September 9, 2025 • 15 mins
Wednesday 10 September 2025
Rupert and Lachlan Murdoch do a deal with other family members to ensure Lachlan takes control of News Corp and Fox after his father dies.
And more, including:
- ANZ set to cut thousands of jobs.
- An agreement between Australia and Vanuatu stumbles over the Pacific nation’s relationship with China.
- The government’s new first home buyers scheme opens up the market to buyers.
- US politicians release Jeffrey Epstein’s birthday book, including the grubby birthday card allegedly written by Donald Trump.
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Find out more: https://fearandgreed.com.au/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Welcome to Fear and Greed business news you can use today.
Rupert and Lochlan Murdoch do a deal with other family
members to ensure Lachlan takes control of News Corp and
Fox after his father dies. A and ZED set to
cut thousands of jobs, and an agreement between Australia and
Vanuatu stumbles over the Pacific nation's relationship with China. Plus
(00:27):
the government's new First Home Buyers scheme opens up the
market to buyers, and US politicians release Jeffrey Epstein's birthday book,
including the grubby birthday card allegedly written by Donald Trump.
It is Wednesday, the tenth of September twenty twenty five.
I'm Michael Thompson and good morning Sean Aylmer.
Speaker 2 (00:44):
Morning Michael Plenty going on.
Speaker 1 (00:46):
Yeah, there certainly is the main story this morning. Lochlan
Murdoch is buying, essentially buying the family business, purchasing control
effectively of News Corp And Fox Corporation off his siblings,
ensuring that he stays in charge the media group when
his ninety four year old father, Rupert, eventually one day
passes away.
Speaker 2 (01:07):
And given that Rupert's mother lived to will over one
hundred that may not be anytime soon. Rupert Murdoch has
agreed to sell billions in shares and give them to
three of his children in exchange for Lachlan Murdock retaining control.
It resolves the high profile, long running battle between Rupert
and Lachlan on one side, and Prudence, Elizabeth and James
(01:28):
Murdoch on the other side. Lachlan will get to run
the whole show. That's News Corp, which owns book publisher
Harper Collins, a controlling stake in real estate listings Group Aria,
along with The Wall Street Journal, The Times and the
Australian newspaper Empire I think The Australian Daily, Telly, Herald, Son,
Adelaide Advertiser, etc. It's also Fox Corporation, which really is
(01:49):
the cash cow or the family empire. Under the terms
of the settlement, the Murdoch family Trust, which held forty
three percent of Fox forty one percent of News Corps
voting shares, will be dissolved to make way for four
new trusts. Lachlan and his two younger siblings, Grace and Chloe.
They're from Wendy Dang's marriage to Rupert. Those three will
(02:11):
be members of one trust, which Lachlan will control. Prudence,
Elizabeth and James will each have their own trust with
money from selling their shares in News Corp And Fox Now.
The New York Times values the deal at about three
point three billion US that's about five billion Aussie, which
means Prudence, Elizabeth and James will each receive about one
(02:31):
point one billion dollars. They've also agreed to sell any
shares have got in News Corp Or Fox Corporation and
they won't be buying anymore.
Speaker 1 (02:41):
The deal, Sean, is a bit of a shock, but
it does seem to solve the succession interest here in a.
Speaker 2 (02:48):
Such an apple word. Isn't it succession?
Speaker 1 (02:51):
Yeah? Yes, indeed in a rather radical way though, isn't
it because it effectively layers Lochlan Murdock with a significant
amount of debt and it's sures the other three siblings
will get paid out?
Speaker 2 (03:02):
Yes? I mean I suppose News Corbyn Fox have the
debt which Lachlan is responsible for, like News Corp or Loathan.
It is an incredible success story. Rupert took a single
Australian newspaper, The Advertiser in Adelaide, built it into the
world's most powerful conservative media empire over his seventy year
career that has made him an absolute political king maker
(03:24):
in some ways a cultural king maker. Family in fighting
threatened to destroy that, with Rupert and Lachlan last year
going to court to force the others to make Lachlan
chair of the business. Now. Rupert and Lochlan or Rupert
specifically argued that because Lachlan was the most conservative, he
was really the only family member that could run the
(03:44):
business without destroying value. They lost that. It was a
case in Nevada started in December nineteen December twenty twenty three.
They lost that case. This is plan B. Under the deal,
Lachlan runs News Corp And Fox, and given the deal
was done on his fifty fourth birthday and the Murdoch
Jans are long living, he could now run this company
(04:06):
for several decades now.
Speaker 1 (04:08):
Sean after the show Fear and Greed, Q and A
Today delves a little deeper into this and what it
means for the future of the Murdoch Empire. You're speaking
with Tim Burrows, who is the publisher of Unmade and Umbrella.
Speaker 2 (04:23):
That's right. I mean Tim's been in this sector for
years and years and years. He knows a lot more
about this than probably anyone else in the country in
an independent sense, and we ask him what it means
for the assets in the Murdoch Empire, what it means
for Lachlan, what it means for the others. Is a
fantastic if you want to know about this deal. And
let's face it, this is the sexiest deal in the
(04:43):
market this year, Lachlan winning over control of Fox and
News from his siblings. Well, the person who can tell
you how white so exciting is Tim Burrows. Well worth listen.
Speaker 1 (04:54):
Indeed, it's coming up after the show, so stick around
for that one. Sean A and Zed will cut three
and a half thousand jobs by September next year and
cut its use of consultants in a major restructure that
new chief executive knew No Mathos hopes will turn around
the country's fourth largest bank.
Speaker 2 (05:11):
Matos said the eight percent cut to the bank's workforce
was a very tough decision, but he needs to simplify
ain Z. He wants to ain Z to be able
to run at pace. That's one of the goals for
the organization now. Mados took the top job in May,
replacing longtime chief executive Shane Elliott, it's been a challenging
start for him. Ain Z remains under investigation by the
(05:33):
Australian Securities and Investments Commission for allegedly manipulating the market
when it sold fourteen billion dollars in government bonds in
twenty twenty three. It's also operating in a very competitive
lending end deposit market, that's business and home lending markets.
Matos said the job cuts weren't about profits, but about
reducing complexity. He added that the decision had nothing to
(05:56):
do with the increased use of artificial intelligence or technology.
Now A's a global workforce sits at almost forty three thousand,
which is more than Westpac and National Australia Bank, despite
being the smallest of the major four banks. The Finance
Sector Union called the decision unhinged and greedy, and Michael,
can I say if you want to know more about this,
(06:17):
because this is one area which I kind of I
can't pertain to knowing much about anything really, but I
do know a bit about the banks. So in the
newsletter today, I just sort of give you my view
on the future for the big four banks. On the
back of this story, Oh fantastic. If you haven't already
subscribed to the newsletter, it's entirely free. I'll put a
(06:38):
link in today's show notes all you can head along
to Fear and Greed dot com dot au local markets
sean how do they go? Yesterday this PAX two hundred
closed down half a percent to just over eighty eight
hundred points. The banks were the biggest drag on the market,
with the four majors or lower banks remain relatively expensive
on a historical basis. Investors therefore attacking profits and energy
(06:59):
stocks are also banks of a bit of corporate news
around the place. Yesterday, Telix Pharmaceuticals jumped after reaching an
agreement with the US Food and Drug Administration to resubmit
its application for approval for its brain cancer imaging agent.
BHP fell after settling a class action with Australian investors
who bought shares in the company ahead of its FUNDAO
(07:19):
DAM failure for one hundred and ten million dollars. That costs.
That's what it cost HP on all futures climb for
their sixth day at one point, though just over one
hundred and seven US dollars a ton. That's on the
back of confidence that Chinese demand will gather the momentum.
The Australian dollar jumped above sixty six US cents for
the first time since late July, as the greenback fell
in line with US bond yearls Ousie dollars about seven
(07:43):
US cents higher than it was on Liberation Day back
in April, and Michael Gold hit an all time high
of more than three thousand, six hundred and forty seven
US dollars an ounce, which beat the previous peak.
Speaker 1 (07:54):
On Monday, massive starts to the show from Murdock deals
to a and said job cuts and gold price records
quick Breakshawan will be back in a moment with the
rest of the day's business news. Sean Prime Minister Anthony
Albanezi is in Vanuatu, but there has been a delay
(08:16):
in the leaders of the two countries signing the Nakomal Agreement,
whereby Australia is expected to invest about five hundred million
dollars into Vanuatu over the next decade.
Speaker 2 (08:26):
The money is for key climate, security and economic projects
and establishes Australia as the Pacific nation's primary security and
development partner. The agreement was initially flagged for signature yesterday.
Last minute disagreements have led to a hold up in
the process. On the Vanuatan side, some members of Parliament
said more works needed on the specific wording of any agreement,
(08:50):
particularly around critical infrastructure. Now read between the lines of
flying the ointment appears to be potential restrictions around doing
deals with China. According to media reports. Benez He said
it was a matter of process, but he's confident and
agreement can be reached now.
Speaker 1 (09:06):
The chairman of the federal government's two hundred and fifty
two billion dollar investment Fund and former union boss Greg
Comba says it is futile to resist AI because of
the economic benefits that it will deliver.
Speaker 2 (09:19):
Combay, a former Labour Government minister and Australian Council of
Trade Union secretary, endorsed AI as he announced a twelve
point two percent annual return for the future Fund. His
comments comer's trade union's grapple with the introduction of AI
amid fears the technology could wipe out many jobs. Kombe
said he learnt very early on in his trade union
career that no one can stand in the way of
(09:41):
technological change. He said it's a matter for government policy
to consider how the deployment of AI may affect the workforce. Now,
the twelve point two percent return for the years through
June was fueled by strong share markets and private investments.
The Future Fund's annual gain exceeded the previous year's nine
point one percent return because total assets, as you mentioned,
(10:01):
to two fifty two billion dollars, that is a big
sovereign wealth fund. The fund has about a third of
its portfolio and global equities across developed and emerging markets. Interestingly,
it also invests in major data centers, which of course
is a central plank for the rollout of AI. So
green Combe is putting his money where his mouth.
Speaker 1 (10:20):
Is, speaking of sovereign wealth funds. I was reading an
article yesterday and I mentioned this because you are in
Europe at the moment, you were doing the show remotely
for the next oh what six weeks or so, And
the Norwegian Sovereign Wealth Fund is just like we say,
two hundred and fifty two billion dollars is big for
the Future Fund, it is nothing compared to Norway, which
(10:42):
is what two trillion dollars or something like that. It
is taggering wealth.
Speaker 2 (10:47):
It's the biggest. Well, I think we've mentioned this before.
China has two soverign wealth funds. We put them together.
It's big in the Norway, but as an individual sovereign
wealth fund, Norway, thanks to all that money from the
from oil, is kind of putting into someone will fund,
pushing its future. I was in Norway, Michael. This is
an excellent seaway, so I can just talk about myself.
(11:08):
So you've really done the reader, the listeners of disservice here.
What I found really interesting about Norway is how progressive
a country it is.
Speaker 1 (11:17):
Now.
Speaker 2 (11:17):
I wasn't in Oslo. I was in other places, but
in terms of Internet, in terms of electricity generation and
particularly the wind farms offshore, a long way ahead of
many other countries.
Speaker 1 (11:31):
I thought, wow, and that is just yea two trillion US.
So it is just it is staggering wealth and it
is an extra extraordinary country. Back home, though, Sean, we
need to talk about property. The fast tracked expansion of
the federal government's Home Guarantee Scheme effective from October one,
so what three weeks away now. It's set to significantly
(11:53):
increase the range of suburbs that are available to first
home buyers, which in turn could potentially suit charge prices.
Speaker 2 (12:01):
The number of qualifying markets under the updated scheme is
set to double, according to cotality known as core logic.
Previously nowadays totality. Under the l price caps, around a
third of markets analyzed nationally had a median value below
the respective limits, but under the new rules that's gone
from less than a third or about a third to
(12:21):
sixty three point one percent. In terms of houses v units,
fifty two percent of house markets will now fall under
the new price caps, ninety four percent of uni markets
will be Unit markets will be under the threshold. The
scheme allows eligible first time buyers to avoid lender's mortgage
insurance while purchasing a home with a five percent deposit.
The new rules that are clicking in remove income and
(12:43):
place limits, while also raising property price caps across most regions.
Totality economists Caitlin Ezzi said that the whilst demand side
policy that will undoubtedly put some upward pressure on values,
it will help create a more equitable starting point and
provide more options for those looking to get on the
property ladder.
Speaker 1 (13:03):
Okay, turning to international news, now and US politicians have
released a copy of a birthday book given to the
late convicted pedophile financier Jeffrey Epstein. In two thousand and three,
it was which includes a note allegedly signed by US
President Donald Trump. This has been talked about for some time,
and now we're seeing it.
Speaker 2 (13:22):
Yes, it's causing Trump no end of grief. The book
was released with a bunch of documents that include Epstein's
will and his personal address book with contacts that include royalty, celebrities, models,
and politicians from around the world. Lawyers for Epstein's the
State sent documents to the House Oversight Committee after being
subpoened last month, the White House denied the alleged letter
(13:42):
from Trump was authentic. It features the drawing of a
woman's body. The White House said, the President did not
draw this picture and he did not sign it. Now
it features a drawing of a woman's body. Grubby. I mean,
it's cartoonish, but grubby, shall we say. The release comes
as he president faces growing pressure, including from his own
supporters and within his own Republican party, for more transparency
(14:05):
on what investigations into Epstein uncovered. According to the BBC,
the two hundred and thirty eight page book was put
together for Epstein's fiftieth birthday by Gallaine Maxwell, his British
co conspirator and ex girlfriend who was convicted in twenty
twenty one of conspiring with him to traffic girls for sex.
Was created in two thousand and three, three years before
allegations of sex abuse by Epstein became public.
Speaker 1 (14:28):
Finally, Sean, there's a mega merger going on in the
mining industry. According to media reports, Anglo American is close
to a deal to acquire Canada's Tech Resources in what
could be the biggest mining deal in more than a decade.
It comes just after a year after Anglo rejected a
forty nine billion US dollar bid from BHP.
Speaker 2 (14:49):
As right, a combination of the two companies, Anglo and
Tech would rank among the biggest in the mining industry
and mark the culmination of several years of revived deal
making activity among the large players. According to Bloomberg, take
Itself Food off a takeover bid from Glencore a couple
of years ago. Now that failed bid, along with BHP's
failure to get Anglo American, basically kicked off a deal
(15:11):
making frenzy in the sector, driven in large part by
everyone's desire to buy copper production. Having said that a
transaction between Anglo and Tech would mark the first successful
megadeal in recent years.
Speaker 1 (15:25):
All right, good way to finish up? Next Sean is
Fear and Greed Q and A speaking with Tim Burrows
from Unmade, all about the Murdock deal that we were
discussing earlier. That's coming up next in the Fear and
Greed playlist on your podcast platform or at Fearandgreed dot
com dot au.
Speaker 2 (15:40):
Thank you Sean, Thank you Michael.
Speaker 1 (15:42):
It's Wednesday, the tenth of September twenty twenty five. Make
sure you're following the podcast and please join us online
on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson
and that was Fear and Greed. Have a great day.
Welcome to Fear and Greed business news you can use today.
Rupert and Lochlan Murdoch do a deal with other family
members to ensure Lachlan takes control of News Corp and
Fox after his father dies. A and ZED set to
cut thousands of jobs, and an agreement between Australia and
Vanuatu stumbles over the Pacific nation's relationship with China. Plus
(00:27):
the government's new First Home Buyers scheme opens up the
market to buyers, and US politicians release Jeffrey Epstein's birthday book,
including the grubby birthday card allegedly written by Donald Trump.
It is Wednesday, the tenth of September twenty twenty five.
I'm Michael Thompson and good morning Sean Aylmer.
Speaker 2 (00:44):
Morning Michael Plenty going on.
Speaker 1 (00:46):
Yeah, there certainly is the main story this morning. Lochlan
Murdoch is buying, essentially buying the family business, purchasing control
effectively of News Corp And Fox Corporation off his siblings,
ensuring that he stays in charge the media group when
his ninety four year old father, Rupert, eventually one day
passes away.
Speaker 2 (01:07):
And given that Rupert's mother lived to will over one
hundred that may not be anytime soon. Rupert Murdoch has
agreed to sell billions in shares and give them to
three of his children in exchange for Lachlan Murdock retaining control.
It resolves the high profile, long running battle between Rupert
and Lachlan on one side, and Prudence, Elizabeth and James
(01:28):
Murdoch on the other side. Lachlan will get to run
the whole show. That's News Corp, which owns book publisher
Harper Collins, a controlling stake in real estate listings Group Aria,
along with The Wall Street Journal, The Times and the
Australian newspaper Empire I think The Australian Daily, Telly, Herald, Son,
Adelaide Advertiser, etc. It's also Fox Corporation, which really is
(01:49):
the cash cow or the family empire. Under the terms
of the settlement, the Murdoch family Trust, which held forty
three percent of Fox forty one percent of News Corps
voting shares, will be dissolved to make way for four
new trusts. Lachlan and his two younger siblings, Grace and Chloe.
They're from Wendy Dang's marriage to Rupert. Those three will
(02:11):
be members of one trust, which Lachlan will control. Prudence,
Elizabeth and James will each have their own trust with
money from selling their shares in News Corp And Fox Now.
The New York Times values the deal at about three
point three billion US that's about five billion Aussie, which
means Prudence, Elizabeth and James will each receive about one
(02:31):
point one billion dollars. They've also agreed to sell any
shares have got in News Corp Or Fox Corporation and
they won't be buying anymore.
Speaker 1 (02:41):
The deal, Sean, is a bit of a shock, but
it does seem to solve the succession interest here in a.
Speaker 2 (02:48):
Such an apple word. Isn't it succession?
Speaker 1 (02:51):
Yeah? Yes, indeed in a rather radical way though, isn't
it because it effectively layers Lochlan Murdock with a significant
amount of debt and it's sures the other three siblings
will get paid out?
Speaker 2 (03:02):
Yes? I mean I suppose News Corbyn Fox have the
debt which Lachlan is responsible for, like News Corp or Loathan.
It is an incredible success story. Rupert took a single
Australian newspaper, The Advertiser in Adelaide, built it into the
world's most powerful conservative media empire over his seventy year
career that has made him an absolute political king maker
(03:24):
in some ways a cultural king maker. Family in fighting
threatened to destroy that, with Rupert and Lachlan last year
going to court to force the others to make Lachlan
chair of the business. Now. Rupert and Lochlan or Rupert
specifically argued that because Lachlan was the most conservative, he
was really the only family member that could run the
(03:44):
business without destroying value. They lost that. It was a
case in Nevada started in December nineteen December twenty twenty three.
They lost that case. This is plan B. Under the deal,
Lachlan runs News Corp And Fox, and given the deal
was done on his fifty fourth birthday and the Murdoch
Jans are long living, he could now run this company
(04:06):
for several decades now.
Speaker 1 (04:08):
Sean after the show Fear and Greed, Q and A
Today delves a little deeper into this and what it
means for the future of the Murdoch Empire. You're speaking
with Tim Burrows, who is the publisher of Unmade and Umbrella.
Speaker 2 (04:23):
That's right. I mean Tim's been in this sector for
years and years and years. He knows a lot more
about this than probably anyone else in the country in
an independent sense, and we ask him what it means
for the assets in the Murdoch Empire, what it means
for Lachlan, what it means for the others. Is a
fantastic if you want to know about this deal. And
let's face it, this is the sexiest deal in the
(04:43):
market this year, Lachlan winning over control of Fox and
News from his siblings. Well, the person who can tell
you how white so exciting is Tim Burrows. Well worth listen.
Speaker 1 (04:54):
Indeed, it's coming up after the show, so stick around
for that one. Sean A and Zed will cut three
and a half thousand jobs by September next year and
cut its use of consultants in a major restructure that
new chief executive knew No Mathos hopes will turn around
the country's fourth largest bank.
Speaker 2 (05:11):
Matos said the eight percent cut to the bank's workforce
was a very tough decision, but he needs to simplify
ain Z. He wants to ain Z to be able
to run at pace. That's one of the goals for
the organization now. Mados took the top job in May,
replacing longtime chief executive Shane Elliott, it's been a challenging
start for him. Ain Z remains under investigation by the
(05:33):
Australian Securities and Investments Commission for allegedly manipulating the market
when it sold fourteen billion dollars in government bonds in
twenty twenty three. It's also operating in a very competitive
lending end deposit market, that's business and home lending markets.
Matos said the job cuts weren't about profits, but about
reducing complexity. He added that the decision had nothing to
(05:56):
do with the increased use of artificial intelligence or technology.
Now A's a global workforce sits at almost forty three thousand,
which is more than Westpac and National Australia Bank, despite
being the smallest of the major four banks. The Finance
Sector Union called the decision unhinged and greedy, and Michael,
can I say if you want to know more about this,
(06:17):
because this is one area which I kind of I
can't pertain to knowing much about anything really, but I
do know a bit about the banks. So in the
newsletter today, I just sort of give you my view
on the future for the big four banks. On the
back of this story, Oh fantastic. If you haven't already
subscribed to the newsletter, it's entirely free. I'll put a
(06:38):
link in today's show notes all you can head along
to Fear and Greed dot com dot au local markets
sean how do they go? Yesterday this PAX two hundred
closed down half a percent to just over eighty eight
hundred points. The banks were the biggest drag on the market,
with the four majors or lower banks remain relatively expensive
on a historical basis. Investors therefore attacking profits and energy
(06:59):
stocks are also banks of a bit of corporate news
around the place. Yesterday, Telix Pharmaceuticals jumped after reaching an
agreement with the US Food and Drug Administration to resubmit
its application for approval for its brain cancer imaging agent.
BHP fell after settling a class action with Australian investors
who bought shares in the company ahead of its FUNDAO
(07:19):
DAM failure for one hundred and ten million dollars. That costs.
That's what it cost HP on all futures climb for
their sixth day at one point, though just over one
hundred and seven US dollars a ton. That's on the
back of confidence that Chinese demand will gather the momentum.
The Australian dollar jumped above sixty six US cents for
the first time since late July, as the greenback fell
in line with US bond yearls Ousie dollars about seven
(07:43):
US cents higher than it was on Liberation Day back
in April, and Michael Gold hit an all time high
of more than three thousand, six hundred and forty seven
US dollars an ounce, which beat the previous peak.
Speaker 1 (07:54):
On Monday, massive starts to the show from Murdock deals
to a and said job cuts and gold price records
quick Breakshawan will be back in a moment with the
rest of the day's business news. Sean Prime Minister Anthony
Albanezi is in Vanuatu, but there has been a delay
(08:16):
in the leaders of the two countries signing the Nakomal Agreement,
whereby Australia is expected to invest about five hundred million
dollars into Vanuatu over the next decade.
Speaker 2 (08:26):
The money is for key climate, security and economic projects
and establishes Australia as the Pacific nation's primary security and
development partner. The agreement was initially flagged for signature yesterday.
Last minute disagreements have led to a hold up in
the process. On the Vanuatan side, some members of Parliament
said more works needed on the specific wording of any agreement,
(08:50):
particularly around critical infrastructure. Now read between the lines of
flying the ointment appears to be potential restrictions around doing
deals with China. According to media reports. Benez He said
it was a matter of process, but he's confident and
agreement can be reached now.
Speaker 1 (09:06):
The chairman of the federal government's two hundred and fifty
two billion dollar investment Fund and former union boss Greg
Comba says it is futile to resist AI because of
the economic benefits that it will deliver.
Speaker 2 (09:19):
Combay, a former Labour Government minister and Australian Council of
Trade Union secretary, endorsed AI as he announced a twelve
point two percent annual return for the future Fund. His
comments comer's trade union's grapple with the introduction of AI
amid fears the technology could wipe out many jobs. Kombe
said he learnt very early on in his trade union
career that no one can stand in the way of
(09:41):
technological change. He said it's a matter for government policy
to consider how the deployment of AI may affect the workforce. Now,
the twelve point two percent return for the years through
June was fueled by strong share markets and private investments.
The Future Fund's annual gain exceeded the previous year's nine
point one percent return because total assets, as you mentioned,
(10:01):
to two fifty two billion dollars, that is a big
sovereign wealth fund. The fund has about a third of
its portfolio and global equities across developed and emerging markets. Interestingly,
it also invests in major data centers, which of course
is a central plank for the rollout of AI. So
green Combe is putting his money where his mouth.
Speaker 1 (10:20):
Is, speaking of sovereign wealth funds. I was reading an
article yesterday and I mentioned this because you are in
Europe at the moment, you were doing the show remotely
for the next oh what six weeks or so, And
the Norwegian Sovereign Wealth Fund is just like we say,
two hundred and fifty two billion dollars is big for
the Future Fund, it is nothing compared to Norway, which
(10:42):
is what two trillion dollars or something like that. It
is taggering wealth.
Speaker 2 (10:47):
It's the biggest. Well, I think we've mentioned this before.
China has two soverign wealth funds. We put them together.
It's big in the Norway, but as an individual sovereign
wealth fund, Norway, thanks to all that money from the
from oil, is kind of putting into someone will fund,
pushing its future. I was in Norway, Michael. This is
an excellent seaway, so I can just talk about myself.
(11:08):
So you've really done the reader, the listeners of disservice here.
What I found really interesting about Norway is how progressive
a country it is.
Speaker 1 (11:17):
Now.
Speaker 2 (11:17):
I wasn't in Oslo. I was in other places, but
in terms of Internet, in terms of electricity generation and
particularly the wind farms offshore, a long way ahead of
many other countries.
Speaker 1 (11:31):
I thought, wow, and that is just yea two trillion US.
So it is just it is staggering wealth and it
is an extra extraordinary country. Back home, though, Sean, we
need to talk about property. The fast tracked expansion of
the federal government's Home Guarantee Scheme effective from October one,
so what three weeks away now. It's set to significantly
(11:53):
increase the range of suburbs that are available to first
home buyers, which in turn could potentially suit charge prices.
Speaker 2 (12:01):
The number of qualifying markets under the updated scheme is
set to double, according to cotality known as core logic.
Previously nowadays totality. Under the l price caps, around a
third of markets analyzed nationally had a median value below
the respective limits, but under the new rules that's gone
from less than a third or about a third to
(12:21):
sixty three point one percent. In terms of houses v units,
fifty two percent of house markets will now fall under
the new price caps, ninety four percent of uni markets
will be Unit markets will be under the threshold. The
scheme allows eligible first time buyers to avoid lender's mortgage
insurance while purchasing a home with a five percent deposit.
The new rules that are clicking in remove income and
(12:43):
place limits, while also raising property price caps across most regions.
Totality economists Caitlin Ezzi said that the whilst demand side
policy that will undoubtedly put some upward pressure on values,
it will help create a more equitable starting point and
provide more options for those looking to get on the
property ladder.
Speaker 1 (13:03):
Okay, turning to international news, now and US politicians have
released a copy of a birthday book given to the
late convicted pedophile financier Jeffrey Epstein. In two thousand and three,
it was which includes a note allegedly signed by US
President Donald Trump. This has been talked about for some time,
and now we're seeing it.
Speaker 2 (13:22):
Yes, it's causing Trump no end of grief. The book
was released with a bunch of documents that include Epstein's
will and his personal address book with contacts that include royalty, celebrities, models,
and politicians from around the world. Lawyers for Epstein's the
State sent documents to the House Oversight Committee after being
subpoened last month, the White House denied the alleged letter
(13:42):
from Trump was authentic. It features the drawing of a
woman's body. The White House said, the President did not
draw this picture and he did not sign it. Now
it features a drawing of a woman's body. Grubby. I mean,
it's cartoonish, but grubby, shall we say. The release comes
as he president faces growing pressure, including from his own
supporters and within his own Republican party, for more transparency
(14:05):
on what investigations into Epstein uncovered. According to the BBC,
the two hundred and thirty eight page book was put
together for Epstein's fiftieth birthday by Gallaine Maxwell, his British
co conspirator and ex girlfriend who was convicted in twenty
twenty one of conspiring with him to traffic girls for sex.
Was created in two thousand and three, three years before
allegations of sex abuse by Epstein became public.
Speaker 1 (14:28):
Finally, Sean, there's a mega merger going on in the
mining industry. According to media reports, Anglo American is close
to a deal to acquire Canada's Tech Resources in what
could be the biggest mining deal in more than a decade.
It comes just after a year after Anglo rejected a
forty nine billion US dollar bid from BHP.
Speaker 2 (14:49):
As right, a combination of the two companies, Anglo and
Tech would rank among the biggest in the mining industry
and mark the culmination of several years of revived deal
making activity among the large players. According to Bloomberg, take
Itself Food off a takeover bid from Glencore a couple
of years ago. Now that failed bid, along with BHP's
failure to get Anglo American, basically kicked off a deal
(15:11):
making frenzy in the sector, driven in large part by
everyone's desire to buy copper production. Having said that a
transaction between Anglo and Tech would mark the first successful
megadeal in recent years.
Speaker 1 (15:25):
All right, good way to finish up? Next Sean is
Fear and Greed Q and A speaking with Tim Burrows
from Unmade, all about the Murdock deal that we were
discussing earlier. That's coming up next in the Fear and
Greed playlist on your podcast platform or at Fearandgreed dot
com dot au.
Speaker 2 (15:40):
Thank you Sean, Thank you Michael.
Speaker 1 (15:42):
It's Wednesday, the tenth of September twenty twenty five. Make
sure you're following the podcast and please join us online
on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael Thompson
and that was Fear and Greed. Have a great day.
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