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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: BHP treads is a very fine line between selling iron

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Speaker 1: ore to Beijing and working with the Trump White House.

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Speaker 1: The Reserve Bank pours cold water on hopes for a

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Speaker 1: battery metals mining boom, and Aldi takes big strides in

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Speaker 1: its battle against Woolworths and Coals. Plus the Super Retail

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Speaker 1: Board feels the wrath of shareholders and wild weather in

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Speaker 1: New Zealand. It is Friday, the twenty fourth of October

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Speaker 1: twenty twenty five. I'm Michael Thompson and good morning, Sean Aylman.

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Speaker 2: Good morning, Michael.

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Speaker 1: Plenty to get through today, Sean. The main story this morning.

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Speaker 1: BHP chairman Ross McEwan says the miner has a pretty

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Speaker 1: good that's a quote, pretty good relationship with China and

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Speaker 1: his downplayed concerns that Australia's rare earth deal with the

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Speaker 1: US will hurt the big Australian's iron ore exports.

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Speaker 2: But the HP is weary of Beijing, given they are

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Speaker 2: apparently in the middle of a commercial dispute around iron

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Speaker 2: ore prizing. For example, asked at BHP's annual general meeting

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Speaker 2: yesterday whether he's open to a tie up with Rio

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Speaker 2: tinto thech enemy When dealing with China, McEwan said the

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Speaker 2: company's open to all such opportunities, though he did say

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Speaker 2: there are no talks going on at the moment. McEwan,

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Speaker 2: the former National Australia Bank CEO who took the top

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Speaker 2: job at BHP earlier this year, was hosting his first

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Speaker 2: AGM for that company. He said the minor is open

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Speaker 2: to opportunities to counter China's determination to drive down prices

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Speaker 2: and dictate terms of transactions. Chief Executive Mike Henry said

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Speaker 2: he didn't expect any fallout from Australia and the US

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Speaker 2: strengthening ties and critical minerals. Then he went on to

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Speaker 2: concede that the world's biggest minus relationship with China had

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Speaker 2: been a bit of a rocky road. McEwan added that

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Speaker 2: Australia as a nation must walk the path between the

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Speaker 2: US and China, or, as he put it, you've got

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Speaker 2: two very very powerful nations just flexing their muscles. It's

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Speaker 2: not the first time this has happened, and you're seeing

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Speaker 2: that happening at the moment.

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Speaker 1: It leaves Australia in a really interesting position, doesn't it.

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Speaker 1: And BHP is the world's biggest minor, Australia's second largest company,

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Speaker 1: sells about was eighty five percent of its are worth

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Speaker 1: ten to billions of dollars to China. Yeah, BHP is

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Speaker 1: also trying to work with the US administration, particularly around

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Speaker 1: copper A very very fine line, right.

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Speaker 2: Yeah, it sure is. At the annual general meeting yesterday,

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Speaker 2: that was sort of the undertone of the meeting continually.

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Speaker 2: Like Mike Henry, reflecting on his recent visit to meet

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Speaker 2: Donald Trump in the Oval Office, said he was impressed

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Speaker 2: by just how fierce the focus is in the US

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Speaker 2: on growing metals production on American soil. Now BHP is

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Speaker 2: weighing up with a restart defunct copper mines in the

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Speaker 2: US at the moment as part of that. Henry said

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Speaker 2: that amid all this, Australia does need to competitive for investment.

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Speaker 2: And I think that's it's really easy to lose what

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Speaker 2: Australia needs to be doing when you're looking at what's

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Speaker 2: going on in China and the US, and he said,

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Speaker 2: Henry said, it's really important that we get things right,

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Speaker 2: like lowering energy prices would be a very good start.

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Speaker 2: BHP share price closed lower yesterday it's flat. Over the

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Speaker 2: past year that was down a fair bit, and since

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Speaker 2: April it's actually up about thirty percent. So if you

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Speaker 2: could time you run and BHP you've done pretty well.

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Speaker 2: But over the year or so it's about flat. Now.

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Speaker 1: I mentioned this before shown The Reserve Bank has poured

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Speaker 1: cold water on hopes of a mining boom on the

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Speaker 1: back of surging demand for battery minerals like rare earths

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Speaker 1: and copper, saying the outlook for the sector remains uncertain.

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Speaker 1: That's not what we want to hear.

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Speaker 2: No, I mean we're all hoping for a big battery

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Speaker 2: metals boom take over from coals in terms of export income. Ah,

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Speaker 2: we probably need to calm down on that one.

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Speaker 1: A miserable bunch, aren't they are they are?

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Speaker 2: In a research paper published yesterday, the Reserve Bank says

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Speaker 2: the outlook for critical minerals will depend on the speed

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Speaker 2: of the rollout of renewable energy, the take up of

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Speaker 2: evs and other technologies, and the competitiveness of domestic production.

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Speaker 2: The Central Bank says there won't be any great mining

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Speaker 2: boom any point soon, at least not in critical minerals,

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Speaker 2: with production likely to remain subdued. While Australia is the

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Speaker 2: largest producer of lithium in the world and one of

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Speaker 2: the top five producers and exporters of cobalt and rare earths,

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Speaker 2: critical mineral exports are still dwarfed by iron or coal

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Speaker 2: and gas, so don't expect critical minerals to replace any

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Speaker 2: of them anytime soon.

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Speaker 1: It is funny you do forget the scale here, don't

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Speaker 1: you that there's been so much excitement, particularly in the

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Speaker 1: last week, talking about rare earths, talking about critical minerals

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Speaker 1: because of everything that's been happening with the US. But really,

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Speaker 1: big picture, it is still iron ore, iron ore, iron ore.

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Speaker 2: Yeah, I mean, it's about one hundred billion dollars worth

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Speaker 2: of iron ore experts exports a year. That's what it's about. Yeah.

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Speaker 1: Indeed, now let's talk groceries. Yes, surely it's discount supermarket.

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Speaker 1: ALDI is closing the gap on the big supermarkets, with

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Speaker 1: annual sales hitting thirteen point three billion dollars last year.

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Speaker 1: It's about one third the size of Col's revenue, which

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Speaker 1: is pretty remarkable considering the relative number of stores there

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Speaker 1: are as well. Now we have discussed this. You've never

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Speaker 1: used Aldi, have you yes, you have frequently shop at Aldi.

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Speaker 1: You know what, you know what sean Recently, Aldi have

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Speaker 1: partnered with I think it's dow Dash or one of

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Speaker 1: those ones to finally offer home delivery. And so you

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Speaker 1: can just say, okay, these are some strategic moves by

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Speaker 1: Aldi because they've never done online shopping or delivery, and

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Speaker 1: suddenly they're partnering with people who can help them do that.

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Speaker 2: Now, this isn't referring to Aldi necessarily, but there was

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Speaker 2: a report in the last couple of days saying that

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Speaker 2: it costs about thirty percent or more than thirty percent

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Speaker 2: to get your stuff delivered. So something that costs ten

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Speaker 2: bucks cost thirteen bucks when you're getting delivered.

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Speaker 1: Yeah, yeah, it's I mean, convenience has a price, shore

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Speaker 1: I'm willing to pay it.

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Speaker 2: Anyway, of course. You love It's all coming back to me.

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Speaker 2: You love Aldi dish washing tablets, Yeah, yeah.

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Speaker 1: Yeah, the Logics Platinum dish washing tablets.

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Speaker 2: And now what else is good?

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Speaker 1: There's the meal kits as well. You can make a

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Speaker 1: great pad tie. It's very good.

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Speaker 2: I mean, it's known for its cheap private label groceries

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Speaker 2: and merchandise ranging from home brand tomato sauce, chocolate, power tools.

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Speaker 2: I like that it's captured billions of dollars in sales

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Speaker 2: from traditional Australian retailers. Open in two thousand and one,

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Speaker 2: now has six hundred and two stores across the country,

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Speaker 2: according to the Australian Its Events. In fact, the annual

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Speaker 2: ski sale makes it the single largest retailer of ski

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Speaker 2: gear in the country. Pretty fantastic, it is. The latest

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Speaker 2: accounts for Aldy in Australia show it is now the

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Speaker 2: third ranked supermarket sales of thirteen point three billion dollars

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Speaker 2: earnings of just over four hundred million dollars. That's about

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Speaker 2: a three peas margin. That's about what that industry makes.

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Speaker 2: Cole's are fiscal year twenty twenty five reported sales of

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Speaker 2: forty billion, so it's thirteen point three against forty fIF

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Speaker 2: Coals Willis was about fifty one billion. But Aldi's sales

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Speaker 2: are growing much faster. They're growing at a ten percent pace,

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Speaker 2: about three times the pace of the other two supermarkets.

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Speaker 2: It now has about eleven percent of the grocery market.

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Speaker 1: And I would like to clarify that Aldi does not

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Speaker 1: advertise with it does after hearing that after hearing how enthusiastic.

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Speaker 1: I am about the dishwashing tablets and they're ready made meals.

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Speaker 1: They probably should.

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Speaker 2: They probably should. Well Russia that a business podcast is

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Speaker 2: where they want to go.

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Speaker 1: But everyone has to eat, Sean, Everyone does have to eat. Michael,

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Speaker 1: you're right, and Aldi, we are ready to take your call.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news. Shameless Seawan, A quarter of shareholders

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Speaker 1: voted against the reelection of Super Retail Sale chair Judith Swales,

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Speaker 1: as the retailer battles with claims that did a poor

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Speaker 1: job managing the former CEO who was ousted last month.

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Speaker 2: Swales told the group's AGM yesterday that former chief executive

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Speaker 2: Anthony Herety would have been sacked earlier had the Board

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Speaker 2: of directors received the information that ultimately led to his

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Speaker 2: termination last month. The BALLS board also wants to claw

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Speaker 2: back some payments and bonuses paid to Herety now more

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Speaker 2: than a year ago. Allegations of bullying and harassment arose

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Speaker 2: as it emerged that Herety, in the head of HR

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Speaker 2: Jane Kelly, had been having a secret relationship to the

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Speaker 2: company's former lawyers. Launched federal court proceedings alleging bullying by

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Speaker 2: senior executives, breaches of the Corporations Act, and a questionable

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Speaker 2: board response to whistleblowers attempting to speak about the turmoil. Now,

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Speaker 2: the board did sack Herety, but not after I mean

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Speaker 2: took a year for them to do so. Super Retail Group,

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Speaker 2: of course, operates Rebel Sports, Superchief or super Chief, Auto

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Speaker 2: BCF and Macpack Swales. She argued yesterday, the board had

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Speaker 2: acted quickly and decisively after receiving new information. I'm not

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Speaker 2: sure that one passes the POD test.

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Speaker 1: Maybe she defines quickly and decisively different for the rest

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Speaker 1: of us. Perhaps, Sean, this is a really serious story,

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Speaker 1: this next one. Some customers using older Samsung phones are

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Speaker 1: unable to connect to Triple zero services in those are

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Speaker 1: really the latest blow to Australia's telcos.

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Speaker 2: Telstra has told people using certain Samsung phones to urgently

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Speaker 2: update or replace their devices. Tell Us to reported that

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Speaker 2: the triple zero issue affected about seventy old Samsung Samsung

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Speaker 2: models and that affects thousands of Australian customers. Meanwhile, Optus

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Speaker 2: has reshuffled its leadership team ahead of the Senate inquiry

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Speaker 2: into its Triple zero outage that is linked to four deaths.

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Speaker 2: The team's CIO as Chief Investment Officer, is leaving the company,

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Speaker 2: as is the CFO now. The CFO is a guy

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Speaker 2: called Michael Benter, who acted as interim CEO last year

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Speaker 2: as a company searched for a permanent boss.

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Speaker 1: Woodside Sean continues to integrate itself into other players in

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Speaker 1: the oil and gas industry. It's signed a strategic partnership

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Speaker 1: with US natural gas infrastructure leader Williams.

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Speaker 2: Is incredible how many partner I mean Woodside now has

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Speaker 2: struck partnerships with five different organizations as part of this

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Speaker 2: Louisiana project. It's sold a ten percent steak in Louisiana

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Speaker 2: LNG and an eighty percent steak in Driftwood pipeline for

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Speaker 2: about two hundred and fifty million US means. William comes

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Speaker 2: on board as a strategic partner, contributing to capital expended

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Speaker 2: chair of around one point nine billion dollars for the facility.

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Speaker 2: Woodside Chief executive Mego neil So. The company is excited

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Speaker 2: to have Williams on board given its leadership in US

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Speaker 2: natural gas infrastructure. Morally, this story, it just takes a

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Speaker 2: lot of different groups to actually be able to build

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Speaker 2: these incredible projects.

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Speaker 1: It just makes you realize just how many negotiations and

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Speaker 1: discussions must be going on any given time, just the

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Speaker 1: way that these things just keep on cropping up. Credible ASX.

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Speaker 1: How did it finish yesterday?

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Speaker 2: There's some PASX two hundred closed flat. The Boss finished

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Speaker 2: at nine thirty three points. I think was up two points. Actually,

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Speaker 2: the energy stock surged after the price of oil jumped

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Speaker 2: on the back of US sanctions on Russian producers on

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Speaker 2: two Russian producers, so Woodside, Santos, Crew, and Energy were

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Speaker 2: all higher. Tech stocks were underperformers, Zipco, Zero and Block

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Speaker 2: all down more than two percent. Mixed bag For the

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Speaker 2: gold producers. The price of bullion continued to fall after

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Speaker 2: the slump on Wednesday. That was somewhat offset by pretty

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Speaker 2: decent quarterly production reports from Northern Star and Regis Resources

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Speaker 2: or for big banks, Bellower, led by Commwealth Bank, BHP

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Speaker 2: and CSL were also down, as was Macquarie. The big

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Speaker 2: miners were mixed, while Wherest Farmers was higher. Okay.

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Speaker 1: Turning to international news, Now and Tesla reported record third

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Speaker 1: quarter revenue, beating Wall Street estimates, driven by the highest

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Speaker 1: quarterly sales of its electric vehicles as car buyers rushed

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Speaker 1: to lock in a key US tax credit ahead of

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Speaker 1: its expiry.

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Speaker 2: So the ev maker reported total revenue of twenty eight

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Speaker 2: point one billion dollars US dollars for the third quarter.

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Speaker 2: That's the good news. The bad news is that profit

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Speaker 2: fell by more than twenty five percent, as increased costs

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Speaker 2: from US tariffs, the loss of emissions credit revenue, and

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Speaker 2: the expense of its pivot to robotics in AI eight

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Speaker 2: into its margins. Also the much wanted rollout of robot

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Speaker 2: taxis and robots taking time too much time. Top of

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Speaker 2: all that, shareholders have to vote on the proposed one

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Speaker 2: trillion US dollar paypacker for Eline Mask on six November

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Speaker 2: at the AGM.

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Speaker 1: Did you see Elon Musk's commentary around that paypacket and

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Speaker 1: about how he needs that not just to kind of

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Speaker 1: keep his focus on the company and saying that he

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Speaker 1: wouldn't be able to build that robot army. I don't

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Speaker 1: know whether that language helps, does it as slightly intimidating

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Speaker 1: just the thought of a robot army being constructed by Tesla? Anyway,

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Speaker 1: The South Island Shawn of New Zealand has been buffeted

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Speaker 1: by winds of up to one hundred and fifty five

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Speaker 1: kilometers per hour, left around ninety thousand homes without power,

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Speaker 1: forced authorities to counsel more than one hundred flights.

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Speaker 2: So the winds are affecting the whole of the South

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Speaker 2: Island and the southern parts of the North Island, according

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Speaker 2: to the country's Meteorological Service. I'm sure people in Melbourne, Sydney,

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Speaker 2: parts of Victoria, New South Wales kind of get what

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Speaker 2: they're saying, because it have been very windy here. Also

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Speaker 2: New Zealand authorities have issued rare red wind warnings, the

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Speaker 2: highest alert level in central regions, including Campbury and Wellington.

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Speaker 2: They've also warned of heavy rain on the South Island.

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Speaker 2: People have been urged to stay indoors and avoid travel,

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Speaker 2: and to prepare for further power and communication outages. Now

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Speaker 2: local media have reported that in some places roofs have

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Speaker 2: been ripped off houses, trees and electricity poles have come down.

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Speaker 2: In Wellington, a man was killed after being struck by

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Speaker 2: a tree branch at a walking spot.

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Speaker 1: Finally shown, the Trump administration has put new sanctions on

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Speaker 1: Russia as peace talk stall. The US is targeting Russian

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Speaker 1: oil companies and their subsidiaries to pressure the country's energy sector.

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Speaker 2: Yeah, a bit of a change intact by Donald Trump.

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Speaker 2: Treasury Secretary Scott Besson said now is the time to

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Speaker 2: stop the killing and for an immediate ceasefire. Meanwhile, Russian

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Speaker 2: President Vladimir Putin has staged a missile launch to show

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Speaker 2: he's ready for nuclear war. It came a day after

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Speaker 2: the collapse of plants to hold the peace summit between

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Speaker 2: Trump and the Russian president Vladimir Putin, whose name I

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Speaker 2: just forgot there momentarily.

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Speaker 1: Which is uncommon considering we talk about him quite.

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Speaker 2: A I still think of Putin sitting on a horse

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Speaker 2: every time. You know, there is just the topless foighter. Yes, yes, yes, yes,

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Speaker 2: there are just certain people that you think of. And

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Speaker 2: I can't get rid of that image of lad on

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Speaker 2: the horse without.

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Speaker 1: The top, which was probably about fifteen years Oh, stay

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Speaker 1: with you.

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Speaker 2: That's a good fighter.

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Speaker 1: Goodness man. Up next, Sean is fear and Greed, Q

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Speaker 1: and A. You're speaking today to Matt Williams, who is

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Speaker 1: the senior investment director at Aberdeen Investments. He is based

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Speaker 1: in the UK. He's in Australia for a short time

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Speaker 1: and he joins you in the studio to talk about

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Speaker 1: emerging markets.

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Speaker 2: Yeah, very interesting. Emerging markets forever have supposed to be

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Speaker 2: coming good. They didn't until this year, and they are

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Speaker 2: coming good with a certain coming better. So we talked

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Speaker 2: them about if you want to invest in emerging markets,

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Speaker 2: what are they? So we talk about places like China, Mexico, Indonesia,

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Speaker 2: how you should think about it, whether it's sectors, whether

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Speaker 2: it's specific stocks. Great chat if you're an investor, particularly

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Speaker 2: if you're interested in emerging markets.

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Speaker 1: And and deed it's coming up next in 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 dot au, which Sean is where you sign

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Speaker 1: up for the free daily newsletter. And I've got to say,

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Speaker 1: in the last twenty four hours we have seen a

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Speaker 1: flurry of sign because because we are offering a tremendous price,

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Speaker 1: we are offering.

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Speaker 2: Egging in a little bit. Now you get a free

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Speaker 2: cap and a mug.

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Speaker 1: No eventually, yes, yeah, if you sign up before the

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Speaker 1: end of this month, you go into the draw to

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Speaker 1: win one of three or maybe six.

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Speaker 2: You did, you did double them.

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Speaker 1: You changed the terms and conditions yesterday and this is

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Speaker 1: our MEA Mug, the famous MEA mug that we've awarded

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Speaker 1: in the past only to the most enthusiastic advocates of

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Speaker 1: the podcast. We've got mugs, we've got caps, we've got

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Speaker 1: Fear and Greed merch coming out areas, and we want

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Speaker 1: to give it to you. So head along to the

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Speaker 1: website sign up. I'll put a link in today's show

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Speaker 1: notes as well, so that you are in the draw.

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Speaker 1: If you're already a subscriber to the newsletter, you don't

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Speaker 1: need to do anything. You're in the drawer as well.

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Speaker 1: Thank you Sean, Thank you Michael. It's Friday, the twenty

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Speaker 1: fourth of October twenty twenty five. Make sure you're following

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Speaker 1: the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that was

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Speaker 1: Fear and Greed. Have a great day.