1 00:00:06,160 --> 00:00:08,960 Speaker 1: Carmala Harris pulls ahead in the polls, and the race 2 00:00:09,000 --> 00:00:12,160 Speaker 1: to be the US president. Foxtel is up for sale, 3 00:00:12,560 --> 00:00:15,680 Speaker 1: And the case of the Russian chess champion who poisoned 4 00:00:15,680 --> 00:00:18,960 Speaker 1: her rival by putting mercury on one of the chess pieces. 5 00:00:19,239 --> 00:00:21,799 Speaker 1: Welcome to Fear and Greed. Daily business news for people 6 00:00:21,800 --> 00:00:24,560 Speaker 1: who make their own decisions. It is Monday, the twelfth 7 00:00:24,560 --> 00:00:28,040 Speaker 1: of August twenty twenty four. I'm Michael Thompson and good morning, 8 00:00:28,080 --> 00:00:28,800 Speaker 1: Sean Aylmer. 9 00:00:29,200 --> 00:00:30,840 Speaker 2: Good morning, Michael, Sean. 10 00:00:30,880 --> 00:00:33,000 Speaker 1: The main story this morning the race to be President 11 00:00:33,040 --> 00:00:35,760 Speaker 1: of the United States is what's tightening up now, with 12 00:00:35,840 --> 00:00:39,840 Speaker 1: Democratic nominee Krmala Harris now even with Republican Donald Trump 13 00:00:39,840 --> 00:00:41,839 Speaker 1: and a head in some battleground states. 14 00:00:42,320 --> 00:00:45,879 Speaker 2: In three of the big battleground states, Wisconsin, Pennsylvania, and Michigan, 15 00:00:46,280 --> 00:00:49,159 Speaker 2: a New York Times Sianna College poll put ms Harris 16 00:00:49,200 --> 00:00:52,080 Speaker 2: ahead by four percentage points. It's pretty much the first 17 00:00:52,080 --> 00:00:54,800 Speaker 2: time that quality polls have put the Democrats, either Joe 18 00:00:54,800 --> 00:00:58,080 Speaker 2: Biden or Carmla Harris in front of Donald Trump in 19 00:00:58,200 --> 00:01:01,720 Speaker 2: terms of who Americans trust to handle the economy and immigration, 20 00:01:01,840 --> 00:01:04,440 Speaker 2: both issues that are key to the election. Mister Trump 21 00:01:04,520 --> 00:01:07,280 Speaker 2: still wins. The third major issue in the three big 22 00:01:07,319 --> 00:01:11,640 Speaker 2: swing states at least is abortion. Miss Harris's favorability rating 23 00:01:11,640 --> 00:01:14,840 Speaker 2: has increased. For example, in Pennsylvania, it's up ten percentage 24 00:01:14,880 --> 00:01:17,360 Speaker 2: points in just a month. According to The New York Times, 25 00:01:17,560 --> 00:01:21,720 Speaker 2: that many respondents said she's too liberal. Another interesting finding 26 00:01:21,720 --> 00:01:24,040 Speaker 2: from the poll is that many more people are now 27 00:01:24,080 --> 00:01:26,840 Speaker 2: happy with the choice they've been given for president compared 28 00:01:26,840 --> 00:01:30,120 Speaker 2: to when Joe Biden was challenging Donald Trump. The other 29 00:01:30,160 --> 00:01:33,319 Speaker 2: three states which are expected to be crucial in winning 30 00:01:33,360 --> 00:01:36,400 Speaker 2: the White House are Arizona, Georgia, and Nevada. Basically the 31 00:01:36,600 --> 00:01:39,039 Speaker 2: certain states California and New York the two big examples. 32 00:01:39,040 --> 00:01:42,600 Speaker 2: They'll vote Democrat no matter what. The rural states will 33 00:01:42,680 --> 00:01:45,440 Speaker 2: vote Republican no matter what. Texas is the big one 34 00:01:45,440 --> 00:01:48,400 Speaker 2: that tends to vote Republican. So these swing states are 35 00:01:48,440 --> 00:01:49,400 Speaker 2: the ones that really matter. 36 00:01:50,040 --> 00:01:52,840 Speaker 1: That's a fascinating finding, that one that people are happy 37 00:01:52,880 --> 00:01:55,040 Speaker 1: with the choice that they've now been given, that they 38 00:01:55,080 --> 00:01:58,680 Speaker 1: actually feel like they've got an option, a viable option 39 00:01:58,760 --> 00:01:59,640 Speaker 1: on either side. 40 00:02:00,080 --> 00:02:02,280 Speaker 2: Yeah, and from both sides of politics, from the Republicans 41 00:02:02,280 --> 00:02:03,080 Speaker 2: and the Democrats. 42 00:02:03,360 --> 00:02:05,720 Speaker 1: Yeah. No, that's good. The fight for the White House 43 00:02:05,800 --> 00:02:10,040 Speaker 1: obviously will have far ranging implications for global politics, including Australia, 44 00:02:10,560 --> 00:02:13,480 Speaker 1: but more immediately, I suppose it's important for what it 45 00:02:13,480 --> 00:02:15,040 Speaker 1: means in the Middle East, isn't it? And there were 46 00:02:15,080 --> 00:02:18,160 Speaker 1: some really horrific stories from the region over the weekend. 47 00:02:18,919 --> 00:02:21,440 Speaker 2: Sure was an Israeli air strike on a Gaza City 48 00:02:21,600 --> 00:02:26,040 Speaker 2: school compound housing displaced Palestinian families killed around one hundred 49 00:02:26,080 --> 00:02:28,400 Speaker 2: people over the weekend, though Israel said the toll was 50 00:02:28,400 --> 00:02:32,280 Speaker 2: inflated and nineteen militants were among the dead. Video from 51 00:02:32,280 --> 00:02:35,000 Speaker 2: the site showed body parts scattered among rubble, and more 52 00:02:35,000 --> 00:02:38,080 Speaker 2: bodies being carried away and covered by blankets. The Israeli 53 00:02:38,120 --> 00:02:44,200 Speaker 2: strike due condemnation from Australian Foreign Minister Pennywong, Arab States, Turkey, France, 54 00:02:44,280 --> 00:02:47,840 Speaker 2: Britain and the European Union, and an expression of deep 55 00:02:47,880 --> 00:02:50,480 Speaker 2: concern from the US, which has been working with partners 56 00:02:50,600 --> 00:02:54,440 Speaker 2: to prevent the ten month old Gaza conflict from escalating 57 00:02:54,480 --> 00:02:57,680 Speaker 2: into a regional war. That's according to Ruter's this will 58 00:02:57,720 --> 00:03:01,079 Speaker 2: all play out in the campaign to win the White House. 59 00:03:01,639 --> 00:03:05,520 Speaker 2: Is not quite clear which side of politics Democrats were, 60 00:03:05,520 --> 00:03:08,200 Speaker 2: Republican are more trusted on this issue? 61 00:03:08,400 --> 00:03:11,160 Speaker 1: All right now, back home again, Sean, Let's take a 62 00:03:11,200 --> 00:03:14,120 Speaker 1: look at local markets. A big week for earning season 63 00:03:14,200 --> 00:03:17,919 Speaker 1: with several large ASX stocks providing full year results. 64 00:03:18,360 --> 00:03:21,480 Speaker 2: We have JB high Fight today, CSL and James Hardy tomorrow, 65 00:03:21,520 --> 00:03:25,160 Speaker 2: komof Bank on Wednesday, Telstra and Goodman on Thursday. Friday's 66 00:03:25,280 --> 00:03:27,280 Speaker 2: quite a day. Demain Holdings comes out on Friday. It's 67 00:03:27,280 --> 00:03:29,560 Speaker 2: going to be busy. I'm looking forward to it, Michael. 68 00:03:30,240 --> 00:03:32,680 Speaker 2: We're starting the week with the S and PAX two 69 00:03:32,800 --> 00:03:35,480 Speaker 2: hundred at seven thousand, seven hundred and seventy seven point 70 00:03:35,520 --> 00:03:38,040 Speaker 2: seven points. That's where it closed on Friday, up about 71 00:03:38,040 --> 00:03:40,360 Speaker 2: one hundre quarter percent. Good day for the week, though 72 00:03:40,400 --> 00:03:43,000 Speaker 2: the ASEX two hundred finished down a couple of percent. 73 00:03:43,360 --> 00:03:46,720 Speaker 2: Futures trading suggests the local market will open up about 74 00:03:46,720 --> 00:03:47,360 Speaker 2: half percent. 75 00:03:47,680 --> 00:03:49,720 Speaker 1: And after the show, Sean, you have an interview coming 76 00:03:49,800 --> 00:03:52,480 Speaker 1: up with Anna Milne from Wilson Asset Management. 77 00:03:52,760 --> 00:03:54,920 Speaker 2: Yeah, sure, dear. We talk to and are ahead of 78 00:03:54,960 --> 00:03:57,120 Speaker 2: the results that are coming out this week about some 79 00:03:57,200 --> 00:04:00,920 Speaker 2: of the big companies reporting. So we talked about come 80 00:04:00,960 --> 00:04:03,360 Speaker 2: Off Bank for example. We talk about Telstras as well 81 00:04:03,400 --> 00:04:05,840 Speaker 2: as some of the smaller companies and what she expects 82 00:04:05,880 --> 00:04:09,200 Speaker 2: to see from them, so definitely I must listen. If 83 00:04:09,240 --> 00:04:10,960 Speaker 2: you're an investor, yeah, sure is. 84 00:04:11,000 --> 00:04:12,480 Speaker 1: It is a good chat stick around for that one 85 00:04:12,560 --> 00:04:15,240 Speaker 1: was coming up after the show. Now checking international markets 86 00:04:15,280 --> 00:04:18,520 Speaker 1: thanks to blue Chip Communication, the experts helping financial services 87 00:04:18,560 --> 00:04:22,839 Speaker 1: companies market, communicate and grow. Visit blue Chip Communication, dot com, 88 00:04:22,880 --> 00:04:25,800 Speaker 1: dot AU much happening on Wall Street. 89 00:04:25,880 --> 00:04:30,200 Speaker 2: Sean finished slightly higher over the weekend, with volatility easing 90 00:04:30,400 --> 00:04:32,440 Speaker 2: somewhat for the week. The S and P five hundred 91 00:04:32,520 --> 00:04:36,599 Speaker 2: was flat. The US inflation report or a key US 92 00:04:36,640 --> 00:04:39,000 Speaker 2: inflation reporters, due for a lease at ten thirty pm 93 00:04:39,040 --> 00:04:42,080 Speaker 2: Australian time on Wednesday. Markets are in a bit of 94 00:04:42,080 --> 00:04:45,040 Speaker 2: a holding pattern until then. The Dune quarter earning season 95 00:04:45,120 --> 00:04:47,680 Speaker 2: is almost over. That's on Wall Street. Ninety one percent 96 00:04:47,680 --> 00:04:50,200 Speaker 2: of the top five hundred have reported. The results are good, 97 00:04:50,320 --> 00:04:52,360 Speaker 2: but it's been a bit mixed, with some tech stocks 98 00:04:52,360 --> 00:04:57,039 Speaker 2: and some consumer discretionary sectors like travel looking just a touch. Week. 99 00:04:57,400 --> 00:05:00,480 Speaker 2: Almost seventy nine percent of companies have beaten expect pas. 100 00:05:00,760 --> 00:05:03,240 Speaker 2: That's slightly above the norm of seventy six percent of 101 00:05:03,240 --> 00:05:07,040 Speaker 2: companies beating expectations. In terms of the numbers, Brent Krude 102 00:05:07,040 --> 00:05:09,400 Speaker 2: has been climbing the past few sessions. It's now training 103 00:05:09,480 --> 00:05:12,000 Speaker 2: just below eighty US dollars a barrel, goals up worse 104 00:05:12,080 --> 00:05:14,320 Speaker 2: round twenty four to thirty US dollars an out sign 105 00:05:14,360 --> 00:05:17,280 Speaker 2: are is down to one hundred US dollars a ton, 106 00:05:17,560 --> 00:05:20,839 Speaker 2: and the Aussie dollars buying just under sixty six US cents. 107 00:05:21,440 --> 00:05:24,120 Speaker 1: Petrol's relatively cheap at the moment. This is based on 108 00:05:24,160 --> 00:05:27,960 Speaker 1: my extensive weekend research. I got kind of diesel for 109 00:05:28,040 --> 00:05:32,080 Speaker 1: a dollars seventy odd Yeah, it wasn't too bad. 110 00:05:32,680 --> 00:05:35,000 Speaker 2: Very well, you're obviously living in Sydney, so it's actually 111 00:05:35,080 --> 00:05:39,800 Speaker 2: pretty good in Sydney at the moment. But that's not 112 00:05:39,839 --> 00:05:42,360 Speaker 2: necessarily across the board. 113 00:05:43,160 --> 00:05:46,599 Speaker 1: That's what you're saying. My sample size of one isn't 114 00:05:46,800 --> 00:05:48,640 Speaker 1: wholly representative of the whole country. 115 00:05:49,160 --> 00:05:50,640 Speaker 2: H That's exactly right. 116 00:05:50,800 --> 00:05:51,080 Speaker 1: Okay. 117 00:05:51,320 --> 00:05:53,159 Speaker 2: Would you like to know what's where it's cheaper and 118 00:05:53,160 --> 00:05:54,040 Speaker 2: where it's not cheaper? 119 00:05:54,440 --> 00:05:55,479 Speaker 1: Yes, actually I do. 120 00:05:56,000 --> 00:06:00,000 Speaker 2: Okay, So pretty good in Sydney, pretty good in Melbourne 121 00:06:00,320 --> 00:06:03,680 Speaker 2: at the moment. Adelaide's also cheap, and Perth on the 122 00:06:03,680 --> 00:06:06,440 Speaker 2: way down to so, I would say. In following the 123 00:06:06,600 --> 00:06:11,400 Speaker 2: HBC website on their petrol price data. This is about 124 00:06:11,440 --> 00:06:13,880 Speaker 2: as good as it's gotten. Not normally have some cities high, 125 00:06:13,960 --> 00:06:16,360 Speaker 2: some low, but most of the main city. In fact, 126 00:06:16,400 --> 00:06:18,880 Speaker 2: all the main cities are either atlaws or on the 127 00:06:18,880 --> 00:06:19,320 Speaker 2: way down. 128 00:06:20,120 --> 00:06:22,279 Speaker 1: I'm pretty proud of my contribution to the show today. 129 00:06:22,320 --> 00:06:24,200 Speaker 2: Sean excellent, Thank you very much. 130 00:06:24,880 --> 00:06:26,680 Speaker 1: That's what I'm here for. I've still got a fair 131 00:06:26,720 --> 00:06:28,600 Speaker 1: bit to cover. Sean will be back in a moment 132 00:06:28,640 --> 00:06:37,400 Speaker 1: with the rest of the day's business news as SEAN 133 00:06:37,520 --> 00:06:42,080 Speaker 1: Intelligence chief Mike Burgess says up to four countries, including Iran, 134 00:06:42,320 --> 00:06:45,880 Speaker 1: actively involved in foreign interference in Australia. 135 00:06:46,240 --> 00:06:49,520 Speaker 2: Asia has found countries involved in foreign interference in Australia 136 00:06:49,560 --> 00:06:53,080 Speaker 2: and diaspora communities, and some of them are a surprise. 137 00:06:53,640 --> 00:06:56,200 Speaker 2: That's what Mike Burgess, who of course runs the Astralian 138 00:06:56,240 --> 00:07:00,480 Speaker 2: Security Intelligence Organization, said he was talking on ABC's Insiders. 139 00:07:00,760 --> 00:07:04,640 Speaker 2: Foreign interference and espionage were key security concerns for the 140 00:07:04,720 --> 00:07:07,880 Speaker 2: National Intelligence and Security Agency, with a range of countries 141 00:07:07,960 --> 00:07:12,720 Speaker 2: court attempting to threaten and intimidate diasper communities. Iran was 142 00:07:12,760 --> 00:07:15,480 Speaker 2: able to be identified publicly because the Federal Minister had 143 00:07:15,480 --> 00:07:18,680 Speaker 2: already done so, Burgess said. The spy chiefs foreign interference 144 00:07:18,680 --> 00:07:23,200 Speaker 2: remark follows Republican US presidential candidate Donald Trump accusing the 145 00:07:23,280 --> 00:07:27,840 Speaker 2: Iranian government of hacking its internal communications. That's the Trump 146 00:07:27,880 --> 00:07:31,400 Speaker 2: campaign's internal communications, though the identity and the motivation of 147 00:07:31,400 --> 00:07:33,400 Speaker 2: the alleged hacker are yet to be confirmed. 148 00:07:34,000 --> 00:07:35,320 Speaker 1: Now I mentioned this one at the top of the 149 00:07:35,320 --> 00:07:39,080 Speaker 1: show Sean Foxtel is up for sale after owner News Corp. 150 00:07:39,240 --> 00:07:42,680 Speaker 1: Undertook a review of its assets and uncovered third party 151 00:07:42,760 --> 00:07:46,800 Speaker 1: interest in the PayTV business, which owned streaming services Binge 152 00:07:46,800 --> 00:07:49,640 Speaker 1: and Kosport and aggregation platform Hubble. 153 00:07:50,200 --> 00:07:53,600 Speaker 2: News boss Robert Thompson said the group is evaluating options 154 00:07:53,600 --> 00:07:57,760 Speaker 2: for Foxtel. News owned sixty five percent of the PayTV organization. 155 00:07:57,880 --> 00:08:01,040 Speaker 2: Telstra owns the other thirty five percent. Business has about 156 00:08:01,040 --> 00:08:03,960 Speaker 2: one million subscribers, who on average pay around ninety bucks 157 00:08:03,960 --> 00:08:07,440 Speaker 2: a month. Including its streaming businesses, which are lower margin, 158 00:08:07,520 --> 00:08:11,440 Speaker 2: it's got about four point seven million subscribers. A significant 159 00:08:11,560 --> 00:08:15,200 Speaker 2: factor in any sale of Foxtel is the renegotiation of 160 00:08:15,240 --> 00:08:17,640 Speaker 2: the National Rugby League sports rights, which are due to 161 00:08:17,680 --> 00:08:20,800 Speaker 2: expire in twenty twenty seven. Those rights are shared between 162 00:08:20,880 --> 00:08:24,360 Speaker 2: Nine Entertainment and Foxtel. Foxhell has secured the rights to 163 00:08:24,400 --> 00:08:26,960 Speaker 2: the AFL and most of the cricket until the early 164 00:08:27,000 --> 00:08:27,760 Speaker 2: twenty thirties. 165 00:08:28,160 --> 00:08:32,240 Speaker 1: Now The Foxtel News somewhat overshadowed news corps full year result, 166 00:08:32,600 --> 00:08:35,319 Speaker 1: with earnings jumping eight percent to one and a half 167 00:08:35,360 --> 00:08:37,720 Speaker 1: billion dollars off revenue of just over ten billion. 168 00:08:37,880 --> 00:08:40,400 Speaker 2: Yeah, it's a pretty good result. Earnings from its majority 169 00:08:40,440 --> 00:08:43,360 Speaker 2: stake in online property group Aria was a highlight of 170 00:08:43,400 --> 00:08:47,080 Speaker 2: the final figures. Another highlight Michael Won for You. Its 171 00:08:47,080 --> 00:08:52,439 Speaker 2: book publishing HarperCollins also did well, as did the Dow 172 00:08:52,520 --> 00:08:55,360 Speaker 2: Jones publishing business, which includes the U Wall Street Journal 173 00:08:55,679 --> 00:08:56,040 Speaker 2: The Week. 174 00:08:56,559 --> 00:08:59,600 Speaker 1: I'm sorry, I honestly don't know what my contribution here 175 00:08:59,679 --> 00:09:03,400 Speaker 1: is today. You introduced kind of that something that I 176 00:09:03,480 --> 00:09:05,280 Speaker 1: might be able to ear the comment on and. 177 00:09:05,240 --> 00:09:09,319 Speaker 2: All I did was squeak twice, squeak knowledgeably. 178 00:09:09,440 --> 00:09:12,880 Speaker 1: Yeah, it was a knowledgeable squeak. Please go on the Week. 179 00:09:12,880 --> 00:09:15,720 Speaker 2: Parts of the business includes the news media segment, which 180 00:09:15,720 --> 00:09:19,199 Speaker 2: includes the publishing business here in Australia, lower and also 181 00:09:19,240 --> 00:09:22,520 Speaker 2: lower revenues at its US online property company. Chief executive 182 00:09:22,600 --> 00:09:25,400 Speaker 2: Robert Thompson said last financial year delivered robust earnings and 183 00:09:25,440 --> 00:09:29,120 Speaker 2: included significant steps to prepare the company to prosper in 184 00:09:29,160 --> 00:09:33,680 Speaker 2: an artificial intelligence world. Meanwhile, Iria share price jumped seven 185 00:09:33,720 --> 00:09:37,360 Speaker 2: percent following a twenty seven percent rise in its underlying profit. 186 00:09:38,160 --> 00:09:41,640 Speaker 1: Retailer Nick Scary has recorded a near twenty percent drop 187 00:09:41,640 --> 00:09:44,760 Speaker 1: in full the air profit and reduce dividends as shoppers 188 00:09:44,760 --> 00:09:46,800 Speaker 1: hold back from buying big ticket items. 189 00:09:47,240 --> 00:09:49,559 Speaker 2: It's pretty tough out there in retail land. The furniture 190 00:09:49,600 --> 00:09:52,640 Speaker 2: retailer is always one of the first consumer discretionary companies 191 00:09:52,679 --> 00:09:56,160 Speaker 2: to report, and based on a sample of one Nick Scarley, 192 00:09:56,679 --> 00:09:59,880 Speaker 2: things ain't going so well. That's thanks to high interest rates, 193 00:10:00,040 --> 00:10:03,199 Speaker 2: cost of living pressures. Nick Scally said shoppers had delayed 194 00:10:03,200 --> 00:10:06,320 Speaker 2: buying bigger ticket items like furniture, and the group reported 195 00:10:06,400 --> 00:10:09,000 Speaker 2: an eight percent drop in revenue across its one hundred 196 00:10:09,040 --> 00:10:11,280 Speaker 2: and twenty eight stores in Australia and the United Kingdom. 197 00:10:11,480 --> 00:10:13,679 Speaker 2: It also warned that trading in the UK, where it 198 00:10:13,679 --> 00:10:17,160 Speaker 2: owns fab Furniture, that's if a double B Michael Fab 199 00:10:17,240 --> 00:10:21,480 Speaker 2: Furniture is expected to deteriorate. Its share price on Friday 200 00:10:21,520 --> 00:10:27,120 Speaker 2: finished down two percent. Can you please say about that again, fab, I. 201 00:10:27,160 --> 00:10:30,880 Speaker 1: Admire your ability to really emphasize the double B. 202 00:10:31,080 --> 00:10:34,559 Speaker 2: Then yeah, so to actually get a second syllable out 203 00:10:34,600 --> 00:10:37,240 Speaker 2: of that word. It's difficult fab, but you can if 204 00:10:37,240 --> 00:10:39,600 Speaker 2: you try hard and you do it. It should actually be 205 00:10:39,600 --> 00:10:41,960 Speaker 2: double a F double a B. You might get fab, 206 00:10:42,200 --> 00:10:44,920 Speaker 2: but I'm saying fab, but it's actually fabb. 207 00:10:45,559 --> 00:10:49,800 Speaker 1: Do it fabulously, Sean, it is quite glorious. QB Insurance's 208 00:10:49,800 --> 00:10:53,040 Speaker 1: share price fell more than two percent after doubling its 209 00:10:53,080 --> 00:10:54,760 Speaker 1: net profit in the first half of this year to 210 00:10:54,920 --> 00:10:56,320 Speaker 1: eight hundred and two million dollars. 211 00:10:56,640 --> 00:10:59,040 Speaker 2: It was a great result compared to last year, but 212 00:10:59,200 --> 00:11:03,559 Speaker 2: fell short of expectations, hence the selloff. The result benefited 213 00:11:03,559 --> 00:11:06,400 Speaker 2: from lower levels of natural catastrophe losses while still being 214 00:11:06,400 --> 00:11:09,440 Speaker 2: able to push through premium increases. Now when the insur 215 00:11:09,760 --> 00:11:13,320 Speaker 2: insurance is the really technical industry and it's difficult to 216 00:11:13,320 --> 00:11:15,640 Speaker 2: get your head around the numbers. So what I mostly 217 00:11:15,679 --> 00:11:19,360 Speaker 2: look for in the insurers is what's it mean for premiums? 218 00:11:19,600 --> 00:11:22,400 Speaker 2: And the good news for customers is that insurance premium 219 00:11:22,480 --> 00:11:25,720 Speaker 2: growth is expected to slow on the back of increased 220 00:11:25,720 --> 00:11:30,040 Speaker 2: competition and fewer natural disasters. Now QBE writes two thirds 221 00:11:30,080 --> 00:11:32,840 Speaker 2: of its business outside Australia. It also has done a 222 00:11:32,880 --> 00:11:35,160 Speaker 2: deal to offload its long tail of claims in North 223 00:11:35,200 --> 00:11:38,960 Speaker 2: America Chief executive Andrew Horton said the insurer was facing 224 00:11:39,000 --> 00:11:41,880 Speaker 2: more competition in the global business, with a recovery in 225 00:11:41,960 --> 00:11:45,160 Speaker 2: Australian insurance markets also tempting more global insurers back into 226 00:11:45,200 --> 00:11:49,440 Speaker 2: the local market. More competition, lower premiums, good week customers 227 00:11:49,520 --> 00:11:52,600 Speaker 2: minds you, not shareholders. That's why QB's share price ended 228 00:11:52,640 --> 00:11:53,760 Speaker 2: down two percent on Friday. 229 00:11:54,120 --> 00:11:57,080 Speaker 1: How about this one Sawan Regional Express better known obviously 230 00:11:57,120 --> 00:12:01,160 Speaker 1: as REX. Those creditors around half for billion dollars, which 231 00:12:01,200 --> 00:12:03,040 Speaker 1: is more than first anticipated. 232 00:12:03,360 --> 00:12:07,160 Speaker 2: EWYA administrator Sam Freeman told the first meeting of REX 233 00:12:07,160 --> 00:12:10,200 Speaker 2: creditors on Friday that a sale process has commenced with 234 00:12:10,280 --> 00:12:13,280 Speaker 2: the intention of securing as much money as possible for 235 00:12:13,360 --> 00:12:17,600 Speaker 2: around forty eight hundred creditors excluding customers. Of the half 236 00:12:17,640 --> 00:12:20,560 Speaker 2: a billion dollar total, around one hundred and twenty million 237 00:12:20,600 --> 00:12:23,600 Speaker 2: dollars is owed to Asian private equity house pag PAG 238 00:12:24,080 --> 00:12:26,320 Speaker 2: and a further one hundred and seventy million dollars is 239 00:12:26,360 --> 00:12:29,360 Speaker 2: owed to Westpac. Now that amount is fully underwritten by 240 00:12:29,400 --> 00:12:33,120 Speaker 2: state and federal government for air ambulance services. The next 241 00:12:33,200 --> 00:12:36,400 Speaker 2: creditors meeting is due to be held by September three. 242 00:12:36,760 --> 00:12:39,079 Speaker 2: Where Ey will provide an update on the sale process. 243 00:12:39,120 --> 00:12:43,160 Speaker 2: Administrators say they would prefer Rex's regional flights to continue 244 00:12:43,240 --> 00:12:44,800 Speaker 2: as a going concern. Let's hope so. 245 00:12:45,240 --> 00:12:49,199 Speaker 1: Yeah. Indeed, the federal government will introduce legislation this week 246 00:12:49,240 --> 00:12:53,680 Speaker 1: to place four of the cfme used construction divisions into 247 00:12:53,720 --> 00:12:55,360 Speaker 1: administration for three years. 248 00:12:55,720 --> 00:12:58,680 Speaker 2: Workplace Relations Minister Murray What on Friday set was clear 249 00:12:58,760 --> 00:13:01,840 Speaker 2: the Union would not agree to administration in a timely 250 00:13:01,880 --> 00:13:04,480 Speaker 2: manner and urgent action was required to rid the construction 251 00:13:04,640 --> 00:13:08,240 Speaker 2: industry of organized crime. The Fair Work Commission has applied 252 00:13:08,280 --> 00:13:10,920 Speaker 2: to the Federal Court to establish a scheme of administration. 253 00:13:11,320 --> 00:13:13,600 Speaker 2: But Senator What said, it's clear the Union will not 254 00:13:13,720 --> 00:13:17,040 Speaker 2: and I quote consent to that application in a timely manner, 255 00:13:17,480 --> 00:13:21,080 Speaker 2: and that significant delays will likely accompany the court process. 256 00:13:21,200 --> 00:13:24,560 Speaker 2: And quote point there is that the government is worried 257 00:13:24,600 --> 00:13:27,559 Speaker 2: that the CFMEU will delay things. The government said the 258 00:13:27,600 --> 00:13:31,760 Speaker 2: proposed scheme would appoint administrator to the cfmeu's construction divisions 259 00:13:31,760 --> 00:13:34,360 Speaker 2: in Fire States and the Northern Territory for a period 260 00:13:34,360 --> 00:13:35,200 Speaker 2: of three years. 261 00:13:35,480 --> 00:13:39,240 Speaker 1: All right, turning to international news now and Coca Cola Company, 262 00:13:39,360 --> 00:13:43,880 Speaker 1: this is quite significant, could ohe? The US Tax Office 263 00:13:44,320 --> 00:13:48,199 Speaker 1: sixteen billion US dollars in back taxes, and the figure 264 00:13:48,559 --> 00:13:51,079 Speaker 1: is rising at more than a billion in US a year. 265 00:13:51,760 --> 00:13:54,880 Speaker 2: Coke and US tax authorities have been in dispute for 266 00:13:54,880 --> 00:13:57,520 Speaker 2: more than a decade, and last week a court judgment 267 00:13:57,559 --> 00:14:01,120 Speaker 2: said the soft drink maker has been hired in astronomical 268 00:14:01,200 --> 00:14:04,640 Speaker 2: levels of profit in low tax countries including Ireland, to 269 00:14:04,720 --> 00:14:07,880 Speaker 2: shield it from the US Internal Revenue Service. Coke's planning 270 00:14:07,880 --> 00:14:09,920 Speaker 2: to appeal the judgment, According to a report in the 271 00:14:10,000 --> 00:14:13,000 Speaker 2: Financial Times after last week's decision, though, Coke will have 272 00:14:13,040 --> 00:14:16,160 Speaker 2: to fork out an initial six billion US dollars in 273 00:14:16,200 --> 00:14:19,440 Speaker 2: cash to cover unpaid taxes and interests for all the 274 00:14:19,520 --> 00:14:21,680 Speaker 2: years from two thousand and seven to two thousand and nine. 275 00:14:22,160 --> 00:14:25,400 Speaker 2: But neither that's some nor the ten billion US dollars 276 00:14:25,400 --> 00:14:28,400 Speaker 2: it could over the subsequent fifteen years will actually hit 277 00:14:28,480 --> 00:14:31,680 Speaker 2: earnings anytime soon. Because a company and it's audited e 278 00:14:32,000 --> 00:14:34,560 Speaker 2: Y agree that there's a better than fifty to fifty 279 00:14:34,640 --> 00:14:38,200 Speaker 2: chance of Coke winning the case. Now, if Coke and 280 00:14:38,240 --> 00:14:41,920 Speaker 2: EY are wrong, the total bill will be the equivalent 281 00:14:41,960 --> 00:14:43,800 Speaker 2: of about a year and a half of earnings. 282 00:14:44,080 --> 00:14:47,120 Speaker 1: That's an amazing story. Having said that, so is this 283 00:14:47,240 --> 00:14:49,960 Speaker 1: next one. That's an entirely different category of story. This 284 00:14:50,120 --> 00:14:55,360 Speaker 1: is a Russian chess champion has been suspended after poisoning 285 00:14:55,400 --> 00:15:00,160 Speaker 1: her childhood rival ahead of a match by smearing mercury 286 00:15:00,320 --> 00:15:02,960 Speaker 1: deadly mercury over her pieces. 287 00:15:03,000 --> 00:15:08,880 Speaker 2: And I apologize for my pronunciation. Amena Abakarova is reported 288 00:15:08,960 --> 00:15:14,600 Speaker 2: to have said she attacked Umagnat Uzumanova out of revenge 289 00:15:14,800 --> 00:15:18,040 Speaker 2: for a personal insult. She's been arrested and faces up 290 00:15:18,080 --> 00:15:20,360 Speaker 2: to three years in jail if found guilty. According to 291 00:15:20,400 --> 00:15:24,080 Speaker 2: the Daily Telegraph of London. Security footage captures the moment 292 00:15:24,800 --> 00:15:27,920 Speaker 2: Abakarova entered the hall where the tournament was to take 293 00:15:27,920 --> 00:15:30,680 Speaker 2: place in Southern Russia, and she appears to be making 294 00:15:30,720 --> 00:15:33,840 Speaker 2: the preparations for the poisoning. She's seen looking around as 295 00:15:33,840 --> 00:15:38,000 Speaker 2: she casually approaches her opponent's table before taking something from 296 00:15:38,040 --> 00:15:41,960 Speaker 2: her bag, seemingly a vile and smearing its contents on 297 00:15:42,040 --> 00:15:45,400 Speaker 2: Osmanov's board and some of her pieces, and as Osmanov 298 00:15:45,440 --> 00:15:49,120 Speaker 2: suffered severe dizziness and nausea soon after the game began 299 00:15:49,360 --> 00:15:52,320 Speaker 2: and required medical attention, a judge from the tournament reported 300 00:15:52,320 --> 00:15:56,840 Speaker 2: the incident to police, with CCTV footage confirming that Abakarova 301 00:15:57,080 --> 00:15:57,800 Speaker 2: had been present. 302 00:15:58,440 --> 00:16:00,640 Speaker 1: That is just amazing and so for that she was suspended, 303 00:16:01,160 --> 00:16:04,960 Speaker 1: Yes the ID at the moment she might have got 304 00:16:04,960 --> 00:16:10,080 Speaker 1: off lightly. I suspect, yes, yes, all right, up next, Sean, 305 00:16:10,200 --> 00:16:12,920 Speaker 1: It's very hard to go from that story into talking 306 00:16:12,920 --> 00:16:15,680 Speaker 1: about Stephen cocol as our resident economist, but I have 307 00:16:15,800 --> 00:16:18,120 Speaker 1: to because up next in the playlist the Fear and 308 00:16:18,120 --> 00:16:21,080 Speaker 1: Greed Playlist is Fear and Greed. The week Ahead featuring 309 00:16:21,200 --> 00:16:22,640 Speaker 1: Stephen cocoleis. 310 00:16:22,520 --> 00:16:26,320 Speaker 2: Yes, and Tad very kind of excited after last week's 311 00:16:26,760 --> 00:16:29,280 Speaker 2: carry on with the Reserve Bank, so we talk about 312 00:16:29,280 --> 00:16:32,200 Speaker 2: that and what's coming up this week. Steven is always 313 00:16:32,280 --> 00:16:33,040 Speaker 2: great to listen to. 314 00:16:33,320 --> 00:16:36,600 Speaker 1: Yeah, indeed, and following that you will then hear Anna 315 00:16:36,720 --> 00:16:39,240 Speaker 1: Milne in the Fear and Greed Daily Interview speaking to 316 00:16:39,320 --> 00:16:40,920 Speaker 1: Anna from Wilson Asset Management. 317 00:16:41,200 --> 00:16:43,200 Speaker 2: Yeah, as we mentioned earlier in this show, we talked 318 00:16:43,200 --> 00:16:45,640 Speaker 2: to her about some of Australiers biggest companies and what 319 00:16:45,680 --> 00:16:48,240 Speaker 2: to expect from them this earning season. 320 00:16:48,320 --> 00:16:50,680 Speaker 1: Yeah, they are two great episodes coming up next in 321 00:16:50,680 --> 00:16:53,120 Speaker 1: the Fear and Greed Playlist on your podcast platform or 322 00:16:53,120 --> 00:16:55,520 Speaker 1: at Fearangreed dot com dot au, which is also where 323 00:16:55,520 --> 00:16:58,920 Speaker 1: you can sign up for our free weekly newsletter. It 324 00:16:59,120 --> 00:17:01,320 Speaker 1: comes out on Wednesday, so there's never been a better 325 00:17:01,360 --> 00:17:03,720 Speaker 1: time than right now to sign up. Thank you very much, Sewan. 326 00:17:03,920 --> 00:17:04,639 Speaker 2: Thank you, Michael. 327 00:17:04,840 --> 00:17:07,120 Speaker 1: It is Monday, the twelfth of August twenty twenty four. 328 00:17:07,280 --> 00:17:09,600 Speaker 1: Make sure you're following the podcast and please join us 329 00:17:09,640 --> 00:17:13,800 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 330 00:17:13,800 --> 00:17:18,320 Speaker 1: Thompson and that was Fear and Greed. Have a great day.