1 00:00:06,080 --> 00:00:08,920 Speaker 1: Today on Fear and Greed. Healthcare and tech stocks lead 2 00:00:08,960 --> 00:00:11,400 Speaker 1: the way on the AX in twenty twenty four. The 3 00:00:11,520 --> 00:00:14,600 Speaker 1: two point two billion dollar sale of parts of Perpetual's 4 00:00:14,600 --> 00:00:17,680 Speaker 1: business to private equity looks close to collapsing, and the 5 00:00:17,760 --> 00:00:22,000 Speaker 1: ABC gets a very commercial boss. Plus, the ASX jumps 6 00:00:22,040 --> 00:00:24,840 Speaker 1: nearly one percent, and Meyer takes a step closer to 7 00:00:24,920 --> 00:00:27,920 Speaker 1: taking over a bunch of retailers. Welcome to Fear and Greed. 8 00:00:28,000 --> 00:00:30,400 Speaker 1: Daily business news for people who make their own decisions. 9 00:00:30,600 --> 00:00:33,800 Speaker 1: It is Wednesday, the eighteenth of December twenty twenty four. 10 00:00:34,040 --> 00:00:36,320 Speaker 1: I'm Michael Thompson, and good morning, Sean Aylmer. 11 00:00:36,760 --> 00:00:38,960 Speaker 2: Morning Michael. It's supposed to be slowing down, isn't it 12 00:00:39,800 --> 00:00:45,040 Speaker 2: in I've got the MAYFA today, the government's annual semiannual 13 00:00:45,120 --> 00:00:47,480 Speaker 2: budget update. We've got so much going on, it's great. 14 00:00:47,840 --> 00:00:50,160 Speaker 1: Yeah, it is very exciting time of year. You would 15 00:00:50,200 --> 00:00:52,280 Speaker 1: not expect at Sean, but hey, here we go. The 16 00:00:52,320 --> 00:00:55,680 Speaker 1: main story this morning. Healthcare and technology stocks have really 17 00:00:55,680 --> 00:00:59,040 Speaker 1: been the best performing companies on the ASX two hundred 18 00:00:59,120 --> 00:01:03,280 Speaker 1: in twenty twenty four, with breakthroughs in medicine, expectations of 19 00:01:03,320 --> 00:01:07,080 Speaker 1: lower interest rates, and strong earnings growth combining to ensure 20 00:01:07,440 --> 00:01:12,600 Speaker 1: eleven companies get this. Eleven companies doubled in value in 21 00:01:12,680 --> 00:01:13,600 Speaker 1: twenty twenty four. 22 00:01:14,040 --> 00:01:16,200 Speaker 2: I ought to know that twelve months ago. Top of 23 00:01:16,240 --> 00:01:20,800 Speaker 2: that list, Miso Blast up five hundred percent. It's a 24 00:01:21,319 --> 00:01:24,520 Speaker 2: medical biotech company, stem Cell Research. It's coming out of 25 00:01:24,520 --> 00:01:27,040 Speaker 2: stage three trials. Its main drug is aimed at helping 26 00:01:27,160 --> 00:01:30,640 Speaker 2: kids who have had major surgeries and experienced a rejection 27 00:01:30,800 --> 00:01:34,679 Speaker 2: of transplanted tissues. Meso Blast share price jumps up and 28 00:01:34,720 --> 00:01:38,160 Speaker 2: down a fair bit, very very volatile, but the latest 29 00:01:38,440 --> 00:01:42,679 Speaker 2: successful stage three clinical trials has really helped it up 30 00:01:42,680 --> 00:01:44,840 Speaker 2: five hundred percent. Number two is by Now Pay Later 31 00:01:44,840 --> 00:01:49,240 Speaker 2: Group Zipco. Done well all year, adding customers and retailers 32 00:01:49,280 --> 00:01:50,680 Speaker 2: in the US and elsewhere. 33 00:01:50,920 --> 00:01:51,520 Speaker 1: It's one of the. 34 00:01:51,440 --> 00:01:54,480 Speaker 2: Few non healthcare or non textocs in the top eleven. 35 00:01:54,640 --> 00:01:57,480 Speaker 2: We're talking eleven because they're the ones that doubled. Analytics 36 00:01:57,840 --> 00:02:00,520 Speaker 2: and Intelligence Software Group knew he was up two hundred 37 00:02:00,520 --> 00:02:03,480 Speaker 2: and fifty percent horror period after listing. Seems to be 38 00:02:03,520 --> 00:02:06,720 Speaker 2: getting things right there. Other medical stocks in that top 39 00:02:06,760 --> 00:02:10,560 Speaker 2: eleven Sigma Healthcare thanks Switch deal with Chemist Warehouse, Promedicus, 40 00:02:10,639 --> 00:02:14,720 Speaker 2: Tilix Pharmaceuticals, and Regis Healthcare Tracking app Life three point 41 00:02:14,720 --> 00:02:19,160 Speaker 2: sixty Gold Company, Spartan Resources, Pinnacle Investment Management it's an 42 00:02:19,200 --> 00:02:21,840 Speaker 2: investment company in Hub twenty four or Wealth Platform. They 43 00:02:21,880 --> 00:02:24,680 Speaker 2: all more than doubled in prices as well. Of the 44 00:02:24,800 --> 00:02:28,200 Speaker 2: large caps, let's say the top twenty five companies, Gaming Group, 45 00:02:28,240 --> 00:02:31,400 Speaker 2: Aristocrat Leisure top the list, followed by Wise, Tech Global 46 00:02:31,520 --> 00:02:34,680 Speaker 2: and Zero. A few call outs well known companies that 47 00:02:34,720 --> 00:02:36,840 Speaker 2: have had great years with share prices up at least 48 00:02:36,880 --> 00:02:42,680 Speaker 2: fifty percent Goodsmany Gomez, surprised, Many JB Hi fi Amp, 49 00:02:44,000 --> 00:02:47,400 Speaker 2: who would have thought, oh, there you go, Quantas, it's 50 00:02:47,440 --> 00:02:50,600 Speaker 2: done well, IAG and of course Goodman Group, the industrial 51 00:02:50,639 --> 00:02:51,720 Speaker 2: warehouse business. 52 00:02:52,000 --> 00:02:56,200 Speaker 1: It's quite a list that's the best, though, Sean, what 53 00:02:56,280 --> 00:02:58,639 Speaker 1: about you know this is coming right? What about the 54 00:02:58,680 --> 00:03:01,280 Speaker 1: worst of the ASX two hundred for the year. 55 00:03:01,520 --> 00:03:04,280 Speaker 2: Well, much more of a mixed bunch. I would say. 56 00:03:04,320 --> 00:03:08,280 Speaker 2: The energy sector is probably among the worst, though none 57 00:03:08,280 --> 00:03:12,120 Speaker 2: of them make the worst ten. The only megacap in 58 00:03:12,160 --> 00:03:14,720 Speaker 2: the bottom ten is FORTESQ Metals Group, which has gone 59 00:03:14,720 --> 00:03:16,880 Speaker 2: backwards by thirty five percent on the back of Lara 60 00:03:16,880 --> 00:03:21,440 Speaker 2: iron ore prices, management upheaval and doubts over its push 61 00:03:21,520 --> 00:03:25,480 Speaker 2: into renewable Energies the worst of all in twenty twenty four, though, 62 00:03:25,560 --> 00:03:29,639 Speaker 2: Lithium Minor Mineral Resources down nearly fifty percent. Founder Chris 63 00:03:29,639 --> 00:03:32,320 Speaker 2: Ellison found himself and broiled in all sorts of governance 64 00:03:32,360 --> 00:03:34,880 Speaker 2: issues in the second half of the year. That's on 65 00:03:35,000 --> 00:03:38,800 Speaker 2: top of much lower lithium prices. Domino's Pizza It's next worst, 66 00:03:38,800 --> 00:03:41,800 Speaker 2: down forty seven percent, poor sales in Japan and Europe, 67 00:03:41,880 --> 00:03:44,000 Speaker 2: CEO stepping down, a lot going on in that company. 68 00:03:44,280 --> 00:03:47,360 Speaker 2: Battery Metals companies generally didn't have a great time. Igo 69 00:03:47,640 --> 00:03:50,720 Speaker 2: Pilbrim Minerals are in the bottom ten, as our Kiwi Company, 70 00:03:50,800 --> 00:03:55,120 Speaker 2: Spark New Zealand, and Fletcher Building IDP Education many people 71 00:03:55,200 --> 00:03:58,200 Speaker 2: love that twelve months ago regulatory changes really hurt that one, 72 00:03:58,520 --> 00:04:02,120 Speaker 2: while nine Entertainment also in the bottom ten, one of 73 00:04:02,200 --> 00:04:04,480 Speaker 2: the worst performing stocks of the top two hundred. 74 00:04:04,920 --> 00:04:08,040 Speaker 1: All right, so that is a fairly comprehensive overview of 75 00:04:08,280 --> 00:04:11,400 Speaker 1: everything that's happened in twenty twenty four. Let's narrow it 76 00:04:11,520 --> 00:04:14,080 Speaker 1: right down now, sean to just the last twenty four hours. 77 00:04:14,120 --> 00:04:15,600 Speaker 1: How did local markets go yesterday? 78 00:04:15,840 --> 00:04:17,920 Speaker 2: It was a pretty strong day. The SMPA six two 79 00:04:18,000 --> 00:04:20,320 Speaker 2: hundred finished up nearly one percent to eight thousand, three 80 00:04:20,440 --> 00:04:24,880 Speaker 2: hundred and fourteen points. Plenty of winning sectors real estate, investment, trusts, healthcare, 81 00:04:24,920 --> 00:04:29,800 Speaker 2: industrial tech. Biggest losers energy stocks, big banks, all did well, 82 00:04:29,880 --> 00:04:33,719 Speaker 2: so too Goodwin Group, Aristocrat, Leisure, Maria, Promedicus, Not so good, 83 00:04:33,760 --> 00:04:39,599 Speaker 2: BOUGP and Woodside. Couple of interesting developments. Yesterday, PEXA, the 84 00:04:39,640 --> 00:04:42,240 Speaker 2: property settlement exchange backed by the Commonwealth Bank, jump eight 85 00:04:42,279 --> 00:04:45,720 Speaker 2: percent after announcing a new CEO. Vonyx jumped as much 86 00:04:45,760 --> 00:04:48,040 Speaker 2: as sixteen percent in the end. It was up five 87 00:04:48,040 --> 00:04:51,359 Speaker 2: percent for the session after it received a conditional loan 88 00:04:51,880 --> 00:04:54,960 Speaker 2: from the US Department of Energy. IT Services and Solutions 89 00:04:54,960 --> 00:04:58,400 Speaker 2: provided data Number three fell ten percent after changes to 90 00:04:58,440 --> 00:05:02,119 Speaker 2: its partnership with Microsoft in Australia, and the Australian Energy 91 00:05:02,160 --> 00:05:05,800 Speaker 2: Regulator is likely to reject our APA Group's bid to 92 00:05:05,880 --> 00:05:09,920 Speaker 2: have its recently acquired bas Link electricity cable converted into 93 00:05:09,920 --> 00:05:12,880 Speaker 2: a regulated asset that would have given it a more 94 00:05:12,920 --> 00:05:17,080 Speaker 2: regular stream of revenue that hit APA share price yesterday. 95 00:05:17,600 --> 00:05:20,039 Speaker 1: A regulated asset, I don't think I've really heard that 96 00:05:20,160 --> 00:05:20,960 Speaker 1: term before. 97 00:05:21,839 --> 00:05:25,400 Speaker 2: Lots of infrastructure, so when you say regulated asset, it's 98 00:05:25,480 --> 00:05:31,680 Speaker 2: about companies that are power lines and lots of infrastructure 99 00:05:31,839 --> 00:05:34,240 Speaker 2: like toll roads and stuff like that, where there's a 100 00:05:34,279 --> 00:05:37,560 Speaker 2: limit to what you can increase prices, but you always 101 00:05:37,600 --> 00:05:38,599 Speaker 2: get an increase in price. 102 00:05:39,240 --> 00:05:42,919 Speaker 1: Okay, all right, international markets. I know we've talked a 103 00:05:42,920 --> 00:05:46,000 Speaker 1: lot about local markets. Let's take a quick look overseas well. 104 00:05:46,040 --> 00:05:49,960 Speaker 2: Bitcoin hit a new record yesterday morning after President elect 105 00:05:49,960 --> 00:05:54,760 Speaker 2: Donald Trump reiterated plans to build a national bitcoin stockpile. 106 00:05:55,400 --> 00:05:57,920 Speaker 2: Some pundits think it might go much much further. It's 107 00:05:57,920 --> 00:06:00,520 Speaker 2: training about one hundred and eight thousand US dollars a unit. 108 00:06:00,520 --> 00:06:02,560 Speaker 2: I heard one hundred and eighty thousand US dollars a 109 00:06:02,640 --> 00:06:06,720 Speaker 2: unit who knows oil prices are a touch lower as 110 00:06:06,760 --> 00:06:08,839 Speaker 2: his goal, and the Aussie dollar Michael is buying sixty 111 00:06:08,839 --> 00:06:10,760 Speaker 2: three point six US cents. 112 00:06:10,960 --> 00:06:13,520 Speaker 1: All right, now, Sean, after the show, We've still obviously 113 00:06:13,520 --> 00:06:15,719 Speaker 1: got plenty more to come first. But after the show, 114 00:06:15,760 --> 00:06:17,599 Speaker 1: you have an interview coming up today. And this is 115 00:06:17,640 --> 00:06:20,279 Speaker 1: a this is a good news story, this one Caroline 116 00:06:20,320 --> 00:06:22,120 Speaker 1: Gurney from Future Generation. 117 00:06:22,320 --> 00:06:24,880 Speaker 2: As you guessed, it is a good news story because 118 00:06:24,920 --> 00:06:29,680 Speaker 2: Future Generation is an organization which invests money for people. 119 00:06:29,920 --> 00:06:32,760 Speaker 2: People get good returns, the people who invest it, the 120 00:06:32,800 --> 00:06:36,320 Speaker 2: fund managers do it all pro bono to that charge fees, 121 00:06:36,760 --> 00:06:41,080 Speaker 2: and Future gen has raised about ninety million dollars for 122 00:06:41,200 --> 00:06:44,640 Speaker 2: charity over the last ten years. Their latest fund, Future 123 00:06:44,680 --> 00:06:49,000 Speaker 2: Generation Women, is purely of the fund mentions used are 124 00:06:49,040 --> 00:06:51,560 Speaker 2: only women. All the charities that the money will go 125 00:06:51,640 --> 00:06:54,720 Speaker 2: to are for women and their families to help them 126 00:06:55,680 --> 00:06:59,680 Speaker 2: in their futures. Just a fantastic story and a fantastic 127 00:06:59,680 --> 00:07:02,800 Speaker 2: initial Live by Jeff Wilson from Wilton Asset Management and 128 00:07:02,839 --> 00:07:03,679 Speaker 2: Caroline Gurney. 129 00:07:03,960 --> 00:07:07,800 Speaker 1: Yeah, great conversation is coming up later on. In the meantime, Sean, 130 00:07:08,000 --> 00:07:09,920 Speaker 1: we have got a lot still to cover. We're talking 131 00:07:09,920 --> 00:07:14,400 Speaker 1: about the ABC's new boss, some pretty shocking allegations against Optus, 132 00:07:14,880 --> 00:07:19,280 Speaker 1: illegal ruling against Donald Trump. Plenty coming up. We'll be 133 00:07:19,280 --> 00:07:20,600 Speaker 1: back in a moment with the rest of the day's 134 00:07:20,600 --> 00:07:31,440 Speaker 1: business news, Sean. Federal Treasurer Jim Chalmers will today release 135 00:07:31,800 --> 00:07:36,440 Speaker 1: the MAIFO Midyear Economic and Fiscal Outlook Statement, which is 136 00:07:36,480 --> 00:07:38,680 Speaker 1: really an update on how the budget is going, and 137 00:07:38,760 --> 00:07:42,600 Speaker 1: he's warned everyone not to get too excited. Don't expect 138 00:07:42,640 --> 00:07:45,440 Speaker 1: any big numbers to help reduce the cost of living crisis. 139 00:07:45,720 --> 00:07:48,640 Speaker 2: Well, he said, any numbers around the cost of living 140 00:07:48,760 --> 00:07:52,720 Speaker 2: crisis won't stand out what's his phrase. The focus instead 141 00:07:52,800 --> 00:07:56,600 Speaker 2: will be on rolling out what's already been announced. The 142 00:07:56,760 --> 00:07:59,560 Speaker 2: MAIFA will have fourteen point six billion dollars worth of 143 00:07:59,560 --> 00:08:03,880 Speaker 2: savings and reprioritizing funding in areas like aged care reforms 144 00:08:04,280 --> 00:08:08,240 Speaker 2: and the Indigenous Advancement Program. According to Katie Gallaher, who's 145 00:08:08,280 --> 00:08:11,240 Speaker 2: the Finance Minister, it will also confirm that the budget 146 00:08:11,280 --> 00:08:13,520 Speaker 2: is back in deficit and will be for some time. 147 00:08:14,320 --> 00:08:17,880 Speaker 1: Reprioritizing funding isn't the interesting term, isn't it. 148 00:08:18,120 --> 00:08:18,720 Speaker 2: Yeah? 149 00:08:18,800 --> 00:08:22,120 Speaker 1: Yeah, golly, it's quite a loaded term, that one. Anyway, 150 00:08:22,160 --> 00:08:25,360 Speaker 1: we'll see what comes out mid morning when that's all announced. Now, 151 00:08:25,440 --> 00:08:29,440 Speaker 1: independent expert Grant Samuel, which is a company, not a person, 152 00:08:30,080 --> 00:08:33,560 Speaker 1: very confusing, won't recommend the two point two billion dollar 153 00:08:33,640 --> 00:08:36,880 Speaker 1: sale of Perpetual's wealth management and corporate trust business to 154 00:08:36,920 --> 00:08:39,200 Speaker 1: private equity group KKR. 155 00:08:39,280 --> 00:08:41,600 Speaker 2: Very much puts the major spanner in the works of 156 00:08:41,640 --> 00:08:45,640 Speaker 2: that particularly deal. It comes after the ATO last week 157 00:08:45,720 --> 00:08:49,920 Speaker 2: handed Perpetual a tax bill of about five hundred million dollars, 158 00:08:49,960 --> 00:08:54,679 Speaker 2: about three times the original estimate. Grant Samuel said it 159 00:08:54,760 --> 00:08:57,760 Speaker 2: did not think the sale was in the best interests 160 00:08:57,800 --> 00:09:01,200 Speaker 2: of shareholders as a result, it's very difficult for the 161 00:09:01,200 --> 00:09:05,160 Speaker 2: board to now recommend that deal. Grant Samuel's determination came 162 00:09:05,280 --> 00:09:08,600 Speaker 2: after it took into account what the ATO did last week. 163 00:09:08,760 --> 00:09:12,599 Speaker 2: The two sides yesterday came yesterday said they're in continuing 164 00:09:12,600 --> 00:09:17,360 Speaker 2: to engage constructively in relation to the transaction. Now, Perfetial 165 00:09:17,400 --> 00:09:19,480 Speaker 2: has been looking to break up the business as it 166 00:09:19,520 --> 00:09:23,200 Speaker 2: attempts to turn around its fund management operations. Its share 167 00:09:23,200 --> 00:09:26,840 Speaker 2: price was flat yesterday. Lots of speculation that that deal 168 00:09:27,040 --> 00:09:29,640 Speaker 2: probably won't go ahead, though we still don't know. 169 00:09:30,200 --> 00:09:32,640 Speaker 1: So I'm trying to get a handle on share price movements, 170 00:09:32,640 --> 00:09:36,439 Speaker 1: and we've talked a lot about how share prices really 171 00:09:36,440 --> 00:09:38,160 Speaker 1: go up and down, and it's a lot based on 172 00:09:38,240 --> 00:09:41,240 Speaker 1: kind of future expectations, et cetera. I would have thought, though, 173 00:09:41,280 --> 00:09:44,440 Speaker 1: that based on that news yesterday and that speculation, that 174 00:09:44,480 --> 00:09:46,679 Speaker 1: the share price would not have been flat, that it 175 00:09:46,720 --> 00:09:48,280 Speaker 1: would have actually gone backwards. 176 00:09:49,200 --> 00:09:53,560 Speaker 2: So it was flat. The market itself was up one percent. 177 00:09:53,679 --> 00:09:56,280 Speaker 2: So the way you think about share prices is always 178 00:09:56,559 --> 00:10:02,000 Speaker 2: relative to what the market did. So when you think 179 00:10:02,040 --> 00:10:02,480 Speaker 2: of it that. 180 00:10:02,400 --> 00:10:04,640 Speaker 1: Way, it actually underperformed. 181 00:10:04,760 --> 00:10:08,120 Speaker 2: And also I think it wasn't unexpected. 182 00:10:08,080 --> 00:10:11,880 Speaker 1: Right, Okay, that's part of it too. I learned so 183 00:10:12,040 --> 00:10:12,520 Speaker 1: much Sean. 184 00:10:12,640 --> 00:10:14,640 Speaker 2: Ah, you'll get there, Michael, you will get there. 185 00:10:14,920 --> 00:10:16,800 Speaker 1: You're so full of wisdom and other things. 186 00:10:17,240 --> 00:10:17,400 Speaker 2: Hm. 187 00:10:18,800 --> 00:10:22,440 Speaker 1: Another independent expert report out yesterday sean big day for 188 00:10:22,480 --> 00:10:26,559 Speaker 1: the independent experts? Wasn't it that? It involves Meyer's proposal 189 00:10:26,679 --> 00:10:32,960 Speaker 1: to acquire Premier's Premiere Premiere. Try that one more time? 190 00:10:33,040 --> 00:10:37,760 Speaker 1: Shall I? Premier Apparel Premiere Investments, right? Can I just 191 00:10:37,800 --> 00:10:38,120 Speaker 1: say that? 192 00:10:38,240 --> 00:10:44,160 Speaker 2: Yeah? Premier Basically it wants to buy Premiers apparel brands business. Michael, 193 00:10:44,240 --> 00:10:46,640 Speaker 2: I'll say it for you. Got the tick of approval 194 00:10:46,720 --> 00:10:50,920 Speaker 2: yesterday from Kroll, the independent expert. So what that business is? 195 00:10:50,960 --> 00:10:54,079 Speaker 2: Mine wants to buy just Jeans, Jackie E Dotty, Importman's 196 00:10:54,120 --> 00:10:57,640 Speaker 2: as well as JJ's, the independent expert. Kroll said the 197 00:10:57,679 --> 00:11:00,520 Speaker 2: retail market has changed and the emergence of groups like 198 00:11:00,559 --> 00:11:05,800 Speaker 2: online players Timu and Sheen, both Chinese organizations, means it's 199 00:11:05,920 --> 00:11:10,160 Speaker 2: essential for organizations like Maya to expand. Kroll said the 200 00:11:10,160 --> 00:11:12,880 Speaker 2: deal is both fair and reasonable, and as highlighted by 201 00:11:12,880 --> 00:11:15,520 Speaker 2: the collapse of Mosaic Brands in recent months also of 202 00:11:15,559 --> 00:11:21,040 Speaker 2: Oreton in twenty eighteen, large scale retailers are better positioned 203 00:11:21,160 --> 00:11:23,240 Speaker 2: under the deal. My will have a network of seven 204 00:11:23,360 --> 00:11:25,520 Speaker 2: hundred and eighty three outlets in Australia, in New Zealand 205 00:11:25,840 --> 00:11:27,840 Speaker 2: and your revenue of more than four billion dollars. If 206 00:11:27,840 --> 00:11:31,480 Speaker 2: shareholders vote for the deal in January, Melbourne retailer Solomon 207 00:11:31,520 --> 00:11:34,320 Speaker 2: lou will end up with twenty seven percent of Mayer. 208 00:11:34,600 --> 00:11:36,320 Speaker 2: I reckon that deal. We'll go ahead. 209 00:11:36,800 --> 00:11:40,679 Speaker 1: Yeah, involving Premier Investments, Apparrel brands business. That's it? 210 00:11:40,920 --> 00:11:47,360 Speaker 2: Well, do you could just say, you know pi AB Yeah, I'm. 211 00:11:47,240 --> 00:11:49,920 Speaker 1: Not going to stumble over that too, Like I got 212 00:11:49,920 --> 00:11:52,360 Speaker 1: there in the end. Premier Investments, Apparrel brands business. 213 00:11:53,320 --> 00:11:57,720 Speaker 2: Oh so class. 214 00:11:57,679 --> 00:12:00,559 Speaker 1: Wasn't it? BHP and Rio Tinto Sean. We'll join with 215 00:12:00,600 --> 00:12:05,960 Speaker 1: Blue Scope Steel to build Australia's largest electric iron making furnace, 216 00:12:06,320 --> 00:12:11,000 Speaker 1: a move that they say may speed the decarbonization of 217 00:12:11,040 --> 00:12:13,280 Speaker 1: steel production. That would be a major development. 218 00:12:13,360 --> 00:12:16,560 Speaker 2: Right, this is very very cool. The pilot project is 219 00:12:16,600 --> 00:12:19,160 Speaker 2: near Perth. It will produce thirty thousand to forty thousand 220 00:12:19,200 --> 00:12:23,640 Speaker 2: tons of molten iron a year and will initially use 221 00:12:23,720 --> 00:12:28,360 Speaker 2: natural gas and hydrogen supplied by Woodside to reduce iron 222 00:12:28,400 --> 00:12:31,240 Speaker 2: ore to what they call direct reduced iron. This is 223 00:12:31,240 --> 00:12:34,400 Speaker 2: according to a joint statement from the companies. Once operational, 224 00:12:34,440 --> 00:12:37,800 Speaker 2: the project aims to use hydrogen to generate the power. 225 00:12:38,040 --> 00:12:41,240 Speaker 2: According to Bloomberg, the technology could reduce emissions by up 226 00:12:41,280 --> 00:12:44,480 Speaker 2: to eighty percent if renewables and green hydrogen are used. 227 00:12:45,000 --> 00:12:47,120 Speaker 2: It may help show that iron ore sourced from the 228 00:12:47,160 --> 00:12:51,760 Speaker 2: Pilber region of Australia can be smelted using an electric 229 00:12:51,840 --> 00:12:55,680 Speaker 2: furnace rather than the traditional blast furnaces, which of course 230 00:12:55,679 --> 00:12:58,319 Speaker 2: are powered by coal. More than seventy percent of steel 231 00:12:58,400 --> 00:13:02,760 Speaker 2: is currently using coal, That's why it emits so much carbon. 232 00:13:03,040 --> 00:13:07,040 Speaker 2: If this works, big step forward in terms of reducing 233 00:13:07,080 --> 00:13:08,880 Speaker 2: carbon emissions while making steel. 234 00:13:09,360 --> 00:13:12,760 Speaker 1: Yeah, really exciting now. I mentioned this one earlier. Sean 235 00:13:13,080 --> 00:13:16,959 Speaker 1: former nine CEO Hugh Marx will take over as managing 236 00:13:17,040 --> 00:13:18,920 Speaker 1: director of the ABC. 237 00:13:19,880 --> 00:13:21,079 Speaker 2: Glutton for punishment. 238 00:13:21,320 --> 00:13:25,920 Speaker 1: Dare I say, golly, I just nine is such a 239 00:13:25,960 --> 00:13:30,280 Speaker 1: big beast of an organization. To step into yet another 240 00:13:30,720 --> 00:13:34,359 Speaker 1: beast with many, many components and a very high profile, 241 00:13:34,520 --> 00:13:37,839 Speaker 1: high pressure role. He must love the media. 242 00:13:38,320 --> 00:13:42,640 Speaker 2: He well, Hugh Marx definitely loves the media and Nine 243 00:13:42,679 --> 00:13:45,160 Speaker 2: you had to answer to shareholders ABC, you have to 244 00:13:45,200 --> 00:13:50,120 Speaker 2: answer to every single Australian. I think it'd be such 245 00:13:50,440 --> 00:13:53,040 Speaker 2: such different. I mean David Anderson, the current managing director 246 00:13:53,080 --> 00:13:56,040 Speaker 2: of stepping down. He was into his second contract, second 247 00:13:56,040 --> 00:13:58,480 Speaker 2: five year contract, and only after a year he's stepping down, 248 00:13:58,520 --> 00:14:01,760 Speaker 2: So that was the surprise taking it up, Well, good 249 00:14:01,960 --> 00:14:05,560 Speaker 2: luck to him, he said yesterday. He won't be scared 250 00:14:05,600 --> 00:14:07,920 Speaker 2: to make tough decisions to help the national broadcaster. He 251 00:14:07,960 --> 00:14:11,240 Speaker 2: wants to use social media to expand its reach. He'll 252 00:14:11,280 --> 00:14:15,160 Speaker 2: be proactive in handling workplace cultural matters, saying the problems 253 00:14:15,200 --> 00:14:18,240 Speaker 2: recently exposed at his former company Nine Entertainment had given 254 00:14:18,320 --> 00:14:22,240 Speaker 2: him a heightened level of awareness. He ran Nine from 255 00:14:22,280 --> 00:14:24,840 Speaker 2: November twenty fifteen to early twenty twenty one. He resigned 256 00:14:24,880 --> 00:14:27,200 Speaker 2: after disclosing he was in a relationship with a member 257 00:14:27,280 --> 00:14:31,200 Speaker 2: of his leadership team. He now takes on the ABC. 258 00:14:31,440 --> 00:14:35,160 Speaker 2: The chair is Kim Williams, who himself is a fairly 259 00:14:35,840 --> 00:14:40,480 Speaker 2: forthright individual. This is going to be fun, it's going. 260 00:14:40,440 --> 00:14:42,560 Speaker 1: To be fascinating. It's going to be a spectator sport. 261 00:14:42,600 --> 00:14:48,080 Speaker 1: This one will will sean Optus sold mobile phone plan. 262 00:14:48,160 --> 00:14:52,360 Speaker 1: This is really quite disturbing as alleged sold mobile phone 263 00:14:52,400 --> 00:14:56,000 Speaker 1: plans to vulnerable Australians, including a deaf and mute homeless 264 00:14:56,040 --> 00:14:59,480 Speaker 1: man and an elderly man with Alzheimer's disease who later 265 00:14:59,560 --> 00:15:03,840 Speaker 1: collapsed in one of its stores. This is all alleged 266 00:15:03,840 --> 00:15:05,000 Speaker 1: by the consumer watchdog. 267 00:15:05,480 --> 00:15:09,440 Speaker 2: It also created fraudulent contracts with First Nations people, according 268 00:15:09,440 --> 00:15:13,080 Speaker 2: to the allegations. The Australian Competition and Consumer Commission is 269 00:15:13,120 --> 00:15:16,800 Speaker 2: suing Optus for unconscionable conduct, saying it not only sold 270 00:15:16,840 --> 00:15:19,920 Speaker 2: products to people it knew couldn't afford them, but sold 271 00:15:19,920 --> 00:15:22,760 Speaker 2: their unpaid bills to debt collection agencies. According to a 272 00:15:22,800 --> 00:15:25,400 Speaker 2: story in The Australian, it even sold debts to third 273 00:15:25,400 --> 00:15:27,840 Speaker 2: parties when opt to senior management and its parents Intel 274 00:15:28,040 --> 00:15:31,520 Speaker 2: knew some consumers had knowledge had no knowledge of the 275 00:15:31,560 --> 00:15:37,000 Speaker 2: contracts which appeared forged. Optus, which has since apologized to consumers, 276 00:15:37,320 --> 00:15:41,920 Speaker 2: also dismantled its profit protection team responsible for investigating suspected 277 00:15:41,920 --> 00:15:45,960 Speaker 2: compliance issues during the height of the allegations, despite protestations 278 00:15:45,960 --> 00:15:49,880 Speaker 2: from staff, again allegations from the ahable see, we are 279 00:15:49,920 --> 00:15:53,240 Speaker 2: still to hear from Optus. This is just one side 280 00:15:53,280 --> 00:15:56,240 Speaker 2: of the story, but as you said, Michael, very disturbing. 281 00:15:56,880 --> 00:16:00,040 Speaker 1: Turning to international news, now, Donald Trump has lost his 282 00:16:00,240 --> 00:16:03,160 Speaker 1: request to toss his conviction in the New York hush 283 00:16:03,240 --> 00:16:07,080 Speaker 1: money case on presidential immunity grounds, though the case may 284 00:16:07,200 --> 00:16:10,560 Speaker 1: not proceed to sentencing as the president elect continues to 285 00:16:10,640 --> 00:16:11,520 Speaker 1: challenge the verdict. 286 00:16:12,040 --> 00:16:15,040 Speaker 2: The judge ruled that Trump had failed to properly raise 287 00:16:15,160 --> 00:16:18,080 Speaker 2: objections to most of the evidence he claimed was subject 288 00:16:18,160 --> 00:16:21,680 Speaker 2: to immunity, except the testimony of one witness. He said 289 00:16:21,760 --> 00:16:25,040 Speaker 2: that this is a judge Juan Merchant said that even 290 00:16:25,080 --> 00:16:29,880 Speaker 2: if the challenged evidence fell within Trump's presidential authority, prosecutors 291 00:16:29,960 --> 00:16:33,960 Speaker 2: used it to prove decidedly personal acts of falsifying business records, 292 00:16:34,320 --> 00:16:37,120 Speaker 2: and that there's no danger of intrusion on the authority 293 00:16:37,120 --> 00:16:41,240 Speaker 2: in function of the executive branch. Finally, Justice Merchant said 294 00:16:41,240 --> 00:16:45,360 Speaker 2: that any possible error in admitting evidence was harmless in 295 00:16:45,400 --> 00:16:48,200 Speaker 2: that it would not have changed the overwhelming evidence of 296 00:16:48,280 --> 00:16:49,840 Speaker 2: guilt against Trump. 297 00:16:50,720 --> 00:16:53,840 Speaker 1: Sean and earthquake of magnitude seven point three has struck 298 00:16:53,920 --> 00:16:58,640 Speaker 1: near Port Villa in Vanuatu. According to the US Geological Survey. 299 00:16:58,680 --> 00:17:01,720 Speaker 2: The quake struck at a depth of forty three kilometers 300 00:17:01,800 --> 00:17:04,800 Speaker 2: thirty kilometers west of Portvilla. It was followed by a 301 00:17:04,800 --> 00:17:08,080 Speaker 2: magnitude five point five aftershock at the same location. The 302 00:17:08,119 --> 00:17:12,040 Speaker 2: extent of any damage isn't immediately clear. A video based 303 00:17:12,160 --> 00:17:15,240 Speaker 2: on social media shows a building that houses some diplomatic 304 00:17:15,320 --> 00:17:18,560 Speaker 2: missions to Aniwatu, including those of Britain, France and New Zealand, 305 00:17:18,840 --> 00:17:22,280 Speaker 2: with some damage to their structure. It's backled windows debris 306 00:17:22,280 --> 00:17:25,720 Speaker 2: around the place. Jim Chalmers, our treasurer, yesterday, said that 307 00:17:25,880 --> 00:17:29,320 Speaker 2: officials were still gathering information about the situation on the ground. 308 00:17:29,760 --> 00:17:34,000 Speaker 2: Fenowatu government websites were offline the aftermath of the quake, 309 00:17:34,080 --> 00:17:36,399 Speaker 2: and phone numbers for the police and other public agencies 310 00:17:36,560 --> 00:17:39,200 Speaker 2: didn't connect, according to Associated Press. 311 00:17:39,480 --> 00:17:42,720 Speaker 1: Okay. Up next is the Fear and Greed Daily Interview. 312 00:17:42,840 --> 00:17:46,840 Speaker 1: Your guest today Caroline Gurney from Future Generation. A great conversation. 313 00:17:46,920 --> 00:17:48,480 Speaker 1: It is coming up in the Fear and Greed playlist 314 00:17:48,480 --> 00:17:51,960 Speaker 1: on your podcast platform or at Fearangreed dot com dot au. 315 00:17:52,320 --> 00:17:53,840 Speaker 1: Thank you very much, Sean, Thank you. 316 00:17:53,880 --> 00:17:54,200 Speaker 2: Michael. 317 00:17:54,480 --> 00:17:56,880 Speaker 1: It is Wednesday, the eighteenth of December twenty twenty four. 318 00:17:56,920 --> 00:17:59,320 Speaker 1: Make sure you're following the podcast and please join us 319 00:17:59,320 --> 00:18:02,639 Speaker 1: online on linked In, Instagram, ex TikTok and Facebook. Are 320 00:18:02,680 --> 00:18:04,840 Speaker 1: Michael Thompson. And that was Fear and Greed. Have a 321 00:18:04,880 --> 00:18:07,360 Speaker 1: great day.