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Speaker 1: Welcome to Fear and Greed. Business news you can use today.

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Speaker 1: The US strikes three Iranian nuclear facilities, escalating the conflict

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Speaker 1: in the Middle East. Good news for homeowners with auction

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Speaker 1: rates hitting a year long high, and contests moves up

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Speaker 1: the rankings of the best airlines. Plus early trials suggest

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Speaker 1: a new blockbuster slimming drug is on the way, and

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Speaker 1: the most expensive sporting team in the world is sold.

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Speaker 1: It is Monday, the twenty third of June twenty twenty five.

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Speaker 1: 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: Big day and a great way to kick off the

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Speaker 1: week is to sign up for the free daily newsletter.

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Speaker 1: It's in your inbox every morning by six am.

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Speaker 2: Fearanngreed dot com dot a year's best place to go.

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Speaker 2: Basically got the six or seven or eight or nine

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Speaker 2: top stories of the day. If you flick through those

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Speaker 2: on your way to work on your phone or something

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Speaker 2: like that, you'll arrive at your desk just a little

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Speaker 2: bit better prepared than most.

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Speaker 1: Yeah, put a link in today's show notes as well,

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Speaker 1: and it's entire free now, Sean. The main story this

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Speaker 1: morning is a big one. The US has attacked three

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Speaker 1: Iranian nuclear scides, joining the Israeli air campaign, as Tehran

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Speaker 1: now promises to retaliate. The direct involvement of the US

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Speaker 1: escalates the crisis to a new, really more threatening level.

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Speaker 2: Absolutely, it's a whole new ballgame now that the US

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Speaker 2: has attacked another country. US B two bombers dropped huge

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Speaker 2: bunker buster bombs on Iranian nuclear enrichment plants. According to

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Speaker 2: The New York Times, US President Donald Trump, after the action,

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Speaker 2: said that his strikes on Iranian nuclear facilities where a

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Speaker 2: spectacular military success. He warned Iran must now make peace. Trump,

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Speaker 2: addressing the nation, said the three nuclear sites targeted in

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Speaker 2: the strikes have been completely and totally obliterated. Not sure

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Speaker 2: whether that's true or not. The Australian government acknowledged the

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Speaker 2: US attack and said Iran's nuclear program has been in

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Speaker 2: a danger to international peace, but significantly it stopped short

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Speaker 2: of publicly supporting the bombing. Too. Military aircraft and one

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Speaker 2: hundreds of Australian personnel are in the Middle East ready

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Speaker 2: to evacuate Australians from Israel and Iran if the opportunity arises.

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Speaker 2: The big problem there is that airspace is closed in

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Speaker 2: much of that area. The attacks drew condemnation from many

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Speaker 2: of Trump's political opponents and the United Nations. His supporters

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Speaker 2: have praised the strikes. Israeli Prime Minister Benjamin Nettan Yahu

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Speaker 2: said the bold decision will change history now. Iran's Atomic

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Speaker 2: Energy Organization has issued a statement saying the attacks on

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Speaker 2: its nuclear sites violate international law and has threatened legal

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Speaker 2: action against the US. Last night, Israel media was reporting

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Speaker 2: that missiles have hit northern and central Israel, with a

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Speaker 2: number of cities including Tel Aviv affected.

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Speaker 1: Okay, there is a lot in that, and that's really

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Speaker 1: the military situation. What about the flow on effect now

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Speaker 1: to markets? What the response reaction expected to be like?

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Speaker 2: It will be significant. Oil is the key barometer in

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Speaker 2: financial markets. While it e is to ahead of the

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Speaker 2: US involvement last week, it's likely to push higher when

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Speaker 2: markets reopen. It's up about thirty percent from its most

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Speaker 2: recent low in early May. So far, the conflict between

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Speaker 2: Iran and Israel has not really disrupted oil flows. The

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Speaker 2: US involvement will change that. Of course, Iran controls the

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Speaker 2: straight off Hamas, which runs about twenty percent of global

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Speaker 2: oil through that if that closes down, you can expect

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Speaker 2: to see a big, big spike in energy prices. Wall

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Speaker 2: Street was flat to slightly lower over the weekend ahead

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Speaker 2: of all this happening, while future is trading here suggests

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Speaker 2: the market will fall this morning. Certainly, what's going on

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Speaker 2: in the Middle East will put downward pressure on equerities,

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Speaker 2: generally away from commodities. The war is already disrupting air flights,

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Speaker 2: so carrier are seeking alternative flight paths to connect Asia

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Speaker 2: with Europe and the US now that their voice is

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Speaker 2: largely closed across large swathes of the Middle East. In fact,

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Speaker 2: an interesting little tidbit on this one, flights they have

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Speaker 2: a Taliban controlled Afghanistan have surged by five hundred percent

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Speaker 2: over the past week, so they average about two hundred

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Speaker 2: and eighty a day. It was about ten days ago

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Speaker 2: or so it was about fifty flights a day. So

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Speaker 2: air carriers are shifting across Afghanistan, which in itself is

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Speaker 2: not the safest place in the world either.

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Speaker 1: No, no, absolutely not. And looking at at flight radar,

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Speaker 1: I'm doing it right now.

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Speaker 2: Incredible, isn't it.

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Speaker 1: There are just the lines of planes skirting around the

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Speaker 1: outside of Iran and just entirely avoiding the airspace. And

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Speaker 1: it's quite an incredible sight to see. All right, massive

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Speaker 1: story and there is so much in all of that.

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Speaker 2: Sean.

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Speaker 1: We're going to take a quick break and we'll come

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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.

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Speaker 2: Sean.

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Speaker 1: There was some good news over the weekend, at least

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Speaker 1: for homeowners, with auction rates jumping to their highest reading

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Speaker 1: since July last year.

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Speaker 2: More than two thousand homes went to auction according to Totality.

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Speaker 2: It's about five percent lower than last year, but the

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Speaker 2: preliminary clearance rate came in at seventy three point nine percent,

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Speaker 2: as you said, the best since July last year. Melbourne

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Speaker 2: highest numbred actions and a cracking clearance rate seventy six

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Speaker 2: point six percent. That's the best in more than two years.

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Speaker 2: In terms of house price growth, the once sluggish southern

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Speaker 2: capital is now outperforming most of the rest of the country,

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Speaker 2: including Sydney. Now. The Harvest City's preliminary clearance rate was

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Speaker 2: pretty good though seventy three and a half percent. That

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Speaker 2: was the best since February this year. Brisbane and Adelaide

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Speaker 2: were higher. Canberra was flat overall, though a really strong

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Speaker 2: week for the auction market over the past seven days.

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Speaker 1: Now, this is interesting, Sean Peter sees local partners earned

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Speaker 1: more money last year, even though the firm's profits fell

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Speaker 1: seventeen percent to six hundred and nineteen million dollars.

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Speaker 2: PwC, as part of its efforts to rehabilitate its reputation,

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Speaker 2: has for the first time released audited financial results, including

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Speaker 2: partner remuneration. Those who know what goes on in many

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Speaker 2: of these accounting firms law firms know that actually revealing

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Speaker 2: partner remuneration has always been always been almost a no no.

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Speaker 2: It's kind of shrouded in mystery.

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Speaker 1: This is a big deal, isn't it. The fact that

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Speaker 1: we have got to see this, it's like, oh, okay,

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Speaker 1: this is different.

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Speaker 2: Of course, it's part of PWC's efforts to improve its reputation.

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Speaker 2: A couple of years ago, the company used confidential government

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Speaker 2: information to benefit other clients. Clearly its massive fallout from that.

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Speaker 2: Now the figures for the twenty twenty four calendar year

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Speaker 2: so revenues down six percent to two point one seven

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Speaker 2: billion dollars. Even say the firm six hundred and twenty

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Speaker 2: eight partners receive profits and pay taxes individuals they earned

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Speaker 2: that year seven hundred and sixty seven thousand, which was

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Speaker 2: up slightly according to the fin Review. PwC Australia Chief

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Speaker 2: Executive Kevin Burrows says the firm has been on a

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Speaker 2: long process to reform its governance and improve the way

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Speaker 2: it operates as a private partnership. It actually doesn't really

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Speaker 2: need to report all this, but it's just decided it should.

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Speaker 1: Okay. The Energy Market Regulator SEAN will only allow electricity

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Speaker 1: bills to rise just once each year, and some fees

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Speaker 1: charged by retailers will be removed.

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Speaker 2: The rule changes approved by the Australian Energy Market Commission

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Speaker 2: come as electricity bills surgeon and growing number of Australians

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Speaker 2: are struggling to pay their bills. Most bills are recalculated annually,

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Speaker 2: but some predominantly smaller retailers have conducted so call out

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Speaker 2: of cycle increases ain't going to happen anymore. These retailers

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Speaker 2: state's necessary for their viability during times of high wholesale prices.

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Speaker 2: The regulator isn't going to allow no now.

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Speaker 1: Qatar Airways SEAN has been named the world's best airline

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Speaker 1: for the second year in a row, which is great

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Speaker 1: news for new partner Virgin Australia, while Quantas has moved

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Speaker 1: back up the rankings a bit more.

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Speaker 2: The Skytrack's Airline Awards, which seemed to be the main

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Speaker 2: awards for the industry, puts Qatar at number one, followed

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Speaker 2: by Singapore Airways, Cathay, Pacific Emirates and all Nippon Airways.

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Speaker 2: It's the ninth time in the awards twenty six year

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Speaker 2: history that guitars come in at number one. The awards

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Speaker 2: are determined by online surveys filled out by more than

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Speaker 2: twenty two million customers over three hundred and twenty five carriers.

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Speaker 2: Quantus moved up the rankings to fourteenth, which is the

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Speaker 2: airline's best result since twenty twenty two. It is twenty

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Speaker 2: four last year the national carrier recording to Skytracks is

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Speaker 2: the best carrier in the Australia Pacific region. Remember last

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Speaker 2: year Fiji Airways beat it. I don't know where you do.

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Speaker 2: Quatus made the global top ten for best Premium Economy

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Speaker 2: cabin and Best in Flight Entertainment. Virgin Australia won the

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Speaker 2: award for the Best Airlines Staff Service in the Australia

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Speaker 2: Pacific Region. Came in second in the world's Best Regional

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Speaker 2: Airlines category, behind Bangkok Airways.

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Speaker 1: It's funny that we are applauding Quantas for getting to

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Speaker 1: fourteenth when it wasn't that long ago, when it was

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Speaker 1: a top ten every year, and then it's a massive

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Speaker 1: fall from grace.

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Speaker 2: Yes, at least it's ted turned around. I mean the

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Speaker 2: great news, of course for Virgin flyers is it's now

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Speaker 2: got to tie up with Katar. So one of my

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Speaker 2: kids was traveling overseas over the weekend and was flying

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Speaker 2: Virgin ended up in a Quitar airflight. Very nice trip,

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Speaker 2: I spake to him from Doha. It's very comfortable, very

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Speaker 2: happy economy as well. Oh there you go.

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Speaker 1: Turning to international news now, Sean and Novo Nordisk's new

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Speaker 1: injectible obesity drug has the potential to deliver higher weight

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Speaker 1: loss than both of the current market leaders. According to

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Speaker 1: an early stage.

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Speaker 2: Trial, participants in the trial of injectable amy criton amycrat

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Speaker 2: I lost an average of twenty four point three percent

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Speaker 2: of their body weight, which just phenomenal. Yeah, twenty four

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Speaker 2: point three percent of their body weight on the highest dose,

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Speaker 2: compared to one point one percent for those on the placebo.

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Speaker 2: According to report and the Financial Times, the results come

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Speaker 2: as a Danish farmer group racist rival Eli Lilly to

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Speaker 2: secure the best successor to the current bestsellers Lily's zep

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Speaker 2: bound and Nova's we Govi, which respectively cause average weight

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Speaker 2: loss of about twenty two percent and fifteen percent. So

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Speaker 2: this second generation of these drugs working better early stage

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Speaker 2: trials so far, but also the hope is anyway they

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Speaker 2: won't have some of the side effects that those first

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Speaker 2: stage drugs did have. Amy Criton combines semi glute tide,

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Speaker 2: the active ingredient in Nova's with gov and a zmpeak

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Speaker 2: with emmelin, a hormone that promotes a feeling of fullness.

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Speaker 2: That's why you're getting such good results. Nova says it

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Speaker 2: will pursue further trials of both the oral and injectable

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Speaker 2: versions of the drug.

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Speaker 1: One of my favorite things about doing our stories involving

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Speaker 1: medical terms is listening to you battle your way through.

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Speaker 1: You were of no assistance to me, no, no, not soever.

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Speaker 2: Let's just enjoy it.

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Speaker 1: Every day I turn up and go where are we

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Speaker 1: going today?

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Speaker 2: And what listeners may not fully appreciate is that our

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Speaker 2: fantastic producer Luke. I will say some of these names

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Speaker 2: three or four or five times, and he edits it

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Speaker 2: all together to make you sound much better than what

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Speaker 2: I actually am.

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Speaker 1: Yeah, he just tries to find the best take, not

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Speaker 1: necessarily the right one. Often we don't actually land on

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Speaker 1: a correct one anyway, Sean, let's move on. I'm sorry,

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Speaker 1: it's unkind of me. The family that owns the La Lakers,

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Speaker 1: which has got to be one of the most recognizable

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Speaker 1: names in all sport right, has agreed to sell its

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Speaker 1: majority stake in the team to the Guggenheim partner's chief executive,

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Speaker 1: Mark Walter. At evaluation get this of about ten billion

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Speaker 1: US that's what about fifteen and a half billion Aussie.

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Speaker 2: The highest amount ever paid for a sports team. The

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Speaker 2: sale really does mark the end of an era. The

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Speaker 2: Bus family owned it. Bu Doubles family owned it. Originally

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Speaker 2: made their money in real estate, bought into the Lakers

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Speaker 2: in nineteen seventy nine, which was really the beginning. Well,

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Speaker 2: it was probably into the glory years of the Lakers,

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Speaker 2: the Magic Johnson years they went through the eighties nineties.

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Speaker 2: Of course, it's now one of the great franchises in sport. Walter,

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Speaker 2: who runs a three hundred billion US dollar private asset

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Speaker 2: management and brokeridge firm called Cougenheim Partners already had a

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Speaker 2: minority stake in the Lakers. He also jointly owns the

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Speaker 2: Los Angeles Dodgers. That's a baseball team, part owner of

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Speaker 2: the EPL football team Chelsea FC. Now last year, I

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Speaker 2: don't know whether you remember, it was actually early this year.

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Speaker 2: I think, Michael, we're talking about the Boston Celtics being

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Speaker 2: valued at six point one billion dollars and we couldn't

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Speaker 2: believe the Lakers win again ten billion US dollars.

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Speaker 1: That is staggering.

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Speaker 2: Those numbers are crazy. Actually.

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Speaker 1: Yeah, Now, Sean, after the show, you have got an

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Speaker 1: interview coming up. This is an absolute cracker right. You're

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Speaker 1: speaking with Chris Bettingfield. I'm telling you like you weren't there,

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Speaker 1: you were, in fact part of this interview. Chris Bettingfield,

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Speaker 1: the co portfolio manager of Key Global Investors.

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Speaker 2: Yes, so why this was the crack a And it's

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Speaker 2: one of my favorite interviews of recent times is you're

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Speaker 2: doing an interview on property, right, and you think, oh,

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Speaker 2: what are we going to talk about? Industrial? Yeah, you know,

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Speaker 2: residential et cetera, and Chris sort of took over and

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Speaker 2: he said, well, let's actually talk about stuff that's a

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Speaker 2: bit sexier than that. So rather than residential, we talked

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Speaker 2: about student housing, we talked about seniors housing. Rather than

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Speaker 2: industrial property, we talked about data centers. And he had

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Speaker 2: just some great examples of companies doing really well. Taking

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Speaker 2: aage might be a demography, demographics, or it might be

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Speaker 2: technology and how you can play the property market to

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Speaker 2: get into those sorts of waves. It's a great chat.

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Speaker 1: Yeah, it just covers so much ground. And one of

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Speaker 1: the things that we do in the Fear and Greed

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Speaker 1: newsletter we include a highlight. We just included a little

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Speaker 1: piece and extract of the transcript of an interview and

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Speaker 1: going through it for today's newsletter, I couldn't figure out

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Speaker 1: which part to use because there were so many good

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Speaker 1: bits out of this. It is worth a listeners. Coming

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Speaker 1: up next and then at midday as well, you'll hear

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Speaker 1: Fear and Greed the Week Ahead, featuring our resident economist.

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Speaker 1: Stephen could call us a little bit on this week, Sean.

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Speaker 2: Yeah, a little bit on. We've got inflation numbers all important,

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Speaker 2: We've got some job ads numbers. We also talk about

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Speaker 2: whether the economy is up to as we always do

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Speaker 2: with Stephen.

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Speaker 1: Indeed, so plenty of good listening on the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com todau, which is where you sign up for that newsletter.

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Speaker 1: Oh and also don't forget to take our survey as well.

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Speaker 1: I put a link in today's show notes. We just

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Speaker 1: want to know what you like about Fear and Greed

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Speaker 1: watch do you think we could do better? And there

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Speaker 1: is a prize up for grabs as well, a three

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Speaker 1: thousand dollars luxury escapes about you if you do it

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Speaker 1: before June thirty, So get onto that one today.

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Speaker 2: Thank you very much, Sean, Thank you. Michael.

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Speaker 1: It's Monday, the third of June twenty twenty five. Make

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

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook.

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Speaker 2: Michael Thompson. That was Fear and Greed.

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Speaker 1: Have a great day.