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Speaker 1: Today on Fear and Greed, Woolworth says it's cutting prices

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Speaker 1: by ten percent in a move that could trigger a

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Speaker 1: price war in the supermarket sector. Prime Minister Anthony Abanezi

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Speaker 1: unveils his new cabinet and BHP's big investment in Argentina

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Speaker 1: hits the jackpot. Plus, an Australian volunteer dies in Ukraine,

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Speaker 1: and the US and China agree to a temporary cut

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Speaker 1: in tariffs in a bid to de escalate the trade

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Speaker 1: war that's hit markets. Welcome to Fear and Greed, daily

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

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Speaker 1: is Tuesday, the thirteenth of May twenty twenty five. I'm

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Speaker 1: Michael Thompson and good morning. Sean Aylmer.

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Speaker 2: Good morning, Michael. You can't complain that we don't have

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Speaker 2: diversity of stories today.

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Speaker 1: Oh yeah, the show has it all. And you know

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Speaker 1: what else has it all? The daily newsletter. It does,

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Speaker 1: great edition today.

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Speaker 2: Thank you. It's out right now. Well it's probably not

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Speaker 2: as we speak, but as most people are listening to this,

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Speaker 2: I'm sure out. If you haven't or you're not getting

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Speaker 2: it yet, you can sign up at Fearangreed dot com

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Speaker 2: dot au. Basically or well, you know the five or

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Speaker 2: six stories that you really need to know before you

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Speaker 2: get to your desk in the morning.

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Speaker 1: Yeah, it takes like two minutes to read, and you

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Speaker 1: will turn up for work better prepared for the day.

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Speaker 1: I promise. That's quite the commitment, really, Sean, it is

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Speaker 1: not the commitment indeed. Now let's move on to the

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Speaker 1: main story this morning. This is potentially a bit of

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Speaker 1: good news here. It might be getting ready for grocery

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Speaker 1: wars with Woolies announcing that it will cut the price

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Speaker 1: of four hundred products by ten percent. Now that is

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Speaker 1: a move that is you would think it is likely

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Speaker 1: to trigger a response from major competitors Cole's, IgA Aldi.

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Speaker 1: They'll all be paying attention.

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Speaker 2: You would think they would after several years of underperformance.

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Speaker 2: Woolies will reduce the price of many of its home brands,

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Speaker 2: primarily in an effort to recover lost market share from Cole's.

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Speaker 2: Chief executive Amanda bard Well said it's a line in

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Speaker 2: the sand for the supermarket chain and she is sure

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Speaker 2: her competitors will take it very close interest. Woolies and

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Speaker 2: Coals have almost three quarters of the grocery market. Aldi

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Speaker 2: has about ten percent. Bard Will say the reductions are

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Speaker 2: not short term promotions. In fact, it's about reducing shelf

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Speaker 2: prices on popular products in an effort to win back loyalty. Now,

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Speaker 2: Woolies as a retailer has been growing revenue slower than

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Speaker 2: Coal's same deal. As an investment, will you share price

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Speaker 2: is up seven percent over the last year compared to

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Speaker 2: Colls thirty seven percent. Bard Will really needed to do something.

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Speaker 2: The inaction action announced yesterday is an effort to turn

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Speaker 2: around both ratios home brands that Woolies have done well

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Speaker 2: when Woolies and Coals have done well across the supermarket

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Speaker 2: chain since the cost of living crisis escalated. Woolies will

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Speaker 2: invest one hundred million dollars over the next twelve months

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Speaker 2: on those brands.

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Speaker 1: Okay, so really it's four hundred products at this stage,

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Speaker 1: What do you reckon? Is this going to lead to

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Speaker 1: a price war where we kind of all pay less

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Speaker 1: for groceries?

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Speaker 2: We hope, so though I don't think that's what we'll

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Speaker 2: in Coals once. Certainly it's good public relations and the

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Speaker 2: big supermarket chains are in need of that. After a

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Speaker 2: rough couple of years. Bardwell says that until next year,

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Speaker 2: a one hundred and fifty dollars shop for a family

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Speaker 2: will be reduced by about fifteen dollars. Whether Coals responds

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Speaker 2: in kind depends. It's hard to think they won't do something,

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Speaker 2: given that Coles really has been the outperformer over the

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Speaker 2: past few quarters. But Coles doesn't want to squeeze its

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Speaker 2: profit margins too much. Remember, I mean, Woollies doesn't want

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Speaker 2: to squeeze it's profit margins too much. It can reduce

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Speaker 2: the price of four hundred products, but maybe it doesn't

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Speaker 2: put other goods on sales as often, and therefore it

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Speaker 2: maintains its margin. So you know, everything they give they

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Speaker 2: can take away as well. The bottom line though, definitely

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Speaker 2: more competition in the market, and that's when customers winyah.

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Speaker 1: Indeed all right. Taking a look at politics now, Sean

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Speaker 1: Prime Minster Anthony Abernezi announced his new cabinet yesterday. They

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Speaker 1: want a huge number of surprises. Were there no?

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Speaker 2: Most of the top jobs are unchanged. Defense Richard Miles,

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Speaker 2: Jim Chalmers's Treasurer, Katie Gallaher as Finance, Penny Wong, Foreign

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Speaker 2: Minister Mark Butler stays in health. He'll also oversee the NDIS.

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Speaker 2: Now that Bill Shorten has retired. In terms of changes,

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Speaker 2: Michelle Rowland has been appointed Attorney General. Tenure Plebasek has

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Speaker 2: shifted from Environment to Social Services. Senator Murray What will

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Speaker 2: move into the Environment, and Amanda Richworth was Social Services.

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Speaker 2: She's now Industrial Relations and Ali will come into cabinet

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Speaker 2: taking on the multicultural affairs role as well as small Business.

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Speaker 2: The ministry will be sworn in this morning.

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Speaker 1: Now, on the other side, there's plenty going on in

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Speaker 1: the federal Liberal Party. Remaining Liberal MPs a meeting today

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Speaker 1: in Canberra to decide on the new party leader. And

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Speaker 1: of course in any kind of leadership battle like this,

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Speaker 1: there's plenty of mud being slung at the moment.

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Speaker 2: Yes, so fifty four MPs and senators will decide the

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Speaker 2: next leader of the party this morning. Susan Lee is

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Speaker 2: favored to win. Her main competitor, Angust Taylor, yesterday rejected

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Speaker 2: colleague Holly Hughes's claim that he plotted against opposition leader

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Speaker 2: Peter Dunton in the lead up to the election. Now,

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Speaker 2: Hughes is a member of the center right faction. She

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Speaker 2: blames Taylor and his Conservative faction for relegating her to

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Speaker 2: an unwinnable spot on the coalition's joint Senate ticket. She's

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Speaker 2: about to lose her seat. Clearly though this is not

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Speaker 2: a United Party at the moment. The other junior member

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Speaker 2: of the coalition, the National Party, its leader, David Little Proud,

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Speaker 2: was re elected. Matt Canavan had stood against him. However,

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Speaker 2: he didn't win and so David Little Proud will remain

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Speaker 2: as leader. There was some better news for the Libs yesterday.

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Speaker 2: Their candidates in Bradfield in Sydney Flinders in Melbourne are

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Speaker 2: likely to retain their or to win their battles with

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Speaker 2: till candidates. However, high profile TiAl Manique Ryan is projected

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Speaker 2: to win Couyong over the Liberal challenger. So at the

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Speaker 2: moment it's ninety three seats for the ALP, forty one

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Speaker 2: for Liberal National Party, nine independents, two others, five undersideds.

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Speaker 1: All right, Sean, we're going to take a quick break.

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Speaker 1: Before we do that, I need to ask you, how

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Speaker 1: are the calves feeling in anticipation of the big bike

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Speaker 1: ride you were doing three hundred and eighty kilometers later

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Speaker 1: this week. You're doing it to raise money for country kids.

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Speaker 1: Are you feeling prepared?

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Speaker 2: What I'm most excited about was that yesterday I had

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Speaker 2: to give my bike to the people at Royal file

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Speaker 2: West who were trucking it out to Burke. That means

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Speaker 2: there's three days that I don't have to ride, so

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Speaker 2: we're riding. We're riding Thursday, Friday, Saturday. So I figure

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Speaker 2: I've got I took it so I didn't have to

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Speaker 2: ride yesterday. So Monday, Tuesday, Wednesday, I don't have to ride.

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Speaker 2: And that is relief because my legs are killing me

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Speaker 2: and I haven't even started. You know.

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Speaker 1: The very best thing is that we have just had

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Speaker 1: such an incredible response from Fear and Greed listeners. So

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Speaker 1: thank you to everybody who has donated, because this is

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Speaker 1: raising money for country kids and if you can help,

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Speaker 1: please do. But we received a donation that I have

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Speaker 1: to mention on here because it is someone It is

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Speaker 1: a very familiar name I suspect to a lot of listeners,

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Speaker 1: a very generous donation from one Ross Gittens and the

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Speaker 1: comment that he made and Ross would have to be

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Speaker 1: one of the probably the most respected economics journalists and

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Speaker 1: writers columnists in the country, has been writing for decades

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Speaker 1: and he said, I wish I could be there to

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Speaker 1: see you in pain.

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Speaker 2: That was directed specifically at me. Ross employed me at

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Speaker 2: the Sydney Many Morning Herald many years ago. He has

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Speaker 2: been a mentor to me for twenty five years or so.

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Speaker 2: A truly great man and without a doubt, you know,

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Speaker 2: the best economics writer Australia has produced. Anyway. He was

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Speaker 2: particularly generous in his donation. I rang him, he said, Ross,

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Speaker 2: that's overly generous, and he goes, mate, right, just want

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Speaker 2: to see you in pain.

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Speaker 1: I love that he reiterated it to your face. That

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Speaker 1: is terrific. So thank you Ross, and thank you Martin Smith.

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Speaker 1: Thank you to everyone who has donated. And if you

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Speaker 1: can't donate, please do. I'll put a link in today's

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Speaker 1: show notes Sean a quick break. We'll be back in

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Speaker 1: a moment with the rest of the day's business news.

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Speaker 1: Sean an Australian man has died in Ukraine while volunteering

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Speaker 1: with a humanitarian and mind clearance charity.

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Speaker 2: Nick Parsons was killed last week in an incident in

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Speaker 2: the country's war torn east while working with Prevail Together,

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Speaker 2: a US and UK based group that sends volunteers into Ukraine.

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Speaker 2: In a statement, that charity confirmed the incident, which is

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Speaker 2: still being investigated, It also killed the charity's co founder,

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Speaker 2: Chris Garrett. Now the Department of Foreign Affairs and Trade

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Speaker 2: in Canberra has confirmed its providing consular assistance to the

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Speaker 2: family of an Australian who died in Ukraine. According to

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Speaker 2: a report in The Australian.

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Speaker 1: I mentioned this next one at the top of the

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Speaker 1: show shown. BHP's push into Argentinian copper has been boosted

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Speaker 1: by the discovery that its deposit high in the Andes

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Speaker 1: contains at least five times more of the metal than

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Speaker 1: they initially thought.

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Speaker 2: That is hitting the jackpot.

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Speaker 1: Oh yeah.

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Speaker 2: Basically, BHP acquired fifty percent of Philo del Sol last

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Speaker 2: year for three point two billion dollars. Philo del Sol

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Speaker 2: is the name of the discovery. The acquisition is part

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Speaker 2: of BHP's long running strategy to boost its copper holdings.

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Speaker 2: It's in partnership with a crowd called London Mining Lund

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Speaker 2: In London Mining London just updated the resource estimate. Basically,

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Speaker 2: there's a much deeper section of geology with almost five

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Speaker 2: times more copper than thought. According to a report in

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Speaker 2: the finn Review, the amount of indicated copper across all

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Speaker 2: sections of Philo has increased more than fivefold, from one

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Speaker 2: point five billion kilograms to about eight billion kilograms. That's

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Speaker 2: going to help the HP's push into copper. Its share

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Speaker 2: price jump three percent yesterday.

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Speaker 1: Some of Australia's most popular biotech companies were sold off

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Speaker 1: heavily yesterday after US President Donald Trump said that he

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Speaker 1: wants to slash the price of prescription drugs.

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Speaker 2: Telix, Clarity, Neurin pharmaceuticals are all heavily sold. All of

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Speaker 2: them sell drug therapies in the US. So too was Botanics,

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Speaker 2: which makes an anti sweating medicine. Can I try and

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Speaker 2: pronounce what an anti sweating medicine is?

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Speaker 1: What is the technical term for it?

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Speaker 2: Anti color, anti cholinergic. I think that's pretty good anticholinergic medicine.

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Speaker 1: So it's anti sweating yep, any sween.

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Speaker 2: Even though Botanic said that it didn't think it would

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Speaker 2: be caught up in the president's plan. Donald Trump wants

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Speaker 2: to reduce pharmaceutical or prescription drugs by thirty to eight percent. Now,

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Speaker 2: US consumers pay relatively more for pharmaceuticals than other countries

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Speaker 2: such as Australia. That's a goal. So it's all those

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Speaker 2: farm scheduleaceutical companies are now being hit in terms of

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Speaker 2: share prices.

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Speaker 1: All right, so not a good day yesterday for the pharmaceuticals.

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Speaker 1: What about the rest of the local market.

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Speaker 2: Well, there's inpisx two hundred closed flat at eighty two

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Speaker 2: hundred and thirty four points. Broadly, mining and energy companies

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Speaker 2: outperformed pharmaceuticals that did worst. A bit of corporate news

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Speaker 2: around Na Matos, the new chief executive of ain Z

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Speaker 2: started in the job plenty to think about, starting with

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Speaker 2: corporate governance. Diversified Minors South thirty two rows. Notwithstanding its

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Speaker 2: long term chief executive Graham Curse a Hill step down.

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Speaker 2: Next year, gold Stocks was sold off and hester a

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Speaker 2: ninety one billion dollar superannuation fund. Well, it sold this

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Speaker 2: remaining stake in Chris Ellison's Mineral Resources citing serious governance concerns.

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Speaker 1: Sean, Sorry, I don't know why this should sound like

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Speaker 1: such a surprise, but you've got a really interesting interview

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Speaker 1: coming up after the show today. You're speaking with Andrew

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Speaker 1: Hall from the Insurance Council of Australia. Now I learnt

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Speaker 1: so much from this one chat.

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Speaker 2: Yes, so insurance. It's a bit of a one a

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Speaker 2: one on insurance. How the companies make money, how that

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Speaker 2: is signed on premiums, the how reinsurance work and reinsurance

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Speaker 2: is effectively insurance for insurers, and we go through step

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Speaker 2: by step what's happened in the local industry and what

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Speaker 2: we can expect from premiums. It's a great chat with Andrew.

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Speaker 1: Yeah, sure, as it's coming up after the show. Nine

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Speaker 1: Entertainment and at streaming service STAN will broadcast the Men's

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Speaker 1: and Women's Rugby World Cup tournaments in Australia.

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Speaker 2: Under a long term deal which runs until twenty twenty nine.

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Speaker 2: Nine will also get the broadcast rights to the HSBC

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Speaker 2: World Rugby seven Series and twenty twenty five Pacific Nations Cup.

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Speaker 2: The Women's World Cup runs later this year August September.

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Speaker 2: Australia hosts the men's competition in twenty twenty seven. Deal

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Speaker 2: comes a month after Nine signed a five year agreement

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Speaker 2: with Rugby Australia for Super Rugby matches Wallaby's and Wallaroo's

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Speaker 2: testers or something, the Blues carp the Rugby Championship, Nations Cup.

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Speaker 2: Most of the content will actually only be seen on STAN. Also,

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Speaker 2: I have to report on STAN. The Under twenties the

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Speaker 2: Rugby Championship was held concluded. Over the weekend, the under

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Speaker 2: twenty Australian team beat Argentina forty thirty six in a

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Speaker 2: very tough match.

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Speaker 1: Shawn, you sounds particularly proud about this. Is there any reason.

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Speaker 2: Why you are Michael No, Michael no, go on, go on.

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Speaker 2: My son's involved in my son's involved in the squat Oliver.

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Speaker 2: He's in the squad for the under twenties Australian team

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Speaker 2: and they've had a very successful tournament, two wins. In

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Speaker 2: a drawer against New Zealand, they didn't actually win it

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Speaker 2: because on a bonus points situation, New Zealand came in

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Speaker 2: front of them, but they had a great tournament. And

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Speaker 2: I've been up very late watching rugby.

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Speaker 1: Entirely justified like that, what a spectacular achievement you had.

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Speaker 1: Right to be as proud as you are, because that

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Speaker 1: is just amazing.

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Speaker 2: Thank you.

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Speaker 1: Now turning to international news, sean big story of the

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Speaker 1: US and China have agreed to cut tariffs for ninety days,

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Speaker 1: effective immediately, in a bid to de escalate a simmering

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Speaker 1: trade war that has certainly hit global markets.

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Speaker 2: Speaking after talks with Chinese officials in Geneva, US Treasury

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Speaker 2: Secretary Scott Bessant, so the US would cut existing tariffs

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Speaker 2: of one hundred and forty five percent to thirty percent. China,

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Speaker 2: for its part, will lower its duties on US imports

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Speaker 2: to ten percent from one hundred and twenty five percent.

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Speaker 2: In response, US stocks and the US dollar surged, gold

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Speaker 2: fell further. The result of the trade talks were much

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Speaker 2: much more positive than expected. According to the finn Review.

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Speaker 2: One of China's apparent concessions involves better control of the

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Speaker 2: export of chemicals used as precursors in the powerful synthetic

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Speaker 2: opioid fentanyl. That's something Donald Trump has been on about

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Speaker 2: ever since he was elected. The announcement also said that

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Speaker 2: the parties will establish a mechanism to continue to say

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Speaker 2: discussions about economic and trade relations. Finally, some good news

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Speaker 2: on the trade front.

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Speaker 1: Yeah, absolutely big story and big impact on markets, of course.

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Speaker 1: But Sean, the big story about Donald Trump is surely

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Speaker 1: surely the jumbo jet. So the president is ready to

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Speaker 1: accept a luxury Boeing seven four to seven jumbo jet

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Speaker 1: as a gift from the what a gift right? As

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Speaker 1: a gift from the ruling family of Qatar. During his

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Speaker 1: trip to the Middle East this coming week. Normally to

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Speaker 1: be like wine or a fruit basket.

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Speaker 2: Is a jet? Yeah, US officialsate could be converted into

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Speaker 2: a potential presidential aircraft replacing what do they call it?

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Speaker 2: Aircraft one?

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Speaker 1: Air Force one?

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Speaker 2: Air Force one? Yeah, the Guitari governments at a final

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Speaker 2: decision had not been made. According to Associated Press, Trump

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Speaker 2: defended the idea. What would amount to a president accepting

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Speaker 2: an astonishingly valuable gift from a foreign government? He said

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Speaker 2: it was a fiscally smart for the country, and I

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Speaker 2: quote what he put on truth social. So the fact

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Speaker 2: that the Defense Department is getting a gift free of

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Speaker 2: charge of a seven four to seven aircraft to replace

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Speaker 2: the forty year old air Force one temporarily in a

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Speaker 2: very public and transparent transaction, so bothers the crooked Democrats

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Speaker 2: that they insist we pay top dollar for the plane

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Speaker 2: seems to be missing the point. Someone, but how.

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Speaker 1: Fancy would that plane be? Right?

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Speaker 2: It would be fancy?

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Speaker 1: Just next next level? What a story that one shots?

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Speaker 2: Is there anything? Is it such a thing as a

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Speaker 2: free gift?

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Speaker 1: No? No, that's a problem. That's a very good point,

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Speaker 1: isn't it. But still I had read reports that the

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Speaker 1: seven four seven was very extravagantly decorated that there was

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Speaker 1: a lot of gold. That's right, which is probably probably

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Speaker 1: not necessarily surprising considering it as from the ruling family

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Speaker 1: of Qatar.

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Speaker 2: Right. No, No, Now.

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Speaker 1: Up next Sean is the Fearing Great Daily Interview. Andrew

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Speaker 1: Hall from the Insurance Council is your guest great Chat.

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Speaker 1: As we mentioned before, it is coming up in the

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

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Speaker 1: Fearandgreed dot com dot au, which is also where you

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Speaker 1: sign up for the free daily newsletter. Thank you very much, Sean.

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Speaker 2: Thank you, Michael.

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Speaker 1: It's Tuesday, the thirteenth of May twenty twenty five. Make

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

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

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