1 00:00:06,360 --> 00:00:09,960 Michael Thompson: Today on Fear and Greed. CommonWell Bank, Telstra, Wes, Farmers 2 00:00:09,960 --> 00:00:13,560 Michael Thompson: and others hit record or multi year highs to spite 3 00:00:13,560 --> 00:00:16,560 Michael Thompson: the market turmoil. The Reserve Bank set to announce an 4 00:00:16,560 --> 00:00:20,079 Michael Thompson: interest rate cut today, and global leaders respond to Joe 5 00:00:20,079 --> 00:00:25,280 Michael Thompson: Biden's cancer diagnosis, plus claims Telstra inflated its coverage area 6 00:00:25,680 --> 00:00:29,200 Michael Thompson: and Labour's superannuation policy comes under scrutiny. Welcome to Fear 7 00:00:29,240 --> 00:00:31,479 Michael Thompson: and Greed, daily business news for people who make their 8 00:00:31,520 --> 00:00:34,960 Michael Thompson: own decisions. It is Tuesday, the twentieth of May twenty 9 00:00:35,000 --> 00:00:38,240 Michael Thompson: twenty five. I'm Michael Thompson and good morning, Sean Aylmer. 10 00:00:38,440 --> 00:00:39,600 Sean Aylmer: Good morning, Michael. 11 00:00:40,000 --> 00:00:42,919 Michael Thompson: Sean. The main story this morning. Actually, before we get 12 00:00:42,920 --> 00:00:44,800 Michael Thompson: into the main story, can I mention the Fear and 13 00:00:44,840 --> 00:00:45,599 Michael Thompson: Greed newsletter? 14 00:00:45,640 --> 00:00:45,800 Sean Aylmer: Ah? 15 00:00:45,920 --> 00:00:48,880 Michael Thompson: Please do, because it has taken off in the weeks 16 00:00:48,960 --> 00:00:52,040 Michael Thompson: since we launched it. It comes out every single weekday. 17 00:00:52,080 --> 00:00:54,360 Michael Thompson: It is in your inbox by six am. And as 18 00:00:54,360 --> 00:00:57,000 Michael Thompson: you say, Sean, if you read this, it takes you 19 00:00:57,000 --> 00:00:59,680 Michael Thompson: about what three minutes to read, and you are instantly 20 00:01:00,120 --> 00:01:02,640 Michael Thompson: ahead of the person next to you exactly right. 21 00:01:02,920 --> 00:01:04,959 Sean Aylmer: Read it on your phone in the way into work, 22 00:01:05,040 --> 00:01:07,440 Sean Aylmer: something like that. Particularly, maybe not when you're driving. But 23 00:01:07,480 --> 00:01:10,800 Sean Aylmer: if you from the train or a bus tram read 24 00:01:10,840 --> 00:01:12,880 Sean Aylmer: the newsletter, you'll be one step ahead. 25 00:01:13,080 --> 00:01:15,080 Michael Thompson: Absolutely, look and I'll put a link in today's show 26 00:01:15,080 --> 00:01:17,880 Michael Thompson: notes as well. Head along to Fearangreed dot com dot au, 27 00:01:17,959 --> 00:01:20,679 Michael Thompson: pop your email addressing sign up. It is entirely free. 28 00:01:21,080 --> 00:01:24,160 Michael Thompson: Now on with the main story Sean. Several us of 29 00:01:24,280 --> 00:01:28,000 Michael Thompson: Australia's biggest companies, including Commonwealth Bank and wes Farmers and 30 00:01:28,120 --> 00:01:32,520 Michael Thompson: Telstra and Coals as well, trading near new records or 31 00:01:32,600 --> 00:01:36,759 Michael Thompson: multi year highs as investors really look beyond global turmoil 32 00:01:36,800 --> 00:01:39,000 Michael Thompson: and inflation to find winners in the market. 33 00:01:39,360 --> 00:01:42,600 Sean Aylmer: Commonwealth Bank share price continues to de fire gravity. That's 34 00:01:42,600 --> 00:01:44,679 Sean Aylmer: all I can say about that one. Even on a 35 00:01:45,000 --> 00:01:48,600 Sean Aylmer: down day for the market, which yesterday was, Commonwealth Bank 36 00:01:49,040 --> 00:01:51,680 Sean Aylmer: was higher, finishing up a dollar thirteen to one hundred 37 00:01:51,680 --> 00:01:55,680 Sean Aylmer: and seventy dollars in seventy nine cents a share. That 38 00:01:55,920 --> 00:01:59,800 Sean Aylmer: is a new record. It's all time inter day high 39 00:02:00,120 --> 00:02:02,480 Sean Aylmer: was hit on Friday that was one seventy two to 40 00:02:03,000 --> 00:02:06,880 Sean Aylmer: ninety two, But yesterday a new record closed one hundred 41 00:02:06,880 --> 00:02:11,040 Sean Aylmer: and seventy dollars and seventy nine cents. Incredible. QB is 42 00:02:11,080 --> 00:02:15,519 Sean Aylmer: another high Flyer, hitting its highest level since early twenty ten, 43 00:02:16,080 --> 00:02:18,640 Sean Aylmer: as a lack of natural disasters over the past twelve 44 00:02:18,680 --> 00:02:23,840 Sean Aylmer: months and higher premium income pushes the insurers' earnings. Australia's 45 00:02:23,840 --> 00:02:26,720 Sean Aylmer: biggest conglomerate, West Farmers, is sitting around a record high 46 00:02:26,720 --> 00:02:30,200 Sean Aylmer: as well, with the Bunnings and office works retailing businesses 47 00:02:30,280 --> 00:02:33,840 Sean Aylmer: spurring on the group. The other major conglomerate on the AX, 48 00:02:33,840 --> 00:02:37,920 Sean Aylmer: Soul Patz, is also training around a record high. Coals 49 00:02:37,960 --> 00:02:41,160 Sean Aylmer: Group as will and truly outperform competitor Wullies and that's 50 00:02:41,280 --> 00:02:44,760 Sean Aylmer: showing in its share price another record high at the moment, 51 00:02:45,080 --> 00:02:48,200 Sean Aylmer: and Telstra, the most widely held stock in the country 52 00:02:48,200 --> 00:02:51,960 Sean Aylmer: about one point three million shareholders. It's at its highest 53 00:02:52,040 --> 00:02:55,200 Sean Aylmer: level in eight years. In its case, the success in 54 00:02:55,240 --> 00:02:58,640 Sean Aylmer: its mobiles business is driving that stock. Other companies to 55 00:02:58,720 --> 00:03:02,200 Sean Aylmer: be around those RECs called levels include palant Maker, Branbles 56 00:03:02,639 --> 00:03:07,280 Sean Aylmer: car dealership, Eagers Automotive in Software Group Technology One Sean. 57 00:03:07,320 --> 00:03:09,480 Michael Thompson: I was writing down all of those names as you 58 00:03:09,520 --> 00:03:12,560 Michael Thompson: were talking, and I feel like one of those kind 59 00:03:12,560 --> 00:03:15,400 Michael Thompson: of code breakers or something here because I'm trying I'm 60 00:03:15,440 --> 00:03:19,040 Michael Thompson: looking for links. Is there is there a theme here? 61 00:03:19,280 --> 00:03:21,840 Michael Thompson: Do they have something in common. Is it about interest rates? 62 00:03:23,919 --> 00:03:27,919 Sean Aylmer: Not really no, I mean interest rates drive earnings and economies, 63 00:03:27,960 --> 00:03:30,840 Sean Aylmer: and hopefully we'll get an interest rate cut today. But 64 00:03:30,919 --> 00:03:33,480 Sean Aylmer: the list I've given you includes companies that do well 65 00:03:33,560 --> 00:03:36,360 Sean Aylmer: in tough times like Coals and Telstram, or tend to 66 00:03:36,400 --> 00:03:38,880 Sean Aylmer: do well in tough times like Coals and Telstra, and 67 00:03:38,960 --> 00:03:41,000 Sean Aylmer: others that tend to do better when rates are falling, 68 00:03:41,080 --> 00:03:44,520 Sean Aylmer: like Wes Farmers and QBE. Come Off Bank just seems 69 00:03:44,560 --> 00:03:46,320 Sean Aylmer: to be in a world of its own at the moment. 70 00:03:46,760 --> 00:03:50,559 Sean Aylmer: Perhaps a common factor is that the companies have relatively 71 00:03:50,600 --> 00:03:58,440 Sean Aylmer: settled management, relatively settled strategies, and investors like that. Places 72 00:03:58,480 --> 00:04:03,440 Sean Aylmer: like Telstra, Eagers, technolog One very well defined strategies, others 73 00:04:03,920 --> 00:04:10,000 Sean Aylmer: like West Farmers Coal's very strong positions in their respective markets. 74 00:04:10,560 --> 00:04:14,720 Sean Aylmer: The list is pretty eclectic, I would say, so. I 75 00:04:14,760 --> 00:04:18,240 Sean Aylmer: think the moral of the story well run businesses do 76 00:04:18,440 --> 00:04:20,400 Sean Aylmer: okay in all market conditions. 77 00:04:20,440 --> 00:04:22,440 Michael Thompson: Michael, okay, So I could have been looking for a 78 00:04:22,440 --> 00:04:25,760 Michael Thompson: while looking for a very obvious overt link. 79 00:04:26,160 --> 00:04:29,920 Sean Aylmer: If anyone out there can see overtly or a covert link, 80 00:04:29,960 --> 00:04:33,200 Sean Aylmer: any link, Yeah, try all those stocks, please love to 81 00:04:33,240 --> 00:04:33,520 Sean Aylmer: hear it. 82 00:04:33,680 --> 00:04:38,880 Michael Thompson: Yeah, indeed, Now, Sean local markets. We've covered at fair 83 00:04:38,920 --> 00:04:42,240 Michael Thompson: few stocks here. How did the local boss go yesterday? 84 00:04:42,440 --> 00:04:44,960 Sean Aylmer: Well, I gave you the good news, now the bad 85 00:04:45,000 --> 00:04:48,440 Sean Aylmer: news finished lower. After eight positive sessions, the local market 86 00:04:48,520 --> 00:04:51,280 Sean Aylmer: dropped more than half percent to finish at eight two 87 00:04:51,400 --> 00:04:53,880 Sean Aylmer: hundred and ninety five points, still about three percent below 88 00:04:53,920 --> 00:04:56,080 Sean Aylmer: it's all time record though, so it's doing pretty well. 89 00:04:56,320 --> 00:04:59,640 Sean Aylmer: Sentiment was hit by Moody's downgrading the US government debt 90 00:04:59,640 --> 00:05:02,599 Sean Aylmer: over the world weekend. There's also figures out which had a 91 00:05:02,720 --> 00:05:06,679 Sean Aylmer: drop in China's industrial output. Now that wasn't too bad, 92 00:05:06,920 --> 00:05:09,920 Sean Aylmer: but it was enough to hit our energy and mining stocks. 93 00:05:10,160 --> 00:05:13,440 Sean Aylmer: Among the large cap SPHP, Fortescu, Metals Group and to 94 00:05:13,520 --> 00:05:16,920 Sean Aylmer: a lesser extent, RIOFL Woodside was also lower a query 95 00:05:16,960 --> 00:05:21,159 Sean Aylmer: group when extividend that dropped four percent. And just to 96 00:05:21,279 --> 00:05:24,760 Sean Aylmer: match our main story, some of the better performers yesterday 97 00:05:24,800 --> 00:05:29,240 Sean Aylmer: come off Bank, Where's Farmers? Telstra? They all did well? 98 00:05:29,240 --> 00:05:34,160 Michael Thompson: All right? The Reserve Bank sean. This is a very 99 00:05:34,200 --> 00:05:38,039 Michael Thompson: exciting day today. The RBA heads into its second day 100 00:05:38,360 --> 00:05:41,120 Michael Thompson: of meetings this afternoon. Has tip to announce a reduction 101 00:05:41,160 --> 00:05:43,560 Michael Thompson: in the cash rate from four point one percent to 102 00:05:43,800 --> 00:05:46,960 Michael Thompson: three point eighty five percent, which in turn, would push 103 00:05:47,000 --> 00:05:49,960 Michael Thompson: down mortgage and deposit rates by about the same amount. 104 00:05:51,520 --> 00:05:53,960 Michael Thompson: Is it a certainty today that this is going to happen. 105 00:05:55,200 --> 00:05:57,800 Sean Aylmer: No, it's not a certainty. We're talking like it is. 106 00:05:58,279 --> 00:06:01,200 Sean Aylmer: Financial markets have certainly priced in a twenty five basis 107 00:06:01,240 --> 00:06:05,480 Sean Aylmer: point cut and two more this year. The reason they 108 00:06:05,560 --> 00:06:09,880 Sean Aylmer: might not, according to some economists, is this strong employment 109 00:06:09,960 --> 00:06:13,599 Sean Aylmer: market eighty nine thousand new jobs last month. It just 110 00:06:13,680 --> 00:06:17,039 Sean Aylmer: gives the Reserve Bank latitude to hold off and see 111 00:06:17,080 --> 00:06:20,760 Sean Aylmer: what happens as a result of Donald Trump's tariffs. Also, 112 00:06:20,839 --> 00:06:23,440 Sean Aylmer: the underlying inflation rate isn't yet at the midpoint of 113 00:06:23,480 --> 00:06:26,080 Sean Aylmer: the target range. That midpoint is two point five percent, 114 00:06:26,160 --> 00:06:28,480 Sean Aylmer: somewhere between two and three percent, two and zero point five. 115 00:06:28,960 --> 00:06:32,440 Sean Aylmer: It's certainly heading that way, but it's not there yet. 116 00:06:33,160 --> 00:06:36,359 Sean Aylmer: If the Reserve Bank is looking for a reason to 117 00:06:36,560 --> 00:06:40,080 Sean Aylmer: not cut, there's another one. So if it doesn't cut, 118 00:06:40,360 --> 00:06:43,240 Sean Aylmer: it'll be talking about inflation heading in the right direction. 119 00:06:43,640 --> 00:06:47,800 Sean Aylmer: It'll be talking about a strong employment market. I still 120 00:06:47,800 --> 00:06:49,400 Sean Aylmer: think they'll cut it to thirty PM today. 121 00:06:49,880 --> 00:06:54,080 Michael Thompson: If the Reserve Bank doesn't cut rates, what would that 122 00:06:54,200 --> 00:06:55,080 Michael Thompson: do to markets? 123 00:06:55,520 --> 00:06:55,680 Sean Aylmer: Then? 124 00:06:55,960 --> 00:06:58,560 Michael Thompson: When everyone is expecting it to go one way and 125 00:06:58,560 --> 00:07:00,839 Michael Thompson: then it goes the other way or really doesn't go 126 00:07:00,920 --> 00:07:03,279 Michael Thompson: anywhere at all. What kind of impact does that have? 127 00:07:03,360 --> 00:07:05,880 Michael Thompson: And I know this is entirely a question without notice 128 00:07:05,920 --> 00:07:06,960 Michael Thompson: here Sean, I'm just curious. 129 00:07:07,200 --> 00:07:10,280 Sean Aylmer: It depends a little bit on the commentary with it. 130 00:07:10,280 --> 00:07:12,480 Sean Aylmer: It would help the Aussie dollar, you'd expect that to rise, 131 00:07:12,520 --> 00:07:17,120 Sean Aylmer: you'd expect the ASEX to fall. We I think a 132 00:07:17,160 --> 00:07:19,720 Sean Aylmer: lot of economists and traders would be pretty dirty on 133 00:07:19,760 --> 00:07:23,880 Sean Aylmer: the Reserve Bank because for weeks, perhaps months, people have 134 00:07:23,960 --> 00:07:26,120 Sean Aylmer: been saying they're going to do this now. The Reserve 135 00:07:26,120 --> 00:07:29,120 Sean Aylmer: Bank likes to signal to the market where it's at, 136 00:07:30,120 --> 00:07:34,000 Sean Aylmer: and it'd be a surprise if it doesn't do it 137 00:07:34,080 --> 00:07:36,320 Sean Aylmer: today now. Having said that, in twenty twenty two, Phil Low, 138 00:07:36,400 --> 00:07:39,600 Sean Aylmer: the former Reserve Bank governor, had for ages say rates 139 00:07:39,640 --> 00:07:42,320 Sean Aylmer: won't rise until twenty twenty four, and then suddenly he 140 00:07:42,360 --> 00:07:46,160 Sean Aylmer: started lifting interest rates. So it's not as if they've 141 00:07:46,200 --> 00:07:50,640 Sean Aylmer: never done something unexpected before. But I think people would 142 00:07:50,640 --> 00:07:52,760 Sean Aylmer: be reasonably upset if that happened. 143 00:07:52,880 --> 00:07:55,920 Michael Thompson: I like the idea of economists being a bit dirty. 144 00:07:57,280 --> 00:08:00,200 Michael Thompson: It's just quite a nice image, really, isn't it, thinking 145 00:08:00,200 --> 00:08:03,360 Michael Thompson: of economists. You've got an interview coming up today after 146 00:08:03,400 --> 00:08:07,720 Michael Thompson: the show with Bank of Queensland's chief economist Peter Monkton, 147 00:08:08,280 --> 00:08:09,120 Michael Thompson: A very good man. 148 00:08:09,160 --> 00:08:12,440 Sean Aylmer: Peter. We talked to him about the housing market and 149 00:08:12,720 --> 00:08:15,880 Sean Aylmer: the outlook for the housing market, not just about what 150 00:08:15,960 --> 00:08:19,280 Sean Aylmer: happens with interest rates today, but also in terms of 151 00:08:19,400 --> 00:08:23,200 Sean Aylmer: supply and some good news about you know, hopefully improving 152 00:08:23,640 --> 00:08:28,200 Sean Aylmer: building productivity which would boost supply numbers, which would hopefully 153 00:08:28,240 --> 00:08:31,800 Sean Aylmer: take the heat out of the housing crisis. A lot 154 00:08:31,800 --> 00:08:34,720 Sean Aylmer: in all that, and we talked to Peter about most 155 00:08:34,760 --> 00:08:34,960 Sean Aylmer: of it. 156 00:08:35,160 --> 00:08:37,280 Michael Thompson: Yeah, it is a great conversation. It is coming up 157 00:08:37,320 --> 00:08:39,240 Michael Thompson: after the show. There are still plenty for us to 158 00:08:39,280 --> 00:08:41,520 Michael Thompson: get through though, Sean. We'll be back in a moment 159 00:08:41,559 --> 00:08:51,080 Michael Thompson: with the rest of the day's business news. Sean Prime 160 00:08:51,120 --> 00:08:55,280 Michael Thompson: Minister Anthony Abernezi has promised more tanks for Ukraine as 161 00:08:55,360 --> 00:08:58,280 Michael Thompson: part of his meeting with that country's President, Vladimir Zelenski. 162 00:08:58,679 --> 00:09:01,280 Sean Aylmer: It happened on the sidelines of the inauguration of Pope 163 00:09:01,400 --> 00:09:05,360 Sean Aylmer: Leo the fourteenth at the Vatican. Mister Zelenski also called 164 00:09:05,360 --> 00:09:07,720 Sean Aylmer: for more sanctions on Russia by a bunch of countries 165 00:09:07,760 --> 00:09:11,800 Sean Aylmer: such as Australia. Mister Albertezi met with European Union president 166 00:09:11,880 --> 00:09:15,240 Sean Aylmer: Ursula Vonda Lane as well. She raised the prospect of 167 00:09:15,280 --> 00:09:19,280 Sean Aylmer: closer defense agreements between the EU and Australia. Alberisi also 168 00:09:19,320 --> 00:09:21,319 Sean Aylmer: met new Canadian Prime Minister Mark Carney. 169 00:09:21,600 --> 00:09:24,840 Michael Thompson: Isn't it funny when these big events actually become kind 170 00:09:24,840 --> 00:09:28,199 Michael Thompson: of de facto diplomatic summits. No, remember when we had 171 00:09:28,200 --> 00:09:30,840 Michael Thompson: like the King's coronation and there are all of these 172 00:09:30,920 --> 00:09:33,360 Michael Thompson: other little meetings happening around it, and all of a sudden, 173 00:09:33,360 --> 00:09:37,040 Michael Thompson: there's this terrific opportunity to go and talk to world leaders. 174 00:09:37,200 --> 00:09:40,000 Sean Aylmer: Yeah, on the sidelines. They were talking about on the sidelines, 175 00:09:40,160 --> 00:09:42,200 Sean Aylmer: and I think all the big deals seem to be 176 00:09:42,240 --> 00:09:43,040 Sean Aylmer: done on the sidelines. 177 00:09:43,160 --> 00:09:47,440 Michael Thompson: Yeah, it's extraordinary. Now, with the PM overseas and his 178 00:09:47,559 --> 00:09:50,200 Michael Thompson: reelection now just over two weeks old, there isn't much 179 00:09:50,240 --> 00:09:53,320 Michael Thompson: heat in the political debate at the moment, though. One 180 00:09:53,360 --> 00:09:56,760 Michael Thompson: issue under the spotlight is the government's plans to increase 181 00:09:57,360 --> 00:10:00,000 Michael Thompson: tax on large superannuation balances. 182 00:10:00,440 --> 00:10:03,880 Sean Aylmer: Under the proposal, which was shelved last year until after 183 00:10:03,920 --> 00:10:07,760 Sean Aylmer: the election, superannuation balances over three million dollars will be 184 00:10:07,800 --> 00:10:12,120 Sean Aylmer: taxed at thirty percent, rather than the concessionary super tax 185 00:10:12,200 --> 00:10:14,960 Sean Aylmer: rate of fifteen percent. It's forecast to at about two 186 00:10:15,000 --> 00:10:17,760 Sean Aylmer: point three billion dollars to the budget each year. Now, 187 00:10:17,800 --> 00:10:21,560 Sean Aylmer: initially it would apply to about eighty thousand people who 188 00:10:21,640 --> 00:10:25,960 Sean Aylmer: have over three million dollars in superannuation. Given it is 189 00:10:26,000 --> 00:10:28,640 Sean Aylmer: an index to more people will be caught up over time. 190 00:10:28,920 --> 00:10:31,520 Sean Aylmer: Critics say the rule could trigger the early retirement of 191 00:10:31,600 --> 00:10:34,560 Sean Aylmer: highest killed workers. That would be a problem. It could 192 00:10:34,600 --> 00:10:37,240 Sean Aylmer: cause people to stop saving for retirement simply because once 193 00:10:37,240 --> 00:10:40,600 Sean Aylmer: they reached that thres threshold, they'll no longer save within 194 00:10:40,640 --> 00:10:44,000 Sean Aylmer: the superannuation system. It could also undercut the government's efforts 195 00:10:44,040 --> 00:10:46,720 Sean Aylmer: to improve productivity at Telstra. 196 00:10:46,960 --> 00:10:49,560 Michael Thompson: We talked a bit about Telstra earlier on but the 197 00:10:49,679 --> 00:10:54,240 Michael Thompson: telco is facing allegations that it misled customers by inflating 198 00:10:54,320 --> 00:10:58,160 Michael Thompson: claims of how far its network actually reaches across the country. 199 00:10:58,440 --> 00:11:04,199 Sean Aylmer: Rival telco Vodaphone, claims Telstra dramatically overstated its reach by 200 00:11:04,200 --> 00:11:07,880 Sean Aylmer: as much as forty percent for more than a decade. Vodaphone, 201 00:11:07,920 --> 00:11:11,920 Sean Aylmer: along with parent company TPG Telecom, said Telstra advertised its 202 00:11:11,960 --> 00:11:14,800 Sean Aylmer: coverage based on a signal strength that customers could only 203 00:11:14,840 --> 00:11:18,680 Sean Aylmer: get if they used a special external antenna and a 204 00:11:18,800 --> 00:11:22,080 Sean Aylmer: powered repeater that is usually installed on a vehicle or building. 205 00:11:22,520 --> 00:11:25,800 Sean Aylmer: Votophone said network coverage claims should be based on signal 206 00:11:25,800 --> 00:11:30,040 Sean Aylmer: strength and mobile phone would usually get without any extra devices. 207 00:11:30,360 --> 00:11:33,400 Sean Aylmer: TPG has reported Telstra to the Consumer watchdog, called for 208 00:11:33,440 --> 00:11:37,160 Sean Aylmer: a regulatory investigation and threatfled threatened legal action to stop 209 00:11:37,160 --> 00:11:40,600 Sean Aylmer: the practice and potentially force a compensation payment. The Australian 210 00:11:40,600 --> 00:11:44,079 Sean Aylmer: Competition and Consumer Commission said it's considering their claims. It 211 00:11:44,160 --> 00:11:47,080 Sean Aylmer: won't confirm whether it's going to investigate Telstra at this point. 212 00:11:47,480 --> 00:11:50,480 Sean Aylmer: But I do like this story because, as you know, 213 00:11:50,600 --> 00:11:53,080 Sean Aylmer: I was in western New South Wales for most of 214 00:11:53,160 --> 00:11:57,280 Sean Aylmer: last week, as was Adam Langer colleague, and coverage is 215 00:11:57,360 --> 00:11:59,560 Sean Aylmer: not great, I've got to say. 216 00:12:00,080 --> 00:12:02,240 Michael Thompson: So you were actually just testing this story. 217 00:12:02,400 --> 00:12:05,920 Sean Aylmer: That's maybe I could provide evidence one way or the other. 218 00:12:06,200 --> 00:12:08,760 Sean Aylmer: And these are all US claims, so let's not burn 219 00:12:08,800 --> 00:12:09,680 Sean Aylmer: Telstra just yet. 220 00:12:10,200 --> 00:12:12,800 Michael Thompson: You know what is interesting though about this story is, 221 00:12:12,840 --> 00:12:15,560 Michael Thompson: and we've talked about this before, remember a couple of 222 00:12:15,600 --> 00:12:19,520 Michael Thompson: years ago when we spoke to the then CEO of Optus, 223 00:12:19,720 --> 00:12:22,720 Michael Thompson: Kelly bay or ros Marin on the show, and one 224 00:12:22,760 --> 00:12:24,640 Michael Thompson: of the things that you spoke to her about is 225 00:12:24,679 --> 00:12:30,280 Michael Thompson: the fact that basically telcos and airlines I think it 226 00:12:30,400 --> 00:12:34,640 Michael Thompson: was really the only two industries where companies take really 227 00:12:34,800 --> 00:12:38,360 Michael Thompson: open potshots at each other. And this is a really 228 00:12:38,360 --> 00:12:40,520 Michael Thompson: good example of that, where we've got one tel code 229 00:12:40,600 --> 00:12:43,760 Michael Thompson: just really just laying straight into another one and going 230 00:12:43,800 --> 00:12:47,000 Michael Thompson: after them and reporting them. And it's one where if 231 00:12:47,040 --> 00:12:49,360 Michael Thompson: you are a leader in this industry, you need to 232 00:12:49,520 --> 00:12:50,840 Michael Thompson: have a pretty thick skin, right. 233 00:12:51,200 --> 00:12:52,880 Sean Aylmer: Yeah, it's a fair point because if you think of 234 00:12:52,920 --> 00:12:55,560 Sean Aylmer: the banks never really go at each other. 235 00:12:55,720 --> 00:12:55,960 Michael Thompson: Never. 236 00:12:56,120 --> 00:13:00,440 Sean Aylmer: The big retailers don't really go at each other particularly. Yeah, 237 00:13:00,440 --> 00:13:04,160 Sean Aylmer: it's a fair point. So what aircraft. Definitely airlines and 238 00:13:05,120 --> 00:13:08,319 Sean Aylmer: the telcays. The miners don't have a go at each other. 239 00:13:09,240 --> 00:13:10,920 Michael Thompson: And even the airlines I don't think do it that 240 00:13:11,000 --> 00:13:11,680 Michael Thompson: much anymore. 241 00:13:11,960 --> 00:13:14,000 Sean Aylmer: To be, the carriers used to much more than they 242 00:13:14,000 --> 00:13:16,959 Sean Aylmer: do now. Maybe one person in particular, death Woman. 243 00:13:16,880 --> 00:13:19,400 Michael Thompson: About to say it. I think we all know. Okay, 244 00:13:19,520 --> 00:13:22,640 Michael Thompson: let's move on now, shall we. The I love this 245 00:13:22,679 --> 00:13:26,200 Michael Thompson: next story. Len Lee's has sold a half steak in 246 00:13:26,440 --> 00:13:30,720 Michael Thompson: six UK urban regeneration projects for three hundred million dollars. 247 00:13:31,200 --> 00:13:34,320 Michael Thompson: The buyer is the Crown or state, the property business 248 00:13:34,320 --> 00:13:36,160 Michael Thompson: of the royal family, the King. 249 00:13:37,200 --> 00:13:39,760 Sean Aylmer: You once, I think it's fantastic, Now I don't think 250 00:13:39,800 --> 00:13:43,160 Sean Aylmer: the King runs it, to be perfectly honest, I think 251 00:13:43,640 --> 00:13:45,760 Sean Aylmer: it's just sort of the management company that does it. 252 00:13:45,800 --> 00:13:48,040 Sean Aylmer: But I'm happy to go that. Let's just go first person, 253 00:13:48,160 --> 00:13:50,800 Sean Aylmer: King Charles. He's bought it. That's what I'm saying, even 254 00:13:50,800 --> 00:13:52,920 Sean Aylmer: if it's not correct. It is part of len Lee's 255 00:13:53,000 --> 00:13:56,319 Sean Aylmer: efforts to divest itself of much of its overseas operations. 256 00:13:56,559 --> 00:13:59,800 Sean Aylmer: This year, Lenley's has put up for sale and sold 257 00:13:59,840 --> 00:14:03,280 Sean Aylmer: to an eight billion dollars of its offshore exposure. Now 258 00:14:03,400 --> 00:14:06,160 Sean Aylmer: Lenless is still involved in it it's six projects, twenty 259 00:14:06,200 --> 00:14:08,959 Sean Aylmer: six thousand residential units, nine hundred thousand square meters of 260 00:14:09,120 --> 00:14:12,000 Sean Aylmer: commercial space. Len Leeds could be involved in the future 261 00:14:12,040 --> 00:14:15,320 Sean Aylmer: in its investment management business, and it is also supposed 262 00:14:15,360 --> 00:14:17,959 Sean Aylmer: to sell another twenty five percent three years to King 263 00:14:18,040 --> 00:14:21,240 Sean Aylmer: Charles the third the third? Is he the third? 264 00:14:22,040 --> 00:14:22,240 Michael Thompson: Is he? 265 00:14:22,880 --> 00:14:25,360 Sean Aylmer: I've completely forgotten, God, I've completely forgotten. 266 00:14:25,560 --> 00:14:30,560 Michael Thompson: Is he the second or the he's the third? 267 00:14:30,880 --> 00:14:31,080 Sean Aylmer: Yeah? 268 00:14:31,440 --> 00:14:33,960 Michael Thompson: Right right, good yep. It it took a punt. 269 00:14:34,160 --> 00:14:36,320 Sean Aylmer: Suddenly you get a papal inauguration and you've got the 270 00:14:36,360 --> 00:14:38,119 Sean Aylmer: fourteenth and you forgot the third. 271 00:14:37,920 --> 00:14:41,680 Michael Thompson: Key Yeah, indeed, Okay, turning to international news now, Russian 272 00:14:41,720 --> 00:14:45,480 Michael Thompson: President Vladimir Putin believes he has a strong hand ahead 273 00:14:45,480 --> 00:14:48,000 Michael Thompson: of a phone call this morning with Donald Trump as 274 00:14:48,040 --> 00:14:51,960 Michael Thompson: European leaders try to prevent the US President from really 275 00:14:52,040 --> 00:14:53,120 Michael Thompson: rushing through a deal. 276 00:14:53,440 --> 00:14:56,000 Sean Aylmer: Putin is confident that his forces can break through Ukraine's 277 00:14:56,000 --> 00:14:57,880 Sean Aylmer: defenses by the end of the year to take full 278 00:14:57,920 --> 00:15:01,120 Sean Aylmer: control of four regions that he's claim for Russia. According 279 00:15:01,120 --> 00:15:04,000 Sean Aylmer: to Bloomberg, if that's the case, there's a lot of 280 00:15:04,120 --> 00:15:06,800 Sean Aylmer: misinformation in these sorts of stories. But if it is 281 00:15:06,840 --> 00:15:09,600 Sean Aylmer: the case, it's unlikely that the Russian president will offer 282 00:15:09,640 --> 00:15:13,040 Sean Aylmer: any meaningful concessions to Trump when the two let us speak. 283 00:15:13,040 --> 00:15:15,360 Sean Aylmer: The fear among European officials is that Trump will try 284 00:15:15,440 --> 00:15:19,360 Sean Aylmer: and force through a settlement regardless now. Trump has promised 285 00:15:19,360 --> 00:15:24,400 Sean Aylmer: to brief Selenski, votimme Zelenski from Ukraine and other NATO 286 00:15:24,520 --> 00:15:28,960 Sean Aylmer: allies once he's finished speaking with his Russian counterpart, but 287 00:15:29,000 --> 00:15:31,800 Sean Aylmer: I think those NAT allies are very nervous about what 288 00:15:31,920 --> 00:15:32,840 Sean Aylmer: Trump might agree to. 289 00:15:33,560 --> 00:15:37,560 Michael Thompson: Finally, Sean global leaders, including Prime Minister Anthony Alberanezi, have 290 00:15:37,720 --> 00:15:41,320 Michael Thompson: offered their sympathies to former US President Joe Biden, who 291 00:15:41,480 --> 00:15:44,960 Michael Thompson: has been diagnosed with an aggressive form of prostate cancer. 292 00:15:45,240 --> 00:15:47,720 Sean Aylmer: They two year old was told just last week that 293 00:15:47,760 --> 00:15:51,560 Sean Aylmer: the cancer cells which originated in his prostate, had spread 294 00:15:51,720 --> 00:15:55,800 Sean Aylmer: to his bones. Donald Trump on Truth Social said, and 295 00:15:55,840 --> 00:15:58,920 Sean Aylmer: I quote Milania, and I are saddened to hear about 296 00:15:59,000 --> 00:16:02,560 Sean Aylmer: Joe Biden's recent medical diagnosis. We extend our warmest and 297 00:16:02,560 --> 00:16:04,920 Sean Aylmer: best wishes the Gill and the family, and we wish 298 00:16:05,040 --> 00:16:09,760 Sean Aylmer: Joe a fast and successful recovery in quote. Prostate cancer 299 00:16:09,800 --> 00:16:11,880 Sean Aylmer: is one of the most common types of cancer among men, 300 00:16:12,040 --> 00:16:16,400 Sean Aylmer: especially older men. It usually grows slowly, initially remains confined 301 00:16:16,440 --> 00:16:19,400 Sean Aylmer: to the prostate land where it may not cause serious harm. 302 00:16:19,440 --> 00:16:23,240 Sean Aylmer: In this instance, it's aggressive and can quickly spread to 303 00:16:23,320 --> 00:16:26,040 Sean Aylmer: other parts of the body, which unfortunately has happened in 304 00:16:26,080 --> 00:16:27,080 Sean Aylmer: mister Biden's case. 305 00:16:27,720 --> 00:16:30,160 Michael Thompson: All right now, Sean, Up next is the Fear and 306 00:16:30,200 --> 00:16:33,440 Michael Thompson: Greed Daily Interview. Your guest today is Bank of Queensland 307 00:16:33,560 --> 00:16:35,960 Michael Thompson: chief economist Peter Monkton. It is coming up in the 308 00:16:35,960 --> 00:16:38,120 Michael Thompson: Fear and Greed playlist on your podcast platform or at 309 00:16:38,120 --> 00:16:40,400 Michael Thompson: Fearangreed dot com dot au, which is also where you 310 00:16:40,440 --> 00:16:43,800 Michael Thompson: sign up for that free daily newsletter. Thank you, Sean, 311 00:16:44,080 --> 00:16:44,680 Michael Thompson: Thank you, Michael. 312 00:16:44,680 --> 00:16:46,280 Sean Aylmer: I'm being done to throw in a quick shout out 313 00:16:46,280 --> 00:16:48,000 Sean Aylmer: for us Here and Greed, which comes out at twelve 314 00:16:48,040 --> 00:16:52,600 Sean Aylmer: o'clock today, and it's all about the losers when interest 315 00:16:52,680 --> 00:16:55,160 Sean Aylmer: rates for who are the losers? 316 00:16:55,400 --> 00:16:56,400 Michael Thompson: It's a good question. 317 00:16:57,040 --> 00:16:57,840 Sean Aylmer: It's a good question. 318 00:16:58,040 --> 00:17:00,520 Michael Thompson: Looking forward to getting stuck into that one. Keep an 319 00:17:00,560 --> 00:17:03,280 Michael Thompson: eye on you on your feed, on your podcast feed 320 00:17:03,280 --> 00:17:05,880 Michael Thompson: at midday you'll see that new episode. It is Tuesday, 321 00:17:05,960 --> 00:17:08,360 Michael Thompson: the twentieth of May twenty twenty five. Make sure you're 322 00:17:08,359 --> 00:17:11,600 Michael Thompson: following the podcast and please join us online on LinkedIn, Instagram, 323 00:17:11,800 --> 00:17:14,359 Michael Thompson: x TikTok and Facebook. I'm Michael Thompson and that was 324 00:17:14,400 --> 00:17:18,040 Michael Thompson: Fear and Greed. Have a great day.