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Speaker 1: BHP announces a twenty billion dollar underlying profit and looks

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Speaker 1: ready to acquire more assets. The federal government introduces new

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Speaker 1: caps for international students, and why the cost of living

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Speaker 1: crisis is helping Cohle's Welcome to Fear and Greed. Daily

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

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Speaker 1: is Wednesday, the twenty eighth of August twenty twenty four.

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Speaker 1: Are 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 is a big one really.

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Speaker 1: BHP appears to be on the hunt for acquisitions after

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Speaker 1: posting a fourteen billion US dollar or twenty billion Aussie

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Speaker 1: dollar underlying profit for the twenty twenty four financial year

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Speaker 1: but cutting dividends.

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Speaker 2: The result was slightly better than expected in the Big

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Speaker 2: Australians share price jumped one point three percent yesterday. The

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Speaker 2: bottom line or net profit what we're talking about previously's

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Speaker 2: underlying profit. The net profit came in thirty nine percent

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Speaker 2: lower at about eight billion US dollars. That inclin who

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Speaker 2: did several impairments, including the group's Australian nickel minds. It's

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Speaker 2: the third year in a row where BHP's dividend has

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Speaker 2: come in lower, with the dividend payout ratio at fifty

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Speaker 2: four percent of underlying earnings. That's low compared to the

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Speaker 2: last few years. BHP is the world's biggest miner, and

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Speaker 2: you're talking about it. The numbers are always huge. The

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Speaker 2: company expects to spend about ten billion at US solars

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Speaker 2: this financial year on its Canadian Jansen potash project. Last year,

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Speaker 2: it paid almost ten billion dollars that's Ossie dollars for

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Speaker 2: oz minerals. Last month more than three billion dollars buying

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Speaker 2: Argentinian copper assets. It also failed to buy Anglo American

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Speaker 2: after its seventy five billion dollar bid was knock backed.

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Speaker 2: While BHP has its digger in many commodities, do you

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Speaker 2: have a diggering commodities? I and ar, I'm trying.

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Speaker 1: I was like, so, what are you suggesting? Like a

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Speaker 1: finger in many pies?

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Speaker 2: Yeah, I was trying to get the equivalent, Yeah, digger

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Speaker 2: in many commodities. There was a notable increase in copper earnings,

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Speaker 2: for example, but really it's iron ore that is the

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Speaker 2: big money spinner. It provided seventy one percent of underlying

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Speaker 2: earnings this year.

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Speaker 1: So sean. As you mentioned, BHP's cut the dividend, meaning

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Speaker 1: it has cash on hand, where is it likely to

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Speaker 1: spend it well.

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Speaker 2: Ironore is still a major focus, and the company's pushing

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Speaker 2: ahead with its plans to grow iron or exports from

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Speaker 2: Western Australia to more than three hundred million tons a year,

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Speaker 2: but Chief executive Mike Henry yesterday said the primary growth

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Speaker 2: commodities for BHP are potash and copper. It's become much

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Speaker 2: less enthusiastic about nickel and believes there will be in

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Speaker 2: a multi year oversupply of the commodity now. A few

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Speaker 2: months back it was talking up nickel. Now it's written

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Speaker 2: down the value of its nickel minds an less really

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Speaker 2: expect copper to be the main game for BHP, particularly

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Speaker 2: since it didn't get its hands on the Anglo Americans

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Speaker 2: copper assets. Capital spending on copper, for example, is much

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Speaker 2: higher than it is on iron re, notwithstanding iron or

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Speaker 2: right now provides that seventy one percent of underlying earnings.

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Speaker 2: Mister Henry yesterday spoke about BHP's copper options in Australia

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Speaker 2: and South America. In fact, he spoke a lot about copper,

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Speaker 2: not a huge amount about iron ore, so that very

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Speaker 2: much tells you where that you're going to try and

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Speaker 2: spend their money.

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Speaker 1: Yeah. Indeed, now immediately after the show, stick around for

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Speaker 1: a chat with Vandita Pant, who is the chief financial

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Speaker 1: officer of BHP. It is from this series of interviews

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Speaker 1: that we're featuring from Osby's, Australia's leading provider of live

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Speaker 1: and on demand video for the latest news in Australian business, markets,

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Speaker 1: economy and startups. You can sign up at Osby's dot

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Speaker 1: com dot au It is free. But this interview today

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Speaker 1: is a great one because it does go into into

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Speaker 1: iron or but yes there is this focus on copper

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Speaker 1: as well, and also talking about kind of steal demand

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Speaker 1: in China and what comes next after the failed bid

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Speaker 1: for Anglo American. It's a really kind of wide ranging,

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Speaker 1: really interesting and quite frank conversation. I really enjoyed it,

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Speaker 1: so stick around for that one.

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Speaker 2: I love the start of it where Andrew Gagan asks

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Speaker 2: Ben da Part what did I and all bring to

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Speaker 2: the party? Was her response, noodles of cash and as

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Speaker 2: she went.

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Speaker 1: And it just really just went from there. It was terrific.

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Speaker 1: All Right, local markets, how do they perform Yesterday, The.

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Speaker 2: S and PASX two hundred closed down zero point two

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Speaker 2: percent to eight thousand and seventy one points, with the

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Speaker 2: technology sub index the worst performer, while the Energy index

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Speaker 2: was the best. The banks will lower while the retailers

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Speaker 2: were mixed, as is normal at the moment. The action

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Speaker 2: came on the back of profit results. Global engineering group

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Speaker 2: Walley share price rose three percent after reporting a higher

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Speaker 2: profit last financial ear Infection prevention company Nanosonics jump twenty

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Speaker 2: three percent following the release of its results. Juelry retailer

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Speaker 2: Levisa tumble nearly thirteen percent after trading up take disappointed

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Speaker 2: investors despite high net profit last financial year. Property services

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Speaker 2: business John's Ling Group fell twenty seven percent. Was the

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Speaker 2: top two hundred yesterday after a revenue decline in the

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Speaker 2: last financial year and by now pay later group Zipco

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Speaker 2: announced cash earnings of sixty nine million dollars last year.

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Speaker 2: Transactions fell in Australia amid softer consumer spending and as

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Speaker 2: it pulled back on linked to more risky borrowers, but

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Speaker 2: turnover surged in the US, where it has almost four

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Speaker 2: million customers. However, its share price finished down eight percent.

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Speaker 1: And what about international markets.

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Speaker 2: Much going on, plenty going on, but you know it's

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Speaker 2: all about local profits at the moment. Gold prices rose

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Speaker 2: yesterday amid bets of a September interest rate cut in

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Speaker 2: the US SO spot gold actually hit two five hundred

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Speaker 2: and eighteen US dollars per ounce. That's actually not far

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Speaker 2: off the record of twy five hundred and thirty one

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Speaker 2: US dollars per ounce, which was hit last week. Iron

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Speaker 2: or if you's just rebounded. Good news there basically at

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Speaker 2: their highest level in two weeks after data showed China's

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Speaker 2: inventories of iron ore, which of course is used to

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Speaker 2: make steel, continues to drop. Brent crude prices were flat,

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Speaker 2: and the Gussie dollar is buying just under sixty eight

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Speaker 2: US cents.

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Speaker 1: And of course today's Wednesday newsletter Day Sean, it is

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Speaker 1: any tips as to what's going to be featuring in

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Speaker 1: the Fear and Green newsletter today?

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Speaker 2: A little bit about BHP, I would say a little

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Speaker 2: bit about other stuff, Michael, really interesting stuff. Actually I

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Speaker 2: do a little politics today, which I don't do a

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Speaker 2: lot of politics.

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Speaker 1: But yes, it's always fascinating and we have had a

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Speaker 1: fantastic reaction to the fear and Greed weekly newsletter out

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Speaker 1: every Wednesday morning. It is kind of the podcast is

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Speaker 1: the news and the newsletter is the views. And so

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Speaker 1: that's why I think it is really kind of connecting

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Speaker 1: with people because I get to hear what you think

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Speaker 1: about stories. Head along to Fearangreed dot com dot au

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Speaker 1: and sign up, pop your email addressing and you'll get

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Speaker 1: it when it comes out mid morning. Sean will 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. The Albaneze government has cut international student

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Speaker 1: numbers and will permit two hundred and seventy thousand new

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Speaker 1: students next year.

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Speaker 2: Federal Education Minister Jason Clare announced the controversial cap on

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Speaker 2: foreign student enrollments yesterday. Publicly funded you universities will be

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Speaker 2: allowed to enroll one hundred and forty five thousand new

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Speaker 2: international students, about fifteen percent more than last year, according

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Speaker 2: to report in the Australian Vocational Training colleges will only

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Speaker 2: be given a quota of ninety five thousand new students.

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Speaker 2: Non university higher education providers can recruit thirty thousand students.

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Speaker 2: Mister Claire said universities would be allowed fifteen percent more

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Speaker 2: international students than enrolled in twenty nineteen before the pandemic,

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Speaker 2: but numbers would be slashed by about twenty percent. For

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Speaker 2: vocational education and training providers. The total number of newly

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Speaker 2: enrolled international students will be seven thousand less than in

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Speaker 2: twenty nineteen, which of course was before the COVID nineteen

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Speaker 2: pandemics and net net fewer international students next year.

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Speaker 1: Sean huge rallies were held across the country yesterday in

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Speaker 1: support of the CFMEU and against the government appointed administrator

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Speaker 1: of the union.

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Speaker 2: They're pretty amazing. Did you see the crowds like tens

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Speaker 2: of thousands of people across the country. Now, of course,

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Speaker 2: the federal government last week passed a bill giving it

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Speaker 2: powers to force the union, which has been dogged by

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Speaker 2: allegations of widespread corruption and links to organized crime, into

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Speaker 2: an administration after securing a deal with the coalition. Tens of

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Speaker 2: thousands of construction workers protested in Melbourne outside the Trades

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Speaker 2: Hall Council. Building workers chanted here to stay in support

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Speaker 2: of former THEFMEU Victorian Secretary John Setka. In Sydney, and

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Speaker 2: estimated ten thousand protesters marched on the state Parliament. Protesters

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Speaker 2: labeled the Albanese government as fascists led by alber Nazi

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Speaker 2: ousted CFMEU New South Wales Secretary Darren Greenfield attacked the

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Speaker 2: ACTU Secretary Sally McManus, accusing her of treachery and selling

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Speaker 2: the union out. In Queensland, thousands of workers walked off

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Speaker 2: the job and gathered at Queens Gardens Park offices near

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Speaker 2: the park lockdown during the morning, and National Secretary of

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Speaker 2: the CFMEAU, Zack Smith, spoke in Canberra at a protest

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Speaker 2: involving about two hundred people. Now speaking, Sydney, Prime Minister

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Speaker 2: Anthony Albernizi made it clear that he wasn't impressed with

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Speaker 2: the protesters, particularly given that the action was unprotected. He

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Speaker 2: warned that there would be consequences if people walked off

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Speaker 2: the job as part of the cf MEU protests.

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Speaker 1: Now show on this next one I mentioned it at

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Speaker 1: the top of the show. The cost of living crisis

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Speaker 1: is helping colds achieve higher sales and earnings, but within

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Speaker 1: the supermarket, shoppers are really looking for bargains.

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Speaker 2: In fact, ninety percent of coal shoppers are changing their

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Speaker 2: purchasing habits and cheaper private label groceries are selling well now. Interestingly,

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Speaker 2: it's the top tier of the private label brands that

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Speaker 2: are growing fastest. There's also a drop in red meat consumption,

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Speaker 2: prompting a new phenomenon, which I'd never heard about until yesterday,

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Speaker 2: is called meat free Monday. Would you be in that one? Michael,

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Speaker 2: Oh no, yeah, good, No.

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Speaker 1: I don't know. Unfortunately, part of the problem is I'm

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Speaker 1: just not coordinated, not kind of organized enough to do it.

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Speaker 1: Like maybe I might end up doing a meat free day,

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Speaker 1: but Monday. I don't like to kind of restrict myself

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Speaker 1: to just one day.

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Speaker 2: Fair enough.

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Speaker 1: Sorry, that was a very long winded answer. So maybe

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Speaker 1: is the answer, Sean, How about you?

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Speaker 2: I don't really eat red meat, so yeah, definitely no

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Speaker 2: problems for me, of course, with chips things like that.

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Speaker 2: Shoppers are also holding back on the booze, with sales

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Speaker 2: at First Choice and vintage sellers liquor outlets continuing to struggle.

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Speaker 2: Cole's chief executive Leah Weckert said customers eating more at

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Speaker 2: home and favoring promotional products and loyalty programs. Inflation is easy,

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Speaker 2: but it hasn't gone. Meat and bread prices have come down,

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Speaker 2: as have prices for avocados and apples, but Michael the

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Speaker 2: cost of some fresh produce, such as bananas and tomatoes,

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Speaker 2: have risen recently, and the price of chocolate is about

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Speaker 2: to go up. Crisis.

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Speaker 1: I'm assuming you don't eat chocolate. You don't seem to

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Speaker 1: like anything fun chocolate.

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Speaker 2: I have a real craving for sorry, chocolate. I eat

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Speaker 2: far too much chocolate.

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Speaker 1: Okay, good. It's just nice to know that you have advice.

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Speaker 1: And now we've learned what it is.

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Speaker 2: I see a part of chocolate, I think it like

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Speaker 2: a plate of chips. You just gotta eat the whole lot.

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Speaker 1: It's rude to leave anything left on the plane, that's right.

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Speaker 2: All this came out as part of Cole's's full year

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Speaker 2: results released yesterday, with a number two supermarket chain lifted

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Speaker 2: net profit by two percent to one point one billion

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Speaker 2: dollars on sales and nearly forty four billion dollars. Coals

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Speaker 2: also up to its dividend and its share price closed

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Speaker 2: nearly two percent higher.

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Speaker 1: Show on Woodside Energy says it can pay strong that's

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Speaker 1: a quote strong dividends even as it increases spending on

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Speaker 1: low carbon energy projects and invests in developing new oil

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Speaker 1: and gas fields.

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Speaker 2: The oil and gas producer announced an underlying profit of

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Speaker 2: one point six billion US dollars for the six months

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Speaker 2: to the end of journe on sales of about six

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Speaker 2: billion US The average price that Woodside received for its

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Speaker 2: oil and gas fell fifteen percent about sixty two to

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Speaker 2: sixty three US dollars a bow shares, and the oil

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Speaker 2: and gas producer raised four percent after the earnings results,

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Speaker 2: notwithstanding a cut in its dividend. Woodside chief executive Mego

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Speaker 2: Neil so the company's delivering on its strategy to thrive

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Speaker 2: through the energy transition while maintaining a discipline capital management,

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Speaker 2: she said. Would sides agreement last month to buy a

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Speaker 2: clean ammonia project in Texas positions the company to be

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Speaker 2: an early mover in the emerging lower carbon ammonia industry

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Speaker 2: and makes a significant contribution to delivering the group's Scope

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Speaker 2: three targets.

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Speaker 1: Ostell is fighting to maintain its standing as a responsible

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Speaker 1: contractor to the US Navy after accepting a twenty four

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Speaker 1: million US dollar penalty as part of a plea deal

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Speaker 1: to head off criminal prosecution by US regulators in a

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Speaker 1: fraud investigation.

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Speaker 2: This has been a great story for about a decade.

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Speaker 2: The deal to result from negotiations with the US Department

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Speaker 2: of Justice and the Securities and Exchange Commission, whose investigations

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Speaker 2: focused on alleged fraud between twenty thirteen and twenty sixteen

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Speaker 2: within Nostell's US division. Now, according to a report in

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Speaker 2: The Australian, the Perth headquartered Ostell has been desperate to

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Speaker 2: ensure any settlement was acceptable to its biggest customers, the

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Speaker 2: US Navy. In the Royal Australian Navy. Ostel is now

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Speaker 2: in talks with the US Navy and seeking an associated

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Speaker 2: administrative agreement that would set out compliance commitments, access reporting obligations,

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Speaker 2: introduced an independent monitor just to make sure they can

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Speaker 2: keep these contracts. Financing such an agreement is pretty much

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Speaker 2: critical to ust Ll maintaining its standing as a responsible

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Speaker 2: contractor to the US government. Without that, it's ineligible to

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Speaker 2: work for the US Navy and Coast Guard and its

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Speaker 2: business is in all sorts.

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Speaker 1: There are plenty of people watching this one Sean. The

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Speaker 1: first earnings result of Mexican themed fast food chain Guzmani

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Speaker 1: Gomez as an AOSX listed company, came in about as expected,

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Speaker 1: with same store sales growth for the first seven weeks

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Speaker 1: of this fiscal year above expectations.

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Speaker 2: CO Chief executive Stephen Mark said there had been strong

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Speaker 2: demand for value offerings such as the twelve dollars chicken

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Speaker 2: mini meal, along with a rise in the breakfast category.

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Speaker 2: Is more people headed to stores earlier in the day.

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Speaker 2: The eight dollar breakfast bre day, for example, bacon chicken,

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Speaker 2: Theresa scrambled eggs, hash Browns. That's growing in popularity with

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Speaker 2: customers such as Tradees coming in to buy that one.

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Speaker 2: According to report and the fin Review, the peak time

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Speaker 2: for the group's drives throughout Let's is six am to

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Speaker 2: eight am for the growing breakfast trade Goodsman's share price

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Speaker 2: raise three percent yesterday. It's now about seventy percent or

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Speaker 2: just shy of seventy percent higher than this listing price

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Speaker 2: in June. When you look at Colin's Foods, which owns

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Speaker 2: KFC Domino's, they've gone the other way. So it's really

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Speaker 2: been well, it's been a success story in terms of

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Speaker 2: the share price. Investors a love a Gusmin. It's still

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Speaker 2: got a long ways to go to actually sort of

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Speaker 2: fulfill the promise it shows, but it's just interesting how

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Speaker 2: it's the real outlier in that sector.

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Speaker 1: Yeah, certainly is. And one more show on The Victorian

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Speaker 1: government has announced a seven point five percent levy on

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Speaker 1: short stay accommodation bookings, including bookings made through airb and

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Speaker 1: B and stays. This comes into effect from January one

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Speaker 1: next year.

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Speaker 2: Now plenty of you overseas jurisdictions do this. Victorian Treasury

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Speaker 2: Tim Pallace Yesterday's said the Short Stay Levy Bill twenty

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Speaker 2: twenty four will be introduced into Parliament this week. The

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Speaker 2: tax is expected to raise sixty million dollars a year,

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Speaker 2: with revenue to go to Homes Victoria to support the

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Speaker 2: building and maintenance of social and affordable housing. Now homeman

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Speaker 2: is leasing out their primary place of residence for a

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Speaker 2: short stay. Hotels, motels and caravan parks will all be

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Speaker 2: exempt from the levee.

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Speaker 1: Turning to international news now, the near term risk of

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Speaker 1: a broader war in the Middle East has eased somewhat

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Speaker 1: after Israel and Lebanon's Hesbela exchanged fire without further escalation,

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Speaker 1: but Iran still poses a significant danger as it weighs

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Speaker 1: a strike on Israel. This is according to America's top general.

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Speaker 2: Air Force, General C. Q. Brown, chairman of the Joint

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Speaker 2: Chiefs of Staff, spoke to reutters after emerging from a

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Speaker 2: three day trip to the Middle East that saw him

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Speaker 2: fly into Israel just hours after. Hesbelah launched hundreds of

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Speaker 2: rockets and drones at Israel, and Israel's military struck Lebanon

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Speaker 2: to thwart a larger attack. It was one of the

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Speaker 2: biggest in more than ten months of border warfare, but

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Speaker 2: it also ended with limited damage in Israel and without

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Speaker 2: immediate threats of more retaliation from either side. Brown agreed

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Speaker 2: that the risk of a regional war had declined, but

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Speaker 2: added the real unknown in all this is how Iran

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Speaker 2: responds to those attacks.

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Speaker 1: Over the weekend, the share price of PDD Holdings, which

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Speaker 1: is the parent of online retailer Timu, tumbled nearly thirty

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Speaker 1: percent yesterday, Sean cutting the wealth of founder Colin Huang

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Speaker 1: by about fourteen billion dollars.

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Speaker 2: Yeah, that's US dollars, So think of it like twenty billion, Ossie.

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Speaker 2: It means Huang is now worth just thirty five billion

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Speaker 2: US dollars. According to the Bloomberg Billionaires Index, he's the

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Speaker 2: fourth wealthiest person in China. His reign as the richest

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Speaker 2: person lasted about two weeks. Now, anyone with teenagers in

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Speaker 2: the house knows Team a marketplace for very low cost items.

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Speaker 2: My daughter often sends me promotion saying, if you sign

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Speaker 2: up here, the person who sent it to me is

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Speaker 2: going to get all this free stuff. So what do

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Speaker 2: I do as a responsible parent his sign up?

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Speaker 1: You do absolutely, that's fantastic.

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Speaker 2: Yeah, now Team is parent. PDD reported disappointing revenue for

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Speaker 2: the June quarter. It considered its growth trajectory isn't sustainable

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Speaker 2: given the increased competition from players like Ali Baba. Huang

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Speaker 2: is interesting himself. He founded PDD in twenty fifteen after

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Speaker 2: launching a few gaming and e commerce ventures. Used to

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Speaker 2: work as a Google engineer. He quickly ascended the ranks

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Speaker 2: of the world's richest people, with his net worth peaking

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Speaker 2: at about seventy one and a half billion US dollars.

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Speaker 2: That was early twenty twenty one. He stepped down as

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Speaker 2: pdd's chief executive in twenty twenty left the border's chair

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Speaker 2: in twenty twenty one, as Beijing began cracking down on

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Speaker 2: China's tech giants. Sounds like a sensible life decision that

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Speaker 2: one might be the case.

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Speaker 1: Okay, up next is the Fear and Greed Daily interview

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Speaker 1: with Bendida pant CFO of BHP.

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Speaker 2: All about bh pease twenty twenty four fiscal year results,

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Speaker 2: great chat about iron ore and copper and all sorts

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Speaker 2: of things.

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Speaker 1: Yeah, courtesy of our friends at Osby's, you can sign

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Speaker 1: up for Osby's at Osby's dot com dot au. It is,

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Speaker 1: of course, entirely free. It is up next to the

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

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Speaker 1: Fearangreed dot com dot au, which is where you can

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Speaker 1: sign up for our freeweekly newsletter as well. Gosh, it's

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Speaker 1: just a sign up fest, isn't it.

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Speaker 2: Sean, It certainly is, Michael.

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Speaker 1: Indeed, thank you very much.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Wednesday, the twenty eighth of August twenty twenty four.

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

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

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