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Speaker 1: Dozens of companies desert the ASX as the biggest local

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Speaker 1: businesses looked to list overseas unions to test HP on

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Speaker 1: same job, same pay rules, and the three biggest tech

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Speaker 1: companies in the US are now worth the same as

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Speaker 1: Australia's residential property market and superannuation system combined. Welcome to

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Speaker 1: Fear and Greed. Daily business news for people who make

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Speaker 1: their own decisions. It is Thursday, the thirteenth of June

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

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, shareholders have agreed to Irish

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Speaker 1: group crh's purchase of Adbry, meaning the company will disappear

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Speaker 1: from the ASX. It adds to the growing list of

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Speaker 1: companies more than thirty to have disappeared from the local

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Speaker 1: BOSS this year alone.

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Speaker 2: By my count, Michael, thirty two companies have delisted this year.

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Speaker 2: May not be large, but there's a lot of them

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Speaker 2: and they include companies like Volpaer Health Technologies ASI OR

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Speaker 2: Minerals Link Administration av Z, Minerals, Millennial Services Group, BWX

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Speaker 2: A to B Australia, bo Art Longear, Will UNA Mining,

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Speaker 2: White Rock Minerals, Black Mountain Energy, whisper coster to group,

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Speaker 2: the Big agricultural group, Technology Metals, Carbon Minerals, Cesil and Alcombe.

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Speaker 2: In recent years there have been some very large companies

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Speaker 2: disappearing from the exchange, so this is prior to twenty

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Speaker 2: twenty four. Groups like Sydney Airport Corporation after pay Oz

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Speaker 2: Minerals to name a few new Crests another though its acquirer,

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Speaker 2: Newmont Resources, has a secondary listing on the AX. The

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Speaker 2: scary thing is that there are very few new companies

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Speaker 2: coming along to take their place, just forty five initial

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Speaker 2: public offerings last year compared to the annual average of

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Speaker 2: about one hundred and twenty. The Guzman E. Gomez float

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Speaker 2: scheduled for next week is an IPO, but generally the

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Speaker 2: cupboard is pretty bare.

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Speaker 1: Anyway.

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Speaker 2: Back to ad Brye, more than ninety seven percent of

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Speaker 2: proxy votes were cast in favor of the CRCH buyout,

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Speaker 2: and the company formerly known as Adelaide Brighton, with a

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Speaker 2: history in the Australian building industry dating back to eighteen

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Speaker 2: eighty one, is now Irish owned Sean.

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Speaker 1: Why aren't we seeing big companies list in Australia, and

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Speaker 1: I suppose the follow up question is are there any

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Speaker 1: out there that might just list and kind of give

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Speaker 1: a bit of a bit of umph to the markets

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Speaker 1: when that is a technical term in financial markets.

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Speaker 2: Yeah. Well, look, the obvious flat for the Australian market

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Speaker 2: is Canva, the online graphic design group, valued at around

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Speaker 2: forty billion dollars. The group, which begin in Perth, is

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Speaker 2: expected to hit the market next year, but it will

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Speaker 2: be in the US, where the pools of capital run

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Speaker 2: much deeper than in Australia. Listing on Nasdaq, if you

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Speaker 2: can is much more attractive than Australia. Yesterday, founder of

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Speaker 2: canber Cliff Obrick, was at the Morgan Stanley Australia Summit,

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Speaker 2: and according to media reports, he spent his time in

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Speaker 2: the spotlight pushing the creditability of his company. Life three sixty,

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Speaker 2: the online tracking business, is listed on the AASEX, but

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Speaker 2: last week debuted on the Nasdaq as well in an

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Speaker 2: effort to lift its profile in the US. Occasionally, in

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Speaker 2: Australia a mid sized company buy something that makes it big.

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Speaker 2: So Sigma Healthcare at the moment is buying Chemist Warehouse,

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Speaker 2: for example. That'll become bigger. But in short, big companies

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Speaker 2: don't list in the ASEX unless their business is very

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Speaker 2: locally focused, and there really hasn't been any big listings

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Speaker 2: for a long while. Given the amount of money going

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Speaker 2: into superannuation and the amount of money that needs to

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Speaker 2: go into equities, it's becoming a problem for superannuation fund

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Speaker 2: managers to find somewhere locally to put their money.

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Speaker 1: It's a fascinating story. Taking a broader look at local

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Speaker 1: markets yesterday, how did things go?

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Speaker 2: The SMPAX two hundred closed down half percent to seven

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Speaker 2: seven hundred and sixteen points, with ten of the eleven

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Speaker 2: sectors in the red. The material sector was the worst performer,

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Speaker 2: as iron ore prices headed towards one hundred. US was

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Speaker 2: a ton Fortescu Metals Group and Rio Tinto both fell

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Speaker 2: more than one percent, while BHP was off zero point

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Speaker 2: seven percent. Interest rate sensitive stocks also fell ahead of

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Speaker 2: last night's Federal Reserve meeting on rates. An example was

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Speaker 2: Weiss tech Global It closed down three percent. Other poor

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Speaker 2: performers included West Farmers and their cell Woodside was the

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Speaker 2: best of the large capes, jumping two point seven percent

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Speaker 2: following an analyst upgrade on the stock best in the

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Speaker 2: day was herelius nearly nine percent. Nickel industry was the

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Speaker 2: worst of the top two hundred, down nearly eight percent.

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Speaker 1: And what about international markets.

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Speaker 2: China's consumer prices rose less than expected in May and

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Speaker 2: factory prices dropped for the twentieth month in a row,

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Speaker 2: fueling concerns over persistently weak demand in the world's second

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Speaker 2: biggest economy. While we're all worried about inflation, it's the

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Speaker 2: opposite in China, and that's not so good for Australia.

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Speaker 2: We of course sell plenty of iron ore to China.

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Speaker 2: We need a bit of inflation in that economy. It

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Speaker 2: ain't happening. Gold prices are up at touch and the

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Speaker 2: Aussie dollars sixty six point two. US and SO oil

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Speaker 2: prices are higher after figures show a shrinking US crude stockpile.

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Speaker 2: Brent crudes training around eighty two US dollars a barrel.

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Speaker 2: This of course suggests there will be pressure on local

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Speaker 2: petrol prices, which made me check what's going on around

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Speaker 2: the country. Courtesy of the Australian Competition and Consumer Commission.

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Speaker 2: Right now, Sydney prices are way above the peak levels

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Speaker 2: of last cycle. Very very expensive. Melbourne prices are on

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Speaker 2: the way back to the last peak. Not very expensive,

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Speaker 2: just expensive. Same deal in Brisbane, Adelaide prices are falling,

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Speaker 2: while Perth prices seem to be at their low point.

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Speaker 1: Sean, you mentioned just then the US stockpile U S

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Speaker 1: crewed stockpile, and that got me kind of thinking about,

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Speaker 1: kind of where is this stockpile? Is it actually and

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Speaker 1: there is a such a thing as the Strategic Petroleum Reserve, Yes,

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Speaker 1: which is a US government This is fascinating. This is

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Speaker 1: actual facts, not just me making stuff.

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Speaker 2: Up as we.

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Speaker 1: And it is that the largest emergency supply kind of

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Speaker 1: in the world. It's a complex of four sites and

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Speaker 1: they've got these massive, massive underground storage caverns created in

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Speaker 1: salt domes along the Texas and Louisiana Gulf coasts. Has

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Speaker 1: the capacity for seven hundred and fourteen million barrels. Isn't

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Speaker 1: that huge?

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Speaker 2: Wow? Wouldn't it be cool to see it?

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Speaker 1: I know, I was just thinking about that. Could we

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Speaker 1: do like a fear and Greed excursion? What about that?

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Speaker 1: What about guided tours with fear and greed? Well, we

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Speaker 1: go to see all the things that interest us, So

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Speaker 1: we'll go and see these giant tanks full of oil.

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Speaker 1: Then we would go and see like Cape Canaveral and

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Speaker 1: various kind of other space things. Obviously that's for me.

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Speaker 1: And then we would go and see if we could

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Speaker 1: get perhaps into Fort Knox.

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Speaker 2: Right for the gold. Yeah, we'll definitely trying and charge

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Speaker 2: into the Federal Reserve in New York.

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Speaker 1: Yep, yep. And I think we've got absolute Buckley's chance

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Speaker 1: of getting into any of these places.

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Speaker 2: Marri Lago wouldn't mind going there.

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Speaker 1: Yeah, yeah, round of golf with the former president.

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Speaker 2: Yeah, yeah, I think that we could go to Delaware.

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Speaker 2: Actually we'll talk about that later in the show. Delawares

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Speaker 2: in the news today excellent court system in Delaware. But

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Speaker 2: we'll come to that.

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Speaker 1: Oh, yes, we will get to that. And Sean, I

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Speaker 1: need to also mention something else that we will get

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Speaker 1: to later on an interview that you have coming up

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Speaker 1: after the show. You're speaking today with Stephen Fennick, the

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Speaker 1: editor of tech guide dot com dot au, who is

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Speaker 1: in the US at the moment.

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Speaker 2: Yes, so he's a Apple headquarters. Maybe that could be

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Speaker 2: put up part of our excursion Apple Headquarters. Yeah, I

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Speaker 2: like it. Apple, of course have announced in recent days,

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Speaker 2: they're push into Apple intelligence, not artificial intelligence, Apple intelligence.

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Speaker 2: We talked to Stephen about what that means, what it

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Speaker 2: means the smartphone. I thought he kind of explained it

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Speaker 2: very well what you could do with the smartphone. But

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Speaker 2: what type of smartphone you need? An Apple smartphone, but

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Speaker 2: the version you need fantastic look into what it all

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Speaker 2: means for us. Also we talk about virtual reality headsets,

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Speaker 2: which is a bit of a fan of.

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Speaker 1: Yeah, it's a great chat. It's coming up a little

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Speaker 1: bit later on after the show, but Sean, we'll be

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news. Sean Trade Minister Don Farrell said local winemakers

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Speaker 1: have sold eighty six million dollars worth of stock to

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Speaker 1: Chinese consumers since April, when Beijing dropped its punitive tariffs

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Speaker 1: on ossie exports.

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Speaker 2: He was speaking at a winery in South Australia's McLaren Vale,

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Speaker 2: which was particularly apt because this weekend Chinese Premier Lee

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Speaker 2: Chung is due to visit Australia, beginning in Adelaide and

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Speaker 2: commencing with a lunch at a winery with Prime Minister

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Speaker 2: Anthony Alberizi. Foreign Minister Penny Wong and mister Farrell. It

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Speaker 2: signifies further easing in relations between Beijing and Canberra, which

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Speaker 2: of course have improved since the election of the Labour government. Meanwhile,

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Speaker 2: a poll shows that thirty five percent of Australians will

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Speaker 2: factor in Australia's China policy when they vote at the

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Speaker 2: next federal election. The poll by the Australia China Relations

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Speaker 2: Institute and the Center for Business Intelligence and Data Analytics

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Speaker 2: at the University of Technology, Sydney makes the Chinese premiers

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Speaker 2: meeting with mister Albineasi all the more interesting.

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Speaker 1: Indeed it does. Now the Mining and Energy Union has

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Speaker 1: filed same job, same pay applications against BHP's labor higher firms.

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Speaker 1: Now this is the first time that the Albanesi government's

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Speaker 1: new laws will be significantly tested.

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Speaker 2: The applications seek to lift the pave about one thousand,

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Speaker 2: seven hundred workers by between ten thousand dollars and forty

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Speaker 2: thousand dollars a year. BHP last year said the new

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Speaker 2: laws would cost the company in extra one point three

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Speaker 2: billion dollars a year, equivalent to about five thousand full

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Speaker 2: time workers. The workers that this application includes are employed

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Speaker 2: across three open cup minds. They're paid by three companies,

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Speaker 2: one called work Pack, another Chandler McCloud, and a third

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Speaker 2: Operations Services, which is actually BHP subsidiary. The cases are

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Speaker 2: complex because it's difficult to compare workers on the basis

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Speaker 2: of skills, rosters, pay, including bonuses, et cetera. That's why

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Speaker 2: it's such an important test case. MEU Queensland president Mitchewes

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Speaker 2: said it was important to address what he called BHPS

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Speaker 2: labor higher rought given it's the biggest player in the

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Speaker 2: coal industry and the application is a major step towards

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Speaker 2: changing the model. Everyone will be watching this one closely.

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Speaker 1: Yeah, certainly will be showing. The number of job ads

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Speaker 1: over the past year have fallen by around eighteen percent

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Speaker 1: as the slow down hits the economy.

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Speaker 2: Online employment company seek says national job ads for zero

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Speaker 2: point six percent in May and seventeen point nine percent

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Speaker 2: over the past year. The number of applicants per job

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Speaker 2: has also increased by zero point three percent now. The

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Speaker 2: areas where job ads have fallen include hospitality and tourism,

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Speaker 2: manufacturing and transport and logistics, healthcare and medical and education

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Speaker 2: and training actually rose month on month. New South Wales

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Speaker 2: has had the sharpest decline, followed by Queensland and Victoria.

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Speaker 2: Of course, none of this is a surprise because we

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Speaker 2: have much higher interest rates, so the job market should

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Speaker 2: be slowing down. Exactly how much. We'll find out more

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Speaker 2: about that today when May's unemployment figures are released from

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Speaker 2: the Australian Bureau of Statistics.

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Speaker 1: Apple will allow iPhone users to access by now pay

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Speaker 1: Later style loans from A and Z directly from Apple Pay,

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Speaker 1: and it's open to adding after pay and Zip to

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Speaker 1: its digital wallet as well.

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Speaker 2: Apple Today and Zed was among a handful of global

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Speaker 2: banks expanding services inside Apple Pay by integrating its credit

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Speaker 2: card and installment payment plans. Ain Zed was the first

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Speaker 2: Australian bank to let its customers make card payments directly

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Speaker 2: from iPhones in twenty sixteen. That forced other major lenders

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Speaker 2: to respond. According to a story in The Financial Review,

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Speaker 2: the latest move highlights are split from Commonwealth Bank, which

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Speaker 2: is skeptical about seeding control of customers to Apple. It's

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Speaker 2: boss mat common has been leading calls for more regulation

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Speaker 2: in Australia, including ensuring banking apps can access Apple's infrastructure

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Speaker 2: on fair terms. Ain Z has more or least gone

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Speaker 2: the other way, it will let existing credit card customers

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Speaker 2: create simple repayment plans. At the time they wave their

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Speaker 2: phone over a payment terminal, presuming will you, There'll be

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Speaker 2: a pop up and it might say do you want

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Speaker 2: to pay in foreign installments or pay on your credit

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Speaker 2: card right now now? Currently the feature is only available

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Speaker 2: via the A and Z app after you've actually done

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Speaker 2: a credit card transaction. This will make that a lot easier.

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Speaker 1: Now, Sean. In the main story today, you mentioned the

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Speaker 1: Goodman egomes float. It is scheduled, of course for next week,

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Speaker 1: but not everyone's convinced that it's been fairly priced.

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Speaker 2: Morning Star brokers have done some work and reckon it's

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Speaker 2: worth around fifteen dollars a share, seven dollars a share

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Speaker 2: less than what the group intends to list at. Morning

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Speaker 2: Star essentially says its growth plans Gusman's growth plans are

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Speaker 2: too optimistic now Goozman is expected to float on Jun

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Speaker 2: twenty and be worth about two point two billion dollars,

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Speaker 2: but morning Star doubts it can achieve its forecast of

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Speaker 2: going from one hundred and eighty five stores to one

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Speaker 2: thousand stores over the next two decades. Morning Stars says

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Speaker 2: other listed fast food chains like Domina's Pizza and Collins

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Speaker 2: Food which operates KFC stores, are better value for investors.

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Speaker 2: Of course, a Michael we It, Fear and Greed are

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Speaker 2: not an investing podcast, so don't take it from us.

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Speaker 2: In fact, definitely do not take it from us. Can't

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Speaker 2: speak to a financial advisor before making any investment decisions.

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Speaker 1: That is a very good recommendation, Sean Now. Australia has

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Speaker 1: upped its aid for the Gaza region, as the Prime

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Speaker 1: Minister says a United Nations Security Council resolution calling for

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Speaker 1: a ceasefire is a significant breakthrough.

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Speaker 2: The new funds from the federal government will be directed

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Speaker 2: to the World Food Program for assistance for civilians facing

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Speaker 2: the risk of famine. The extra money will take Australia's

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Speaker 2: humanitarian contribution in Gaza since October seven to seventy two

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Speaker 2: and a half million dollars. According to aap Now. The

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Speaker 2: Security Council has backed a US drafted resolution calling for

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Speaker 2: a three phase ceasefire. Initially, there would be a six

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Speaker 2: week ceasefire with an exchange of hostages held by Hamas

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Speaker 2: as well as prisoners kept by Israel. The second phase

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Speaker 2: would involve a permanent ceasefire, while the third would cover

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Speaker 2: a reconstruction effort for the Gaza strip. The resolution calls

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Speaker 2: on both Israel and Hamas to fully implement a ceasefire

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Speaker 2: without delay and without condition. Miss Trailberanezi said Australia fully

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Speaker 2: supports the plan.

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Speaker 1: Now turning to international news, apples unveiling of its artificial

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Speaker 1: intelligence offering for smartphones, including a new version of Siri,

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Speaker 1: has sent its share price up seven percent, pushing its

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Speaker 1: market capitalization back above three trillion US dollars and threatening

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Speaker 1: to overtake Microsoft as Wall Street's biggest company.

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Speaker 2: Between them, the three big tech titans Microsoft, Apple and

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Speaker 2: chip Maker and Video are worth more than nine trillion

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Speaker 2: US dollars. That's around fourteen trillion dollars in local currency.

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Speaker 2: It's about the equivalent of the Australian residential property market,

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Speaker 2: all of it plus all the money invested in superannuation.

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Speaker 2: Last weekend, Video had become the second largest tech company

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Speaker 2: over Apple, but this week Apple fought back in the

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Speaker 2: battle of big tech. Microsoft now has a market capitalization

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Speaker 2: of three point two to two trillion US dollars. Apple

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Speaker 2: sits at three point pinet eight trillion US dollars and

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Speaker 2: then VideA is at two point ninety seven trillion US dollars.

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Speaker 2: The three of them comprise more than twenty percent of

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Speaker 2: the S and P five hundred, which, as the name suggests,

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Speaker 2: has five hundred stocks. Clearly, the rumors of big text

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Speaker 2: demise have not eventuated.

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Speaker 1: I think that might be right, Sean. And I know

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Speaker 1: that you wrote about this as well in yesterday's Fear

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Speaker 1: and Greed weekly newsletter, which goes out every Wednesday and

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Speaker 1: has been very well received. Yesterday's edition chock full of

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Speaker 1: your unadulterated, unfiltered thoughts on everything.

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Speaker 2: On economics and markets.

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Speaker 1: Oh yeah, six stuff. It is some saucy writing anyway. Sorry,

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Speaker 1: I kind of threw myself off there, out of control there, Yeah,

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Speaker 1: it didn't. It went to a dark place. But head

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Speaker 1: along to Fear and Greed dot com dot au and

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Speaker 1: sign up for that newsletter if we have not convinced

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Speaker 1: you to otherwise, because that, I mean, who wouldn't want

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Speaker 1: that every Wednesday morning in your inbox? It is safe

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Speaker 1: to read at work. Finally, Sean, last story you mentioned this,

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Speaker 1: you alluded to it earlier. President Joe Biden's son Hunter Biden,

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Speaker 1: has been convicted by a jury of lying about his

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Speaker 1: drug use to illegally buy a gun, making him the

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Speaker 1: first child of a sitting US president to be convicted

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Speaker 1: of a crime.

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Speaker 2: A twelve member jury in Wilmington, Delaware, the Biden's hometown,

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Speaker 2: found the defendant guilty and all three counts against him.

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Speaker 2: According to Reuters, the fifty four year old lightly nodded

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Speaker 2: his head after the verdict was read, but otherwise showed

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Speaker 2: little reaction. Hunter Biden faces up to twenty five year

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Speaker 2: in prison when he's sentenced, though as the first time offender,

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Speaker 2: he would not get anywhere near the maximum and there's

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Speaker 2: no guarantee the judge would sent him to prison anyway.

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Speaker 2: The judge did not set a sentencing date. President Joe Biden,

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Speaker 2: in a statement, said that he would accept the outcome

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Speaker 2: and continue to respect the judicial process as Hunter considers

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Speaker 2: an appeal. The sidebar to that to this story, and

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Speaker 2: what everyone's talking about is the reactions of the Republican Party.

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Speaker 2: So we now have a convicted felon as the Republican nominee,

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Speaker 2: Donald Trump, and the son of the president is a

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Speaker 2: convicted felon. But the Republicans have trashed the whole concept

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Speaker 2: of judicial independence, and therefore they can't sort of lay

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Speaker 2: in to Hunt Biden too much without looking like they're

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Speaker 2: laying into their own Republican nominee, Donald Trump. So it's

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Speaker 2: actually a very fascinating kind of a dance that the

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Speaker 2: Republicans are playing over there, just at the same side,

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Speaker 2: you know, Joe Biden, he said, let's respect the judicial process.

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Speaker 2: There's a political angle to that one too.

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

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Speaker 1: You're speaking today with Stephen Fennick, editor of tech guide

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Speaker 1: dot com. Dood Au.

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Speaker 2: Sure, I am all about what's happening with the Apple

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Speaker 2: Artificial Intelligence AI, or, as he mentions it, Apple Intelligence.

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Speaker 2: It's going into your smartphone soon. Well, if you do

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Speaker 2: have one of the latest versions of iPhone, you'll probably

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Speaker 2: get it. You know, we talked to Stephen about exactly

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Speaker 2: what Apple is doing in that AI sphere.

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Speaker 1: This is why when we want to talk about AI

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Speaker 1: and technology and things, we go to an expert like

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Speaker 1: Stephen and don't leave it up to you. Sean, Yes,

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Speaker 1: I have nothing to say to that, but yes, it

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Speaker 1: is up next in the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com, DoD are you, thanks.

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Speaker 2: Sean, Thank you, Michael.

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Speaker 1: It's Thursday, the thirteenth of June twenty twenty four. 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 link Dean, Instagram, ex TikTok and Facebook. Are Michael Thompson.

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Speaker 1: And that was Fear and Greed. Have a great day, yeah,