1 00:00:03,880 --> 00:00:07,950 Michael Thompson: It's Thursday, the 23rd of September 2021. Welcome to Fear 2 00:00:07,950 --> 00:00:10,320 Michael Thompson: and Greed, the business podcast that sets you up for 3 00:00:10,320 --> 00:00:13,810 Michael Thompson: a successful day. I'm Michael Thompson and good morning, Sean Aylmer. 4 00:00:14,180 --> 00:00:14,990 Sean Aylmer: Good morning, Michael. 5 00:00:15,310 --> 00:00:18,989 Michael Thompson: International borders set to open by Christmas. That's the promise 6 00:00:18,989 --> 00:00:22,170 Michael Thompson: from the federal government and our main story today. Also, 7 00:00:22,170 --> 00:00:25,430 Michael Thompson: financial markets get a breather after a Chinese property giant 8 00:00:25,430 --> 00:00:27,940 Michael Thompson: says it will be able to pay back its bond holders. 9 00:00:28,280 --> 00:00:30,750 Michael Thompson: The Reserve Bank takes another look at the property market 10 00:00:31,110 --> 00:00:36,409 Michael Thompson: and Zip Co chases 1.4 billion Indians. Then stick around 11 00:00:36,409 --> 00:00:40,360 Michael Thompson: to hear Sean's chat to Chief Political Correspondent for ABC 7.30, 12 00:00:40,450 --> 00:00:44,029 Michael Thompson: Laura Tingle, about the Prime Minister's trip overseas, the Christian 13 00:00:44,030 --> 00:00:46,959 Michael Thompson: Porter issue and when the next federal election is likely. 14 00:00:47,450 --> 00:00:50,419 Michael Thompson: But Sean, it was the news that we all wanted 15 00:00:50,420 --> 00:00:54,280 Michael Thompson: to hear. Trade Minister Dan Tehan said international borders would 16 00:00:54,280 --> 00:00:56,730 Michael Thompson: be open by Christmas, at the latest. 17 00:00:56,820 --> 00:01:00,350 Sean Aylmer: Sure was Michael. It's based on the very encouraging uptick 18 00:01:00,350 --> 00:01:04,130 Sean Aylmer: in vaccines across the country, with the national fully vaccinated 19 00:01:04,130 --> 00:01:07,740 Sean Aylmer: rate heading towards 50% and the first dose rate at 20 00:01:07,740 --> 00:01:11,010 Sean Aylmer: nearly 74%. Now, we all know New South Wales is 21 00:01:11,010 --> 00:01:14,509 Sean Aylmer: leading the way with 56% of eligible adults having had 22 00:01:14,510 --> 00:01:17,959 Sean Aylmer: two jabs now, and almost 84% have had one dose. 23 00:01:18,280 --> 00:01:21,630 Sean Aylmer: Mr Tehan said borders would open once the 80% vaccination 24 00:01:21,630 --> 00:01:24,260 Sean Aylmer: rate was reached. Now, QR codes will be linked to 25 00:01:24,260 --> 00:01:28,459 Sean Aylmer: passports and that will show people's vaccination status. But, and 26 00:01:28,459 --> 00:01:32,640 Sean Aylmer: it's a big one, the 14- day mandatory quarantine will remain, 27 00:01:32,830 --> 00:01:36,620 Sean Aylmer: at least for returns from some countries. Although the government 28 00:01:36,730 --> 00:01:40,660 Sean Aylmer: is looking at developing travel bubbles to reduce quarantine times 29 00:01:40,870 --> 00:01:44,270 Sean Aylmer: probably nations like New Zealand and Singapore, those sorts of places. 30 00:01:44,670 --> 00:01:47,420 Sean Aylmer: About the same time Mr Tehan was making the comments, 31 00:01:47,660 --> 00:01:51,980 Sean Aylmer: New South Wales Premier Gladys Berejiklian said she'd reopen international 32 00:01:51,980 --> 00:01:55,020 Sean Aylmer: borders to her state once that 80% mark was hit, 33 00:01:55,370 --> 00:01:57,810 Sean Aylmer: no matter what the other states did. And even if 34 00:01:57,810 --> 00:02:01,320 Sean Aylmer: places like Western Australia and Queensland remained closed to New 35 00:02:01,320 --> 00:02:02,050 Sean Aylmer: South Welshmen. 36 00:02:02,420 --> 00:02:05,140 Michael Thompson: Great news. What were the numbers like yesterday? 37 00:02:05,500 --> 00:02:09,609 Sean Aylmer: New South Wales had 1038 new COVID cases and five deaths. 38 00:02:09,810 --> 00:02:11,639 Sean Aylmer: It's fair to say the numbers in that state have 39 00:02:11,639 --> 00:02:15,610 Sean Aylmer: now plateaued. Though the state's Chief Health Officer Kerry Chant 40 00:02:16,240 --> 00:02:19,330 Sean Aylmer: emphasised it wasn't out of the woods yet. The state 41 00:02:19,330 --> 00:02:23,070 Sean Aylmer: will commence trials of its own vaccine passport from October 6th. 42 00:02:23,270 --> 00:02:26,350 Sean Aylmer: That's not about travelling overseas, but it's about going out 43 00:02:26,350 --> 00:02:29,270 Sean Aylmer: for dinner and those sorts of things. In Victoria, there 44 00:02:29,270 --> 00:02:32,990 Sean Aylmer: were 628 new cases and three deaths. Unfortunately, we can't 45 00:02:32,990 --> 00:02:36,220 Sean Aylmer: say the same thing about numbers there plateauing, they're still 46 00:02:36,220 --> 00:02:38,800 Sean Aylmer: on the rise. There were 17 cases in the ACT 47 00:02:39,419 --> 00:02:40,700 Sean Aylmer: and one in Queensland. 48 00:02:41,450 --> 00:02:44,780 Michael Thompson: The big question really is though, Sean, where will you 49 00:02:44,780 --> 00:02:46,419 Michael Thompson: head when borders reopen? 50 00:02:47,080 --> 00:02:50,579 Sean Aylmer: Oh, Michael, the list is long. Definitely mainland US. I 51 00:02:50,580 --> 00:02:52,560 Sean Aylmer: love that place. And I'm on a promise from the 52 00:02:52,560 --> 00:02:55,620 Sean Aylmer: kids to go to Hawaii, but there's a lot of daydreaming 53 00:02:55,620 --> 00:02:57,500 Sean Aylmer: about travel going on in my place at the moment. 54 00:02:57,680 --> 00:03:00,700 Michael Thompson: Oh, fair enough. For us, it would be probably Fiji 55 00:03:00,700 --> 00:03:04,169 Michael Thompson: somewhere. Baby steps. Not too far away. I think the 56 00:03:04,169 --> 00:03:06,640 Michael Thompson: novelty at this stage would just be to get on a plane. 57 00:03:06,930 --> 00:03:07,410 Sean Aylmer: I agree. 58 00:03:07,720 --> 00:03:10,100 Michael Thompson: So, what have the markets done over the last 24 hours? 59 00:03:10,450 --> 00:03:12,790 Sean Aylmer: The world's financial markets have been waiting to see if 60 00:03:12,790 --> 00:03:17,780 Sean Aylmer: Chinese property giant Evergrande would make a payment to bondholders today. Yesterday, 61 00:03:17,780 --> 00:03:21,070 Sean Aylmer: it said it would. Good news, though the long term outlook 62 00:03:21,130 --> 00:03:25,040 Sean Aylmer: remains patchy at best. Now, China's Central Bank injected cash 63 00:03:25,070 --> 00:03:29,060 Sean Aylmer: into the economy, allaying concerns about a debt crisis. The 64 00:03:29,060 --> 00:03:31,620 Sean Aylmer: Deputy Governor of the Reserve Bank of Australia, Guy Debelle, 65 00:03:31,620 --> 00:03:34,550 Sean Aylmer: said ultimately the fate of the property giant lay in 66 00:03:34,550 --> 00:03:37,790 Sean Aylmer: the hands of Chinese policymakers. And I think that's what 67 00:03:37,790 --> 00:03:40,900 Sean Aylmer: everyone believes. But just the fact that Evergrande will pay 68 00:03:40,900 --> 00:03:45,070 Sean Aylmer: today boosted sentiment. Now overnight, the US Federal Reserve finished 69 00:03:45,070 --> 00:03:48,700 Sean Aylmer: a two day meeting. An official signal this morning, they'll 70 00:03:48,700 --> 00:03:52,830 Sean Aylmer: probably begin tapering their bond buying program soon. There's also 71 00:03:52,830 --> 00:03:55,860 Sean Aylmer: a view among fed governors that interest rates may have 72 00:03:55,860 --> 00:03:58,820 Sean Aylmer: to start rising next year. That's a bit earlier than 73 00:03:58,820 --> 00:04:02,110 Sean Aylmer: some people had thought. As we record this morning, Fed Chair, 74 00:04:02,110 --> 00:04:05,620 Sean Aylmer: Jerome Powell, is giving a press conference, providing more details 75 00:04:05,620 --> 00:04:09,370 Sean Aylmer: about the monetary policy meeting. Wall Street was rising ahead 76 00:04:09,370 --> 00:04:11,650 Sean Aylmer: of the statement with the S& P 500 up 1%, 77 00:04:12,670 --> 00:04:14,750 Sean Aylmer: but news that rates could rise as soon as next 78 00:04:14,750 --> 00:04:18,150 Sean Aylmer: year immediately sent the market lower. Though the major indices 79 00:04:18,210 --> 00:04:20,880 Sean Aylmer: are still trading well above where they started the session. 80 00:04:21,270 --> 00:04:24,029 Sean Aylmer: There was a strong bounce back in European markets also, 81 00:04:24,029 --> 00:04:26,710 Sean Aylmer: on the back of the Evergrande news, with London's FTSE 82 00:04:26,770 --> 00:04:29,260 Sean Aylmer: up one and a half per cent. That's the most since 83 00:04:29,260 --> 00:04:33,710 Sean Aylmer: early July. Locally, the S& P/ASX 200 finished a touch 84 00:04:33,710 --> 00:04:38,869 Sean Aylmer: higher yesterday to 7, 297 points. That continues its climb back following 85 00:04:38,870 --> 00:04:41,950 Sean Aylmer: the big fall on Monday. Among the best performers were 86 00:04:41,950 --> 00:04:43,760 Sean Aylmer: the iron ore miners and of course that was on 87 00:04:43,760 --> 00:04:46,640 Sean Aylmer: the back of the Evergrande news. The Aussie dollar is trading 88 00:04:46,640 --> 00:04:51,080 Sean Aylmer: around 72.3 US cents this morning, crude oil prices are stronger, 89 00:04:51,080 --> 00:04:54,500 Sean Aylmer: hitting a 10 week high overnight, and gold was performing well, 90 00:04:54,500 --> 00:04:57,200 Sean Aylmer: but did a sharp U- turn after the Fed meeting 91 00:04:57,480 --> 00:05:00,420 Sean Aylmer: and it's trading around 1, 770 US dollars an ounce. 92 00:05:01,029 --> 00:05:02,580 Michael Thompson: We'll be back in a moment with the rest of 93 00:05:02,710 --> 00:05:03,490 Michael Thompson: the day's business news. 94 00:05:09,020 --> 00:05:12,210 Michael Thompson: Sean, plenty of stories around this morning. The Reserve Bank 95 00:05:12,240 --> 00:05:15,419 Michael Thompson: has been mostly staying away from saying too much about 96 00:05:15,420 --> 00:05:18,039 Michael Thompson: the housing market, though that changed a bit yesterday. 97 00:05:18,560 --> 00:05:21,820 Sean Aylmer: It did. Last week the Reserve Bank Governor Philip Lowe 98 00:05:21,820 --> 00:05:25,789 Sean Aylmer: said he wouldn't use interest rates to prick the housing bubble. 99 00:05:25,980 --> 00:05:28,719 Sean Aylmer: He said there were much better ways to try and 100 00:05:28,720 --> 00:05:33,520 Sean Aylmer: contain the market. Yesterday, Assistant Governor Michele Bullock did say 101 00:05:33,520 --> 00:05:37,770 Sean Aylmer: a sharp rise in prices not associated with fundamentals could 102 00:05:37,770 --> 00:05:42,390 Sean Aylmer: trigger instability because in those circumstances, what goes up normally 103 00:05:42,390 --> 00:05:45,770 Sean Aylmer: comes down. House prices are so high at the moment 104 00:05:45,910 --> 00:05:49,680 Sean Aylmer: because interest rates are so low. There is no fundamental 105 00:05:49,680 --> 00:05:54,170 Sean Aylmer: reason why prices have risen by almost 20% in some 106 00:05:54,170 --> 00:05:58,460 Sean Aylmer: cities over the past year, except for interest rates. And 107 00:05:58,460 --> 00:06:02,930 Sean Aylmer: with higher house prices comes much bigger mortgages. The question 108 00:06:02,930 --> 00:06:06,050 Sean Aylmer: is, and this is what Ms. Bullock is referring to, 109 00:06:06,480 --> 00:06:09,270 Sean Aylmer: is whether people can afford to keep paying their home 110 00:06:09,270 --> 00:06:13,040 Sean Aylmer: loans when the government payments stop and rates start to 111 00:06:13,040 --> 00:06:16,490 Sean Aylmer: rise. It's not about to happen any time soon, but 112 00:06:16,490 --> 00:06:19,510 Sean Aylmer: it will. So in four or five years' time, will 113 00:06:19,510 --> 00:06:22,089 Sean Aylmer: people still be able to make those repayments on the 114 00:06:22,089 --> 00:06:24,500 Sean Aylmer: massive mortgages they've got? That's what she's talking about. 115 00:06:24,980 --> 00:06:27,410 Michael Thompson: Now, Zip Co, the buy now, pay later group. We've 116 00:06:27,410 --> 00:06:30,560 Michael Thompson: spoken to them before on Fear and Greed. They're entering 117 00:06:30,560 --> 00:06:31,750 Michael Thompson: the Indian market. 118 00:06:32,240 --> 00:06:35,670 Sean Aylmer: That's right. Australia's number two, buy now, pay later group 119 00:06:35,970 --> 00:06:38,790 Sean Aylmer: has bought a minority stake in a group called ZestMoney. 120 00:06:39,620 --> 00:06:42,400 Sean Aylmer: It's looking for different markets. It's very concentrated in the 121 00:06:42,400 --> 00:06:46,089 Sean Aylmer: US and Australia and it's pushing into Asia. ZestMoney has 122 00:06:46,089 --> 00:06:50,070 Sean Aylmer: 11 million registered users and more than 10, 000 online merchants. 123 00:06:50,320 --> 00:06:52,900 Sean Aylmer: Sounds like a lot, but not really for India. India 124 00:06:52,900 --> 00:06:55,589 Sean Aylmer: is a huge opportunity for investment given the size of 125 00:06:55,589 --> 00:06:58,729 Sean Aylmer: the population. There's 1. 4 billion people living in the country, 126 00:06:59,140 --> 00:07:01,340 Sean Aylmer: but it just isn't that easy to make money out of. 127 00:07:01,500 --> 00:07:04,810 Sean Aylmer: It's bureaucratic and has plenty of regulation that makes it 128 00:07:04,810 --> 00:07:08,410 Sean Aylmer: difficult for foreign investors. I remember more than a decade ago, 129 00:07:08,410 --> 00:07:10,930 Sean Aylmer: James Packer and Mark Bouris teamed up; Mark being from 130 00:07:10,930 --> 00:07:13,530 Sean Aylmer: Yellow Brick Road. They tried to get a lending business up 131 00:07:13,740 --> 00:07:16,240 Sean Aylmer: and running in India and couldn't do it. Before that, 132 00:07:16,240 --> 00:07:19,230 Sean Aylmer: ANZ owned Grindlays Bank, it pulled out of the market 133 00:07:19,230 --> 00:07:23,470 Sean Aylmer: for similar reasons. The current government under Narendra Modi wants 134 00:07:23,470 --> 00:07:25,910 Sean Aylmer: to spend more than a trillion dollars on infrastructure over 135 00:07:25,910 --> 00:07:28,980 Sean Aylmer: the next decade. Certainly, through the Quad arrangement with the 136 00:07:28,980 --> 00:07:32,820 Sean Aylmer: US and Japan, India and Australia are now moving closer. 137 00:07:33,200 --> 00:07:35,900 Sean Aylmer: It will be really interesting to watch how Zip goes 138 00:07:36,180 --> 00:07:38,450 Sean Aylmer: and whether other companies can follow its lead. 139 00:07:39,010 --> 00:07:43,160 Michael Thompson: Yeah, certainly will be. Now, protests continued in Melbourne yesterday. 140 00:07:43,160 --> 00:07:46,920 Michael Thompson: It seems to be becoming less about the construction sector 141 00:07:46,920 --> 00:07:50,100 Michael Thompson: and more about anti- lockdown groups and anti- vaxxers. There 142 00:07:50,100 --> 00:07:52,210 Michael Thompson: weren't a lot of masks to be seen, though there 143 00:07:52,210 --> 00:07:55,310 Michael Thompson: were some. Of course the big risk now is that with 144 00:07:55,480 --> 00:07:58,050 Michael Thompson: case numbers in Melbourne rising, that it could become a 145 00:07:58,050 --> 00:07:59,080 Michael Thompson: superspreader event. 146 00:07:59,500 --> 00:08:02,930 Sean Aylmer: It's a really interesting issue for the Victorian union movement 147 00:08:03,250 --> 00:08:07,580 Sean Aylmer: and of course, Labour Premier Daniel Andrews. The CFMEU aren't 148 00:08:07,580 --> 00:08:11,670 Sean Aylmer: happy with Mr Andrews about mandating vaccinations for the construction sector, 149 00:08:11,970 --> 00:08:15,910 Sean Aylmer: but yesterday the Australian education union threw its support behind 150 00:08:15,970 --> 00:08:19,690 Sean Aylmer: the decision to mandate vaccinations for teachers. Now, Mr Andrews 151 00:08:19,690 --> 00:08:22,700 Sean Aylmer: said that all teachers and childcare workers needed to be double- 152 00:08:22,700 --> 00:08:25,830 Sean Aylmer: jabbed by November 29 and the Victorian branch of the 153 00:08:25,830 --> 00:08:28,230 Sean Aylmer: education union were very supportive of it. 154 00:08:28,500 --> 00:08:32,690 Michael Thompson: Now, Australia's biggest carbon emitter, AGL Energy held its annual 155 00:08:32,690 --> 00:08:34,630 Michael Thompson: meeting yesterday. And it got a bit of a clip 156 00:08:34,630 --> 00:08:37,839 Michael Thompson: over the years about its environmental credentials. What happened? 157 00:08:38,090 --> 00:08:41,750 Sean Aylmer: An activist investor group had actually proposed that AGL set 158 00:08:41,750 --> 00:08:45,110 Sean Aylmer: interim targets on emissions reductions for the part of the 159 00:08:45,110 --> 00:08:48,929 Sean Aylmer: business that will eventually house the coal- fired power stations. Now, 160 00:08:49,040 --> 00:08:51,750 Sean Aylmer: remember AGL is splitting into two. On one side, it'll 161 00:08:51,750 --> 00:08:54,809 Sean Aylmer: have broadly the retail business and that'll be called Accel. 162 00:08:55,030 --> 00:08:57,770 Sean Aylmer: On the other side, it'll be mostly the power station 163 00:08:57,770 --> 00:09:02,410 Sean Aylmer: business that'll be AGL still. And that company is particularly dirty. 164 00:09:03,220 --> 00:09:07,390 Sean Aylmer: The activist put forward the resolution; the board recommended against it. Basically, 165 00:09:07,390 --> 00:09:10,000 Sean Aylmer: what it said was that AGL had to lay out 166 00:09:10,000 --> 00:09:13,309 Sean Aylmer: its path in terms of achieving the Paris goals that 167 00:09:13,309 --> 00:09:16,540 Sean Aylmer: have been set for big businesses. The board, as I mentioned, 168 00:09:16,540 --> 00:09:19,610 Sean Aylmer: didn't like it. Voted against it, but it did still 169 00:09:19,610 --> 00:09:23,370 Sean Aylmer: pass with 55% of shareholder votes. AGL will now have 170 00:09:23,370 --> 00:09:26,050 Sean Aylmer: to work much harder outlining how it plans to cut 171 00:09:26,370 --> 00:09:29,860 Sean Aylmer: greenhouse gas emissions. At least the board avoided a second 172 00:09:29,860 --> 00:09:33,530 Sean Aylmer: strike against it over pay. That would've meant all directors 173 00:09:33,530 --> 00:09:35,800 Sean Aylmer: would've had to go up for re- election again. Now, 174 00:09:35,800 --> 00:09:38,710 Sean Aylmer: remember this is a company whose share price is down 60% 175 00:09:39,059 --> 00:09:42,330 Sean Aylmer: over the past 12 months. It's not surprising there are 176 00:09:42,330 --> 00:09:46,429 Sean Aylmer: shareholder activists given what it does every day. AGL Energy's 177 00:09:46,429 --> 00:09:48,150 Sean Aylmer: still got a lot of work to do to win 178 00:09:48,150 --> 00:09:49,040 Sean Aylmer: over shareholders. 179 00:09:54,140 --> 00:09:57,110 Michael Thompson: And so what's making headlines in today's news media, Sean? 180 00:09:57,350 --> 00:10:00,410 Sean Aylmer: There's plenty around about the Joe Biden- Scott Morrison meeting 181 00:10:00,690 --> 00:10:03,069 Sean Aylmer: and the agreement between the two to move in lockstep 182 00:10:03,070 --> 00:10:06,280 Sean Aylmer: with each other. Mr. Biden told the UN General Assembly 183 00:10:06,520 --> 00:10:09,570 Sean Aylmer: that an inflection point in history had been reached and 184 00:10:09,570 --> 00:10:12,610 Sean Aylmer: the US was focusing on the Indo- Pacific region. Later, 185 00:10:12,650 --> 00:10:16,260 Sean Aylmer: he told reporters that Australia was the US's closest ally. Everyone 186 00:10:16,260 --> 00:10:17,780 Sean Aylmer: loves that story at the moment, Michael. 187 00:10:17,970 --> 00:10:21,050 Michael Thompson: Former Prime Minister Kevin Rudd jumped into the debate about 188 00:10:21,179 --> 00:10:24,439 Michael Thompson: Australia dumping France and deciding to do a nuclear submarine 189 00:10:24,440 --> 00:10:27,140 Michael Thompson: deal with the US and the UK. In a French 190 00:10:27,220 --> 00:10:30,720 Michael Thompson: newspaper, he slammed the decision and said the PM would 191 00:10:30,720 --> 00:10:32,069 Michael Thompson: suffer at the next election. 192 00:10:32,280 --> 00:10:34,000 Sean Aylmer: Maybe he's just being hopeful, Michael. 193 00:10:34,270 --> 00:10:35,069 Michael Thompson: Potentially so. 194 00:10:35,400 --> 00:10:38,500 Sean Aylmer: Certainly, the Prime Minister is loving all this international attention. 195 00:10:38,700 --> 00:10:41,910 Sean Aylmer: Yesterday, the MIKTA. Have you ever heard of that, Michael? 196 00:10:41,910 --> 00:10:44,110 Michael Thompson: I have never heard of MIKTA. 197 00:10:44,450 --> 00:10:50,470 Sean Aylmer: Okay. So, it's an agreement between Mexico, Indonesia, Korea, Turkey, and 198 00:10:50,830 --> 00:10:56,349 Sean Aylmer: Australia. It actually released a statement supporting democracy, open societies, 199 00:10:56,679 --> 00:11:01,970 Sean Aylmer: and multilateralism. Now MIKTA's been going since 2013. Yesterday was 200 00:11:01,970 --> 00:11:04,460 Sean Aylmer: only its second statement. There you go. 201 00:11:04,780 --> 00:11:08,080 Michael Thompson: Wow. MIKTA. M- I- K- T- A. 202 00:11:08,290 --> 00:11:08,720 Sean Aylmer: Who knew. 203 00:11:09,309 --> 00:11:12,610 Michael Thompson: Not me. Plenty of Victorians got a fright yesterday after 204 00:11:12,610 --> 00:11:16,330 Michael Thompson: an earthquake of 5. 9 magnitude. Now, that's the highest 205 00:11:16,330 --> 00:11:18,370 Michael Thompson: in more than five years and it hit the state 206 00:11:18,370 --> 00:11:21,770 Michael Thompson: with its epicenter in the Northeast. Plenty of stories coming 207 00:11:21,770 --> 00:11:25,240 Michael Thompson: from it and aftershocks could continue for days. The pictures 208 00:11:25,240 --> 00:11:27,450 Michael Thompson: have made their way around the country as you'd expect. 209 00:11:27,450 --> 00:11:29,970 Michael Thompson: And it's pretty incredible to see. There was also a 210 00:11:29,970 --> 00:11:32,449 Michael Thompson: fair bit of damage done to buildings and that will 211 00:11:32,450 --> 00:11:35,360 Michael Thompson: hit the insurance industry. It doesn't appear that anyone was 212 00:11:35,360 --> 00:11:38,500 Michael Thompson: seriously injured and the quake was even felt as far 213 00:11:38,500 --> 00:11:39,230 Michael Thompson: away as Sydney. 214 00:11:39,860 --> 00:11:43,120 Sean Aylmer: Westpac share price fell more than 1% yesterday. It's trying 215 00:11:43,130 --> 00:11:46,030 Sean Aylmer: to offload its PNG and Fiji businesses to a group 216 00:11:46,030 --> 00:11:50,410 Sean Aylmer: called Kina Securities. Now last week, the PNG competition regulator 217 00:11:50,660 --> 00:11:54,160 Sean Aylmer: knocked back the deal and yesterday Kina officially pulled out. 218 00:11:54,460 --> 00:11:56,380 Sean Aylmer: Westpac now needs to sort out what to do with 219 00:11:56,380 --> 00:11:58,360 Sean Aylmer: the business, given it's not part of the group's long 220 00:11:58,360 --> 00:12:02,280 Sean Aylmer: term plans to simplify the bank's operations. And before we 221 00:12:02,280 --> 00:12:04,300 Sean Aylmer: go, Michael, can I ask you a question? 222 00:12:04,440 --> 00:12:04,810 Michael Thompson: Sure. 223 00:12:05,080 --> 00:12:08,100 Sean Aylmer: Can you define a craft beer? What's a craft beer? 224 00:12:08,640 --> 00:12:12,570 Michael Thompson: Oh, I'd say anything on a smaller scale and not mass- 225 00:12:12,570 --> 00:12:13,970 Michael Thompson: produced commercially. 226 00:12:14,600 --> 00:12:18,450 Sean Aylmer: Hmm. Well, the Australian Competition and Consumer Commission is looking 227 00:12:18,450 --> 00:12:21,459 Sean Aylmer: at that exact question. Now, it's part of its deliberation 228 00:12:21,460 --> 00:12:25,219 Sean Aylmer: over whether it should allow Lion to buy Fermentum, which 229 00:12:25,270 --> 00:12:28,800 Sean Aylmer: apparently is a craft beer provider. Fermentum has about 1% of 230 00:12:29,530 --> 00:12:32,570 Sean Aylmer: the national market. It's the owner of Stone & Wood. Stone & 231 00:12:32,980 --> 00:12:36,740 Sean Aylmer: Wood is everywhere, but is it a craft beer? Interesting. 232 00:12:37,450 --> 00:12:39,800 Michael Thompson: Well, I've actually done a fair bit of study into 233 00:12:39,800 --> 00:12:42,689 Michael Thompson: Stone & Wood. I'd be happy to provide my notes to 234 00:12:42,690 --> 00:12:46,100 Michael Thompson: the A triple C on that. Beer One tastes good, 235 00:12:46,170 --> 00:12:49,300 Michael Thompson: Beer Two also tastes good. Probably not going to be 236 00:12:49,300 --> 00:12:50,729 Michael Thompson: much help in this decision. 237 00:12:50,850 --> 00:12:51,620 Sean Aylmer: Perhaps not. 238 00:12:51,840 --> 00:12:53,869 Michael Thompson: Well, now what's the key overseas news this morning? 239 00:12:54,350 --> 00:12:58,130 Sean Aylmer: Well, China's President Xi Jinping said China won't build any 240 00:12:58,130 --> 00:13:01,819 Sean Aylmer: more coal projects overseas. It follows months of lobbying from 241 00:13:01,820 --> 00:13:05,710 Sean Aylmer: the Biden Administration. Mr Xi was speaking at the United 242 00:13:05,710 --> 00:13:09,840 Sean Aylmer: Nations General Assembly and he reiterated that China was committed 243 00:13:10,059 --> 00:13:13,830 Sean Aylmer: to achieving carbon neutrality by 2060. Now keep in mind, 244 00:13:13,830 --> 00:13:17,739 Sean Aylmer: of course, Beijing is still commissioning local coal- fired power 245 00:13:17,740 --> 00:13:20,740 Sean Aylmer: stations and is doing that at a rate faster than 246 00:13:20,740 --> 00:13:23,790 Sean Aylmer: anywhere else. Probably not surprising given it's the second largest economy 247 00:13:23,790 --> 00:13:26,900 Sean Aylmer: in the world, but at least not doing any overseas 248 00:13:26,970 --> 00:13:30,370 Sean Aylmer: is a start. And finally, President Joe Biden wants to 249 00:13:30,370 --> 00:13:33,750 Sean Aylmer: meet French President Emmanuel Macron next month to try and 250 00:13:33,750 --> 00:13:36,760 Sean Aylmer: patch up relations between the two countries on the back 251 00:13:36,760 --> 00:13:39,660 Sean Aylmer: of Australia's submarine deal with the US and UK. Now 252 00:13:40,020 --> 00:13:43,410 Sean Aylmer: that's in sharp contrast to the UK Prime Minister, Boris Johnson, 253 00:13:43,670 --> 00:13:47,300 Sean Aylmer: who overnight said Macron should get a grip. Nothing better 254 00:13:47,300 --> 00:13:48,590 Sean Aylmer: than European relations. 255 00:13:48,850 --> 00:13:51,610 Michael Thompson: Up next is the daily interview. Now, today you are 256 00:13:51,610 --> 00:13:56,300 Michael Thompson: talking to Laura Tingle, Chief Political Correspondent for the ABC 7.30. Laura's 257 00:13:56,300 --> 00:13:57,250 Michael Thompson: always great, isn't she? 258 00:13:57,450 --> 00:13:59,809 Sean Aylmer: Sure is. And today's no exception. We look at the 259 00:13:59,809 --> 00:14:02,790 Sean Aylmer: Prime Minister's trip to Washington, how much damage has been 260 00:14:02,790 --> 00:14:05,829 Sean Aylmer: done to our relationship with France and whether our relationship 261 00:14:05,830 --> 00:14:09,459 Sean Aylmer: with China can get any worse. Plenty to discuss back 262 00:14:09,460 --> 00:14:11,700 Sean Aylmer: home as well like Christian Porter and whether the Prime 263 00:14:11,700 --> 00:14:14,370 Sean Aylmer: Minister will be plagued by that issue all the way 264 00:14:14,370 --> 00:14:16,850 Sean Aylmer: up to the next election. I also ask her when 265 00:14:16,850 --> 00:14:18,179 Sean Aylmer: she thinks that election will be. 266 00:14:18,710 --> 00:14:20,520 Michael Thompson: All right, that's up next in the Fear and Greed 267 00:14:20,520 --> 00:14:25,210 Michael Thompson: playlist on your podcast platform or at fearandgreed.com.au. Thank you very 268 00:14:25,210 --> 00:14:25,780 Michael Thompson: much, Sean. 269 00:14:25,970 --> 00:14:27,210 Sean Aylmer: Thanks, Michael. Have a great day. 270 00:14:27,330 --> 00:14:30,760 Michael Thompson: Thanks, you too. It's Thursday, the 23rd of September. Make 271 00:14:30,760 --> 00:14:33,370 Michael Thompson: sure you follow Fear and Greed on LinkedIn, Twitter and 272 00:14:33,370 --> 00:14:36,050 Michael Thompson: Facebook. And while you're online, of course, please leave us 273 00:14:36,050 --> 00:14:38,850 Michael Thompson: a review. Give us five stars on Apple Podcast, Spotify 274 00:14:38,910 --> 00:14:41,940 Michael Thompson: or whatever platform you're using. I'm Michael Thompson. And that 275 00:14:41,940 --> 00:14:43,510 Michael Thompson: was Fear and Greed. Have a great day.