1 00:00:06,320 --> 00:00:09,080 Speaker 1: The attempted assassination of Donald Trump is set to provide 2 00:00:09,080 --> 00:00:11,760 Speaker 1: the Republican Party with a major boost in the run 3 00:00:11,840 --> 00:00:14,920 Speaker 1: up to the November US election. The Australian share market 4 00:00:14,960 --> 00:00:18,040 Speaker 1: closes at a record high. At the highest paid CEO 5 00:00:18,200 --> 00:00:22,120 Speaker 1: last year made almost fifty million dollars. Welcome to Fear 6 00:00:22,160 --> 00:00:24,680 Speaker 1: and Greed. Daily business news for people who make their 7 00:00:24,720 --> 00:00:28,280 Speaker 1: own decisions. It's Monday, the fifteenth of July twenty twenty four. 8 00:00:28,640 --> 00:00:31,280 Speaker 1: I'm Julian King, filling in this week for Michael Thompson, 9 00:00:31,320 --> 00:00:33,680 Speaker 1: who is having a well deserved break. And good morning, 10 00:00:33,720 --> 00:00:34,320 Speaker 1: Shawn Aylmer. 11 00:00:34,760 --> 00:00:37,040 Speaker 2: Morning, Julian. I would never say he's having a well 12 00:00:37,080 --> 00:00:39,040 Speaker 2: deserved break. I'd just say he's having a break. 13 00:00:40,560 --> 00:00:43,680 Speaker 1: Leave me out of this, how sure? The main story 14 00:00:43,680 --> 00:00:47,000 Speaker 1: this morning, the fallout from the attempted assassination of Donald 15 00:00:47,040 --> 00:00:50,120 Speaker 1: Trump at a rally in Pennsylvania over the weekend, has 16 00:00:50,200 --> 00:00:53,279 Speaker 1: quickly become very political, with one of the favorites to 17 00:00:53,280 --> 00:00:56,680 Speaker 1: be mister Trump's running mate, November jd Vance, saying that 18 00:00:56,720 --> 00:01:00,880 Speaker 1: Biden campaign's reetrick led directly to the assassin attempt. 19 00:01:01,120 --> 00:01:04,200 Speaker 2: The gunman apparently shot at the former president eight times, 20 00:01:04,280 --> 00:01:07,240 Speaker 2: one that clipped the top of mister Trump's ear, sending 21 00:01:07,319 --> 00:01:10,680 Speaker 2: him to the ground, quickly covered by Secret Service agents. 22 00:01:10,840 --> 00:01:13,479 Speaker 2: Another killed, a spectator, and two others at the rally 23 00:01:13,520 --> 00:01:16,880 Speaker 2: were critically injured. On his own social media platform Truth Social, 24 00:01:16,959 --> 00:01:19,240 Speaker 2: mister Trump said he'd been shot with a bullet that 25 00:01:19,319 --> 00:01:21,800 Speaker 2: pieced the upper part of his right ear. A twenty 26 00:01:21,880 --> 00:01:24,600 Speaker 2: year old man shooting from an elevated position, or at 27 00:01:24,680 --> 00:01:28,360 Speaker 2: least what's described as an elevated position, was killed soon 28 00:01:28,440 --> 00:01:32,480 Speaker 2: afterwards by the Secret Service. His motive thus far is unknown. 29 00:01:32,920 --> 00:01:37,080 Speaker 2: World leaders and the Republican and Democrat officials condemned the shooting. 30 00:01:37,360 --> 00:01:41,440 Speaker 2: President Biden, in a nationally televised statement, expressed gratitude that 31 00:01:41,480 --> 00:01:44,720 Speaker 2: mister Trump had been swiftly evacuated and said, I quote, 32 00:01:44,800 --> 00:01:47,360 Speaker 2: there's no place in America for this kind of violence 33 00:01:47,440 --> 00:01:49,920 Speaker 2: end quote. He laid us spoke to mister Trump. According 34 00:01:49,920 --> 00:01:52,200 Speaker 2: to the White House, the Biden campaign said it was 35 00:01:52,200 --> 00:01:54,360 Speaker 2: pulling down its television ads as a sign that it 36 00:01:54,400 --> 00:01:57,920 Speaker 2: was putting politics aside in the aftermath of the shooting. 37 00:01:58,200 --> 00:02:02,440 Speaker 2: A video released yesterday Australian Time shows mister Trump deplaning 38 00:02:02,480 --> 00:02:05,080 Speaker 2: in New Jersey, walking down the stairs and giving a 39 00:02:05,120 --> 00:02:07,040 Speaker 2: wave so he looks like he's okay. 40 00:02:07,360 --> 00:02:09,960 Speaker 1: Your head of political climate in the States at the moment, Sean, 41 00:02:10,000 --> 00:02:13,079 Speaker 1: What other political implications of what's happened? While the act 42 00:02:13,120 --> 00:02:16,000 Speaker 1: itself is inexcusable, will it help the Trump campaign? 43 00:02:16,360 --> 00:02:19,079 Speaker 2: Already? The image of mister Trump, seconds after being hit 44 00:02:19,200 --> 00:02:22,519 Speaker 2: lifting his fist into the air is being used by 45 00:02:22,560 --> 00:02:26,200 Speaker 2: some to highlight his courage. It's already political. The image 46 00:02:26,200 --> 00:02:28,960 Speaker 2: will be one of the lasting memories of the assassination attempt. 47 00:02:29,160 --> 00:02:31,440 Speaker 2: As you mentioned in the opening, one of Trump's potential 48 00:02:31,680 --> 00:02:35,919 Speaker 2: running mates is blaming the Biden campaign already. That's jd. Vance. 49 00:02:36,240 --> 00:02:39,000 Speaker 2: Mister Trump's former Attorney General, Bill Barr blamed what he 50 00:02:39,080 --> 00:02:43,440 Speaker 2: called grossly irresponsible talk about Trump by Democrats for the shooting. 51 00:02:43,800 --> 00:02:46,919 Speaker 2: The majority of politicians, though, are calling for a cooling 52 00:02:47,000 --> 00:02:49,240 Speaker 2: off period to take some of the heat out of 53 00:02:49,280 --> 00:02:52,360 Speaker 2: the ferocious rhetoric from both sides of the AIB. The 54 00:02:52,400 --> 00:02:55,280 Speaker 2: incident will certainly hold back the Democrats and Joe Biden 55 00:02:55,360 --> 00:02:59,000 Speaker 2: from being overly personal in their criticism of mister Trump 56 00:02:59,000 --> 00:03:01,760 Speaker 2: in their up to the November election. That could well 57 00:03:01,800 --> 00:03:04,560 Speaker 2: work in favor of mister Trump. Donald Trump's reaction in 58 00:03:04,560 --> 00:03:06,720 Speaker 2: a few days time, when things do cool down just 59 00:03:06,760 --> 00:03:09,240 Speaker 2: a bit? Is the big unknown in all of this, Julian. 60 00:03:09,480 --> 00:03:12,440 Speaker 1: Yeah, indeed, let's hope there's not an escalation of politically 61 00:03:12,480 --> 00:03:15,200 Speaker 1: motivated violence off the back of this incident. How did 62 00:03:15,240 --> 00:03:16,720 Speaker 1: local markets close on Friday? 63 00:03:16,919 --> 00:03:18,600 Speaker 2: It sounds like a long time ago, doesn't it look. 64 00:03:18,600 --> 00:03:21,320 Speaker 2: The SMPA SX two hundred hit a record inter day 65 00:03:21,360 --> 00:03:24,360 Speaker 2: high of seven thousand, nine hundred and ninety six points 66 00:03:24,440 --> 00:03:28,080 Speaker 2: after jumping one percent on opening, before pairing gains to 67 00:03:28,160 --> 00:03:31,600 Speaker 2: close up just under one percent to seven nine hundred 68 00:03:31,600 --> 00:03:34,760 Speaker 2: and fifty nine points. Shares in Commonwealth Bank rows again, 69 00:03:35,000 --> 00:03:36,640 Speaker 2: this time to a record high of one hundred and 70 00:03:36,680 --> 00:03:39,600 Speaker 2: thirty one dollars sixty cents, pushing its market value to 71 00:03:39,600 --> 00:03:43,120 Speaker 2: two hundred and twenty billion dollars. Now. Commonwealth Bank is, 72 00:03:43,680 --> 00:03:47,600 Speaker 2: as we start trading today, the largest company on the ASEX, 73 00:03:47,760 --> 00:03:50,680 Speaker 2: just pipping BHP. It was the interest rate sensitive stocks 74 00:03:50,720 --> 00:03:53,040 Speaker 2: that did best on Friday. Among the sectors, the real 75 00:03:53,120 --> 00:03:57,080 Speaker 2: estate and consumer discretionary stocks performed well. Online Property Group, 76 00:03:57,120 --> 00:03:59,840 Speaker 2: Domain Holdings and Reats, Charter Hall and GPT we're among 77 00:03:59,880 --> 00:04:02,360 Speaker 2: the top performers. The worst for the tech stocks, Computer 78 00:04:02,400 --> 00:04:05,320 Speaker 2: Share Weistech Global next to see for example, the big question. 79 00:04:05,440 --> 00:04:08,720 Speaker 2: Now we're at seven nine hundred and fifty nine points, 80 00:04:09,600 --> 00:04:13,240 Speaker 2: can the boors push through eight thousand points today? Given 81 00:04:13,280 --> 00:04:17,160 Speaker 2: Wall streets strong performance over the weekend, Maybe maybe? 82 00:04:17,320 --> 00:04:19,560 Speaker 1: And Shwan immediately after the show, You've got a good 83 00:04:19,600 --> 00:04:22,760 Speaker 1: chat with Dan Farmer, he's the chief investment officer at 84 00:04:22,880 --> 00:04:24,320 Speaker 1: MLC Asset Management. 85 00:04:24,600 --> 00:04:26,880 Speaker 2: Yeah, sure, I do. We talked to Dan about there's 86 00:04:26,920 --> 00:04:30,320 Speaker 2: different sectors to invest in in property, private credity, how 87 00:04:30,480 --> 00:04:35,640 Speaker 2: MLC thinks about its investment portfolio, what's impacting the share market, 88 00:04:35,880 --> 00:04:37,560 Speaker 2: How it's not just what it's done over the last 89 00:04:37,560 --> 00:04:40,320 Speaker 2: twelve months, but what Dan thinks is going to happen 90 00:04:40,400 --> 00:04:43,360 Speaker 2: going forward, and where they're overweight certain positions at It's 91 00:04:43,400 --> 00:04:45,560 Speaker 2: great chat for anyone interested in investing. 92 00:04:45,800 --> 00:04:48,880 Speaker 1: Yeah, stay tuned for that. Onto international markets now thanks 93 00:04:48,880 --> 00:04:53,000 Speaker 1: to blue Chip Communication, the experts helping financial services companies market, 94 00:04:53,120 --> 00:04:57,280 Speaker 1: communicate and grow. Visit blue Chipcommunication, dot com, dot AU. 95 00:04:57,400 --> 00:04:59,239 Speaker 1: What happened over the weekend Wall. 96 00:04:59,040 --> 00:05:01,760 Speaker 2: Street end to high Mister Trump's shooting has markets braced 97 00:05:01,800 --> 00:05:05,640 Speaker 2: for some decent sized moves in coming sessions. Assets trading 98 00:05:05,680 --> 00:05:09,200 Speaker 2: over the weekend. Some do they've already shifted with bitcoin 99 00:05:09,320 --> 00:05:12,480 Speaker 2: pushing through sixty thousand US dollars a unit on the 100 00:05:12,520 --> 00:05:14,960 Speaker 2: back of a trade is believing the assassination attempt will 101 00:05:14,960 --> 00:05:18,599 Speaker 2: actually bolster the Republican's chance of winning the White House. 102 00:05:18,920 --> 00:05:21,560 Speaker 2: There's something out there known as the Trump trade. Assets 103 00:05:21,600 --> 00:05:25,040 Speaker 2: and investors believe will benefit if mister Trump is voted 104 00:05:25,040 --> 00:05:29,719 Speaker 2: in as president. They're already starting to appreciate. They include 105 00:05:29,760 --> 00:05:32,200 Speaker 2: the US dollar. That could mean the Aussie dollar could 106 00:05:32,200 --> 00:05:35,719 Speaker 2: lose some ground. It means bond yields are likely to rise. 107 00:05:36,120 --> 00:05:40,320 Speaker 2: Equity markets are also likely to jump under a Publican presidency. 108 00:05:40,520 --> 00:05:42,760 Speaker 2: They were in the middle of the June cord reporting season, 109 00:05:42,920 --> 00:05:45,800 Speaker 2: so that's probably slightly more problematic over the next few 110 00:05:45,839 --> 00:05:48,080 Speaker 2: days or so, but that whole idea of a Trump 111 00:05:48,160 --> 00:05:51,400 Speaker 2: trade has certainly come in to the fore in international markets. 112 00:05:51,760 --> 00:05:53,400 Speaker 1: We'll be back at a moment with the rest of 113 00:05:53,440 --> 00:06:02,760 Speaker 1: the day's business news. Shawn Labor is under pressure to 114 00:06:02,839 --> 00:06:06,040 Speaker 1: launch a Royal Commission for Judicial Inquiry into the CFMEU 115 00:06:06,320 --> 00:06:09,920 Speaker 1: now after explosive allegations of misconduct by the militant union 116 00:06:10,080 --> 00:06:10,960 Speaker 1: at its officials. 117 00:06:11,320 --> 00:06:14,200 Speaker 2: It's an incredible story. A major investigation by the Australian 118 00:06:14,240 --> 00:06:17,080 Speaker 2: Financial Review, the age the Sidney Morning Herald in sixty 119 00:06:17,080 --> 00:06:21,240 Speaker 2: minutes found underworld figures have infiltrated major Victorian and Miss 120 00:06:21,279 --> 00:06:26,520 Speaker 2: South Wales's construction projects, with some securing jobs as CFMEU delegates. 121 00:06:26,839 --> 00:06:30,720 Speaker 2: It also revealed how outgoing CFMEU boss John Setka, who 122 00:06:30,800 --> 00:06:34,600 Speaker 2: quit on Friday, made a menacing nighttime visit to the 123 00:06:34,600 --> 00:06:37,560 Speaker 2: family home of a fellow senior union official to dump 124 00:06:37,560 --> 00:06:41,360 Speaker 2: a suitcase scrawled with a message attacking the official as 125 00:06:41,360 --> 00:06:45,120 Speaker 2: a dog. The allegations prompted Workplace Relations Minister Tony Burke 126 00:06:45,160 --> 00:06:48,160 Speaker 2: to seek advice on options to take over the organization 127 00:06:48,279 --> 00:06:52,400 Speaker 2: that's his CFMEU or potentially deregister it. According to the 128 00:06:52,400 --> 00:06:56,240 Speaker 2: finn Review. Mister Burke labeled the allegations abhorrent and said 129 00:06:56,279 --> 00:06:59,600 Speaker 2: he was exploring every single power available to him. Three 130 00:06:59,800 --> 00:07:02,440 Speaker 2: of the nation's leading business groups, the Business Council of 131 00:07:02,440 --> 00:07:06,040 Speaker 2: Australia AI Group in the Australian Chamber of Commerce and Industry, 132 00:07:06,240 --> 00:07:09,040 Speaker 2: have already called on Labour to immediately launch an independent 133 00:07:09,160 --> 00:07:12,280 Speaker 2: judge led inquiry. We're going to hear plenty about this 134 00:07:12,320 --> 00:07:13,320 Speaker 2: one now. 135 00:07:13,360 --> 00:07:15,400 Speaker 1: School holidays and the winter months have put a dent 136 00:07:15,480 --> 00:07:18,400 Speaker 1: in house sales with the nation's preliminary clearance rate falling 137 00:07:18,400 --> 00:07:20,640 Speaker 1: to seventy one percent over the past week. 138 00:07:21,000 --> 00:07:23,400 Speaker 2: Nearly fifteen hundred homes went to waction, which is down 139 00:07:23,440 --> 00:07:26,240 Speaker 2: on average, and Sydney recorded the biggest slump, with the 140 00:07:26,280 --> 00:07:29,640 Speaker 2: early clearance rate going from seventy six point seven percent 141 00:07:29,720 --> 00:07:33,080 Speaker 2: a week ago to sixty eight point nine percent. It's 142 00:07:33,120 --> 00:07:36,280 Speaker 2: the first time this year that Sydney's rate has fallen 143 00:07:36,280 --> 00:07:41,119 Speaker 2: below seventy percent. In contrast, Melbourne's preliminary clearance rate jumped 144 00:07:41,120 --> 00:07:43,600 Speaker 2: from just overs seventy percent a week ago to seventy 145 00:07:43,640 --> 00:07:46,760 Speaker 2: three percent. Brisbane Strait also tumbled to sixty three point 146 00:07:46,880 --> 00:07:49,520 Speaker 2: five percent. It had been seventy nine percent, so quite 147 00:07:49,560 --> 00:07:51,960 Speaker 2: the fall there. Adelaide came in at just under eighty 148 00:07:51,960 --> 00:07:54,320 Speaker 2: five percent, Canber was about sixty four and a half percent. 149 00:07:54,400 --> 00:07:57,280 Speaker 2: They were stable all in, although it's the middle of 150 00:07:57,320 --> 00:08:00,360 Speaker 2: winter school holidays. Probably wouldn't read too much into these figures. 151 00:08:00,440 --> 00:08:03,640 Speaker 1: Julian Yep. Indeed, BHP will mothball it's nickel mines in 152 00:08:03,680 --> 00:08:07,200 Speaker 1: Western Australia, hitting hundreds of employees as well as operations 153 00:08:07,200 --> 00:08:08,440 Speaker 1: at other miners in the region. 154 00:08:08,880 --> 00:08:12,800 Speaker 2: BAJP announced the suspension on Thursday night, and foreshadowed an 155 00:08:12,840 --> 00:08:15,640 Speaker 2: underlying full year loss on nickel of four hundred and 156 00:08:15,680 --> 00:08:19,040 Speaker 2: fifty million dollars. It blamed a global oversupply of nickel 157 00:08:19,080 --> 00:08:23,360 Speaker 2: that comes from Chinese back producers mining in INDONESIAP said 158 00:08:23,360 --> 00:08:25,280 Speaker 2: it we'll try and find jobs for as many workers 159 00:08:25,280 --> 00:08:28,480 Speaker 2: as possible. The Bashp nickel business has been losing about 160 00:08:28,480 --> 00:08:31,160 Speaker 2: fifty million dollars a month, and earlier in the year, 161 00:08:31,200 --> 00:08:33,400 Speaker 2: BHP wrote down the value of the business by about 162 00:08:33,400 --> 00:08:36,440 Speaker 2: five point four billion dollars. The Big Australian has invested 163 00:08:36,520 --> 00:08:39,200 Speaker 2: four point four billion in nickel business since twenty twenty, 164 00:08:39,520 --> 00:08:42,680 Speaker 2: but global nickel prices have tumbled but gone from about 165 00:08:42,679 --> 00:08:45,440 Speaker 2: twenty five thousand US dollars a ton to about sixteen 166 00:08:45,520 --> 00:08:48,400 Speaker 2: or seventeen thousand US dollars a ton. Now that's forced 167 00:08:48,520 --> 00:08:53,080 Speaker 2: the miner's hand and are mothballing things. Following the announcement, 168 00:08:53,559 --> 00:08:56,560 Speaker 2: Rare Earth's Mine and Liners said the BHP suspension would 169 00:08:56,600 --> 00:09:00,480 Speaker 2: hit it now. It uses sulfuric acid for its eight 170 00:09:00,559 --> 00:09:04,560 Speaker 2: hundred million dollar processing plant that it's building. The thing 171 00:09:04,640 --> 00:09:08,280 Speaker 2: is sulfuric acid is a byproductive nickel, So BHP isn't 172 00:09:08,480 --> 00:09:10,800 Speaker 2: doing nickel. You're not going to have the byproduct of 173 00:09:10,880 --> 00:09:14,080 Speaker 2: sulfuric acid and therefore people like Lin they're going to 174 00:09:14,080 --> 00:09:14,880 Speaker 2: be hit as well. 175 00:09:15,160 --> 00:09:18,280 Speaker 1: Sewn Rezmeed's US based Mick Farrell made forty seven and 176 00:09:18,280 --> 00:09:20,800 Speaker 1: a half million dollars last year, topping the ranking of 177 00:09:20,880 --> 00:09:23,560 Speaker 1: CEO pay amongst ASX listed companies. 178 00:09:23,880 --> 00:09:26,520 Speaker 2: Coming at number two was News Corps Robert Thompson at 179 00:09:26,559 --> 00:09:29,600 Speaker 2: forty one point five million, then Greg Goodman from Goodman 180 00:09:29,640 --> 00:09:32,640 Speaker 2: Group at twenty seven point three million, and Shamara wik 181 00:09:32,720 --> 00:09:36,719 Speaker 2: Ramina Yaka the CEO of Macquarie, whose realized pay was 182 00:09:36,760 --> 00:09:38,120 Speaker 2: twenty five point three million. 183 00:09:38,360 --> 00:09:38,480 Speaker 1: Now. 184 00:09:38,520 --> 00:09:40,880 Speaker 2: Mike Henry at BHP rounded out the top five at 185 00:09:40,960 --> 00:09:44,920 Speaker 2: nineteen point six million. Combined, top five earned one hundred 186 00:09:44,960 --> 00:09:48,480 Speaker 2: and sixty one million dollars in realized pay. That's a 187 00:09:48,520 --> 00:09:51,120 Speaker 2: lot of money. Then you'll study from the Australian Council 188 00:09:51,160 --> 00:09:55,360 Speaker 2: of Superannuation Investors looks at realized pay rather than fixed paid. Now, 189 00:09:55,400 --> 00:09:59,080 Speaker 2: realized pay includes salary, might have a bonus component, and 190 00:09:59,160 --> 00:10:02,880 Speaker 2: the value of stock they're given. On average, the CEO 191 00:10:02,960 --> 00:10:06,760 Speaker 2: has earned more than fifty times the average Australian adult. 192 00:10:07,080 --> 00:10:11,000 Speaker 2: Other highly paid cerios was Rare Tinto jakubstas home on 193 00:10:11,080 --> 00:10:13,280 Speaker 2: ten point four million, common off banks, map common on 194 00:10:13,360 --> 00:10:16,880 Speaker 2: ten point five million web jets. John Gousick was the 195 00:10:17,040 --> 00:10:20,560 Speaker 2: highest paid outside the ASEX one hundreds. Among the smaller companies, 196 00:10:20,679 --> 00:10:24,360 Speaker 2: he still made seven and a half million dollars. Mind you, 197 00:10:25,120 --> 00:10:29,719 Speaker 2: median CEO pay actually fell last financial year from three 198 00:10:29,720 --> 00:10:32,480 Speaker 2: point nine three million dollars to three point eight seven 199 00:10:32,679 --> 00:10:35,240 Speaker 2: million dollars. That was the lowest median in the ten 200 00:10:35,320 --> 00:10:38,959 Speaker 2: years of the AXI study. The ASEX one hundred to 201 00:10:38,960 --> 00:10:41,520 Speaker 2: two hundred medion also fell from two point one million 202 00:10:41,640 --> 00:10:43,280 Speaker 2: to about one point nine to five million. 203 00:10:43,559 --> 00:10:46,320 Speaker 1: Yeah, fascinating figures. I wonder what the shareholders think of 204 00:10:46,400 --> 00:10:47,479 Speaker 1: all of that short. 205 00:10:47,600 --> 00:10:50,760 Speaker 2: Yeah, especially since ResMed I mean Nick Farrell made forty 206 00:10:50,760 --> 00:10:53,200 Speaker 2: seven point five million. Now RESMD has actually had a 207 00:10:53,520 --> 00:10:55,760 Speaker 2: pretty poor run of it recently, so I'm sure some 208 00:10:55,960 --> 00:10:58,240 Speaker 2: shareholders won't be overly impressed by that one. 209 00:10:58,400 --> 00:11:01,760 Speaker 1: I can't imagine. Speaking of shareholder. Sure, the larger shareholder 210 00:11:01,800 --> 00:11:04,240 Speaker 1: of Regional Express, he is pushing to kick out the 211 00:11:04,280 --> 00:11:07,640 Speaker 1: carrier's entire board just one month after he stepped down 212 00:11:07,640 --> 00:11:09,520 Speaker 1: as the company's executive chairman. 213 00:11:10,000 --> 00:11:12,360 Speaker 2: Yeah, amazing street. So a guy called Lim Kim Hi, 214 00:11:12,600 --> 00:11:18,040 Speaker 2: a Singaporean businessman, had run REX until June. Then he 215 00:11:18,080 --> 00:11:20,839 Speaker 2: abruptly left the board, handed day to day management to 216 00:11:20,840 --> 00:11:23,640 Speaker 2: the airlines' chief operating officer, a guy called Nevill Howe. 217 00:11:24,080 --> 00:11:27,720 Speaker 2: Mister lim and his then business partner Lee than Sou 218 00:11:28,200 --> 00:11:31,400 Speaker 2: became shareholders back in two thousand and two, after REX 219 00:11:31,440 --> 00:11:34,120 Speaker 2: emerged from the colapse of Anset, which now ANST had 220 00:11:34,160 --> 00:11:36,760 Speaker 2: operated two regional carriers. REX grew out of that. These 221 00:11:36,760 --> 00:11:40,400 Speaker 2: two took a big share in it. On Friday, rexhold 222 00:11:40,440 --> 00:11:43,160 Speaker 2: investors that mister limb had called for a shareholder meeting 223 00:11:43,840 --> 00:11:46,960 Speaker 2: to remove mister Lee Hiss, one time friend and invested 224 00:11:47,320 --> 00:11:49,679 Speaker 2: in REX all those years ago. He also wants to 225 00:11:49,720 --> 00:11:52,839 Speaker 2: kick out the airline's new chairman, former Federal Transport Minister 226 00:11:52,920 --> 00:11:56,080 Speaker 2: John Sharp. The only director mister Lim doesn't want to 227 00:11:56,080 --> 00:11:59,800 Speaker 2: remove comes from a group called pag Asia Capital. That's 228 00:11:59,800 --> 00:12:02,240 Speaker 2: ajor private equity firm that's put about one hundred and 229 00:12:02,280 --> 00:12:05,640 Speaker 2: fifty million dollars in funding into the airline. Anyway, it 230 00:12:05,760 --> 00:12:07,640 Speaker 2: seems that he wants to get rid of all the 231 00:12:07,679 --> 00:12:11,280 Speaker 2: board and just keep well the private equity group. Don't 232 00:12:11,280 --> 00:12:13,720 Speaker 2: know who else is going to get in there. Unlikely 233 00:12:13,760 --> 00:12:16,240 Speaker 2: to succeed. But it's actually but it's actually quite an 234 00:12:16,440 --> 00:12:20,120 Speaker 2: extreme play for Lim Kim hwaiyir. 235 00:12:19,440 --> 00:12:22,480 Speaker 1: Fascinating story and wanted to keep watch off. In international news, 236 00:12:22,559 --> 00:12:24,880 Speaker 1: some of the biggest banks in the US reported earnings 237 00:12:24,920 --> 00:12:28,560 Speaker 1: over the weekend. City, JP Morgan, Chase, and Wells Fargo 238 00:12:28,720 --> 00:12:32,280 Speaker 1: released earnings. It all suggested that the world's biggest economy, 239 00:12:32,360 --> 00:12:33,480 Speaker 1: Sean is cooling. 240 00:12:34,120 --> 00:12:36,480 Speaker 2: Yeah, so we're getting into reporting season in the US 241 00:12:36,720 --> 00:12:40,120 Speaker 2: and it'll be really interesting to see what it says 242 00:12:40,160 --> 00:12:43,600 Speaker 2: about the economy. JP Morgan and Wills Fargo reported that 243 00:12:43,640 --> 00:12:46,120 Speaker 2: there overall, deposits fell and they had to lift the 244 00:12:46,200 --> 00:12:49,840 Speaker 2: average interest rate on checking and savings accounts. Good news 245 00:12:49,880 --> 00:12:51,880 Speaker 2: for borrow, it's obviously not so much for the shareholders 246 00:12:51,880 --> 00:12:55,199 Speaker 2: and the banks themselves. Wells Fargo said it's net interest income, 247 00:12:55,360 --> 00:12:57,760 Speaker 2: the difference between what it pays on deposits and receives 248 00:12:57,800 --> 00:13:01,040 Speaker 2: on loans, a bit like a profit margin fell sharply. 249 00:13:01,160 --> 00:13:05,120 Speaker 2: City said it's poorer customers are suffering most. JP Morgan, 250 00:13:05,160 --> 00:13:07,320 Speaker 2: which is actually the largest bank in the US, said 251 00:13:07,360 --> 00:13:10,319 Speaker 2: it made a quarterly profit of thirteen point one billion dollars, 252 00:13:10,760 --> 00:13:12,840 Speaker 2: but it also lost more than half a billion dollars 253 00:13:13,200 --> 00:13:18,680 Speaker 2: on poor mortgage repayments. We will keep watching earning season 254 00:13:18,880 --> 00:13:21,160 Speaker 2: on Wall Street big tech stocks and next week that's 255 00:13:21,160 --> 00:13:22,520 Speaker 2: always pretty exciting. 256 00:13:22,360 --> 00:13:24,240 Speaker 1: It is now. Up next is the Fear and Greed 257 00:13:24,320 --> 00:13:27,680 Speaker 1: Daily Interview with Dan Farmer, chief investment officer at MLC 258 00:13:27,840 --> 00:13:28,760 Speaker 1: Asset Management. 259 00:13:29,080 --> 00:13:32,160 Speaker 2: As I mentioned earlier on all about what MLC like 260 00:13:32,280 --> 00:13:35,840 Speaker 2: and dislike in terms of asset classes. Certainly worth listening 261 00:13:35,840 --> 00:13:38,480 Speaker 2: to that one if you're an investor. If you're an investor, 262 00:13:38,600 --> 00:13:41,000 Speaker 2: or an economist, or anyone interested in the economy, you 263 00:13:41,040 --> 00:13:44,239 Speaker 2: should also listen to the Week Ahead with Stephen coacurlis 264 00:13:44,360 --> 00:13:46,920 Speaker 2: our normal Monday interview. Very exciting week. This week we 265 00:13:46,960 --> 00:13:50,400 Speaker 2: have labor force figures for June. Now we all talk 266 00:13:50,440 --> 00:13:52,400 Speaker 2: a lot about inflation. The other side of the economy 267 00:13:52,440 --> 00:13:54,240 Speaker 2: is labor force, and we want to make sure that 268 00:13:54,559 --> 00:13:57,800 Speaker 2: unemployment rate doesn't rise too high, so we find that 269 00:13:57,880 --> 00:13:58,640 Speaker 2: out on Wednesday. 270 00:13:58,880 --> 00:14:00,880 Speaker 1: That's up next in the Fear and Greed playlist on 271 00:14:00,920 --> 00:14:04,679 Speaker 1: your podcast platform, all at firgreed dot com dot au. 272 00:14:04,800 --> 00:14:06,880 Speaker 2: Thank you, Sean, Thanks very much. Julian. 273 00:14:07,160 --> 00:14:10,040 Speaker 1: It's Monday, the fifteenth of July twenty twenty four. Make 274 00:14:10,080 --> 00:14:13,439 Speaker 1: sure you're following the podcast. Join us online at LinkedIn, Instagram, 275 00:14:13,520 --> 00:14:16,280 Speaker 1: ex TikTok, and Facebook. Have a great day.