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

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Speaker 1: Two of Australia's biggest companies, BHP and Woodside Energy are

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Speaker 1: getting new CEOs, adding to the growing list of recently

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Speaker 1: appointed bosses of large companies. On the ASX, Prime Minister

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Speaker 1: Anthony Alberanez, he says he has confidence Australia can avoid

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Speaker 1: a recession and the federal government has set to a

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Speaker 1: point A new petrols are plus the latest on the

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Speaker 1: Middle East and the world of shipping is turned upside down.

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Speaker 1: It is Thursday, the nineteenth of March twenty twenty six.

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Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Sure on the main.

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Speaker 1: Story this morning, two of Australia's biggest companies, BHP and

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Speaker 1: Woodside Energy are getting new CEOs, and interestingly both of

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Speaker 1: them are actually internal appointments. We'll start with the big Australian.

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Speaker 1: It's appointed Brandon Craig, who is a fifty three year

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Speaker 1: old South African born minor, is naturalized Ozzie and he's

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Speaker 1: been with BHP for almost thirty years. He's run the

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Speaker 1: group's Wai and Ore division and it's currently its Minerals

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Speaker 1: America's president. That means he's been looking after the group's

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Speaker 1: potash and copper divisions, which we all know is very

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Speaker 1: important for BHP and mining engineer by training is going

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Speaker 1: to take over on one July. His big job is

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Speaker 1: going to be expanding those copper prospects.

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Speaker 2: For the minor exactly in Woodside Energy has appointed acting

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Speaker 2: Chief executive Liz Westcott as the permanent successor to Meg O'Neil,

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Speaker 2: opting for her operational expertise. Westcott was a leading candidate

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Speaker 2: right from the get go when O'Neil left abruptly to

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Speaker 2: run Global oil Giant BP, critical time for that company

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Speaker 2: to oil and gas markets and turmoil over the war

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Speaker 2: in the Middle East. We know that it is also

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Speaker 2: in the middle of a major expansion. It's sixteen and

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Speaker 2: a half billion dollar Scarborough Gas project in wa is One.

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Speaker 2: It's due to come on stream late this year. Also,

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Speaker 2: Woodside construction underway at its Louisiana LNG terminal in the

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Speaker 2: United States, a very big job for Liz Westcott.

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Speaker 1: It certainly is there's been a lot of turnover, hasn't

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Speaker 1: there an incredible amount of turnover at Australia's top companies.

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Speaker 1: What does that mean? Is it a good thing or

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Speaker 1: a bad thing to kind of to have new people

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Speaker 1: coming through or is it good that their internal appointments.

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Speaker 1: Why there's so many people like this succession planning within companies.

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Speaker 1: What's this meaning?

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Speaker 2: Yeah, it's a great question. So the average CEO tenure

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Speaker 2: in Australia is six years, but there has been a

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Speaker 2: huge amount of turnover in the last twelve months. So

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Speaker 2: we have obviously BHP in Woodside, Rio, A and Z

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Speaker 2: they got a new boss, Newmont, Bluescope, Sonic Healthcare, Treasury,

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Speaker 2: Wine Estates, Endeavor Car Group, Aria Star Entertainment, Ramsey Healthcare.

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Speaker 2: The list goes on. Analysts have looked at this and

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Speaker 2: they're basically saying we've sort of shifted from a post

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Speaker 2: COVID phase to an AI energy phase. So when you're

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Speaker 2: running a business, they're the source of skills, you know, technology, energy,

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Speaker 2: those sorts of things, rather than recovery. Maybe that's a

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Speaker 2: different skill set. Maybe they like people who know the business,

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Speaker 2: internal candidates because they know what they've been through in

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Speaker 2: their best place. Certainly, internal candidates seem tend to be

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Speaker 2: less risky because they do know the business. Another big thing.

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Speaker 2: I think that really matters. We're in an inflationary world.

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Speaker 2: We haven't seen that since the global financial crisis, and

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Speaker 2: until the last two years it was pretty much low

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Speaker 2: interest rates all the time. When you have rising interest rates,

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Speaker 2: when you have inflation, like capital management discipline, cost discipline

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Speaker 2: that's needed and that really plays a role. The third

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Speaker 2: thing I'd throw in active investors. People might criticize active investors,

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Speaker 2: but they differentiate themselves. They turn up, speak to boards,

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Speaker 2: speak to CEOs. They are active. What they make managers

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Speaker 2: do is perform. I just think you know, post COVID

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Speaker 2: inflationary world, active managers, you know you're going to end

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Speaker 2: up with CEO turnover.

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Speaker 1: Would you want to be a CEO sean? Would you

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Speaker 1: want one of those jobs?

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Speaker 2: No? Wouldn't it be dreadful?

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Speaker 1: That would be hard, high pressure, and especially in these companies,

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Speaker 1: very high profile as well.

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Speaker 2: Totally, and you get hammered from within, from without, from investors,

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Speaker 2: from staff. I just think it'd be one of the

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Speaker 2: worst jobs ever.

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Speaker 1: It would be tough. Now the federal moving away from CEOs,

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Speaker 1: the federal government is today going to a point A

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Speaker 1: new fuels are to coordinate the national response to the

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Speaker 1: global energy crisis that have threatened domestic supply chains and

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Speaker 1: led to petrol and diesel shortages in Region Australia, and

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Speaker 1: of course the price spikes across the country that we

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Speaker 1: have discussed at length.

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Speaker 2: I have a question, when is it a czar like

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Speaker 2: fuels are or petrols are. I kind of think that works. Yeah,

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Speaker 2: when do you drop the term sees that I are zar?

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Speaker 1: I actually don't know because in theory we could have

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Speaker 1: our previous story could have also been referring to corporate czars.

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Speaker 1: Because that that doesn't work.

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Speaker 2: That doesn't work. No, it doesn't medical zars. I don't

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Speaker 2: think so.

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Speaker 1: No, No, Maybe it's got to be a commodities Maybe

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Speaker 1: it's got to be a an appointed body, a government body.

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Speaker 1: Maybe maybe maybe.

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Speaker 2: Competitions are or that. Yeah, yeah like that.

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Speaker 1: Yeah, yeah, it's a regular it's a regulator thing, maybe

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Speaker 1: regulated thing. Yah. Maybe this is a very very niche

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Speaker 1: conversation that just eyes are glazing over everywhere. Now, it's

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Speaker 1: a great question, though, is it the the appointment The

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Speaker 1: appointment of a logistics coordinator will be proposed at a

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Speaker 1: meeting of National Cabinet. It is part of a broader

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Speaker 1: domestic policy response to the conflict in the Middle East.

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Speaker 1: Extra incentives for Australia's two remaining oil refineries will also

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Speaker 1: be discussed. You would imagine that would be quite necessary,

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Speaker 1: right to reduce our reliance elsewhere.

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Speaker 2: Prime Minister Anthony Alberanezi said the government was preparing new

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Speaker 2: measures to help shield Australian households from the crisis in

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Speaker 2: the Middle East, which included the appointment of the new

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Speaker 2: crisis coordinator. See that's that's the czar we're talking about.

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Speaker 2: But then albaniz Is called them a coordinator all of

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Speaker 2: a sudden, So anyway, In a speech to the Australian

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Speaker 2: Automotive Automotive Dealer Association, Albanizi said the crisis in the

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Speaker 2: Middle East was the third global shock this decade in

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Speaker 2: Australia had to adopt a new economic model for a

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Speaker 2: changed world.

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Speaker 1: Now, given the excitement of recent weeks, you've got to

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Speaker 1: say it was a relatively calm day on the on

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Speaker 1: the share market yesterday, the s and PASX two hundred

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Speaker 1: closing up zero point three percent to eighty six hundred

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Speaker 1: and forty one points. The top performing stocks sean were

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Speaker 1: Scrap Metal Group SIMS after upping its earnings forecast and

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Speaker 1: Drone Shield, which is up nearly fifty percent since the

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Speaker 1: Middle East War.

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Speaker 2: Yes, or it was about a week before the Middle

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Speaker 2: East War, like when we thought it was going to happen.

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Speaker 2: No surprises, how I suppose mostly traders yesterday. We're waiting

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Speaker 2: to see what the US Federal Reserve says and does

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Speaker 2: about interest rates in the world's biggest economy. Most people

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Speaker 2: don't think they'll move. That announcement hits the market about

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Speaker 2: thirty minutes after this podcast goes to air. I asked

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Speaker 2: them to give us a leak or just delay the announcement. Yeah,

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Speaker 2: no response. Back to our markets. Interstraight sensitive stocks did

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Speaker 2: best yesterday. Some of the property companies outperformed, as did

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Speaker 2: the tech stocks. The gold miners generally lower. One for you, Michael,

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Speaker 2: the Aussie dollar back above seventy one. You wes sense

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Speaker 2: go you good thing?

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Speaker 1: So your texted Jerome Powell.

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Speaker 2: Yeah, didn't, said JP.

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Speaker 1: What's the HAPs. Yeah, you're going to do anything? No response,

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Speaker 1: big surprise. Okay, quick break back in a moment with

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Speaker 1: the rest of the day's business news, Shawn. Australia is

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Speaker 1: well positioned to avoid a recession notwithstanding the energy crisis.

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Speaker 1: According to Prime Minister Anthony Albanezi, with growth the strongest

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Speaker 1: in three years, still he will be announcing new measures

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Speaker 1: designed to shield Australia from global uncertainty in coming days.

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Speaker 2: Rather than waiting for the twelve May budget. The Prime

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Speaker 2: Minister said announcements would be brought forward. His comments came

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Speaker 2: after Treasure of Jim Chalmers said no one is forcing

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Speaker 2: is forecasting a recession. He said the Treasury is not

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Speaker 2: the Reserve Bank's night. He said the war in the

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Speaker 2: Middle East was the key uncertainty.

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Speaker 1: I've certainly taken all the focus off the talk of

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Speaker 1: tax reform because it was I mean a month ago

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Speaker 1: everyone was excited about tax reform. That might be an.

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Speaker 2: Overstate but be understating if we get you GISs.

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Speaker 1: Yeah. Did Jim Charmers say much about tax reforms specifically,

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Speaker 1: I suppose the capital gains tax reform.

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Speaker 2: No, but clearly it's going on in the background. He

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Speaker 2: told ABC Radio. The government has an open mind to

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Speaker 2: tax reform, looking up some options ahead of the May

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Speaker 2: twelve budget now.

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Speaker 1: The Prime Minister yesterday also confirmed that the air base

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Speaker 1: that houses Australia's Middle East headquarters was struck by an

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Speaker 1: Iranian projectile yesterday morning.

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Speaker 2: Australia also got a mention from Donald Trump when he

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Speaker 2: was listing countries he wasn't happy with for not sending

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Speaker 2: military support to the Middle East. He mentioned NATO, Japan, Australia,

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Speaker 2: and South Korea, though he said the US no longer

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Speaker 2: needs or desires help from those countries. Also, Iran confirmed

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Speaker 2: that the country's national security chief and head of the

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Speaker 2: paramilitary force were killed in fighting, and the Trump administration's

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Speaker 2: counter terrorism chief resigned in protest over the war.

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Speaker 1: The fuel crisis has of course been dominating headlines for weeks,

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Speaker 1: but it's crossed a line now Sean. A Wa mining

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Speaker 1: contractor started standing down workers. A Blue Cap Mining, which

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Speaker 1: is a privately owned mining contractor operating at the Devin

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Speaker 1: gold mine near Laverton in Wa, stood down about one

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Speaker 1: hundred and twenty or so of its one hundred and

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Speaker 1: eighty fly and flyout workers just because it can't get

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Speaker 1: enough diesel to actually run operations, So that is two

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Speaker 1: thirds of its workforce gone because of these fuel shortages.

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Speaker 2: From my knowledge, it's one of the first times we've

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Speaker 2: publicly heard the fuel crisis translate directly into job losses,

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Speaker 2: and I'm sure it won't be the last. Smaller miners

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Speaker 2: are particularly exposed. They don't have the purchasing power or

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Speaker 2: the stockpiles of a BHP or rio. Meanwhile, fuel fests

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Speaker 2: are surging across regional Australia. Farms are being told or

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Speaker 2: farmers are being told to padlock their diesel tanks as

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Speaker 2: record diesel prices make farm storage a target.

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Speaker 1: Now turning to international news, the world of container shipping

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Speaker 1: has been turned upside down in recent weeks, obviously, with

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Speaker 1: carriers adding thousands of dollars in extra charges and dumping

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Speaker 1: containers at far flung ports. According to in groups and

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Speaker 1: removal companies.

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Speaker 2: The effect of closure of the Strait of Homu's following

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Speaker 2: Iranian strikes and fears that Huti rebels will resume their

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Speaker 2: attacks in the Red Sea have prompted shipping lines to

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Speaker 2: suspend bookings and reroot goods. We know that the other

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Speaker 2: thing that's hit in recent days, fire as a result

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Speaker 2: of debris from aerial strikes over the main hubport in Dubai,

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Speaker 2: has triggered further cancelations and congestions. According to the FT

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Speaker 2: It's met the largest shipping groups including MSc, mersk CMA,

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Speaker 2: HYPAG Lloyd have told customers they reserve the right to

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Speaker 2: invoke a nineteenth century rule that allows them to leave

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Speaker 2: containers at the nearest available port at their client's expense.

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Speaker 1: Brutal.

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Speaker 2: What we have, well, firstly, I mean shipping containers prices.

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Speaker 2: There is been four times on certain roots thanks to

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Speaker 2: all risk insurance. You've got fuel surch charges. But what

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Speaker 2: I like, containers due to go to the Middle East

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Speaker 2: have been dropped in India. Others destined for Saudi Arabia

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Speaker 2: left at a port in the UAE and the company

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Speaker 2: has to pick it up and move it.

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Speaker 1: That is I just I love the fact that this

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Speaker 1: is a century old laws, that's that they're taking advantage of.

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Speaker 1: It's like they've just gone gone to the books and said,

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Speaker 1: is there anything that we can use here to our advantage?

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Speaker 1: Found something from the eighteen hundreds, Let's bust this one out.

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Speaker 1: Not fair, No, now, Sean, there's actually something I wanted

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Speaker 1: to mention and I'm going to put in today's newsletter.

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Speaker 1: If you haven't subscribed to the Fear and Green newsletter.

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Speaker 1: A lot of the talk has been about oil obviously

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Speaker 1: coming through the Strait. But the other thing that's getting

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Speaker 1: disrupted is fertilizer supply, and because a lot again something

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Speaker 1: like twenty percent of fertilizers is coming through there, which

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Speaker 1: then has a flow on effect to crops, to farmers,

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Speaker 1: to agrico industries more broadly, and Australia is one of

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Speaker 1: the countries affected by that. And so I just put

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Speaker 1: a few little interesting stats, so tidbits of information of

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Speaker 1: just the fact that the fertilizer supply is now at risk,

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Speaker 1: which is not something that is getting as much attention

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Speaker 1: obviously as oil. I look forward to that anyway. Donald

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Speaker 1: Trump sean, sorry, there's more to that. I just paused momentarily,

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Speaker 1: and it made it sound like I was just exclaiming

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Speaker 1: the president's name. But the President managed to create an

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Speaker 1: entirely different kind of diplomatic incident yesterday, this time with Ireland.

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Speaker 1: The Irish President Catherine Connolly criticized the US war in Iran,

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Speaker 1: calling it an attack on international law. Trump hit back, saying,

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Speaker 1: and this is a direct quote, He's lucky I exist

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Speaker 1: apparently unaware that the President of Ireland is in fact

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Speaker 1: a woman.

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Speaker 2: And the worst thing was, he was said at Walt

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Speaker 2: City next to the Irish Prime Minister on Saint Patrick's Day,

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Speaker 2: you know, Sir Patrick's Day. The leaders of the US

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Speaker 2: and Ireland often meet on Saint Patrick's Day. Very choreographed,

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Speaker 2: you know, one of the diplomatic moments in the American calendar.

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Speaker 2: Island is very important to the US. It's got a

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Speaker 2: load tax regime, or it has had a load tax regime.

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Speaker 2: So Apple, Google, Microsoft based the European quarters. They're billions

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Speaker 2: of dollars in tech investment. And then you know, he

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Speaker 2: criticized the president as a he when it's actually she.

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Speaker 2: Now having said that, Michael, I do have a little

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Speaker 2: bit of sympathy for him, because how do you keep

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Speaker 2: across who's who in the zoo?

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Speaker 1: I actually agree, I mean just even trying to remember

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Speaker 1: names and trying to remember who's who belongs where. But

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Speaker 1: you think in that kind of situation you'd probably study

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Speaker 1: up a little bit just to make sure you get

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Speaker 1: you think, so the basics. Anyway, Up next, Sean is

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Speaker 1: Fearing Greed Q and A and something a little bit

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Speaker 1: special today, very special. I would say. It's part of

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Speaker 1: our Accelerator series with our great friends at air Wallacks.

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Speaker 1: We have a special edition of Q and A where

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Speaker 1: we look at why companies sponsor sport and specifically at

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Speaker 1: Formula one motor racing. It's a great episode, Sean.

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Speaker 2: Yeah, it's fun. Like we talked to Air Wallacks and

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Speaker 2: we talked to Air Tasker and you know why they

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Speaker 2: do what they do and how it helps their business. Yes, yeah,

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Speaker 2: great fun.

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Speaker 1: And we recorded part of it on the ground as

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Speaker 1: well at the Melbourne Grand Prix and so it is

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Speaker 1: just like you can hear the atmosphere, you can hear

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Speaker 1: the noise, you can hear the fun is. It is

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Speaker 1: good fun. It's coming up next to the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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

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Speaker 1: the Fear and Greed newsletter to learn all about fertilizer. Sean,

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Speaker 1: thank you very much, Thank you very much.

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Speaker 2: Michael.

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Speaker 1: It's Thursday, the nineteenth of March twenty twenty six. Make

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Speaker 1: sure you following the podcast and join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook.

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Speaker 2: I'm Michael Thompson.

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