1 00:00:06,400 --> 00:00:09,280 Speaker 1: It's federal budget week, and the bigger known is whether 2 00:00:09,280 --> 00:00:12,640 Speaker 1: the Federal Treasurer Jim Chalmers can keep a lid on inflation. 3 00:00:13,119 --> 00:00:16,120 Speaker 1: The biggest radio deal in years is close to falling 4 00:00:16,200 --> 00:00:19,360 Speaker 1: over after one party pulls out, and directors of some 5 00:00:19,440 --> 00:00:22,680 Speaker 1: of the biggest tech companies are selling their shares. Welcome 6 00:00:22,720 --> 00:00:25,040 Speaker 1: to Fear and Greed. Daily business news for people who 7 00:00:25,079 --> 00:00:27,920 Speaker 1: make their own decisions. It is Monday, the thirteenth of 8 00:00:28,000 --> 00:00:30,960 Speaker 1: May twenty twenty four. I'm Michael Thompson and good morning, 9 00:00:31,000 --> 00:00:31,720 Speaker 1: Sean Aylmer. 10 00:00:32,080 --> 00:00:33,120 Speaker 2: Good morning Michael. 11 00:00:33,320 --> 00:00:35,440 Speaker 1: Sean. After the show, you have an interview coming up 12 00:00:35,600 --> 00:00:38,200 Speaker 1: today with Josh Gilbert from E Toro. We love talking 13 00:00:38,200 --> 00:00:38,760 Speaker 1: to Josh. 14 00:00:38,880 --> 00:00:41,760 Speaker 2: We do love talking to Josh. Today. We talk from 15 00:00:41,840 --> 00:00:43,800 Speaker 2: about well, we start off with the US tech talks, 16 00:00:43,840 --> 00:00:46,600 Speaker 2: but then we look at another sector which is doing 17 00:00:46,640 --> 00:00:49,559 Speaker 2: particularly well on Wall Street. It's the cruise line sector. 18 00:00:49,800 --> 00:00:53,040 Speaker 2: So we run through how some of the real Caribbean 19 00:00:53,280 --> 00:00:57,720 Speaker 2: and Carnival are going as well as all the normals Apple, Microsoft. 20 00:00:58,480 --> 00:01:01,320 Speaker 2: Very insightful Josh always, i mean puts it in plain language. 21 00:01:01,400 --> 00:01:03,400 Speaker 2: You sort of understand where he's coming from. What you 22 00:01:03,400 --> 00:01:06,240 Speaker 2: should be looking out for as an investor. Great chat 23 00:01:06,240 --> 00:01:06,720 Speaker 2: with Josh. 24 00:01:06,880 --> 00:01:08,920 Speaker 1: Yeah, it certainly is. It is well worth a listen 25 00:01:09,040 --> 00:01:12,760 Speaker 1: coming up after the show. The main story though this morning, Sean, 26 00:01:12,920 --> 00:01:16,319 Speaker 1: can you can feel the excitement in the air, can't you? 27 00:01:16,720 --> 00:01:20,520 Speaker 1: Because it's federal budget week? Am I overstating things a 28 00:01:20,560 --> 00:01:20,960 Speaker 1: little bit? 29 00:01:21,840 --> 00:01:25,880 Speaker 2: Not for all those economists and politicians and business leaders 30 00:01:25,880 --> 00:01:29,200 Speaker 2: out there, because so much of the business world depends 31 00:01:29,760 --> 00:01:33,119 Speaker 2: on both how much the government spends and how they 32 00:01:33,200 --> 00:01:38,039 Speaker 2: spend it, particularly if there's policies directly affecting businesses. Also 33 00:01:38,240 --> 00:01:42,600 Speaker 2: on economic parameters, what's happening to inflation, employment, all those 34 00:01:42,600 --> 00:01:47,039 Speaker 2: sorts of things. Also policy changes, so plenty for people 35 00:01:47,080 --> 00:01:48,600 Speaker 2: to be excited about this week, Michael. 36 00:01:48,720 --> 00:01:52,160 Speaker 1: So basically I can just cut loose with the excitement. 37 00:01:52,160 --> 00:01:55,120 Speaker 1: Don't need to hold back because I am excited. Tomorrow night, 38 00:01:55,240 --> 00:01:59,000 Speaker 1: Treasurer Jim Chalmers will outline the government spending and taxing plans, 39 00:01:59,560 --> 00:02:02,680 Speaker 1: with the biggest focus really on cost of living help, 40 00:02:03,120 --> 00:02:05,720 Speaker 1: followed by what the budget is going to mean for inflation. 41 00:02:05,800 --> 00:02:08,400 Speaker 2: As you just said, thus far, the government has announced 42 00:02:08,400 --> 00:02:10,760 Speaker 2: a bunch of spending initiatives and not very much in 43 00:02:10,880 --> 00:02:14,720 Speaker 2: terms of savings. Ernst and Young, Chief Economist Cheryll Murphy 44 00:02:14,760 --> 00:02:17,440 Speaker 2: has provided a very useful list of what we know already. 45 00:02:17,639 --> 00:02:21,320 Speaker 2: Major policy announcements included eleven point three billion dollars for 46 00:02:21,440 --> 00:02:24,440 Speaker 2: funding for housing, eleven point one billion dollars over ten 47 00:02:24,480 --> 00:02:27,119 Speaker 2: years for a navy fleet, a multi pronged future Made 48 00:02:27,120 --> 00:02:30,240 Speaker 2: in Australia package. Remember with the Quantum computing group. Side Quantum, 49 00:02:30,320 --> 00:02:34,000 Speaker 2: they got money for that solid SunShot program. That's another one. 50 00:02:34,040 --> 00:02:37,000 Speaker 2: There's health research people getting money for that. There's also 51 00:02:37,120 --> 00:02:41,120 Speaker 2: more money for aged and child cares, including superannuation for 52 00:02:41,240 --> 00:02:43,959 Speaker 2: print or leave, money for drought relief, for anti money 53 00:02:44,040 --> 00:02:46,920 Speaker 2: laundering and skills training. Of course, there's also around twenty 54 00:02:46,960 --> 00:02:49,920 Speaker 2: three billion dollars of Stage three tax cuts. Will all 55 00:02:49,919 --> 00:02:52,400 Speaker 2: start feeling that from July one. There should be good 56 00:02:52,440 --> 00:02:56,040 Speaker 2: news on the revenue side. Migration, lower unemployment than forecasts, 57 00:02:56,080 --> 00:02:59,760 Speaker 2: meaning fewer payments to the jobless, and higher commodity prices 58 00:03:00,000 --> 00:03:03,720 Speaker 2: will boost incomings. The Treasurer has said that some deficits 59 00:03:03,720 --> 00:03:07,600 Speaker 2: going forward will be larger than previously forecast and some smaller. 60 00:03:07,639 --> 00:03:10,800 Speaker 2: Now I think I'd be surprised if the government didn't 61 00:03:11,120 --> 00:03:13,960 Speaker 2: have a budget surplus for the next financial year. The 62 00:03:14,000 --> 00:03:17,840 Speaker 2: latest projections from MAIFO, which is the midyear budget update 63 00:03:18,160 --> 00:03:19,920 Speaker 2: that was late last year. Well, that was for a 64 00:03:19,919 --> 00:03:22,520 Speaker 2: deficit next financial year of nearly nineteen billion dollars. I 65 00:03:22,520 --> 00:03:25,320 Speaker 2: think they will have brought that to a surplus somehow. 66 00:03:25,800 --> 00:03:28,959 Speaker 1: Sure on that list that you went through, is it's 67 00:03:29,040 --> 00:03:31,160 Speaker 1: quite a long list, really, isn't it. And this is 68 00:03:31,200 --> 00:03:33,600 Speaker 1: just what we know in advance in terms of the 69 00:03:33,880 --> 00:03:36,480 Speaker 1: initiatives that we can expect in the budget tomorrow night. 70 00:03:36,960 --> 00:03:39,240 Speaker 1: As you say, there's not a lot in terms of savings. 71 00:03:39,240 --> 00:03:42,320 Speaker 1: There are all of these measures likely to be inflationary, 72 00:03:42,480 --> 00:03:45,120 Speaker 1: and I suppose then the natural follow on question for 73 00:03:45,200 --> 00:03:47,000 Speaker 1: that is what's it mean for interest rates? 74 00:03:47,280 --> 00:03:50,040 Speaker 2: Well, that is the most interesting question, or certainly the 75 00:03:50,040 --> 00:03:53,120 Speaker 2: most interesting economic question coming out of tomorrow night, and 76 00:03:53,160 --> 00:03:57,160 Speaker 2: we'll know pretty quickly after seven thirty pm. Doctor Chalmers 77 00:03:57,160 --> 00:04:00,480 Speaker 2: has said the budget will be inflation fighting first and 78 00:04:00,520 --> 00:04:02,840 Speaker 2: a growth budget in later years. The challenge is if 79 00:04:02,840 --> 00:04:05,160 Speaker 2: the government provides big handouts over the next twelve months, 80 00:04:05,560 --> 00:04:08,560 Speaker 2: then you can kiss the prospect of lower interest rates goodbye, 81 00:04:08,720 --> 00:04:12,320 Speaker 2: at least for this year. The budget is the government's 82 00:04:12,360 --> 00:04:15,520 Speaker 2: fiscal policy, the Reserve Bank capacy's monitor policy. They need 83 00:04:15,560 --> 00:04:18,839 Speaker 2: to work together and the budget. A fiscal policy is 84 00:04:18,920 --> 00:04:22,760 Speaker 2: much better at making refined changes to the economy. Interest 85 00:04:22,839 --> 00:04:25,400 Speaker 2: rates are like a big sledgehammer hitting the economy. So 86 00:04:25,839 --> 00:04:28,760 Speaker 2: you hope that the budget is really well targeted and 87 00:04:28,839 --> 00:04:32,160 Speaker 2: non inflationary. I think that at the end of the 88 00:04:32,240 --> 00:04:34,760 Speaker 2: day that is kind of the question will all be 89 00:04:34,839 --> 00:04:37,640 Speaker 2: wondering about, because if it is inflationary, it's going to 90 00:04:37,640 --> 00:04:39,560 Speaker 2: be very, very hard for the Reserve Bank to cut 91 00:04:39,600 --> 00:04:44,920 Speaker 2: interest rates. Sean too Quick mentioned well, actually three, I'll 92 00:04:44,920 --> 00:04:48,920 Speaker 2: combine them into two though Stephen could Cools our resident 93 00:04:49,000 --> 00:04:52,360 Speaker 2: economist well worth a listen to the Weak Ahead, which 94 00:04:52,400 --> 00:04:55,560 Speaker 2: comes out every Monday, because you ask his thoughts on 95 00:04:55,920 --> 00:04:57,679 Speaker 2: kind of what's coming up in terms of the budget. 96 00:04:58,120 --> 00:05:01,360 Speaker 2: Then Steven's going to join us on Wednesday morning as 97 00:05:01,360 --> 00:05:05,240 Speaker 2: well and a more comprehensive look at actually what was announced. 98 00:05:05,760 --> 00:05:07,720 Speaker 2: And also make sure you had to Fear and Greed 99 00:05:07,760 --> 00:05:10,680 Speaker 2: dot com dot au and sign up for the newsletter, 100 00:05:10,720 --> 00:05:13,159 Speaker 2: the Fear and Greed Newsletter, because that comes out on 101 00:05:13,200 --> 00:05:13,880 Speaker 2: Wednesday morning. 102 00:05:13,920 --> 00:05:16,760 Speaker 1: Perfect timing, really, isn't it. He's read it comes out 103 00:05:16,760 --> 00:05:19,400 Speaker 1: every week on Wednesday morning, and it just so happens 104 00:05:19,400 --> 00:05:23,040 Speaker 1: that this this is after the budget, so maybe maybe 105 00:05:23,200 --> 00:05:24,559 Speaker 1: we will hear what you really think. 106 00:05:25,040 --> 00:05:26,279 Speaker 2: Maybe probably. 107 00:05:26,320 --> 00:05:28,760 Speaker 1: In fact, I think it's highly likely, really, isn't it. 108 00:05:29,040 --> 00:05:31,479 Speaker 1: Local markets, how do they finish up? On Friday? 109 00:05:31,600 --> 00:05:34,120 Speaker 2: Yes, and PI six two hundred closed up almost half 110 00:05:34,160 --> 00:05:36,679 Speaker 2: a percent to seven seven hundred and forty nine points 111 00:05:36,680 --> 00:05:39,360 Speaker 2: for the week. The benchmark finished up one point six percent. 112 00:05:39,400 --> 00:05:41,400 Speaker 2: The big movers on Friday with the energy stocks, while 113 00:05:41,400 --> 00:05:44,080 Speaker 2: the gold stocks did pretty well, also rising on the 114 00:05:44,080 --> 00:05:46,039 Speaker 2: back of goal prices. Energy stocks were up on the 115 00:05:46,040 --> 00:05:49,160 Speaker 2: back of higher oil prices. Within the energy sector, Woodside 116 00:05:49,200 --> 00:05:52,040 Speaker 2: finished up around two percent. Santos, Mpole and Viva Energy 117 00:05:52,080 --> 00:05:54,720 Speaker 2: also did well. Goldig and Northern Star closed up one 118 00:05:54,760 --> 00:05:57,280 Speaker 2: percent or The big banks did pretty well, National Australia Bank, 119 00:05:57,279 --> 00:05:59,960 Speaker 2: Westpac and owen Z Roll up more than one Percentuary 120 00:06:00,080 --> 00:06:02,320 Speaker 2: Group jumped one percent, The big miners were lower, and 121 00:06:02,360 --> 00:06:05,599 Speaker 2: the retailers were mixed. In the bond market, well worth 122 00:06:05,640 --> 00:06:07,200 Speaker 2: having a look at the bond market ahead of the 123 00:06:07,200 --> 00:06:11,200 Speaker 2: budget tomorrow night. Future Training employs a twenty two percent 124 00:06:11,320 --> 00:06:15,039 Speaker 2: chance of a rate hike yes hike in August, though 125 00:06:15,080 --> 00:06:17,800 Speaker 2: the consensus is definitely that the next move will be 126 00:06:17,880 --> 00:06:20,239 Speaker 2: a cut at the end of this year or early 127 00:06:20,320 --> 00:06:21,680 Speaker 2: next year. All right? 128 00:06:21,920 --> 00:06:25,279 Speaker 1: Checking international markets now thanks to blue Chip Communication, the 129 00:06:25,320 --> 00:06:29,840 Speaker 1: experts helping financial services companies market communicate and grow. Visit 130 00:06:29,839 --> 00:06:34,320 Speaker 1: blue Chipcommunication, dot com, dot AU. Much happening, sean well. 131 00:06:34,360 --> 00:06:37,200 Speaker 2: Global share markets finished last week higher, with Wall Street 132 00:06:37,279 --> 00:06:40,320 Speaker 2: up nearly two percent over the five sessions. Eurozone shares 133 00:06:40,320 --> 00:06:42,760 Speaker 2: were up more than three percent, hitting a new high. 134 00:06:43,000 --> 00:06:46,320 Speaker 2: Markets are heavily dependent at the moment on every utterance 135 00:06:46,560 --> 00:06:49,080 Speaker 2: from the Federal Reserve about interest rates, and basically last 136 00:06:49,080 --> 00:06:51,560 Speaker 2: week the pendulum swung back towards the rate cut later 137 00:06:51,560 --> 00:06:54,400 Speaker 2: in the year. Outside rates, the situation in Israel, the 138 00:06:54,480 --> 00:06:57,000 Speaker 2: US election, and prospects of a soft landing for some 139 00:06:57,040 --> 00:07:00,960 Speaker 2: of the world's major economies are affecting markets. Stronger market 140 00:07:01,000 --> 00:07:04,000 Speaker 2: recently he has been China, so Michael. Between twenty twenty 141 00:07:04,000 --> 00:07:06,839 Speaker 2: one and February this year, the market fell forty five percent. 142 00:07:06,880 --> 00:07:09,360 Speaker 2: That was all about the Chinese property market slid down 143 00:07:09,400 --> 00:07:12,800 Speaker 2: in the economy. Since February, though, it's up about fifteen percent. 144 00:07:13,880 --> 00:07:17,440 Speaker 2: Interesting in commodity market's Brent crude waslar again, goals pitching 145 00:07:17,440 --> 00:07:20,440 Speaker 2: around twenty three sixty US dollars an ounce, and the 146 00:07:20,520 --> 00:07:23,440 Speaker 2: Yossi dollars buying just over sixty six US cents. 147 00:07:24,960 --> 00:07:27,480 Speaker 1: Sometimes I just don't have anything intelligent to add, so 148 00:07:27,520 --> 00:07:31,760 Speaker 1: you'll just get a hmm out of me. Sometimes it's 149 00:07:32,000 --> 00:07:33,880 Speaker 1: better saying less, really. 150 00:07:33,640 --> 00:07:35,600 Speaker 2: Isn't it. I liked your. 151 00:07:37,400 --> 00:07:38,720 Speaker 1: It's insightful, wasn't it? 152 00:07:38,880 --> 00:07:39,240 Speaker 2: All right? 153 00:07:39,320 --> 00:07:40,640 Speaker 1: We'll be back in a moment with the rest of 154 00:07:40,640 --> 00:07:52,080 Speaker 1: the day's business news. Sewan, a deteriorating regional advertising market, 155 00:07:52,320 --> 00:07:55,880 Speaker 1: the enclosure of a TV station in Mildura, and Network 156 00:07:56,000 --> 00:07:59,600 Speaker 1: ten pulling the pin on The Bachelor all contributed to 157 00:07:59,680 --> 00:08:02,600 Speaker 1: Anchor Ridge Capital Partner's decision to pull out of a 158 00:08:02,640 --> 00:08:06,160 Speaker 1: two hundred and fifty million dollar deal to reshape the 159 00:08:06,160 --> 00:08:08,280 Speaker 1: Australian radio market. 160 00:08:07,960 --> 00:08:11,840 Speaker 2: Seven months after it was announced. Anchorage apparently has withdrawn 161 00:08:11,880 --> 00:08:15,160 Speaker 2: from a deal with Australian Radio Network Media to acquire 162 00:08:15,240 --> 00:08:18,840 Speaker 2: ASX listed Southern Cross Austereo. According to a report in 163 00:08:18,880 --> 00:08:22,280 Speaker 2: the Financial Review, the arn's board convened for a crisis 164 00:08:22,280 --> 00:08:24,480 Speaker 2: meeting of the weekend and will face investors at its 165 00:08:24,480 --> 00:08:27,520 Speaker 2: annual general meeting tomorrow. IARN, of course owns the Kiss 166 00:08:27,520 --> 00:08:29,680 Speaker 2: and Pure Gold radio networks, as well as the network 167 00:08:29,680 --> 00:08:32,240 Speaker 2: of regional radio stations Selling Cross owns a triple M 168 00:08:32,320 --> 00:08:36,200 Speaker 2: and Hit radio brands, almost one hundred regional free Aware signals, 169 00:08:36,559 --> 00:08:39,679 Speaker 2: and a larger regional network of radio stations. In the 170 00:08:39,679 --> 00:08:42,800 Speaker 2: deal that was proposed, ARN was going to take Kiss 171 00:08:42,800 --> 00:08:45,960 Speaker 2: and Triple M and eighty eight regional radio stations. Anchorage 172 00:08:46,000 --> 00:08:49,120 Speaker 2: Partners was going to end up with Pure Gold Hit 173 00:08:49,200 --> 00:08:52,040 Speaker 2: brands as well as thirty five regional stations and selln 174 00:08:52,040 --> 00:08:55,319 Speaker 2: Crosses regional TV network, which is where the Bachelor comes 175 00:08:55,360 --> 00:08:58,280 Speaker 2: into it. Anyway, according to the report in the Financial Review, 176 00:08:58,640 --> 00:09:01,120 Speaker 2: all fall and over Anchorage has walked away. Expect to 177 00:09:01,160 --> 00:09:05,960 Speaker 2: hear something from ARN to the ASEX today sure, and the. 178 00:09:06,000 --> 00:09:09,480 Speaker 1: Number of auctions remain high, though the preliminary clearance rate 179 00:09:09,520 --> 00:09:13,120 Speaker 1: has fallen to seventy two point six percent, which is 180 00:09:13,240 --> 00:09:14,240 Speaker 1: the lowest since Easter. 181 00:09:14,600 --> 00:09:17,360 Speaker 2: Still pretty solid though Sydney still doing really well, came 182 00:09:17,400 --> 00:09:20,120 Speaker 2: in at seventy five point nine percent over the past week. 183 00:09:20,520 --> 00:09:23,640 Speaker 2: Melbourne was at sixty eight percent. Adelaide was the standout 184 00:09:23,720 --> 00:09:26,080 Speaker 2: ninety one point seven percent, the second highest of the year. 185 00:09:26,200 --> 00:09:29,320 Speaker 2: Brisbane was just under seventy seven percent. In Camera came 186 00:09:29,360 --> 00:09:32,200 Speaker 2: in just over seventy one percent. The finalized clearance rate 187 00:09:32,760 --> 00:09:36,080 Speaker 2: as opposed to the preliminary clearance rate is around sixty 188 00:09:36,120 --> 00:09:39,720 Speaker 2: five percent. That's about the long term average. What's interesting 189 00:09:39,840 --> 00:09:42,600 Speaker 2: is that the number of auctions remains really high, running 190 00:09:42,600 --> 00:09:44,600 Speaker 2: at twenty five to thirty percent more than a year 191 00:09:44,600 --> 00:09:47,960 Speaker 2: ago or so. In terms of prices, the overall average 192 00:09:47,960 --> 00:09:51,760 Speaker 2: continues to creep higher, though that covers big disparities. Perth 193 00:09:51,880 --> 00:09:54,400 Speaker 2: is really hot still, Melbourne not so much. In fact, 194 00:09:54,640 --> 00:09:58,600 Speaker 2: over the past four weeks, Melbourne prices are actually slightly lower. 195 00:09:58,880 --> 00:10:03,840 Speaker 1: At QBE, pushing through double digit insurance premium increases. But 196 00:10:03,920 --> 00:10:06,920 Speaker 1: some good news for consumers the pace of increases appears 197 00:10:06,920 --> 00:10:08,600 Speaker 1: to have slowed to the lowest in a year. 198 00:10:08,920 --> 00:10:13,400 Speaker 2: That is like finding silver lining in a very dark cloud. 199 00:10:13,040 --> 00:10:16,880 Speaker 1: I sounded very excited, saying that really it's really not 200 00:10:16,960 --> 00:10:19,040 Speaker 1: that exciting all pretty miserable. 201 00:10:19,679 --> 00:10:21,400 Speaker 2: Premium is going up, just not as much as they 202 00:10:21,480 --> 00:10:24,160 Speaker 2: used to anyway. At the group's annual general meeting in 203 00:10:24,200 --> 00:10:28,200 Speaker 2: Sydney on Friday, QBE, which operates in twenty seven countries 204 00:10:28,240 --> 00:10:31,960 Speaker 2: covering everything from aircraft to organ transplants, said markets have 205 00:10:32,200 --> 00:10:36,200 Speaker 2: supported premium increases this year. Premium rates in Australia have 206 00:10:36,280 --> 00:10:38,880 Speaker 2: been rising at about eleven percent, which is actually down 207 00:10:38,920 --> 00:10:42,040 Speaker 2: over the previous year. It reflects the higher risk insurers 208 00:10:42,120 --> 00:10:45,440 Speaker 2: have to take on, and QB chair Mike Wilkins called 209 00:10:45,520 --> 00:10:48,760 Speaker 2: for more government help. The bill for claims from weather 210 00:10:48,800 --> 00:10:52,320 Speaker 2: disasters for twenty twenty four is actually tracking broadly in 211 00:10:52,400 --> 00:10:55,560 Speaker 2: line with assumptions, QB told investors, Now one of the 212 00:10:55,559 --> 00:10:58,520 Speaker 2: big unknowns for these insurance companies exactly what's going to 213 00:10:58,600 --> 00:11:02,439 Speaker 2: happen with natural design us and weather and stuff like that. Well, 214 00:11:02,640 --> 00:11:04,560 Speaker 2: it's kind of in line with what they thought net 215 00:11:04,600 --> 00:11:08,480 Speaker 2: costs from catastrophes with three hundred million US dollars in 216 00:11:08,520 --> 00:11:10,440 Speaker 2: the first six months of the year, it's budgeted about 217 00:11:10,440 --> 00:11:12,600 Speaker 2: six hundred and nine million dollars, So kind of on track. 218 00:11:13,720 --> 00:11:18,040 Speaker 1: Sewan question without notice your favorite because you know how 219 00:11:18,120 --> 00:11:22,480 Speaker 1: obviously in terms of AGM's QB was on Friday just 220 00:11:22,520 --> 00:11:27,440 Speaker 1: gone and arn is tomorrow. Plenty of agms happening around 221 00:11:27,640 --> 00:11:30,800 Speaker 1: the place now. In your career as a as a 222 00:11:30,800 --> 00:11:33,080 Speaker 1: business journalist, wh would have attended plenty of them. And 223 00:11:33,120 --> 00:11:34,960 Speaker 1: I know that in the past we've talked about kind 224 00:11:35,000 --> 00:11:38,960 Speaker 1: of which ones had the best food. But if you 225 00:11:39,000 --> 00:11:41,720 Speaker 1: were to attend an AGM at the moment, is there 226 00:11:41,760 --> 00:11:43,760 Speaker 1: one that you would love to go to just because 227 00:11:43,800 --> 00:11:46,520 Speaker 1: of the drama that's going on within companies at the moment. 228 00:11:47,760 --> 00:11:52,440 Speaker 2: Great question. So this one, the AARN tomorrow should be 229 00:11:52,440 --> 00:11:57,200 Speaker 2: interesting because there have been there's great personalities involved, saying 230 00:11:57,200 --> 00:12:00,720 Speaker 2: with some across Osteria, great personalities involved, So that would 231 00:12:00,720 --> 00:12:03,960 Speaker 2: definitely be a good one. I have to think hard 232 00:12:04,000 --> 00:12:06,640 Speaker 2: about that. Not the banks, not so much. The miners, 233 00:12:06,640 --> 00:12:08,520 Speaker 2: some of the lithium players would be interesting because they've 234 00:12:08,520 --> 00:12:11,840 Speaker 2: gone backwards. Anytime the share price is done really poorly, 235 00:12:12,480 --> 00:12:14,280 Speaker 2: that's when you want to go to the AGM because 236 00:12:14,280 --> 00:12:16,959 Speaker 2: you've got shareholders, they've got their money in it, and 237 00:12:17,000 --> 00:12:21,319 Speaker 2: they're not real happy about it. So that's probably how 238 00:12:21,320 --> 00:12:23,400 Speaker 2: I judge it. The biggest share price drop, the better 239 00:12:23,480 --> 00:12:24,720 Speaker 2: the AGM rule. 240 00:12:25,160 --> 00:12:29,640 Speaker 1: Great answer, fantastic answer. So as if you needed a mark, 241 00:12:29,640 --> 00:12:32,680 Speaker 1: you needed approval question answer, that's good. 242 00:12:32,960 --> 00:12:33,440 Speaker 2: Nice. 243 00:12:33,600 --> 00:12:36,840 Speaker 1: Anglo Americans key South African shareholders are open to a 244 00:12:36,880 --> 00:12:40,640 Speaker 1: takeover offer from BHP, with some advocating for an additional 245 00:12:40,720 --> 00:12:43,840 Speaker 1: cash component to the bid. According to the Financial Times. 246 00:12:43,720 --> 00:12:46,360 Speaker 2: The investors, who collectively hold more than fifteen percent of 247 00:12:46,400 --> 00:12:49,400 Speaker 2: Anglo Americans, said BHP needs to sweeten its offer, but 248 00:12:49,440 --> 00:12:52,360 Speaker 2: they're not opposed. In principle to an acquisition by the 249 00:12:52,400 --> 00:12:55,640 Speaker 2: Australian group. The FT is reporting that other fund managers 250 00:12:55,640 --> 00:12:58,199 Speaker 2: with minority stakes in Anglo are pushing for a more 251 00:12:58,240 --> 00:13:01,599 Speaker 2: straightforward offer from BHP, possibly with the cash component or 252 00:13:01,640 --> 00:13:04,960 Speaker 2: without the condition of selling Anglo's South African assets. Late 253 00:13:05,040 --> 00:13:08,200 Speaker 2: last month, Anglo American rebuffed BHP's fifty seven billion dollars 254 00:13:08,240 --> 00:13:13,000 Speaker 2: script takeover proposal, saying it significantly undervalued the London listed 255 00:13:13,120 --> 00:13:16,640 Speaker 2: miner and its prospects. Now, management and Anglo have spent 256 00:13:16,720 --> 00:13:20,600 Speaker 2: months undertaking a review of the business. It's kind of 257 00:13:20,600 --> 00:13:23,000 Speaker 2: for Anglo's kind of fallen behind some of the other miners. 258 00:13:23,000 --> 00:13:27,000 Speaker 2: According to some investors, the idea is that management is 259 00:13:27,040 --> 00:13:29,920 Speaker 2: going to have some sort of turnaround plan with this 260 00:13:30,080 --> 00:13:34,400 Speaker 2: BHP offer. Management are now under the gun because if 261 00:13:34,400 --> 00:13:37,000 Speaker 2: they've rebuffed it, they need to come up with a 262 00:13:37,040 --> 00:13:39,360 Speaker 2: better option. So it's going to be an interesting few 263 00:13:39,400 --> 00:13:41,000 Speaker 2: weeks in that takeover tussle. 264 00:13:41,720 --> 00:13:44,720 Speaker 1: You know what, JGM, I'd go to which one? 265 00:13:44,720 --> 00:13:46,520 Speaker 2: I'm sorry didn't ask you before? Which one? 266 00:13:47,440 --> 00:13:52,720 Speaker 1: Maggie Beer Holdings, only because the food would just be 267 00:13:52,840 --> 00:13:56,079 Speaker 1: top notch, wouldn't it. Yeah, just like everyone would just 268 00:13:56,120 --> 00:13:58,880 Speaker 1: be sitting there stuffing their faces with Quin's paste, and 269 00:13:58,880 --> 00:14:01,920 Speaker 1: no one's start of paying it to what's happening on stage. 270 00:14:01,800 --> 00:14:03,960 Speaker 2: One of the things that we don't talk enough about 271 00:14:04,040 --> 00:14:07,680 Speaker 2: is just the negatives of COVID now, the non health 272 00:14:07,800 --> 00:14:10,559 Speaker 2: negatives of COVID, and one of them was that all 273 00:14:10,640 --> 00:14:14,439 Speaker 2: these companies realized they could have their AGM online, and 274 00:14:14,559 --> 00:14:16,400 Speaker 2: so you do find a lot of the smaller companies 275 00:14:16,440 --> 00:14:18,880 Speaker 2: now having agms online. 276 00:14:19,000 --> 00:14:21,680 Speaker 1: Okay, well, that's my homework to check whether Maggie Beer 277 00:14:21,720 --> 00:14:25,320 Speaker 1: Holdings has an in person AGM. What can I like 278 00:14:25,520 --> 00:14:28,280 Speaker 1: and whether I can attend? We could both go sean 279 00:14:29,480 --> 00:14:31,960 Speaker 1: last one before we get to international news. New data 280 00:14:32,240 --> 00:14:35,680 Speaker 1: shows that the average time spent on social media over 281 00:14:35,720 --> 00:14:39,480 Speaker 1: the past three months has declined, and Australians generally spend 282 00:14:39,680 --> 00:14:43,440 Speaker 1: less time online than people from other countries. I'm actually 283 00:14:43,440 --> 00:14:44,560 Speaker 1: a bit surprised. 284 00:14:44,160 --> 00:14:46,720 Speaker 2: By this, so is I. The average daily time spent 285 00:14:46,800 --> 00:14:49,840 Speaker 2: on social media is one hour fifty four minutes, which 286 00:14:49,880 --> 00:14:51,560 Speaker 2: still seems like a lot to me. To be honest, 287 00:14:52,040 --> 00:14:54,800 Speaker 2: almost two hours on social medium The global average is 288 00:14:54,840 --> 00:14:58,880 Speaker 2: two hours twenty. Platform preferences vary by age and gender. 289 00:14:58,960 --> 00:15:01,960 Speaker 2: Younger women prefer in Instagram and TikTok. Younger men also 290 00:15:02,080 --> 00:15:05,680 Speaker 2: like insta. About twenty seven percent of Australians get their 291 00:15:05,720 --> 00:15:09,000 Speaker 2: news from social media, which is less than the global 292 00:15:09,040 --> 00:15:11,880 Speaker 2: average of more than a third. The research from social 293 00:15:11,960 --> 00:15:14,840 Speaker 2: and media intelligence group Milkwater shows more broadly that the 294 00:15:14,880 --> 00:15:17,320 Speaker 2: average daily Internet usage in Australia is a little over 295 00:15:17,440 --> 00:15:20,080 Speaker 2: six hours. It's a fair bit twenty five percent of 296 00:15:20,080 --> 00:15:24,720 Speaker 2: your time online. Two in five aussi's decline cookies, which 297 00:15:24,760 --> 00:15:26,640 Speaker 2: is about the same proportion of people who are worried 298 00:15:26,640 --> 00:15:29,480 Speaker 2: about the use of personal data. Maybe no surprise is there? 299 00:15:29,760 --> 00:15:30,320 Speaker 1: Makes sense? 300 00:15:30,920 --> 00:15:35,880 Speaker 2: And what do we do on the internet? Stream video 301 00:15:36,040 --> 00:15:40,440 Speaker 2: number one music streamings too? We're also big online gamblers, 302 00:15:41,000 --> 00:15:41,360 Speaker 2: all right. 303 00:15:41,400 --> 00:15:44,240 Speaker 1: Turning to international news now and a very serious story shown. 304 00:15:44,400 --> 00:15:47,640 Speaker 1: Israel has ordered more people to flee Raffa as it 305 00:15:47,720 --> 00:15:51,320 Speaker 1: prepares to expand its assault on the southern Ghazan city, 306 00:15:51,720 --> 00:15:55,200 Speaker 1: despite international condemnation of its offensive in what is a 307 00:15:55,240 --> 00:15:56,600 Speaker 1: densely populated area. 308 00:15:57,160 --> 00:15:59,280 Speaker 2: The Israel Defense Force is said over the weekend that 309 00:15:59,280 --> 00:16:02,080 Speaker 2: Palestinians should leave three districts close to the center of 310 00:16:02,160 --> 00:16:04,920 Speaker 2: Rafa and two refugee camps in the city. It instructed 311 00:16:04,960 --> 00:16:07,840 Speaker 2: them to move to what Israel describes as a humanitarian 312 00:16:07,880 --> 00:16:11,120 Speaker 2: area on the coast. The UN estimates at about one 313 00:16:11,200 --> 00:16:13,560 Speaker 2: hundred and fifty thousand people have already fled at Rafa 314 00:16:13,600 --> 00:16:16,560 Speaker 2: since Israel sent ground troops to the eastern edge of 315 00:16:16,560 --> 00:16:20,320 Speaker 2: the city last week and sees the border crossing with Egypt. 316 00:16:20,560 --> 00:16:22,800 Speaker 2: US President Joe Biden last week paused the delivery of 317 00:16:22,840 --> 00:16:25,800 Speaker 2: some arms to Israel, including thirty five hundred bombs, over 318 00:16:25,920 --> 00:16:27,960 Speaker 2: concerns that they would be used in Rafa. 319 00:16:28,080 --> 00:16:29,560 Speaker 1: Now I mentioned this one at the top of the show. 320 00:16:29,560 --> 00:16:33,560 Speaker 1: Sewan insiders at the Magnificent seven tech companies are following 321 00:16:33,640 --> 00:16:36,880 Speaker 1: Jeff Bezos and Mark Zuckerberg and selling shares while stock 322 00:16:36,960 --> 00:16:37,960 Speaker 1: prices are high. 323 00:16:38,560 --> 00:16:42,680 Speaker 2: Follow the money. That's always the kind of goal of investing. 324 00:16:42,760 --> 00:16:46,080 Speaker 2: Follow the money. Almost a dozen executives and directors at 325 00:16:46,080 --> 00:16:51,040 Speaker 2: the companies have sold shares since late last year, pocketing 326 00:16:51,040 --> 00:16:54,040 Speaker 2: about one hundred and sixty million US dollars two hundred 327 00:16:54,080 --> 00:16:58,600 Speaker 2: forty two million Bozzie dollars. They really haven't cut their 328 00:16:58,680 --> 00:17:01,280 Speaker 2: steaks in a lot of the text in as long 329 00:17:01,320 --> 00:17:04,879 Speaker 2: as nine years, according to data compiled by Bloomberg, But 330 00:17:05,000 --> 00:17:08,119 Speaker 2: all of a sudden they're selling so kind of what's 331 00:17:08,160 --> 00:17:12,720 Speaker 2: it mean. Take Alphabet chief executive officer Sundar Pitcha. He's 332 00:17:12,720 --> 00:17:15,680 Speaker 2: sold more stock in Google's parent company this year than 333 00:17:15,720 --> 00:17:18,399 Speaker 2: all of last year, pocketing about thirty million US dollars. 334 00:17:18,520 --> 00:17:20,960 Speaker 2: And Vidia's directed at Mark Perry sold more stocks so 335 00:17:21,040 --> 00:17:23,560 Speaker 2: far this year than in the previous two years. Apple 336 00:17:23,640 --> 00:17:26,000 Speaker 2: chair Arthur E. Levenson filed in February to offload his 337 00:17:26,040 --> 00:17:29,320 Speaker 2: biggest chunk of Apple stock in more than two decades. 338 00:17:29,520 --> 00:17:33,400 Speaker 2: The moves basically shallhause. Silicon Valley insiders are monetizing their 339 00:17:33,400 --> 00:17:37,480 Speaker 2: holdings after tech stocks hit new highs. Even directors in Tesla, 340 00:17:37,520 --> 00:17:40,280 Speaker 2: which hasn't done so well this year, are selling so 341 00:17:40,520 --> 00:17:44,160 Speaker 2: Chair Robin Denholm, who's obviously in Australian, sold about fifty 342 00:17:44,200 --> 00:17:47,359 Speaker 2: two million US dollars worth of the ev maker's stock 343 00:17:47,840 --> 00:17:51,160 Speaker 2: after not having touched her steak since twenty twenty two. 344 00:17:51,359 --> 00:17:53,520 Speaker 2: The big stay of raw winner from the Magnificent seven's 345 00:17:53,520 --> 00:17:56,560 Speaker 2: recent rallies, Amazon founder Bezos. He needed about eight point 346 00:17:56,600 --> 00:17:59,320 Speaker 2: five billion US dollars unloading stock over less than two 347 00:17:59,359 --> 00:18:02,240 Speaker 2: weeks in fee. But it is interesting that the directors 348 00:18:02,240 --> 00:18:04,320 Speaker 2: of these companies all of a sudden are selling. 349 00:18:04,920 --> 00:18:08,280 Speaker 1: Now, what about this one sean. Apple has apologized for 350 00:18:08,320 --> 00:18:13,320 Speaker 1: an advertisement showing musical instruments, artistic tools and games being 351 00:18:13,440 --> 00:18:17,040 Speaker 1: crushed by a giant hydraulic press that left at facing 352 00:18:17,080 --> 00:18:19,520 Speaker 1: accusations of cultural insensitivity. 353 00:18:20,119 --> 00:18:22,720 Speaker 2: Yes. The one minute video was launched by Apple chief 354 00:18:22,720 --> 00:18:25,240 Speaker 2: executive Tim Cook to support its new iPads, the first 355 00:18:25,280 --> 00:18:27,720 Speaker 2: time the ustch grips overhauled the range of tablets for 356 00:18:27,760 --> 00:18:31,439 Speaker 2: about two years. The campaign soundtrack by Sonny and Shurs 357 00:18:31,520 --> 00:18:34,280 Speaker 2: nineteen seventy one hit All I Ever Need Is You, 358 00:18:35,200 --> 00:18:37,200 Speaker 2: is designed to show how much Apple has been able 359 00:18:37,240 --> 00:18:41,240 Speaker 2: to squeeze into the thinner device. The ad they triggered outrage, 360 00:18:41,280 --> 00:18:44,639 Speaker 2: according to media reports. The FT says that social media 361 00:18:44,840 --> 00:18:48,480 Speaker 2: users responded to Cook's ex post by accusing Apple of 362 00:18:48,560 --> 00:18:54,040 Speaker 2: crushing beautiful creative tools and the symbols of human creativity 363 00:18:54,080 --> 00:18:57,600 Speaker 2: and cultural achievements. Apple's vice president of Marketing and in 364 00:18:57,640 --> 00:19:00,960 Speaker 2: Comm's tour Myron said late last week the company had 365 00:19:01,160 --> 00:19:05,680 Speaker 2: missed the mark with the videos. Certainly didn't miss miss 366 00:19:05,720 --> 00:19:08,280 Speaker 2: all of those things that was crushing, miss the market 367 00:19:08,280 --> 00:19:09,800 Speaker 2: in terms of cultural and sensitivity. 368 00:19:10,280 --> 00:19:14,639 Speaker 1: Goodness, goodness me all right? Showing up next is the 369 00:19:14,640 --> 00:19:17,800 Speaker 1: Fear and Greed Daily interview. You're speaking with Josh Gilbert 370 00:19:17,800 --> 00:19:19,640 Speaker 1: from me Toro, and of course Apple gets a mention. 371 00:19:20,160 --> 00:19:22,400 Speaker 2: It does get to mention. We talk about Apple's share price, 372 00:19:22,440 --> 00:19:25,440 Speaker 2: whether it's a buy or sell, same with the other 373 00:19:25,680 --> 00:19:28,359 Speaker 2: major tech stocks, but we also talk about the cruise 374 00:19:28,400 --> 00:19:30,960 Speaker 2: sector plenty going on there. Great chat with Josh. 375 00:19:31,040 --> 00:19:32,879 Speaker 1: Yeah, and of course we're not an investing podcast. You 376 00:19:32,920 --> 00:19:36,119 Speaker 1: should seek professional advice before making investment decisions. But it 377 00:19:36,160 --> 00:19:39,480 Speaker 1: is always interesting hearing what someone like Josh Gilbert who 378 00:19:39,520 --> 00:19:43,240 Speaker 1: has kind of immersed in that kind of swimming around 379 00:19:43,280 --> 00:19:44,720 Speaker 1: in the cruising sector, isn't he there? 380 00:19:44,720 --> 00:19:45,679 Speaker 2: You go, Oh, I like that? 381 00:19:45,920 --> 00:19:48,920 Speaker 1: How about that? What he thinks about the whole space. 382 00:19:48,960 --> 00:19:50,960 Speaker 1: It is up next in the Fear and Greed playlist 383 00:19:51,000 --> 00:19:54,480 Speaker 1: on your podcast platform or at Fearangreed dot com dot au, 384 00:19:54,760 --> 00:19:56,760 Speaker 1: where you can also sign up for our newsletter which 385 00:19:56,800 --> 00:19:59,000 Speaker 1: comes out on Wednesday. And don't forget about Fear and 386 00:19:59,040 --> 00:20:01,159 Speaker 1: Greed the week ahead as well, because it's actually a 387 00:20:01,280 --> 00:20:03,960 Speaker 1: very big week. It's not just the budget, isn't it now. 388 00:20:03,960 --> 00:20:06,879 Speaker 1: We've got plenty of other things. We've got unemployment figures, 389 00:20:06,920 --> 00:20:10,520 Speaker 1: we've got wages data very important. We just for economic 390 00:20:11,119 --> 00:20:14,159 Speaker 1: statistics quite apart from the budget and one of the 391 00:20:14,200 --> 00:20:16,600 Speaker 1: things Sean nearly forgot to mention this one. We have 392 00:20:16,640 --> 00:20:20,359 Speaker 1: a special bonus episode today, Oh we do How Do 393 00:20:20,400 --> 00:20:22,720 Speaker 1: They Afford That? Which is our sister podcast all about 394 00:20:22,720 --> 00:20:24,919 Speaker 1: making your money work harder for you, featuring me and 395 00:20:25,040 --> 00:20:28,400 Speaker 1: Canna Campbell Financial Planner. It usually comes out on Wednesday. 396 00:20:28,520 --> 00:20:31,760 Speaker 1: There is a bonus episode out today that is all 397 00:20:31,800 --> 00:20:35,280 Speaker 1: about stretching the household budget and it's in partnership with 398 00:20:35,359 --> 00:20:37,840 Speaker 1: cash Rewards, and it's about kind of the fact that 399 00:20:37,880 --> 00:20:41,640 Speaker 1: people like engaged customers who are doing kind of their 400 00:20:41,640 --> 00:20:45,200 Speaker 1: shopping using this cash rewards platform are earning kind of 401 00:20:45,280 --> 00:20:48,360 Speaker 1: sumwhere up was of four hundred dollars a year wow 402 00:20:48,400 --> 00:20:51,040 Speaker 1: in cash back from this. It's fascinating and so it's 403 00:20:52,119 --> 00:20:54,520 Speaker 1: available where you listen to podcasts, just search for how 404 00:20:54,520 --> 00:20:56,239 Speaker 1: do They Afford That? I'll also put a link in 405 00:20:56,400 --> 00:20:59,440 Speaker 1: today's show notes as well. Thank you Sean, Thank you Michael. 406 00:20:59,760 --> 00:21:02,119 Speaker 1: It's Monday, the thirteenth of May twenty twenty four. Make 407 00:21:02,160 --> 00:21:05,440 Speaker 1: sure you following the podcast and join us online on LinkedIn, Instagram, 408 00:21:05,680 --> 00:21:08,080 Speaker 1: x TikTok, and Facebook. Are Michael Thompson. And that was 409 00:21:08,119 --> 00:21:11,919 Speaker 1: Fear and Greed have a great day.