1 00:00:03,410 --> 00:00:07,220 Michael Thompson: It's Tuesday, the 28th of September 2021. Welcome to the 2 00:00:07,220 --> 00:00:09,520 Michael Thompson: Fear and Greed Business Headlines, where we give you the 3 00:00:09,520 --> 00:00:11,930 Michael Thompson: top five business stories you need to know in just 4 00:00:11,930 --> 00:00:15,100 Michael Thompson: five minutes. I'm Michael Thompson and good morning Sean Aylmer. 5 00:00:15,290 --> 00:00:16,099 Sean Aylmer: Morning Michael. 6 00:00:16,570 --> 00:00:19,270 Michael Thompson: Okay. Five minutes for the top five stories. Let's get 7 00:00:19,270 --> 00:00:22,150 Michael Thompson: into it. Number one, New South Wales residents got a 8 00:00:22,150 --> 00:00:26,410 Michael Thompson: timeline for the easing of restrictions yesterday from Premier Gladys Berejiklian. 9 00:00:26,650 --> 00:00:29,210 Michael Thompson: The premier said, "It had been a slog." Probably a 10 00:00:29,210 --> 00:00:32,450 Michael Thompson: bit of an understatement and called on vaccine hesitant people 11 00:00:32,450 --> 00:00:33,670 Michael Thompson: to get a jab. 12 00:00:34,060 --> 00:00:38,510 Sean Aylmer: Very exciting, Michael. Once vaccination targets are hit, restrictions will 13 00:00:38,510 --> 00:00:42,070 Sean Aylmer: ease the following Monday. So when 70% is hit, which 14 00:00:42,110 --> 00:00:45,970 Sean Aylmer: is expected within a fortnight, pubs, retail stores and gyms 15 00:00:46,020 --> 00:00:48,830 Sean Aylmer: will reopen. At 80%, and that's supposed to be hit 16 00:00:48,830 --> 00:00:51,680 Sean Aylmer: about the middle of next month, there'll be 10 visitors 17 00:00:51,680 --> 00:00:54,590 Sean Aylmer: allowed in people's homes. Community sports will be back on, 18 00:00:54,750 --> 00:00:57,880 Sean Aylmer: stand up drinking at pubs will be allowed, international travel 19 00:00:57,880 --> 00:01:02,140 Sean Aylmer: caps reconsidered, regional travel will be banned until that point. 20 00:01:02,480 --> 00:01:05,040 Sean Aylmer: And there'll be changes to a number of people allowed indoors 21 00:01:05,040 --> 00:01:08,040 Sean Aylmer: and at outdoor venues and in stadiums. At that point, 22 00:01:08,040 --> 00:01:10,870 Sean Aylmer: there'll be no caps on weddings or funeral crowds as well. 23 00:01:11,160 --> 00:01:14,330 Sean Aylmer: And finally, at 90%, early December, the two square meter 24 00:01:14,330 --> 00:01:18,010 Sean Aylmer: rule will kick in. Masks won't be necessary in offices 25 00:01:18,010 --> 00:01:21,450 Sean Aylmer: and nightclubs will be allowed to reopen. Only then, at 90% 26 00:01:22,130 --> 00:01:25,720 Sean Aylmer: will unvaccinated people start enjoying the freedoms that others will 27 00:01:25,720 --> 00:01:28,280 Sean Aylmer: enjoy before then. There was even good news yesterday on 28 00:01:28,280 --> 00:01:33,250 Sean Aylmer: the number of cases with 787 recorded lower than recent weeks. 29 00:01:33,540 --> 00:01:38,310 Sean Aylmer: In Victoria yesterday, there was 705 new cases reported. The Victorian 30 00:01:38,310 --> 00:01:42,140 Sean Aylmer: government is working hard to push vaccination rates higher offering 31 00:01:42,140 --> 00:01:45,590 Sean Aylmer: grants for up to $10,000 to doctors and $4,000 to 32 00:01:45,590 --> 00:01:49,570 Sean Aylmer: chemists to extend hours and increase vaccination volumes in some regions. 33 00:01:49,760 --> 00:01:53,550 Sean Aylmer: And finally, in the ACT, restrictions will ease slightly from Friday 34 00:01:53,780 --> 00:01:56,770 Sean Aylmer: with two people able to visit other homes and outdoor 35 00:01:56,770 --> 00:02:00,260 Sean Aylmer: recreation times extended. There were 19 new cases yesterday and 36 00:02:00,260 --> 00:02:02,810 Sean Aylmer: sadly the territory recorded its first death. 37 00:02:03,080 --> 00:02:05,390 Michael Thompson: All right. That's story number one. Now off the back 38 00:02:05,390 --> 00:02:07,800 Michael Thompson: of the good news out of New South Wales, how 39 00:02:07,800 --> 00:02:10,109 Michael Thompson: did markets perform over the past 24 hours? 40 00:02:10,350 --> 00:02:12,850 Sean Aylmer: Markets had a good day yesterday finishing up half a 41 00:02:12,850 --> 00:02:18,020 Sean Aylmer: per cent to close at 7,384 points. That's the S&P/ASX 200 of course. 42 00:02:18,100 --> 00:02:21,130 Sean Aylmer: The energy and financial stocks outperform while the healthcare and 43 00:02:21,130 --> 00:02:26,640 Sean Aylmer: technology stocks underperformed. Commonwealth Bank, which is hugely held by shareholders, 44 00:02:26,810 --> 00:02:29,690 Sean Aylmer: was a standout. It jumped almost 3%, whereas CSL and 45 00:02:31,660 --> 00:02:34,400 Sean Aylmer: Afterpay were both down nearly 2%. Good news for the 46 00:02:34,400 --> 00:02:36,710 Sean Aylmer: big miners is that iron ore prices looked to have 47 00:02:36,710 --> 00:02:40,500 Sean Aylmer: stabilised around 110 US Dollars a ton, and that helped them. 48 00:02:40,720 --> 00:02:43,940 Sean Aylmer: Fortescue Metals, which hit a 52 week low last Friday 49 00:02:44,260 --> 00:02:47,240 Sean Aylmer: ended yesterday up nearly 3% while Rio Tinto was up 50 00:02:47,240 --> 00:02:49,940 Sean Aylmer: more than a percent. Just as an interesting side note too, 51 00:02:50,200 --> 00:02:54,790 Sean Aylmer: US payments giant Square is buying Afterpay for $US39 billion. We found 52 00:02:54,790 --> 00:02:56,829 Sean Aylmer: that out a couple of months ago. As part of 53 00:02:56,830 --> 00:03:00,240 Sean Aylmer: that process, it's emerged that there was actually another potential bidder, 54 00:03:00,450 --> 00:03:01,810 Sean Aylmer: which triggered the Square bid. 55 00:03:02,169 --> 00:03:05,340 Michael Thompson: All right, that's story two. Onto number three, we love 56 00:03:05,340 --> 00:03:08,740 Michael Thompson: talking about takeovers here. Like this one, Sigma Healthcare has 57 00:03:08,740 --> 00:03:12,419 Michael Thompson: lobbed a bid for Australian pharmaceutical industries and it's topped 58 00:03:12,490 --> 00:03:14,380 Michael Thompson: the Wesfarmers bid made last month. 59 00:03:14,560 --> 00:03:19,300 Sean Aylmer: Sigma and API are the two big Pharmacy wholesale pharmaceutical groups in the country. 60 00:03:19,630 --> 00:03:22,110 Sean Aylmer: And a few years back API actually bid for Sigma, 61 00:03:22,270 --> 00:03:25,330 Sean Aylmer: which was knocked back. Then last week, the API board 62 00:03:25,330 --> 00:03:28,300 Sean Aylmer: agreed to an offer from Wesfarmers, but now Sigma has 63 00:03:28,300 --> 00:03:31,550 Sean Aylmer: come over the top and bid for API. Clearly there's 64 00:03:31,550 --> 00:03:33,889 Sean Aylmer: more synergies in a bid by Sigma to join up 65 00:03:33,889 --> 00:03:37,000 Sean Aylmer: with API, but there's also more competition issues. It's a 66 00:03:37,000 --> 00:03:40,270 Sean Aylmer: really tough sector this one. The chemist wholesalers like Sigma 67 00:03:40,270 --> 00:03:43,990 Sean Aylmer: and API sign up to a universal service obligation to 68 00:03:43,990 --> 00:03:47,660 Sean Aylmer: deliver drugs to chemists anywhere within the country within a 69 00:03:47,660 --> 00:03:51,050 Sean Aylmer: defined time period. And that's really hard, particularly in the COVID world. 70 00:03:51,430 --> 00:03:54,640 Sean Aylmer: They're also up against the big drug manufacturers who are 71 00:03:54,650 --> 00:03:58,820 Sean Aylmer: increasingly going direct to customers and pharmacies undercutting the wholesalers. 72 00:03:59,220 --> 00:04:02,470 Sean Aylmer: Both API and Sigma share price ended higher yesterday. And 73 00:04:02,470 --> 00:04:04,730 Sean Aylmer: at this point, unless Wesfarmers comes in over the top, 74 00:04:04,910 --> 00:04:06,720 Sean Aylmer: Sigma is likely to get API. 75 00:04:07,170 --> 00:04:11,040 Michael Thompson: Onto story number four now, cryptocurrencies. We love talking about 76 00:04:11,040 --> 00:04:14,350 Michael Thompson: them. It's a pretty critical time for digital currencies though, 77 00:04:14,350 --> 00:04:17,160 Michael Thompson: at the moment. Central banks aren't exactly supporting them. 78 00:04:17,380 --> 00:04:20,469 Sean Aylmer: That's right. Two of the world's largest Bitcoin exchanges have 79 00:04:20,470 --> 00:04:24,489 Sean Aylmer: stopped taking new registrations for Chinese users to comply with 80 00:04:24,490 --> 00:04:28,160 Sean Aylmer: Beijing's latest cryptocurrency ban. Late last week, the central bank 81 00:04:28,160 --> 00:04:32,539 Sean Aylmer: of China said all crypto related transactions are considered illicit 82 00:04:32,640 --> 00:04:37,450 Sean Aylmer: financial activity. Given about 40% of cryptocurrency trading comes out 83 00:04:37,450 --> 00:04:41,039 Sean Aylmer: of China, that's bad news. Bitcoin though is still trading 84 00:04:41,040 --> 00:04:45,130 Sean Aylmer: around $US44,000 US dollars a unit. Central banks generally, including the 85 00:04:45,130 --> 00:04:48,089 Sean Aylmer: Reserve Bank of Australia and US Federal Reserve have been 86 00:04:48,160 --> 00:04:51,750 Sean Aylmer: lukewarm at best on digital currencies. There is a market 87 00:04:51,750 --> 00:04:54,030 Sean Aylmer: for them. People want to buy them and want to sell them, 88 00:04:54,230 --> 00:04:57,560 Sean Aylmer: but it's hard to see them ever becoming mainstream unless 89 00:04:57,560 --> 00:05:01,710 Sean Aylmer: major economy central banks recognise them. What China did late 90 00:05:01,710 --> 00:05:03,680 Sean Aylmer: last week just sets them back further. 91 00:05:03,920 --> 00:05:07,660 Michael Thompson: All right, last one. Qantas has given the cold shoulder 92 00:05:07,660 --> 00:05:09,240 Michael Thompson: to Western Australia. What's happened? 93 00:05:09,710 --> 00:05:13,440 Sean Aylmer: Well, CEO Alan Joyce announced that the flying kangaroo will 94 00:05:13,440 --> 00:05:18,250 Sean Aylmer: ground its non-stop Perth London service until next April, but 95 00:05:18,250 --> 00:05:21,839 Sean Aylmer: will operate a Darwin to London non-stop service when borders 96 00:05:21,839 --> 00:05:24,660 Sean Aylmer: reopen hopefully at the end of the year. And flights 97 00:05:24,660 --> 00:05:27,150 Sean Aylmer: from Western Australia to New South Wales and Victoria will 98 00:05:27,150 --> 00:05:30,750 Sean Aylmer: also be delayed for two months. Mr. Joyce held talks 99 00:05:30,750 --> 00:05:33,640 Sean Aylmer: with the Western Australian government and the premier Mark McGowan. 100 00:05:34,290 --> 00:05:37,420 Sean Aylmer: And it just sounds like he's frustrated. He's almost had enough. 101 00:05:37,710 --> 00:05:39,950 Michael Thompson: There we go. The top five business stories in five 102 00:05:39,950 --> 00:05:41,150 Michael Thompson: minutes. Thank you very much, Sean. 103 00:05:41,290 --> 00:05:41,919 Sean Aylmer: Thank you, Michael. 104 00:05:42,390 --> 00:05:45,660 Michael Thompson: It's Tuesday, the 28th of September 2021. Now if five 105 00:05:45,660 --> 00:05:48,370 Michael Thompson: minutes isn't enough, then you can find our longer podcast 106 00:05:48,370 --> 00:05:51,310 Michael Thompson: called Fear and Greed on your podcast platform. And of course, 107 00:05:51,380 --> 00:05:54,300 Michael Thompson: join us online at Twitter, LinkedIn, Facebook and you can 108 00:05:54,300 --> 00:05:58,260 Michael Thompson: find more info at fearandgreed.com.au. I'm Michael Thompson and that 109 00:05:58,260 --> 00:06:00,770 Michael Thompson: was the Fear and Greed business headlines. Have a great day.