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Speaker 1: Australia promises more aid for Ukraine as NATO kicks off.

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Speaker 1: The new CEO of Star says it isn't about the

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Speaker 1: casino anymore, and investors start getting interested in property companies again.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It is Thursday, the eleventh

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Speaker 1: of July twenty twenty four. Are Michael Thompson and Good Morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Good Morning, Michael Sewn.

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Speaker 1: The main story this morning. Australia's Defense Minister Richard Miles

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Speaker 1: is in Washington attending the NATO summit as the major

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Speaker 1: Western powers really pushed to shore up support in the

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Speaker 1: Indo Pacific.

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Speaker 2: The India Pacific has become a growing era of interest

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Speaker 2: for NATO, and for the third year in a row,

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Speaker 2: the leaders of New Zealand, Japan and South Korea have

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Speaker 2: attended the meeting. Prime Minister Anthony Albinizi, of course, was invited,

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Speaker 2: he declined the invite, sending mister Miles instead. The Defense

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Speaker 2: Minister yesterday to tweeted that NATO is a force for

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Speaker 2: peace and he thanked Joe Biden for hosting the celebrations

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Speaker 2: during the NATO meetings. Assistant Defense Minister map This Alwait

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Speaker 2: told ABC Radio that Australia will extend its efforts to

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Speaker 2: help Ukraine repel Russia. Now Ukraine really is a key

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Speaker 2: theme at the conference. The United States and its allies

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Speaker 2: have agreed to provide additional air defenses to the country

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Speaker 2: following devastating missile attacks this week. Now, those Russian attacks

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Speaker 2: killed at least thirty eight people across Ukraine and destroyed

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Speaker 2: Akiev Children's hospital. US President Joe Biden unveiled plans to

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Speaker 2: provide Ukraine with dozens of tactical air defense systems to

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Speaker 2: protect Ukrainian cities, including Patriot batteries and components and other

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Speaker 2: advanced defense systems. Mister Biden said that Ukraine can and

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Speaker 2: will stop Vladimir Pertin. He said NATO is more powerful

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Speaker 2: than ever and is the greatest military alliance in history.

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Speaker 2: According to a report on Router's, NATO Secretary General Yen

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Speaker 2: Stoltenberg urged countries to back Kiev, saying the outcome of

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Speaker 2: the war will shape global security for decades to come.

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Speaker 1: Sean NATO as a significant focus on factors outside domestic

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Speaker 1: politics in the US and dare I say one that's

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Speaker 1: probably needed, isn't it, given the growing conviviality between Vladimir

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Speaker 1: Putin and other non NATO countries.

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Speaker 2: Yes, so true. Last week the Russian leader was meeting

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Speaker 2: China's president Chi Jingping. This week it's Indian Prime Minister

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Speaker 2: Neuendra Mody. Mister Moody flew to Moscow just as that

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Speaker 2: Russian bombing in the Ukraine occurred. When the two met,

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Speaker 2: they hugged. Mister Putin called mister Mody my dearest friend.

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Speaker 2: Of course, India is part of the Quad Partnership with Australia,

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Speaker 2: that's Japan, and US is in that as well. The

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Speaker 2: Quad Partnership's focus is on the Asia Pacific. But I

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Speaker 2: got to say, watching mister Moody and mister Putin cozy up,

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Speaker 2: isn't that good a look for Quad members. It's a

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Speaker 2: very weird world we live in.

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Speaker 1: Michael. Yes, yeah, And you actually talked about this in

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Speaker 1: yesterday's Fear and Greed newsletter. It was as well worth

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Speaker 1: a read. If you have already subscribed and have it

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Speaker 1: sitting there in your inbox, check it out. If you

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Speaker 1: haven't subscribed yet, jump onto Fearangreed dot com dot a

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Speaker 1: you pop your email address in It costs you absolutely

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Speaker 1: nothing and you'll get next week's edition next Wednesday morning.

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Speaker 1: Sean turning our attention back home. Now, how did local

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Speaker 1: markets perform Yesterday? The SMPASX two hundred closed down at

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Speaker 1: zero point two percent to seven eight hundred and seventeen points.

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Speaker 1: It fell on the opening, then scrambled higher for most

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Speaker 1: of the day. The utilities and material sectors were the

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Speaker 1: worst on the day, while Telco's was the best, and

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Speaker 1: all futures were lower, pulling down the big miners, BHP Foro,

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Speaker 1: the Skew Medals, and Rio Tinto all fell more than

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Speaker 1: one percent. Tell Us for A share price continued its

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Speaker 1: run of Tuesday, jumping two point four percent. Yesterday it

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Speaker 1: hit a ten month high. The banks were mixed, while

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Speaker 1: the big retailers were hire. Insignia Financial share price fell

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Speaker 1: seven percent. Rit told investors that it hadn't asked for

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Speaker 1: m and a help from investment group City as had

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Speaker 1: been written in the media, and Bell Financial share price

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Speaker 1: jumped after it said it expects the first half pre

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Speaker 1: tax profit to rise by about forty seven percent. What

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Speaker 1: about international markets?

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Speaker 2: Very big day? Federal Reserve Chairs Your Own Power appeared

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Speaker 2: before Congress, and the general takeout is that while the

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Speaker 2: Fed doesn't quite have the information it needs to cut

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Speaker 2: interest rates, it is looking very hard to find it.

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Speaker 2: The quote that everyone seems to have focused on is

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Speaker 2: and I start the quote, elevated inflation is not the

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Speaker 2: only risk we face. Reducing policy restraint too late or

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Speaker 2: too little could unduly weaken economic activity and employment. End quote.

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Speaker 2: That helped equity markets, with the S and P five

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Speaker 2: hundred again closing the new high. That's six days of

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Speaker 2: record highs in a row. The tech heavy NASDAK also

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Speaker 2: closed that a record high the tech stocks rally. Tesla

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Speaker 2: was up nearly four percent and Vidia two point five percent.

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Speaker 2: Apple jumped down to zero point four percent, but that

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Speaker 2: was enough to push past the three point five trillion

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Speaker 2: US dollar mark in value. Pretty phenomenal.

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Speaker 1: That is extraordinary, and the speed at which it's gone

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Speaker 1: from three trillion to three and a half trillion doesn't

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Speaker 1: feel like it'll be long before we're talking about a

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Speaker 1: four trillion dollar company here.

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Speaker 2: Yeah, I know, I know there's been a talk around

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Speaker 2: at the moment about when do you stop buying US

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Speaker 2: textoks because they must have a ceiling at some point,

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Speaker 2: But it's just you sort of courageous to bet against

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Speaker 2: him at the moment.

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Speaker 1: Indeed, sorry I interrupted you please.

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Speaker 2: Go on now, that's all right, just quickly. In New

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Speaker 2: Zealand the Central Bank kept interest rates on hold and

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Speaker 2: in China inflation rose by less than expected. Now, Chinese

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Speaker 2: inflation is not a problem like it is in most

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Speaker 2: developed markets. In fact, a little more inflation wouldn't be

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Speaker 2: a bad thing in China anyway, that's not happening.

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Speaker 1: Now, Sean. After the show, you have an interview coming up,

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Speaker 1: a very timely one. This one you're speaking with Thomas Fakenher,

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Speaker 1: Area vice president for Australia New Zealand at cyber Arc,

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Speaker 1: which is a supporter of this podcast.

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Speaker 2: Yeah, it's all about cyber hacking and what's going on

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Speaker 2: we talk about basically, we talked about criminal groups and

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Speaker 2: state backed agencies and how they're now attacking aggregators. So

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Speaker 2: they used to go for the big companies and hope

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Speaker 2: they know ransom would be paid. Now they're looking kind

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Speaker 2: of for the middle men in organizations because that way,

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Speaker 2: if you can hack into one of those aggregator or

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Speaker 2: a middle player, then you have the potential to spread

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Speaker 2: bugs far far further than if you're just going for

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Speaker 2: one company. So we talk about that, and then we

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Speaker 2: talk about exactly what execs should be doing to prepare

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Speaker 2: themselves for cyber criminals. It's a really interesting chat and

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Speaker 2: I've got I've got to say, Thomas very plain spoken,

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Speaker 2: very able to put it in plain English for people

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Speaker 2: like me to understand. So it's well worth a listen.

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Speaker 1: Yeah, completely agree, And I think the point where he

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Speaker 1: made that this is not just an IT problem, now

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Speaker 1: that this is a whole of organization problem. So anyone

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Speaker 1: in business should be listening to this conversation today. It

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Speaker 1: is well worth it to stick around for that one.

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Speaker 1: It's coming up after the show. We will be back

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

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Speaker 1: news Shawn. A second group of boat people in a

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Speaker 1: week have been intercepted by Australian authorities, provided with modern

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Speaker 1: boats and turned back to Indonesia.

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Speaker 2: Australian authorities provided the forty four people on board with

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Speaker 2: fuel and food, and they were instructed to steer the

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Speaker 2: boats to Indonesia's southernmost island of Rottin Nadau. The rotting

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Speaker 2: In Nadao police found forty four men thirty six Bangladeshi

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Speaker 2: and eighth Rahinga washed up in two different locations on Monday.

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Speaker 2: According to a story in The Australian, the men said

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Speaker 2: they were intercepted by Australian Border Force that were detained

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Speaker 2: in their vessel for eighteen days. They were then given

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Speaker 2: the two boats, each carrying twenty two people with food, water,

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Speaker 2: life jackets and just enough fuel to reach Rotti. Last week,

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Speaker 2: twenty eight foreign national and two Indonesian boat crews landed

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Speaker 2: on a remote beach in the southern coast of West Java.

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Speaker 2: They had also been given a new boat after their

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Speaker 2: original vessel was seized and destroyed by the Australian Border Force.

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Speaker 2: Rottin ad Our Police said that the Malay speaking immigrants

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Speaker 2: learned about the possibility of going to Australia through Indonesia

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Speaker 2: via TikTok.

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Speaker 1: Sean interitect Pivot says it has ceased negotiations with an

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Speaker 1: Indonesian company for the sale of its fertilizers business.

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Speaker 2: The splitting of the fertilizer and explosives business has been

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Speaker 2: mooted for months, maybe years. Yesterday, the company said the

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Speaker 2: deal with the Indonesian group had fallen over Basically, it

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Speaker 2: just wasn't going forward fast enough. The explosives arm Dino

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Speaker 2: Nobel and the fertilizer division will now be managed separately.

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Speaker 2: That means no shared costs, just run as very separate businesses.

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Speaker 2: CEO morow Needs said the strategy hasn't changed, but the

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Speaker 2: company will have to work harder to execute it. Basically,

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Speaker 2: it wasn't just a pace of negotiations that institect Pivot

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Speaker 2: was worried. They're also concerned that even if the deal

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Speaker 2: was done, it wouldn't actually receive Foreign Investment Review Board approval,

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Speaker 2: so they pulled the pin. The company also said that

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Speaker 2: it will start its nine hundred million dollar stock buyback.

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Speaker 2: It had put that on the table, but said it

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Speaker 2: wouldn't do it until deal was done. Now the deal's off,

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Speaker 2: it's going to start buying back its shares all right now.

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Speaker 1: I mentioned this one at the top of the show.

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Speaker 1: Seawan New Star Entertainment chief executive Steve McCann says the

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Speaker 1: company's casino business might never return to the glorious boom

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Speaker 1: times it once enjoyed, and the future was likely to

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Speaker 1: be in the gaming giants, restaurants, and hotels.

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Speaker 2: In his first interview, since taking the job. The former

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Speaker 2: len Lease chief executive told The Financial Review that Starr

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Speaker 2: needs to realize that gaming has changed and there's no

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Speaker 2: easy transaction to sell the business or quick fix the

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Speaker 2: turn around the casino group's fortunes. He said a reset

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Speaker 2: is needed and management needs to rethink more about food,

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Speaker 2: beverage and hotels and whether they should be considered as

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Speaker 2: just feeding because they business or more than that. Mister

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Speaker 2: McCann said the revenue base for gaming has been materially

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Speaker 2: impacted and will take a long time to get back

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Speaker 2: to anywhere near where it was, if it gets back

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Speaker 2: at all. He said patients is needed to fix Stars culture,

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Speaker 2: repair relations with regulators, and wing back crucial gaming licenses

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Speaker 2: in New South Wales and Queensland, and he can't afford

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Speaker 2: to be distracted by opportunistic tie kickers wanting to pinch

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Speaker 2: Star's casinos on the cheap. The interview fascinating interview read

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Speaker 2: in the fin Review if you really want to It

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Speaker 2: triggered a three percent jump in Stars share price, which

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Speaker 2: as it turns out, was the best of the ASEX

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Speaker 2: two hundred yesterday.

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Speaker 1: Sean an interesting question here, when is the right time

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Speaker 1: to buy real estate stocks. It's been a question for

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Speaker 1: the last year, but rising interest rates and low occupancy

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Speaker 1: rates in office towers seem to have well pretty much

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Speaker 1: culled most appetites for property. Now a few investors are

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Speaker 1: just taking a look at reads again.

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Speaker 2: Macquarie Group investment team says it's time for investors to

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Speaker 2: start thinking about real estate investment trusts and other companies

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Speaker 2: that are less linked to the economy, particularly as they

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Speaker 2: expect other parts of the share market to struggle. Mcquari's team,

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Speaker 2: in a note says we are now at the start

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Speaker 2: of the slowdown phase, where returns are usually positive but

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Speaker 2: tend to be lower. Reats should benefit from lower interest rates,

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Speaker 2: and with the US FED set to cut later in

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Speaker 2: the year, alongside Mcquarie's view that local rates won't rise again,

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Speaker 2: it suggests property plays are becoming more attractive now. Mcquarie

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Speaker 2: already has Charter Hall and Goodman Group and its model portfolio,

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Speaker 2: it's added Mervak. Of course we are in investment podcast.

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Speaker 2: You need to go and find your own advice before

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Speaker 2: making any of these investment decisions. But it's just interesting

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Speaker 2: what the mcquarie team is saying.

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Speaker 1: Finally, sawn a bit of a run around the states.

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Speaker 1: South Australia has become the first state to sign a

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Speaker 1: federal government agreement to ensure every household in Adelaide can

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Speaker 1: be powered by renewable energy by twenty thirty the.

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Speaker 2: Renewable Energy Transformation Agreement. It's part of the federal government's

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Speaker 2: plans to have an additional thirty two gigawatts of renewable

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Speaker 2: generation and storage built and operating by the end of

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Speaker 2: the decade. Canberra will underwrite developers to build a minimum

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Speaker 2: one thousand megawatts of new wind and solar projects and

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Speaker 2: four hundred megawatts of new storage capacity that will take

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Speaker 2: the state's total storage capacity to about six hundred megawatts.

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Speaker 2: The state will establish its own grid reliability mechanism to

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Speaker 2: be used in place of the national framework.

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Speaker 1: In New South Wales, the government has banned retailing on

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Speaker 1: Anzac Day.

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Speaker 2: At the moment, retailing from one pms allowed, but under

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Speaker 2: new legislation, large retailers won't be able to open their

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Speaker 2: doors at all. Western Australia is the only other state

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Speaker 2: that closes retailers all day. On April twenty five.

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Speaker 1: And yesterday Shawn residents in Melbourne's West were told to

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Speaker 1: stay indoors and motorists were told to drive with their

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Speaker 1: windows up due to toxic smoke blowing through suburbs because

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Speaker 1: of a large factory fire.

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Speaker 2: And apparent chemical explosion triggered the fire, and about one

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Speaker 2: hundred and eighty five fighters wire at the scene yesterday afternoon.

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Speaker 2: Fire crews found multiple forty four gallon drums full of

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Speaker 2: fuel at the site. Fortunately, there were no reports injuries.

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Speaker 1: Turn into International News now and Samsung Electronics largest labor

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Speaker 1: union of more than thirty thousand workers yesterday declared an

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Speaker 1: indefinite strike, which is a move that puts at risk

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Speaker 1: production at the world's largest memory chip maker. That is

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Speaker 1: a big strike.

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Speaker 2: That is quite the strike. The union's core for a

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Speaker 2: general strike sharply escalates a dispute with South Korea's biggest company.

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Speaker 2: Thousands of workers rallied earlier this week outside Samsung's chip

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Speaker 2: making complexes south of Cell to kickstart what originally was

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Speaker 2: a three day walkout demanding better pay. It's the largest

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Speaker 2: organized labor action in the South Korean conglomerates half century history.

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Speaker 2: The concern is that the action may snowball to hurt

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Speaker 2: the country's recovering tech and chip industry. Now this could

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Speaker 2: have an impact in Australia. Remember the chip shortages during

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Speaker 2: and after Cavin meant it was very difficult to buy

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Speaker 2: a new car. Well, this has eches of the same thing.

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Speaker 1: Shawn vacuum cleaner manufacturer. So Dyson is acting about one

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Speaker 1: thousand jobs in the UK, more than a quarter of

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Speaker 1: its workforce in the country, as part of its efforts

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Speaker 1: to better compete with Asian players.

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Speaker 2: I love Dyson as a company. You know, they're innovative.

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Speaker 2: Their vacuum cleaners work really well. I like that part

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Speaker 2: of it. They've got a fifteen thousand strong global workforce,

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Speaker 2: according to the Financial Times. Largest market is Asia, but

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Speaker 2: it competes against local rivals in Asia that often produce

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Speaker 2: similar looking products shortly after those manufactured by Dyson. Real

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Speaker 2: problem for the company Dyson, which is still obviously by

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Speaker 2: founder Sir James Dyson, has grown beyond its initial specialism

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Speaker 2: of vacuum cleaners into products including hair dryers, fans, air purifiers.

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Speaker 2: Its engineers work on dozens of potential projects, many of

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Speaker 2: which are never actually disclosed. In twenty nineteen, they actually

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Speaker 2: abandoned a two billion pound push to break into the

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Speaker 2: manufacturer of electric vehicles, though it continues to work on

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Speaker 2: batteries for its cordless products. However, the bottom line, well

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Speaker 2: that's where it's struggling, hence these job cuts, Sean.

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Speaker 1: Up next is the Fear and Greed Daily Interview and

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Speaker 1: your guest today, as we mentioned earlier as Thomas Fakenher

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Speaker 1: the area of vice president for Australian New Zealand at

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Speaker 1: cyber arch.

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Speaker 2: Yes, all about what's happening in the world of cyber

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Speaker 2: crime and what business leaders should do about.

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Speaker 1: Yeah, it's a great chat. It is up next in

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

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Speaker 1: at Fearangreed dot com dot au and also keep an

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Speaker 1: eye on the Fear and Greed playlist around midday today,

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Speaker 1: we have another one of our bonus episodes coming up

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Speaker 1: of Ask Fear and Greed. We've had some great questions

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Speaker 1: coming in through the website, also through LinkedIn and Facebook

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Speaker 1: and through Instagram. If there's anything that you want to

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Speaker 1: know about the economy or business or anything that we

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Speaker 1: talk about, really shoot your question through and Sean we

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Speaker 1: will do our best to answer it. And you've got

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Speaker 1: We've got a good one coming up today.

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Speaker 2: Yeah, we're all about Telstra pushing up its prices and

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Speaker 2: whether or not it's a fair thing.

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Speaker 1: It is a cracker. It's coming up at midday, so

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Speaker 1: just keep an eye on your playlist for that one.

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Speaker 2: Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It's Thursday, the eleventh of July twenty twenty four. Make

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson, and

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Speaker 1: that was fear and greed. Have a great day.