1 00:00:06,160 --> 00:00:09,600 Speaker 1: The Australian economy heads into a critical week, with inflation 2 00:00:09,760 --> 00:00:13,160 Speaker 1: figures and earnings expected to set the direction for markets 3 00:00:13,200 --> 00:00:17,239 Speaker 1: in coming months. Prime Minister Anthony Albanezi reshuffles his front 4 00:00:17,280 --> 00:00:21,880 Speaker 1: bench and how buying secondhand clothing could earn new carbon credits. 5 00:00:22,079 --> 00:00:24,560 Speaker 1: Welcome to Fear and Greed. Daily business news for people 6 00:00:24,560 --> 00:00:27,040 Speaker 1: who make their own decisions. It is Monday, the twenty 7 00:00:27,160 --> 00:00:30,200 Speaker 1: ninth of July twenty twenty four. Are Michael Thompson and 8 00:00:30,240 --> 00:00:34,000 Speaker 1: Good Morning, Sean Aylmer, Good morning, Michael Shawn. The main 9 00:00:34,080 --> 00:00:37,480 Speaker 1: story this morning. It is a massive week for the economy, 10 00:00:37,520 --> 00:00:41,480 Speaker 1: with official inflation data set to determine whether interest rates 11 00:00:41,479 --> 00:00:42,240 Speaker 1: will rise again. 12 00:00:42,520 --> 00:00:45,440 Speaker 2: As most other developed economy's lower rates or talk about 13 00:00:45,520 --> 00:00:48,240 Speaker 2: lowering rates, the Reserve Bank of Australia is thinking about 14 00:00:48,280 --> 00:00:52,199 Speaker 2: lifting them. If the consumer price index and underlying inflation 15 00:00:52,320 --> 00:00:55,720 Speaker 2: figures come in above four percent annualized, there will be 16 00:00:55,800 --> 00:00:58,240 Speaker 2: pressure on the local central Bank to hike the official 17 00:00:58,600 --> 00:01:02,960 Speaker 2: interest rate to keep in check. However, in recent days 18 00:01:03,000 --> 00:01:06,199 Speaker 2: there's also been growing debate about whether the Reserve Bank 19 00:01:06,360 --> 00:01:10,480 Speaker 2: risks tipping Australia into a recession if it makes a 20 00:01:10,560 --> 00:01:14,440 Speaker 2: knee jerk reaction to inflation. The issue economists worn is 21 00:01:14,480 --> 00:01:18,320 Speaker 2: households are continuing to struggle with rising cost of living pressures, 22 00:01:18,440 --> 00:01:21,120 Speaker 2: and higher interest rates could well tip them over the edge. 23 00:01:21,240 --> 00:01:24,880 Speaker 2: A new Deloitte Access Economics report, for example, argues that 24 00:01:24,920 --> 00:01:28,400 Speaker 2: if it weren't for the federal government Stage three tax cards, 25 00:01:28,640 --> 00:01:32,000 Speaker 2: the economy would be heading for recession already, regardless of 26 00:01:32,040 --> 00:01:35,240 Speaker 2: the Central Bank's future moves. Thestraining Bureau of Statistics will 27 00:01:35,240 --> 00:01:38,720 Speaker 2: publish the Dune quarter inflation figures on Wednesday. The Reserve 28 00:01:38,760 --> 00:01:42,040 Speaker 2: Bank Board meets on August five and six. That's when 29 00:01:42,080 --> 00:01:44,800 Speaker 2: we find out about interest rates. Deloitte said the economy 30 00:01:44,840 --> 00:01:47,320 Speaker 2: is at a fork in the road down one road. 31 00:01:47,440 --> 00:01:49,880 Speaker 2: Higher than expected inflation could force the Central Bank to 32 00:01:49,920 --> 00:01:52,520 Speaker 2: lift the cash rate from its current twelve year high 33 00:01:52,600 --> 00:01:56,360 Speaker 2: of four point three five percent down the other. Deloitt says, 34 00:01:56,400 --> 00:01:59,400 Speaker 2: well more benign inflation figures would allow the Bank to 35 00:01:59,440 --> 00:02:02,360 Speaker 2: keep rates deady and keep Australia on a narrow path 36 00:02:02,440 --> 00:02:06,640 Speaker 2: of low unemployment and economic recovery. Certainly, Federal treasure Jim 37 00:02:06,720 --> 00:02:09,280 Speaker 2: Charms is hoping there will be no increase. Yesterday, he 38 00:02:09,360 --> 00:02:11,760 Speaker 2: told Sky News at the Reserve Bank Board. When it 39 00:02:11,800 --> 00:02:14,560 Speaker 2: takes its decision. Weighs up a whole bunch of factors 40 00:02:14,600 --> 00:02:18,360 Speaker 2: in our economy. Yeah, maybe, but really inflation is the 41 00:02:18,360 --> 00:02:19,120 Speaker 2: most important one. 42 00:02:19,200 --> 00:02:19,399 Speaker 3: Jim. 43 00:02:19,960 --> 00:02:22,800 Speaker 1: Let's not better around the bush here, Jim. So on 44 00:02:22,840 --> 00:02:26,800 Speaker 1: Wednesday's data, will, I mean it is so important, isn't it? 45 00:02:26,880 --> 00:02:29,320 Speaker 1: No doubt it'll impact the share market as well, just 46 00:02:29,360 --> 00:02:32,160 Speaker 1: as we head into earning season. Yeah, very big week. 47 00:02:32,440 --> 00:02:36,360 Speaker 2: Rio Tinto, as is usual, kicks off earning season on 48 00:02:36,440 --> 00:02:38,919 Speaker 2: Wednesday morning. It's not usual a Wednesday morning, but it's 49 00:02:38,919 --> 00:02:41,800 Speaker 2: always a first company to kick things off. The market's 50 00:02:41,840 --> 00:02:44,160 Speaker 2: been pretty volatile over the past fortnight. I say, we 51 00:02:44,280 --> 00:02:47,200 Speaker 2: hit a record high just a well just under two 52 00:02:47,240 --> 00:02:49,880 Speaker 2: weeks ago, then it fell sharply, then it jumped again 53 00:02:49,919 --> 00:02:53,800 Speaker 2: on Friday. While what's happening to interest rates is the backdrop. 54 00:02:54,160 --> 00:02:57,480 Speaker 2: Earning season really will force investors to take a closer 55 00:02:57,520 --> 00:03:01,080 Speaker 2: look at the fundamentals of different companies. Of particular interest 56 00:03:01,160 --> 00:03:03,440 Speaker 2: will be interest rate sensitive stocks. Some of the consumer 57 00:03:03,520 --> 00:03:08,040 Speaker 2: discretionary companies, the retailers, particularly the smaller retailers. The property 58 00:03:08,080 --> 00:03:10,720 Speaker 2: companies have done pretty well recently. Can they keep it up? 59 00:03:11,080 --> 00:03:13,880 Speaker 2: Among the bank's only Commonwealth Bank actually gives a half 60 00:03:13,960 --> 00:03:17,040 Speaker 2: yearly report, the others give a quarterly report. It'll be 61 00:03:17,120 --> 00:03:20,120 Speaker 2: really interesting to see if they can keep their run gooing. 62 00:03:20,600 --> 00:03:23,560 Speaker 2: All in all, fascinating one or two weeks ahead of 63 00:03:23,639 --> 00:03:26,519 Speaker 2: us for both the economy and for markets. 64 00:03:26,840 --> 00:03:29,680 Speaker 1: Sean, speaking of earning season, you've got a great interview 65 00:03:29,720 --> 00:03:32,519 Speaker 1: coming up after the show. You're speaking with Brian Hand, 66 00:03:32,560 --> 00:03:36,040 Speaker 1: Director of Equities Research Australia, New Zealand of Morning Star. 67 00:03:36,640 --> 00:03:40,400 Speaker 2: Yes, so we talked to Brian about earning season what's 68 00:03:40,440 --> 00:03:42,880 Speaker 2: going to happen. But kind of more interesting I think 69 00:03:42,920 --> 00:03:45,320 Speaker 2: Michael is we talk about the stocks and he thinks 70 00:03:45,360 --> 00:03:51,160 Speaker 2: are undervalued and the stocks he thinks are overvalued, and 71 00:03:51,360 --> 00:03:53,840 Speaker 2: he named some of them. And this is purely on 72 00:03:54,040 --> 00:03:57,080 Speaker 2: a technical basis, so on their price to earnings multiple 73 00:03:57,680 --> 00:04:00,240 Speaker 2: compared to it their historical averages. Well, there's probably to 74 00:04:00,280 --> 00:04:02,080 Speaker 2: it than that, but that's kind of the basis of 75 00:04:02,160 --> 00:04:04,839 Speaker 2: what he's talking about. So it's really fascinating to see 76 00:04:04,840 --> 00:04:06,839 Speaker 2: what he thinks is undervalued and overvalued. 77 00:04:07,160 --> 00:04:09,760 Speaker 1: Yeah, indeed, so, of course, when not an investing podcast, 78 00:04:09,800 --> 00:04:12,480 Speaker 1: you should go and get professional advice before making decisions, 79 00:04:12,680 --> 00:04:15,680 Speaker 1: but it is fascinating hearing what someone like Brian has 80 00:04:15,720 --> 00:04:18,080 Speaker 1: to say especially when he does go through and names 81 00:04:18,120 --> 00:04:21,039 Speaker 1: all of these companies. It is quite exciting, isn't it. 82 00:04:21,040 --> 00:04:23,000 Speaker 2: Sean, No, it is exciting, Michael definitely. 83 00:04:23,200 --> 00:04:26,039 Speaker 1: Speaking of exciting, how did local markets finish up on Friday? 84 00:04:26,480 --> 00:04:31,320 Speaker 2: Well, exciting. It was like Arianna Titmus. I have to 85 00:04:31,320 --> 00:04:33,560 Speaker 2: bring this in, Michael, because I know you love the 86 00:04:33,640 --> 00:04:39,920 Speaker 2: swimming and certainly her performance over the weekend was quite spectacular. 87 00:04:40,120 --> 00:04:43,120 Speaker 2: Oh she's kind of the golden girl, using the cliche 88 00:04:43,279 --> 00:04:47,880 Speaker 2: of Australian swimming. However, one thing that you probably haven't 89 00:04:47,880 --> 00:04:51,240 Speaker 2: focused quite enough on is what's happening in the handball. 90 00:04:52,000 --> 00:04:53,360 Speaker 2: My own personal I had. 91 00:04:53,279 --> 00:04:55,719 Speaker 1: No idea where you were going with this. I thought, Okay, 92 00:04:55,800 --> 00:04:59,720 Speaker 1: somehow we're going to get back from the swimming all 93 00:04:59,760 --> 00:05:02,160 Speaker 1: the way back to equities. I was not expecting us 94 00:05:02,160 --> 00:05:03,600 Speaker 1: to detour via the handball. 95 00:05:04,120 --> 00:05:05,800 Speaker 2: So the great thing about the handball is it's a 96 00:05:05,839 --> 00:05:09,440 Speaker 2: European sport, so you always have the Europeans doing really well. 97 00:05:10,040 --> 00:05:14,240 Speaker 2: But over the weekend, like Egypt beat Hungry. I know, 98 00:05:14,520 --> 00:05:17,240 Speaker 2: probably not something that many listeners knew, but in handball, 99 00:05:17,360 --> 00:05:20,440 Speaker 2: Egypt beat Hungry. Now Hungry is a handball nation. I 100 00:05:20,480 --> 00:05:24,120 Speaker 2: didn't realize personally, that Egypt was. That's kind of cool. 101 00:05:24,160 --> 00:05:26,840 Speaker 2: Like Germany beat Sweden. They're both kind of powerhouses and 102 00:05:26,920 --> 00:05:32,320 Speaker 2: old hand handball world. I just I can only suggest 103 00:05:32,360 --> 00:05:35,120 Speaker 2: I'm talking about the means here. I can only suggest 104 00:05:35,839 --> 00:05:38,359 Speaker 2: that you get into it. I mean, in the women's 105 00:05:38,360 --> 00:05:40,720 Speaker 2: Brazil beat Hungry like that's a bit of a surprise 106 00:05:40,760 --> 00:05:41,600 Speaker 2: in the handball world. 107 00:05:41,880 --> 00:05:46,239 Speaker 1: I have to take your word for it. Sean, I'm 108 00:05:46,320 --> 00:05:51,719 Speaker 1: disappointed to know that Australia has never qualified a men's 109 00:05:51,760 --> 00:05:54,520 Speaker 1: or women's team in. 110 00:05:54,880 --> 00:05:57,039 Speaker 2: The now, I'm just going to talk about things in 111 00:05:57,120 --> 00:06:01,240 Speaker 2: the Sydney Olympics. Back in two thousand, I was fortunate 112 00:06:01,320 --> 00:06:06,119 Speaker 2: enough to get tickets to a handball game in which 113 00:06:06,520 --> 00:06:09,640 Speaker 2: Australia played, because of course when you're the host nation 114 00:06:09,720 --> 00:06:13,359 Speaker 2: you get to go in all sports. And well, the 115 00:06:13,400 --> 00:06:15,880 Speaker 2: final result wasn't close. I think that's probably the best 116 00:06:15,880 --> 00:06:18,560 Speaker 2: way to put it. I can't remember what it was, 117 00:06:18,760 --> 00:06:20,440 Speaker 2: but it was just like a bunch of blokes from 118 00:06:21,240 --> 00:06:23,560 Speaker 2: I can't remember it was Melbourne. Maybe were Melbourne, maybe 119 00:06:23,560 --> 00:06:25,200 Speaker 2: they were Sydney. They kind of played in a club 120 00:06:25,200 --> 00:06:28,719 Speaker 2: team and they got together, made the Olympics and they 121 00:06:28,839 --> 00:06:29,480 Speaker 2: enjoyed themselves. 122 00:06:29,480 --> 00:06:32,719 Speaker 3: I suppose can you imagine that Melbourne club team like 123 00:06:32,839 --> 00:06:36,120 Speaker 3: picking up the phone to like the the AOC one 124 00:06:36,200 --> 00:06:40,160 Speaker 3: day and like the club treasurer puts his hand goes fellas, 125 00:06:40,520 --> 00:06:42,240 Speaker 3: You're not going to believe what we're doing next. 126 00:06:44,520 --> 00:06:46,240 Speaker 1: We're going to the Olympics. Guys. 127 00:06:47,080 --> 00:06:50,080 Speaker 2: That's actually when I and I can hardly even remember 128 00:06:50,080 --> 00:06:52,040 Speaker 2: the game, but that's kind of when I first that's 129 00:06:52,040 --> 00:06:53,960 Speaker 2: the first time I ever saw handball, definitely. Then I 130 00:06:53,960 --> 00:06:57,000 Speaker 2: watched the Lithuania game and wow, they were good, and 131 00:06:57,760 --> 00:06:59,880 Speaker 2: that's kind of why I've been following handball ever since. 132 00:07:00,839 --> 00:07:04,479 Speaker 1: Now, can you please bring us back on track? Can 133 00:07:04,520 --> 00:07:10,080 Speaker 1: you segue successfully from from handball back to the s 134 00:07:10,120 --> 00:07:12,920 Speaker 1: and p ASX two hundred and how it did on Friday? 135 00:07:13,400 --> 00:07:16,040 Speaker 2: Yes, yes, yes, because the whole point it did well 136 00:07:16,920 --> 00:07:20,040 Speaker 2: on Friday, which is like Ariana Titmus did over the weekend. 137 00:07:20,120 --> 00:07:22,600 Speaker 2: That's where we started this conversation. This in PAX two 138 00:07:22,720 --> 00:07:25,360 Speaker 2: hundred closed up nearly a percent zero point eight percent 139 00:07:25,400 --> 00:07:28,760 Speaker 2: to seven nine hundred and twelve points. Mind you, for 140 00:07:28,760 --> 00:07:31,560 Speaker 2: the week, it was down about half a percent. Friday 141 00:07:31,600 --> 00:07:34,160 Speaker 2: was a particularly bad day for the gold stock, though, 142 00:07:34,200 --> 00:07:38,080 Speaker 2: including Bellevue Gold, which ended up twenty percent lower. Than 143 00:07:38,120 --> 00:07:40,920 Speaker 2: where it started. That's after it asked investors for another 144 00:07:40,960 --> 00:07:43,200 Speaker 2: one hundred and seventy five million dollars and lowered its 145 00:07:43,240 --> 00:07:47,760 Speaker 2: production forecast. The price of gold had also fallen late 146 00:07:47,840 --> 00:07:51,400 Speaker 2: last week that hit the whole sector. Gold diggers, Red Five, 147 00:07:51,720 --> 00:07:55,200 Speaker 2: Northern Star, Regis Resources, and Perseus Mind were among the 148 00:07:55,240 --> 00:07:57,840 Speaker 2: worst performers. In fact, if you throw in Bellvue Gold, 149 00:07:57,840 --> 00:08:00,280 Speaker 2: they were actually the five worst performers on Friday name 150 00:08:00,680 --> 00:08:03,360 Speaker 2: away from goal, though some of the miners did really well. 151 00:08:03,440 --> 00:08:06,480 Speaker 2: Rio rose more than three percent, Bhp more than two percent, 152 00:08:06,840 --> 00:08:09,480 Speaker 2: They followed Rebound and nine are Prices Mcquari group there's 153 00:08:09,480 --> 00:08:13,120 Speaker 2: another strong performer last Friday. The laguards included Woolies, Telstra 154 00:08:13,240 --> 00:08:14,440 Speaker 2: and Anz And. 155 00:08:14,520 --> 00:08:18,360 Speaker 1: Of course with that slightly lower gold price, it just 156 00:08:18,440 --> 00:08:21,239 Speaker 1: ever so slightly reduces the value of those gold medals 157 00:08:21,360 --> 00:08:23,160 Speaker 1: one over the weekend. Very good as well. If we 158 00:08:23,200 --> 00:08:26,440 Speaker 1: wanted another Segway, I don't think anybody really asked for that. 159 00:08:26,880 --> 00:08:28,880 Speaker 2: I might. I might try and do something over in 160 00:08:28,920 --> 00:08:31,000 Speaker 2: the next couple of weeks. Not something we've done silver. 161 00:08:31,040 --> 00:08:33,439 Speaker 2: But let's do bronze prices. No one ever talks about 162 00:08:33,440 --> 00:08:34,360 Speaker 2: bronze prices. 163 00:08:34,600 --> 00:08:37,440 Speaker 1: Yes, let's do it just for the Olympics. Sean now 164 00:08:37,559 --> 00:08:40,960 Speaker 1: thanks to blue Chip Communication, the experts helping financial services 165 00:08:41,000 --> 00:08:45,440 Speaker 1: companies market, communicate and grow. Visit blue Chip Communication, dot com, 166 00:08:45,480 --> 00:08:47,960 Speaker 1: dot AU. Let's check international markets. Much going on over 167 00:08:48,000 --> 00:08:50,640 Speaker 1: the weekend. Sean Well oil remains under pressure. 168 00:08:50,679 --> 00:08:54,319 Speaker 2: Brent's fetching around eighty one US dollars a barrel goal 169 00:08:54,400 --> 00:08:57,280 Speaker 2: we mentioned, it's actually trading around twenty three ninety US 170 00:08:57,320 --> 00:08:59,679 Speaker 2: dollars an ounce sign or futures bounced late last week. 171 00:08:59,720 --> 00:09:02,920 Speaker 2: That's wide. Rio and BHP did so well, and the 172 00:09:02,960 --> 00:09:07,120 Speaker 2: Ausidold's buying about sixty five point four US since Michael, 173 00:09:07,120 --> 00:09:10,319 Speaker 2: though bigger than all of that put together. A commodity 174 00:09:10,360 --> 00:09:12,880 Speaker 2: we've spoken a bit about this year, but not in 175 00:09:12,960 --> 00:09:19,760 Speaker 2: recent weeks or months. Coffee prices going through the roof, dear, 176 00:09:20,160 --> 00:09:23,680 Speaker 2: and we're talking about Arabica beans and the more budget friendly, 177 00:09:23,840 --> 00:09:28,240 Speaker 2: robust variety, the SKFE gold. I would imagine, I don't know, 178 00:09:28,640 --> 00:09:32,160 Speaker 2: the international roast, that's it, International roast, That's actually what 179 00:09:32,200 --> 00:09:36,680 Speaker 2: I'm thinking. Yeah, there are major supply disruptions thanks to drought, 180 00:09:36,840 --> 00:09:40,160 Speaker 2: dry weather and the two largest producers Vietnam and Brazil. 181 00:09:40,600 --> 00:09:43,920 Speaker 2: That's pushing prices higher. The boss of Lavatza came out 182 00:09:43,960 --> 00:09:45,520 Speaker 2: in the last couple of weeks and said it's going 183 00:09:45,559 --> 00:09:49,120 Speaker 2: to get worse. Prices have nearly doubled since October last year. 184 00:09:49,480 --> 00:09:52,320 Speaker 2: So if you're paying under five bucks for your flat white, 185 00:09:52,920 --> 00:09:54,760 Speaker 2: you're doing pretty well, because I don't think it's going 186 00:09:54,800 --> 00:09:55,280 Speaker 2: to stay there. 187 00:09:55,480 --> 00:09:58,040 Speaker 1: Yeah, the cost of living crisis is now officially touching 188 00:09:58,120 --> 00:09:59,600 Speaker 1: every part of our lives, isn't it. 189 00:10:00,400 --> 00:10:01,959 Speaker 2: Breakfast, lunch and dinner. 190 00:10:01,880 --> 00:10:04,319 Speaker 1: Indeed, all right, plenty to get through, Sean. We'll be 191 00:10:04,360 --> 00:10:05,800 Speaker 1: back in a moment with the rest of the day's 192 00:10:05,800 --> 00:10:16,520 Speaker 1: business news. Sean. Prime Minister Anthony Albernezi has reshuffled his 193 00:10:16,559 --> 00:10:20,040 Speaker 1: front bench, with Tony Burke being the big winner, taking 194 00:10:20,040 --> 00:10:23,400 Speaker 1: on the Home Affairs portfolio, while Clara O'Neil, who had 195 00:10:23,400 --> 00:10:26,400 Speaker 1: that job, we'll look after housing and homelessness. 196 00:10:26,600 --> 00:10:29,760 Speaker 2: Mister Burke, who was Employment and Workplace Relations Minister, will 197 00:10:29,760 --> 00:10:33,680 Speaker 2: also take on Immigration and Multicultural affairs. Those roles had 198 00:10:33,720 --> 00:10:37,320 Speaker 2: been held by Andrew Giles. Mister Giles now gets Skills 199 00:10:37,320 --> 00:10:40,640 Speaker 2: and Training Minister, though that portfolio isn't in the cabinet, 200 00:10:40,760 --> 00:10:43,640 Speaker 2: so really Andrew Giles is the biggest loser out of this. 201 00:10:43,880 --> 00:10:46,559 Speaker 2: Mister Burke remains leader in the House now. Senator Murray 202 00:10:46,600 --> 00:10:50,880 Speaker 2: Watt will become the next Employment and Workplace Relations Minister, 203 00:10:51,280 --> 00:10:54,680 Speaker 2: Housing and Homelessness Minister Julie Collins will become the Minister 204 00:10:54,760 --> 00:10:58,600 Speaker 2: for Fisheries and Forestry and Minister for Small Business. Senator 205 00:10:58,760 --> 00:11:03,240 Speaker 2: Melanderri McCarthy. He will replace outgoing Indigenous Estonians Minister Linda 206 00:11:03,240 --> 00:11:06,199 Speaker 2: Bernie as was widely expected. And Pat Conroy will move 207 00:11:06,240 --> 00:11:10,320 Speaker 2: into the cabinet as Defense, Industry and Capability Delivery Minister. 208 00:11:11,120 --> 00:11:13,880 Speaker 2: He's also got the Pacific and International development in that. 209 00:11:14,320 --> 00:11:16,120 Speaker 2: You put all that together, a lot of names basically 210 00:11:16,160 --> 00:11:19,839 Speaker 2: Taney Burk's winner, say to Pat Conroy, Claire O'Neil is 211 00:11:19,840 --> 00:11:23,360 Speaker 2: a bit of a loser, sorry, cero'nell, but you know, 212 00:11:23,720 --> 00:11:25,200 Speaker 2: less of a winner to We'll put it that way. 213 00:11:25,360 --> 00:11:27,839 Speaker 2: And Andrew Giles is definitely less of a winner. 214 00:11:27,960 --> 00:11:31,160 Speaker 1: Now, Sean, how about this one. Rupert Murdoch is locked 215 00:11:31,160 --> 00:11:34,840 Speaker 1: in a secret legal battle against three of his children 216 00:11:35,240 --> 00:11:38,200 Speaker 1: over the future of the family's media empire as he 217 00:11:38,280 --> 00:11:42,240 Speaker 1: moves to preserve it as a conservative political force after 218 00:11:42,360 --> 00:11:45,760 Speaker 1: his death. This is according to a sealed court document 219 00:11:45,800 --> 00:11:48,760 Speaker 1: obtained by the New York times. 220 00:11:47,920 --> 00:11:50,480 Speaker 2: Pretty incredible this story. The ninety three year old mister 221 00:11:50,559 --> 00:11:53,839 Speaker 2: Murdoch late last year made a surprise move to change 222 00:11:53,880 --> 00:11:57,720 Speaker 2: the terms of the Murdock's irrevocable family Trust to ensure 223 00:11:57,720 --> 00:12:01,280 Speaker 2: that his eldest son and chosen successor, Locke, would remain 224 00:12:01,360 --> 00:12:04,760 Speaker 2: in charge of his collection of television networks and newspapers. 225 00:12:05,120 --> 00:12:08,200 Speaker 2: The trust currently hands control of the family business to 226 00:12:08,240 --> 00:12:11,800 Speaker 2: his four children. That's when mister Murdock dies, But he's 227 00:12:11,920 --> 00:12:14,839 Speaker 2: arguing in court that only by empowering Lachlan to run 228 00:12:14,880 --> 00:12:18,599 Speaker 2: the company without interference from his more politically moderate siblings 229 00:12:19,040 --> 00:12:22,920 Speaker 2: can he preserve its conservative editorial bent and thus protect 230 00:12:22,960 --> 00:12:27,000 Speaker 2: its commercial value for all his heirs. Last month, the 231 00:12:27,040 --> 00:12:30,160 Speaker 2: Nevada Probate Commission found that mister Murdock could amend the 232 00:12:30,160 --> 00:12:32,560 Speaker 2: trust if he's able to show he's acting in good 233 00:12:32,600 --> 00:12:35,840 Speaker 2: faith and for the sole benefit of his heirs. According 234 00:12:35,840 --> 00:12:38,880 Speaker 2: to a copy of the forty eight page decision, a 235 00:12:38,920 --> 00:12:41,319 Speaker 2: trial to determine whether mister Murdock is in fact acting 236 00:12:41,320 --> 00:12:43,800 Speaker 2: and good faith is expected to start in December. Now, 237 00:12:43,800 --> 00:12:47,120 Speaker 2: those three siblings, It's James, Elizabeth, and Prudence, were caught 238 00:12:47,240 --> 00:12:49,800 Speaker 2: completely off guard by their father's efforts to rewrite what 239 00:12:49,920 --> 00:12:54,080 Speaker 2: was supposed to be an inviolable trust and have united 240 00:12:54,679 --> 00:12:57,439 Speaker 2: to stop him. That's all according to this incredible New 241 00:12:57,480 --> 00:12:58,440 Speaker 2: York Times report. 242 00:12:58,960 --> 00:13:01,720 Speaker 1: This as a remark story, and particularly the fact that 243 00:13:01,760 --> 00:13:04,760 Speaker 1: it remained that all of this was going on and 244 00:13:04,800 --> 00:13:06,000 Speaker 1: no one knew about it. 245 00:13:06,400 --> 00:13:09,280 Speaker 2: Yeah, I means Rupert and Lachlan vers James Elizabeth and Prudence. No, 246 00:13:10,120 --> 00:13:13,320 Speaker 2: it's Rupert versus James Elizabeth and Prudence. I'm not sure 247 00:13:13,400 --> 00:13:16,680 Speaker 2: where Lachlan sits on all this, but just phenomenal story. 248 00:13:16,920 --> 00:13:20,640 Speaker 1: Yeah, incredible Now showing this new next one feels like 249 00:13:20,679 --> 00:13:26,880 Speaker 1: it's just targeting me specifically. Any Aldi shoppers myself included, 250 00:13:27,360 --> 00:13:30,960 Speaker 1: hoping for an online version anytime soon are going to 251 00:13:30,960 --> 00:13:34,920 Speaker 1: be a wee bit disappointed. The German based supermarket chain 252 00:13:34,960 --> 00:13:39,160 Speaker 1: has abandoned plans to go digital, even as Woolworth's and 253 00:13:39,240 --> 00:13:41,640 Speaker 1: Cools are pushing even further into that space. 254 00:13:42,360 --> 00:13:45,000 Speaker 2: Aldi opened its first store in Australia in two thousand. 255 00:13:45,080 --> 00:13:47,560 Speaker 2: It's grown it's share to ten and a half percent 256 00:13:47,640 --> 00:13:51,800 Speaker 2: of the supermarket sector. It's been looking at moving into 257 00:13:51,880 --> 00:13:55,760 Speaker 2: online sales, but Jordan Lack, Aldi's managing director of buying 258 00:13:56,120 --> 00:13:59,160 Speaker 2: told The fin Review that after serious consideration, the retailer 259 00:13:59,200 --> 00:14:03,600 Speaker 2: dismantled it's online team late last year. He said, in 260 00:14:03,600 --> 00:14:06,040 Speaker 2: the encurrent environment, I meid a cost of living crisis, 261 00:14:06,360 --> 00:14:10,520 Speaker 2: Customers want value over convenience, with price playing a bigger role. 262 00:14:10,600 --> 00:14:13,680 Speaker 2: The cost of an online store would force prices higher, 263 00:14:13,840 --> 00:14:17,240 Speaker 2: which actually works against Aldi's strategy. It's fascinating this. The 264 00:14:17,280 --> 00:14:20,840 Speaker 2: group's now considering new products, most recently launching Aldi Insurance. 265 00:14:21,240 --> 00:14:24,200 Speaker 2: It's targeting growth corridors and the outskirts of major cities, 266 00:14:24,440 --> 00:14:27,480 Speaker 2: growing sales at its existing five hundred and seventy stores. 267 00:14:27,720 --> 00:14:31,040 Speaker 2: The whole point in this so it wants to have 268 00:14:31,160 --> 00:14:34,160 Speaker 2: lower prices. If it does an online store, things get 269 00:14:34,240 --> 00:14:37,120 Speaker 2: more expensive and the idea is that people now in 270 00:14:37,160 --> 00:14:41,000 Speaker 2: a cost of living crisis value value over convenience. 271 00:14:41,560 --> 00:14:47,960 Speaker 1: It does make sense, but grudgingly accept that. SEWN Corporate 272 00:14:47,960 --> 00:14:51,840 Speaker 1: Australia is getting better at reporting their climate considerations into 273 00:14:52,000 --> 00:14:55,600 Speaker 1: their financial statements, which is a big step towards being 274 00:14:55,640 --> 00:14:57,760 Speaker 1: able to credibly reduce emissions. 275 00:14:58,120 --> 00:15:01,520 Speaker 2: Research from the Australian Council of super Cation Investors say 276 00:15:01,600 --> 00:15:03,400 Speaker 2: more than eighty percent of companies are now in a 277 00:15:03,400 --> 00:15:08,160 Speaker 2: position to meet new mandatory climate disclosures. With adoption having 278 00:15:08,200 --> 00:15:10,880 Speaker 2: doubled in the past five years, the majority of ASEX 279 00:15:10,880 --> 00:15:13,600 Speaker 2: two hundred companies one hundred and thirty one companies now 280 00:15:13,680 --> 00:15:17,640 Speaker 2: have net zero commitments, and many have also set interim targets. 281 00:15:17,760 --> 00:15:21,680 Speaker 2: The report says almost thirty percent discuss how climate change 282 00:15:21,720 --> 00:15:25,320 Speaker 2: is considered when evaluating financial performance, while two thirds provide 283 00:15:25,360 --> 00:15:28,760 Speaker 2: information of their exposure to the physical risks arising from 284 00:15:28,760 --> 00:15:32,920 Speaker 2: climate change. Despite this improvement in transparency, gaps remain in 285 00:15:32,960 --> 00:15:36,960 Speaker 2: the depth and breadth of climate reporting, with some companies 286 00:15:36,960 --> 00:15:39,600 Speaker 2: only partially reporting and eighteen percent of the index provide 287 00:15:39,640 --> 00:15:43,360 Speaker 2: little reporting on their climate risks at all. So much 288 00:15:43,400 --> 00:15:46,200 Speaker 2: improved performance by the top two hundred still somewhere to go. 289 00:15:46,760 --> 00:15:48,440 Speaker 1: I mentioned this next one at the top of the show. 290 00:15:48,520 --> 00:15:52,600 Speaker 1: Customers who buy secondhand clothes at op shops would earn 291 00:15:52,760 --> 00:15:56,520 Speaker 1: carbon credits and one of the first privately generated trading 292 00:15:56,560 --> 00:16:01,240 Speaker 1: schemes to be considered for adoption by federal regulated The. 293 00:16:01,120 --> 00:16:04,960 Speaker 2: Idea comes from Good Semi Enterprises. Good Semi Enterprises. The 294 00:16:04,960 --> 00:16:07,600 Speaker 2: boss of that a guy called Caine Blackman, who reckons 295 00:16:07,680 --> 00:16:10,800 Speaker 2: governments should offer financial incentives to people who recycle and 296 00:16:10,840 --> 00:16:13,800 Speaker 2: reuse clothes in the bid to curb greenhouse gas emissions 297 00:16:14,200 --> 00:16:17,360 Speaker 2: generated by the import of new garments and textiles. Our 298 00:16:17,400 --> 00:16:19,600 Speaker 2: report in the fin Review talks about the proposal of 299 00:16:19,600 --> 00:16:22,760 Speaker 2: being one on forty three ideas now being assessed under 300 00:16:22,800 --> 00:16:26,840 Speaker 2: the Albanzi government's plan for private citizens, corporations and charities 301 00:16:27,200 --> 00:16:30,560 Speaker 2: to play a bigger role in determining eligibility for Australian 302 00:16:30,600 --> 00:16:34,400 Speaker 2: carbon credit unions. The Clean Energy Regulator has devised thirty 303 00:16:34,440 --> 00:16:38,960 Speaker 2: one different methods for earning these units, these carbon credit units, 304 00:16:39,600 --> 00:16:43,760 Speaker 2: but the government this year decided to use crowdsourcing to 305 00:16:43,800 --> 00:16:46,840 Speaker 2: come up with some new ideas. Anyway, this is one 306 00:16:46,880 --> 00:16:50,080 Speaker 2: of them. The idea that people who recycle and reuse 307 00:16:50,120 --> 00:16:52,600 Speaker 2: clothes actually get a carbon credit. 308 00:16:53,120 --> 00:16:56,479 Speaker 1: Kind of cool, kind of makes sense. Turning to international 309 00:16:56,520 --> 00:16:59,920 Speaker 1: news now, Donald Trump says, who would end the person 310 00:17:00,120 --> 00:17:03,200 Speaker 1: cution of the crypto industry and sack the chair of 311 00:17:03,240 --> 00:17:06,600 Speaker 1: the Securities and Exchange Commission if he wins the election 312 00:17:06,680 --> 00:17:07,840 Speaker 1: in November. 313 00:17:07,760 --> 00:17:10,960 Speaker 2: In a direct pitch to cryptocurrency devotees at the Bitcoin 314 00:17:11,040 --> 00:17:14,600 Speaker 2: twenty twenty four conference in Nashville, could you imagine that 315 00:17:15,359 --> 00:17:18,119 Speaker 2: the Nashville Bitcoin twenty twenty four conference, It's. 316 00:17:17,960 --> 00:17:20,560 Speaker 1: Not really the kind of you kind of expected more 317 00:17:20,560 --> 00:17:21,480 Speaker 1: in Vegas, wouldn't you? 318 00:17:21,680 --> 00:17:22,080 Speaker 2: You would? 319 00:17:22,240 --> 00:17:22,520 Speaker 3: Yeah? 320 00:17:22,640 --> 00:17:23,200 Speaker 1: Yeah, yeah. 321 00:17:23,280 --> 00:17:27,280 Speaker 2: Anyways, in Nashville, mister Trump promised to end what he 322 00:17:27,400 --> 00:17:31,760 Speaker 2: called the Biden administration's crusade against bitcoin. According to a 323 00:17:31,760 --> 00:17:35,080 Speaker 2: story in the FT, crypto's embrace of Trump comes against 324 00:17:35,119 --> 00:17:37,360 Speaker 2: the backdrop of a difficult few years for the industry, 325 00:17:37,400 --> 00:17:40,719 Speaker 2: which has faced an aggressive clampdown from the SEC. The SEC, 326 00:17:40,800 --> 00:17:44,640 Speaker 2: of course, is the industry regulator. The SEC has pursued 327 00:17:44,840 --> 00:17:49,080 Speaker 2: numerous crypto companies and executives, helping put FTX founder Sam 328 00:17:49,119 --> 00:17:53,360 Speaker 2: Bankman Freed and Finance founder Changpang Zau behind bars. It's 329 00:17:53,400 --> 00:17:58,359 Speaker 2: also launched lawsuits against exchanges Coinbase, Kraken, and Gemini. Mister 330 00:17:58,400 --> 00:18:01,160 Speaker 2: Trump promised to end that a repression, saying rules should 331 00:18:01,200 --> 00:18:03,360 Speaker 2: be written by people who love your industry, not by 332 00:18:03,359 --> 00:18:06,240 Speaker 2: people who hate your industry. Mister Trump also said he'd 333 00:18:06,280 --> 00:18:08,840 Speaker 2: instruct the Department of Treasury to abandon the creation of 334 00:18:08,840 --> 00:18:12,080 Speaker 2: a central bank digital currency and appoint a Bitcoin and 335 00:18:12,119 --> 00:18:13,960 Speaker 2: Crypto Advisory Council. 336 00:18:14,200 --> 00:18:17,960 Speaker 1: This is fascinating. The wealth of French tycoon Bernard Anau 337 00:18:18,119 --> 00:18:22,000 Speaker 1: has fallen more than any other billionaire this year because 338 00:18:22,160 --> 00:18:25,840 Speaker 1: the share price of the LVMH conglomerate is tumbling. 339 00:18:26,359 --> 00:18:29,520 Speaker 2: Yeah, so LVMAH. The fashion the Champagne luxury goods group 340 00:18:29,600 --> 00:18:33,240 Speaker 2: is struggling as people pull back on spending, particularly in China. 341 00:18:33,680 --> 00:18:36,200 Speaker 2: Its share price is off twenty five percent since March. 342 00:18:36,320 --> 00:18:40,399 Speaker 2: Mister Ohno's wealth is closely tied to his massive amount 343 00:18:40,440 --> 00:18:43,800 Speaker 2: of shares in LVMH. According to Bloomberg's Billionaires Index, his 344 00:18:43,880 --> 00:18:47,080 Speaker 2: fortune has dropped by twenty billion dollars this year. He's 345 00:18:47,080 --> 00:18:49,120 Speaker 2: really struggling. He's only at one hundred and eighty seven 346 00:18:49,160 --> 00:18:51,359 Speaker 2: billion dollars. That's his US dollars. I'd like to add, 347 00:18:51,359 --> 00:18:53,239 Speaker 2: so one hundred and eighty seven billion US. What's that 348 00:18:53,320 --> 00:18:57,880 Speaker 2: two sixty Yussie. It's the worst performance on the list 349 00:18:57,880 --> 00:19:00,520 Speaker 2: of the five hundred wealthier's people, and mister has now 350 00:19:00,560 --> 00:19:04,440 Speaker 2: slipped to the world's third richest person. Last Wednesday, Elon 351 00:19:04,560 --> 00:19:08,000 Speaker 2: Musk now the world's richest person, suffered the biggest single 352 00:19:08,080 --> 00:19:11,240 Speaker 2: day drop, down twenty two billion dollars. That's after Tesla's 353 00:19:11,240 --> 00:19:14,119 Speaker 2: share price tumbled twelve percent. But he's actually still up 354 00:19:14,119 --> 00:19:16,560 Speaker 2: about eleven and a half billion for the year. So 355 00:19:16,960 --> 00:19:19,680 Speaker 2: Bernard A know, I hope things are okay. 356 00:19:19,720 --> 00:19:25,080 Speaker 1: At home. You wouldn't check your bank account, would you 357 00:19:25,119 --> 00:19:27,360 Speaker 1: if you were If you were someone like that, You're 358 00:19:27,400 --> 00:19:29,280 Speaker 1: just like it comes and it goes, doesn't it. 359 00:19:29,480 --> 00:19:30,919 Speaker 2: Yeah, come see come sar. 360 00:19:31,600 --> 00:19:34,600 Speaker 1: Yeah, yeah, unless you're like Scrooge McDuck and diving into 361 00:19:34,640 --> 00:19:36,639 Speaker 1: your money pit, in which case you need to know 362 00:19:36,720 --> 00:19:38,640 Speaker 1: the depth of the money pit before you dive in. 363 00:19:38,960 --> 00:19:43,359 Speaker 1: Very true, Sean. Two must listen pieces of content coming 364 00:19:43,440 --> 00:19:47,240 Speaker 1: up next. First up is Fear and Greed the Week Ahead, 365 00:19:47,280 --> 00:19:50,600 Speaker 1: featuring our resident economist Stephen Couldcoulis and as you mentioned, 366 00:19:50,920 --> 00:19:52,520 Speaker 1: a massive, massive week. 367 00:19:52,960 --> 00:19:55,919 Speaker 2: Yeah, look after a couple of quiet weeks, Stephen is 368 00:19:56,000 --> 00:19:58,520 Speaker 2: fired up for those CPI figures. There's also other stuff 369 00:19:58,520 --> 00:20:01,960 Speaker 2: out like retail trade, building approvals, house prices. That's a 370 00:20:02,040 --> 00:20:05,520 Speaker 2: huge week for the economy all in all, Steven, as 371 00:20:05,560 --> 00:20:07,600 Speaker 2: you'd expect, very excited about the whole thing. 372 00:20:07,880 --> 00:20:11,040 Speaker 1: Indeed years So that one's coming up next, and after 373 00:20:11,080 --> 00:20:14,040 Speaker 1: that the Fear and Greed Daily Interview with Brian Hand 374 00:20:14,160 --> 00:20:14,960 Speaker 1: from Morning Star. 375 00:20:15,320 --> 00:20:17,600 Speaker 2: Yeah, I reckon. The highlight of that interview is all 376 00:20:17,640 --> 00:20:21,520 Speaker 2: about what Brian thinks is undervalued and overvalued as we're 377 00:20:21,520 --> 00:20:22,840 Speaker 2: heading into the reporting season. 378 00:20:23,040 --> 00:20:24,720 Speaker 1: Yeah, indeed, so they are coming up next in the 379 00:20:24,720 --> 00:20:27,400 Speaker 1: Fear and Greed playlist on your podcast platform or at 380 00:20:27,440 --> 00:20:30,200 Speaker 1: Fearangreed dot com dot au, which is also where you 381 00:20:30,240 --> 00:20:33,280 Speaker 1: can sign up for our free weekly newsletter which comes 382 00:20:33,280 --> 00:20:35,200 Speaker 1: out midweek. Do it now then you don't have to 383 00:20:35,200 --> 00:20:37,520 Speaker 1: worry about it ever. Again. Thank you very much, Sean, 384 00:20:37,760 --> 00:20:40,359 Speaker 1: Thank you, Michael. It's Monday, the twenty ninth of July 385 00:20:40,480 --> 00:20:43,040 Speaker 1: twenty twenty four. Make sure you're following the podcast and 386 00:20:43,080 --> 00:20:46,800 Speaker 1: please join us online on LinkedIn, Instagram, x TikTok and Facebook. 387 00:20:47,080 --> 00:20:49,320 Speaker 1: Michael Thompson and that was Fear and Greed. Have a 388 00:20:49,320 --> 00:20:49,800 Speaker 1: great day.