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

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Speaker 1: Federal Treasurer Jim Chalmers calls on Australians to welcome AI

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Speaker 1: as an enabler, not a disruptor in the economy. The

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Speaker 1: ASX hits an all time high and Telco TPG's share

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Speaker 1: price tumbles after the Stock Exchange mixes up its name

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Speaker 1: with an American private equity group plus an Australian music

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Speaker 1: legend dies and Warren Buffett's Berkshire Hathaway is going backwards

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Speaker 1: as investors fear the retirement of the world's greatest investor.

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Speaker 1: It is Thursday, the seventh of August 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: The main story this morning. Treasurer Jim Chalmers has labeled

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Speaker 1: AI an enabler, not the enemy, backing a Productivity Commission

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Speaker 1: report claiming that artificial intelligence could represent a two hundred

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Speaker 1: billion dollar boost to the economy over the next ten years.

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Speaker 2: The Commission likened AI to the introduction of the steam

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Speaker 2: engine in the Industrial Revolution, claiming emerging technology could lift

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Speaker 2: worker productivity by more than four percent and in turn

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Speaker 2: raise economic output by about one hundred and sixteen billion

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Speaker 2: dollars over the next decade. But the report did warn

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Speaker 2: of painful transitions for workers made redundant, discussing the need

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Speaker 2: for reskilling programs. Also there's implications for unemployment benefit schemes

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Speaker 2: those types of things. Despite all this, Commissioner Stephen King

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Speaker 2: warned regulations that specifically target AI could see Australia fall

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Speaker 2: behind the curve and argue that existing regulations should measure up.

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Speaker 2: Not everyone agrees, Opposition leader says, and Lee certainly doesn't.

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Speaker 2: She's said more guardrails must be put in place, at

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Speaker 2: least when it comes to content creation, and the Productivity

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Speaker 2: Commission has recommended the government loosen rules to give tech

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Speaker 2: giants access to copyrighted content. Something very close to your heart.

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Speaker 2: Michael mus Lee's and others disagree. This is the third

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Speaker 2: reports by the PC ahead of this month's economic roundtable.

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Speaker 1: Now, I'll tell you what that recommendation about loosening the

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Speaker 1: copyright around that to give more of this content to

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Speaker 1: the big AI engines has really kind of stirred things

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Speaker 1: up in the last twenty four hours. And I thought

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Speaker 1: there was a comment by Robert Thompson, the CEO of

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Speaker 1: News Corps, that I thought was interesting where he said

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Speaker 1: in the end, intellectual property IP is what power is

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Speaker 1: AI here and so we need to figure this out

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Speaker 1: essentially because there is a need to really establish who

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Speaker 1: owns it and who is going to benefit from it

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Speaker 1: in the long run. Sean, the Productivity Commission is really

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Speaker 1: creating some headlines right now. Sure they're at loggerheads as

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Speaker 1: well with Australia's biggest corporate taxpayer, BHP, over a proposal

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Speaker 1: to introduce a new five percent cash flow attacks.

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Speaker 2: The idea is floated by the Productivity Commission as part

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Speaker 2: of a proposal to reduce the company tax rate on

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Speaker 2: all but the largest five hundred business in the country.

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Speaker 2: Now BHP, being the second largest company, wouldn't get a

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Speaker 2: reduced tax rate, but would be slated with the new

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Speaker 2: five percent cash flow tax. Now not surprising, not happy

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Speaker 2: BHP Australian President Geraldine Slattery labeled the recommendation counterproductive, claiming

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Speaker 2: Australia's corporate tax rate is already among the highest in

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Speaker 2: the OECD and any additional tax raised would make it

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Speaker 2: harder for Australia to compete. The proposed tax rate theoretically

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Speaker 2: would raise about an estimated about eight billion dollars or

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Speaker 2: so for the government. So that's why the Productivity Commission

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Speaker 2: likes it now.

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Speaker 1: The local share market Sean hit an all time record yesterday.

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Speaker 1: It's now up twenty percent over the past four months,

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Speaker 1: as confidence in the local economy grows and expectations of

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Speaker 1: rate cuts rise.

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Speaker 2: It is on a taiar. I think we've said that

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Speaker 2: a couple of times this week. The smp ASX two

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Speaker 2: hundred finished up nearly one percent yesterday to eight hundred

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Speaker 2: and forty four points, keeps climbing towards that nine thousand

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Speaker 2: point mark come off. Banks value pushed back above three

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Speaker 2: hundred million dollars yesterday after a near two percent jump.

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Speaker 2: It's up forty percent over the past year. Three quarters

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Speaker 2: of the top two hundred were high yesterday. Wes Farmers, Goodman,

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Speaker 2: Austrocrat Leisure all did particularly well. Aristocrat Leisure quit. You know.

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Speaker 2: It's up thirty eight percent over the past twelve months.

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Speaker 2: It's done really well. We've talked about Telstra a bit.

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Speaker 2: It actually fell yesterday. It's up thirty one percent of

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Speaker 2: the past year. Wisteak Global is up thirty six percent,

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Speaker 2: Where's Farmers twenty six percent. QB has been another strong

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Speaker 2: performer over the past year, up forty three percent. Our

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Speaker 2: local market really is got some momentum at the moment.

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Speaker 1: Yeah, and Sean, this next story is interesting, not just

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Speaker 1: because of it's a deal, and we love talking about deals,

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Speaker 1: but because of something else we'll get to in a sect.

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Speaker 1: But Infomdia is the subject of a six hundred and

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Speaker 1: fifty one million dollar buyout deal after global asset manager

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Speaker 1: TPG Capital agreed to buy all shares in the Australian

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Speaker 1: software provider.

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Speaker 2: Good price forty percent premium for investors. Sydney based Infomedia

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Speaker 2: provides software for automakers and dealerships two hundred and fifty

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Speaker 2: thousand users in one hundred and ninety five countries. Shareholders

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Speaker 2: will meet in November to vote on the deal. But

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Speaker 2: as you alluded to, that's not the fun part of

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Speaker 2: this story.

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Speaker 1: Because I mean shareholders are going to like that, right,

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Speaker 1: But someone who is not so happy about the announcement.

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Speaker 1: In fact, you would say, though Gosavarus has been livid,

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Speaker 1: perhaps Australian listed TPG Telecom they were a bit cranky

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Speaker 1: following a mix up by the ASX, which prompted a

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Speaker 1: four percent fall before shares were placed into a trading

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Speaker 1: holt SO.

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Speaker 2: TPG Telecom is Australia's third largest telco group. It really

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Speaker 2: shouldn't be mistaken with global private equity giant TPG Capital,

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Speaker 2: but it was yesterday by the market operator TPG Capital

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Speaker 2: making that bid for Infomedia, TPG Telecom being the Australian company,

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Speaker 2: TPG Telecom was incorrectly tagged by the AX in the announcement.

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Speaker 2: Investors jumped in sold shares before the company was placed

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Speaker 2: in a temporary trading halt. In a release to the AX,

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Speaker 2: TPG Telecom said trades occurring prior to the pause would

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Speaker 2: now be canceled. But the fort lies with the AX,

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Speaker 2: which is already under pressure its failed effort to reinvigorate

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Speaker 2: its trading system. It is not a good look for

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Speaker 2: the AX, and not surprisingly, TPG Telecom is not happy.

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Speaker 1: Yeah, indeed, all right, Sean, we still have quite a

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Speaker 1: bit to get to. Quick mention, don't forget to sign

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Speaker 1: up for the Fear and Greed Daily newsletter. If you

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Speaker 1: are looking for something to do over the next thirty

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Speaker 1: seconds to one minute, follow the link. Follow the link

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Speaker 1: in the show notes and pop your email address in

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Speaker 1: and you'll get it every morning by six am. Let's

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Speaker 1: take a moment back with the rest of the day's business.

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Speaker 1: News Sean Online Property Group ARIA and Dow Jones drove

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Speaker 1: higher revenue and earnings for News Corp for the June

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Speaker 1: half year, sending a share price up six percent.

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Speaker 2: So that was ARIA share price was up six percent,

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Speaker 2: News Corp a little bit less than that. Pretax earnings

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Speaker 2: jumped fourteen percent for News Corp to one point four

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Speaker 2: billion US dollars. News holds a controlling interest in Aria,

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Speaker 2: which owns real Estate dot com dot Au. It also

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Speaker 2: owns Dale Jones, book publisher Harper Collins and news outlets

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Speaker 2: The Australian, The Sun and Times in the United Kingdom,

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Speaker 2: New York PLAST in the US. Earlier in the year,

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Speaker 2: it sold at stake in Foxteilt to global sports streaming

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Speaker 2: service Design Now. Earnings at HarperCollins and News divisions disappointed,

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Speaker 2: but well and truly offset by double digit rises in

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Speaker 2: Dow Jones. It's Wall Street Journal Group and Aria, which

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Speaker 2: is a bit of a tear away. That company is

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Speaker 2: doing very very well.

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Speaker 1: Sean mentioned earlier the government's upcoming Productivity roundtable, and Treasurer

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Speaker 1: Jim Chalmers has said he would be shocked if housing

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Speaker 1: reform was not a big part of it.

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Speaker 2: You really want to see that shocked Treasurer, don't you.

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Speaker 1: It doesn't really seem like a very shocked kind of shockable.

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Speaker 1: He's pretty measured, isn't he he is?

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Speaker 2: He said there's a lot of goodwill and a lot

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Speaker 2: of commitment to the housing sector, with tens of billions

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Speaker 2: of dollars flowing towards it. Dr Charms also said Prime

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Speaker 2: Minister Anthony Albernize's call with French President Emanuel Macron yesterday

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Speaker 2: was an important part of Australia's recognition of a Palestinian state.

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Speaker 1: I don't know what to make of the potential for

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Speaker 1: reform I mean housing reform, tax reform, etc. We've had

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Speaker 1: previously in the week, we've had the Prime Minister kind

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Speaker 1: of trying to hose down too much excitement over the

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Speaker 1: potential for big kind of tax reform, and so it

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Speaker 1: just starts to make you wonder, is there really an

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Speaker 1: appetite for big changes coming up at this thing?

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Speaker 2: Sean. I think one of the big criticisms of the

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Speaker 2: Albernezi government last time round was that they did a

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Speaker 2: lot of investigation without much reform, and they have such

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Speaker 2: a mandate now it's going to be very disappointed if

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Speaker 2: they do more investigation without much reform.

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Speaker 1: Yeah, they'll never have a bigger or better opportunity to

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Speaker 1: actually do something right now. Sean an absolute legend of

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Speaker 1: the Australian music industry, Cole Joy has died aged eighty nine.

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Speaker 1: The musician entertainer had a career that earned him dozens

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Speaker 1: of gold and platinum records and several number one hits.

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Speaker 2: An incredible life, Michael, I sort of as a really

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Speaker 2: young child, he was really big and I remember my

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Speaker 2: parents loving Cole Joy. Born Colin Jacobson, left school at

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Speaker 2: fourteen to work as a salesman for a jeweler and

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Speaker 2: start a band with his brothers, Kevin and Keith. The

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Speaker 2: Jacobson Brothers released two singles in nine point fifty nine,

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Speaker 2: Stagger and Bye Bye Baby with a Ladder, reaching number

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Speaker 2: one in the charts, establishing Joy as a major star.

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Speaker 2: On the advice This is Part I Love On the

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Speaker 2: Advice of a Clearvoyant. He changed his name from Colin

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Speaker 2: Jacobson to Cole Joy became a regular on the music

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Speaker 2: show Bandstand for fourteen years. Cole Joy and the Joy

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Speaker 2: Boys were the first Australian rock band to reach the

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Speaker 2: American Billboard chart in nineteen fifty nine, touring with US,

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Speaker 2: touring the US with Billy Thorpe and the Aztecs of

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Speaker 2: the mid nineteen sixties early seventies. Joy also toured Vietnam

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Speaker 2: with singer Little Paddy to entertain Australian troops. Really kind

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Speaker 2: of it's part of the furniture of a certain period

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Speaker 2: in Australian music. Cold Joy.

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Speaker 1: He also discovered the Begs.

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Speaker 2: He did that is so true.

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Speaker 1: Yes, yes, yes, So We've got a lot to thank

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Speaker 1: him for for that. He's a big BGS fan. I'm

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Speaker 1: a big, big Cold Joy fan as well.

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Speaker 2: This jan Recording Industry Association paid tribute to Joy, saying

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Speaker 2: he made a remarkable contribution to the local music scene

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Speaker 2: for more than six decades.

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Speaker 1: Yeah indeed, okay turn into international news now. Sean and

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Speaker 1: US trade tariffs on pharmaceutical and semiconductor imports are set

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Speaker 1: to be announced quote within the week or so, according

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Speaker 1: to President Donald Trump.

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Speaker 2: Trump said the US will initially place a small tariff

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Speaker 2: on pharmaceutical imports before raising further. And I quote him,

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Speaker 2: in one year, one and a half year's maximum is

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Speaker 2: going to be one hundred and fifty percent, and then

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Speaker 2: it's going to be two hundred and fifty percent, because

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Speaker 2: we want pharmaceuticals made in our country. Nearly ninety percent

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Speaker 2: of US biotech companies rely on imported components for at

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Speaker 2: least half of their approved products, according to the Biotechnology

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Speaker 2: Innovation Organization. That clearly means that the prices of those

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Speaker 2: goods are going to go up to Australia exports more

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Speaker 2: than two billion dollars worth of pharmaceuticals a year to

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Speaker 2: the US. Now it looks like it's going to join

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Speaker 2: other products like aluminium, copper steel being hit with these

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Speaker 2: very high tariffs.

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Speaker 1: Sean Warren Buffett's farewell tour is not pleasing investors, with

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Speaker 1: shares in Berkshire Hathaway underperforming the wider market by one

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Speaker 1: of the biggest margins in decades. And this is all

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Speaker 1: as his retirement as chief executive gets closer and closer.

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Speaker 2: No one's irreplaceable, but he's pretty close, Pretty darn close,

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Speaker 2: isn't he is? Investors are heading for the exits on

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Speaker 2: Berkshire Hathaway. Its Class A shares have tumbled fourteen percent

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Speaker 2: since May two, which was the day before the ninety

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Speaker 2: four year old mister Buffett said hit hand control of

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Speaker 2: Berkshire to his Lieutenant Greg Able. It's slide contrasts with

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Speaker 2: a rally in the in the SMP five hundred, so

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Speaker 2: that's up eleven percent. Berkshire's down fourteen percent. Buffett's very

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Speaker 2: much in the home stretch of a six decade run

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Speaker 2: a top Berkshire, transforming a struggling textile mill into a

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Speaker 2: financial conglomerate spanning sectors from insurance to natural gas pipelines.

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Speaker 2: His returns built on buy and hold, the value driven

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Speaker 2: strategy since nineteen sixty five. The returns are one hundred

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Speaker 2: and forty times the return of the S and P

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Speaker 2: five hundred. It's something like five million percent to about

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Speaker 2: forty thousand percent, but one hundred and forty times better.

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Speaker 1: Staggering, right, stickering, just incredible? Okay, one last one, just quickly.

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Speaker 1: Two advertisements by fashion brand Zara have been banned for

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Speaker 1: featuring model who appeared quote unhealthily thin.

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Speaker 2: Yes this is in the UK, The Advertising Standards Authority said,

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Speaker 2: shadows and a slick back bun hairstyle made one model

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Speaker 2: appear gaunt, while a pose and low cut designer of

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Speaker 2: a shirt in another image showed the models protruding collarbones.

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Speaker 2: The Watchdog ruled that the irresponsible adverts must not appear

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Speaker 2: again in their current form, and Zara must ensure all

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Speaker 2: of its images were prepared responsibly. Zara removed the adverts

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Speaker 2: and said that both models in question had medical certification

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Speaker 2: proving they are in good health when the pictures were taken.

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Speaker 2: Something very disturbing about that story, Michael.

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Speaker 1: Yeah, there certainly is, okay, Sean. Coming up next in

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Speaker 1: the Fear and Greed playlist is Fear and Greed Q

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Speaker 1: and A. Today we are talking all about newspapers and

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Speaker 1: the future of newspapers in this country, something you know

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Speaker 1: quite a bit about.

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Speaker 2: Yes, close to my heart, a newspaper person for many,

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Speaker 2: many years.

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Speaker 1: Many.

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Speaker 2: Yeah, we just talk about what the prognosis is for newspapers.

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Speaker 1: Yeah, it's a good run. It's up next to the

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

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Speaker 1: Fearandgreed dot com dot AU.

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

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Speaker 1: It's Thursday, the seventh of August twenty twenty five. Make

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

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

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Speaker 1: that was fear and greed. Have a great day.