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

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Speaker 1: The head of the International Energy Agency warns that the

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Speaker 1: oil lost in the current crisis in the Middle East

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Speaker 1: is twice the amount of the nineteen seventies oil shock.

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Speaker 1: The local share market flirts with correction, Territory having lost three.

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Speaker 2: Hundred billion dollars in value since the beginning of the

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Speaker 2: Middle East conflict, and luxury car maker's dump plans for

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Speaker 2: ev expansion, plus ABC staff set to go on strike,

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Speaker 2: and the toilet paper shortage crisis of covid as back

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Speaker 2: at least in Japan.

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Speaker 1: A bit worrying, isn't it? Sean. It is Tuesday, the

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Speaker 1: twenty fourth of March twenty twenty six. I'm Michael Thompson

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Speaker 1: and good morning Sean. Aylmer.

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Speaker 3: Good morning, Michael.

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Speaker 1: The main story this morning, Sean, the head of the

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Speaker 1: International Energy Agency said that the amount of oil lost

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Speaker 1: from global supplies in the current crisis is already double

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Speaker 1: lat of the oil crisis of the nineteen in seventies.

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Speaker 1: Speaking at the National Press Club in Canberry yesterday, he

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Speaker 1: also said that the quantity of gas constricted by the

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Speaker 1: war in Iran is almost double the amount lost from

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Speaker 1: Russia's invasion of Ukraine. Doctor Fatty Burrel said Asia is

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Speaker 1: at the forefront of the energy crisis and his current

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Speaker 1: assessment of the situation is quote very severe. He said

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Speaker 1: the depth of the problem was not well appreciated by

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Speaker 1: the decision makers around the world, which is actually pretty concerning.

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Speaker 3: Yeah. Look, his comments highlight how much oil in terms

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Speaker 3: of volume is being stranded, though in terms of price,

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Speaker 3: the rise in Brent is far below what happened in

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Speaker 3: the nineteen seventies. Also, other energy sources think renewables means

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Speaker 3: that the current crisis has had a more muted effect.

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Speaker 3: Doctor Burrell said if needed, the IA members could release

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Speaker 3: further fuel stockpiles of reserved fuel to help calm the

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Speaker 3: oil market. He also promoted work from home and speed

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Speaker 3: restrict to help reduce the use of energy, though did

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Speaker 3: say that's up to the Prime Minister to decide.

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Speaker 1: That wasn't well received by business leaders. I saw Bran Black,

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Speaker 1: the head of the Business Council of Australia, suggesting no, no, no, no,

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Speaker 1: we should still be heading into the office, which is

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Speaker 1: what you would expect. And I think there is just

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Speaker 1: a general wariness of imposing any new restrictions on movement, right.

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Speaker 3: Yeah. I mean I also think the work from home shift,

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Speaker 3: which was obviously a COVID thing, it went too far

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Speaker 3: and I'm sure business is concerned that it could happen again. Yeah.

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Speaker 1: Indeed, now, as part of the Federal government's efforts to

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Speaker 1: shore up those oil supplies, Prime Minister Anthony Aberenezi yesterday

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Speaker 1: issued a joint statement with the Leader of Singapore, Lawrence

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Speaker 1: Wong on fuel security, with the two countries committing to

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Speaker 1: open trade. Singapore supplies more than half of Australia's petrol

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Speaker 1: imports and fifteen percent of its diesel. It's also a

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Speaker 1: buyer of Australian liquefied natural gas. It follows a call

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Speaker 1: between PM Anthony Abenzi and that end is Singaporean counterpart.

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Speaker 1: Yesterday morning.

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Speaker 3: In a statement, the two leaders said, and I quote,

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Speaker 3: we are committed to working together to strengthen energy supply

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Speaker 3: chain resilience, including by deepening regional cooperation, accelerating renewable energy transition,

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Speaker 3: addressing unjustified inport and export restrictions, and maintaining open trade flows.

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Speaker 3: What I thought was really fascinating about that that was

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Speaker 3: a pre Trump style statement energy supply chain resilience, regional cooperation,

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Speaker 3: renewable energy, unjustified import and export restrictions. You don't actually

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Speaker 3: hear that very very often. Now. The statement with Singapore

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Speaker 3: calls another trading partners to ensure global energy supply chains

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Speaker 3: I kept open. Now.

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Speaker 1: All of this came on a day when the share

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Speaker 1: market was sold off very sharply, though perhaps not as

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Speaker 1: much as feared before. Trading saw on the S and

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Speaker 1: P ASX two hundred closed down zero point seven percent

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Speaker 1: to eighty three hundred and sixty six points. That is

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Speaker 1: the lowest close since May of last year, after dropping

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Speaker 1: as much as two percent earlier in the session. The

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Speaker 1: benchmark index almost fell into correction territory, which is defined

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Speaker 1: as being ten percent below its previous high. It's now

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Speaker 1: down nine point one percent from its March to peak.

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Speaker 1: That's worth about three hundred billion dollars.

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Speaker 3: A lot of money. Oil prices waived yesterday as Donald

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Speaker 3: Trump issued that forty eight hour ultimatum for Tehran to

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Speaker 3: open the Strait of Homas or face strikes on energy infrastructure.

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Speaker 3: We were talking about that yesterday morning. Iran warned any

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Speaker 3: attack would trigger the closure of the waterway and retaliation

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Speaker 3: against US, and is that Raeli acids spent cruds trading

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Speaker 3: around one hundred and thirty US dollars a barrel. There

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Speaker 3: are estimates that it could go much much higher. Yesterday

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Speaker 3: on the AX at least retailers lead gains. Eagers Automotive

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Speaker 3: jumped six percent. What's fascinating about that is you think, well,

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Speaker 3: surely the petrol crisis isn't good for Eagles Automotive, which

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Speaker 3: has a bunch of well I reckon that ev demand

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Speaker 3: will accelerate as a result, good for Eager's Automotive minus

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Speaker 3: furl after Goald posted its biggest weekly drop in about

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Speaker 3: forty years. Rising energy prices damp and expectations for interest

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Speaker 3: rate cuts that worked against gold. The precious metals now

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Speaker 3: trading around four three seven five US dollars and ounce.

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Speaker 1: All right sean quick break back in a moment with

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Speaker 1: the rest of the day's business news. Sewan staff at

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Speaker 1: the ABC have voted to go on strike for the

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Speaker 1: first time in twenty years, at a set to walk

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Speaker 1: off the job at eleven am tomorrow. The escalation came

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Speaker 1: after the majority of staff voted against a new enterprise

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Speaker 1: agreement proposed by management.

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Speaker 3: The agreement, which governs twenty twenty five through to twenty

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Speaker 3: twenty eight, includes annual wage increases of three point five

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Speaker 3: percent year one, then three point twenty five three point

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Speaker 3: twenty five. The unions have asked for a five point

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Speaker 3: five percent pay rise. The ABC will now apply to

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Speaker 3: Fair Work Commission to appoint a media to resolve the dispute.

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Speaker 3: It is protected action, so they can they are allowed

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Speaker 3: to go on strike. Of course, they won't get paid.

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Speaker 3: The Media, Entertainment and Arts Alliance the union involves at

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Speaker 3: almost one thousand a c staff had voted in a

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Speaker 3: poll on whether to go on strike. More than ninety

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Speaker 3: percent voted in favor. ABC's boss, Hugh Marx Did had

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Speaker 3: announced a one thousand dollars cash bonus a couple of

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Speaker 3: weeks ago at a town hall meeting. He'd hoped that

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Speaker 3: would convince staff to back the enterprise agreement. Clearly it

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Speaker 3: didn't work.

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Speaker 1: Is there still a chance that it could be avoided?

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Speaker 1: I mean, you've been in kind of situations like this

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Speaker 1: where you've been leading and negotiating, haven't you with unions

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Speaker 1: and when you were in your newspaper days kind of

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Speaker 1: is anything a done deal until it's actually underway.

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Speaker 3: It's never a done deal until it's done. There you go.

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Speaker 3: But in this instant unless the ABC comeback with something concrete.

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Speaker 3: So they came back said okay, we'll go to four percent.

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Speaker 3: Then the union of course would say, well let's consider that.

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Speaker 3: But it's really up to ABC management otherwise. I reckon,

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Speaker 3: we'll have a strike tomorrow.

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Speaker 1: Okay, hecky.

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Speaker 3: Now.

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Speaker 1: A federal court judge Sean has criticized lawyers for Coals

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Speaker 1: and Woolies in their fight over a billion dollar underpayment claim,

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Speaker 1: saying the case has gone off the rails due to

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Speaker 1: their excessive written submissions. Justice Nyperum told legal representatives of

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Speaker 1: Coles Wilworth and the Fair Work on Botsman that he

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Speaker 1: was very disappointed over their failure to agree on issues

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Speaker 1: and for lodging two and a half thousand pages of

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Speaker 1: submissions that he considered a waste of his time. I

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Speaker 1: reckon he might have a point.

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Speaker 3: How dairy two and a half thousand pages every word

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Speaker 3: of Jim, I'm sure. The almost seven year long case

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Speaker 3: brought by the Fair Work Combardsman and class action law

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Speaker 3: firm a d o ad Er says overtime for salaried

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Speaker 3: staff and is expected result in close Toway one billion

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Speaker 3: dollar hit to the supermarket giants. They've already paid out

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Speaker 3: five hundred million dollars, expect another billion. No wonder they're

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Speaker 3: delaying the case. This is all according to the finn Review.

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Speaker 3: The range of issues still in contest, outlined in a

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Speaker 3: hearing last week, suggest the case still has several years

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Speaker 3: to go. The Federal Court judge Perham accus lawyers on

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Speaker 3: all sides of wasting taxpayer funded resources. I quote him,

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Speaker 3: I think it's fair to say things have got off

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Speaker 3: the rails in this case.

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Speaker 1: Yeah.

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Speaker 3: Maybe.

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Speaker 1: Turning to international news now seen, a Cuban officials official

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Speaker 1: has said that the country is preparing for a possible

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Speaker 1: military assault as President Donald Trump increases economic pressure on

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Speaker 1: the government in Havana and suggests that it could be

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Speaker 1: the next US target after Venezuela and Iran. Our military

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Speaker 1: is always prepared, as the quote from Deputy Foreign Minister

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Speaker 1: Carlos Fernandez dez Co Costo that was in an interview

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Speaker 1: on NBC's Meet the Press. He then went on to

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Speaker 1: say that we would be naive if looking at what's

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Speaker 1: happening around the world, we would not do that, but

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Speaker 1: we truly hope that it doesn't occur.

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Speaker 3: Deccio declined to specify the military preparations, according to Bloomberg,

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Speaker 3: but his comments are very much in line with Cuba's

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Speaker 3: defiance stance. As Trump and Secretary of State Marco Rubio

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Speaker 3: ratchet up rhetoric or rhetoric against the communist run leadership.

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Speaker 3: US sanctions aimed at Cuba's economy have tightened under Trump.

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Speaker 3: They now include a de facto fuel blockade, leaving the

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Speaker 3: island squeezed of energy sources, supplies, and funding. A nationwide

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Speaker 3: blackout hit Cuba last week, for example, at least the

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Speaker 3: sixth within about a year.

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Speaker 1: Sean, how about this one? At least twelve global car

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Speaker 1: makers scaling back their electric vehicle plans amid ongoing demand

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Speaker 1: for combustion engines and a rollback of supportive policies in

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Speaker 1: both the US and Europe. Last week, Honda abandoned its

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Speaker 1: plan to stop making combustion engine cars by twenty forty

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Speaker 1: and forecast sixteen billion dollars in losses over the next

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Speaker 1: two years from its EV strategy overhaul. Then you got Mercedes,

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Speaker 1: benz Ford, Stilantis, and Volvo Cars have also cut their

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Speaker 1: all electric targets. Among luxury brands, BMW owned Rolls Royce

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Speaker 1: is now the latest to change course, announcing this week

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Speaker 1: that it would continue making petrol engine vehicles beyond twenty thirty.

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Speaker 1: They are all joining in.

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Speaker 3: Yeah sure. Bentley, Lotus, Audi, Porsche have already scaled back

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Speaker 3: plans to go fully or eighty percent electric over the

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Speaker 3: next decade. Many are choosing to extend the availability of

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Speaker 3: plug in hybrid cars and their lineups. According to the FT,

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Speaker 3: Volkswagen owned Lamborghini also recently abandoned its plan to launch

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Speaker 3: its first fully electric car. The Lansadore was really great

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Speaker 3: name for a car, the Lamborghini Landsador that was supposed

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Speaker 3: to be up by twenty thirty. The model will be

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Speaker 3: a plug in hybrid instead. Ferrari last year her did

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Speaker 3: it's twenty thirty EV production target, but he's pressing ahead

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Speaker 3: with its first electric model, saying it aims to find

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Speaker 3: the same driving thrill whether the car's petrol hybrid or

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Speaker 3: battery powered. FT The Financial Times has calculated the changes

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Speaker 3: to EV strategies, including canceled car launches and investment plans,

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Speaker 3: have cost the global car industry at least seventy five

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Speaker 3: billion dollars US in the past year. Extraordinary.

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Speaker 1: Well that is huge now we mentioned this at the

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Speaker 1: top of the show. Sean Japan's government has urged citizens

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Speaker 1: not to panic buy toilet paper, as social media posts

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Speaker 1: suggests people starting to stockpile daily necessities out of concern

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Speaker 1: over the war in the Middle East.

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Speaker 3: We need to discuss this, but let's get the facts

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Speaker 3: out there first. So hoarding toilet paper became a phenomenon

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Speaker 3: Japan back in nineteen seventy three. In that oil shock,

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Speaker 3: it triggered the country's first post war economic contraction. More recently,

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Speaker 3: the devastating earthquake and tsunami of twenty eleven the COVID

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Speaker 3: pandemic triggered similar behavior patterns. According to report on Bloomberg,

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Speaker 3: The Ministry of Economy, Trade and Industry has now come

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Speaker 3: out in a statement says shoppers should make rational decisions

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Speaker 3: about toilet paper purchases based on accurate information. Add to that,

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Speaker 3: the japan Household Paper Industry Association Association said about ninety

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Speaker 3: seven percent of toilet paper is produced domestically using recycled

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Speaker 3: paper and pulp, i e. No reliance on the Middle

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Speaker 3: East at all. What is it about and it's not

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Speaker 3: just the Japanese, Australians, the whole world. When there's a panic,

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Speaker 3: When there's a panic, straight to the toilet paper. I

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Speaker 3: don't I don't get it.

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Speaker 1: I don't get it. I mean, I mean, look, if

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Speaker 1: you run out of toilet paper, there are so many

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Speaker 1: like you've got paper, towel in this order, paper towel,

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Speaker 1: printer paper.

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Speaker 3: And sorry tissues in front all that.

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Speaker 1: Yeah, and then and then and leaves, depending on the

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Speaker 1: level of sheer desperation, Sean. But I think we are still.

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Speaker 3: In the world, isn't it, Michael. It's a funny world

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Speaker 3: we live in.

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Speaker 1: It certainly is we are some distance still from panic

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Speaker 1: buying toilet paper here in this country. I would hope.

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Speaker 1: Up next, Sean is fear and Greed Q and a

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Speaker 1: Damon Callahan from ECP Asset Management is your guest today.

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Speaker 3: Yeah, so we talk about these SaaS apocalypse. Now if

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Speaker 3: you don't know what that is, it's all these soft

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Speaker 3: software as the service companies and whether or not they're

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Speaker 3: going to make it through the AI revolution. And Damon's

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Speaker 3: great to chat about it's about I mean, he names

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Speaker 3: one company in particular who has really been sold off

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Speaker 3: that he thinks is a particularly good investment at the moment,

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Speaker 3: on the back of the fact that people are too

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Speaker 3: worried that AI will kind of take the business models

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Speaker 3: of what he calls some really good companies, all right, just.

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Speaker 1: Coming up next in the Fear and Greed playlist. You

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Speaker 1: can find it at Fearangreed dot com dot a, which

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Speaker 1: is also where you signed up for the free daily newsletters.

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Speaker 1: Thank you very much, Sean.

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Speaker 3: Thank you. Hey, Michael.

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Speaker 1: It is Tuesday, the twenty fourth of March twenty twenty sixth.

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

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Speaker 1: on LinkedIn, Instagram and YouTube as well.

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Speaker 3: I'm Michael Thompson.

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Speaker 1: That was Fear and Greed. Have a great day.