1 00:00:06,280 --> 00:00:09,399 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,480 --> 00:00:13,000 Speaker 1: The Reserve Bank is shocked markets by not cutting interest rates, 3 00:00:13,200 --> 00:00:16,640 Speaker 1: but Governor Michelle Bullock indicates a cut is on the 4 00:00:16,680 --> 00:00:19,680 Speaker 1: way by Minister Anthony Alberiz. He says he is pushing 5 00:00:19,680 --> 00:00:22,840 Speaker 1: for low of tariffs from the USA and Mineral Resources 6 00:00:22,880 --> 00:00:27,200 Speaker 1: considers keeping CEO Chris Ellison in the job. And that's 7 00:00:27,200 --> 00:00:30,320 Speaker 1: despite the fact that he admitted to tax fraud. Plus 8 00:00:30,480 --> 00:00:33,680 Speaker 1: unions win a test case against PHP on wage laws 9 00:00:34,080 --> 00:00:38,479 Speaker 1: and Elon Musk's political aspirations send Tesla's share price tumbling. 10 00:00:38,840 --> 00:00:41,279 Speaker 1: It's Wednesday, the ninth of July twenty twenty five. I'm 11 00:00:41,320 --> 00:00:43,440 Speaker 1: Adam Lang and good morning, Sean. 12 00:00:43,240 --> 00:00:47,240 Speaker 2: Aylmer, good morning, and Damski Sean. 13 00:00:47,240 --> 00:00:50,200 Speaker 1: The main story this morning. Of course, the Reserve Bank 14 00:00:50,240 --> 00:00:54,520 Speaker 1: Board's decision to not cut interest rates doesn't preclude further 15 00:00:54,560 --> 00:00:58,040 Speaker 1: reductions in the coming months. Governor Michelle Bullock says, although 16 00:00:58,040 --> 00:01:01,600 Speaker 1: the shocked decision by the Central Bank today has certainly 17 00:01:01,640 --> 00:01:04,959 Speaker 1: fueled uncertainty over monetary policy, how are you seeing this. 18 00:01:05,400 --> 00:01:07,560 Speaker 2: Well, not often do you have a story where nothing 19 00:01:07,640 --> 00:01:12,040 Speaker 2: happened that getting their headlines like this one is almost 20 00:01:12,080 --> 00:01:15,520 Speaker 2: all market economists thought there would be a rate cut yesterday, 21 00:01:15,600 --> 00:01:18,680 Speaker 2: but the Reserve Bank opted for caution, saying it wants 22 00:01:18,760 --> 00:01:21,839 Speaker 2: to wait for more information to ensure inflation is heading 23 00:01:21,880 --> 00:01:23,880 Speaker 2: towards two and a half percent, which of course is 24 00:01:23,920 --> 00:01:27,440 Speaker 2: the midpoint of its target band. It said monthly inflation 25 00:01:27,600 --> 00:01:32,200 Speaker 2: date was at the margin slightly higher than expected. International 26 00:01:32,280 --> 00:01:36,520 Speaker 2: uncertainty remains, especially around US tariffs and trade policy that's 27 00:01:36,560 --> 00:01:39,479 Speaker 2: expected to have an adverse effect on global growth. Now, 28 00:01:39,480 --> 00:01:41,880 Speaker 2: the Reserve Bank Board says domestic growth is picking up 29 00:01:42,160 --> 00:01:45,319 Speaker 2: and there's been an easing in some measures of financial stress. 30 00:01:45,360 --> 00:01:48,600 Speaker 2: That's good news. The labor market remains tight. Also, there's 31 00:01:48,640 --> 00:01:51,360 Speaker 2: been fifty basis points in cut since February, and the 32 00:01:51,400 --> 00:01:54,640 Speaker 2: Board wants to watch that flows through the economy. In short, 33 00:01:55,080 --> 00:01:58,080 Speaker 2: the Reserve Bank just wants to wait and see, though 34 00:01:58,120 --> 00:02:01,160 Speaker 2: it sounds that if there's a buy it certainly is 35 00:02:01,160 --> 00:02:03,880 Speaker 2: towards cutting rates later in the year. A few things 36 00:02:03,920 --> 00:02:07,560 Speaker 2: in this Reserve Bank doesn't like to shock markets. Normally, 37 00:02:07,600 --> 00:02:09,960 Speaker 2: they telegraph what's going to happen well ahead of it happening. 38 00:02:10,720 --> 00:02:13,800 Speaker 2: That didn't happen yesterday, that's for sure. And for the 39 00:02:13,840 --> 00:02:16,720 Speaker 2: first time we heard officially that the Monetary Policy Board 40 00:02:16,880 --> 00:02:20,280 Speaker 2: was not unanimous. Six members voted for rates to stay 41 00:02:20,280 --> 00:02:22,919 Speaker 2: the same, three he voted for a cut. That sort 42 00:02:22,960 --> 00:02:24,960 Speaker 2: of transparency is probably a good thing, Adam. 43 00:02:25,600 --> 00:02:28,799 Speaker 1: Well, let's work through the shockwave. Shan's the response. How 44 00:02:28,800 --> 00:02:31,519 Speaker 1: did financial markets and the government react? 45 00:02:31,800 --> 00:02:34,959 Speaker 2: Immediately after the two thirty pm announcement, the Aussie dollar 46 00:02:35,080 --> 00:02:38,440 Speaker 2: jumped nearly sixty five and a half US sense market 47 00:02:38,480 --> 00:02:42,440 Speaker 2: interest rates also rose, while the share market fell immediately. 48 00:02:42,680 --> 00:02:47,400 Speaker 2: The more interesting response came from treasure Jim Chalmers. I say, Adam, 49 00:02:47,400 --> 00:02:51,639 Speaker 2: he sounded just a toush frustrated. So this isn't a statement. 50 00:02:51,720 --> 00:02:54,000 Speaker 2: This isn't like a doorstop where they grab him in 51 00:02:54,000 --> 00:02:59,000 Speaker 2: a moment. This is actually a considered statement. It's it was. 52 00:02:59,560 --> 00:03:02,520 Speaker 2: It's not the result millions of Australians were hoping for 53 00:03:02,639 --> 00:03:05,639 Speaker 2: or what the market was expecting. We have made substantial 54 00:03:05,720 --> 00:03:08,440 Speaker 2: and sustained progress on inflation, which is why interest rates 55 00:03:08,440 --> 00:03:10,760 Speaker 2: have already been cut twice in five months this year. 56 00:03:11,480 --> 00:03:13,600 Speaker 2: Now that's actually a considered statement. Imagine if you've got 57 00:03:13,600 --> 00:03:16,720 Speaker 2: a heat of the moment unfiltered comment. 58 00:03:17,280 --> 00:03:22,120 Speaker 1: Yeah, so Sean upon this, will we see rate cuts 59 00:03:22,160 --> 00:03:23,040 Speaker 1: later in the year. 60 00:03:23,080 --> 00:03:26,600 Speaker 2: Yes, the consensus is yes, somewhere between two and four 61 00:03:26,760 --> 00:03:30,079 Speaker 2: rate cuts if the economy remains on its current trajectory. 62 00:03:30,639 --> 00:03:33,400 Speaker 2: Michelle Bullock, the Governor of Reserve Bank, said the bank 63 00:03:33,440 --> 00:03:37,000 Speaker 2: wants to take a cautious, gradual approach to easing monetary policy. 64 00:03:37,440 --> 00:03:39,200 Speaker 2: She went on to say, and I quote the decision 65 00:03:39,240 --> 00:03:43,960 Speaker 2: today was about timing rather than direction, i e. We 66 00:03:44,000 --> 00:03:47,000 Speaker 2: are going to get rate cuts eventually. The RBA focused 67 00:03:47,000 --> 00:03:50,000 Speaker 2: on the March quarter inflation in its statement yesterday, downplaying 68 00:03:50,000 --> 00:03:53,400 Speaker 2: the monthly figures. The next quarterly prices data is for 69 00:03:53,440 --> 00:03:55,920 Speaker 2: the Dune quarter, due out at the end of this month. 70 00:03:56,240 --> 00:03:58,920 Speaker 2: If that's benign, then a rate cut is likely on 71 00:03:58,960 --> 00:04:01,080 Speaker 2: the twelfth of August. They said that twenty four hours 72 00:04:01,120 --> 00:04:02,920 Speaker 2: ago we were saying a rate cut was very likely 73 00:04:03,040 --> 00:04:04,360 Speaker 2: yesterday and it didn't happen. 74 00:04:05,120 --> 00:04:07,840 Speaker 1: So, Sean, this is an excellent interview coming up after 75 00:04:07,880 --> 00:04:10,560 Speaker 1: the show. Our Fear and Greed Daily interview with You 76 00:04:11,000 --> 00:04:13,800 Speaker 1: is with Lucy Ellis, chief economist at Westpac. 77 00:04:14,440 --> 00:04:18,039 Speaker 2: Yes, and she raises the question, there's not that much 78 00:04:18,440 --> 00:04:22,719 Speaker 2: important data between now and the next meeting, so why 79 00:04:22,760 --> 00:04:27,000 Speaker 2: did the Reserve Bank wait now? Lucy certainly thinks that 80 00:04:27,000 --> 00:04:28,440 Speaker 2: there will be more rate cuts. She used to be 81 00:04:28,440 --> 00:04:30,240 Speaker 2: the chief economist at the Reserve Banks, so she's got 82 00:04:30,279 --> 00:04:33,120 Speaker 2: great insights into it. She also has a great take 83 00:04:33,160 --> 00:04:35,400 Speaker 2: on productivity, which is sort of goffing a tangent on that, 84 00:04:35,800 --> 00:04:38,800 Speaker 2: but you know she really is questioning why wait. 85 00:04:39,200 --> 00:04:41,719 Speaker 1: Great question and I'll tune into the interview to find 86 00:04:41,720 --> 00:04:45,560 Speaker 1: out Sean. Moving on, Prime Minister Anthony Albanezi says Australia 87 00:04:45,600 --> 00:04:48,200 Speaker 1: has the best deal possible with the US when it 88 00:04:48,200 --> 00:04:51,200 Speaker 1: comes to tariffs, adding that the government will continue to 89 00:04:51,200 --> 00:04:54,160 Speaker 1: push Washington for a zero percent impost. 90 00:04:54,600 --> 00:04:57,080 Speaker 2: The Prime Minister said Australia has not given up on 91 00:04:57,160 --> 00:05:00,360 Speaker 2: negotiating tariffs lower than ten percent, but at least it 92 00:05:00,560 --> 00:05:02,679 Speaker 2: is as low as any other country in the world. 93 00:05:03,040 --> 00:05:05,960 Speaker 2: His comments came after Donald Trump started sending letters to 94 00:05:06,040 --> 00:05:10,480 Speaker 2: nations on tariff levels. The US then posted those letters 95 00:05:10,520 --> 00:05:15,360 Speaker 2: on truth social That's true transparency there. I suppose he 96 00:05:16,279 --> 00:05:18,880 Speaker 2: set a twenty five percent tax on goods imported from 97 00:05:18,960 --> 00:05:23,159 Speaker 2: Japan and South Korea. It will take effect on August one. 98 00:05:23,480 --> 00:05:25,840 Speaker 2: Then a bunch of other countries like imports from Me 99 00:05:25,960 --> 00:05:28,480 Speaker 2: and mahar and Laos will be at forty percent. Cambodia 100 00:05:28,480 --> 00:05:32,120 Speaker 2: and Thailand thirty six percent, Serbia, Bangaldes thirty five percent, 101 00:05:32,200 --> 00:05:35,640 Speaker 2: Indo Indonesia thirty two percent, South Africa thirty percent. The 102 00:05:35,760 --> 00:05:40,080 Speaker 2: letters warned the countries not to retaliate by increasing their 103 00:05:40,200 --> 00:05:45,000 Speaker 2: own taxes or import taxes, otherwise that Trump administration will 104 00:05:45,040 --> 00:05:47,119 Speaker 2: further increase tariffs Sean. 105 00:05:47,360 --> 00:05:51,040 Speaker 1: Related to the tariff debate, the Productivity Commission in Australia 106 00:05:51,160 --> 00:05:54,039 Speaker 1: has warned that billions of dollars in taxpayer subsidies for 107 00:05:54,160 --> 00:05:58,800 Speaker 1: manufacturing and green energy they could actually be deemed trade protectionism. 108 00:05:59,080 --> 00:06:02,080 Speaker 2: The PC in frank Advice, has subsidies under the Future 109 00:06:02,080 --> 00:06:05,800 Speaker 2: Made and Australia Banner and the National Reconstruction Fund could 110 00:06:05,800 --> 00:06:08,160 Speaker 2: be considered this way, according to the fin review. The 111 00:06:08,160 --> 00:06:11,480 Speaker 2: Commission also advised the government to lower prices for consumers 112 00:06:11,520 --> 00:06:14,800 Speaker 2: and compliance costs for businesses by extending cuts to so 113 00:06:14,960 --> 00:06:18,000 Speaker 2: called nuisance tariffs on more than three hundred imported goods, 114 00:06:18,000 --> 00:06:20,040 Speaker 2: including steel, appliances and plastics. 115 00:06:20,400 --> 00:06:23,920 Speaker 1: Sean. Now time for our regular Wednesday weekly segment Business 116 00:06:23,960 --> 00:06:27,000 Speaker 1: by Numbers brought to you by zero dot com slash AU. 117 00:06:27,520 --> 00:06:29,800 Speaker 1: What's the first business by number this week? 118 00:06:30,040 --> 00:06:31,719 Speaker 2: It has to be three point eight five percent The 119 00:06:31,760 --> 00:06:34,560 Speaker 2: official cash rates set by the Reserve Bank, which did 120 00:06:34,640 --> 00:06:36,279 Speaker 2: not change yesterday. 121 00:06:36,640 --> 00:06:38,800 Speaker 1: And what is the second business by number? 122 00:06:38,800 --> 00:06:41,760 Speaker 2: Sean, I think you have been ten percent. That's the 123 00:06:42,080 --> 00:06:47,240 Speaker 2: tariff Australia will pay on goods we sell into the US. 124 00:06:47,640 --> 00:06:49,960 Speaker 2: This is all happened just as the Prime Minister, of course, 125 00:06:50,200 --> 00:06:52,520 Speaker 2: is heading to Beijing on the weekend. 126 00:06:52,960 --> 00:06:55,920 Speaker 1: And Sean, lastly, number three, what is the third business 127 00:06:55,920 --> 00:06:56,440 Speaker 1: by number? 128 00:06:56,800 --> 00:07:00,000 Speaker 2: Well, it's about twenty six billion ossie about sixteen billion US. 129 00:07:00,160 --> 00:07:02,600 Speaker 2: That's the amount of money lost by Elon Musk in 130 00:07:02,720 --> 00:07:06,280 Speaker 2: one session on the back of Tesla's share price tumbling 131 00:07:06,680 --> 00:07:10,040 Speaker 2: after he announced he wants to form a new political party. 132 00:07:10,280 --> 00:07:11,840 Speaker 1: We'll be back in a moment with the rest of 133 00:07:11,880 --> 00:07:22,880 Speaker 1: the day's business news. Sean Mineral Resources board is rethinking 134 00:07:22,920 --> 00:07:25,880 Speaker 1: plans for founder and managing director Chris Ellison to leave 135 00:07:25,920 --> 00:07:29,240 Speaker 1: the company. The decision for Ellison to depart came after 136 00:07:29,240 --> 00:07:32,120 Speaker 1: he admitted to involvement in a tax evasion scheme that 137 00:07:32,240 --> 00:07:35,280 Speaker 1: helped him personally at the expense of the company. Tell 138 00:07:35,360 --> 00:07:37,120 Speaker 1: us about this story, Well, it was. 139 00:07:37,040 --> 00:07:39,880 Speaker 2: One of the biggest corporate governance scandals in recent years 140 00:07:39,960 --> 00:07:42,400 Speaker 2: and it seemed settled when the board announced to Ellison 141 00:07:42,520 --> 00:07:46,920 Speaker 2: would depart next year. Since then, since then, Minrez's share 142 00:07:46,960 --> 00:07:50,320 Speaker 2: price has tumbled, in part due to operational difficulties, and 143 00:07:50,360 --> 00:07:52,960 Speaker 2: now the chair of the company, Malcolm Bundy, says he 144 00:07:53,000 --> 00:07:56,720 Speaker 2: will review the leadership transition plan. Read between the lines 145 00:07:56,760 --> 00:07:59,840 Speaker 2: there not so sure Chris Ellison will go. Ellison found 146 00:07:59,840 --> 00:08:02,920 Speaker 2: that the company in nineteen ninety two. His role as 147 00:08:02,920 --> 00:08:07,040 Speaker 2: really divided shareholders. Now he's got considerable support from some 148 00:08:07,080 --> 00:08:11,440 Speaker 2: really big investors, but not some of the others. Minrez's 149 00:08:11,480 --> 00:08:15,960 Speaker 2: share price finished down one percent yesterday. It's in last 150 00:08:15,960 --> 00:08:18,080 Speaker 2: financial year I know, just can't remember the top of 151 00:08:18,080 --> 00:08:21,920 Speaker 2: my head, but it's certainly among the worst performing ASX 152 00:08:21,920 --> 00:08:24,480 Speaker 2: two hundred companies last financial year. 153 00:08:25,200 --> 00:08:29,760 Speaker 1: Sean BHP's lost its landmark challenge to union same job, 154 00:08:29,920 --> 00:08:33,240 Speaker 1: same pay claims for thousands of its in house labor 155 00:08:33,280 --> 00:08:36,160 Speaker 1: high workers, in a decision the union says will cost 156 00:08:36,200 --> 00:08:38,840 Speaker 1: the mining giant tens of millions of dollars a year. 157 00:08:39,280 --> 00:08:42,720 Speaker 2: The Fair Work Commission Full Bench ruled that BHP subsidiary 158 00:08:43,120 --> 00:08:47,520 Speaker 2: Operation Services that's its name, was not an exempted service 159 00:08:47,600 --> 00:08:51,439 Speaker 2: contractor and twenty two hundred of its workers across three 160 00:08:51,559 --> 00:08:54,480 Speaker 2: mines in Queensland's bowl and basin were covered by the 161 00:08:54,480 --> 00:08:57,760 Speaker 2: Albanezi government's new labor high laws. Now the Mining and 162 00:08:57,960 --> 00:09:02,520 Speaker 2: Energy Union estimates the decision, which effectively means Operation Services 163 00:09:02,840 --> 00:09:05,200 Speaker 2: will have to pay its workers the same as Direct 164 00:09:05,200 --> 00:09:08,480 Speaker 2: Tires on their union agreement, will deliver pay rises of 165 00:09:08,559 --> 00:09:12,880 Speaker 2: thirty thousand dollars a year. More broadly, this is a 166 00:09:12,960 --> 00:09:17,960 Speaker 2: major test of the Albanese government's legislation's criteria to exempt 167 00:09:18,080 --> 00:09:22,280 Speaker 2: service contractors. It just they're not exempt shortly. So there's 168 00:09:22,280 --> 00:09:27,560 Speaker 2: broad ramifications for HP, the local coal industry contractors in 169 00:09:27,600 --> 00:09:29,520 Speaker 2: the rest of the economy. Big decision. 170 00:09:29,760 --> 00:09:33,240 Speaker 1: Yeah, it's a massive test case. So sean Aldi has 171 00:09:33,280 --> 00:09:36,080 Speaker 1: done a deal with door Dash, launching home delivery for 172 00:09:36,120 --> 00:09:39,360 Speaker 1: the first time in Australia and escalating its fight its 173 00:09:39,440 --> 00:09:41,600 Speaker 1: competitive fight against will worsen Coals. 174 00:09:42,080 --> 00:09:45,080 Speaker 2: These service commenced in Canberra yesterday. It will be rolled 175 00:09:45,120 --> 00:09:47,880 Speaker 2: out nationally in coming months. More than eighteen hundred products 176 00:09:47,920 --> 00:09:52,400 Speaker 2: including fresh produce, meat, seafood, dairy, bread and household stables 177 00:09:52,600 --> 00:09:56,920 Speaker 2: will be available via the delivery platform. The online grocery 178 00:09:56,960 --> 00:10:00,800 Speaker 2: segment now commands eleven percent of the market. I think 179 00:10:00,840 --> 00:10:03,720 Speaker 2: that's quite incredible that eleven dollars out of every hundred 180 00:10:03,800 --> 00:10:06,800 Speaker 2: is now online for those big grocery stores. 181 00:10:07,280 --> 00:10:09,839 Speaker 1: Earlier in the show, you mentioned that the ASX fell 182 00:10:09,880 --> 00:10:12,800 Speaker 1: after the Reserve Bank of Australia rate cut announcement. How 183 00:10:12,800 --> 00:10:14,320 Speaker 1: did it actually finish the day? 184 00:10:14,400 --> 00:10:16,480 Speaker 2: A bit of up and down, but by the close 185 00:10:16,520 --> 00:10:20,160 Speaker 2: here and PASEX two hundred was drum roll flat eighty 186 00:10:20,280 --> 00:10:22,319 Speaker 2: five hundred ninety one points. Not a lot going on. 187 00:10:22,480 --> 00:10:24,280 Speaker 2: Gold stocks did well in the back of a rising 188 00:10:24,320 --> 00:10:28,240 Speaker 2: price for the precious metal after the Trump trade letters 189 00:10:28,280 --> 00:10:31,800 Speaker 2: we mentioned those earlier on the show. The consumer staples, 190 00:10:31,880 --> 00:10:35,320 Speaker 2: utilities and property indeceas did worst, reflecting in part the 191 00:10:35,480 --> 00:10:40,559 Speaker 2: rate decision. The telco's financials and consumer discretionary indeceies did best. 192 00:10:40,800 --> 00:10:43,280 Speaker 2: Among the large caps, the big miners and retailers were lower, 193 00:10:43,320 --> 00:10:44,760 Speaker 2: while the big banks were mixed. 194 00:10:45,360 --> 00:10:49,200 Speaker 1: Sean two major fund managers, that's Platinum Asset Management and 195 00:10:49,480 --> 00:10:52,520 Speaker 1: l One Capital are set to merge, creating an investment 196 00:10:52,559 --> 00:10:56,599 Speaker 1: group with about sixteen point five billion in funds under management. 197 00:10:56,480 --> 00:10:59,560 Speaker 2: Under the DAL, l One Capital shareholders will hold about 198 00:10:59,600 --> 00:11:02,400 Speaker 2: seventy five percent of the new company. Platinum shareholders will 199 00:11:02,440 --> 00:11:05,520 Speaker 2: hold about twenty six percent. Quite a while in the making, 200 00:11:05,720 --> 00:11:07,760 Speaker 2: it looks like it's going to get across the line. 201 00:11:07,880 --> 00:11:11,200 Speaker 1: Sean. Here's a quick update to the Quantus cyber hack story. 202 00:11:11,600 --> 00:11:14,400 Speaker 1: The carrier says it has been contacted by a potential 203 00:11:14,440 --> 00:11:17,280 Speaker 1: cyber criminal who may have stolen the data of six 204 00:11:17,320 --> 00:11:18,520 Speaker 1: million frequent flyers. 205 00:11:19,040 --> 00:11:21,560 Speaker 2: Its systems were hacked last week. Quite as won't say 206 00:11:21,679 --> 00:11:24,200 Speaker 2: if it's been asked to pay a ransom. The frequent 207 00:11:24,240 --> 00:11:27,760 Speaker 2: flyer numbers, emails and names of six million customers were 208 00:11:27,760 --> 00:11:32,480 Speaker 2: potentially stolen. Fortunately no credit card details went but we 209 00:11:32,520 --> 00:11:34,280 Speaker 2: wait to see what comes next. 210 00:11:34,280 --> 00:11:37,840 Speaker 1: In that story in international news, President Donald Trump hosted 211 00:11:37,880 --> 00:11:41,080 Speaker 1: Israeli Prime Minister Benjamin Netanyahu at the White House yesterday 212 00:11:41,120 --> 00:11:44,520 Speaker 1: Australian Time, saying the United States had scheduled talks with 213 00:11:44,640 --> 00:11:49,480 Speaker 1: Iran and indicated progress on efforts to relocate Palestinians out 214 00:11:49,520 --> 00:11:50,120 Speaker 1: of Gaza. 215 00:11:50,679 --> 00:11:53,160 Speaker 2: Trump said that the US and Israel are working with 216 00:11:53,240 --> 00:11:57,320 Speaker 2: other countries to give Palestinians a better future, suggesting that 217 00:11:57,320 --> 00:12:00,240 Speaker 2: the residents of Gaza could move to neighboring nations. Trump 218 00:12:00,280 --> 00:12:02,520 Speaker 2: and netnya, who met for several hours in Washington, while 219 00:12:02,600 --> 00:12:06,800 Speaker 2: Israeli officials continued in direct negotiations with Maas aimed at 220 00:12:06,840 --> 00:12:10,040 Speaker 2: securing a US broken gas to ceasefire and hostage release deal. 221 00:12:10,440 --> 00:12:12,839 Speaker 2: The President also announced that the US would send more 222 00:12:12,840 --> 00:12:17,719 Speaker 2: weapons to the Ukraine to help defend the country against Russia. Meanwhile, 223 00:12:17,880 --> 00:12:20,800 Speaker 2: Netnahu told Trump that he'd been nominated or at least 224 00:12:20,840 --> 00:12:25,239 Speaker 2: netna who had nominated a Trump for a Nobel Priest prize. 225 00:12:25,679 --> 00:12:29,319 Speaker 1: Sean Roman Starovoids, who formerly served as governor of the 226 00:12:29,400 --> 00:12:33,680 Speaker 1: Russian Kursk border region invaded by Ukraine, has been found 227 00:12:33,720 --> 00:12:36,440 Speaker 1: dead in his car from a gunshot wound. And that 228 00:12:36,600 --> 00:12:39,320 Speaker 1: is ours after being relieved of his duties as the 229 00:12:39,360 --> 00:12:40,800 Speaker 1: country's transport minister. 230 00:12:41,360 --> 00:12:44,360 Speaker 2: Yeah, so who's in the curse region. He then went 231 00:12:44,559 --> 00:12:47,920 Speaker 2: to become transport minister, and about three months after he 232 00:12:47,960 --> 00:12:53,640 Speaker 2: took that job is when Ukraine pushed into that curs area. Now, 233 00:12:53,679 --> 00:12:55,959 Speaker 2: on Monday, the Krimin announced that the fifty three year 234 00:12:55,960 --> 00:12:59,280 Speaker 2: old Starovoid had been dismissed from his position, gave no 235 00:12:59,360 --> 00:13:01,840 Speaker 2: reason for the same. According to the Telegraph of London, 236 00:13:02,120 --> 00:13:05,520 Speaker 2: he was then found dead in his tesla with a 237 00:13:05,640 --> 00:13:09,080 Speaker 2: revolver next to him. A spokesman for the Russian Investigative 238 00:13:09,120 --> 00:13:12,440 Speaker 2: Committee said, and I quote suicide. It's a primary version 239 00:13:12,520 --> 00:13:16,080 Speaker 2: end quote, and added that investigators working at the scene. However, 240 00:13:16,200 --> 00:13:19,120 Speaker 2: there's confusion about the time and location of his death 241 00:13:19,160 --> 00:13:22,880 Speaker 2: with woodio, with video footage appearing to show the body 242 00:13:22,880 --> 00:13:26,200 Speaker 2: being recovered from a wooded area some reports. So he 243 00:13:26,280 --> 00:13:30,040 Speaker 2: may have died later on Saturday or early on Sunday, 244 00:13:30,080 --> 00:13:32,480 Speaker 2: which is actually ahead of the announcement that he'd been 245 00:13:32,480 --> 00:13:35,000 Speaker 2: dismissed from his position. So we'll wait and see on 246 00:13:35,040 --> 00:13:35,480 Speaker 2: that one. 247 00:13:35,640 --> 00:13:39,720 Speaker 1: An evolving story Sean. Elon Musk's political ambitions are doing 248 00:13:39,800 --> 00:13:43,280 Speaker 1: little for Tesla's share price, with the ev makers prices 249 00:13:43,360 --> 00:13:45,800 Speaker 1: falling more than seven percent yesterday. 250 00:13:46,200 --> 00:13:48,600 Speaker 2: I have the weekend, Musk announced he's forming a new 251 00:13:48,600 --> 00:13:52,000 Speaker 2: political party, the America Party, focusing on House and Senate 252 00:13:52,040 --> 00:13:55,280 Speaker 2: seats for the next twelve months. After that, backing a 253 00:13:55,320 --> 00:13:58,559 Speaker 2: candidate for president isn't out of the question, Musk rat 254 00:13:58,800 --> 00:14:02,200 Speaker 2: on x Well shareholders and Tesla I prefer and mask 255 00:14:02,320 --> 00:14:06,439 Speaker 2: is focusing on car making rather than politics. And the 256 00:14:06,559 --> 00:14:10,040 Speaker 2: slide and the share price wiped out twenty six billion 257 00:14:10,040 --> 00:14:15,800 Speaker 2: dollars from Elon Musk's net worth in one session. The stock, 258 00:14:16,320 --> 00:14:18,439 Speaker 2: as in the Tesla stock has declined more than twenty 259 00:14:18,480 --> 00:14:22,560 Speaker 2: percent this year, large part on the back of Musk's 260 00:14:22,640 --> 00:14:23,920 Speaker 2: focus on politics. 261 00:14:24,800 --> 00:14:27,520 Speaker 1: Sean, Apart from the daily newsletter, today, you've got the 262 00:14:27,560 --> 00:14:29,640 Speaker 1: interview with Lucy Ellis coming up next to in the Fir 263 00:14:29,640 --> 00:14:32,840 Speaker 1: and Gree playlist on your favorite podcast platform or at 264 00:14:32,840 --> 00:14:35,640 Speaker 1: Firmgreed dot com dot au. Thank you very much, Sewan, 265 00:14:35,760 --> 00:14:38,160 Speaker 1: and thank you Adam. It's Wednesday, the ninth of July. 266 00:14:38,480 --> 00:14:42,239 Speaker 1: Make sure you're following the podcast. Join us online on LinkedIn, Instagram, 267 00:14:42,280 --> 00:14:45,600 Speaker 1: ex TikTok and Facebook, and please have a great day.