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Speaker 1: The alleged ring leaders of one of Australia's largest pump

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Speaker 1: and dump schemes are charged with market rigging. The Fair

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Speaker 1: Work Commission to have a look at rules around part

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Speaker 1: time employment, and Paris locks down ahead of the Olympics.

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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 Wednesday, the twenty

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Speaker 1: fourth of July twenty twenty four. I'm Michael Thompson and

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Speaker 1: good morning, Sean Aylmer.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: Coming up after the show, you have an interview with

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Speaker 1: Bruce Walpy, senior fellow at the United States Study Center.

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Speaker 3: Yeah. Look, Bruce is talking to us about what's going

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Speaker 3: on in US politics and expert in the area. A

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Speaker 3: bit of a Democrat too, so he is kind of

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Speaker 3: excited that Carmla Harris has taken the job over Joe Biden,

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Speaker 3: but he's got a warning. Mean, Carmla Harris getting the

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Speaker 3: gig running for president doesn't mean she's going to win it.

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Speaker 3: So we talked to Bruce about exactly what's going on

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Speaker 3: in US politics right now.

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Speaker 1: And he knows this space so well it is worth

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Speaker 1: seeking around for. It's up later on the main story

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Speaker 1: this morning, though Sean four alleged ring leaders of one

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Speaker 1: of the country's largest pump and dump schemes have been

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Speaker 1: charged with conspiracy to commit market rigging and false training.

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Speaker 1: This is this is Wolf of Wall Street type stuff,

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Speaker 1: isn't it?

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Speaker 2: Yes, it sure is.

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Speaker 3: The four were charged in Downing Center Local Court in

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Speaker 3: Sydney yesterday. There also charged with dealing with the proceeds

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Speaker 3: of crime in relation to the money allegedly obtained from

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Speaker 3: the scheme. They face a maximum of fifteen years jail

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Speaker 3: or up to one million dollars in fines now. Telegram

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Speaker 3: is an instant messaging service, and a telegram group is

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Speaker 3: a chat room where people communicate either in the open

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Speaker 3: or in secret. ACK allegers the four were the admin

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Speaker 3: group of the ASX Pump and Dump group telegram channel.

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Speaker 3: Back in twenty twenty one, ACIK warned the members that

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Speaker 3: they were engaging in illegal activity, and their regulator has

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Speaker 3: been chasing members of the telegram channel ever since. ACCK

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Speaker 3: claims hundreds of members were attempting to manipulate the share

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Speaker 3: prices of ASX list small caps, mostly resource companies. The

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Speaker 3: regulator alleges the share prices of these companies saw in

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Speaker 3: some cases almost one hundred percent before collapsing again.

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Speaker 1: So just kind of explain how this all works on

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Speaker 1: because it's a fascinating thing, isn't it.

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Speaker 3: Yeah, look the number it is that pump and dump

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Speaker 3: schemes manipulate the market, and they're illegal. Mostly they work

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Speaker 3: by brokers or groups artificially inflating the price of a

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Speaker 3: stock they own. They might put out misleading positive statements,

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Speaker 3: for example, or chat rooms might talk up a stock

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Speaker 3: on really limited information, creating a frenzy really about a company.

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Speaker 3: That's the pump part. When share prices rise, as they

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Speaker 3: did in this case, those same people sell booking a

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Speaker 3: tidy profit. That's the dump part. The poor investor who

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Speaker 3: listened to the misleading statements or group chats and acted

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Speaker 3: on them, they end up being the losers. As you said,

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Speaker 3: it was demonstrated in the movie Wolf of Wall Street.

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Speaker 1: Best.

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Speaker 3: It's been going on for as long as trading has

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Speaker 3: been happening. Though very very hard to catch. Private chat

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Speaker 3: rooms can make pump and dump schemes easier nowadays now.

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Speaker 3: ASSEK chair Joe Longo didn't mince his words yesterday. He

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Speaker 3: said pump and dump schemes are a form of financial fraud,

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Speaker 3: eroding investor wealth, threatening the integrity of our markets and

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Speaker 3: potentially the Australian economy more broadly.

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Speaker 1: All Right, taking a look at local markets, now, how

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Speaker 1: do they perform? Yesterday?

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Speaker 3: The SMPA six two hundred closed up half a percent

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Speaker 3: to seven nine hundred and seventy one points. The tech

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Speaker 3: stocks did best following a strong lead in from Wall Street,

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Speaker 3: while healthcare stocks, industrials and consumers discretionary companies also outperformed

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Speaker 3: worst on the day. Worthy energy companies now say sells

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Speaker 3: a strong performer yesterday. So to Commonwealth Bank, HP slide continues.

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Speaker 3: It's now worth two hundred and ten billion dollars. That's

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Speaker 3: actually thirteen billion dollars less than Commonwealth Bank. It was

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Speaker 3: a little more than a week ago it was the

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Speaker 3: biggest company on the burs so that changeover has occurred

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Speaker 3: very rapidly. In corporate news, Transurban said it will partner

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Speaker 3: with the Queensland government to widen the western section of

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Speaker 3: the state's Logan motorway. Burns treatment developer poly Novo outline

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Speaker 3: growing demand for the company's products in conflict zones and

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Speaker 3: developing countries. Revenue last financial year was up more than

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Speaker 3: fifty percent. Its share price jumped more than seven percent yesterday.

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Speaker 3: The best of the top two hundred also Wes Farmers

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Speaker 3: and JB hi Fi hit record highs. Finally, Linus Rare

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Speaker 3: Earth said the gyn quarter was marked by lower production

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Speaker 3: due to maintenance works and falling prices for its products.

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Speaker 1: And what about international markets? What's going on?

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Speaker 2: Well?

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Speaker 3: Wall Street closed high yesterday morning, with tech stocks leading

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Speaker 3: the way, and Vidia jumped nearly five percent. Tesla was

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Speaker 3: up even more. Michael on stock not doing so well?

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Speaker 3: Is CrowdStrike, the cybersecurity group responsible for last week's global

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Speaker 3: IT outage.

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Speaker 1: That's somewhat to be expected, isn't it?

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Speaker 3: Those shit Well, what's probably a bit of a surprise.

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Speaker 3: It's often twenty five percent since the botched update. I'm

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Speaker 3: kind of surprised it's only twenty five percent.

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Speaker 1: That's a fair point considering the billions of dollars of

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Speaker 1: damage that has been done around the world.

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Speaker 3: Yeah, yeah, Look, the market seems to have settled down

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Speaker 3: just a little bit after all the Shanani Kigan's going

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Speaker 3: on in US politics that supported the US dollar, pushing

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Speaker 3: the Australian dollar down to sixty six point three US

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Speaker 3: Since that's actually one month low. It's pretty much been

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Speaker 3: heading down for most of the last two weeks. Still

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Speaker 3: pressure on commodity prices. Gold fell back below twenty four

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Speaker 3: hundred US dollars and ounce over the past twenty four hours.

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Speaker 2: That's probably likely to continue.

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Speaker 1: I think that's the first time you've used the word

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Speaker 1: shenanigans on Fear and Greed, and I hope it's not

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Speaker 1: the last.

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Speaker 2: Yeah. Look, it's a word we should use more. Shenanigans.

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Speaker 1: Well, it sums up so much of what we talk about, really,

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Speaker 1: isn't it, particularly particularly when we're getting into US politics now,

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Speaker 1: shown very quick mention of the fact that today is Wednesday,

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Speaker 1: which means it is newsletter day. The Fear and Greed

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Speaker 1: newsletter is out every Wednesday morning. It comes out about

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Speaker 1: ten thirty eleven o'clock eleven thirty sometimes, and it is

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Speaker 1: choco block full of your views on a whole bunch

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Speaker 1: of stories. And I have a bit of an inkling

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Speaker 1: that you might be revealing your thoughts on the shenanigans

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Speaker 1: in US politics.

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Speaker 3: Ah, yes, definitely a bit on the shenanigans and US politics.

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Speaker 3: How can you miss it?

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Speaker 2: Yeah?

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Speaker 3: It's a yeah, plenty of interesting news and views on

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Speaker 3: this one, Michael, certainly US politics, but there's more than that.

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Speaker 1: You haven't started it yet.

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Speaker 2: Heavy No, no, no, that's the point.

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Speaker 1: Love. I love how you suddenly go really you go

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Speaker 1: really vague about the content, about what's kind of the stories,

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Speaker 1: and it's just all very kind of teasery, bit kind

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Speaker 1: of cryptic. I love it. Anyway. Head along to Fearangreed

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Speaker 1: dot com dot au and pop your email addressing and

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Speaker 1: you will get the Fear and Greed free weekly newsletter

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Speaker 1: that lands in your inbox mid morning. Head along with

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Speaker 1: the website. Sign up for that one, Sean, We'll be

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

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Speaker 1: business news, Sean. The Fair Work Commission will conduct a

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Speaker 1: fundamental review of part time employment rules to establish a

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Speaker 1: standard model in awards. It also wants to determine a

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Speaker 1: new working from home clause in the Clerks of War

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Speaker 1: that could be a model to operate across industries.

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Speaker 3: The review comes after a smaller inquiry initiated last year

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Speaker 3: by the Albanezi government couldn't find consensus among employers and unions.

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Speaker 3: According to report in the Australian Commission President Adam Hatcher

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Speaker 3: said the part Time Employment Review, to commence next year,

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Speaker 3: will examine daily and weekly minimum hours of work for

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Speaker 3: part time employment and the circumstances in which working hours

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Speaker 3: may be altered and additional hours may be worked.

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Speaker 2: Now, the government wants awards.

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Speaker 3: Made easier to use, but it does oppose changes that

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Speaker 3: could result in any reduction of entitlements for award covered employees.

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Speaker 3: After the smaller inquiry, the Commission said, in general terms,

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Speaker 3: employer organizations sought greater flexibility and the ability to unilaterally

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Speaker 3: alter hours of work, while unions focused on greater predictability

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Speaker 3: for employees and work control over part time hours of work.

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Speaker 3: I think the work from home aspect of this fundamental

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Speaker 3: review is going to be very interesting because it's something

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Speaker 3: that I think many many employers are with right now.

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Speaker 1: Yeah. Absolutely now. The country's biggest builders and developers say

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Speaker 1: the cfmeused group on the construction sector has sent costs

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Speaker 1: skyrocketing and damaged productivity, yet they're reluctant to speak out publicly,

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Speaker 1: fearing retaliation from the militant union.

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Speaker 3: One unidentified source in a story in the finn Review said,

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Speaker 3: and I quote, there's a lot I could say, but

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Speaker 3: to be honest, I'm still very wary of publicly making

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Speaker 3: any comments and could not risk our name being attached

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Speaker 3: to any comments for fear of retribution end quote. The

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Speaker 3: Finn report says the comment was echoed by the leaders

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Speaker 3: across construction and property development.

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Speaker 2: A bit scary.

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Speaker 3: I think the CFMEMEU scandal, which alleges BIKI gangs, bags

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Speaker 3: of cash, bullying, poor behavior by the union, et cetera,

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Speaker 3: has forced the Albanezy government into putting the CFMEU into

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Speaker 3: external administration. The Fair Work Onwardsman has also been asked

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Speaker 3: to review all CFMEU enterprise agreements connected to Victoria's one

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Speaker 3: hundred billion dollar Big Build infrastructure pipeline, also fed rule.

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Speaker 3: Infrastructure Minister Katherine King has directed her department to review

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Speaker 3: construction projects overseen by government business enterprises, including the new

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Speaker 3: Western Sydney Airport and the Inland Rail Sewan.

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Speaker 1: Woodside Energy share price fell four percent yesterday after it

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Speaker 1: said the cost of its massive Scarborough LNG project in

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Speaker 1: Western Australia will cost an extra five hundred million US dollars.

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Speaker 3: Yeah, that takes the cost of developing Scarborough to twelve

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Speaker 3: and a half billion US dollars, which isn't far off

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Speaker 3: twenty billion Aussie dollars massive project. Woodsides up for about

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Speaker 3: two thirds of that total amount. The first gas is

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Speaker 3: scheduled for twenty twenty six, and the cost increase was

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Speaker 3: blamed on scope maturation of the Pluto Train one project,

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Speaker 3: which will take gas from the offshore field and process

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Speaker 3: for export. Now, this is incredible project. It's three hundred

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Speaker 3: and seventy five kilometers off the Pilbroog coast of Western Australia.

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Speaker 2: It's two thirds complete. The gas will be.

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Speaker 3: Extracted and then piped four hundred and thirty kilometers to

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Speaker 3: an hon shore facility. When fully operational, it's expected to

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Speaker 3: produce around eight million tons of gas per annum. The

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Speaker 3: announcement yesterday came as a group said Dune quarter revenue

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Speaker 3: was up two percent, even though oil and gas production slipped.

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Speaker 3: Of course, on Monday, Woodside said it will buy US

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Speaker 3: L and G company Tulurian for one point two billion

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Speaker 3: US dollars. Plenty going on at that company.

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Speaker 1: Yeah, certainly isn't staying in the world of gas, which

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Speaker 1: is not really something I get to say that often.

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Speaker 1: The alban Ezy government has given the green light to

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Speaker 1: a new round of gas exploration.

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Speaker 3: Yes, the government now supports gas as a transition energy,

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Speaker 3: of course, and new gas offshore explanation permits cover both

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Speaker 3: the Otway and Sorrel basins. They're of Victoria and Tasmania. However,

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Speaker 3: in an effort to somewhat soften the environmental backlash which

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Speaker 3: has already occurred, the government has also finalized ten permits

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Speaker 3: to allow exploration of carbon capture and storage to trap

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Speaker 3: emissions from gas projects.

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Speaker 1: How about this one. In an effort to recover it's

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Speaker 1: I think you could say somewhat battered reputation, is allowing

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Speaker 1: customers to try its mobile network for one week for free.

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Speaker 1: For nothing.

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Speaker 2: Yeah.

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Speaker 3: During the trial, customers will have access to thirty gigabytes

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Speaker 3: of data, unlimited standard national calls and a thousand standard

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Speaker 3: national text messages over a seven day period. The company's

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Speaker 3: not requiring any payment details from customers. That's the part

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Speaker 3: I liked. The trial is available through the Myoptics app

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Speaker 3: and on any eSIM capable device. Most smartphones released in

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Speaker 3: the past couple of years are eSIM capable nowadays, Now,

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Speaker 3: according to a report in the Sidy Morning Herald, customers

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Speaker 3: can keep their current number and current provider and use

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Speaker 3: the app to switch between services. Optics, of course, lost

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Speaker 3: thousands of customers as a result of last year's outage,

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Speaker 3: which affected ten million people. The trial represents an open

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Speaker 3: challenge for customers to compare Optus.

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Speaker 2: To their current provider.

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Speaker 1: The Telko says, I reckon this is a really smart idea, sure,

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Speaker 1: And I think when I read this story yesterday, I

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Speaker 1: suddenly thought, because I'm with another provider alltogether, and really

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Speaker 1: I'm not that happy with the coverage that I get

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Speaker 1: within my house and when I'm trying to make calls

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Speaker 1: it's always a bit patchy. But you don't want to

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Speaker 1: go and shift to another provider without knowing that the

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Speaker 1: that the reception is going to be any better. Now

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Speaker 1: I can test it out for a week and actually

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Speaker 1: see whether ofptice is going to do it. So this

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Speaker 1: is kind of targeting the Thompson household. Sign me up.

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Speaker 3: It's targeting the Alma household too, because I mean, I

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Speaker 3: pay for one of the kids and it's quite expensive,

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Speaker 3: and I thought I might just just try this for

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Speaker 3: a week and see and if it's cheaper and as good,

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Speaker 3: I'll swap.

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Speaker 1: We might do a bit of a live trial.

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Speaker 2: Right here sh or maybe maybe maybe here we.

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Speaker 1: Go turning to international news now and Vice President Krmala

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Speaker 1: Harris is virtually assured of being the Democrats nominee in

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Speaker 1: the presidential poll, lining up against Donald Trump after picking

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Speaker 1: up more than enough pledged delegates in just forty eight hours.

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Speaker 3: Missus Harris has a tight strangle hold on the job,

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Speaker 3: and no one is coming out to oppose her. She's

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Speaker 3: already campaigning in battleground states and was due to a

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Speaker 3: peer in Wisconsin overnight. She's hinted at how she might

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Speaker 3: attack Donald Trump, referring to her past pursuing predators and

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Speaker 3: Fordster's when she was San Francisco District Attorney in California's

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Speaker 3: attorney general. The speculation now is about her running mate,

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Speaker 3: with a number of state governors considered attractive options. Miss

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Speaker 3: Harris's supporters say she will mobilize younger and more liberal voters,

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Speaker 3: consolidate black support, and bring sharp debating skills against mister Trump.

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Speaker 3: Others fear her race and gender will work against her.

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Speaker 1: Yeah, definitely stick around to have a listen to Bruce

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Speaker 1: Walpy's take on all of this. Straight after the show,

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Speaker 1: Tesla chief executive Elon Musk says the ev maker will

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Speaker 1: have humanoid robots ready for internal use next year, and

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Speaker 1: hopefully be producing them for other companies by twenty twenty six.

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Speaker 1: As soon as I say humanoid robots, do you think

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Speaker 1: of C three PO from stuff?

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Speaker 2: Yeah?

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Speaker 3: Totally Now that's exactly what I think of C three PO.

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Speaker 3: And I just I like this story because we can

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Speaker 3: say humanoid robots.

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Speaker 1: Yeah again, humanoid robots shenanigans as a day of first

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Speaker 1: it is it is.

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Speaker 3: Tesla's been working on the robot for several years as

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Speaker 3: part of its efforts to expand into robotics and artificial intelligence.

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Speaker 3: In a post on X, mister Musk said he believed

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Speaker 3: the humanoid robots will be and I quate genuinely useful,

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Speaker 3: which probably suggests everything previously haven't been genuinely useful anyway.

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Speaker 3: Tesler wants the robots to help produce its cars more efficiently,

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Speaker 3: complete difficult chores, and reduced labor shortages. Musk showed off

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Speaker 3: a prototype version in twenty twenty two of a humanoid

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Speaker 3: robot called Optimus. You might remember that one market took

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Speaker 3: a few steps wave to the crowd few basic dance

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Speaker 3: moves I think not overly impressive.

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Speaker 1: Kind of looked like you on a Saturday night, late

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Speaker 1: on a Saturday night, a few basic dance moves, a

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Speaker 1: bit of a wave to the crowd, then head off

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Speaker 1: home anyway, Sorry police, serious story this one to finish on.

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Speaker 1: Police are locking down large sections of Paris ahead of

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Speaker 1: the Olympic Games as rants, which is familiar of course,

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Speaker 1: with terrorist attacks wrestles with security in temporary venues.

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Speaker 3: So Paris is Europe's most densely populated capital. It's home

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Speaker 3: to people of many many cultures. One of the biggest

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Speaker 3: challenges is the opening ceremony on Friday night, that's Saturday

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Speaker 3: morning Australian time. About eighty boats are carrying athletes along

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Speaker 3: the send for about six kilometers, flanked by some three

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Speaker 3: hundred and twenty thousand spectators residential buildings on both sides.

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Speaker 3: There will be a central perimeter accessible only to pre

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Speaker 3: registered guests who will undergo body searches. According to report

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Speaker 3: in the Ft, bomb squads will comb the Sens bridges,

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Speaker 3: many of which will be closed those famous bridges. Military

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Speaker 3: units will occupy rooftops to combat possible drone strikes. France

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Speaker 3: is also braced for potential cyber attacks, including from Russian hackers,

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Speaker 3: which target forces, command infrastructure, or hospital systems. The security

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Speaker 3: challenge in Paris is enormous. It's going to cost about

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Speaker 3: three hundred and thirty five million euros. That's about five

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Speaker 3: hundred and.

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Speaker 2: Fifty million Aussie.

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Speaker 1: That is a huge sum.

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Speaker 2: It is. Can't wait for it though.

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Speaker 1: Oh it's going to be incredible. The Olympics are always

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Speaker 1: as such a spectacle, and it's the kind of thing

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Speaker 1: that that it doesn't matter what you watch, even if

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Speaker 1: you are the least engaged sporting fan. For the rest

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Speaker 1: of the other kind of three years and fifty weeks,

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Speaker 1: you are glued to the TV during the Elyitics.

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Speaker 2: Totally. I love it.

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Speaker 1: Now, did you like how long it took me to

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Speaker 1: figure out how.

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Speaker 3: Many three years and fifty two minus fifty fifty three

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Speaker 3: years fifty weeks?

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Speaker 1: Oh God, I was going so well, and then I

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Speaker 1: felt the very last story in the show today, Sean,

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Speaker 1: that is a shame up. Next is the Fear and

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Speaker 1: Greed Daily Interview. Bruce Walpy, Senior fellow at the United

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Speaker 1: States Studies Center, is your guest, joining us from the

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Speaker 1: us YEP.

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Speaker 3: All about what's going all the Shenannigans. We decided to

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Speaker 3: call it the Shenanigans going on in US politics, particularly

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Speaker 3: around the Democratic Party and Carmala Harris and her chances

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Speaker 3: against Donald Trump.

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Speaker 1: Yeah, Bruce of course has worked with the Barack Obama administration.

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Speaker 1: He knows this stuff just so well, so it is

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Speaker 1: worth a listen to what he has to say up

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Speaker 1: next in the Fear and Greed playlist on your podcast

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Speaker 1: platform or at Fearangreed dot com dot au, which is

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Speaker 1: also where you can sign up for the free weekly

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Speaker 1: newsletter which comes out mid morning.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Wednesday, the twenty fourth of July twenty twenty four.

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

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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