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

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Speaker 1: Anthony Albanesi announces plans to recognize Palestinian statehood, JB high

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Speaker 1: Fi's CEO calls it quits, and lithium stock surge pushing

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Speaker 1: the local share market higher ahead of the RBA's rate

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Speaker 1: call today. Plus the government takes its first steps towards

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Speaker 1: universal childcare, and Australia's snow tourism sector is seeing a

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Speaker 1: flurry of renewed optimism. It is Tuesday, the twelfth of

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Speaker 1: August twenty twenty five. I'm Michael Thompson and good morning

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Speaker 1: Natalie McDonald. Good morning Michael, Natalie. A new voice to

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Speaker 1: Fear and Greed listeners, but a very experienced business journal

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Speaker 1: and we are very excited to be working with you,

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Speaker 1: so thanks for joining us.

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Speaker 2: Happy to be here.

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Speaker 1: We've got a fair bit to cover today, so we

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Speaker 1: better get cracking. The main story this morning. Anthony Albanese,

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Speaker 1: the Prime Minister, has said Australia will recognize a Palestinian

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Speaker 1: state at the United Nations General Assembly next month, saying

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Speaker 1: it provides the best cants for peace in Gaza.

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Speaker 2: The PM said a two state solution is humanity's best

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Speaker 2: hope to break the cycle of violence in the Middle

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Speaker 2: East and to bring an end to the conflict, suffering

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Speaker 2: and starvation in Gaza.

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Speaker 1: Now.

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Speaker 2: In a written statement confirming the decision, the PM and

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Speaker 2: Minister for Foreign Affairs Penny Wong claimed Netinyahu, whose government

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Speaker 2: was extinguishing the prospect of a two state solution. The

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Speaker 2: move echoes similar commitments to Palestinian recognition from France, the UK,

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Speaker 2: and Canada. Israel's embassy in Australia, however, claims the Labor

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Speaker 2: government's moves to recognize a Palestinian state undermines Israel's security

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Speaker 2: and elevates the position of Hamas.

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Speaker 1: Now this has been building for a while. We've been

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Speaker 1: expecting this to come at some point soon. Israeli Prime

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Speaker 1: Minister Benjamin Netinyahu, who did speak ahead of the decision,

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Speaker 1: saying that this momentum for recognizing Palestinian statehood in Europe

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Speaker 1: and Australia was, in his words, shameful. What's been the

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Speaker 1: local reaction to the announced because there was just an

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Speaker 1: enormous amount of it yesterday afternoon.

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Speaker 2: You're totally right, and there's no real united voice. Susan

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Speaker 2: Lee and the Coalition opposition say they have serious concerns

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Speaker 2: about the Albanesi government's decision to latterally recognize a Palestinian

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Speaker 2: state outside of a proper peace and two state process,

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Speaker 2: They've said. Shadow Defense Minister Angus Taylor says the recognition

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Speaker 2: would be premature and a reward for harmass The Greens

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Speaker 2: Foreign Affairs spokesperson David Tchubridge said Australia's moved to recognize

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Speaker 2: a Palatinian state is an overdue step, and the co

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Speaker 2: Chief Executive of the Executive Council of Australian Jury said

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Speaker 2: the Jewish community in Australia was not surprised by the

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Speaker 2: decision but was still disappointed, saying the Council wants to

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Speaker 2: see the war in guarsa end and the flow of

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Speaker 2: aid to those who need it, but that no one

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Speaker 2: who supports recognition of a Palestinian state has so far

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Speaker 2: made the argument compellingly as to how recognition will achieve

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Speaker 2: these aims.

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Speaker 1: Yeah, it's a big story, a big political story that

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Speaker 1: has been building for quite some time now. It is

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Speaker 1: of course earning season, so moving away from politics now

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Speaker 1: and we are well into it really with a raft

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Speaker 1: of leadership changes that some of the household names. You'd

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Speaker 1: almost say led by JB hi Fi CEO Terry Smart

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Speaker 1: resigning from the company. It must be noted this is

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Speaker 1: the second time that he has resigned from JB High Fi.

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Speaker 2: The first time wasn't enough. They drew him back in.

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Speaker 2: JB Hi Fi Chief Terry Smart held the top job

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Speaker 2: from twenty ten to twenty fourteen, before taking on the

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Speaker 2: role again in twenty twenty one. The electronics retailer promoting

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Speaker 2: from within, with Chief operating Officer Nick Wells taking the lead.

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Speaker 2: When Smart steps down in early October, should be knowed

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Speaker 2: he is retiring. So that's it. He's drawing home.

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Speaker 1: People have come out of retirement before. Okay. Now.

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Speaker 2: The announcement came as JB High Fi handed down a

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Speaker 2: ten percent increase in sales to ten point six billion

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Speaker 2: dollars and a five point four per cent growth in profits.

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Speaker 2: The law much of the Nintendo switch to contributed to

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Speaker 2: a five hundred million dollar sales surge. This is something

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Speaker 2: that the ABS mentioned a few weeks ago the launch

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Speaker 2: of the Nintendo switch to as prompting a surge in

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Speaker 2: consumer spending, but on Jbhi Fi shares falling on the

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Speaker 2: news of a change in leadership, ending the day down

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Speaker 2: more than eight percent. Yeah.

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Speaker 1: JB High Fi is one of those really interesting examples

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Speaker 1: of a company that has not actually had that many

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Speaker 1: leaders and has been really really well run. It had

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Speaker 1: obviously Terry Smart, and then Richard Murray took over from

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Speaker 1: Terry Smart, and then Terry Smart took back over from

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Speaker 1: Richard Murray, and in each case it was just it

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Speaker 1: was such steady leadership. So it is interesting that investors

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Speaker 1: have reacted so strongly to that one yesterday. And it's

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Speaker 1: not just JB where there were some changes. We've got

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Speaker 1: Car Group, formerly known as Car Sales. The outgoing chief executive,

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Speaker 1: Cameron McIntyre is due to wrap up his role at

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Speaker 1: the end of this week. Yeap.

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Speaker 2: McIntire is exiting the fourteen billion dollar car sales owner

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Speaker 2: Car Group after eighteen years with the company, in nine

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Speaker 2: years as CEO, so March, like JB High Fire, another

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Speaker 2: really long tenure in there, and again like JB High Fire,

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Speaker 2: another case of promoting from within. McIntyre is set to

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Speaker 2: be succeeded by CURRENCYFO William Elliott. Car Group posting a

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Speaker 2: ten percent increase in net profit after tax with shares

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Speaker 2: upero point five to four percent on the news.

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Speaker 1: Now, speaking of share price movements, a local bourse yesterday climbed higher.

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Speaker 1: It actually recorded a new intra day high as well.

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Speaker 1: There's a great deal of anticipation around this afternoon's Reserve

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Speaker 1: Bank Board decision about interest rates. But really that wasn't

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Speaker 1: this standout story yesterday? There was a lot of excitement

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Speaker 1: around lithium, wasn't there.

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Speaker 2: There was a rates call, you say, but no, you're right.

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Speaker 2: Gains in the metals and mining materials and resources sectors

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Speaker 2: pushed the S&P/ASX 200 up zero point four three percent to

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Speaker 2: eighty eight hundred and forty four and as you say,

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Speaker 2: lithium stock soaring after battery giant Contemporary Amperex Technology Company suspended production for

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Speaker 2: at least three months at a major mine in China,

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Speaker 2: fuelling speculation of broader project shutdowns.

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Speaker 1: I love the fact that you actually went to the

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Speaker 1: efforts to say, I just shortened it to CATL and

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Speaker 1: know you're contemporary Amprex Technology limited.

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Speaker 2: It is we are connecting people with information here. I

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Speaker 2: speaking of information, I got some numbers for you know.

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Speaker 2: Linetown Resources rocketed eighteen percent. Pilgrim minerals up just shy

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Speaker 2: of twenty percent, and similar gains in igo and mineral resources.

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Speaker 2: Also in resources, Santos has extended the period of exclusive

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Speaker 2: due diligence with Abu Dabi's national oil company. There you go,

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Speaker 2: another full name for you.

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Speaker 1: I'm an abbreviations guy ad nok. You are clearly going

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Speaker 1: to be spelling everything out, so somewhere in the middle

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Speaker 1: we will meet.

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Speaker 2: So they've extended that period of due diligence. And this

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Speaker 2: is over a thirty six billion dollar takeover bid for

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Speaker 2: Australia's second biggest gas producer, and that was due to

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Speaker 2: expire on Friday but has now been extended out to

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Speaker 2: the twenty second of August.

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Speaker 1: Okay, look, we've talked a bit about some of the

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Speaker 1: results around and today's Fear and Greed Q and A

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Speaker 1: is well worth the listener's coming up after the show.

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Speaker 1: It is featuring Ben Gilbert from Jardin really looking at

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Speaker 1: some of these trends that we can expect some of

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Speaker 1: the results to be watching over the next few weeks

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Speaker 1: as companies do report their results. It is coming up

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Speaker 1: a bit later on. In the meantime, we are going

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Speaker 1: to take a quick break. We'll be back in a

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

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Speaker 1: The Albanza government is taking its first big step towards

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Speaker 1: universal childcare, hiring Deloitte to work out what the system

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Speaker 1: could look like and how much it would cost.

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Speaker 2: And these are baby steps really, to put the pun

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Speaker 2: to it now. This is a two year, ten point

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Speaker 2: four million dollar review set to crunch the numbers on demand,

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Speaker 2: wages and infrastructure, with results due before the next election,

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Speaker 2: so don't stand by on those too soon. One option

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Speaker 2: is replacing the current subsidy system with a flat daily fee,

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Speaker 2: potentially ten dollars, similar to Canada's model. The Productivity Commission

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Speaker 2: says cheaper childcare could bring the equivalent of seventeen thousand

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Speaker 2: full time workers into the economy, mostly parents and mostly women.

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Speaker 2: Childcare subsidies will cost the federal budget sixteen point two

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Speaker 2: billion dollars this year, growing to eighteen point four billion

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Speaker 2: dollars by twenty twenty eight twenty nine. That's outpacing GDP growth.

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Speaker 1: This is one of those stories where there's been a

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Speaker 1: lot of attempts to fix or to evolve the childcare system,

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Speaker 1: but it just hasn't quite been nailed yet, has it?

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Speaker 2: No, absolutely not, and so this is definitely a start.

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Speaker 2: But as I say, with the results due before the

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Speaker 2: next election, certainly I would say that people that are

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Speaker 2: currently within those early childcare years, they're probably not going

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Speaker 2: to see the benefits of this review anytime soon.

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Speaker 1: All Right, we won't hold our breath just yet, but hey,

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Speaker 1: progress is progress, right for sure. Now we heard a

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Speaker 1: lot lately from New A and Z boss Nunomatos about

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Speaker 1: changing workplace culture, things like kind of having shorter presentations

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Speaker 1: to respect people's time, really kind of clear agendas for meetings,

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Speaker 1: those kinds of things. It is now the turn of

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Speaker 1: Westpac Chief executive Anthony Miller to get stuck into these issues.

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Speaker 1: He is supporting the right for staff to work from home,

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Speaker 1: but he has stopped short of backing the Victorian government's

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Speaker 1: moves to legislate the measure.

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Speaker 2: Now. Miller spoke to three AW Radio and said that

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Speaker 2: the matter was the prerogative of the Victorian state government,

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Speaker 2: adding that Westpac already supports staff to work from home

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Speaker 2: two days a week. He said that as soon as

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Speaker 2: you start to regulate these things, you get these tensions.

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Speaker 2: The comments coincide with reports by the AFR that Miller

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Speaker 2: has told staff that he will be working every day,

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Speaker 2: including Christmas Day, and has begun scheduling meetings with executives

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Speaker 2: and other senior staff on weekends, in addition to demanding

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Speaker 2: meetings be kept brief or scrapped entirely.

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Speaker 1: Working Christmas Day meetings on weekends.

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Speaker 2: But it's okay because you can do it from home

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Speaker 2: two days a week.

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Speaker 1: That is absolutely true. Are those two days the weekend

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Speaker 1: days that you get to stay at home? Yeah, it

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Speaker 1: is worth also listen tomorrow we have the second part

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Speaker 1: of Sean's extended interview with Anthony Miller talking about a

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Speaker 1: whole range of things that is part of our one

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Speaker 1: on one series and you'll find that in the Fear

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Speaker 1: and Great Playlist now. Financial stress among Australians has nearly

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Speaker 1: doubled since twenty twenty, with women consistently reporting higher anxiety

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Speaker 1: about money. This is according to the National Mental Health Commission.

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Speaker 2: Around one in three Australians are financially stressed. That's arise

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Speaker 2: from one in five in twenty twenty, reflecting the combined

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Speaker 2: impact of more than a decade of wage stagnation and

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Speaker 2: a cost of living surge. Interest rate hikes we've had

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Speaker 2: thirteen since twenty twenty two have done very little to help,

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Speaker 2: despite inflation now easing to two point one percent. The

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Speaker 2: result well widespread belt tightening, delayed healthcare and food insecurity.

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Speaker 2: The ABC reports some self employed, working and small business

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Speaker 2: owners are tapping into retirement savings in order to stay

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Speaker 2: afloat now, while the RBA is widely tipped to cut

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Speaker 2: rates later today, experts are cautioning that money dysmorphia has

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Speaker 2: lasting effects well beyond the immediate economic cycle.

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Speaker 1: Okay, we'll go from that's not great news to a

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Speaker 1: more positive story, this one, Natalie. After two challenging seasons,

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Speaker 1: Australia's snow tourism sector is seeing some renewed optimism and

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Speaker 1: investment and seeing some snow, which is important for the

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Speaker 1: snow tourism sector as well.

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Speaker 2: Absolutely resorts like Perisher are thriving, forty four or forty

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Speaker 2: five chairlifts are operating, and strong school holiday attendance driven

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Speaker 2: by a mixture of snowfall and sunny conditions which do

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Speaker 2: seem to oppose one another, but there we go. Industry

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Speaker 2: players are backing the future ultimately Ski Resorts Australia Resorts

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Speaker 2: over eighty million dollars has been invested in New South

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Speaker 2: Wales alone over five years. Perisher, Threadbow Falls Creek have

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Speaker 2: all implemented upgrades, as the Mount Buffalo Chalet is undergoing

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Speaker 2: a ten million dollar redevelopment. The snow season also acts

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Speaker 2: as a real barometer for those surrounding areas that rely

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Speaker 2: on that visiture economy as well. So as long as

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Speaker 2: the snow keeps falling, everyone's winning.

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Speaker 1: Yeah, And we've seen photos in the last few years

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Speaker 1: from kind of Victorian ski fields. Same in New South

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Speaker 1: Wales where suddenly you get to kind of the end

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Speaker 1: of August and there were these gigantic patches of grass

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Speaker 1: and brown and everything poking through and it just was

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Speaker 1: not good news for the operators. So this is this

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Speaker 1: is a bit of positivity for that sector. Now turning

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Speaker 1: to international news and chip giants Nvidia and Advanced micro

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Speaker 1: Devices more commonly known as AMD have agreed to pay

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Speaker 1: the US government fifteen percent of their semiconductor chip sales

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Speaker 1: in China, which is a deal essentially to secure export licenses.

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Speaker 2: Under the agreement, and Video will pay fifteen percent of

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Speaker 2: its revenues from sales of advance chips in China to

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Speaker 2: the US government. While AMD will give the same percentage

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Speaker 2: from its mi I three zero eight chip revenues, the

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Speaker 2: Trump administration is yet to determine how to use that money.

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Speaker 2: Per The Financial Times, which first reported the news, export

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Speaker 2: control experts say no US company has ever agreed to

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Speaker 2: pay a portion of their revenues to obtain export licenses.

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Speaker 2: Nvidia telling Reuter's in a statement, while we haven't shipped

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Speaker 2: H twenty to China for months, we hope export controls

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Speaker 2: will let America compete in China and worldwide, and just.

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Speaker 1: Very quickly to wrap things up. Southern parts of Europe

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Speaker 1: are battling with their worst wildfires in decades as the

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Speaker 1: region continues to face record breaking temperatures.

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Speaker 2: In France, fire has ravished an area larger than the

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Speaker 2: size of Paris, displacing residents in France's southern Old Region. Hot,

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Speaker 2: dry winds and a heat wave temperatures have been hovering

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Speaker 2: around thirty nine degrees have contributed to what's considered France's

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Speaker 2: largest wildfire in at least fifty years. But elsewhere in Europe,

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Speaker 2: fires have closed all hiking routs on Mount Vesuvius in Italy,

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Speaker 2: while in Greece. The regions southeast of Athens has been

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Speaker 2: particularly hard hit.

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Speaker 1: All right now. As I mentioned earlier, coming up next

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Speaker 1: is Fear and Greed Q and A featuring Ben Gilbert

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Speaker 1: from Jarden Everything you need to know ahead of reporting

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Speaker 1: season and don't forget to Head to our website Fearangreed

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Speaker 1: dot com today you and sign up to the free

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Speaker 1: Fear and Greed daily newsletter everything you need to know

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Speaker 1: in your inbox every morning by six am. Thank you

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Speaker 1: very much, Natalie, Thank you.

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Speaker 2: Michael.

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Speaker 1: It is Tuesday, the twelfth of August twenty twenty five.

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

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. Michael Thompson,

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Speaker 1: and that was Fear and Greed. Have a great day.