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Speaker 1: Welcome to Fear and Greed business news you can use Today, HP,

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Speaker 1: Rio Tinto, CSL and other Australian companies are set to

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Speaker 1: be hit and the latest round of Trump Tariff's quantas

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Speaker 1: says stolen data is yet to be released by hackers.

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Speaker 1: And business banking gets competitive, plus life insurance worn on

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Speaker 1: what growing mental health claims will mean for premiums. And

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Speaker 1: one of the world's most famous pieces of art, the

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Speaker 1: near one thousand year old Bayu Tapestry, returns home. It's Thursday,

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Speaker 1: the tenth of July twenty twenty five. I'm Adam Lang

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Speaker 1: and good morning. Sean Almer.

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Speaker 2: Good morning, Adam. I just want listeners to know when

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Speaker 2: we're talking about the Bayu Tapestry. I did ask you

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Speaker 2: offhanded whether you knew what it was, yes, and you

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Speaker 2: kind of got it sort of you didn't. And then

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Speaker 2: when I told you what it was, you then went

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Speaker 2: and gave me the whole history, the dates, the Kings,

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Speaker 2: very frustrated religiously with it. I thought I'd beaten you

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Speaker 2: on a fact, but no, I hadn't. Anyway, Sean.

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Speaker 1: The main story this morning, BHP and Rio Tinto are

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Speaker 1: set to be hit by huge new copper tariffs imposed

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Speaker 1: by the Trump White House, while local pharmaceutical companies are

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Speaker 1: set to be smacked with two hundred percent imposts.

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Speaker 2: The announcement by Donald Trump sent the share prices of

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Speaker 2: local copper producers like Sandfire Resources, Capstone and Evolution Mining tumbling,

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Speaker 2: though BHP in Rio's share price held up pretty well.

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Speaker 2: Copper is considered a benchmark commodity in the US. Imports

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Speaker 2: about half of what it needs, but Trump wants to

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Speaker 2: produce more of it at home. He announced a fifty

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Speaker 2: percent tariff on copper in the hope that it will

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Speaker 2: force more local production. BHP and RIO are two of

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Speaker 2: the biggest copper producers in the world. RIOS focused on Mongolia,

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Speaker 2: Chile in the US, BHP on Chile, Peru and South Australia.

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Speaker 2: Much of the copper mind from those countries and those

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Speaker 2: mines ends up in the UK US. They'll be hit

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Speaker 2: by tariffs. That's the bad news. The good news is

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Speaker 2: that HP and RIO own possibly the largest copper mine

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Speaker 2: in the US. It's called Resolution copper. It could supply

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Speaker 2: about one quarter of the US's needs. It could benefit

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Speaker 2: massively from the tariffs. The problem so far is the

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Speaker 2: BHP and RIO really haven't been able to make it work,

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Speaker 2: mostly due to native title and environmental disputes. Now, Trump's announcement,

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Speaker 2: as is usual, came a few details, so both mining

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Speaker 2: giants thus far aren't commenting. He has previously helped with

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Speaker 2: resolution copper getting through some of the getting through some

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Speaker 2: of the de bureaucracy on that he may still well

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Speaker 2: do that. And given that they're sitting on what could

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Speaker 2: be twenty five percent of the US's copper needs, it

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Speaker 2: may actually be a good thing BHP and RIO ultimately.

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Speaker 1: But everyone else maybe not. Sean. Shifting to the drug sector,

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Speaker 1: and of course I mean the legal drug sector, Donald

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Speaker 1: Trump said he planned to produced tariffs on imported pharmaceuticals

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Speaker 1: which could reach two hundred percent, and that will hit

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Speaker 1: local producers.

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Speaker 2: First comment is that no one thought that we're talking

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Speaker 2: about the illegal drug sector except for you.

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Speaker 1: With all sorts of business here at fear and greed.

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Speaker 2: The President says he will give drug companies about one

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Speaker 2: year two, as he put it, get their act together.

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Speaker 2: The US is the biggest and richest market for pharmaceuticals,

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Speaker 2: so massive tariffs will have major implications for drug makers everywhere,

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Speaker 2: including Australia. We sell about two billion dollars of drugs

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Speaker 2: into the US. CSL, Australia's third largest company, is an

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Speaker 2: example of a seller into the US. It says it's

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Speaker 2: monitoring the situation. Its share price was down one percent yesterday.

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Speaker 2: Bit of a sticky or tricky part here is the

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Speaker 2: Pharmaceutical Benefit Scheme. It subsidizes the cost of medicines in

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Speaker 2: part by purchasing them in bulk. It's nearly eighteen billion

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Speaker 2: dollar scheme provides nine hundred and thirty different medicines at

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Speaker 2: a universal discount rate. You could well argue accurately that

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Speaker 2: it is protectionist. So that's something that the government will

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Speaker 2: have to negotiate with the US at some point.

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Speaker 1: More delicacies involved, Sean. The tariff debate is causing a

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Speaker 1: headache for the federal government, with Treasurer Jim Charmer's avoiding

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Speaker 1: questions about whether camera can still trust the US, particularly

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Speaker 1: if it allies, particularly if allies like South Korea can

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Speaker 1: be hit with big tariffs.

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Speaker 2: Chalmers says the tariff's post a threat to global trade

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Speaker 2: growth and progress being made in economy's post COVID. He

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Speaker 2: says that trump comments from yesterday are very concerning, particularly

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Speaker 2: for the pharmaceutical companies, adding that negotiations over the PBS,

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Speaker 2: the pharmaceutical benefits scheme, are off the table. Trump is

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Speaker 2: progressively rolling out new tariff letters to different countries, which

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Speaker 2: are then posted on social media, of course, outlining the

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Speaker 2: US's position. We haven't been hit yet, we haven't heard,

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Speaker 2: we haven't received a tariff letter yet, but I'm sure

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Speaker 2: one is in the post or.

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Speaker 1: Via truth social which ever comes first. That's right, Sean.

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Speaker 1: Before we leave the charat debate, Reserve Bank of Australia

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Speaker 1: Deputy Governor Andrew Houser has issued a warning about the

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Speaker 1: risks to the global economy and this one has got

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Speaker 1: a distinctly American flavor.

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Speaker 2: Yes, the reserve being held interest rates steady at three

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Speaker 2: point eight five percent on Tuesday, and Howser has flagged

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Speaker 2: serious concerns about Donald Trump's tariffs. Speaking at the Economic

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Speaker 2: Society of Australia, he said the impact on Australia could

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Speaker 2: be profound, that was his word, particularly through global supply

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Speaker 2: chains and investor conference. He even compared the threat to

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Speaker 2: the economic upheaval of Brexit, he being a brit where

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Speaker 2: at first not much seemed to change. Then the effects

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Speaker 2: became slow, movie moving but deeply disruptive, Sean.

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Speaker 1: Amongst all of this, how did the local markets perform yesterday?

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Speaker 2: Well, the smbisx two hundred dropped in the first thirty

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Speaker 2: minutes of training, clawed its way back to be in

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Speaker 2: positive territory, then tumbled at the end of the day

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Speaker 2: lost all that hard work, closed down zero point six

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Speaker 2: percent to eighty five hundred and thirty one points. Are

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Speaker 2: drop in the price of gold hit the miners of

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Speaker 2: the precious metal in Neumont, Percy, Northern Star. They are

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Speaker 2: all lower interest rate sensitive stocks. Notably, property companies fell

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Speaker 2: on the back of Tuesday's decision by the Reserve Bank

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Speaker 2: to not cut interest rates. Goodman Group, for example, it

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Speaker 2: was down two point three we sent the worst performer

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Speaker 2: of the megastocks, and uranium companies also fell back in

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Speaker 2: line with the price of yellowcake. The big banks were

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Speaker 2: mixed big minus well. Quiry Group fell more than two

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Speaker 2: percent Adam.

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Speaker 1: Thank you, Sean, and for anyone listening who wants to

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Speaker 1: get all of that summarized with some different perspective and

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Speaker 1: a lot more, go to the website to sign up

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Speaker 1: for our daily newsletter. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean Moving

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Speaker 1: to Quantus, it says it's yet to see any of

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Speaker 1: the personal data hacked from the airline in the public domain,

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Speaker 1: and has warned frequent fly customers to not provide information

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Speaker 1: to anyone calling them purporting to be from Quantus.

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Speaker 2: Yesterday, Quantus said two point eight million frequent flyer numbers,

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Speaker 2: names and email addresses were stolen, along with details about

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Speaker 2: status tiers, credits, and points balances. For a portion of

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Speaker 2: those customers. Another one point two million customer records contained

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Speaker 2: only names and email addresses. The remaining one point seven

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Speaker 2: million records including a combination of addresses, birthdates, phone numbers, gender,

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Speaker 2: and one for you male preferences so we know, gluten

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Speaker 2: free gluten free. The data breach occurred on June thirty,

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Speaker 2: when a Quantus call center operated was tricked into opening

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Speaker 2: access to a third party system, allowing hackers to steal

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Speaker 2: customer information. The airline urged customers not to provide passwords

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Speaker 2: or any personal or financial information if contacted by anyone

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Speaker 2: purporting to be from Quantus.

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Speaker 1: Shorn to insurance, almost half of all payouts from life

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Speaker 1: insurers are linked to mental health, and industry leaders are

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Speaker 1: expecting the growing crisis to worsen as more young people

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Speaker 1: claim they are unable to work due to severe anxiety, depression,

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Speaker 1: and post traumatic stress disorder.

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Speaker 2: Life insurance companies paid out a record two point two

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Speaker 2: b billion dollars in claims related to mental illness in

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Speaker 2: twenty twenty four, up from one point two billion five

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Speaker 2: years ago. Stress burnout and bullying at work are among

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Speaker 2: the leading reasons claimants give for being unable to return

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Speaker 2: to the walk workforce, along with divorce, financial strife, traumatic experiences,

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Speaker 2: and mood disorders such as depression. According to a report

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Speaker 2: in the finn Review, one study shows permanent disability claims

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Speaker 2: by those in their thirties increased by more than seven

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Speaker 2: hundred percent in the decade to twenty twenty two, now

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Speaker 2: comprising more than a third of all such claims, so

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Speaker 2: more than the third of claims of people under thirty

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Speaker 2: when they're claiming permanent disability very upsetting. Of the five

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Speaker 2: point five billion dollars in payouts last year, forty four

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Speaker 2: percent were linked to mental ill health rather than a

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Speaker 2: physical condition or injury. According to Council of Australian life insurers.

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Speaker 2: Secular leaders are now warning that the rise in mental

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Speaker 2: health payouts will lead to higher premiums, radical changes to

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Speaker 2: eligibility criteria and the denial of many more claims.

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Speaker 1: Shawn. The business banking sector, traditionally dominated by National Australia Bank,

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Speaker 1: is getting crowded, with Commonwealth Bank and Westpac pushing hard

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Speaker 1: into the sector. And that's alongside Mcquarybank, AMP Bank and

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Speaker 1: now accounting software PROVIDERYOB.

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Speaker 2: MIOB is set to launch transaction accounts for sole traders,

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Speaker 2: quoting figures that show three quarters of Australia's one point

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Speaker 2: six million sole traders don't have a business banking account.

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Speaker 2: The MIOB business transaction accounts will draw on the banking

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Speaker 2: license of Great Southern Bank. It'll be branded Solo Money

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Speaker 2: and the banking sector business landing can be more profitable

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Speaker 2: than mortgage landing. It can not always, but it can.

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Speaker 2: It's really prompted to push into that sector over the

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Speaker 2: past twelve months. It hasn't been anywhere near as competitive

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Speaker 2: as mortgage rates. So Commonwealth Bank's in there, Westpacs in there,

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Speaker 2: as you mentioned, AMP Bank, Mcquarybank, They're all in there.

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Speaker 2: We've now got moob. The winners from all this, Adam, Yes,

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Speaker 2: should be customers, more competition, better deal.

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Speaker 1: Sean G eight Education, one of Australia's largest childcare providers,

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Speaker 1: Williams store CCTV cameras inside all four hundred of its

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Speaker 1: centers after a former employee was charged with more than

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Speaker 1: seventy abuse offenses.

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Speaker 2: The company has already banned staff from using personal devices

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Speaker 2: while working in its center's rooms. The company will also

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Speaker 2: provide parents with the opportunity to provide preferences on who

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Speaker 2: supports their child's personal care routines. G eight will also

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Speaker 2: advocate for a national registry for working with vulnerable people,

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Speaker 2: including working with children. Its share prices dropped twenty percent

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Speaker 2: since the charges were revealed.

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Speaker 1: Retirement living operator Lifestyle Community shares hit the boors yesterday,

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Speaker 1: having been suspended since Monday, and its price tumbled more

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Speaker 1: than forty percent before closing down thirty seven percent.

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Speaker 2: Our whack yep yep It follows a Victorian tribunal ruling

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Speaker 2: that the exit fees the business charges to departing residents

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Speaker 2: are invalid. The Victorian Civil and Administrative Tribunal found that

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Speaker 2: life hostyle communities had breached tenancy laws by failing to

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Speaker 2: clearly disclose deferred management fees in its residential site agreements.

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Speaker 2: Lifestyle says it will appeal the finding.

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Speaker 1: Sean one local health company to do well yesterday thanks

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Speaker 1: to goings on in the US is Telex Pharmaceuticals, the

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Speaker 1: therapeutic and diagnostic imaging group.

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Speaker 2: Its share price finished up more than six percent, the

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Speaker 2: best of the top two hundred after announcing its prostate

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Speaker 2: cancer imaging product, go Xelix has been granted a permanent

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Speaker 2: code by the US Centers for Medicare and Medicaid Services.

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Speaker 2: What does that mean? Basically means the product. Is this

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Speaker 2: a big step closer to being used regularly in the

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Speaker 2: US for the diagnosis of prostate cancer, which is the

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Speaker 2: second most common cancer in men in the US, with

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Speaker 2: about three hundred and fourteen thousand new cases diagnosed each year.

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Speaker 1: Sure that is a game change for Telex Pharmaceuticals and

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Speaker 1: obviously for potential patients.

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Speaker 2: Yes, it's still got steps to get there, but it's

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Speaker 2: certainly a big step forward.

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Speaker 1: Exciting. In international news, Donald Trump has taken aim of

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Speaker 1: the boss of the Federal Reserve and Russian President Vladimir

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Speaker 1: Putin sparing neither of them from his wrath.

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Speaker 2: Starting with Jeram wrath or wrath.

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Speaker 1: The wrath of God, the God.

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Speaker 2: I like wrath, like wrath. I'm more of a wrath man.

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Speaker 1: It's your show.

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Speaker 2: It's our show. Starting with Jerome Bowl, chair of the

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Speaker 2: Federal Reserve, who Trump called terrible his word. Trump accused

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Speaker 2: him of and I quote, whining like a baby about

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Speaker 2: non existent inflation for months and refusing to do the

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Speaker 2: right thing. He then went into Caps cut interest rates. Jerome,

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Speaker 2: now is the time.

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Speaker 1: Extraordinary, But I'm becoming used to the all.

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Speaker 2: Caps went on to putin Trump reiterated plants and send

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Speaker 2: more weapons to Ukraine, telling a cabinet meeting and I quote,

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Speaker 2: I'm not happy with Pertin. I can tell you that

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Speaker 2: much right now, because he's killing a lot of people.

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Speaker 2: We get a lot of bullshit thrown at us by Pertin.

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Speaker 2: You want to know the truth. He is very nice

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Speaker 2: all the time, but it turns out to be meaningless.

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Speaker 2: Ends quote.

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Speaker 1: Okay, deep breath, move on, Sean, moving to a wonderful story.

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Speaker 1: The embroidered work of medieval art known as the Bayeux Tapestry,

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Speaker 1: a masterpiece that depicts the Norman conquest of England in

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Speaker 1: ten sixty six, will return to Britain for the first

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Speaker 1: time in centuries. And this is according to the British Museum,

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Speaker 1: where it will be displayed in London starting next year.

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Speaker 2: This is big, big, big, big view. If you like

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Speaker 2: UK history, right, this is the big one. The Bayu

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Speaker 2: Tapestry is the world's most famous piece of medieval art.

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Speaker 2: The alone, announced this week as part of a state

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Speaker 2: visit by President Emanuel mccron of France to the UK,

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Speaker 2: marks the first time that the tapestry will be in

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Speaker 2: Britain since its creation more than nine hundred years ago.

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Speaker 2: According to New York Times, the roughly seventy meter long

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Speaker 2: art work, which was made in the years after the conquest,

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Speaker 2: depicts the Norman invasion of England and the Battle of Hastings.

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Speaker 2: Now that conflict allowed William the Conqueror to take the

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Speaker 2: throne from Harold Godwinson. He became the first Norman King

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Speaker 2: of England and effectively united the country. He brought lots

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Speaker 2: of his friends and family into the UK. They took

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Speaker 2: up all the land and we kind of got it

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Speaker 2: was really the beginning of England of Britain as we

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Speaker 2: know it today. The tapestry is widely believed to have

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Speaker 2: been made in England in the eleventh century, according to

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Speaker 2: the British Museum, likely commissioned by William's half brother. Really

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Speaker 2: has spent nine hundred and fifty thousand years away from home.

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Speaker 2: It's back, Adam. You are married to a brit Your

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Speaker 2: family must be very excited.

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Speaker 1: It's coming home. Oh, we'll go and see it. Seventy

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Speaker 1: meters long. How do you transport that?

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Speaker 2: Well, what's really fascinating about the Bay Tapestry is it's

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Speaker 2: one of the very few, possibly the only record of

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Speaker 2: the history of Hastings.

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Speaker 1: Yeah, incredible. Now, immediately after the show, Sean, You've got

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Speaker 1: a great chat coming up with Sandy Mack from Cause

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Speaker 1: Chambers Westcarth tell us about that.

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Speaker 2: So at the end of every year we talked to

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Speaker 2: Sandy about what's going on in the m and A market.

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Speaker 2: But because we've had some really big deals think Santos,

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Speaker 2: Think to Maine, we decided to get Sandy in and

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Speaker 2: ask her about why we're seeing so many big deals

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Speaker 2: where they're going to get across the line. The Santos

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Speaker 2: one is a particularly interesting one. We also talk about it.

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Speaker 2: She is James Hardy and the AZEC one where local

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Speaker 2: shareholders didn't get to vote on it. We talk about

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Speaker 2: basically the state of the M and A industry, what's

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Speaker 2: going on, Will there be more and I mean, I

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Speaker 2: think what we kind of decided at the end of

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Speaker 2: the last financially, if you really want to make money

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Speaker 2: in the share market basically by a company that's going

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Speaker 2: to get taken over, so Ostill Holdings that shipbuilder did

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Speaker 2: so well. Now the problem is you don't know that's

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Speaker 2: going to happen, but it was a good reason to

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Speaker 2: update the whole M and A thing. There's going to

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Speaker 2: be a bit of it going on.

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Speaker 1: It's a ripper and the conversations behind those secure closed doors, God,

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Speaker 1: they'd be fascinating.

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Speaker 2: Yeah.

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Speaker 1: Well right, that's up next to the Fear and Greed

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

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Speaker 1: Greed dot com dot au. Thank you, Sean, Thank you

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Speaker 1: very much. It's Thursday, the tenth of July twenty twenty five.

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Speaker 1: Make sure you're following the podcast. Join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook, and please have a great day.