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Speaker 1: Today on Fear and Greed, a surprise jump in the

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Speaker 1: number of jobs won't be enough to stop an interest

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Speaker 1: rate cut. Next week, Prime Minister Anthony Abernezi makes his

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Speaker 1: first trip overseas after the election, while the Greens decide

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Speaker 1: on a new leader. Plus, sales of plug in hybrid

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Speaker 1: cars tumble, and the chair of Tesla makes a fortune

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Speaker 1: selling as shares in the ev maker. Welcome to Fear

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Speaker 1: and Greed, daily business news for people who make their

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Speaker 1: own decisions. It is Friday, the sixteenth of May twenty

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Speaker 1: twenty five. I'm Michael Thompson and good morning, Sean. Saw

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Speaker 1: legs Alma.

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Speaker 2: Oh, it's not the legs that saw Michael. It's not

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Speaker 2: the legs, but we won't go there.

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Speaker 1: It's just slightly north of the legs, isn't That's right?

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Speaker 1: Slightly north, so Sean, where you are right now? Joining

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Speaker 1: me from Koba in West.

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Speaker 2: Fantastic motel in Koba. We rode from Burke to Koba

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Speaker 2: yesterday about one hundred and where we read about one

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Speaker 2: hundred and thirty five kilometers. Adam Lang and myself and

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Speaker 2: ninety eight friends. Fantastic fun, amazing achievement. We feel very

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Speaker 2: good about ourselves that we did it, but none of

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Speaker 2: us can walk this morning, and we've got to do

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Speaker 2: it again today.

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Speaker 1: That's what I was going to say, that you are

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Speaker 1: only a third of the way through. This is the

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Speaker 1: ride for Country Kids that you're doing. You're raising money

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Speaker 1: for Royal far West, a fantastic charity helping kids in

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Speaker 1: regional and rural areas to have the best opportunities in life.

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Speaker 1: If you're able to donate, please do so. You can

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Speaker 1: head along to the link in today's show notes. And

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Speaker 1: well done on day one.

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Speaker 2: Thank you, And I must say yesterday we got more donations.

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Speaker 2: And you know when you stop and I check my

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Speaker 2: phone and see these donations come in, it is quite

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Speaker 2: amazing how they affect you because you think, wow, these

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Speaker 2: people are really supporting what we're doing for these kids.

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Speaker 2: And of course we're meeting lots of kids along the

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Speaker 2: way at Burke and Koba, and it's just remarkable generosity

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Speaker 2: from our listeners.

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Speaker 1: Yeah, our listeners have been fantastically generous. So thank you

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Speaker 1: for doing that. Now, Sean, we must get on with

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Speaker 1: the show because there is still a show to do

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Speaker 1: the story this morning. Employment surged in April by eighty

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Speaker 1: nine thousand. It's more than four times what economists had expected.

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Speaker 1: But despite the jump, the unemployment rate actually held steady

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Speaker 1: at four point one percent.

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Speaker 2: So that can mean only one thing, and that's a

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Speaker 2: participation rate jumped to sixty seven point one percent according

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Speaker 2: to the latest data from the Australian Bureau of Statistics.

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Speaker 2: We have a hot labor market, no doubt about it.

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Speaker 2: The best way to look at it is not necessarily

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Speaker 2: the monthly figures, because in fact, the last couple of

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Speaker 2: months haven't been quite as good. And then that's February,

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Speaker 2: March weren't so good. April was great. So if you

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Speaker 2: look through and think, okay, over the last twelve months,

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Speaker 2: how's employment market been going, it's up two point seven

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Speaker 2: percent now the population growth rates about two point one percent,

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Speaker 2: so that means there are more jobs being created than

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Speaker 2: new people in the economy. So broadly, if you want

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Speaker 2: a job, you can find at the moment. Now. It

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Speaker 2: may not be exactly what you want to do, and

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Speaker 2: I'm you know, I rush to say there are many

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Speaker 2: people out there who find that difficult, which is fair enough,

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Speaker 2: but broadly you can find a job out there. In fact,

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Speaker 2: the employment to population ratio which is actually sort of

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Speaker 2: the number of jobs to the total number of people

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Speaker 2: in Australia sixty four point four percent and all time high.

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Speaker 2: It is a cracking labor market. I mean that supply

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Speaker 2: side staff, a participation rate that is close to a history.

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Speaker 2: In fact, I think the participation rate is a historical high.

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Speaker 2: It just is a market that keeps giving.

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Speaker 1: That was though a bit of a surprise that result yesterday.

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Speaker 1: I mean, what did I say? It was more than

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Speaker 1: four times what economists were expecting. What does that mean

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Speaker 1: then for interest rates when the Reserve Bank Board meets

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Speaker 1: next week, because that's really the big question here. This

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Speaker 1: is all just feeding into the big kind of Monday

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Speaker 1: Tuesday of next week.

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Speaker 2: Yes, so in other environment you would probably think that

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Speaker 2: the Reserve Bank might take paws on these numbers because

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Speaker 2: the labor market is so strong. But what we're seeing,

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Speaker 2: and we saw this on in Wednesday's wages figures, wages

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Speaker 2: are still in control. So when wages are still in control, employment,

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Speaker 2: I'm sorry, inflation is definitely ticking down. Even the strong

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Speaker 2: labor market won't stop the Reserve Bank from cutting interest rates. Now,

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Speaker 2: the financial markets, a bond market has fact in a

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Speaker 2: ninety two percent chance of rate relief on May twenty,

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Speaker 2: next week. So I reckon it's on, Michael.

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Speaker 1: It does sound pretty likely, doesn't I sewan local markets

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Speaker 1: while you were out there pedaling away. What happened on

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Speaker 1: the ASX two hundred.

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Speaker 2: Well it was up slightly yesterday's zero point two percent

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Speaker 2: to finish at eighty two ninety eight points. That's seven

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Speaker 2: straight days of games. Technology stocks led the way again,

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Speaker 2: that's been a couple of days of that. I see

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Speaker 2: Globe built up nearly two percent. Accounting Software Group zero

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Speaker 2: jumped five percent after reporting a thirty percent rising profit.

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Speaker 2: Commonwealth Bank though, where does it stop? I mean yesterday

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Speaker 2: we're talking about these bank stocks and was there any

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Speaker 2: growth in them? Well, there certainly is in Commonwealth Bank

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Speaker 2: up one point three percent yesterday to a new high

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Speaker 2: of just under one hundred and seventy dollars a share,

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Speaker 2: quite incredible. At the other end of the spectrum, Treasury

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Speaker 2: Winer States, owner of Penfolds. It fell more than five

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Speaker 2: percent after announcing CEO Tim Ford is stepping down late

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Speaker 2: this year. He's been in the job five years and

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Speaker 2: has quite had quite the role. Given that we I

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Speaker 2: mean he had to deal with the tariffs from China

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Speaker 2: stopping the exports of penfolds to that country. So he'll

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Speaker 2: be replaced by a guy called Sam Fisher, well known

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Speaker 2: in the industry as a boss of line.

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Speaker 1: All right, there is a bit going on, Sean, but look,

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Speaker 1: the daily newsletter continues unabated even when you are kind

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Speaker 1: of peddling your way throughout New South Wales. And I'll

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Speaker 1: tell you what. At the moment, we've got some great

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Speaker 1: photos in the Fear and Greed Daily News that of

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Speaker 1: you and Adam out there on the road. And if

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Speaker 1: you haven't signed up for the news that you can

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Speaker 1: get it at Fearangreed dot com dot au and I'll

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Speaker 1: put a link in today's show notes. The beauty of

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Speaker 1: it is it is in your inbox every weekday before

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Speaker 1: six o'clock in the morning. And as you say, Sean,

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Speaker 1: it's basically just a cheat sheet, isn't it for the day?

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Speaker 2: Cheap cheat? You read that you're probably one step ahead

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Speaker 2: of your neighbor at work.

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Speaker 1: Yeah, I love that, all right, much still to get through.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news, Sean. Prime Minister Anthony Albanezi is

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Speaker 1: in Indonesia at the moment, where he met with the

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Speaker 1: country's president and declared and I quote, no relationship is

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Speaker 1: more important to Australia than this one, which is an

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Speaker 1: interesting message to send at the moment, isn't it?

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Speaker 2: It is because the last few Prime ministers made their

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Speaker 2: first overseas trip to Indonesia very important trading partner and

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Speaker 2: friend of Australia. The ship got off to a good

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Speaker 2: start when the Indonesian President Proboo Subianto paid an unofficial

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Speaker 2: visit to the Prime Minister's hotel on Wednesday night. The

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Speaker 2: pair greeted each other in the lobby, then held brief

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Speaker 2: talks before the official bilateral meetings started yesterday. Anthony Albneazi

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Speaker 2: announced Australia will support Indonesia's bid to join the OECD

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Speaker 2: in the Trans Pacific Partnership trade Deal, in a significant

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Speaker 2: boost for Ossie INDO relations. He went on to say

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Speaker 2: that the re elected Labor government would help the President's

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Speaker 2: plans to play a bigger role in the global economy

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Speaker 2: through joining the two key economic organizations. This is the

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Speaker 2: first overseas trip for the Prime Minister since winning the election.

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Speaker 2: Of course, and it certainly sends a good message to

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Speaker 2: our friends in Indonesia.

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Speaker 1: Indeed it does Meanwhile, though, back at home, where we

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Speaker 1: obviously had the Liberals find a new leader earlier in

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Speaker 1: the week, now the Greens have a new leader as well.

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Speaker 2: They do Senator to Result Waters has been elected to

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Speaker 2: lead the party after longtime leader Adam Bant lost his

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Speaker 2: seat of Melbourne in the recent federal election. Adam Bandt

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Speaker 2: led the party for five years until he's somewhat unexpected

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Speaker 2: defeat to his labor appartment. The party lost three Lower

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Speaker 2: House seats, leaving only one Green's MP in the House

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Speaker 2: of Reps. That's Elizabeth Watson Brown. She holds the Brisbane

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Speaker 2: seat of Ryan. There are still eleven Greens senator representing

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Speaker 2: the party in the Upper House, where they'll hold the

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Speaker 2: balance of power.

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Speaker 1: Sean car sales fell by seven percent last month, with

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Speaker 1: plug in hybrid sales tumbling following the removal of a

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Speaker 1: fringe Benefits tax exemption for these models.

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Speaker 2: It's a great example of how government policy can drive

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Speaker 2: sales and revenue for certain industries. The FBT exemption ended

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Speaker 2: in March and plugins went from nearly five percent of

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Speaker 2: sales in that month to less than three percent. In April.

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Speaker 2: Across the board, sales were down seven percent on last year.

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Speaker 2: Toyota Highlux led the way, followed by the Ford Ranger

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Speaker 2: Toyota RAV four and then the Ford Everest. Toyota sold

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Speaker 2: nineteen thousand, three hundred cars last month. The next three

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Speaker 2: Ford Mastering Keya combined sold twenty thousand, so almost the

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Speaker 2: same amount.

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Speaker 1: Yeah, and now this is an interesting one. In recent

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Speaker 1: years there's been a rush of companies either dual listing

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Speaker 1: on the ASEX and overseas or just shifting offshore entirely.

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Speaker 1: The ASX has just released figures that show that the

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Speaker 1: number of locally held shares in Australian companies that have

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Speaker 1: switched their primary listing to an overseas exchange has more

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Speaker 1: than halved and are still falling.

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Speaker 2: Very interesting. It adds to concerns that the local share

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Speaker 2: market isn't big enough for the local financial sector, which

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Speaker 2: is based on investing by the massive superannuation funds. The

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Speaker 2: ASEX figures show that the number of local shares in Newmont,

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Speaker 2: for example, which merged with Australia's biggest goal produced in

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Speaker 2: Newcrest Mining in late twenty twenty three now make up

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Speaker 2: just eleven point seven percent of that register, so Aussie's

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Speaker 2: in Newmont just eleven point seven percent of the register

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Speaker 2: they had accounted when the two companies merged for thirty

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Speaker 2: one percent. Packaging giant MCRE is another example. It shifted

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Speaker 2: its primary listening to the New York Stock Exchange in

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Speaker 2: twenty nineteen after acquiring a US business. Last week it's

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Speaker 2: settled on another large US business and a share transaction.

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Speaker 2: It means that locally listed chairs as a proportion of

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Speaker 2: title votes in MCORE has gone from one hundred percent

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Speaker 2: in twenty nineteen to just forty percent today. Other companies

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Speaker 2: to shift off the local bourse and make US or

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Speaker 2: make the local ASX their secondary list include Alumina, ALCN

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Speaker 2: and after Pay. James Hardy, of course, is currently in

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Speaker 2: the process of doing so.

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Speaker 1: There's a bit of corporate news around yesterday, Sean, probably

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Speaker 1: the most, I don't want to judge, but one of

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Speaker 1: the more interesting ones was probably this from Insurance Australia

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Speaker 1: Group expanding its WA business and buying the insurance of

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Speaker 1: the Royal Automobile Club of Western Australia.

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Speaker 2: He AG's the biggest general insurer in the country. It's

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Speaker 2: the company behind brands like an RMA and CGU and

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Speaker 2: ensures everything from cars, to homes, to businesses and farms,

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Speaker 2: all sorts of things. It's one an auction to buy

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Speaker 2: the insurance business of the one hundred and nineteen year

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Speaker 2: old Royal Automobile Club of Western Australia. It's a one

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Speaker 2: point three to five billion dollar deal that adds about

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Speaker 2: one point five billion dollars in insurance premiums to IAG

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Speaker 2: and includes to right to use the brand for twenty years.

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Speaker 2: IAG share price rose twenty percent. I'm sorry, I'll say

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Speaker 2: that again, Michael, twenty percent. I love that they rose

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Speaker 2: five percent on news of the deal.

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Speaker 1: That's still pretty good. It is not quite as good

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Speaker 1: as twenty percent. Let's turn to international news now Sean.

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Speaker 1: US President Donald Trump has met with the leader of

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Speaker 1: Katar on the second stop of his Middle East tour,

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Speaker 1: signing agreements that the White House claim would generate this

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Speaker 1: is a quote generate an economic exchange worth at least

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Speaker 1: one point two trillion dollars.

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Speaker 2: Well, you can't say he understates stuff.

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Speaker 1: Certainly kind of go for the highest possible value they

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Speaker 1: can find here.

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Speaker 2: Yes, I mean the deals themselves are worth about two

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Speaker 2: hundred and forty four billion dollars, which is what a

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Speaker 2: quarter or a fifth of That didn't include the controversial

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Speaker 2: plan for Qatar to donate a luxury seven four to

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Speaker 2: seven for the president to use as a new air

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Speaker 2: Force one, but the White House did announce that Guitar

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Speaker 2: Airways had signed a ninety six billion US dollar plan

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Speaker 2: to buy as many as two hundred and ten Boeing seven,

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Speaker 2: eight seven Dreamliners and Triple seven X aircraft. Agreements were

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Speaker 2: also signed on defense, with Guitar buying both drones and

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Speaker 2: counter drone systems from the US. Next up, Donald Trump

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Speaker 2: is visiting the UAE, where talks will focus on the

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Speaker 2: golf state's goal of becoming a semiconductor powerhouse.

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Speaker 1: Sean, how about this one? Tesla chair Robin Denholm has

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Speaker 1: cashed in nearly two hundred million US dollars worth of

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Speaker 1: shares over the past six months, capitalizing on stock options

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Speaker 1: earned as a director, despite CEO Elon Musk actually urging employees,

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Speaker 1: and he did this in a call with all employees

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Speaker 1: to hang on to your stock.

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Speaker 2: Yes, the Australian born Denholme bought more than one hundred

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Speaker 2: and twelve thousand shares last week for just two twenty

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Speaker 2: four dollars seventy three each. It's US the strike price

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Speaker 2: under her options package, then sold them the same day

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Speaker 2: for two hundred and seventy five dollars. Apiece bought them

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Speaker 2: for twenty five bucks sold them for two hundred and

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Speaker 2: seventy five bucks. She also sold multiple parcels of stock

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Speaker 2: this year, bringing her total profit to around five hundred

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Speaker 2: and thirty million US dollars. What's that eight fifty Oussie,

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Speaker 2: pushing her estimated wealth pasty one billion dollar mark. It

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Speaker 2: comes at a turbulent time for Tesla. The stock plunged

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Speaker 2: to as low as two hundred and twenty one dollars

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Speaker 2: eighty six last month, down more than thirty percent since January,

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Speaker 2: and that was on the back of Tesla's sales slumping

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Speaker 2: amid a backlash against Elon Musk's involvement in US politics.

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Speaker 1: One last one, John, I think this is quite interesting

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Speaker 1: this Starbucks plans to spend more on baristas while putting

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Speaker 1: the expansion of a three year old cafe technology system

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Speaker 1: on ice. Basically, it's emphasizing labor over gadgets a way

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Speaker 1: to bring customers back to stores novel this novel.

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Speaker 2: The US based coffee house recently reported a fifty percent

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Speaker 2: fall in net income for the March quarter. Under relatively

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Speaker 2: new chief executive Brian Nickel, Starbucks has sought to reverse

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Speaker 2: a sales slump that's persisted for more than a year

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Speaker 2: by reducing customer weight times. Oh that's interesting. People make

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Speaker 2: customers weight less. That might work, simplifying menus fair enough.

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Speaker 2: Anyone that's been to a Starbucks and got caught behind

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Speaker 2: someone who has this ridiculous order, we understand your pain.

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Speaker 2: Also restoring the coffee house feel, according to Reporting the Ft.

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Speaker 2: As part of that plan, Starbucks will pause the rollout

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Speaker 2: of parts of the siren Craft system, which was a

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Speaker 2: technology to streamline cafe operations. Starbucks has three hundred and

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Speaker 2: sixty one thousand employees worldwide, most of them in cafes.

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Speaker 2: Bridsters have complained of being overwhelmed juggling in store and

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Speaker 2: online orders at the busiest times of the day, while

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Speaker 2: customers have been frustrated by long wait times.

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Speaker 1: Sean after the show, you have an interview coming up

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Speaker 1: to day with Ben Reid, who is the CEO of Mercher,

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Speaker 1: which is a partner of Fear and Greed. This is

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Speaker 1: a fascinating business.

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Speaker 2: It is a great business. So Mercher is like merchandise

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Speaker 2: and what they do. They go to businesses and they

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Speaker 2: produce merchandise. You would think that's an easy business, but

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Speaker 2: it's a lot more complex where you're sourcing your merchandise

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Speaker 2: from and the products. So Mercher is very much keen

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Speaker 2: to ensure that the sourcing is from what's the word, Michael,

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Speaker 2: from appropriate places. Yeah. Yeah, you know, they do the

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Speaker 2: right thing.

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Speaker 1: Yeah, they're very diligent in choosing who they partner with. Ye,

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Speaker 1: and so they are making sure that they are sustainably

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Speaker 1: sourced and that the people who are it's all fair trade,

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Speaker 1: that kind of thing.

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Speaker 2: Yeah. Yeah, so we talked about that also, how you know,

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Speaker 2: how he's built the business, what it does. A great

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Speaker 2: little chat.

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Speaker 1: Yeah, it certainly is. It is coming up after the show,

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Speaker 1: so I stick around for that one. You can find

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Speaker 1: it in the Fear and Greed playlist or at Fearangreed

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Speaker 1: dot com dot au, which is also conveniently where you

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Speaker 1: can sign up for the free daily newsletter. Thank you

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Speaker 1: very much, Sean. You had best go and limber up

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Speaker 1: for the next leg of the ride for country oh yes, yep, yep, yep,

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Speaker 1: we'll be doing that indeed. All right, thank you very much.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Friday, the sixteenth of May twenty twenty five.

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

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

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Speaker 1: and that was fear and greed. Have a great day.