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

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Speaker 1: Climate change dogs the federal opposition parties, as the United

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Speaker 1: Nations Chief Scientist tells the government to do more. Western

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Speaker 1: Australia is the country's top performing state and global pharmaceutical

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Speaker 1: companies paid just a fraction of their revenue in tax plus.

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Speaker 1: Holloworld Travel reports that airfares are falling and cruisers are

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Speaker 1: becoming more popular, and Wisetech appoints an insider to the

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Speaker 1: job of CEO. It is Tuesday, the twenty ninth of

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

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael Sewn.

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Speaker 1: The main story this morning climate change is causing a

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Speaker 1: few headaches in Canberra, especially for the Opposition, with a

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Speaker 1: private member's bill brought by former Nationals leader Barnaby Joyce

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Speaker 1: introduced calling for the government to drop omission's targets. Meanwhile,

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Speaker 1: Opposition leader Susan Lee is being hounded about the Liberals policy,

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Speaker 1: and the United Nations Chief Scientist is calling on the

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Speaker 1: Prime Minister, Anthony Albanezi to go harder. There is a

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Speaker 1: lot going on.

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Speaker 2: Quite an incredible twenty four hours. Former Nationals leader Barnaby

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Speaker 2: Joyce yesterday introduced the private member's bill calling for a

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Speaker 2: repeal of the net zero goal that the government has made.

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Speaker 2: It is legislated, of course. He said there's got to

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Speaker 2: be an epiphany on the net zero commitment, saying the

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Speaker 2: policy is damaged in agriculture and manufacturing. He also admitted

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Speaker 2: that maybe it was cowardly his words of him to

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Speaker 2: have not campaigned against the commitment when he was in cabinet.

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Speaker 2: National leaders David little Proud said the coalition review of

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Speaker 2: net zero may see the Nationals drop net zero from

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Speaker 2: its policy platform. That's a further he's gone. That's going

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Speaker 2: on on the Conservative side of politics. Meanwhile, UN Climate

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Speaker 2: chief Simon Steele is in Sydney. He called him the

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Speaker 2: easy government to not settle for what's easy. When deciding

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Speaker 2: a twenty thirty five missions reduction target. The government's independent

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Speaker 2: climate advisory agency, the Climate Change Authority, set to plish

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Speaker 2: publish its advice basically in the next ten years of

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Speaker 2: emissions reduction targets. That's based to come out in September.

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Speaker 2: So Simon Steele is saying, you know, don't wimp out

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Speaker 2: on this. In fact, I'll quote him, The question is

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Speaker 2: how far are you willing to go? This isn't just

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Speaker 2: the next policy milestone. It's a defining moment. So don't

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Speaker 2: settle for what's easy. Half measures will destroy property and infrastructure,

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Speaker 2: hemmer households, bankrupt regions and punch holes in public budgets.

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Speaker 2: Climate change is causing a real headache for all political parties.

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Speaker 1: Michael, I think you summed it up very nicely there

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Speaker 1: in just one sentence, like this is just what do

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Speaker 1: we We're not even a week now into the new

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Speaker 1: term of government here of Parliament sitting, and already there

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Speaker 1: is chaos. The Liberals are having their share of challenges

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Speaker 1: as well, with backbencher Sarah head Henderson suggesting the government

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Speaker 1: proposed sixteen billion dollar student debt belief should be indexed.

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Speaker 2: That caused Susan Lee to intervene and downplay the proposal.

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Speaker 2: Downplaced Sarah Henderson's proposal, She said the party room hadn't

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Speaker 2: yet reached a position on whether it would support the legislation.

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Speaker 2: They were all signs earlier in the week was that

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Speaker 2: it would support the legislation. Lee was also asked about

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Speaker 2: images of starving people in Gaza. Another very hot issue

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Speaker 2: for everyone, but particularly for the Conservatives. She said she

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Speaker 2: found the pictures incredibly distressing, but didn't go much further.

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Speaker 2: The Middle East debate has trickled into state politics, with

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Speaker 2: New South Wales' labor Premier Chris Means denying plans for

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Speaker 2: a pro Palestinian group to protest across the Harbor Bridge.

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Speaker 2: This is all going on and mostly it's affecting the

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Speaker 2: conservative side of politics.

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Speaker 1: Yeah, and so look, you've obviously then got disunity really

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Speaker 1: over climate change policy. You've got uncertainty over whether the

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Speaker 1: opposition is going to support the hextat changes. And at

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Speaker 1: the same time this distraction is allowing the federal government

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Speaker 1: to just push through legislation.

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Speaker 2: Yeah, it's a free run. This week it was the

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Speaker 2: turn of the pharmaceutical beneval. It is the term of

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Speaker 2: the Pharmaceutical Benefits Scheme price cut legislation that all lent

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Speaker 2: to Parliament in the next couple of days. The legislation

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Speaker 2: will reduce the cost of many medicines to twenty five

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Speaker 2: dollars a script. Now everyone seems to like that, except

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Speaker 2: for the US. That could be a point of contention

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Speaker 2: when it comes to negotiating a tariff. It's a lot

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Speaker 2: going on in the first week of parliament, Michael.

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Speaker 1: That certainly is okay. Let's turn to a state based

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Speaker 1: story here. Sean and Western Australia is the top performing

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Speaker 1: state in economic terms, followed by South Australia and then Coeensland,

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Speaker 1: according to Comsext's State of the State's Report.

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Speaker 2: The report determines which Australian state or territory is performing

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Speaker 2: best economically by tracking eight indicators and comparing the latest

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Speaker 2: observation to what's normal. WA led across retail trade, housing,

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Speaker 2: finance and business investment. South Australia led on construction work

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Speaker 2: and dwelling starts. Victoria dropped from second to four, held

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Speaker 2: back by weakness in relative terms in unemployment now Tasmania's fifth.

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Speaker 2: New South Wales and Act are equal six a blood.

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Speaker 2: The issue in New South Wales is there's a delayed

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Speaker 2: transition from public to private sector growth and New South

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Speaker 2: Wales is relying too much on the public purse. The

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Speaker 2: Northern Territory comes in at number eight.

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Speaker 1: Okay, quick check of local markets? How do they finish

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Speaker 1: up yesterday?

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Speaker 2: Up nearly half a percent yesterday to eight thousand, six

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Speaker 2: hundred and ninety nine points. Pretty good day for the

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Speaker 2: telcos and healthcare companies, energy and utility groups not so much.

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Speaker 2: The confidence in the market reflected a deal between the

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Speaker 2: US and the European Union over tariffs that was announced

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Speaker 2: thirty six hours ago or twenty four hours ago or so.

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Speaker 2: We'll have more on that shortly.

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Speaker 1: And the Aussie dollar shan having a pretty good time

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Speaker 1: at the moment.

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Speaker 2: It is as training a nine month high thanks to

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Speaker 2: upbeat global commentary and cautious commentary from the Reserve Bank

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Speaker 2: about interest rates, which we got last week. It peaked

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Speaker 2: at about sixty six point two for US sins last week,

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Speaker 2: now training just under sixty four US centse Otherwise, Brent

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Speaker 2: kruids around sixty nine US dollars a barrel, goals fetching

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Speaker 2: just over thirty three forty US announce Bitcoin is buying

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Speaker 2: just under one hundred and twenty thousand US dollars a unit.

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Speaker 1: Okay, biged, So I know I sounded already. No, it's

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Speaker 1: only because there was just so much in that the

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Speaker 1: federal politics story. There's a lot of other stuff going

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Speaker 1: on that we're going to get to take a quick

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Speaker 1: break and have a cup of tea we'll be back

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

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Speaker 1: Sean global pharmaceutical giants, including Pfizer and Johnson and Johnson

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Speaker 1: are paying a tiny fraction of the billions of dollars

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Speaker 1: they earned from drug sales in local taxes, just as

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Speaker 1: they lobby US President Donald Trump to force an overhaul

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Speaker 1: of Australia's pharmaceutical benefit scheme.

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Speaker 2: And analysis of earnings statements filed with the corporate regulator

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Speaker 2: by five of the biggest international drug makers show the

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Speaker 2: companies on average paid between two and four percent of

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Speaker 2: their Australian sales in income tax. According to a report

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Speaker 2: in The fin Review, vaccine Makerfizer paid forty three point

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Speaker 2: five million dollars in income tax on it's one point

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Speaker 2: one billion dollars in sale. That's for the year to

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Speaker 2: the end of November last year. Johnson and Johnson paid

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Speaker 2: twenty seven million dollars in local taxes on sales of

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Speaker 2: nearly one point five billion dollars. That's for the twenty

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Speaker 2: twenty four calendar year. This is all from the Australian

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Speaker 2: Securities and Investments Commission Data Weight loss drug company ELI

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Speaker 2: lenning it's four hundred and sixty two million dollars in sales.

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Speaker 2: Income tax payments of just five point two million dollars

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Speaker 2: a zenpic Novae, nor Disk British Swedish multinational Astrasenika, they

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Speaker 2: all paid similarly low levels of tax. They're not necessarily

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Speaker 2: doing anything wrong because of tax pro I saw the

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Speaker 2: way you can tax your sales, but the amount of

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Speaker 2: tax A pay in Australia is miniscule. It will be

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Speaker 2: part of the debate around the pharmaceutical Benefit Scheme, which

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Speaker 2: of course has been linked to Trump's trade tariffs. So

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Speaker 2: this is something that the government has in its back pocket.

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Speaker 1: Yeah, certainly is. And I was just thinking as you

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Speaker 1: were saying going through that story, isn't it funny how

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Speaker 1: much these companies became household names because of the pandemic

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Speaker 1: Pizer Astrosenica, Like ten years ago, if you'd walked up

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Speaker 1: to somebody in the street, they would never have heard

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Speaker 1: of Astrosenica at all, and then everybody knew it off

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Speaker 1: by heart, Astroseneka, Pireser.

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Speaker 2: What was the other?

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Speaker 1: Big ones?

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Speaker 2: Is the actually the other one is I mean neither

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Speaker 2: nor disc No one would know that. Maybe most people

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Speaker 2: don't know that, but everyone knows as Zempi the way

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Speaker 2: the drug and I think that's amazing how that's captured people.

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Speaker 1: Yeah, No, you're absolutely right, Sean, Hello World Travel. Whenever

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Speaker 1: I say that, I feel coming on laws Hello World.

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Speaker 2: Hello World.

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Speaker 1: Hello World Travel jumped fourteen percent yesterday after it upgraded

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Speaker 1: it's full year earnings guidance despite softer booking volumes.

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Speaker 2: Look, the reason I like this story is because of

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Speaker 2: what Hello World said basically said it's got stronger margins

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Speaker 2: and part thanks to cost controls, but also there's a

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Speaker 2: big jumping cruise demand. That's really the bright spot. It's

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Speaker 2: ready rooms hotel business is up one hundred and ten percent,

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Speaker 2: so that's its B to B accommodation business. It offers

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Speaker 2: other businesses accommodation offerings. It's also got strong forward bookings

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Speaker 2: well into next year and network agent retention rate of

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Speaker 2: ninety six percent. So that's all, you know, good news

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Speaker 2: for shareholders. That expert isn't so good news for shareholders,

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Speaker 2: but good news for people like you and me. Go on,

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Speaker 2: So there's a well, I know it's good news, but

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Speaker 2: there's a shift away from expensive long haul travel to

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Speaker 2: cheaper trips to midhall destinations. Just Japan and Bali, Thailand

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Speaker 2: and Fiji, and the part I like lower average airfares,

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Speaker 2: especially in premium cabins.

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Speaker 1: Oh, premium cabins.

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Speaker 2: Yeah, that doesn't affect me. I'm down the back of economy.

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Speaker 2: But that's all right. But we can dream, right, we can, we.

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Speaker 1: Can now, we can dream at the slightly more affordable prices.

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Speaker 1: Wistech Global has appointed a close associate of founder Richard

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Speaker 1: White as chief executive, immediately triggering corporate governance concerns among shareholders.

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Speaker 2: Zubin Arpu has been appointed permanent chief executive. He worked

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Speaker 2: for wis Tech for fifteen years until twenty eighteen. He

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Speaker 2: was hired again in April this year as White's chief

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Speaker 2: of staff. The decision fathered an extensive internal and external

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Speaker 2: search for a CEO. All this came after Richard white

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Speaker 2: step back last year. He was then made executive chair

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Speaker 2: earlier in the year, so he still has the ultimate control.

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Speaker 2: Weistek is in the middle of a corporate governance battle.

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Speaker 2: Very few independent directors left, and days that are left

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Speaker 2: have ties to Richard or some have ties to Richard White.

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Speaker 2: Big investors are already questioning governance at the software group.

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Speaker 2: This certainly adds to that debate. White remains a dominant force,

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Speaker 2: notwithstanding some of the issues last years, such as payments

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Speaker 2: made to former employees in relating to his personal relationships

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Speaker 2: with them. Having said all that, why sex share price, Well,

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Speaker 2: it's still eleven percent below its peak earlier this year,

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Speaker 2: but it's been climbing steadily for more than three months.

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Speaker 2: So it's funny how quickly investors forget.

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Speaker 1: Indeed, just a quick one, Shawn before we get to

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Speaker 1: international news. Boss Energy, it's worth mentioning this. So it

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Speaker 1: plunged forty four percent after it flagged potential challenges in

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Speaker 1: hitting nameplate capacity at its Honeymoon uranium project in South Australia.

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Speaker 2: Yeah, so basically that means Boss might not be able

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Speaker 2: to reach output capacity. It's due that it set is

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Speaker 2: due to the potential for less continuity of mineralization and

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Speaker 2: leach ability. In essence, that means it could be harder

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Speaker 2: to extract the uranium than bought. Might be. Geological factors

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Speaker 2: might be the structure of the deposit. That type of thing.

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Speaker 2: Fest is that line hearing stuff like that, and Boss's

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Speaker 2: share price absolutely tumbled three years low yesterday. The News

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Speaker 2: avershadowed bosses relatively strong quarterly production report with its Honeymoon

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Speaker 2: project seeding full year guidance. Boss also said the CEO

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Speaker 2: would step down in September this year.

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Speaker 1: Turn into international news now. We mentioned before, the US

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Speaker 1: and the European Union have struck a tariff deal that

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Speaker 1: will avert a transatlantic trade war between the two sides,

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Speaker 1: but still going to impose American tariffs of fifteen percent

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Speaker 1: on most imports coming from the block.

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Speaker 2: As part of the deal, the EU has agreed to

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Speaker 2: spend hundreds of billions of dollars on US energy products

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Speaker 2: and weapons, and accepted a broad fifteen percent levey that

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Speaker 2: covers many key European exports, including cars. According to the FT,

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Speaker 2: not so clear with the pharmaceuticals is in that it

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Speaker 2: doesn't seem to be pharmaceuticals may well have to pay more.

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Speaker 2: The agreement was struck following a meeting between US President

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Speaker 2: Donald Trump and European Commission President Ursula von Delane. Arguably,

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Speaker 2: the deal marks a victory for Trump, who has spent

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Speaker 2: months forcing America's trading partners into negotiations by threatening steep tariffs.

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Speaker 2: Although the terms are in line with what Brussels had

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Speaker 2: told EU member states to prepare for certainly still some

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Speaker 2: debate of the detail on this. Trump not known for understatement.

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Speaker 2: He said, I quote, this is probably the biggest deal

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Speaker 2: ever reached in any capacity, trade or beyond trade. End quote.

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Speaker 1: So just the biggest deal in the history of the world.

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Speaker 2: Yeah, yeah, I mean while the South China Morning Post

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Speaker 2: is reporting that the US and China have agreed to

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Speaker 2: extend their tariff truth truce for another ninety days as

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Speaker 2: talks continue.

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Speaker 1: I love that quote.

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Speaker 2: I think that probably the biggest deal ever reached in

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Speaker 2: any capacity, trade or beyond trade. I just love.

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Speaker 1: He just doesn't He does not back away from anything.

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Speaker 2: Oh my god. No, oh not as extraordinary.

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Speaker 1: Okay, last one Seawan a serious one to finish on.

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Speaker 1: Israel has commenced daily quote tactical pauses to military activity

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Speaker 1: in Gaza and says it will create humanitarian corridors to

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Speaker 1: provide aid, which is essentially a reversal of its previous position.

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Speaker 2: The shift was announced by the Israeli Defense Forces amid

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Speaker 2: growing international condemnation of what international leaders have described as

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Speaker 2: appalling humanitarian conditions inside Gaza. The Israeli Defense Force said

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Speaker 2: the halts to military activity, which began over the weekend,

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Speaker 2: will happen daily from ten am to eight pm in

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Speaker 2: a number of cities. The Idea of said the humanitarian

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Speaker 2: corridors would be in place from six am to eleven

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Speaker 2: eight pm every day to enable the safe passage of

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Speaker 2: aid convoys by the United Nations and other international groups SEAN.

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Speaker 1: Coming up next is the Fear and Greed Daily Interview.

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Speaker 1: Your guest today is Ze Chen who is the portfolio

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Speaker 1: manager and research lead at Acadian Asset Management. This is

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Speaker 1: one of those interviews that you are guaranteed to learn something.

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Speaker 2: Yes, so it's all about how Arcadian uses AI to invest,

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Speaker 2: so not talking about investing in AI, using AI to invest,

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Speaker 2: and he goes through step by step the process that

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Speaker 2: they use. It is fascinating, Like it really did make

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Speaker 2: me think about the benefits or otherwise of AI in

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Speaker 2: an investing portfolio.

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Speaker 1: Yeah, it's a cracker. It's coming up next to the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearandgreed dot com dot au, which is where you sign

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Speaker 1: up for the free Fear and Greed Daily newsletter. And

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Speaker 1: I put a link to that in today's show. Notes

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Speaker 1: as well. Thank you Sean, Thank you Michael. It's Tuesday,

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Speaker 1: the twenty ninth of July twenty twenty five. Make sure

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Speaker 1: you're following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: ex TikTok and Facebook. I'm Michael Thompson. That was fear

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Speaker 1: and greed. Have a great day.