Treasurer Jim Chalmers releases proposed new laws around mergers as ASSEK gives its verdict on whether the ASX is clean A and Z in strife over its operations in the bond market and profits from the Royal Family. The UK Royal Family saw Welcome to Fear and Greed. Daily business news for people who make their own decisions. It is Thursday, the twenty fifth of July twenty twenty four. Are Michael Thompson and Good Morning, Sean Aylmer.

Treasurer Jim Chalmers releases proposed new laws around mergers as ASSEK gives its verdict on whether the ASX is clean A and Z in strife over its operations in the bond market and profits from the Royal Family. The UK Royal Family saw Welcome to Fear and Greed. Daily business news for people who make their own decisions. It is Thursday, the twenty fifth of July twenty twenty four. Are Michael Thompson and Good Morning, Sean Aylmer.

Good morning, Michael, Sean the.

Good morning, Michael, Sean the.

Main story this morning. Treasurer Jim Chalmers has released draft merger reform legislation which he hopes will make the merger approval system and I quote faster, stronger, simpler, more targeted and more transparent.

Main story this morning. Treasurer Jim Chalmers has released draft merger reform legislation which he hopes will make the merger approval system and I quote faster, stronger, simpler, more targeted and more transparent.

Let's hope so. Subject to making it through Parliament. The new system will commence in twenty twenty six and aims to speed up the process for mergers that are in the national interest and give the regulator stronger powers. Stronger powers important to keep that in mind to identify and scrutinize transactions that pose a risk to competition, consumers and the economy. Under the proposed rules, the stronger powers for the regulator will theoretically make it easier for the majority of mergers to be approved quickly, so the hbill see that's Australian Competition and Consumer Commission can focus on the minority that give rise to competition concerns. The idea is that mergers should occur and occur quickly and don't get caught up in paperwork. Now. The HABRAC chair Gena Cascott Leap said the reforms are important because they addressed the efficiencies of current merger laws that allow too many tie ups to escape regulatory scrutiny.

Let's hope so. Subject to making it through Parliament. The new system will commence in twenty twenty six and aims to speed up the process for mergers that are in the national interest and give the regulator stronger powers. Stronger powers important to keep that in mind to identify and scrutinize transactions that pose a risk to competition, consumers and the economy. Under the proposed rules, the stronger powers for the regulator will theoretically make it easier for the majority of mergers to be approved quickly, so the hbill see that's Australian Competition and Consumer Commission can focus on the minority that give rise to competition concerns. The idea is that mergers should occur and occur quickly and don't get caught up in paperwork. Now. The HABRAC chair Gena Cascott Leap said the reforms are important because they addressed the efficiencies of current merger laws that allow too many tie ups to escape regulatory scrutiny.

So how's that going to speed it up? Then?

So how's that going to speed it up? Then?

Sure, that's a very good question.

Sure, that's a very good question.

If this is going to allow more more kind of deals to be examined more closely, that feels like it's got the potential to slow things down.

If this is going to allow more more kind of deals to be examined more closely, that feels like it's got the potential to slow things down.

Yes, I would agree with that. The legislation will still be debated, but it is the idea of finding that fine line allowing or giving the AHBRAC enough power to get involved in the takeovers which potentially lessen competition, but then allow them to wave through some of the other ones. I mean, it's a fine line, I agree.

Yes, I would agree with that. The legislation will still be debated, but it is the idea of finding that fine line allowing or giving the AHBRAC enough power to get involved in the takeovers which potentially lessen competition, but then allow them to wave through some of the other ones. I mean, it's a fine line, I agree.

Yeah, but at least it's being looked at and reform in this particular case has got to be a good thing.

Yeah, but at least it's being looked at and reform in this particular case has got to be a good thing.

Yeah, I think so.

Yeah, I think so.

And cleaning up the system actually seems to be a bit of a theme this week, doesn't it, With the Corporate regulator yesterday releasing its review of how well the share market works in Australia really, whether it's a level playing field and generally while things are pretty good, some attacks on the integrity of the market could have hurt mum and Dad investors.

And cleaning up the system actually seems to be a bit of a theme this week, doesn't it, With the Corporate regulator yesterday releasing its review of how well the share market works in Australia really, whether it's a level playing field and generally while things are pretty good, some attacks on the integrity of the market could have hurt mum and Dad investors.

The Australian Securities and Investments Commission looked at how the market operates and whether it's clean. That's their word now. Clean in this instance broadly means not too much price action and a stock ahead of an announcement and obviously an announcement that is going to move the price of that stock. Some of the key findings the AX has less than half the amount of unusual trading ahead of MNA activities compared to its global peers. There were two bad periods though, during COVID nineteen and late last year, as corporate activity increased. About five percent of trading activity is what called abnormal. Still seems like a lot to me. The cleanest sector telcos, the least clean real estate investment trusts. The review comes as the alleged ring leaders of one of Australia's largest pump and dump schemes were charged with market rigging in force trading. We can hear a lot more about that case. Yesterday. ASEK was out promoting the fact that it was taking that case on and it was very determined to make sure that trading on the AX is fair for all.

The Australian Securities and Investments Commission looked at how the market operates and whether it's clean. That's their word now. Clean in this instance broadly means not too much price action and a stock ahead of an announcement and obviously an announcement that is going to move the price of that stock. Some of the key findings the AX has less than half the amount of unusual trading ahead of MNA activities compared to its global peers. There were two bad periods though, during COVID nineteen and late last year, as corporate activity increased. About five percent of trading activity is what called abnormal. Still seems like a lot to me. The cleanest sector telcos, the least clean real estate investment trusts. The review comes as the alleged ring leaders of one of Australia's largest pump and dump schemes were charged with market rigging in force trading. We can hear a lot more about that case. Yesterday. ASEK was out promoting the fact that it was taking that case on and it was very determined to make sure that trading on the AX is fair for all.

All right. Taking a closer look at the ASEX yesterday, how did local markets perform well?

All right. Taking a closer look at the ASEX yesterday, how did local markets perform well?

The SMPAX two hundred closed down just attached to seven nine hundred and sixty four points. The banks were mixed Anes Eden, Commonwealth Bank lost ground, while National Australian Bank, Westpac and Macquarie Group all rose. The big miners were flat to slightly higher. Some of the oil reliant companies think Woodside, Mpole, VV Energy, Beach Energy, they lost ground on the back of a recent drop and the price of crude. Property stocks were also lower, with Goodman Group and Stockland both off two percent. Transurban was another poor performer. A couple of the healthcare groups did particularly well. RESMD was one. Cocklear, the hearing implant group that was another they were both up more than one percent. Plenty of trading updates around the place at the moment. Of course, next month we have the half year earning season kick in. Tielix Pharmaceuticals fell nearly seven percent after it said it was going to abandon its plans to list on the Naise Deck and it was out raising six hundred and fifty million dollars. Pilbrim Mineral's share price jumped five percent, then it fell all the way back down and ended up finishing up slightly after it recorded a fifty eight percent jump in revenue for the Gyne Quarter. Flight Center dropped four and a half percent after it revised down its underlying profit for fiscal twenty four. The travel company said the change excluded four million dollars in losses from the closure of its Discover Central America's destination management business managementerpetual drop one percent after assets under management fell twelve billion dollars. They've got about two hundred and fifteen billion dollars in assets under management. And another fund manager, Platinum Capital Well its share price rose four percent after announcing it was making changes to its Platinum International Fund.

The SMPAX two hundred closed down just attached to seven nine hundred and sixty four points. The banks were mixed Anes Eden, Commonwealth Bank lost ground, while National Australian Bank, Westpac and Macquarie Group all rose. The big miners were flat to slightly higher. Some of the oil reliant companies think Woodside, Mpole, VV Energy, Beach Energy, they lost ground on the back of a recent drop and the price of crude. Property stocks were also lower, with Goodman Group and Stockland both off two percent. Transurban was another poor performer. A couple of the healthcare groups did particularly well. RESMD was one. Cocklear, the hearing implant group that was another they were both up more than one percent. Plenty of trading updates around the place at the moment. Of course, next month we have the half year earning season kick in. Tielix Pharmaceuticals fell nearly seven percent after it said it was going to abandon its plans to list on the Naise Deck and it was out raising six hundred and fifty million dollars. Pilbrim Mineral's share price jumped five percent, then it fell all the way back down and ended up finishing up slightly after it recorded a fifty eight percent jump in revenue for the Gyne Quarter. Flight Center dropped four and a half percent after it revised down its underlying profit for fiscal twenty four. The travel company said the change excluded four million dollars in losses from the closure of its Discover Central America's destination management business managementerpetual drop one percent after assets under management fell twelve billion dollars. They've got about two hundred and fifteen billion dollars in assets under management. And another fund manager, Platinum Capital Well its share price rose four percent after announcing it was making changes to its Platinum International Fund.

Immediately after the show, Sean We've got an interview coming up today with Marcus Ohm, who's a partner at HLB Man Judd and is the author of the IPO watch Report.

Immediately after the show, Sean We've got an interview coming up today with Marcus Ohm, who's a partner at HLB Man Judd and is the author of the IPO watch Report.

Yeah, so we talked to more about the initial public offering market in Australia. Why it's so slow. We've had a few IPAs, Goozman probably being the one that got most publicity, but there's just not a lot going on in the market. We ask him why and what the prognosis is for the future. Now. Of course we want companies on the Australian market. Gives us more options and places to invest in, but it's just not happening at the moment. So we talked to Marcus all about that.

Yeah, so we talked to more about the initial public offering market in Australia. Why it's so slow. We've had a few IPAs, Goozman probably being the one that got most publicity, but there's just not a lot going on in the market. We ask him why and what the prognosis is for the future. Now. Of course we want companies on the Australian market. Gives us more options and places to invest in, but it's just not happening at the moment. So we talked to Marcus all about that.

It seems like after the Guzmany Gomez listing Sean, there was so much excitement and so much kind of enthusiasm, everyone kind of saying, oh, look the life is back in the IPO space, and then all of a sudden, it lasted for about a week and then it just kind of went back to normal.

It seems like after the Guzmany Gomez listing Sean, there was so much excitement and so much kind of enthusiasm, everyone kind of saying, oh, look the life is back in the IPO space, and then all of a sudden, it lasted for about a week and then it just kind of went back to normal.

Yeah. There was the conference yesterday at Bloomberg Conference actually, and one of the speakers a guy called Guy Fowler, A person called Guy Fowler from Barren Joey. He indicated men very well known in the markets. He indicated that there was a bit more movement going on in markets at the moment in kind of the capital raising MNA activity space, So he would know better than the rest of us. But it'll be interesting to see whether that actually eventuates.

Yeah. There was the conference yesterday at Bloomberg Conference actually, and one of the speakers a guy called Guy Fowler, A person called Guy Fowler from Barren Joey. He indicated men very well known in the markets. He indicated that there was a bit more movement going on in markets at the moment in kind of the capital raising MNA activity space, So he would know better than the rest of us. But it'll be interesting to see whether that actually eventuates.

Yeah, indeed, all right, international markets, anything happening there.

Yeah, indeed, all right, international markets, anything happening there.

Well, Oil snapped a three day run of losses, with French rising back above eighty one US dollars a barrel, and are is back down to about one hundred US dollars a barrel. That hasn't helped the Ausie dollar. It fell to just under sixty six US sense. This is all about the Chinese Third Plenum last week, failing to deliver a stimulus to the world's second largest economy, and because Australia sells lots of iron order China week, demand hurts the dollar. Gold is training back above at twenty four hundred US dollars announced and one bitcoin Michael is fetching just under sixty six thousand US dollars a unit.

Well, Oil snapped a three day run of losses, with French rising back above eighty one US dollars a barrel, and are is back down to about one hundred US dollars a barrel. That hasn't helped the Ausie dollar. It fell to just under sixty six US sense. This is all about the Chinese Third Plenum last week, failing to deliver a stimulus to the world's second largest economy, and because Australia sells lots of iron order China week, demand hurts the dollar. Gold is training back above at twenty four hundred US dollars announced and one bitcoin Michael is fetching just under sixty six thousand US dollars a unit.

Hey, John, there's plenty happening. And of course today being Thursday, there is one of our bonus episodes coming out around midday today of Ask Fear and Greed, and we're getting into a very interesting question today from a listener about devaluing the dollar.

Hey, John, there's plenty happening. And of course today being Thursday, there is one of our bonus episodes coming out around midday today of Ask Fear and Greed, and we're getting into a very interesting question today from a listener about devaluing the dollar.

Yeah, so the US dollar specifically, that's what Donald Trump jod Evans are talking about doing in the US. The question is how do they do it? And so we go through that and whether it's a good or bad thing, because it's interesting. I mean, the dollar is neither good nor bad, but most of us think it is anyway. So we put that out about midday today, Ask Fear and Greed, and it's all about currencies and devaluing the US dollar or the Aussie dollar.

Yeah, so the US dollar specifically, that's what Donald Trump jod Evans are talking about doing in the US. The question is how do they do it? And so we go through that and whether it's a good or bad thing, because it's interesting. I mean, the dollar is neither good nor bad, but most of us think it is anyway. So we put that out about midday today, Ask Fear and Greed, and it's all about currencies and devaluing the US dollar or the Aussie dollar.

Yeah, it is a really interesting question. And of course if you have a question that you would like us to get into. It can be about market, it can be about the economy, it can be about business. Ask Fear and Greed. You can shoot it through at Fearangreed dot com dot au on the website, or head along to LinkedIn or Facebook or Instagram and send your question on through. It can be anonymous as well, sean if you've got something a little bit salacious that you want to ask us, then feel free to use a pseudonym. You can be like a Big Bob or something wants to do.

Yeah, it is a really interesting question. And of course if you have a question that you would like us to get into. It can be about market, it can be about the economy, it can be about business. Ask Fear and Greed. You can shoot it through at Fearangreed dot com dot au on the website, or head along to LinkedIn or Facebook or Instagram and send your question on through. It can be anonymous as well, sean if you've got something a little bit salacious that you want to ask us, then feel free to use a pseudonym. You can be like a Big Bob or something wants to do.

Yeah, let's just take a break.

Yeah, let's just take a break.

Anyway, stick around for Ask Fear and Greed out at midday every Tuesday and Thursday, Ask Fear and Greed, Sean. Let's move on. We'll be back in a moment with the rest of the day's business news, Sean. The federal government has received about four times what it needs to offload a ten year bond, with fifty five billion dollars in orders for the issue, which was expected to raise between eleven billion and twelve billion.

Anyway, stick around for Ask Fear and Greed out at midday every Tuesday and Thursday, Ask Fear and Greed, Sean. Let's move on. We'll be back in a moment with the rest of the day's business news, Sean. The federal government has received about four times what it needs to offload a ten year bond, with fifty five billion dollars in orders for the issue, which was expected to raise between eleven billion and twelve billion.

Bond's Michael, sexy stuff. You'd agree.

Bond's Michael, sexy stuff. You'd agree.

Actually, you know what, you have convinced me of the sex appeal of bonds. I don't know if it's the voice you use and you're doing it or just the subject matter itself.

Actually, you know what, you have convinced me of the sex appeal of bonds. I don't know if it's the voice you use and you're doing it or just the subject matter itself.

I should put my shirt back on. You're right, yes, please exit.

I should put my shirt back on. You're right, yes, please exit.

Point guidess a podcast, not a vodcast. Please go on.

Point guidess a podcast, not a vodcast. Please go on.

Look, given this issue was oversubscribed, there's clearly plenty of investor appetite for ten year government bonds, especially when they're yielding four point four to two percent, which brings me, sort of in a roundabout way to ain Z. Really fascinating stuff going on there. The corporate watchdog ASSEK is examining the big bank's role in the sale of fourteen billion dollars worth of government bonds last April. Now, they are only about nineteen organizations that the government trusts to deal with these massive bond issuances, and the larger you are, the better it is. It's emerged that ain Z provided the federal government with inflated bond trading data. Essentially my words, ain Z boosted its resume just as it was trying to win the right to be involved in some bond issuance. Also, it's being investigated by ASEIK for allegedly manipulating what's known as the benchmark ten year futures rate, which is kind of like the cost of the bond. I suppose that's the best way of putting it. Two things there that A and Z is facing. The share price was sold off. It's not about one percent yesterday. The fin review is covering this pretty heavily. I just think an Z is in some hot water on this one.

Look, given this issue was oversubscribed, there's clearly plenty of investor appetite for ten year government bonds, especially when they're yielding four point four to two percent, which brings me, sort of in a roundabout way to ain Z. Really fascinating stuff going on there. The corporate watchdog ASSEK is examining the big bank's role in the sale of fourteen billion dollars worth of government bonds last April. Now, they are only about nineteen organizations that the government trusts to deal with these massive bond issuances, and the larger you are, the better it is. It's emerged that ain Z provided the federal government with inflated bond trading data. Essentially my words, ain Z boosted its resume just as it was trying to win the right to be involved in some bond issuance. Also, it's being investigated by ASEIK for allegedly manipulating what's known as the benchmark ten year futures rate, which is kind of like the cost of the bond. I suppose that's the best way of putting it. Two things there that A and Z is facing. The share price was sold off. It's not about one percent yesterday. The fin review is covering this pretty heavily. I just think an Z is in some hot water on this one.

Yeah, it does seem that way. Now, one retailer doing fairly well at the moment is Repco, which is US owned. The automotive parts group is growing just as major competitors, a fighting off takeover attempts.

Yeah, it does seem that way. Now, one retailer doing fairly well at the moment is Repco, which is US owned. The automotive parts group is growing just as major competitors, a fighting off takeover attempts.

Ripco is owned by New York listed Genuine Parts Company, which reported that it's Australasian automotive parts operations had generated same store sales growth of two point three percent for the June quarter. Pretty good now. Repco has four hundred and ninety stores in Australasia, its main competitor well, its main competitors are part of babcoor now Babcourt runs the Autobarn, Autopro, Burson and Mitas chains. It has eleven hundred outlets selling car parts to mechanics, motoring fans, all sorts of people. Its same store sales growth is forecast to come in at less than one percent, according to a report in the Financial Review. Babcor officially rejected a five dollars forty per share offer from Bain on July nine, saying it didn't represent fair value. It closed yesterday at five dollars eight eeen. But obviously it just it appears that its growth isn't as strong as Repco, so that will put pressure on its share price.

Ripco is owned by New York listed Genuine Parts Company, which reported that it's Australasian automotive parts operations had generated same store sales growth of two point three percent for the June quarter. Pretty good now. Repco has four hundred and ninety stores in Australasia, its main competitor well, its main competitors are part of babcoor now Babcourt runs the Autobarn, Autopro, Burson and Mitas chains. It has eleven hundred outlets selling car parts to mechanics, motoring fans, all sorts of people. Its same store sales growth is forecast to come in at less than one percent, according to a report in the Financial Review. Babcor officially rejected a five dollars forty per share offer from Bain on July nine, saying it didn't represent fair value. It closed yesterday at five dollars eight eeen. But obviously it just it appears that its growth isn't as strong as Repco, so that will put pressure on its share price.

This is an interesting one shown the Aboriginal and Torres Strait Islander population of Australia is now over one million people, an increase of six percent since June twenty twenty one.

This is an interesting one shown the Aboriginal and Torres Strait Islander population of Australia is now over one million people, an increase of six percent since June twenty twenty one.

Yeah, it's actually a projection based on levels of fertility, paternity, mortality and internal migration, and it suggests the number will reach about one point two million by twenty thirty one. While Indigenous Australians are more likely to be living in the regions than non Indigenous Australians, there is a shift towards major cities. Perth is projected to be the fastest growing indigenous region. It's expected to grow by about two point eight percent on average annually over the next ten years. Brisbane is next about two point seven percent. Now. New South Wales is the state with most Ooriginal and Torrestrait Islanders in it. In total, the group comprised about three point eight percent of Australia's population.

Yeah, it's actually a projection based on levels of fertility, paternity, mortality and internal migration, and it suggests the number will reach about one point two million by twenty thirty one. While Indigenous Australians are more likely to be living in the regions than non Indigenous Australians, there is a shift towards major cities. Perth is projected to be the fastest growing indigenous region. It's expected to grow by about two point eight percent on average annually over the next ten years. Brisbane is next about two point seven percent. Now. New South Wales is the state with most Ooriginal and Torrestrait Islanders in it. In total, the group comprised about three point eight percent of Australia's population.

And along the same lines showing the number of Kiwis living in Australia has hit seven hundred thousand for the first time thanks to a few rule changes which help New Zealand citizens gain residency here.

And along the same lines showing the number of Kiwis living in Australia has hit seven hundred thousand for the first time thanks to a few rule changes which help New Zealand citizens gain residency here.

Yes, there were thirty five thousand Kiwis flowing into Australia in the eleven months to the end of May. According to the Bureau of Statistics, before the pandemic, on average it was about ten thousand a year, so we've gone from ten thousand to thirty five thousand. Australia's economy, particularly the labor market, is much stronger than New Zealand's. While since January, anyone granted an independent skilled visa can immediately apply for Australian residency. Previously they had to wait for twelve months. The other interesting fact from the ABS today more than five kiwis who head overseas to Australia. Now, I'd imagine it's a stopover for many of them on the way through, but still it was eighty four percent go via Australia or at least come to Australia.

Yes, there were thirty five thousand Kiwis flowing into Australia in the eleven months to the end of May. According to the Bureau of Statistics, before the pandemic, on average it was about ten thousand a year, so we've gone from ten thousand to thirty five thousand. Australia's economy, particularly the labor market, is much stronger than New Zealand's. While since January, anyone granted an independent skilled visa can immediately apply for Australian residency. Previously they had to wait for twelve months. The other interesting fact from the ABS today more than five kiwis who head overseas to Australia. Now, I'd imagine it's a stopover for many of them on the way through, but still it was eighty four percent go via Australia or at least come to Australia.

There you go. Goodness me, you love your statistics, don't.

There you go. Goodness me, you love your statistics, don't.

It's a big stat state today.

It's a big stat state today.

It certainly is. Turning to international news now, Krmala Harris has quickly emerged as a force to be reckoned with, even before officially becoming the nominee for the Democrats, and in her first rally as leading candidate for the Democrats, she said the November election will be and I quote, a choice between freedom and chaos.

It certainly is. Turning to international news now, Krmala Harris has quickly emerged as a force to be reckoned with, even before officially becoming the nominee for the Democrats, and in her first rally as leading candidate for the Democrats, she said the November election will be and I quote, a choice between freedom and chaos.

Yes, Miss Harris raised one hundred and fifty million dollars from donors in just three days, and Router's IPSOS poll overnight suggested Harris was two percentage points ahead of Donald Trump, no doubt helped by the initial enthusiasm from wises bred media coverage. Harris is already traveling through important working class states like Wisconsin and Michigan and Pennsylvania. She really needs to win those states if she hopes to win the November poll.

Yes, Miss Harris raised one hundred and fifty million dollars from donors in just three days, and Router's IPSOS poll overnight suggested Harris was two percentage points ahead of Donald Trump, no doubt helped by the initial enthusiasm from wises bred media coverage. Harris is already traveling through important working class states like Wisconsin and Michigan and Pennsylvania. She really needs to win those states if she hopes to win the November poll.

Yeah, and it's worth going back and having a listen to your interview from yesterday with Bruce Wolpe, who, of course knows this space so well. He worked with the Obama administration, and he really talks about the fact that that now this is a contest, there's actually a chance now for the Democrats, and it's really going to be a competition now between Trump and Harris over the next what three and a half months.

Yeah, and it's worth going back and having a listen to your interview from yesterday with Bruce Wolpe, who, of course knows this space so well. He worked with the Obama administration, and he really talks about the fact that that now this is a contest, there's actually a chance now for the Democrats, and it's really going to be a competition now between Trump and Harris over the next what three and a half months.

Yeah, I mean Trump is still favorite. I think that's important to point that out. Lots of enthusiasm about Carmela Harris at the moment, but the next well, what Bruce says is the next few weeks will tell an interesting tale.

Yeah, I mean Trump is still favorite. I think that's important to point that out. Lots of enthusiasm about Carmela Harris at the moment, but the next well, what Bruce says is the next few weeks will tell an interesting tale.

Yeah. Indeed, definitely worth a listen though, to that chat from yesterday, Elon Musk sean has asked Tesla's shareholders to be patient. I'm sure they all want to hear after the ev manufacturer reported its fourth straight disappointing quarterly result.

Yeah. Indeed, definitely worth a listen though, to that chat from yesterday, Elon Musk sean has asked Tesla's shareholders to be patient. I'm sure they all want to hear after the ev manufacturer reported its fourth straight disappointing quarterly result.

Yes, Elon Musk asking for patients ironic, isn't it? So? I don't think he's known for it?

Yes, Elon Musk asking for patients ironic, isn't it? So? I don't think he's known for it?

Do you reckon? Elon Musk has ever shown patients himself?

Do you reckon? Elon Musk has ever shown patients himself?

No? No. For the Gune quarter, Tesla's profits were disappointing, their sales were higher, the margin it makes on cars are narrowed, and in after hours trading at share price tumbled eight percent. Mister Musk told investors that Tesla won't unveil the highly anticipated robot taxi until October, and it will only be a prototype. A new lower cost car won't go into production until the first half of next year at the earliest planned factory in Mexico is on pause, and a humanoid robot that Musk claims will send Tesla's valuation soaring won't be ready anytime soon. Lots of bad news Also hurting Tesla is emissions credit sales. Now I must say I didn't realize this Tesla sells credits to other car makers seeking to comply with the missions mandates, and only half as many of those were sold in the June quarter, so I just didn't get the cash for those emissions credit. I think they're kind of an interesting concept.

No? No. For the Gune quarter, Tesla's profits were disappointing, their sales were higher, the margin it makes on cars are narrowed, and in after hours trading at share price tumbled eight percent. Mister Musk told investors that Tesla won't unveil the highly anticipated robot taxi until October, and it will only be a prototype. A new lower cost car won't go into production until the first half of next year at the earliest planned factory in Mexico is on pause, and a humanoid robot that Musk claims will send Tesla's valuation soaring won't be ready anytime soon. Lots of bad news Also hurting Tesla is emissions credit sales. Now I must say I didn't realize this Tesla sells credits to other car makers seeking to comply with the missions mandates, and only half as many of those were sold in the June quarter, so I just didn't get the cash for those emissions credit. I think they're kind of an interesting concept.

I was not aware that even took place.

I was not aware that even took place.

So presumably car manufacturers must be limited in terms of the emissions they can push out. Obviously, Tesla, being an ev doesn't emit, so it's got these surplus of them and it sells them to other car manufacturers.

So presumably car manufacturers must be limited in terms of the emissions they can push out. Obviously, Tesla, being an ev doesn't emit, so it's got these surplus of them and it sells them to other car manufacturers.

Additional revenue stream. I've learned something. I mean I learned things earlier in the podcast as well. Yeah, but I've learned something just then as well. I've learned something with this next one. Sure, this is an incredible story. Profits from the Crown Estate and we're talking the windsors in the UK jumped to about one point one billion pounds last year or nearly two billion Aussie dollars on the back of some pretty smart deals involving the leasing of seabed sites to offshore wind producers.

Additional revenue stream. I've learned something. I mean I learned things earlier in the podcast as well. Yeah, but I've learned something just then as well. I've learned something with this next one. Sure, this is an incredible story. Profits from the Crown Estate and we're talking the windsors in the UK jumped to about one point one billion pounds last year or nearly two billion Aussie dollars on the back of some pretty smart deals involving the leasing of seabed sites to offshore wind producers.

The Crown of State Annual Report says that earnings last year more than double and as a result, the money the Royal family receives from the government aka the Sovereign Grant will rise from eighty six million pounds to one hundred and thirty two million pounds. Now a net profit from the Crown Estate is passed back to the government in return for a fixed yearly payment. King Charles the Third he has for a while been pushing for the Sovereign Grant to be lowered. And this year it's only twelve percent of profits. It was twenty five percent of profits. So you can imagine it's getting one hundred and thirty two million pounds. If it was the old rules which Charles changed, they'd be getting more like two hundred and sixty two hundred and seventy million pounds, and that might actually cause a pr disaster, I dare say. Some other interesting facts from the annual port According to the New York Times, the number of visitors to Buckingham Palace and Windsor Castle returned to almost pre COVID levels. Family members took part in twenty three hundred engagements in Britain and abroad last year. Now, yeah, one hundred that when Queen Elizabeth the Second the year before Queen Elizabeth the Second was alive. Obviously, she and her family managed thirty two hundred official engagements, but over the last twelve months. Keep in mind that Charles and Princess Cate of Wales, I think it's Princess Castin of Wales should say that Michael have had illnesses. They are the two of the main people that actually attend many of these engagements. So it was twenty three hundred engagements. The number of messages the King and the Princess received by mail wishing them well following their health announcements was twenty seven thousand, six hundred and twenty and Buckingham Palace is also making progress on its goal to recruit a more diverse workforce. The palace at eleven point four percent of it employees were from ethnic minorities. That is still well short of its I dare say conservative objective of fourteen percent by next year.

The Crown of State Annual Report says that earnings last year more than double and as a result, the money the Royal family receives from the government aka the Sovereign Grant will rise from eighty six million pounds to one hundred and thirty two million pounds. Now a net profit from the Crown Estate is passed back to the government in return for a fixed yearly payment. King Charles the Third he has for a while been pushing for the Sovereign Grant to be lowered. And this year it's only twelve percent of profits. It was twenty five percent of profits. So you can imagine it's getting one hundred and thirty two million pounds. If it was the old rules which Charles changed, they'd be getting more like two hundred and sixty two hundred and seventy million pounds, and that might actually cause a pr disaster, I dare say. Some other interesting facts from the annual port According to the New York Times, the number of visitors to Buckingham Palace and Windsor Castle returned to almost pre COVID levels. Family members took part in twenty three hundred engagements in Britain and abroad last year. Now, yeah, one hundred that when Queen Elizabeth the Second the year before Queen Elizabeth the Second was alive. Obviously, she and her family managed thirty two hundred official engagements, but over the last twelve months. Keep in mind that Charles and Princess Cate of Wales, I think it's Princess Castin of Wales should say that Michael have had illnesses. They are the two of the main people that actually attend many of these engagements. So it was twenty three hundred engagements. The number of messages the King and the Princess received by mail wishing them well following their health announcements was twenty seven thousand, six hundred and twenty and Buckingham Palace is also making progress on its goal to recruit a more diverse workforce. The palace at eleven point four percent of it employees were from ethnic minorities. That is still well short of its I dare say conservative objective of fourteen percent by next year.

Yes, that is still quite conservative, isn't it sure that number twenty three hundred engagements. I know that the three two hundred is obviously more, But even just looking at that twenty three hundred engagements in the last year, that's an average of six point three engagements per day, and I know that there's quite a sizeable family there.

Yes, that is still quite conservative, isn't it sure that number twenty three hundred engagements. I know that the three two hundred is obviously more, But even just looking at that twenty three hundred engagements in the last year, that's an average of six point three engagements per day, and I know that there's quite a sizeable family there.

But still, yeah, it's huge, isn't it.

But still, yeah, it's huge, isn't it.

It's a lot of engagement, Like if I have one engagement a week, that's too much for me.

It's a lot of engagement, Like if I have one engagement a week, that's too much for me.

You would never do as a royal though, you wouldn't want to know your head.

You would never do as a royal though, you wouldn't want to know your head.

No, no, that's fine. I just do all of my engagements via zoom. I am staggered by that. Yeah, oh gosh, what a day it's been today, Sewan. I've learnt so much.

No, no, that's fine. I just do all of my engagements via zoom. I am staggered by that. Yeah, oh gosh, what a day it's been today, Sewan. I've learnt so much.

From you, so much going on.

From you, so much going on.

Up next is the Fear and Greed Daily Interview. Marcus Olm, partner at HLB Manjard and the author of the IPO Watch Report, is your guest, Yes.

Up next is the Fear and Greed Daily Interview. Marcus Olm, partner at HLB Manjard and the author of the IPO Watch Report, is your guest, Yes.

Talking about the IPO market, the initial public offering market. What's happening there in White's so slow in Australia.

Talking about the IPO market, the initial public offering market. What's happening there in White's so slow in Australia.

It is up next in the Fear and Greed playlist on your podcast platform or at Fearingngreed dot com dot au. And don't forget at midday there is the bonus episode Ask Fear and Greed, just three or four or five minutes of us answering listener questions and if you've got your own question, make sure you send it through. And Sewan, I forgot to mention this yesterday. Yesterday was Wednesday, which means there's a new episode of our sister podcast. How do they afford that?

It is up next in the Fear and Greed playlist on your podcast platform or at Fearingngreed dot com dot au. And don't forget at midday there is the bonus episode Ask Fear and Greed, just three or four or five minutes of us answering listener questions and if you've got your own question, make sure you send it through. And Sewan, I forgot to mention this yesterday. Yesterday was Wednesday, which means there's a new episode of our sister podcast. How do they afford that?

What was that one about? Michael?

What was that one about? Michael?

Well, Sean, thanks for asking. It was actually part two of an episode that we started last week, and I didn't mention it last week because I wasn't here. But we are joined in the studio obviously. I am joined every week by Canna Campbell, financial planner and founder of Sugar Mumber TV. She's a financial planner who really kind of specializes in personal finance. We get into her personal finances, in her relationship. Her partner Tom actually joined us. And it's really quite voyeuristic. It's a little bit salacious. It's all this kind of stuff, but it is great to listen to. Like I was sitting there in the studio going, I'm asking questions. I don't really know whether I should be allowed to ask these things. I was asking about kind of pre nuptial agreements, all these kinds of things. It was great, great fun for me.

Well, Sean, thanks for asking. It was actually part two of an episode that we started last week, and I didn't mention it last week because I wasn't here. But we are joined in the studio obviously. I am joined every week by Canna Campbell, financial planner and founder of Sugar Mumber TV. She's a financial planner who really kind of specializes in personal finance. We get into her personal finances, in her relationship. Her partner Tom actually joined us. And it's really quite voyeuristic. It's a little bit salacious. It's all this kind of stuff, but it is great to listen to. Like I was sitting there in the studio going, I'm asking questions. I don't really know whether I should be allowed to ask these things. I was asking about kind of pre nuptial agreements, all these kinds of things. It was great, great fun for me.

Wow. And they were happy to answer it.

Wow. And they were happy to answer it.

They answered everything I put to them. They were both fantastic with it. So it's just an insight into how money works in a relationship when one person has a great deal of knowledge about money. So I just thought it was a fascinating kind of and very good of them to be so open about it. Anyway, I'll put a link to the episode in today's show notes and you can find how do they afford that wherever you listen to podcasts as well. Thank you Sean, Thank you Michael. It is Thursday, the twenty fifth of June twenty twenty four. Make sure you're following the podcast and please join us online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson. And that was Fear and Greed. Have a great day.

They answered everything I put to them. They were both fantastic with it. So it's just an insight into how money works in a relationship when one person has a great deal of knowledge about money. So I just thought it was a fascinating kind of and very good of them to be so open about it. Anyway, I'll put a link to the episode in today's show notes and you can find how do they afford that wherever you listen to podcasts as well. Thank you Sean, Thank you Michael. It is Thursday, the twenty fifth of June twenty twenty four. Make sure you're following the podcast and please join us online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson. And that was Fear and Greed. Have a great day.