1
00:00:06,360 --> 00:00:09,360
Speaker 1: Welcome to Fear and Greed business news you can use today.

2
00:00:09,480 --> 00:00:12,680
Speaker 1: Inflation figures hit a four year low, opening the way

3
00:00:12,720 --> 00:00:15,600
Speaker 1: for an interest rate cut next month. New Liberal Party

4
00:00:15,680 --> 00:00:19,079
Speaker 1: leader Susan Lee concedes her party was smashed at the

5
00:00:19,160 --> 00:00:23,400
Speaker 1: last election. And accounting software Group zero spends nearly four

6
00:00:23,400 --> 00:00:27,240
Speaker 1: billion dollars on a Silicon Valley startup. Plus confusion over

7
00:00:27,280 --> 00:00:30,880
Speaker 1: how much damage the US did to Iran's nuclear preparations

8
00:00:31,120 --> 00:00:35,800
Speaker 1: and Jeff Bezos's incredible wedding. It is Thursday, the twenty

9
00:00:35,880 --> 00:00:38,960
Speaker 1: sixth of June twenty twenty five. I'm Michael Thompson and

10
00:00:39,000 --> 00:00:40,400
Speaker 1: good morning Sean Aylmer.

11
00:00:40,520 --> 00:00:41,879
Speaker 2: Good morning, Michael.

12
00:00:41,800 --> 00:00:44,640
Speaker 1: Sean great newsletter today. If you haven't signed up already,

13
00:00:44,720 --> 00:00:47,120
Speaker 1: head along to our website Fearangreed dot com dot au.

14
00:00:47,360 --> 00:00:49,440
Speaker 1: I'll put a link in today's show notes. It's entirely

15
00:00:49,479 --> 00:00:52,880
Speaker 1: free and you'll get the newsletter every morning by six

16
00:00:52,920 --> 00:00:55,360
Speaker 1: am every weekday morning. And it's a quick little cheat

17
00:00:55,400 --> 00:00:56,880
Speaker 1: sheet to the main stories you need to know. Is

18
00:00:56,880 --> 00:00:57,640
Speaker 1: that a fair summary?

19
00:00:57,680 --> 00:00:58,440
Speaker 2: That's a fair summary.

20
00:00:58,480 --> 00:01:01,360
Speaker 1: Excellent. Well, let's jump on the main story now, Sean.

21
00:01:01,520 --> 00:01:05,480
Speaker 1: Inflation has fallen to the bottom of the Reserve Bank's

22
00:01:05,520 --> 00:01:08,760
Speaker 1: target band, increasing the chance of an interest rate cut

23
00:01:08,800 --> 00:01:10,800
Speaker 1: in two weeks time in the Reserve Bank Board meets.

24
00:01:10,840 --> 00:01:12,080
Speaker 1: That's good news, right.

25
00:01:11,880 --> 00:01:15,479
Speaker 2: Sure is. The monthly consumer price index indicator rose by

26
00:01:15,680 --> 00:01:17,959
Speaker 2: just two point one percent over the year to the

27
00:01:18,040 --> 00:01:21,520
Speaker 2: end of May. The underlying or trimmed mean measure came

28
00:01:21,560 --> 00:01:24,360
Speaker 2: in at two point four percent, the lowest number since

29
00:01:24,440 --> 00:01:27,959
Speaker 2: late twenty twenty one. With both the headline and underlying

30
00:01:28,000 --> 00:01:30,039
Speaker 2: weights now at the bottom end of the Reserve banks

31
00:01:30,040 --> 00:01:33,360
Speaker 2: two to three percent target, financial markets are pricing in

32
00:01:33,480 --> 00:01:36,480
Speaker 2: a rate cut on eight July, after the next Central

33
00:01:36,480 --> 00:01:40,399
Speaker 2: Bank meeting. In May, the biggest rises in annual inflation

34
00:01:40,480 --> 00:01:44,199
Speaker 2: were concentrated in thod egg prices, for example nineteen percent

35
00:01:44,800 --> 00:01:49,919
Speaker 2: lamb and goat up thirteen percent. Who would have thought goat?

36
00:01:50,280 --> 00:01:53,000
Speaker 1: Remember we did a little deep dive at a little

37
00:01:53,040 --> 00:01:55,600
Speaker 1: deep diver shallow dive into the world of goat meat

38
00:01:55,840 --> 00:01:59,880
Speaker 1: and in the newsletter recently, and the exports massive goat exporters,

39
00:02:00,040 --> 00:02:00,559
Speaker 1: sorry gol.

40
00:02:00,880 --> 00:02:04,320
Speaker 2: Importantly, services inflation, which has been sticky in the past

41
00:02:04,320 --> 00:02:07,280
Speaker 2: couple of years, is falling. For example, insurance inflation at

42
00:02:07,280 --> 00:02:09,960
Speaker 2: three point nine percent, is at its lowest rate in

43
00:02:10,160 --> 00:02:14,679
Speaker 2: three years. Fuel and electricity experience deflation during the past year.

44
00:02:15,120 --> 00:02:17,800
Speaker 2: Housing accounts for about twenty percent of the inflation basket.

45
00:02:18,040 --> 00:02:20,239
Speaker 2: It's been one of the major drivers of inflation in

46
00:02:20,280 --> 00:02:22,640
Speaker 2: the past few years, but price growth in that sector

47
00:02:23,160 --> 00:02:26,480
Speaker 2: is also slowly. Federal Treasurer Jim Chalmers said the data

48
00:02:26,680 --> 00:02:27,800
Speaker 2: was very encouraging.

49
00:02:27,960 --> 00:02:31,800
Speaker 1: I agree, Sean. You give us all this good news

50
00:02:32,760 --> 00:02:35,280
Speaker 1: and I always get all excited by it, and I

51
00:02:35,320 --> 00:02:38,400
Speaker 1: get all enthusiastic, and you're always just like you. Then

52
00:02:38,480 --> 00:02:40,520
Speaker 1: hose it down as quickly as you can say it,

53
00:02:40,600 --> 00:02:43,600
Speaker 1: because I want you to say right now that there

54
00:02:43,639 --> 00:02:45,880
Speaker 1: will be a rate cut. They were guaranteed rate cut

55
00:02:45,880 --> 00:02:48,160
Speaker 1: in two weeks time, but I'm guessing you're not going

56
00:02:48,200 --> 00:02:48,640
Speaker 1: to do that.

57
00:02:48,880 --> 00:02:52,560
Speaker 2: No. Economics is known as the dismal science for a reason.

58
00:02:53,560 --> 00:02:55,919
Speaker 2: With all the good news, there's always some bad news.

59
00:02:55,880 --> 00:02:57,600
Speaker 2: Of course, I do went to the bad news. There's

60
00:02:57,600 --> 00:03:00,560
Speaker 2: sort of good news too. Now this case, all that

61
00:03:00,600 --> 00:03:04,360
Speaker 2: good news. The bad news is it's only a monthly number,

62
00:03:04,800 --> 00:03:10,280
Speaker 2: not a broader quarterly figure. But but but triple but

63
00:03:10,520 --> 00:03:13,800
Speaker 2: triple butt there with inflation now at its lowest rate

64
00:03:13,880 --> 00:03:19,279
Speaker 2: in almost four years, cooling housing costs and service inflation moderating,

65
00:03:19,639 --> 00:03:22,839
Speaker 2: alongside comments from Reserve Bank Governor Michelle Bullock last month

66
00:03:22,880 --> 00:03:25,840
Speaker 2: that she's willing to lower rates again. If inflation precious

67
00:03:25,880 --> 00:03:29,880
Speaker 2: remains a jude, then I reckon they'll cut rate next month,

68
00:03:29,919 --> 00:03:31,639
Speaker 2: Michael so saying it's guaranteed.

69
00:03:32,240 --> 00:03:34,560
Speaker 1: Not quite, not quite, Like you don't listen to me,

70
00:03:34,639 --> 00:03:39,560
Speaker 1: do you, Michael, Okay, all right, that's still pretty I'm optimistic, good, excellent.

71
00:03:40,440 --> 00:03:44,760
Speaker 1: Tell you someone who's who's not necessarily optimistic, A realist.

72
00:03:44,600 --> 00:03:47,040
Speaker 2: Right, I think she's optimistic to Susan.

73
00:03:46,760 --> 00:03:50,040
Speaker 1: Lee, new Liberal Party leader, she wants to rebuild her

74
00:03:50,080 --> 00:03:55,000
Speaker 1: party under the theme of aspiration, conceiving the Libs were

75
00:03:55,000 --> 00:03:56,480
Speaker 1: smashed at the May election.

76
00:03:56,920 --> 00:04:00,600
Speaker 2: That's her word, that's smashed. She gave her first addressed

77
00:04:00,680 --> 00:04:04,920
Speaker 2: to the National Press Club as party leader yesterday. Her

78
00:04:05,040 --> 00:04:07,280
Speaker 2: mission is to rebuild the party so it offers a

79
00:04:07,400 --> 00:04:12,040
Speaker 2: viable alternative at the next election, no matter how slender

80
00:04:12,120 --> 00:04:15,000
Speaker 2: its prospect of winning is. She concedes that the Liberal

81
00:04:15,040 --> 00:04:18,480
Speaker 2: Party does not reflect modern Australia. Lee says getting more

82
00:04:18,520 --> 00:04:22,240
Speaker 2: female members into Parliament is critical and she's agnostic about

83
00:04:22,279 --> 00:04:24,680
Speaker 2: how to achieve it. They asked her about quotas. She

84
00:04:25,080 --> 00:04:27,679
Speaker 2: neither for nor against them. She also says that Liberal

85
00:04:27,680 --> 00:04:30,680
Speaker 2: Party will have an agenda that delivers for voters in

86
00:04:30,960 --> 00:04:33,960
Speaker 2: teal seats. They've lost a lot of seats. I think

87
00:04:34,560 --> 00:04:37,680
Speaker 2: is it eight or nine of the teals in Parliament

88
00:04:37,720 --> 00:04:42,200
Speaker 2: actually normally would be Conservative seats. Lee added that she

89
00:04:42,400 --> 00:04:45,560
Speaker 2: is against raising the GST something treasure. Jim Chalmers has

90
00:04:45,640 --> 00:04:46,800
Speaker 2: not totally ruled.

91
00:04:46,520 --> 00:04:52,200
Speaker 1: Out okay sean accounting software group. Zero is buying a

92
00:04:52,240 --> 00:04:57,440
Speaker 1: Silicon Valley startup called what to say Melio Melio.

93
00:04:57,600 --> 00:04:59,040
Speaker 2: I would have gone media payments.

94
00:04:59,240 --> 00:05:02,279
Speaker 1: M okay, let's go Melio. Then we'll be consistent for

95
00:05:02,320 --> 00:05:05,160
Speaker 1: three point nine billion dollars. Really, that's the headline here,

96
00:05:05,320 --> 00:05:08,600
Speaker 1: nearly four billion dollars betting its future on global expansion.

97
00:05:08,600 --> 00:05:09,359
Speaker 1: That's a big play.

98
00:05:09,560 --> 00:05:12,240
Speaker 2: Yeah. Melia makes accounting and payment software for small and

99
00:05:12,320 --> 00:05:15,080
Speaker 2: medium businesses and their bookkeepers. The deal is the first

100
00:05:15,240 --> 00:05:19,479
Speaker 2: major acquisition by Zero chief executives of Kinder Singh Cassidy

101
00:05:19,560 --> 00:05:22,320
Speaker 2: since she took the job in February twenty twenty three.

102
00:05:22,480 --> 00:05:25,039
Speaker 2: According to The finn She said the deal would help

103
00:05:25,080 --> 00:05:27,400
Speaker 2: the company grow in the US, where it has struggled

104
00:05:27,400 --> 00:05:30,680
Speaker 2: to gain market share against large arrival into it. Now

105
00:05:30,760 --> 00:05:34,520
Speaker 2: Melio has eighty thousand customers in the US. Zero was

106
00:05:34,560 --> 00:05:36,720
Speaker 2: a market Darling fell out of favor, but over the

107
00:05:36,760 --> 00:05:38,279
Speaker 2: past two and a half years or so, it's share

108
00:05:38,279 --> 00:05:40,720
Speaker 2: price is up one hundred and seventy five percent as

109
00:05:40,760 --> 00:05:44,560
Speaker 2: it refocused on profitable growth. This deal is a big

110
00:05:44,600 --> 00:05:47,320
Speaker 2: bet on the US market, the market which Zero hasn't

111
00:05:47,320 --> 00:05:49,600
Speaker 2: really cracked yet, and unless that the price being paid

112
00:05:49,680 --> 00:05:51,560
Speaker 2: is high. Now, we didn't really get a read from

113
00:05:51,600 --> 00:05:54,680
Speaker 2: the group's share price yesterday because the stock was suspended.

114
00:05:54,960 --> 00:05:57,039
Speaker 2: We'll see what happens when it starts training again.

115
00:05:57,320 --> 00:05:59,040
Speaker 1: Okay, now, Sean, I haven't mentioned for a couple of

116
00:05:59,120 --> 00:06:00,920
Speaker 1: days now, but I need to do this because you're

117
00:06:01,000 --> 00:06:04,000
Speaker 1: running out of time. We are doing a survey. We

118
00:06:04,120 --> 00:06:06,479
Speaker 1: are doing a survey to find out more about the

119
00:06:06,480 --> 00:06:08,960
Speaker 1: Fear and Greed community, what you like about the podcast,

120
00:06:09,000 --> 00:06:11,159
Speaker 1: what you think we could do better, the kind of

121
00:06:11,360 --> 00:06:15,800
Speaker 1: things that you want to hear in your daily podcast.

122
00:06:15,240 --> 00:06:18,920
Speaker 1: And if you are able to do this before June thirty,

123
00:06:18,960 --> 00:06:21,279
Speaker 1: you will be in the running to win a three

124
00:06:21,279 --> 00:06:23,400
Speaker 1: thousand dollars luxury escapes.

125
00:06:23,800 --> 00:06:26,680
Speaker 2: About three thousand dollars. There we go.

126
00:06:26,760 --> 00:06:29,279
Speaker 1: You're just really embracing that in a game show host,

127
00:06:29,279 --> 00:06:31,560
Speaker 1: don't you. It's a This is why I say we

128
00:06:31,640 --> 00:06:33,919
Speaker 1: are running out of time. So June thirty, the clock

129
00:06:34,000 --> 00:06:35,920
Speaker 1: is ticking, Jump into it today. I'll put a link

130
00:06:35,960 --> 00:06:37,760
Speaker 1: in the show notes. It is also at the bottom

131
00:06:37,760 --> 00:06:40,039
Speaker 1: of the Fear and Greed newsletter as well, so scroll

132
00:06:40,080 --> 00:06:41,600
Speaker 1: on to the bottom and you will see it down there.

133
00:06:41,800 --> 00:06:43,520
Speaker 1: All right, quick break, We'll be back in a moment

134
00:06:43,560 --> 00:06:53,359
Speaker 1: with the rest of the day's business news. Sean Treasurer

135
00:06:53,400 --> 00:06:57,400
Speaker 1: Jim Chalmers has asked the Australian Competition and Consumer Commission

136
00:06:57,440 --> 00:07:00,600
Speaker 1: to make sure service stations are not ripping off drivers

137
00:07:00,640 --> 00:07:02,200
Speaker 1: at the petrol bowser.

138
00:07:02,000 --> 00:07:03,920
Speaker 2: Or as Jim Charmers put it, he wants to make

139
00:07:03,960 --> 00:07:07,599
Speaker 2: sure that service stations aren't taking advantage of people amid

140
00:07:07,600 --> 00:07:10,920
Speaker 2: the current volatility in oil prices. As best as I

141
00:07:10,920 --> 00:07:11,920
Speaker 2: can work, I was.

142
00:07:11,920 --> 00:07:14,160
Speaker 1: Going to say, who would know, who would know? How

143
00:07:14,360 --> 00:07:15,400
Speaker 1: on earth would you know?

144
00:07:16,200 --> 00:07:19,520
Speaker 2: So my rule of thumb is petrol oil prices feeds

145
00:07:19,520 --> 00:07:22,720
Speaker 2: through the petrol prices in two to three weeks. He

146
00:07:22,840 --> 00:07:26,240
Speaker 2: really knows. As you say, as Charmers, you know, in

147
00:07:26,360 --> 00:07:29,800
Speaker 2: Jim Jim Charmer's words, we don't want to see service

148
00:07:29,840 --> 00:07:32,600
Speaker 2: stations treat people like mugs. We want to see the

149
00:07:32,640 --> 00:07:35,160
Speaker 2: petrol prices reflect developments in the market, and so we've

150
00:07:35,200 --> 00:07:36,880
Speaker 2: asked the chable ceed to use their powers and their

151
00:07:36,920 --> 00:07:38,960
Speaker 2: resources to ensure that's the case.

152
00:07:39,880 --> 00:07:42,440
Speaker 1: Cracking down on petrol prices and things. There's always as

153
00:07:42,480 --> 00:07:45,000
Speaker 1: an easy win for a politician, isn't it. There are

154
00:07:45,000 --> 00:07:47,880
Speaker 1: a couple of deals in the gaming sector Sean in

155
00:07:48,120 --> 00:07:52,960
Speaker 1: different stages of completion. US Gaming Giant Valleys Corporation and

156
00:07:53,040 --> 00:07:56,559
Speaker 1: Bruce Matheson are one step closer to gaining control of Stari.

157
00:07:56,640 --> 00:07:58,120
Speaker 1: It has been a good couple of weeks since we

158
00:07:58,200 --> 00:07:58,960
Speaker 1: talked about the stuff.

159
00:07:59,200 --> 00:08:01,480
Speaker 2: I mean, I think last year we basically spoke about

160
00:08:01,520 --> 00:08:02,800
Speaker 2: them most days every day.

161
00:08:03,000 --> 00:08:03,360
Speaker 1: Really.

162
00:08:03,440 --> 00:08:05,880
Speaker 2: More than ninety seven percent of shareholders have approved two

163
00:08:05,920 --> 00:08:08,360
Speaker 2: items that were on the agenda at the company's general meeting,

164
00:08:08,360 --> 00:08:11,400
Speaker 2: which we needed to give Ballys and Matheson majority control

165
00:08:11,560 --> 00:08:14,720
Speaker 2: of the casino operator. The deal was first announced in April,

166
00:08:15,320 --> 00:08:18,119
Speaker 2: is expected to provide the struggling casino group with enough

167
00:08:18,320 --> 00:08:20,840
Speaker 2: money to operate. Chair and World basically said there's no

168
00:08:20,960 --> 00:08:23,960
Speaker 2: choice but to approve the deal. The other one in

169
00:08:24,000 --> 00:08:27,400
Speaker 2: the offering isn't likely to go ahead. Better shares drop

170
00:08:27,440 --> 00:08:30,760
Speaker 2: more than ten percent after takeover rival in Japanese entertainment

171
00:08:30,840 --> 00:08:34,640
Speaker 2: Gihint mixey am I Exci secured the votes needed to

172
00:08:34,679 --> 00:08:37,640
Speaker 2: acquire points Bet. Now Better wants to merge with points

173
00:08:37,640 --> 00:08:40,440
Speaker 2: Bet Mixing is taking it over. More than ninety five

174
00:08:40,440 --> 00:08:44,840
Speaker 2: percent of voters supported the Mixi offer for points Bet. Basically,

175
00:08:44,840 --> 00:08:47,160
Speaker 2: he means Better will not be able to proceed with

176
00:08:47,400 --> 00:08:50,600
Speaker 2: that merger. Merger or more officially, an off market takeover.

177
00:08:50,920 --> 00:08:53,360
Speaker 1: All right, let's take a look at local markets. How

178
00:08:53,360 --> 00:08:53,920
Speaker 1: do they perform?

179
00:08:54,000 --> 00:08:59,120
Speaker 2: Yesterday flat smpasx two hundred ended a five hundred and

180
00:08:59,120 --> 00:09:01,400
Speaker 2: fifty nine points. Been a lot of excitement we needed

181
00:09:01,440 --> 00:09:03,959
Speaker 2: a flat day. Financials did best, with ain Z kom

182
00:09:03,960 --> 00:09:07,600
Speaker 2: Off Bank leading the way. Materials companies did worst, big minus,

183
00:09:07,600 --> 00:09:11,160
Speaker 2: reversing some of Tuesday's gains. Otherwise, I mean Virgin Australia

184
00:09:11,240 --> 00:09:13,319
Speaker 2: he jumped another two percent, up eleven percent and day

185
00:09:13,320 --> 00:09:15,200
Speaker 2: one two percent. Yesterday It's doing ok.

186
00:09:16,520 --> 00:09:18,160
Speaker 1: Global markets much going on.

187
00:09:18,120 --> 00:09:21,520
Speaker 2: There, Plenty Michael Plenty. US Federal Reserve chair Drome Powell

188
00:09:21,559 --> 00:09:23,440
Speaker 2: said he's in no rush to lower interest rates as

189
00:09:23,480 --> 00:09:26,480
Speaker 2: officials wait for more clarity on the economic impact of

190
00:09:26,480 --> 00:09:29,880
Speaker 2: Donald Trump's tariffs That wasn't enough to dampen enthusiasm bad

191
00:09:29,920 --> 00:09:33,600
Speaker 2: equities on the back of the Israel Iran truce. A

192
00:09:33,600 --> 00:09:36,240
Speaker 2: broad based SMP five hundred jump more than one percent,

193
00:09:36,840 --> 00:09:39,400
Speaker 2: while the tech heavy NASTAK one hundred climbed one and

194
00:09:39,400 --> 00:09:42,240
Speaker 2: a half percent, hitting a new record, beating it's February high.

195
00:09:42,440 --> 00:09:45,160
Speaker 2: In currency markets, the inflation data pushed the Aussie dollar

196
00:09:45,280 --> 00:09:47,880
Speaker 2: back below sixty five US since after it had risen

197
00:09:47,920 --> 00:09:50,400
Speaker 2: ahead of the announcement. Oil was trading around sixty five

198
00:09:50,559 --> 00:09:52,760
Speaker 2: US dollars a barrel. It's been on a bit of

199
00:09:52,760 --> 00:09:55,280
Speaker 2: a roller coaster over the past ten days, but a

200
00:09:55,320 --> 00:09:57,880
Speaker 2: little bit quite a last couple of sessions.

201
00:09:57,920 --> 00:10:00,880
Speaker 1: Now sean a story that's grabbed the head line substantially

202
00:10:00,880 --> 00:10:03,680
Speaker 1: over the last few months. Journalist Antoinette Latouf has won

203
00:10:03,880 --> 00:10:08,240
Speaker 1: her unlawful termination claim against the ABC after a judge

204
00:10:08,400 --> 00:10:12,760
Speaker 1: ruled that she was removed for her political opinions on

205
00:10:12,800 --> 00:10:16,200
Speaker 1: the Israel Palestinian conflict and was not given a fair

206
00:10:16,280 --> 00:10:19,240
Speaker 1: opportunity to plead her case to the public broadcaster before

207
00:10:19,280 --> 00:10:20,440
Speaker 1: it took her off the air.

208
00:10:20,640 --> 00:10:24,400
Speaker 2: In a packed Sydney court room yesterday, Federal Court Judge

209
00:10:24,559 --> 00:10:29,280
Speaker 2: Darryl Rangia said the ABC had reached employment law by

210
00:10:29,400 --> 00:10:32,920
Speaker 2: terminating the employment of Antoinette Lateuf for reasons including that

211
00:10:32,960 --> 00:10:36,920
Speaker 2: she held a political opinion opposing the Israeli military campaign

212
00:10:37,040 --> 00:10:40,400
Speaker 2: in Gaza. RNGYA ordered the ABC to pay latoof seventy

213
00:10:40,440 --> 00:10:43,400
Speaker 2: thousand dollars in compensation. According to the Finn Review, another

214
00:10:43,400 --> 00:10:45,480
Speaker 2: hearing date will be set for a penalty to deter

215
00:10:45,679 --> 00:10:48,800
Speaker 2: the ABC or other employers from similar actions.

216
00:10:49,040 --> 00:10:51,679
Speaker 1: Turning to International News Now and US President Donald Trump

217
00:10:51,679 --> 00:10:56,280
Speaker 1: claims that the US bombing campaign obliterated Around's ability to

218
00:10:56,320 --> 00:11:01,000
Speaker 1: create nuclear weapons, though other observers say it's more likely

219
00:11:01,080 --> 00:11:03,800
Speaker 1: to have just delayed production by a few months. There's

220
00:11:04,000 --> 00:11:06,959
Speaker 1: a long way between those two years, opinion.

221
00:11:07,040 --> 00:11:10,320
Speaker 2: While the fragile ceasefire appeared to be holding, last night,

222
00:11:10,840 --> 00:11:14,520
Speaker 2: Pentagon intelligence assessment reports leaked to the media said the

223
00:11:14,520 --> 00:11:18,680
Speaker 2: weekend's attacked by the US only delayed Tehran's nuclear program.

224
00:11:19,000 --> 00:11:21,200
Speaker 2: Trump and the White House hit back, saying it was

225
00:11:21,240 --> 00:11:26,240
Speaker 2: fake news. White House Press Secretary Caroline Leavitt said on

226
00:11:26,520 --> 00:11:29,280
Speaker 2: x that the alleged assessment had been leaked by I

227
00:11:29,400 --> 00:11:34,640
Speaker 2: quote an anonymous low level loser in the intelligence community

228
00:11:35,000 --> 00:11:39,880
Speaker 2: end quote. It's just ridiculous.

229
00:11:41,960 --> 00:11:45,720
Speaker 1: It's low level loser. Also fake news. Haven't heard a

230
00:11:45,760 --> 00:11:48,559
Speaker 1: huge amount of the term fake news this time around.

231
00:11:48,679 --> 00:11:52,200
Speaker 2: Well, c CNN in New York Times was reporting this,

232
00:11:52,920 --> 00:11:56,240
Speaker 2: and so he went back to his favorite fake news. Yeah,

233
00:11:56,360 --> 00:11:57,120
Speaker 2: cat war caps.

234
00:11:57,520 --> 00:12:00,360
Speaker 1: There you go. It's good to have the old back

235
00:12:00,360 --> 00:12:05,200
Speaker 1: together now. NATO Secretary General Mark Rutt has praised Donald

236
00:12:05,200 --> 00:12:09,520
Speaker 1: Trump for making Europe pay in a big way, capital

237
00:12:09,559 --> 00:12:14,119
Speaker 1: big way on increased defense spending in a private message

238
00:12:14,480 --> 00:12:18,520
Speaker 1: that the US President received and shared.

239
00:12:18,840 --> 00:12:21,880
Speaker 2: Yes, he shared on truth social Can you imagine that

240
00:12:21,880 --> 00:12:25,520
Speaker 2: if you'd sent a message to him, and I mean

241
00:12:25,760 --> 00:12:28,439
Speaker 2: your cringe really ahead of the NATO summit in the Netherlands,

242
00:12:28,720 --> 00:12:30,640
Speaker 2: right to text the president. I'll read it to you,

243
00:12:31,120 --> 00:12:37,200
Speaker 2: Donald Donald, not even mister Trump. President Donald, you have

244
00:12:37,320 --> 00:12:40,920
Speaker 2: driven us to a really really important moment for America,

245
00:12:41,040 --> 00:12:44,280
Speaker 2: in Europe and the world. You will achieve something no

246
00:12:44,760 --> 00:12:49,400
Speaker 2: capital and no American president in decades could get done.

247
00:12:49,640 --> 00:12:52,920
Speaker 2: He was referring to increased defense spending in Europe, adding

248
00:12:53,000 --> 00:12:54,880
Speaker 2: that and I quit, Europe is going to pay in

249
00:12:54,920 --> 00:12:58,280
Speaker 2: a big way. This is according to the Financial Times,

250
00:12:59,160 --> 00:13:03,000
Speaker 2: NATO is a lot about defense spending. Many European allies,

251
00:13:03,040 --> 00:13:06,280
Speaker 2: including Germany, France and UK have committed to meet Trump's

252
00:13:06,360 --> 00:13:09,680
Speaker 2: new target for defense spending. Spain hasn't, so that'll be

253
00:13:09,679 --> 00:13:11,839
Speaker 2: interesting to see how they go. But the point here

254
00:13:12,400 --> 00:13:16,120
Speaker 2: is a private message that he's sent to Trump, who

255
00:13:16,160 --> 00:13:18,360
Speaker 2: then liked it because it complimented him and.

256
00:13:20,080 --> 00:13:22,880
Speaker 1: Reshared, do you ever think that you and I run

257
00:13:22,920 --> 00:13:24,320
Speaker 1: the risk of being too cynical?

258
00:13:26,440 --> 00:13:28,080
Speaker 2: I think I'm going to make an effort to be

259
00:13:28,120 --> 00:13:29,600
Speaker 2: less cynical about what's going on.

260
00:13:29,760 --> 00:13:34,040
Speaker 1: Maybe that'll be a new Financial Years resolution, Sean. Finally,

261
00:13:34,280 --> 00:13:36,400
Speaker 1: a story, it's not at the time to start being

262
00:13:36,840 --> 00:13:39,920
Speaker 1: to stop being cynical now when we're coming into this story,

263
00:13:40,200 --> 00:13:42,240
Speaker 1: a story we've been trying to ignore because it has

264
00:13:42,280 --> 00:13:44,679
Speaker 1: little to do with business. It does in a way

265
00:13:44,720 --> 00:13:48,960
Speaker 1: because it's a business, a titan of business. It's just

266
00:13:48,960 --> 00:13:53,800
Speaker 1: too good right. A celebrity wedding party for American Amazon

267
00:13:53,880 --> 00:13:57,920
Speaker 1: founder Jeff Bezos and journalist Laurence Sanchez in Venice this

268
00:13:58,000 --> 00:14:02,679
Speaker 1: week has been moved to an isolated, less accessible part

269
00:14:03,240 --> 00:14:06,480
Speaker 1: of the city on security concerns and to prevent the

270
00:14:06,559 --> 00:14:07,520
Speaker 1: risk of protests.

271
00:14:07,640 --> 00:14:10,280
Speaker 2: Billionaire tech tycoon and his fiance had he marked a

272
00:14:10,320 --> 00:14:14,200
Speaker 2: location in a popular and central nightlife area, to celebrate

273
00:14:14,280 --> 00:14:19,040
Speaker 2: their marriage. They're basically triggered weeks of demonstrations public anger

274
00:14:19,440 --> 00:14:22,920
Speaker 2: over Bezos's plan to turn that great public space in

275
00:14:23,000 --> 00:14:27,000
Speaker 2: Venice into a like a private room. Really no one

276
00:14:27,040 --> 00:14:28,920
Speaker 2: to be able to go there. Between two hundred and

277
00:14:28,920 --> 00:14:31,560
Speaker 2: two hundred and fifty VIP guests from show business, politics

278
00:14:31,600 --> 00:14:35,320
Speaker 2: and finance will now head to a hall to a

279
00:14:35,400 --> 00:14:39,360
Speaker 2: hall of the Arsenal, a vast fourteenth century complex in

280
00:14:39,440 --> 00:14:43,400
Speaker 2: the eastern Castillo district. The wedding's expected to take place

281
00:14:43,520 --> 00:14:48,040
Speaker 2: sometime between now and Sunday Australian time. The new location

282
00:14:48,160 --> 00:14:51,680
Speaker 2: is surrounded by water, impossible to reach once connecting bridges

283
00:14:51,760 --> 00:14:54,720
Speaker 2: are raised. Now Royds estimates the cost of the wedding

284
00:14:55,240 --> 00:14:59,720
Speaker 2: forty five million euros. That's not that far off one

285
00:14:59,720 --> 00:15:03,680
Speaker 2: hundred million OZSI. There will be ninety private jets arriving.

286
00:15:04,360 --> 00:15:06,440
Speaker 2: Do you have enough friends that like ninety friends with

287
00:15:06,480 --> 00:15:09,880
Speaker 2: private jets and five of the city's most luxurious hotels

288
00:15:09,880 --> 00:15:11,840
Speaker 2: have been booked out to host the guests.

289
00:15:12,000 --> 00:15:14,360
Speaker 1: Now, Sean, I'm assuming that with those guests, what two

290
00:15:14,440 --> 00:15:18,680
Speaker 1: hundred and fifty odd guests or so, that they are anonymous, right, Like,

291
00:15:19,200 --> 00:15:21,760
Speaker 1: it's all very secret. We don't really know who's attending,

292
00:15:21,800 --> 00:15:23,880
Speaker 1: and I imagine if people were attending, they wouldn't be

293
00:15:23,920 --> 00:15:26,320
Speaker 1: allowed to tell people that are attending. But can you

294
00:15:26,440 --> 00:15:30,040
Speaker 1: confirm for me that in the next twenty four hours

295
00:15:30,160 --> 00:15:36,720
Speaker 1: or so that you are in fact flying to Italy

296
00:15:36,920 --> 00:15:39,600
Speaker 1: maybe which is one hundred percent true, and you've told

297
00:15:39,640 --> 00:15:42,080
Speaker 1: us a tale of why you're going there, Could you

298
00:15:42,160 --> 00:15:45,920
Speaker 1: in fact be a surprise guest?

299
00:15:44,880 --> 00:15:48,920
Speaker 2: May be a surprise to you as well, certainly surprise

300
00:15:49,000 --> 00:15:52,120
Speaker 2: to him and a definite surprise to me. Yes, I

301
00:15:52,160 --> 00:15:53,920
Speaker 2: am heading to the north of itaies I might just

302
00:15:53,920 --> 00:15:54,360
Speaker 2: pop in.

303
00:15:55,080 --> 00:15:56,960
Speaker 1: What would you take him? What's your what's the wedding

304
00:15:57,000 --> 00:15:58,640
Speaker 1: gift for a billionaire? Oh?

305
00:15:58,960 --> 00:16:01,400
Speaker 2: I don't know, sorry from Australia. So you'd have to

306
00:16:01,400 --> 00:16:04,000
Speaker 2: take in something from Elon Musk because remember Elon Musk

307
00:16:04,080 --> 00:16:07,120
Speaker 2: has been hammering Bezos because Elon Musk is richer than

308
00:16:07,320 --> 00:16:10,320
Speaker 2: Jeff Bezos. So if you mean, if you've got a

309
00:16:10,320 --> 00:16:13,160
Speaker 2: private jet, you'd give a good presence, give Metesla or something.

310
00:16:13,160 --> 00:16:19,720
Speaker 1: Wouldn't it love that? Today has been a very cynical show, Sean.

311
00:16:20,280 --> 00:16:24,480
Speaker 1: Are you know what is not cynical? Today's interview is

312
00:16:24,520 --> 00:16:28,560
Speaker 1: a terrific chat you're speaking with Ben Stammer, who is

313
00:16:28,600 --> 00:16:34,120
Speaker 1: the co founder of Relove. Now this is such a genuine,

314
00:16:34,480 --> 00:16:37,600
Speaker 1: worthy conversation. Is I really enjoy this chat.

315
00:16:37,800 --> 00:16:40,040
Speaker 2: So it's the head of the Regen conference in Sydney

316
00:16:40,120 --> 00:16:44,320
Speaker 2: later next month. Ben's it used to work at Deutsche

317
00:16:44,360 --> 00:16:46,880
Speaker 2: Bank actually, and his partner used to be an architect.

318
00:16:46,880 --> 00:16:49,400
Speaker 2: They've got together and they're a running group and they

319
00:16:49,440 --> 00:16:52,280
Speaker 2: wanted to do something for kind of the community, and

320
00:16:52,320 --> 00:16:55,160
Speaker 2: they realized that people needed furniture. So what they do

321
00:16:55,480 --> 00:16:58,680
Speaker 2: is go and get furniture from might be hotels that

322
00:16:58,720 --> 00:17:01,800
Speaker 2: are chucking stuff out, or a lot of office furniture.

323
00:17:02,120 --> 00:17:04,400
Speaker 2: Ninety five percent of office furniture ends up in landfill.

324
00:17:04,760 --> 00:17:08,200
Speaker 2: So getting that and providing it to people in need,

325
00:17:08,280 --> 00:17:12,320
Speaker 2: often families, often people who are running from domestic violence

326
00:17:12,480 --> 00:17:15,840
Speaker 2: and need the furniture for their new homes. And this

327
00:17:15,920 --> 00:17:19,480
Speaker 2: is what the charity does, and it's fantastic on it's

328
00:17:19,520 --> 00:17:23,280
Speaker 2: helping people. It's also got this sort of virtuous circularity

329
00:17:23,280 --> 00:17:26,480
Speaker 2: about it, whereby stuff that would have ended up in

330
00:17:26,600 --> 00:17:28,840
Speaker 2: landfill is no longer ending up in landfill. It's a

331
00:17:28,840 --> 00:17:30,959
Speaker 2: really interesting little business. Well, the charity.

332
00:17:31,040 --> 00:17:32,919
Speaker 1: Yeah, it's a great little chat and part of the

333
00:17:32,920 --> 00:17:36,720
Speaker 1: circular resource economy, which is what the REGEN conference next

334
00:17:36,760 --> 00:17:38,560
Speaker 1: month is all about. And that is a great supporter

335
00:17:38,680 --> 00:17:40,200
Speaker 1: of Fear and Greed. Coming up in the Fear and

336
00:17:40,240 --> 00:17:43,360
Speaker 1: Greed playlist on your podcast platform, but at fearangreed dot

337
00:17:43,359 --> 00:17:45,000
Speaker 1: com today, which is where you signed up for the newsletter.

338
00:17:45,119 --> 00:17:47,080
Speaker 1: Thank you Sean, Thank you Michael. It is Thursday, the

339
00:17:47,080 --> 00:17:49,240
Speaker 1: twenty sixth of June twenty twenty five. Make sure you're

340
00:17:49,240 --> 00:17:52,160
Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

341
00:17:52,359 --> 00:17:55,040
Speaker 1: x TikTok and Facebook. Michael Thompson, and that was Fear

342
00:17:55,080 --> 00:17:56,440
Speaker 1: and Greed. Have a great day.