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

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Speaker 1: today and extraordinary thirty six hours in geopolitics and financial markets,

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Speaker 1: with US President Donald Trump seemingly brokering a ceasefire between

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Speaker 1: Iran and Israel. Virgin Australia rejoins the share market and

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Speaker 1: at share price jumps eleven percent on day one, and

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Speaker 1: the regulator focuses in on superannuation companies spending plus Rio

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Speaker 1: Tinto and Gina Reinhardt do a deal to expand iron

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Speaker 1: are mining in the Pilbra, and the first images are

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Speaker 1: released of the world's biggest telescope. It is Wednesday, the

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Speaker 1: twenty fifth of June twenty twenty five. I'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: I'm Michael Thompson, and I'm really excited because there's a

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Speaker 2: space story today.

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Speaker 1: You had me at telescope, Sean. That's a rare great

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Speaker 1: newsletter today. By the way, no telescopes in oh Well, Ashley.

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Speaker 2: It reads a little bit of tell lets.

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Speaker 1: There is a telescope in there, but I mean we

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Speaker 1: keep the telescopes to a minimum.

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Speaker 2: That's true. The news that is great, plenty of things

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Speaker 2: in it this morning. If you want to be ahead

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Speaker 2: when you get to work, read the news. Let it

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Speaker 2: lane take you three or four minutes. You can do

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Speaker 2: it on your phone during your commute. If you do

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Speaker 2: not receive it this morning, it means you probably haven't

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Speaker 2: signed up for it. So fearangreed dot com dot au

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Speaker 2: or the show notes today.

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Speaker 1: Yeah, easy to click on, easy to subscribe, and it's

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Speaker 1: all free. On with the show plenty to get through

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Speaker 1: the main story this morning, Sean, a ceasefire between Israel

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Speaker 1: and Iran broken by Donald Trump, appears to be holding,

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Speaker 1: but only after the US President lashed out at both countries. Yes,

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Speaker 1: it has been an incredible thirty six hours in global politics,

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Speaker 1: starting with Iran attacking a US military basing guitar in

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Speaker 1: response to Washington launching attacks on nuclear sites in Iran

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Speaker 1: over the weekend. The Iranian attack thirty six hours ago

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Speaker 1: was ineffective. There were no casualties. Significantly, other countries in

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Speaker 1: the region criticized Iran. That triggered conference on Global financial

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Speaker 1: markets that Iran didn't want an all out war with

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Speaker 1: the US. Equity markets around the world, including an Australia,

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Speaker 1: surged and oil prices tumbled. In fact, oil is now

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Speaker 1: back to the level it was before Israel attacked Iran

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Speaker 1: on thirteen June. Then yesterday morning Australian time, Donald Trump

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Speaker 1: announced an Iranian Israeli ceasefire. By the afternoon, he was

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Speaker 1: on truth social saying in caps, of course, the ceasefire

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Speaker 1: is now in effect, please do not violate it. Well,

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Speaker 1: that didn't last very long. In fact, in the hours

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Speaker 1: before the ceasefire took effect, Israel said it had killed

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Speaker 1: hundreds of Iranian security personnel in bombing raids in Tehran,

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Speaker 1: while an Iranian missile pierced Israeli air defenses, hitting a

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Speaker 1: residential building in Besheba, killing at least four people. After

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Speaker 1: the truce came into a force, Iran fired three further missiles,

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Speaker 1: according to Israeli officials. Donald Trump then lashed out at

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Speaker 1: both Israel and Iran, denouncing violations by both sides. He said,

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Speaker 1: and I quote a part of the language here, We

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Speaker 1: basically have two countries that have been fighting so long

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Speaker 1: and so hard that they don't know what the f

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Speaker 1: they're doing. That's from the President of the United States.

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Speaker 2: He added that he was really unhappy with Israel in particular,

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Speaker 2: but insisted that the ceasefire is in effect. Donald Trump

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Speaker 2: has not criticized Israel this whole time, so the fact

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Speaker 2: that he actually said he was really unhappy with him

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Speaker 2: is significant. As we go to here this morning, the

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Speaker 2: ceasefire is holding. In the last few hours, Israel's military

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Speaker 2: lifted emergency restrictions imposed during the conflict. That's good news.

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Speaker 2: And Iran's president hailed the end of a twelve day

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Speaker 2: war that was imposed on the Iranian people in an

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Speaker 2: address to the nation, So that's promising as well. But Michael,

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Speaker 2: incredible thirty six hours and really anything could still happen.

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Speaker 1: Yeah, and those comments by the President, particularly the comment

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Speaker 1: aimed at Israel when he was talking about the fact

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Speaker 1: that as soon as we made the deal, they came

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Speaker 1: out and dropped a load of bombs the likes of

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Speaker 1: which I've never seen before. It was very, very pointed

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Speaker 1: from the US President. Now, it has been an incredible period.

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Speaker 1: Pretty amazing as well that Trump, first of all this

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Speaker 1: being so open, but it's also seems to be running

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Speaker 1: a lot of policy via truth social What's the local

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Speaker 1: response been to all of this. So we haven't heard

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Speaker 1: from Anthony Abanezi this morning. Yesterday, the Prime Minister says

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Speaker 1: solving said that solving the Palestinian question is key to

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Speaker 1: resolving the issues in the Middle East. In an interview

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Speaker 1: on Sky News, he said he found it a bit

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Speaker 1: rich that Iran was complaining about strikes when it had

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Speaker 1: been a state sponsor of terrorism. He said, Australia wants

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Speaker 1: to see regional peace and security. Of course, it's very

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Speaker 1: hard for Anthony Albanzi or any global leader to comment

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Speaker 1: on much on this because it's moving so fast and

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Speaker 1: they're not getting the heads up from the US government

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Speaker 1: at all, so really they're just spectators as well in

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Speaker 1: all that's going on. Okay, now, the news certainly seem

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Speaker 1: to help the ASX yesterday, certainly helping Wall Street this morning.

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Speaker 1: ASX closed up one percent yesterday, Commonwealth Bank again hitting

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Speaker 1: a new high.

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Speaker 2: Yes The market finished eight thousand, five hundred and fifty

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Speaker 2: six points. Most sectors did well, with the exception of

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Speaker 2: the energy stocks, which fell alongside the price of oil.

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Speaker 2: Woodside tumbled seven percent, Crewon Energy was off eight percent.

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Speaker 2: Santos Origin Energy, Viva Energy all sharply lower. The b

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Speaker 2: banks were stronger. Commonwealth Bank finished up two percent, giving

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Speaker 2: it a market capitalization of three hundred and fifteen billion dollars.

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Speaker 2: National Australia Bank and Westpac were also up sharply. The

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Speaker 2: big miners did well. BHP Fortescue in Rio rose between

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Speaker 2: two and three percent.

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Speaker 1: I don't know why I sounded so disgruntled about Commonwealth

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Speaker 1: Bank hitting a new high there.

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Speaker 2: It just keeps on.

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Speaker 1: Maybe it's just because it's becoming a bit repetitive short.

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Speaker 2: Yeah, eight hundred thousand shareholders though, that's eight hundred thousand

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Speaker 2: happy people.

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Speaker 1: Yeah, it's a very good point now, given everything else happening,

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Speaker 1: it didn't seem like such a good day on the

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Speaker 1: surface of it for Virgin Australia to rejoin the ASX.

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Speaker 1: But oh my gosh, Day one was a cracker. The

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Speaker 1: carrier's share price immediately jumped seven and a half percent.

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Speaker 2: That's right, so falling oil prices. Fuel is the major

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Speaker 2: cost of airlines, of course, so falling oil prices and

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Speaker 2: news of the ceasefire between Iran and Israel overshadowed pretty

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Speaker 2: much everything else. Within minutes, Virgin share price went from

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Speaker 2: TWI law's ninety to three dollars fifteen. By the close,

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Speaker 2: it was up to three dollars twenty two, meaning an

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Speaker 2: eleven percent jump on day one, not bad. Virgin CEO

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Speaker 2: Dave Emerson said the conflict overseas was distressing, though of

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Speaker 2: limited impact to the airline because ninety percent of its

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Speaker 2: business is domessic. Virgin collapsed into voluntary administration in twenty

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Speaker 2: twenty when the pandemic shut down borders. US. Private equity

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Speaker 2: group Being Capital paid seven hundred million dollars to assume

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Speaker 2: its liabilities. Five years later. Virgin is a very different carrier,

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Speaker 2: ligned around a single fleet of Boeing seven three seven

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Speaker 2: aircraft that fly only domestically, as well to as a

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Speaker 2: handful of leisure destinations Fiji, Bali Vnawatu. It has a

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Speaker 2: deal with Qatar Airlines to fly its passengers to other destinations.

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Speaker 2: Very importantly for an airline, it has relatively little debt.

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Speaker 1: It was a good day all round for travel stocks

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Speaker 1: and Sean. That's really not something we've been able to

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Speaker 1: say much recently.

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Speaker 2: Not at all. Sure was quite has jumped three percent

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Speaker 2: on the back of falling oil prices and reduced fears

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Speaker 2: about flying roots now. Twenty four hours ago, two Virgin

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Speaker 2: planes actually were the Qatar Airlines ticketed by Virgin. Two

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Speaker 2: of those planes had to be diverted from the Middle East.

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Speaker 2: Other carriers were canceling roots around the area. Now, whilst

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Speaker 2: Skytracker is telling us there's not a lot of travel

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Speaker 2: over that area, things certainly look much more settled. Other

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Speaker 2: travel groups corporate travel men jump nearly five percent. Flight Center,

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Speaker 2: Web Trouble both up two and a half percent, With

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Speaker 2: a very noticeable exception of Quantas, which has risen more

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Speaker 2: than seventy percent of the past year. All the other

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Speaker 2: major trouble stocks have gone backwards over that twelve month period.

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Speaker 1: Okay, plenty of numbers all through that, Sean. Now every

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Speaker 1: week we take a look at business by Numbers. The

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Speaker 1: top three numbers to know for the week brought to

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Speaker 1: you by zero zero dot com slash au. Three numbers

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Speaker 1: here Sean. The first is three hundred and fifteen billion.

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Speaker 2: You can't go past it. The value of Commonwealth Bank.

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Speaker 2: After yesterday's surge, its share price is up nearly fifty

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Speaker 2: percent this financial year. What an incredible story.

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Speaker 1: Yeah, amazing. Number number two, number number number two.

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Speaker 2: Yeah.

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Speaker 1: The second number, the big number two twenty billion dollars.

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Speaker 2: The amount of money Real Tindo plans to spend in

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Speaker 2: the Pilbra over the next five years as it develops

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Speaker 2: iron ore minds replaces it's aging minds. It's a problem

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Speaker 2: for Rio. It needs to develop these new minds. Twenty

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Speaker 2: billion dollars over five years. Not bad.

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Speaker 1: Yeah, more on that one in a moment. And finally,

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Speaker 1: nine percent Sean.

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Speaker 2: That's the amount oil prices have fallen in just two

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Speaker 2: days as tensions in the Middle East ease.

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Speaker 1: All right, that's business by numbers, brought to you by

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Speaker 1: zero Sean.

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Speaker 2: Quick break.

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Speaker 1: We'll be back in a moment with the rest of

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Speaker 1: the day's business news.

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Speaker 2: Sean.

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Speaker 1: The country's largest superannuation funds are risking the financial futures

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Speaker 1: of millions of Australians by spending members' funds on ventures

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Speaker 1: that do not have clear benefits. This is a warning

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Speaker 1: from the financial services regulator.

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Speaker 2: The Australian Frinancial Regulation Authority said in a letter to

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Speaker 2: super funds that the industry followed suboptimal policies and displayed

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Speaker 2: a lack of rigor when making spending decisions. According to

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Speaker 2: report in the fin Review, the letter raised a broader

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Speaker 2: governance can with the level of scrutiny applied to new

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Speaker 2: or ongoing arrangements. It's the latest intervention from the regulator,

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Speaker 2: which monitors where the funds are acting in the best

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Speaker 2: financial interests of their members, after it put the sector

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Speaker 2: on notice in October.

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Speaker 1: Rio Tinto and Gina ryan Hart Hancock Prospecting have agreed

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Speaker 1: to develop a two point four billion dollar iron ore

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Speaker 1: project in Well. Obviously in Western Australia, that's where everything happens, right.

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Speaker 2: Yeah, sure it does. The mining giants received state and

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Speaker 2: federal governor approval to develop the two deposits in the

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Speaker 2: Pilboro region first Or from Hope Downs Too and Embedded

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Speaker 2: Hilltop is scheduled for twenty twenty seven. Rio said this

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Speaker 2: tranch of new Minds will replace aging projects in the

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Speaker 2: Pilbra read a. Rio's share of the investment is about

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Speaker 2: eight one hundred million dollars now. Rio Tinto, which opened

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Speaker 2: the two point four billion dollar Western Range mind projects

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Speaker 2: last month, it tends to spend around twenty billion dollars

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Speaker 2: in the Pilbra over the next five years. That's where

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Speaker 2: our business by numbers came from from Michael Indeed.

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Speaker 1: Now Treasury Winer States has cut its twenty twenty five

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Speaker 1: twenty six growth projections for its flagship Penfolds brand, as

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Speaker 1: it flagged a five percent share buy back this year.

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Speaker 2: Despite the weaker outlook, the company has no plan to

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Speaker 2: cut Penfolds prices, Damn, saying that demand for premium wine

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Speaker 2: remains solid. Treasury blame the downgrade and the cost of

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Speaker 2: additional staff. Highest to be sales chief executive Tim Ford,

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Speaker 2: who's about to leave the company, sees the global decline

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Speaker 2: in wine consumption has been confined to the under fifteen

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Speaker 2: dollars a bottle range.

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Speaker 1: In state politics, Shawn a couple of the larger states

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Speaker 1: brought down budgets yesterday. Queensland's first Liberal national government in

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Speaker 1: a decade won't be delivering a surplus before heading back

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Speaker 1: to the polls in twenty twenty eight, while in New

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Speaker 1: South Wales, the min's government is forecasting a surplus in

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Speaker 1: three years.

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Speaker 2: New South Wales first affair it's aid data fair with

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Speaker 2: reductions and deficits and debt in coming years. The health

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Speaker 2: budget included twelve point four billion dollars to build an

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Speaker 2: upgrade health infrastructure over the next four years. In education,

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Speaker 2: the government spending nine billion dollars to build for news schools.

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Speaker 2: The government will spend one point two billion dollars to

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Speaker 2: support children in out of home care. It will also

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Speaker 2: become a guaranteur for developers looking for financing for new

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Speaker 2: mid and low rise housing projects. In Queensland, State Treasurer

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Speaker 2: David Genetzi blamed a rise in next year's deficit on

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Speaker 2: lower coal royalties and being shortchanged in the GST cover

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Speaker 2: as well, of course, as fiscal mismanagement by the former government.

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Speaker 2: They all do that in terms of spending. The eight

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Speaker 2: point five billion dollars in concessions, rebates and discounts for

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Speaker 2: cost of living support, the big one permanent fifty cent

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Speaker 2: public transport fairs in Queensland also power relief for six

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Speaker 2: hundred thousand Queenslanders.

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Speaker 1: Turning to international news now, the first NATO summit in

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Speaker 1: the new Trump world kicked off overnight in the Netherlands.

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Speaker 1: Swiss US support of Europe top of the agenda.

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Speaker 2: Trump has made it clear he doesn't want NATO members

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Speaker 2: free loading. That's his word, off the US security guarantees.

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Speaker 2: European allies want to prove they're spending money on defense now.

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Speaker 2: According to analysts, NATO's Secretary General Mark Rutt designed the

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Speaker 2: summit that started last night around Trump wanting to flatter

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Speaker 2: him by agreeing to massive heights in defense spending to

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Speaker 2: show that Europeans would now take more responsibility for their

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Speaker 2: own security. Michael, I'm afraid developments over the past few

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Speaker 2: days has probably changed the ground rules. Rather than being

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Speaker 2: all about Russia and Ukraine. You suspect that the Middle

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Speaker 2: East is likely to get a bigger run.

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Speaker 1: I suspect that might be right. Finally, Sean, can we

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Speaker 1: talk telescopes?

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Speaker 2: Yeah? Sure.

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Speaker 1: A very powerful new telescope in South America has released

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Speaker 1: its first images showing off, really what is an unprecedented

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Speaker 1: ability to peer into the darkest depths of the universe.

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Speaker 2: Poetic, wasn't very poetic? Yes? In one picture of vast,

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Speaker 2: colorful gas and dust clouds swirl in the star forming

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Speaker 2: region nine thousand light years from Earth, the Vira C.

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Speaker 2: Reuben Observatory, home to the world's most powerful digital camera,

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Speaker 2: promises to transform our understanding of the universe. If a

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Speaker 2: ninth planet exists in our Solar system, scientists say this

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Speaker 2: telescope will find it. It should detect killer asteroids and

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Speaker 2: striking distance of Earth and map the Milky Way. Will

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Speaker 2: also answer crucial questions about dark matter. The mysterious substance

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Speaker 2: that makes up most of our universe. In a press

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Speaker 2: conference this week, the Chilean Observatory revealed that in ten hours,

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Speaker 2: the telescope detected two thousand, one hundred and four new

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Speaker 2: asteroids and seven space projects close to Earth. Is that

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Speaker 2: a lot? Well, all other space and ground surveys combined

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Speaker 2: find about twenty twenty thousand asteroids a year. This one

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Speaker 2: did two thousand in a day.

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Speaker 1: That is incredible, Pretty good. What a story, Sean.

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Speaker 2: You love it, Michael. It's your sort of stories.

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Speaker 1: Along the way that you're trying to muster some enthusiasm,

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Speaker 1: enthusiasm for this spectacular Yeah, it really is.

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Speaker 2: I'm with you now.

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Speaker 1: Okay, after the show, you have an interview coming up

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Speaker 1: with David Areski, who is the chief Technology Officer for

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Speaker 1: Asia Pacific and Japan at BOOMY.

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Speaker 2: So it's a fascinating chat. We talk about all the

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Speaker 2: new jobs that are being generated by AI, but we're

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Speaker 2: not talking about, you know, the middle management. We're talking

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Speaker 2: about absolute senior management position. So it's the old days,

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Speaker 2: you're at CEO's chief marketing officer, CIO, chief information officer.

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Speaker 2: Nowadays you need roles to cover artificial intelligence to cover

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Speaker 2: data and analytics to cover security. So we talk about

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Speaker 2: how that senior management group is changing and how the

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Speaker 2: best performing companies are shifting earliest.

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Speaker 1: Yeah, it is an interesting conversation. It is coming up

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Speaker 1: after the show on the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com todau, which

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Speaker 1: is where you sign up for that free daily newsletter.

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Speaker 1: Thank you Sean, Thank you Michael. It is Wednesday, the

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Speaker 1: twenty fifth of June twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that wasphere

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Speaker 1: and Greed.

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Speaker 2: Have a great day.