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Speaker 1: Anglo American rejects a seventy four billion dollar bid from BHP,

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Speaker 1: but leaves the door Ajar for more talks. Prime Minister

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Speaker 1: Anthony Abernezi launches a new national battery strategy and a

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Speaker 1: Senate inquiry. As told, banks could charge three hundred and

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Speaker 1: seventy million dollars more in fees if forced to keep

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Speaker 1: branches open in the bush. Welcome to Fear and Greed.

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Speaker 1: Daily business news for people who make their own decisions.

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Speaker 1: It is Friday, the twenty fourth of May twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: After the show, you have an interview coming up with

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Speaker 1: one of our favorite economists, Carlos Kutcho, chief economist at

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Speaker 1: Jardin Australia.

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Speaker 3: Yes, we're talking about immigration. Carlos is very across the

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Speaker 3: immigration debate here. It's become a political debate between the

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Speaker 3: two parties, but it's also a very very big economic debate,

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Speaker 3: and we talk about whether immigration is good or bad,

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Speaker 3: what it means for growth, but what it means for

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Speaker 3: housing short term, long term. It is a fantastic chat.

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Speaker 3: So if you're interested, not just in economics, not just

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Speaker 3: in immigration, but even social policy. This is well worth

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Speaker 3: a listen.

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Speaker 1: Yeah, absolutely couldn't agree more. It's coming up after the show.

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Speaker 1: Stick around for that one. The main story this morning,

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Speaker 1: though Sean is a big one. Anglo American has rejected

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Speaker 1: a seventy three point nine billion dollar offer from BHP,

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Speaker 1: but has left the door open for further talks, granting

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Speaker 1: the Big Australian a one week extension to come up

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Speaker 1: with an improved bid.

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Speaker 3: And that would be a fourth bid. Anglo American told

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Speaker 3: the London Stock Exchange early yesterday morning Australian time that

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Speaker 3: BHP had this week made a third, non binding and

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Speaker 3: conditional takeover bid that was nine percent more generous than

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Speaker 3: the second bid last week, but it was based on

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Speaker 3: the same structure that the Anglo Board had previously rejected,

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Speaker 3: including selling off some South African based assets. British laws

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Speaker 3: forced BHP to make a firm offer or abandon its bid,

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Speaker 3: but Anglo has asked for a one week extension. Anglo's

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Speaker 3: largest shareholder, the South African state owned Public Investment Corporation

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Speaker 3: a PIE, is to support the Anglo Board at this point,

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Speaker 3: but it will come down to price BHP is obviously

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Speaker 3: very keen and the Anglo board is squeezing as much

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Speaker 3: as it can as it should.

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Speaker 1: So how's this going to play out? Sean? What's actually

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Speaker 1: going to happen here? Will BHP get Anglo? Do you think? Well?

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Speaker 3: BHP has until May twenty nine to lob a binding

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Speaker 3: offer after what happened over the past forty eight hours. Basically,

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Speaker 3: he has seven days to convince Anglo to accept the deal,

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Speaker 3: and you know, sort of argue it is arguing the

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Speaker 3: case is not particularly onerous, it's not particularly complex. Anglo

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Speaker 3: has said otherwise. BHP reckons it has made progress, just

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Speaker 3: not enough progress, and management says it won't bid any higher.

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Speaker 3: The key issue is a devestment of controlling stakes in

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Speaker 3: two Johannesburg listed mining companies, Cumba Iron Ore and Anglo

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Speaker 3: American Platinum. Basically, I think BHP is worried about the

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Speaker 3: sovereign risk about having assets in that country. The deadline

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Speaker 3: extension is definitely positive for BHP. It now has a kniwa.

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Speaker 3: It hasn't quite caught the fish though, and I think

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Speaker 3: that's where we're up to. BHP share price closed down

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Speaker 3: about two and a half percent yesterday.

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Speaker 1: There's a joke here to be made about Anglo fish, Michael.

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Speaker 1: I know, and the problem is that I've I've put

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Speaker 1: this out there now and it's just and it's a

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Speaker 1: half formed thought. I kind of wish I could retract

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Speaker 1: it anyway. I'm sure I'll come on leave good Sean.

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Speaker 1: How did local markets perform yesterday?

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Speaker 3: The S and PAX two hundred closed down almost half

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Speaker 3: a percent to seven eight hundred and twelve points. Tech

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Speaker 3: stocks did well, while the big miners went backwards. BHP

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Speaker 3: led the way down, Rio tinto forty, QW, middles and

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Speaker 3: West Farmers were all sharply lower. National Australian Bank was

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Speaker 3: the worst of the banks. On the positive side of

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Speaker 3: the market, Sea Sell did well, jumping one point four percent,

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Speaker 3: as did Transurban. Telstra was up one point one percent.

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Speaker 3: In corporate news, Michael Newfarm dropped seven percent after a

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Speaker 3: slump in profits and revenue in the face of and

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Speaker 3: I quote challenging conditions in its latest half year report

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Speaker 3: and zero horded surging revenue for the twelve months in

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Speaker 3: the end of March, sending its share price up nearly

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Speaker 3: nine percent yesterday, the best on the day.

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Speaker 1: All Right, taking a look overseas now thanks to blue

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Speaker 1: Chip Communication, the experts helping financial services companies market, communicate

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Speaker 1: and grow. Visit blue Chip Communication, dot com dot au.

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Speaker 1: What's happening in international markets? Minutes of the Federal Reserve

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Speaker 1: Interest Rate Setting Committee show that some members are prepared

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Speaker 1: to raise interest rates if inflation becomes more aggressive. The

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Speaker 1: prospect of a rate cut has improved on the back

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Speaker 1: of weaker inflation data, but those minutes show that the

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Speaker 1: Fed isn't scared to lift rates if it has to.

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Speaker 1: That's one of the main reasons markets were down yesterday.

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Speaker 3: Otherwise, gold and oil were both a bit lower the

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Speaker 3: Ausie dollars buying just over sixty six uers cents.

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Speaker 1: All right, we'll be back in a moment with the

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Speaker 1: rest of the day's business news. Sean Prime Minister Anthony

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Speaker 1: Abnezi has launched a national Battery strategy to help fund

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Speaker 1: a lot locally made batteries industry to support a renewable

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Speaker 1: energy grid.

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Speaker 3: The Prime Minister says Australian firms have competitive advantages in cleaner, safer,

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Speaker 3: more cyber secure batteries adapted to local conditions. In last

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Speaker 3: week's budget five hundred and twenty three million dollars was

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Speaker 3: allotted to the initiative. The goal is that by twenty

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Speaker 3: thirty five, Australia will be a globally competitive producer of

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Speaker 3: batteries with a focus on grid level utility products and

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Speaker 3: those powering businesses and households. Under the strategy, there are

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Speaker 3: five key priorities. Boosting local manufacturing, being one another's building

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Speaker 3: knowledge and skills. They're securing a plan in global battery

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Speaker 3: supply chains, also leading the world on sustainability standards and

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Speaker 3: the circular economy, and finally bringing all levels of government

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Speaker 3: together to collaborate. Can't complains not ambitious And the other.

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Speaker 1: Big news in the energy sector SEAWAN. The new South

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Speaker 1: Wales government will extend the life of Origin Energies Arahring

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Speaker 1: coal fired power station for at least two more years

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Speaker 1: until August twenty twenty seven. This is at a cost

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Speaker 1: of up to two hundred and twenty five million dollars

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Speaker 1: a year year after warnings the shift to renewable energy

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Speaker 1: has fallen off track.

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Speaker 2: Yes.

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Speaker 3: Under the deal, Origin will seek to generate a minimum

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Speaker 3: of six terrawa hours a year, that's about three percent

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Speaker 3: of total generation in the Eastern state's national electricity market

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Speaker 3: from the giant plan on the shores of New South

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Speaker 3: Wales Lake the Quarry. According to media reports, Origin will

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Speaker 3: pay a fifth of any operating profits up to a

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Speaker 3: maximum of forty million dollars a year. Should the plant

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Speaker 3: operate at a profit during the expansion period, that money,

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Speaker 3: of course goes to the government, but if araing is

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Speaker 3: run under loss, Ogin can call on the state to

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Speaker 3: subsidize the plants operating in capital costs.

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Speaker 1: Now Sean I mentioned this next one at the top

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Speaker 1: of the show. This is quite incredible. Australia's five biggest

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Speaker 1: banks would charge customers and extra three hundred and seventy

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Speaker 1: million dollars in fees and interest rate increases if the

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Speaker 1: government were to enforce a higher levy on them to

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Speaker 1: keep rural banks funded and open. According to new estimates.

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Speaker 3: Yeah, so the costings come ahead of a Senate probe

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Speaker 3: into the impact of branch closures on regional communities. Senator

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Speaker 3: Matt Canavan, the Deputy Leader of the Nationals in the

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Speaker 3: Upper House, asked the Parliamentary Budget Office to do some

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Speaker 3: work add ten percent to the current bank levy to

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Speaker 3: fund community banks. According to Financial Review, the Office said

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Speaker 3: it would raise about four hundred and ninety six million

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Speaker 3: dollars between twenty twenty four and twenty twenty seven. The

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Speaker 3: Parliamentary Budget Office then said that consumers would end up

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Speaker 3: getting stuck with about seventy five percent of that four

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Speaker 3: ninety six million dollars. The banks would carry the rest

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Speaker 3: that came down to the three hundred and seventy million dollars.

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Speaker 3: Common Wealth Bank, Westpac National Australia, of course have deals

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Speaker 3: with the Australia Post to provide banking services through post offices.

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Speaker 3: That's their way of making sure they've still got services

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Speaker 3: in the bush and Z hasn't done that. Ain Z

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Speaker 3: reckons that it's too expensive to do that, but it's

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Speaker 3: just interesting that if the banks are to do it,

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Speaker 3: then an independent voice here is saying customers could end

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Speaker 3: up having to pay the three hundred and seventy million

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Speaker 3: dollars over three years.

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Speaker 1: Sean. The two cases of bird flu in Victoria, one

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Speaker 1: in a child, triggered fears that the virus could spread locally,

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Speaker 1: disrupting the royal economy.

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Speaker 3: Australia is the only continent whose animals haven't been affected

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Speaker 3: by the bird flu outbreak yet. This week Australia reported

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Speaker 3: its first human H five N one bird flu case

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Speaker 3: in a child infected after a trip to India. The

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Speaker 3: child made a full recovery, thankfully. A separate HATE seven

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Speaker 3: bird flu strain was also detected at an egg farm

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Speaker 3: near Melbourne.

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Speaker 1: Now.

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Speaker 3: Victoria's Chief Health Officer, Claire Loooker said contact tracing had

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Speaker 3: not uncovered any other transmissions. Meanwhile, in the state of

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Speaker 3: Michigan in the US, bird flu has been spreading widely

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Speaker 3: in cattle herds, while a dairy worker has also contracted

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Speaker 3: the virus. There's now been eight human cases worldwide this year.

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Speaker 3: Disease control regulators are obviously calling on people with regular

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Speaker 3: expansion and animals to take precautions. Given what we've been

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Speaker 3: through in the last four or five years, this is

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Speaker 3: a worrying development.

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Speaker 1: The Communications Regulator is issuing Optus for allegedly not protecting

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Speaker 1: customers confidential information ahead of the September twenty twenty two

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Speaker 1: cyber attack.

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Speaker 3: The Australian Communications and Media Authority file proceedings in the

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Speaker 3: Federal Court claiming Optors failed to protect the confidentiality of

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Speaker 3: personally identifiable information of its customers from unauthorized interference or access.

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Speaker 3: It is the latest legal battle for OPTS, which is

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Speaker 3: fighting to stop a report commissioned from Deloitte into the

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Speaker 3: twenty twenty two attack from being released publicly. A class

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Speaker 3: action brought by Slater and Gordon is asking for that report,

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Speaker 3: but OPTS isn't doing that thus far.

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Speaker 1: NewsCorp will allow artificial intelligence company OpenAI to show news

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Speaker 1: content from more than a dozen of its publications when

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Speaker 1: people ask questions in chat GPT. This is a big development.

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Speaker 3: Yeah, so the deal could be worth more than a

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Speaker 3: two hundred and fifty million US dollars over five years.

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Speaker 3: According to The Wall Street Journal, the rise of AI

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Speaker 3: chatbox has pretty much shaken the news industry as much

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Speaker 3: as the Internet did. Chatbots such as chat GPT and

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Speaker 3: Google's Gemini were trained on text scraped from the web,

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Speaker 3: including news articles, of course, no payment, no permission. In

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Speaker 3: those the tools also answer people's questions directly, increasing concerns

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Speaker 3: that people will simply get their information from the big

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Speaker 3: tech chatbots instead of paying journalists to report and write

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Speaker 3: the news. According to The Washington Post, some organizations, including

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Speaker 3: The New York Times and the Chicago Tribune have sued

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Speaker 3: open Ai for scraping their articles. Other publishers, including Politico,

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Speaker 3: Pair and Company, Axles Springer, The Associated Press and The

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Speaker 3: Financial Times have signed deals with open AI. That's what

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Speaker 3: news is doing. It's kind of one of the big

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Speaker 3: debates in the journalism world right now.

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Speaker 1: Wow, and finally shown before we get to international news. Well,

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Speaker 1: this one kind of straddles both, really, doesn't it. Shareholders

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Speaker 1: in Virgin Money, Britain's sixth largest bank that's actually listed

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Speaker 1: here on the ASX as well, have voted for a

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Speaker 1: five point five billion dollar takeover offer and the group

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Speaker 1: is going to leave the Local Exchange.

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Speaker 3: Building Society Nationwide will buy Virgin Money, which is listed

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Speaker 3: here and in London. About half the shareholders Australian based. Now, Michael,

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Speaker 3: I know you're asking why, but why would a British

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Speaker 3: bank be listed in Australia. Excellent question, That was exactly

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Speaker 3: I was asking it with my eyes, Sean, not with

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Speaker 3: my man you were That's right. So Virgin Money was

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Speaker 3: created by the merger of Virgin UK based and Clydesdale

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Speaker 3: and Yorkshire Banking Group. Obviously UK based that happened in

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Speaker 3: twenty eighteen, but Clydesdale in Yorkshire was owned by a

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Speaker 3: National Australia Bank and it was spun out in twenty

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Speaker 3: sixteen when NAB exited Britain, so NAB shareholders all got

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Speaker 3: stock in Clydesdale and Yorkshire, hence it's listed here.

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Speaker 1: I love the fact that you're now asking yourself questions

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Speaker 1: during the during the marade that you won't It feels

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Speaker 1: as though you were trying to replace me, not with

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Speaker 1: someone else, but just with yourself. Well look, if I

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Speaker 1: could just ask myself the questions, goodness me, that would

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Speaker 1: be a great show.

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Speaker 3: I have never seen a moderator like you, Michael. So

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Speaker 3: over the last couple of days you and I've been

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Speaker 3: attending the Umbrella three sixty conferences. Been a fantastic time.

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Speaker 3: And one of the sessions that you were moderating, you

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Speaker 3: actually asked four questions in one. Then you pulled yourself

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Speaker 3: up a site. I think I've just asked four questions

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Speaker 3: in one and then the respondent it was about data,

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Speaker 3: and the respondent said, look, I think I can remember

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Speaker 3: the questions, and you were actually I can't remember the questions.

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Speaker 2: It was a very funny moment.

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Speaker 1: It was very much just a it was a stream

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Speaker 1: of consciousness kind of question anyway, and so.

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Speaker 2: I'm asking some of the questions on this show.

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Speaker 1: Now that's right, you have relieved me of my duties.

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Speaker 1: I've got a couple more questions to ask you, Sean.

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Speaker 1: In international news, this is a big one. The Brits

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Speaker 1: are going to the polls on July fourth, after Prime

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Speaker 1: Minister Rishi Sunac announced a surprise election, though his chances

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Speaker 1: of winning look a little slim, wouldn't you.

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Speaker 3: Say, Yeah, he's about twenty five to one at the moment,

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Speaker 3: which isn't good in the two horse race.

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Speaker 1: No, it's not great.

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Speaker 3: Mister Sunac hopes the six week campaign can bridge the

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Speaker 3: twenty percentage point gap in opinion polls that is massive.

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Speaker 3: He caught the election outside ten Downing Street, as his

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Speaker 3: tradition in the pouring rain, as I think is appropriate

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Speaker 3: in this instance. Many Tory MPs are not happy with

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Speaker 3: the announcement, suggesting the Prime Minister should wait until the

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Speaker 3: economy is looking better. Division within the Conservatives, of course,

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Speaker 3: is not particularly unusual, not over the last few years.

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Speaker 2: Anyway.

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Speaker 3: His opponent is Labour's Key Starmer. Now, I'm sure we're

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Speaker 3: going to hear lots about Keys Starmer, not just in

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Speaker 3: the next six weeks, but potentially the next few years

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Speaker 3: because he is hot, hot, favorite to win. The last

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Speaker 3: election was in December twenty nineteen when Boris Johnson was elected.

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Speaker 3: He was forced out too many COVID parties I think,

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Speaker 3: and replaced by Liz Trust. Mistrust lasted forty nine days,

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Speaker 3: although that did include a disastrous economic recovery plan. She

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Speaker 3: also holds the honor of being the shortest serving British

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Speaker 3: Prime minister. Mister Schnak took over in October twenty twenty two.

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Speaker 3: Goes to the polls on July for this.

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Speaker 1: Next one is absolutely remarkable, Sean, and I'm going to

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Speaker 1: reserve it now for the weekend edition tomorrow.

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Speaker 2: Okay.

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Speaker 1: Record sales of artificial intelligence chips Nvidia's revenue soaring two

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Speaker 1: hundred and sixty two percent in the past quarter. That's

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Speaker 1: ahead of already lofty expectations.

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Speaker 2: And get this.

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Speaker 1: The group expects growth to continue with the launch of

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Speaker 1: a new line of chips.

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Speaker 3: CEO Jensen Huang said the company would see a lot

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Speaker 3: of revenue from its new black rolled chips this year

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Speaker 3: as it profits from exploding demand for the computing power

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Speaker 3: behind generative AI. According to report in the Financial Times.

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Speaker 3: Demand for Nvidia's AI data center graphics processing units has

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Speaker 3: surged over the past year as a big tech company's

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Speaker 3: rush to develop the computing infrastructure needed to deliver AI

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Speaker 3: products at scale. For the March quarter, Nvidia was making

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Speaker 3: about twenty nine million US dollars a day in revenue,

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Speaker 3: quite incredible. It shares up around ninety percent this year,

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Speaker 3: jumped six percent in after hours training yesterday, pushed through

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Speaker 3: one thousand US dollars a share for the first time.

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Speaker 3: The company also announced a ten for one stock split

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Speaker 3: and finally shown.

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Speaker 1: Spain, Ireland, and Norway have committed to recognizing Palestinian statehood

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Speaker 1: next week, sparking a severe reprimand from Israeli Prime Minister

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Speaker 1: Benjamin at Niahu.

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Speaker 3: Mister nat Yahoo released a video calling the intention to

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Speaker 3: recognize a Palestinian state a reward for terrorism. They're in

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Speaker 3: our twenty seven EU members that recognize Palestinian statehood, though

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Speaker 3: significantly France does not. It is significant because Arab and

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Speaker 3: Palestinian officials said recognition of a Palestinian state is crucial

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Speaker 3: to a long term solution in the region. Australia, along

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Speaker 3: with the US, Canada, Japan, South Korea, a bunch of

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Speaker 3: others do not recognize Palestinian statehood. It comes as nations

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Speaker 3: are split over removed by the Chief Prosecutor at the

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Speaker 3: International Criminal Court to seek arrest warrants for the leaders

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Speaker 3: of Israel and Tomas.

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Speaker 1: All right. Up next is the Fear and Grey Daily Interview.

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Speaker 1: You're speaking today with Carlos Kucco, chief economist at Jardin Australia.

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Speaker 3: All about immigration, what it means for the economy, whether

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Speaker 3: it can fix the housing crisis, things like that.

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Speaker 2: Very very fascinating chat.

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Speaker 1: Yeah, sure, as it is up next to the Fear

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Speaker 1: and Greed playlist on your podcast platform or at Fearangreed

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Speaker 1: dot com today you which is also where you should

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Speaker 1: sign up for the Fear and Greed newsletter comes out

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Speaker 1: next Wednesday, So do it today then you don't have

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Speaker 1: to worry about it again. And next Wednesday morning you

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Speaker 1: will get an email Leiden with Sean's innermost thoughts on

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Speaker 1: all of the business news topic, which actually sounds quite enticing,

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Speaker 1: don't you think, Sean.

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Speaker 3: No, well, no not really, but I mean I live

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Speaker 3: with my thoughts, so I'm a bit sick of them.

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Speaker 1: It frightens you that we've actually agreed to put out

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Speaker 1: an email containing this. Yes, just a wee bit, all right,

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Speaker 1: thank you very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Friday, the twenty fourth of May 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, fur,