2: One thing that's interesting, though, is that while Judo Bank

75
00:04:14,080 --> 00:04:17,000
Speaker 2: is looking to lower interest rates and higher household incomes

76
00:04:17,040 --> 00:04:20,599
Speaker 2: to boost business and consumer spending, the company did also

77
00:04:20,720 --> 00:04:24,440
Speaker 2: warn of uncertainty stemming from global trade policy development.

78
00:04:25,279 --> 00:04:28,000
Speaker 1: Now you mentioned that we're going to talk about BHP.

79
00:04:28,839 --> 00:04:33,320
Speaker 1: Its share price closed up one point six percent yesterday

80
00:04:33,440 --> 00:04:35,919
Speaker 1: on news that A plans to cut spending on new.

81
00:04:35,800 --> 00:04:39,560
Speaker 2: Minds This is following a twenty six percent drop in

82
00:04:39,640 --> 00:04:43,920
Speaker 2: earnings and its smallest dividend in eight years, plus predictions

83
00:04:43,920 --> 00:04:47,440
Speaker 2: for easing iron ore prices, but the company's focus continues

84
00:04:47,480 --> 00:04:50,080
Speaker 2: to be a shift towards copper, with copper now making

85
00:04:50,200 --> 00:04:52,480
Speaker 2: up forty five percent of the group's earnings.

86
00:04:52,680 --> 00:04:54,840
Speaker 1: Yeah, that is significant for a company that has been

87
00:04:54,839 --> 00:04:57,200
Speaker 1: built on iron ore for so long to now be

88
00:04:57,240 --> 00:05:00,039
Speaker 1: shifting so much into copper. It is a major ma

89
00:05:00,240 --> 00:05:02,840
Speaker 1: transformation of the company. And while we're on the topic

90
00:05:02,880 --> 00:05:05,200
Speaker 1: of BHP, it's worth seeking around after the show as

91
00:05:05,240 --> 00:05:06,880
Speaker 1: part of our Fear and Greed Q and A. We

92
00:05:06,920 --> 00:05:10,280
Speaker 1: are speaking today with Vendita Pant who is the CFO

93
00:05:10,400 --> 00:05:14,120
Speaker 1: of BHP, and it's just a really interesting insight into

94
00:05:14,200 --> 00:05:17,640
Speaker 1: where that company is heading. Now. While we are talking results,

95
00:05:18,040 --> 00:05:21,719
Speaker 1: Natalie Ubs has come out with a warning that several

96
00:05:21,800 --> 00:05:27,040
Speaker 1: ASX blue chips could face reporting seasoned selloffs as kind

97
00:05:27,080 --> 00:05:31,080
Speaker 1: of stretched valuations start to clash with weaker earnings growth.

98
00:05:31,560 --> 00:05:34,280
Speaker 2: And what's the holding up Comnwealth Bank as the poster

99
00:05:34,400 --> 00:05:36,880
Speaker 2: child for this. Shares hit one hundred and ninety two

100
00:05:36,920 --> 00:05:40,560
Speaker 2: dollars in June before sliding five percent despite the company

101
00:05:40,560 --> 00:05:43,640
Speaker 2: posting a record ten point two five billion dollar profit,

102
00:05:43,960 --> 00:05:47,080
Speaker 2: the clincher being the results lacked the growth investors were after.

103
00:05:47,640 --> 00:05:51,560
Speaker 2: Jbhi FI and SGH holdings have also fallen as results

104
00:05:51,600 --> 00:05:55,400
Speaker 2: failed to match the hype. Other companies flagged as vulnerable

105
00:05:55,520 --> 00:05:59,440
Speaker 2: include NAB and SIEG, which I will recognize did actually

106
00:05:59,440 --> 00:06:03,440
Speaker 2: finish the day hired, but Lottery Court, Corporate Travel, nib

107
00:06:03,680 --> 00:06:06,960
Speaker 2: TPG and West Farmers also, as I say, in that

108
00:06:07,120 --> 00:06:12,280
Speaker 2: vulnerable category. In contrast, momentum is favoring the likes of Brambles,

109
00:06:12,360 --> 00:06:16,000
Speaker 2: zero Zip and Hub twenty four. According to bs fun

110
00:06:16,040 --> 00:06:19,520
Speaker 2: that I just say that it reflects a broader valuation rotation,

111
00:06:19,680 --> 00:06:24,800
Speaker 2: money flowing out of overpriced defensives into cheaper growth plays.

112
00:06:24,920 --> 00:06:28,960
Speaker 1: It's been a very numbers heavy start to the show, Natalie,

113
00:06:28,960 --> 00:06:32,120
Speaker 1: which means it's the perfect time to do business by numbers.

114
00:06:32,160 --> 00:06:34,880
Speaker 1: This is the top three numbers to know for the week,

115
00:06:34,920 --> 00:06:37,720
Speaker 1: brought to you by Zero. Find it at zero dot

116
00:06:37,760 --> 00:06:40,400
Speaker 1: com at slash au. Our first number this week is

117
00:06:40,440 --> 00:06:42,440
Speaker 1: seventeen percent. We just talked about it. That is the

118
00:06:42,480 --> 00:06:45,880
Speaker 1: fall in CSL share price yesterday, the company's biggest one

119
00:06:46,000 --> 00:06:49,159
Speaker 1: day slump ever. Our second number, I like this one

120
00:06:49,400 --> 00:06:52,240
Speaker 1: is twenty four. That is the number of attendees at

121
00:06:52,240 --> 00:06:55,320
Speaker 1: the Productivity round Table in Canberra, which I've got a

122
00:06:55,320 --> 00:06:59,520
Speaker 1: fairly kind of heavy burden to transform Australia and save

123
00:06:59,600 --> 00:07:03,159
Speaker 1: us from our productivity crisis. And our third number is

124
00:07:03,200 --> 00:07:07,320
Speaker 1: one hundred and ten dollars, which is how much households

125
00:07:07,320 --> 00:07:12,080
Speaker 1: stand to save after Woolly's later salvo in the supermarket

126
00:07:12,120 --> 00:07:13,840
Speaker 1: price war was We'll get to that one a little

127
00:07:13,840 --> 00:07:16,680
Speaker 1: bit later on. They are the three numbers to know

128
00:07:16,760 --> 00:07:18,360
Speaker 1: for the week, brought to you by zero. Will take

129
00:07:18,400 --> 00:07:19,960
Speaker 1: a quick break back in a moment with the rest

130
00:07:20,000 --> 00:07:31,160
Speaker 1: of the day's business news. Natalie, it is fifty calf's

131
00:07:31,160 --> 00:07:34,480
Speaker 1: on day one of the Economic Roundtable, after union leaders

132
00:07:34,720 --> 00:07:38,320
Speaker 1: pushed for a new tax on businesses to fund worker training,

133
00:07:39,080 --> 00:07:42,480
Speaker 1: with one employer labeling the proposal and I do apologize

134
00:07:42,480 --> 00:07:44,480
Speaker 1: for this if there are children in the car a

135
00:07:44,560 --> 00:07:45,200
Speaker 1: croc of shit.

136
00:07:46,080 --> 00:07:48,320
Speaker 2: I'm really pleased I put that in your scripting so

137
00:07:48,360 --> 00:07:50,920
Speaker 2: that I didn't have to say it. But yes, Michael,

138
00:07:50,960 --> 00:07:54,720
Speaker 2: you're right. Well, there was agreement on cutting nuisance tariffs,

139
00:07:54,920 --> 00:07:58,880
Speaker 2: bet at industry training coordination and improve career guidance. Employer

140
00:07:58,880 --> 00:08:03,680
Speaker 2: groups rejected a levy calling it ineffective. Instead, Business Council

141
00:08:03,720 --> 00:08:07,960
Speaker 2: of Australia CEO Broan Black and Australian industry groups in

142
00:08:08,000 --> 00:08:11,720
Speaker 2: As Willix said government funded incentives, not extra taxes, and

143
00:08:11,800 --> 00:08:15,120
Speaker 2: needed to support apprenticeships. Willix saying they tried to do

144
00:08:15,160 --> 00:08:17,800
Speaker 2: this in the nineteen nineties and it didn't work. The

145
00:08:17,800 --> 00:08:20,920
Speaker 2: Productivity Commission also did work on this and they said

146
00:08:21,040 --> 00:08:23,880
Speaker 2: it didn't work. Nobody saw where the money went.

147
00:08:24,800 --> 00:08:27,920
Speaker 1: And it was Innus Willis who had that line about

148
00:08:28,480 --> 00:08:30,680
Speaker 1: the very colorful description of what he thought of that.

149
00:08:30,760 --> 00:08:34,360
Speaker 2: It was just I wasn't going to out him, but okay, well.

150
00:08:34,480 --> 00:08:37,560
Speaker 1: I'm doing it for Bran Black, who who on occasion

151
00:08:37,600 --> 00:08:39,600
Speaker 1: listens to fear and greed, and I didn't want him

152
00:08:39,640 --> 00:08:41,480
Speaker 1: to think that we had kind of suggested that it

153
00:08:41,520 --> 00:08:44,000
Speaker 1: was him who had said that. So I'm just all

154
00:08:44,040 --> 00:08:47,760
Speaker 1: in the interest of accuracy, Natalie. Now, while we're on

155
00:08:47,760 --> 00:08:50,400
Speaker 1: the topic of the round table, Prime Minister Anthony Albernezi

156
00:08:50,440 --> 00:08:53,680
Speaker 1: has told attendees that ideas presented to the summit could

157
00:08:53,679 --> 00:08:56,520
Speaker 1: be taken to Cabinet within days of the talks wrapping up,

158
00:08:56,679 --> 00:08:58,760
Speaker 1: saying this is a quote, there'll be things we can

159
00:08:58,800 --> 00:09:01,800
Speaker 1: do immediately we know, as.

160
00:09:01,640 --> 00:09:04,080
Speaker 2: I mentioned that there's been discussion on so called nuisance

161
00:09:04,160 --> 00:09:08,200
Speaker 2: tariffs and agreement about recognizing migrant skills and qualifications and

162
00:09:08,240 --> 00:09:11,600
Speaker 2: the introduction of a road user charge, although Finance Minister

163
00:09:11,679 --> 00:09:15,240
Speaker 2: Katie Gallaher has said more discussion is needed. If we

164
00:09:15,240 --> 00:09:17,319
Speaker 2: look ahead today two this is going to be all

165
00:09:17,320 --> 00:09:21,760
Speaker 2: about productivity, focusing in on regulation, competition and AI and innovation,

166
00:09:22,120 --> 00:09:24,840
Speaker 2: with attendees to include ah triable C's Rod Simms and

167
00:09:24,880 --> 00:09:29,600
Speaker 2: BHP Australia President Geraldine Slattery. But certainly interesting to note

168
00:09:29,640 --> 00:09:34,600
Speaker 2: this idea of we could actually see something new happen

169
00:09:34,960 --> 00:09:35,680
Speaker 2: immediately off the.

170
00:09:35,679 --> 00:09:40,200
Speaker 1: Back of this, relatively quickly, which I think is quite exciting. Now,

171
00:09:40,360 --> 00:09:43,160
Speaker 1: how about a bit of good news. Australian consumer sentiment

172
00:09:43,240 --> 00:09:47,040
Speaker 1: has surged to its highest level in over three years,

173
00:09:47,080 --> 00:09:49,400
Speaker 1: lifted by a series of right cuts we've had three

174
00:09:49,440 --> 00:09:51,920
Speaker 1: of them now and easing cost of living pressures.

175
00:09:52,400 --> 00:09:55,840
Speaker 2: The Westpac Melbourne Institute survey showed the main Consumer Sentiment

176
00:09:55,880 --> 00:09:58,840
Speaker 2: Index JUNT five point seven percent to ninety eight point

177
00:09:58,920 --> 00:10:02,360
Speaker 2: five percent, its highest level since early twenty twenty two.

178
00:10:03,240 --> 00:10:05,959
Speaker 2: Now note ninety eight point five very very close to

179
00:10:06,000 --> 00:10:09,439
Speaker 2: one hundred now, While readings below one hundred do still

180
00:10:09,480 --> 00:10:13,800
Speaker 2: reflect more pessimists and optimists. The improvement suggests households are

181
00:10:13,800 --> 00:10:17,960
Speaker 2: feeling more positive about finances and the economy. Drilling down

182
00:10:18,000 --> 00:10:21,600
Speaker 2: into the why, gains were broad based, benefiting both mortgage

183
00:10:21,640 --> 00:10:25,560
Speaker 2: holders and renters. As falling interest rates eased mortgage stress

184
00:10:25,760 --> 00:10:30,839
Speaker 2: and tariff related uncertainty, households reported less anxiety about finances

185
00:10:30,880 --> 00:10:33,800
Speaker 2: and greater confidence in the economy over the next year.

186
00:10:34,280 --> 00:10:37,640
Speaker 2: Westpac forecast the Reserve Bank will maintain current rates at

187
00:10:37,640 --> 00:10:41,280
Speaker 2: its September meeting before a potential twenty five basis point

188
00:10:41,280 --> 00:10:42,360
Speaker 2: cut in November.

189
00:10:43,200 --> 00:10:44,960
Speaker 1: Now we've mentioned this next one a couple of times.

190
00:10:45,080 --> 00:10:47,280
Speaker 1: Natalie Wooley's or Woolworths as you like to say, is

191
00:10:47,280 --> 00:10:50,840
Speaker 1: stepping up the supermarket price war, expanding its lowest shelf

192
00:10:50,920 --> 00:10:53,840
Speaker 1: Price campaign to nearly seven hundred grossery items.

193
00:10:54,160 --> 00:10:57,120
Speaker 2: The move comes as household's face cost of living pressures

194
00:10:57,160 --> 00:11:00,760
Speaker 2: and as Coals and Aldi sharpen their own discount strategies.

195
00:11:01,080 --> 00:11:04,040
Speaker 2: Bulworth's say shoppers have saved about fifty million dollars since

196
00:11:04,080 --> 00:11:07,120
Speaker 2: the program began in May, and the latest cuts could

197
00:11:07,120 --> 00:11:09,559
Speaker 2: shave as much as one hundred and ten dollars off

198
00:11:09,600 --> 00:11:12,840
Speaker 2: a family's weekly shop, with items on the list ranging

199
00:11:12,880 --> 00:11:16,720
Speaker 2: from rice, pasta, saurce to musley and baby wipes. It's

200
00:11:16,720 --> 00:11:19,600
Speaker 2: the latest move in a fierce contest with Coles and Aldi,

201
00:11:19,760 --> 00:11:23,000
Speaker 2: as all three chains battle for cost conscious shoppers under

202
00:11:23,040 --> 00:11:27,079
Speaker 2: mounting political and consumer pressure. Bulworths and Coals are due

203
00:11:27,080 --> 00:11:29,760
Speaker 2: to report full year results next week. It'll be interesting

204
00:11:29,800 --> 00:11:33,840
Speaker 2: to see whether aggressive discounting boost customer loyalty or cuts

205
00:11:33,880 --> 00:11:37,400
Speaker 2: into margins. I feel like I know the answer.

206
00:11:37,720 --> 00:11:43,040
Speaker 1: Now this next one. Australian tech dialing Canvas valuation has

207
00:11:43,080 --> 00:11:46,720
Speaker 1: been given a multi billion dollar lift after venture capital

208
00:11:46,760 --> 00:11:51,079
Speaker 1: firm Blackbird revalued its stake in the company Following the

209
00:11:51,120 --> 00:11:56,040
Speaker 1: blockbuster IPO in the US of Canvas rival Figma.

210
00:11:56,720 --> 00:11:59,760
Speaker 2: Blackbird told investors it has marked up Canvas worth by

211
00:11:59,760 --> 00:12:02,040
Speaker 2: four twoteen and a half percent on its June figure,

212
00:12:02,160 --> 00:12:05,520
Speaker 2: adding about seven point one billion dollars. That takes the

213
00:12:05,559 --> 00:12:09,559
Speaker 2: design platform's implied valuation to sixty four point six billion

214
00:12:09,760 --> 00:12:14,200
Speaker 2: Australian dollars, up from forty nine billion last October. The decision,

215
00:12:14,200 --> 00:12:17,480
Speaker 2: as you say, was prompted by Figma's Nasdak debut earlier

216
00:12:17,480 --> 00:12:21,000
Speaker 2: this month, where shares soared from thirty three US dollars

217
00:12:21,160 --> 00:12:23,920
Speaker 2: to one hundred and fifteen, more than doubling its market

218
00:12:24,000 --> 00:12:27,480
Speaker 2: value to thirty eight billion US dollars. Blackbirds saying the

219
00:12:27,559 --> 00:12:31,840
Speaker 2: rally justified a reassessment of Canva, although don't get excited.

220
00:12:31,960 --> 00:12:35,760
Speaker 2: This shouldn't set a precedent for regular reevaluations, Blackbird has said.

221
00:12:36,280 --> 00:12:40,120
Speaker 2: Founded in twenty thirteen, Canva has long been touted as

222
00:12:40,120 --> 00:12:43,240
Speaker 2: an IPO target, but insiders have been quick to reaffirm

223
00:12:43,280 --> 00:12:45,559
Speaker 2: at the Unicorn, it's going to do things in its

224
00:12:45,559 --> 00:12:46,880
Speaker 2: own time, okay.

225
00:12:46,960 --> 00:12:50,400
Speaker 1: Turning to international news now in Ukrainian President Vladimir Zelenski

226
00:12:50,440 --> 00:12:52,840
Speaker 1: says he is ready for a face to face meeting

227
00:12:52,920 --> 00:12:57,480
Speaker 1: with Russian leader Vladimir Putin following a trilateral summit with

228
00:12:57,640 --> 00:13:00,480
Speaker 1: US President Donald Trump, So there's a few meetings to come.

229
00:13:00,840 --> 00:13:03,600
Speaker 1: This follows talks at the White House with Trump and

230
00:13:03,720 --> 00:13:04,720
Speaker 1: European leaders.

231
00:13:05,200 --> 00:13:10,439
Speaker 2: The discussions focused on security guarantees for Ukraine, possible territorial arrangements,

232
00:13:10,480 --> 00:13:13,640
Speaker 2: and steps to end the nearly four year conflict, with

233
00:13:13,720 --> 00:13:18,760
Speaker 2: Trump signaling US involvement alongside European nations. Trump was caught

234
00:13:18,800 --> 00:13:21,680
Speaker 2: on a hot mic telling French President Emmanuel mccron that

235
00:13:21,920 --> 00:13:25,000
Speaker 2: he believes Russian President Vladimir Putin wants to reach a

236
00:13:25,040 --> 00:13:28,680
Speaker 2: deal over Ukraine, in fact interrupting talks to cor Putin,

237
00:13:28,880 --> 00:13:32,520
Speaker 2: who agreed to a direct meeting with Zelenski within two weeks.

238
00:13:32,760 --> 00:13:36,160
Speaker 1: And finally, Novo Nordisk is slashing the US price of

239
00:13:36,280 --> 00:13:39,800
Speaker 1: a zempic, the diabetes drug which is used for weight loss,

240
00:13:39,800 --> 00:13:44,040
Speaker 1: cutting the monthly cost in half for patients who pay cash.

241
00:13:44,080 --> 00:13:45,360
Speaker 1: Now this is in the US.

242
00:13:45,280 --> 00:13:49,079
Speaker 2: Though, Yes, the diabetes med will sell for four hundred

243
00:13:49,120 --> 00:13:52,760
Speaker 2: and ninety nine US dollars through Novo's own pharmacy and

244
00:13:52,840 --> 00:13:56,760
Speaker 2: a new partnership with Gooderx Holdings. We go v its

245
00:13:56,840 --> 00:13:59,560
Speaker 2: sister weight loss drug, will also be offered at a

246
00:13:59,600 --> 00:14:03,520
Speaker 2: reduced price. The move follows years of political heat over

247
00:14:03,640 --> 00:14:07,280
Speaker 2: America's high drug costs. Both the Biden and Trump administration's

248
00:14:07,360 --> 00:14:10,439
Speaker 2: push Novo to act, although the company insists it has

249
00:14:10,600 --> 00:14:14,480
Speaker 2: not caved to political pressure. Instead, Novo Nordisk says the

250
00:14:14,679 --> 00:14:18,520
Speaker 2: goal is to give uninsured patients a safer, affordable option

251
00:14:18,920 --> 00:14:22,880
Speaker 2: in response to a spate of copycats flooding the market. Interestingly,

252
00:14:22,920 --> 00:14:26,720
Speaker 2: the decision comes just days after rival Eli Lilly raised

253
00:14:26,840 --> 00:14:29,760
Speaker 2: UK prices for its own obesity shot all right.

254
00:14:29,840 --> 00:14:31,960
Speaker 1: Up next is Fear and grad Q and A featuring

255
00:14:32,040 --> 00:14:35,920
Speaker 1: Vendita pant CFO at BHP speaking to us courtesy of

256
00:14:35,920 --> 00:14:38,880
Speaker 1: our friends at Osby's, Australia's leading provider of live and

257
00:14:38,920 --> 00:14:41,800
Speaker 1: on demand video the latest news in Australian business, markets,

258
00:14:41,800 --> 00:14:44,240
Speaker 1: economy and startups. Sign up for free at Osby's dot

259
00:14:44,240 --> 00:14:47,120
Speaker 1: com dot AU. Thank you very much, Natalie, Thank you Michael.

260
00:14:47,440 --> 00:14:50,280
Speaker 1: It is Wednesday, the twentieth of August twenty twenty five.

261
00:14:50,320 --> 00:14:52,400
Speaker 1: Make sure you're following the podcast and please join us

262
00:14:52,400 --> 00:14:55,680
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook and head

263
00:14:55,680 --> 00:14:57,080
Speaker 1: along to Fear and Greed dot com dot A. You

264
00:14:57,120 --> 00:14:59,160
Speaker 1: and sign up for our free daily newsletter. Are Market

265
00:14:59,240 --> 00:15:01,360
Speaker 1: Thomson and that was are in great. Have a gread day.