1 00:00:06,320 --> 00:00:09,440 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,520 --> 00:00:12,600 Speaker 1: An independent review into A and Z is highly critical 3 00:00:12,640 --> 00:00:15,760 Speaker 1: of the major bank, unveiling governance and staff problems that 4 00:00:15,800 --> 00:00:19,640 Speaker 1: were criticized at the Banking Royal Commission. BHP is found 5 00:00:19,720 --> 00:00:23,639 Speaker 1: legally liable for one of the worst environmental disasters in Brazil, 6 00:00:24,040 --> 00:00:29,400 Speaker 1: and the coalition launches its technology agnostic Energy plan. Plus, 7 00:00:29,440 --> 00:00:32,960 Speaker 1: Donald Trump cuts tariffs on beef, but it's bad news 8 00:00:33,000 --> 00:00:37,600 Speaker 1: for local graziers and scientists discover a new native B species. 9 00:00:37,760 --> 00:00:40,880 Speaker 1: It is Monday, the seventeenth of November twenty twenty five. 10 00:00:41,240 --> 00:00:43,440 Speaker 1: I'm Michael Thompson, and good morning Sean Aylmer. 11 00:00:43,800 --> 00:00:46,440 Speaker 2: Can you not be happy when there's a new B 12 00:00:46,640 --> 00:00:49,120 Speaker 2: species discovered. 13 00:00:49,080 --> 00:00:50,880 Speaker 1: And the name of the B species? 14 00:00:50,920 --> 00:00:54,440 Speaker 2: It's worth you just your practice on that, because I 15 00:00:54,480 --> 00:00:57,200 Speaker 2: must say I write that part of the script this morning, 16 00:00:57,480 --> 00:00:58,800 Speaker 2: and I gave you the hard stuff. 17 00:00:58,920 --> 00:01:00,880 Speaker 1: Oh it's great. It is for I can't wait to 18 00:01:00,880 --> 00:01:02,480 Speaker 1: talk about that a little bit later on the main 19 00:01:02,520 --> 00:01:05,520 Speaker 1: story though this morning, Shan. An independent review into A 20 00:01:05,640 --> 00:01:09,280 Speaker 1: and Z is highly critical of the bank's former leadership 21 00:01:09,319 --> 00:01:13,280 Speaker 1: and culture since the Banking Royal Commission, saying that it's 22 00:01:13,280 --> 00:01:16,959 Speaker 1: an insular institution where staff are reluctant to challenge and 23 00:01:17,000 --> 00:01:18,039 Speaker 1: deliver bad news. 24 00:01:19,360 --> 00:01:23,560 Speaker 2: Yeah, it is remarkable this story. The McKinsey report was 25 00:01:23,600 --> 00:01:26,280 Speaker 2: prepared for ane Z after it was hit by a 26 00:01:26,360 --> 00:01:28,640 Speaker 2: series of scandals which led to a two hundred and 27 00:01:28,680 --> 00:01:32,240 Speaker 2: forty million dollar fine for widespread misconduct. It was released 28 00:01:32,240 --> 00:01:36,759 Speaker 2: on Friday afternoon late on Friday afternoon. In a blistering 29 00:01:36,800 --> 00:01:40,640 Speaker 2: assessment of former chief executive Chane Elliott, the report said 30 00:01:40,680 --> 00:01:43,880 Speaker 2: ain Z had lacked a tone from the top and 31 00:01:43,920 --> 00:01:46,559 Speaker 2: found that Australia's fourth largest bank had failed to create 32 00:01:46,600 --> 00:01:50,280 Speaker 2: a risk and customer focus culture while its employees were 33 00:01:50,320 --> 00:01:54,160 Speaker 2: complacent when problems arose. It identified that the bank was 34 00:01:54,240 --> 00:01:57,680 Speaker 2: so collaborative and trusting that there was a reluctance to 35 00:01:57,880 --> 00:02:00,880 Speaker 2: challenge and deliver bad news, and in turn this led 36 00:02:00,880 --> 00:02:06,640 Speaker 2: to complacency and limited self reflection and insular culture. These 37 00:02:06,640 --> 00:02:09,200 Speaker 2: failings were compounded by a failure of leadership to set 38 00:02:09,200 --> 00:02:12,720 Speaker 2: the right tone to highlight the importance of non financial risk. 39 00:02:13,160 --> 00:02:16,160 Speaker 2: Many of the problems identified by McKinsey were very similar 40 00:02:16,160 --> 00:02:18,960 Speaker 2: to those uncovered at Comwealth Bank in twenty eighteen in 41 00:02:19,000 --> 00:02:23,360 Speaker 2: a prudential inquiry following a money laundering scandal. They're also 42 00:02:23,840 --> 00:02:27,800 Speaker 2: very similar to those evident in the Banking Royal Commission 43 00:02:28,080 --> 00:02:28,840 Speaker 2: six years ago. 44 00:02:29,440 --> 00:02:32,360 Speaker 1: Yeah, that's the worst part of this, right, because it 45 00:02:32,400 --> 00:02:35,400 Speaker 1: does all sound familiar, which is disappointing given we had 46 00:02:35,400 --> 00:02:38,280 Speaker 1: a Banking Royal Commission to not only work out what 47 00:02:38,440 --> 00:02:41,760 Speaker 1: was going on in the banking system, but also critically 48 00:02:42,120 --> 00:02:43,760 Speaker 1: to prevent it from happening again. 49 00:02:44,240 --> 00:02:46,600 Speaker 2: Yes, yes, yeah. And as an aside, can I just 50 00:02:46,600 --> 00:02:50,320 Speaker 2: say Ain's put out the McKinsey report late on Friday. 51 00:02:51,120 --> 00:02:53,760 Speaker 2: It's not easily accessible, so I chased around on the 52 00:02:53,760 --> 00:02:56,519 Speaker 2: website to try and find where it was. It's like 53 00:02:56,560 --> 00:02:58,240 Speaker 2: they're hiding it. I mean, as a result, I've had 54 00:02:58,280 --> 00:03:00,560 Speaker 2: to rely on reporting from the finn Review, the Australian 55 00:03:00,639 --> 00:03:04,480 Speaker 2: Ruters and others for this story. So it just it 56 00:03:04,560 --> 00:03:06,840 Speaker 2: doesn't seem that ain Zed really wants to make this 57 00:03:06,960 --> 00:03:08,480 Speaker 2: too public. Now I digress. 58 00:03:08,639 --> 00:03:11,200 Speaker 1: Maybe that's just me, but it is. 59 00:03:11,200 --> 00:03:14,840 Speaker 2: The reality. The irony is that of the Big four banks, 60 00:03:15,160 --> 00:03:19,440 Speaker 2: ain Z really came through the Banking Royal Commission least scathed. 61 00:03:20,720 --> 00:03:23,640 Speaker 2: Maybe that was a bad thing for the bank because 62 00:03:23,639 --> 00:03:26,760 Speaker 2: it appears to have done least in terms of changing 63 00:03:26,800 --> 00:03:30,440 Speaker 2: the culture. At least according to the McKinsey's report, there 64 00:03:30,440 --> 00:03:33,240 Speaker 2: were governance failures and staff only gave their bosses the 65 00:03:33,240 --> 00:03:35,400 Speaker 2: good news. There was a failure to highlight the importance 66 00:03:35,400 --> 00:03:39,240 Speaker 2: of non financial risk. Projects would start, then there'd be 67 00:03:39,320 --> 00:03:42,760 Speaker 2: cost cutting, and the projects would just be left incomplete, 68 00:03:42,880 --> 00:03:46,360 Speaker 2: sitting there. Money was spent on tech, but not on 69 00:03:46,440 --> 00:03:49,760 Speaker 2: training the humans who actually used to use that tech. Now, 70 00:03:49,760 --> 00:03:53,120 Speaker 2: the new CEO, nnoon Matos said it will take time 71 00:03:53,280 --> 00:03:57,920 Speaker 2: to change the culture. Given the depth of the problems here, Michael, 72 00:03:58,520 --> 00:04:00,680 Speaker 2: it is probably going to take a lot of time 73 00:04:01,080 --> 00:04:03,720 Speaker 2: to change the culture. It'll be very interesting to see 74 00:04:04,120 --> 00:04:06,880 Speaker 2: how ain Z's share price does when it opens today. 75 00:04:06,880 --> 00:04:09,160 Speaker 2: Of course, it went ex dividend last Friday, so it 76 00:04:09,240 --> 00:04:10,160 Speaker 2: dropped five percent. 77 00:04:10,200 --> 00:04:11,560 Speaker 1: Anyway, It'll just be. 78 00:04:11,520 --> 00:04:14,520 Speaker 2: Interesting to see. Given they really released this report at 79 00:04:14,520 --> 00:04:17,839 Speaker 2: the end of the day, you know what happens today. 80 00:04:19,480 --> 00:04:22,320 Speaker 1: The timing of it, though, probably works quite well in 81 00:04:22,400 --> 00:04:25,880 Speaker 1: terms of Nunomatos, just not the timing of releasing the report, 82 00:04:25,920 --> 00:04:27,880 Speaker 1: but the fact that here we have a new CEO 83 00:04:28,320 --> 00:04:32,200 Speaker 1: and effectively a blueprint as to what to do to change. 84 00:04:32,240 --> 00:04:34,279 Speaker 1: If you're going to implement wide scale change, you do 85 00:04:34,320 --> 00:04:38,040 Speaker 1: it now right totally. And we've said this about Nunomatos before. 86 00:04:38,360 --> 00:04:40,799 Speaker 1: He's three and a half thousand job cuts. He's announced 87 00:04:40,839 --> 00:04:43,440 Speaker 1: that he talked about the cultural issues. 88 00:04:43,120 --> 00:04:46,800 Speaker 2: In the bank, and you know, basically they're blaming Change Elliott, 89 00:04:47,000 --> 00:04:49,000 Speaker 2: the former CEO, for a lot of this stuff. That's 90 00:04:49,080 --> 00:04:52,520 Speaker 2: kind of what a new CEO does. I think that 91 00:04:52,640 --> 00:04:54,880 Speaker 2: irks me, though, Michael. They put it out on a 92 00:04:54,920 --> 00:04:58,440 Speaker 2: Friday night, Yeah, you know. I mean I went to 93 00:04:58,440 --> 00:05:01,960 Speaker 2: their website to find the review. It's not obviously available 94 00:05:01,960 --> 00:05:04,279 Speaker 2: on their website. It might be, but I couldn't find it, 95 00:05:04,279 --> 00:05:06,320 Speaker 2: and certainly search of the own z website to allow 96 00:05:06,360 --> 00:05:08,560 Speaker 2: it to me. Consumably they have to put something to 97 00:05:08,640 --> 00:05:11,800 Speaker 2: the market this morning, but it just looks like they're 98 00:05:11,839 --> 00:05:14,080 Speaker 2: hiding things and that ain't a good look. 99 00:05:14,480 --> 00:05:16,520 Speaker 1: It's not a good look at all, all right now. 100 00:05:16,680 --> 00:05:20,400 Speaker 1: Sewan BHP has been found legally liable for one of 101 00:05:20,440 --> 00:05:23,920 Speaker 1: the worst environmental disasters in the history of Brazil in 102 00:05:23,920 --> 00:05:27,080 Speaker 1: a landmark case brought in the UK over the twenty 103 00:05:27,160 --> 00:05:29,480 Speaker 1: fifteen Marianna Da Dam collapse. 104 00:05:30,000 --> 00:05:32,880 Speaker 2: Over the weekend. The High Court in London ruled that 105 00:05:32,960 --> 00:05:37,440 Speaker 2: the risk of these structure's collapse had been foreseeable important 106 00:05:37,440 --> 00:05:40,480 Speaker 2: word foreseeable, and that BHP, the world's biggest mining company, 107 00:05:40,600 --> 00:05:44,240 Speaker 2: was strictly liable for damage cause to the environment and 108 00:05:44,279 --> 00:05:48,159 Speaker 2: to third parties. BHP said it intends to appeal the judgment. 109 00:05:48,160 --> 00:05:50,839 Speaker 2: It's already entered into a thirty two billion US dollar 110 00:05:50,920 --> 00:05:54,720 Speaker 2: agreement with brazil Public Authority or Brazilian Public Authorities and 111 00:05:54,760 --> 00:05:58,839 Speaker 2: public defenders for a full and final settlement of key claims. 112 00:05:58,839 --> 00:06:01,240 Speaker 2: That more than six hundred and ten one thousand people 113 00:06:01,560 --> 00:06:04,599 Speaker 2: have already been compensated in Brazil, so BHP is basically 114 00:06:04,600 --> 00:06:09,040 Speaker 2: say this is already over. However, the decision on the 115 00:06:09,080 --> 00:06:12,279 Speaker 2: weekend really does have a big impact on the company. 116 00:06:12,360 --> 00:06:14,520 Speaker 2: Lawyers acting on behalf of more than six hundred and 117 00:06:14,520 --> 00:06:17,880 Speaker 2: twenty thousand alleged victims are seeking up to thirty six 118 00:06:17,920 --> 00:06:21,880 Speaker 2: billion pounds that's about seventy two billion Aussie dollars in 119 00:06:21,960 --> 00:06:26,400 Speaker 2: compensation from BHP and Brazilian minor Valet, which jointly owned 120 00:06:26,440 --> 00:06:30,440 Speaker 2: the Samaco Iron Ore project where where the incident occurred. 121 00:06:30,600 --> 00:06:32,760 Speaker 2: That is asked to kill nineteen people when sludge was 122 00:06:32,800 --> 00:06:36,160 Speaker 2: released from behind the waist dam at the facility. According 123 00:06:36,200 --> 00:06:39,320 Speaker 2: to the Financial Times, hundreds of kilometers of waterways were contaminated, 124 00:06:39,360 --> 00:06:43,560 Speaker 2: swamping riverside communities. The ruling sets the stage for compensation, 125 00:06:43,760 --> 00:06:46,880 Speaker 2: which will be decided in a later High Court trial 126 00:06:46,960 --> 00:06:51,159 Speaker 2: schedule to begin next October. BHP and Vallet have already 127 00:06:51,160 --> 00:06:54,040 Speaker 2: agreed to split any sum's due. 128 00:06:54,360 --> 00:06:57,479 Speaker 1: Now, looking at the share market, Shawn, you alluded to 129 00:06:57,520 --> 00:06:59,599 Speaker 1: seeing what happens with A and Z today when the 130 00:06:59,640 --> 00:07:01,919 Speaker 1: market opened, but there was a big sell off overall 131 00:07:01,960 --> 00:07:04,080 Speaker 1: on the ASEX on Friday, the S and PASX two 132 00:07:04,160 --> 00:07:06,560 Speaker 1: hundred closing down one point four percent, the equivalent of 133 00:07:06,600 --> 00:07:10,080 Speaker 1: thirty seven billion dollars, to its lowest points since mid July. 134 00:07:11,000 --> 00:07:12,600 Speaker 1: What do you reckon? Can we expect more of the 135 00:07:12,600 --> 00:07:13,200 Speaker 1: same today? 136 00:07:13,680 --> 00:07:17,360 Speaker 2: Future training suggests local boss will open lower after a 137 00:07:17,400 --> 00:07:20,640 Speaker 2: flat end on Wall Street over the weekend. Basically, investors 138 00:07:20,680 --> 00:07:22,239 Speaker 2: that are trying to come to terms with the idea 139 00:07:22,280 --> 00:07:25,360 Speaker 2: that interest rates might not fall again in Australia, they 140 00:07:25,440 --> 00:07:27,400 Speaker 2: might not fall again in the US. What's that mean 141 00:07:27,440 --> 00:07:32,720 Speaker 2: for earnings cryptocurrencies? That's worth mentioning they're flailing bitcoins down 142 00:07:32,720 --> 00:07:35,880 Speaker 2: to ninety five thousand dollars a unit, meaning the currencies 143 00:07:35,960 --> 00:07:38,640 Speaker 2: back to about where it started the beginning of the 144 00:07:38,760 --> 00:07:42,160 Speaker 2: year from remember early in the year that there was 145 00:07:42,200 --> 00:07:48,120 Speaker 2: a ruling in the US which encouraged ETF buying of cryptocurrencies. 146 00:07:48,800 --> 00:07:51,120 Speaker 2: All that gain has sort of come off now. In fact, 147 00:07:51,160 --> 00:07:54,200 Speaker 2: it's about twenty four percent below it's October record. Bitcoins 148 00:07:54,200 --> 00:07:56,160 Speaker 2: will be interesting to watch that one as well. 149 00:07:56,560 --> 00:07:58,520 Speaker 1: When we're talking about markets, there's a lot of different 150 00:07:58,560 --> 00:08:02,240 Speaker 1: words that we use, lummiting or plunging or tumbling and 151 00:08:02,280 --> 00:08:04,680 Speaker 1: things like that. I reckon this is the first time 152 00:08:04,720 --> 00:08:07,880 Speaker 1: that we've referred to anything as flailing. 153 00:08:09,520 --> 00:08:14,960 Speaker 2: Well, to be honest, journalists financial journalists always talk about 154 00:08:15,000 --> 00:08:21,240 Speaker 2: the share prices plunging sort of the adjectives are a 155 00:08:21,280 --> 00:08:24,240 Speaker 2: little too much for me at times. Yeah, but flailing 156 00:08:24,720 --> 00:08:27,040 Speaker 2: playing is a really good word because it's not like 157 00:08:27,440 --> 00:08:30,560 Speaker 2: a disaster. It's just like trying to hold your place 158 00:08:31,000 --> 00:08:32,800 Speaker 2: in sort of not getting. 159 00:08:32,480 --> 00:08:33,959 Speaker 1: There, scrambling a bit. 160 00:08:34,080 --> 00:08:36,760 Speaker 2: Yeah, yeah, yeah, yeah, yeah. 161 00:08:36,240 --> 00:08:38,480 Speaker 1: I like it flailing. It's a very colorful way to 162 00:08:38,520 --> 00:08:41,640 Speaker 1: describe it, and it seems perfectly appropriate for bitcoin, to 163 00:08:41,679 --> 00:08:44,120 Speaker 1: be honest, So think well that much, right, take a 164 00:08:44,160 --> 00:08:45,800 Speaker 1: quick break back in a moment with the rest of 165 00:08:45,800 --> 00:08:55,680 Speaker 1: the day's business news. SUN The Coalition has launched a 166 00:08:56,040 --> 00:09:00,640 Speaker 1: quote technology agnostic energy plan, which includes more or gas 167 00:09:00,800 --> 00:09:04,520 Speaker 1: but is not anti renewables, according to Liberal leader Susan Lee. 168 00:09:05,000 --> 00:09:08,520 Speaker 2: Lee, Shadow Energy Minister Dan Tien and National's leader David 169 00:09:08,520 --> 00:09:12,480 Speaker 2: little Proud held a joint press conference last evening selling 170 00:09:12,520 --> 00:09:16,360 Speaker 2: the coalition's affordable energy planned. The coalition leader said the 171 00:09:16,360 --> 00:09:20,000 Speaker 2: government had demonized gas and reluctantly come back to it 172 00:09:20,040 --> 00:09:22,880 Speaker 2: in recent years because they know it's for vital Asked 173 00:09:22,920 --> 00:09:25,440 Speaker 2: when consumers could start seeing cheaper power under a future 174 00:09:25,440 --> 00:09:28,800 Speaker 2: coalition government, Lee said, well, the Coalition actually needs to 175 00:09:28,840 --> 00:09:31,800 Speaker 2: get into power first and then that start changing the rules. 176 00:09:31,960 --> 00:09:35,040 Speaker 2: She said the Coalition was not anti renewables, but they 177 00:09:35,080 --> 00:09:37,040 Speaker 2: have to be in the right place and they have 178 00:09:37,080 --> 00:09:41,360 Speaker 2: to be balanced by base base load power. Little Prowd 179 00:09:41,400 --> 00:09:43,400 Speaker 2: said net zero is not the only way to address 180 00:09:43,400 --> 00:09:46,240 Speaker 2: climate change and for Australia to do its fair share 181 00:09:46,320 --> 00:09:49,360 Speaker 2: with regards to emissions, it doesn't have to be signed 182 00:09:49,400 --> 00:09:50,959 Speaker 2: up to a net zero target. 183 00:09:51,559 --> 00:09:54,560 Speaker 1: Sean. It's worth a quick mention of the latest poll 184 00:09:54,679 --> 00:09:57,599 Speaker 1: results which are out today in the Financial Review. The 185 00:09:57,640 --> 00:10:01,439 Speaker 1: Redbridge Accent Research poll shows that after all of the 186 00:10:01,559 --> 00:10:05,360 Speaker 1: chaos within the Coalition over the last few weeks, the 187 00:10:05,400 --> 00:10:09,920 Speaker 1: coalition's primary vote fell five percentage points in one month, 188 00:10:10,120 --> 00:10:12,920 Speaker 1: a record low of twenty four percent, with one nation 189 00:10:13,400 --> 00:10:18,120 Speaker 1: rising four points to record high of eighteen so one 190 00:10:18,200 --> 00:10:21,520 Speaker 1: nation that is actually on the verge of overtaking the coalition, 191 00:10:21,559 --> 00:10:25,840 Speaker 1: which is quite extraordinary. The Alberaneze government sean as moving 192 00:10:25,880 --> 00:10:28,959 Speaker 1: to deport a man who attended a neo Nazi rally 193 00:10:29,000 --> 00:10:32,160 Speaker 1: outside the New South Wales Parliament last week, a rally 194 00:10:32,200 --> 00:10:35,400 Speaker 1: where men dressed in black held up an anti Jewish 195 00:10:35,400 --> 00:10:38,240 Speaker 1: banner and chanted a Hitler youth slogan. 196 00:10:38,880 --> 00:10:41,480 Speaker 2: Anyone that lives in Sydney or perhaps in New South 197 00:10:41,480 --> 00:10:44,439 Speaker 2: Wales knows a lot about this is pretty abysmal. The 198 00:10:44,520 --> 00:10:47,240 Speaker 2: rally was organized by the National Socialist Network and intended 199 00:10:47,240 --> 00:10:50,520 Speaker 2: by about sixty men who shouted the slogan blood and Honor. 200 00:10:50,840 --> 00:10:53,280 Speaker 2: Now blood and Honor is a band phrase in Germany 201 00:10:53,360 --> 00:10:56,840 Speaker 2: because it was a central slogan for the banned Hitler Youth. 202 00:10:57,080 --> 00:10:59,520 Speaker 2: The federal government is preparing a ministerial brief that would 203 00:10:59,520 --> 00:11:03,080 Speaker 2: allow for one of the attendees, South African Matthew Grutter 204 00:11:03,400 --> 00:11:08,040 Speaker 2: gr u t Er, to be deported for participating in 205 00:11:08,080 --> 00:11:10,720 Speaker 2: the rally. According to media reports, the brief is expected 206 00:11:11,040 --> 00:11:14,240 Speaker 2: to be considered by either Home Affairs Minister Tony Burke 207 00:11:14,920 --> 00:11:19,240 Speaker 2: or one of two assistant ministers, Julian Hill or Matthew Thistlewait. 208 00:11:19,480 --> 00:11:21,560 Speaker 2: New South Wales police have come under fire for allowing 209 00:11:21,559 --> 00:11:24,400 Speaker 2: the rally to go ahead, while two politicians, state MP 210 00:11:24,559 --> 00:11:29,360 Speaker 2: Kelly Sloan and Federal MP Allegal Spender faced death threats 211 00:11:29,480 --> 00:11:31,280 Speaker 2: after making comments about the rally. 212 00:11:32,000 --> 00:11:34,320 Speaker 1: A change of pace. Now, Sean, it is time to 213 00:11:34,400 --> 00:11:37,959 Speaker 1: talk bees. We alluded to this at the top of 214 00:11:38,000 --> 00:11:42,679 Speaker 1: the show. Scientists have discovered a new native B species 215 00:11:43,360 --> 00:11:46,960 Speaker 1: with tiny horns as you do, and they've given it 216 00:11:47,000 --> 00:11:50,640 Speaker 1: the extremely appropriate name. And I had to look up 217 00:11:50,679 --> 00:11:53,120 Speaker 1: how to pronounce this and do you know where the 218 00:11:53,679 --> 00:11:57,479 Speaker 1: place for all b news is? Of course the BBC, 219 00:11:58,320 --> 00:12:02,760 Speaker 1: of course sure, And so I watched a BBC report 220 00:12:02,920 --> 00:12:07,319 Speaker 1: and they referred to it as mega child lucifer, which, yeah, 221 00:12:07,360 --> 00:12:10,959 Speaker 1: I was surprised by Mega child me G A C 222 00:12:11,320 --> 00:12:11,959 Speaker 1: H I L E. 223 00:12:12,080 --> 00:12:17,080 Speaker 2: You'd expect a little more exotic pronunciation instead of phonetic. 224 00:12:18,520 --> 00:12:21,520 Speaker 1: It's an Aussie B, so it's not going to be true. 225 00:12:21,640 --> 00:12:22,360 Speaker 1: That's true. 226 00:12:23,440 --> 00:12:27,080 Speaker 2: Research has found the bee while observing a rare wildflower 227 00:12:27,480 --> 00:12:30,520 Speaker 2: that only grows in the Bremer Ranges in Western Australia's 228 00:12:30,520 --> 00:12:34,560 Speaker 2: Goldfields region, about five hundred kilometers east of Perth. The 229 00:12:34,720 --> 00:12:39,800 Speaker 2: highly distinctive, prominent horns are only on the female bee 230 00:12:39,840 --> 00:12:42,760 Speaker 2: and may be used as a defense mechanism, to gather 231 00:12:42,880 --> 00:12:47,760 Speaker 2: pollen or nectar, or to collect materials such as resin finesse. 232 00:12:48,000 --> 00:12:51,440 Speaker 2: According to the report on the BBC, the studies lead scientist, 233 00:12:51,640 --> 00:12:56,439 Speaker 2: doctor Kit Prantagast from Curtin University said she was inspired 234 00:12:56,679 --> 00:12:59,720 Speaker 2: to use the name Lucifer as she was watching the 235 00:12:59,760 --> 00:13:05,160 Speaker 2: net show the same name at the time. So it 236 00:13:05,200 --> 00:13:07,600 Speaker 2: had sort of those horns, so why not call it lucifer? 237 00:13:08,960 --> 00:13:11,440 Speaker 1: You know what? The best part of this is that 238 00:13:11,480 --> 00:13:16,520 Speaker 1: this is not the first be that doctor Kit Prendergast 239 00:13:16,559 --> 00:13:20,880 Speaker 1: has actually discovered that she's actually found another one. This 240 00:13:20,960 --> 00:13:25,080 Speaker 1: is the second one. The first one she named with 241 00:13:25,160 --> 00:13:28,200 Speaker 1: its long kind of scientific name, and the key component 242 00:13:28,240 --> 00:13:30,920 Speaker 1: of that was Zephyr, so it was like zephyrrell or 243 00:13:30,920 --> 00:13:33,280 Speaker 1: something or other, and that was because her dog's name 244 00:13:33,320 --> 00:13:35,680 Speaker 1: is Zephyr and if she named it after her dog, 245 00:13:35,840 --> 00:13:39,960 Speaker 1: so she has got a flair for naming wow newly 246 00:13:40,000 --> 00:13:40,960 Speaker 1: discovered species. 247 00:13:41,360 --> 00:13:43,319 Speaker 2: This one, the Lucifer, is the first new member of 248 00:13:43,320 --> 00:13:45,240 Speaker 2: the B Group in twenty years. So if that's the case, 249 00:13:45,320 --> 00:13:47,440 Speaker 2: kit you go ahead, you name them whatever you want, 250 00:13:47,840 --> 00:13:49,760 Speaker 2: go for it, especially if you're discovering them. 251 00:13:49,800 --> 00:13:51,040 Speaker 1: You've got the right to do it. If you want 252 00:13:51,040 --> 00:13:54,520 Speaker 1: to name one after fear and Greed, we'd be very appreciative. 253 00:13:54,679 --> 00:13:56,400 Speaker 1: The Alma stick insect. 254 00:14:00,120 --> 00:14:02,240 Speaker 2: More of the Thompson sticking sequence that you more. 255 00:14:02,520 --> 00:14:06,240 Speaker 1: Yeah, probably turning to international news now, and President Donald 256 00:14:06,280 --> 00:14:10,640 Speaker 1: Trump has provided a thinly veiled warning to Republicans speaking 257 00:14:10,640 --> 00:14:13,800 Speaker 1: out against him. Keep it up and you'll lose your endorsement. 258 00:14:14,840 --> 00:14:18,079 Speaker 2: Yes, there wasn't much subtle about it at all. At 259 00:14:18,080 --> 00:14:22,320 Speaker 2: the center of the current Frakkha is Georgian Congresswoman Marjorie 260 00:14:22,400 --> 00:14:25,760 Speaker 2: Taylor Green. She's been an ardent Trump supporter, but the 261 00:14:25,920 --> 00:14:30,320 Speaker 2: Jeffrey Epstein case has turned her against Trump, and the 262 00:14:30,360 --> 00:14:33,800 Speaker 2: president is not happy. Green has escalated her criticism of 263 00:14:33,880 --> 00:14:37,280 Speaker 2: Trump's focus on foreign policy over what she has said 264 00:14:37,480 --> 00:14:40,160 Speaker 2: should be an agenda that concentrates on Americans as well 265 00:14:40,200 --> 00:14:45,000 Speaker 2: as local Americans and cost of living. She's not happy 266 00:14:45,000 --> 00:14:48,600 Speaker 2: about his reluctance to release more documents involving Epstein. Over 267 00:14:48,640 --> 00:14:51,760 Speaker 2: the weekend, Trump said he would support a primary challenge 268 00:14:51,800 --> 00:14:55,160 Speaker 2: against Green. In fact on truth socially said, I quote 269 00:14:55,400 --> 00:14:59,240 Speaker 2: all I see wacky Marjorie do is complain, complain, complain 270 00:15:00,120 --> 00:15:03,360 Speaker 2: reading caps. Of course, I understand that wonderful conservative people 271 00:15:03,360 --> 00:15:07,160 Speaker 2: are thinking about primary primarying that's a funny word, primary 272 00:15:07,320 --> 00:15:10,680 Speaker 2: Marjorie in her district of Georgia, that they too are 273 00:15:10,680 --> 00:15:12,680 Speaker 2: fed up with her and her antics, and if the 274 00:15:12,760 --> 00:15:16,600 Speaker 2: right person runs, they will have my complete and unyielding support. 275 00:15:17,440 --> 00:15:19,920 Speaker 2: Now Green isn't backing down, and the one time MAGA 276 00:15:19,960 --> 00:15:23,280 Speaker 2: fan club leader is causing disquite among supporters of Trump. 277 00:15:24,440 --> 00:15:27,360 Speaker 2: What this really does? It sort of threatens to expand 278 00:15:27,400 --> 00:15:30,680 Speaker 2: the cracks in the movement. Is a maga movement? Want 279 00:15:30,720 --> 00:15:33,320 Speaker 2: to know a lot about Jeffrey Epstein and the files 280 00:15:33,360 --> 00:15:36,520 Speaker 2: on them. Now Donald Trump has ordered the Department of 281 00:15:36,600 --> 00:15:41,160 Speaker 2: Justice to look into Democrat people involved with Epstein. Clinton 282 00:15:41,160 --> 00:15:44,560 Speaker 2: being one, Bill Clinton, Larry Summers being another. But the Maga, 283 00:15:45,200 --> 00:15:49,000 Speaker 2: they crown, they want more, and she is very much 284 00:15:49,040 --> 00:15:51,000 Speaker 2: Marjory Tyler Green is very much at the center of that. 285 00:15:51,520 --> 00:15:57,359 Speaker 1: Okay, just while on Trump, somewhat paradoxically, sean Australian graziers 286 00:15:57,400 --> 00:16:01,120 Speaker 1: will be disappointed that the President cut tariffs on beef 287 00:16:01,160 --> 00:16:01,800 Speaker 1: over the weekend. 288 00:16:02,360 --> 00:16:05,760 Speaker 2: Yes, Trump has immediately removed tariffs on hundreds of product categories, 289 00:16:05,760 --> 00:16:08,920 Speaker 2: including beef, fruits, coffee, nuts, spices, and moved aimed at 290 00:16:08,920 --> 00:16:13,680 Speaker 2: lowering costs on groceries. Australian beef exports, though they've surged 291 00:16:13,800 --> 00:16:18,160 Speaker 2: as a result of a tariff advantage against rival producers. 292 00:16:18,200 --> 00:16:20,440 Speaker 2: So Brazil has a fifty percent tariff on it, New 293 00:16:20,560 --> 00:16:24,120 Speaker 2: Zealand of fifteen percent tariff, Australia just ten percent. Sales 294 00:16:24,160 --> 00:16:27,200 Speaker 2: of beef, Australia's largest export to the US, hit one 295 00:16:27,200 --> 00:16:30,280 Speaker 2: point six billion dollars in three months two September, a 296 00:16:30,360 --> 00:16:34,080 Speaker 2: twenty six percent jump. While Trade Minister Don Farrell welcomed 297 00:16:34,080 --> 00:16:37,440 Speaker 2: the removal of tariffs, generally, local grociers might not be 298 00:16:37,520 --> 00:16:41,720 Speaker 2: so happy, mind you. The US Kalman, they're not real happy. 299 00:16:41,720 --> 00:16:44,880 Speaker 2: They're struggling with drought and tariffs on their inputs such 300 00:16:44,880 --> 00:16:49,160 Speaker 2: as farm equipment and fertilizer used to grow feed. Those 301 00:16:49,240 --> 00:16:52,000 Speaker 2: farmers are also very upset about Trump's Baiale out of Argentina. 302 00:16:52,040 --> 00:16:55,720 Speaker 2: That dealing included increased beef exports to the US's lower prices. 303 00:16:57,160 --> 00:16:59,920 Speaker 2: All in all, he's got a few problems here because 304 00:17:00,160 --> 00:17:04,520 Speaker 2: he's the cattleman. Are conservatives of course, so this issue 305 00:17:04,520 --> 00:17:09,399 Speaker 2: there Australia. Ironically, our farmers less happy about the reduction 306 00:17:09,480 --> 00:17:10,320 Speaker 2: in tariffs. 307 00:17:10,680 --> 00:17:13,439 Speaker 1: All right, Up next is Fear and Greed Q and A. 308 00:17:14,119 --> 00:17:17,119 Speaker 1: It is the week ahead and he's back. Sean Stephen 309 00:17:17,160 --> 00:17:20,280 Speaker 1: could coolis the kook is back on deck. He's had 310 00:17:20,320 --> 00:17:24,880 Speaker 1: six weeks off swanning around Italy having a great time, 311 00:17:24,920 --> 00:17:27,640 Speaker 1: but he is back. Goodness me. There was a bit 312 00:17:27,680 --> 00:17:29,520 Speaker 1: going on in the economy while he was away and 313 00:17:29,560 --> 00:17:32,400 Speaker 1: he's jumping straight back into it. We're looking at wages data, 314 00:17:32,440 --> 00:17:34,280 Speaker 1: we're looking at everything that came out last week and 315 00:17:34,320 --> 00:17:36,320 Speaker 1: his take on interest rates. All of that coming up 316 00:17:36,320 --> 00:17:38,080 Speaker 1: next to the Fear and Greed playlist on your podcast 317 00:17:38,119 --> 00:17:41,119 Speaker 1: platform or at Fearangreed dot com dot au. Thank you 318 00:17:41,200 --> 00:17:41,840 Speaker 1: very much, Sean. 319 00:17:42,160 --> 00:17:42,800 Speaker 2: Thanks Michael. 320 00:17:43,040 --> 00:17:46,000 Speaker 1: It's Monday, the seventeenth of November twenty twenty five. Make 321 00:17:46,040 --> 00:17:48,359 Speaker 1: sure you're following the podcast and please join us online 322 00:17:48,359 --> 00:17:52,159 Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson 323 00:17:52,160 --> 00:17:54,080 Speaker 1: and that was Fear and Greed. Have a great day.