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Speaker 1: Today on Fear and Greed. Richard White steps down a

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Speaker 1: CEO of Wise Tech Global after a series of allegations

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Speaker 1: about his personal life. China accuses Australia of systemic racism

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Speaker 1: and hate crimes, and the big banks split over lending rules.

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Speaker 1: All this plus plenty of market news. Welcome to Fear

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Speaker 1: and Greed. Daily business news for people who make their

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Speaker 1: own decisions. It's Friday, the twenty fifth of October twenty

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Speaker 1: twenty four. I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning. The founder and CEO of

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Speaker 1: Wise Tech Global, Richard White, has resigned, effective immediately, after

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Speaker 1: two weeks of revelations about his personal life and a

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Speaker 1: thirty percent drop in the company's share price.

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Speaker 2: In a statement last night, mister White said it has

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Speaker 2: been a challenging time for him, his family and friends,

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Speaker 2: and he remains committed to the company. He founded Wise

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Speaker 2: Tech Global thirty five years ago. He's been running it

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Speaker 2: for that long, of course. This follows a series of

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Speaker 2: allegations over the past ten days or so. It started

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Speaker 2: in a legal dispute with Sydney Willness entrepreneur Linda Rogan.

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Speaker 2: She claims that mister White agreed to help fund her

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Speaker 2: business but expected sexual favors in return. That lawsuit was settled.

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Speaker 2: There are also allegations that he approached female entrepreneurs on

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Speaker 2: social media with offers of professional support that could later

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Speaker 2: shift to crude or suggestive language. Nine Media reported that

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Speaker 2: mister White had a lengthy relationship with an employee named

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Speaker 2: Christine Kontos. Miss Kontos was recruited by mister White after

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Speaker 2: the start of their relations At the relationship back in

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Speaker 2: twenty sixteen, he gave her a luxury waterfront mansion worth

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Speaker 2: seven million dollars in Melbourne's Docklands at the end of

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Speaker 2: the relationship, according to nine In fact, there were three

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Speaker 2: properties that have emerged over the past couple of weeks

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Speaker 2: that were purchased by mister White that were allegedly given

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Speaker 2: to women that he had relationship ships with. Also nine

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Speaker 2: Yesterday alleged that a former director of Wise Tech Global

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Speaker 2: who left the business in twenty nineteen accused mister White

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Speaker 2: of intimidation, bulling in overseeing poor corporate governance. Ultimately, that's

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Speaker 2: why she left the business. So you can imagine with

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Speaker 2: all that swirling around and they are allegations that mister

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Speaker 2: White decided to step down.

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Speaker 1: Why do you think he went in the end? Do

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Speaker 1: you reckon this was a personal decision or was was

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Speaker 1: he forced out?

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Speaker 2: We're never going to know that. Ahead of the announcement yesterday,

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Speaker 2: which came after the market close, WHY'STEP Global's share price

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Speaker 2: hit a two month low, falling below one hundred dollars

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Speaker 2: a share. Now it's down almost thirty percent twenty eight

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Speaker 2: twenty nine percent over the past couple of weeks. On

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Speaker 2: the backs of all these allegations, there would have been

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Speaker 2: intense personal pressure on him. Though he has run this

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Speaker 2: business for thirty years, obviously it's his baby. I would

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Speaker 2: imagine there would be enormous pressure from big investors super

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Speaker 2: funds who do not like companies involved in this type

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Speaker 2: of stuff. Also, some of the industry bodies had suggested

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Speaker 2: that mister White would no longer be representing them, so

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Speaker 2: that would put pressure on him. Don't know that who

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Speaker 2: is forced or personal, But there was just so much

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Speaker 2: going on that it was probably inevitable that he did

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Speaker 2: step down.

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Speaker 1: Yeah, it did seem that way. There was just so

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Speaker 1: much coverage and so many new revelations and allegations coming

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Speaker 1: out that it did have that slightly inevitable feel to

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Speaker 1: it now Sean moving on, China has accused Australia of

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Speaker 1: systemic racism and hate crimes, as well as hypocrisy after

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Speaker 1: an Australian diplomat raised concerns about human rights abuses in

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Speaker 1: Shinjiang and Tibet.

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Speaker 2: Yeah so Chinese. China's Foreign Ministry spokesperson denounced Australia for

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Speaker 2: criticizing China publicly that occurred in the United Nations Forum

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Speaker 2: earlier in the week. The spokesperson said, and I quote,

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Speaker 2: out of their ideological bias, Australia, the US and a

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Speaker 2: handful of other Western countries stoked confrontation at multilateral platforms

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Speaker 2: for their selfish political interest. He went on to say

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Speaker 2: about Australia specifically, Australia, long plagued by systemic racism and

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Speaker 2: hate crimes, have severely violated the rights of refugees and

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Speaker 2: immigrants and left indigenous people with vulnerable living conditions. Michael,

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Speaker 2: there was more Australian and I quote Australian soldiers have

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Speaker 2: committed abhorrent crimes in Afghanistan and other countries during their

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Speaker 2: military operations. Overseas. These Western countries turn a blind eye

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Speaker 2: to their severe human rights issues at home, but in

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Speaker 2: the meantime point their fingers at other countries. This says

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Speaker 2: a lot about their hypocrisy on human rights.

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Speaker 1: Sean, we were just talking about China earlier in the

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Speaker 1: week and the amount of wine that's being exported to China.

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Speaker 1: This feels like a really sharp shift, isn't it.

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Speaker 2: Yeah. I mean the whole idea that we're going through

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Speaker 2: a period of stabilization, which is a phrase that the

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Speaker 2: Alberanzi government uses, probably hides the fact that underneath the

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Speaker 2: surface there are still real tensions. Things improved when Anthony

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Speaker 2: Albanize became Prime Minister, and of course under the Morrison

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Speaker 2: government they were about well, exports worth twenty million dollars

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Speaker 2: worth of exports were hit with tariffs. They've slowly been

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Speaker 2: reduced and I think they're pretty much all. I think

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Speaker 2: it's about five hundred million dollars left of tariff's. We

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Speaker 2: had the story earlier in the week about whine experts

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Speaker 2: doing so well, So yes, I mean it is sort

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Speaker 2: of a sharp turnaround. But I think underneath the surface

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Speaker 2: there's always been this issue bubbling along for his part,

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Speaker 2: Prime Mister Anthony Alberzi yesterday said Australia has been clear

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Speaker 2: and consistent with China over its concerns about human rights abuses.

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Speaker 1: Okay, big start to the show. We'll be back in

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

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Speaker 1: Sean Prime Minister Anthony Albanesi is in Samoa for the

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Speaker 1: the Commonwealth Heads of Government Meeting Chogham. Childhom terrible terrible acronym,

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Speaker 1: isn't it, and said acknowledging climate change is the entry

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Speaker 1: fee for credibility.

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Speaker 2: You know, I didn't think we were still arguing about

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Speaker 2: climate change. I thought we all agreed that it was real.

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Speaker 1: It did feel like the science had been settled on

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Speaker 1: that one.

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Speaker 2: Yeah. I mean, obviously climate change is front and center

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Speaker 2: at any Chogham meeting, particularly in the Pacific, because countries

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Speaker 2: like Tubalu and Cubus are actually at real threat from

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Speaker 2: climate change of not existing. So I'm sure that'll be

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Speaker 2: front and center. What will be interesting, or among the

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Speaker 2: many interesting things at Choggham, Michael, is that the Prime

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Speaker 2: Minister will meet for the first time the new British

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Speaker 2: Prime Minister Keir Starmer. They're likely to talk about climate change,

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Speaker 2: energy policy, and of course ucas Penny Wong's also over there.

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Speaker 2: Just of note yesterday she said that it's a grave

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Speaker 2: concern the reports at North Korea is aiding Russia by

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Speaker 2: sending troops to help in the fight against Ukraine.

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Speaker 1: Yeah, they're quite sinis to photos as you see those

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Speaker 1: kind of circulating online of the Russian flag and the

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Speaker 1: North Korean flag side by side, and it does just

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Speaker 1: raise a few alarms.

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Speaker 2: And at the moment, Hi ching Ping is in Russia

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Speaker 2: visiting Ladimir Putin. There is a grouping which it used

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Speaker 2: to be known as the Bricks Countries, but that's sort

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Speaker 2: of falling a part of the Bricks countries. But there

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Speaker 2: are still North Korea being one, Russia, China who are

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Speaker 2: gathering and trying to kind of come up with some

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Speaker 2: multi multilateral organization to work essentially against the US and

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Speaker 2: it's allies. So very very tense times in terms of

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Speaker 2: geopolitics at the moment. Yeah.

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Speaker 1: Indeed, now back home, nuclear power in Australia SEAN will

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Speaker 1: take fifteen years to develop. According to the head of

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Speaker 1: the Australian Radiation Protection and Nuclear Safety Agency.

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Speaker 2: Jillian Herts, estimate doesn't support the coalition's claims that nuclear

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Speaker 2: power can be ready in Australia by twenty thirty seven.

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Speaker 2: Mind you, she did agree that the Atomic Energy Agency

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Speaker 2: said that new entrants could take just ten years. She

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Speaker 2: said she thought it was more like fifteen years. Another

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Speaker 2: fly in the ointment which emerged yesterday was the boss

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Speaker 2: of the Energy Regulator. So Gillian Hirth is the Nuclear

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Speaker 2: Safety Agency, Claire Savage is the Energy Regulator. She said

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Speaker 2: that developing the regulatory framework for nuclear if you're going

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Speaker 2: to consult, and we are a democracy, there will be

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Speaker 2: a consultation process that'll take about eight years. Those eight

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Speaker 2: years plus fifteen years twenty three years. That's a long

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Speaker 2: time before we're going to get nuclear.

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Speaker 1: Just imagining what a fly in nuclear ointment would look like,

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Speaker 1: seans got about nine legs and half a dozen wings. Anyway,

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Speaker 1: a bit of a public service announcement here, Sean, if

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Speaker 1: you're flying conscious today, you better check that your flight

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Speaker 1: is still scheduled because six hundred engineers are expected to

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Speaker 1: stop work throughout the day.

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Speaker 2: Quantas has its annual general meeting in Hobart. Now this

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Speaker 2: industrial action coincides with that there are two sets of

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Speaker 2: four hour stopworks in Sydney, in Brisbane, in Hobart and

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Speaker 2: in Perth. Engineers are the guys that conduct the pre

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Speaker 2: flight safety checks, ground support planners, simulators, that type of stuff.

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Speaker 2: We like the engineers, We need them. They want a

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Speaker 2: twenty five percent pay rise over three years. Sounds a lot,

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Speaker 2: but actually their wages have been frozen for almost four

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Speaker 2: years now. So if you are flying quantas, just check

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Speaker 2: to make sure your flight's taking off.

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Speaker 1: How about this one Seawan. There's a staush going on

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Speaker 1: between the big banks at the moment, with Commonwealth Bank

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Speaker 1: and Westpac supporting current guidelines around home landing, while NAB

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Speaker 1: and the Australian Bankers Association want the rules eased.

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Speaker 2: A big bank stoush Pretty good, isn't it?

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Speaker 1: Or about a big big bank barney or.

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Speaker 2: That'd be better. There's a barney going on between the

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Speaker 2: big banks. A big bank barney, Yeah, I like it.

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Speaker 2: It's all about that serviceability serviceability buffer. We taught you

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Speaker 2: to talk that in COVID days. We spoke a lot

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Speaker 2: about that. It's now three percent. It's the amount of

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Speaker 2: lender needs to be able to service when getting alan.

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Speaker 2: So if you're charged seven percent for a homeland that's

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Speaker 2: your interest rate. The bank checks to make sure that

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Speaker 2: you'd be able to repay the loan if you were

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Speaker 2: charged ten percent seven plus three ten percent. And the

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Speaker 2: argument is that is that three percent still relevant. It

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Speaker 2: was introduced when interest rates were really, really low, and

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Speaker 2: so what National Australian Bank and the Australian Bankers Association

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Speaker 2: argue is that it should be reduced because the interest

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Speaker 2: rates are higher now, they're not going to go up

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Speaker 2: by another three percent. Therefore, we don't need such a

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Speaker 2: large serviceability buffer that would help people like first home buyers. However, yes,

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Speaker 2: so the Commonwealth Bank and Westpac came out and said

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Speaker 2: it's prudent to keep that serviceability buffer. They said that

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Speaker 2: the answer to the homelan crisis isn't to put more

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Speaker 2: peaceeople into debt. Not often do you see the big

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Speaker 2: banks disagreeing with each other on these sorts of policy.

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Speaker 1: Issues, Sean, There was plenty of corporate news around yesterday

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Speaker 1: were spoiled for corporate waterscu's share price fell three point

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Speaker 1: two percent after quarterly production updates showed that tonnage of

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Speaker 1: iron ore shipped was down during the September quarter compared

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Speaker 1: to the June quarter yes.

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Speaker 2: So that sent ford Escu's share price down. Also from

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Speaker 2: the market, Newmont's share price tumbled six point four percent

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Speaker 2: after a disappointing quarterly earnings report on Wall Street. Remember,

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Speaker 2: Newmont bought New Crest and mostly that companies traded in

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Speaker 2: the US nowadays, but it does own New Crest assets.

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Speaker 2: HMC Capital halted its shares as it prepares to raise

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Speaker 2: three hundred million dollars to put towards a near two

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Speaker 2: billion dollar acquisition of Sydney data center owner Global Switch.

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Speaker 2: Australia Data centers are all the rage. Branbles provided an

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Speaker 2: underwhelming training update. Its share price fell two percent. Reese

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Speaker 2: Plumbing share price fell seven and a half percent after

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Speaker 2: it said the trading environment was challenging. It was the

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Speaker 2: worst performer of the top two hundred Better Use for

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Speaker 2: Furniture group of Dares, which said sales were stronger in

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Speaker 2: the past sixteen weeks or so. That triggered a twelve

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Speaker 2: and a half percent jump in its share price By

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Speaker 2: the end of the day. With all that going on,

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Speaker 2: s and PA six two hundred did nothing, up slightly

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Speaker 2: to eighty two hundred and six points.

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Speaker 1: It's light point of order. Here, Sean. Would we describe

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Speaker 1: a Dares as a furniture group or is it more

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Speaker 1: of Manchester group? I mean, I now I know I'm

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Speaker 1: splitting yeah, because.

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Speaker 2: Really I was able to say light furniture. Yeah.

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Speaker 1: Now, all I know is that I regularly see A

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Speaker 1: Dares charges on our credit card at home, and typically

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Speaker 1: it coincides with either sheets or towels arriving on the doorstep.

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Speaker 1: And I'm just making that assumption from there that they

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Speaker 1: are in fact a Manchester retailer.

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Speaker 2: Yeah. No, it's probably a better call. I'd say they're

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Speaker 2: more Manchester than no word we use enough any more, Manchester,

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Speaker 2: is it? No?

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Speaker 1: No, it feels like it's a little bit kind of

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Speaker 1: gender specific.

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Speaker 2: Parsee. Yes, well, I grew up in Well a while ago,

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Speaker 2: and I worked at Woolworth's Variety store in Orange and

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Speaker 2: we had a Manchester apartment. There's the only reason I

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Speaker 2: know the word. I think.

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Speaker 1: Have we never talked about where you worked when you

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Speaker 1: were growing up in Orange? It feels like we've talked

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Speaker 1: about everything else, but we've never explored this part of

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Speaker 1: what it was like in nineteen thirties Australia.

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Speaker 2: Can I tell you about an interview Can I tell

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Speaker 2: you about an interview I've got after the show? Yeah?

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Speaker 1: Please please, Yeah.

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Speaker 2: It's with Michael McCarthy from Moomoo. It's part of our

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Speaker 2: series with Moumo, who's a great supporter of our podcast.

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Speaker 2: This time we're talking about stock screeners. It's really interesting.

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Speaker 2: It's strategies you can follow when investing. So in the

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Speaker 2: interview with Michael, we talk about if you want a

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Speaker 2: strategy that you're chasing high dividend stocks, be like Warren Buffett.

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Speaker 2: There's a Warren Buffett strategy. If you want to chase

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Speaker 2: undervalued bank stocks. What murmou do is use AI artificial

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Speaker 2: intelligence to provide kind of guidelines and parameters for how

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Speaker 2: you can follow those strategies. It's really interesting.

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Speaker 1: Yeah, it certainly is. It's coming up after the show.

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Speaker 1: Sean super Retail held its AGM yesterday and provided a

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Speaker 1: soft sales update I'd say sending at share price down

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Speaker 1: five point four percent.

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Speaker 2: Yes, so super Retail owned Super Cheap Auto Rebel BCF

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Speaker 2: and Macpak. It held its AGM yesterday in Brisbane, basically

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Speaker 2: said the outlook is fairly uncertain or there's uncertainty about

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Speaker 2: the outlook. What it does mean is there will be

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Speaker 2: more discounts across the stores. Love a good discount, rebel

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Speaker 2: got to tell you, mind you. Super Retail has its

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Speaker 2: own corporate governance challenges. At the moment, Assek is investigating

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Speaker 2: treatment of two former high profile executives turn whistleblowers at

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Speaker 2: the company. It's also facing allegations concerning bullying and harassment,

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Speaker 2: and claims that the chief executive officer, Anthony Hereti, was

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Speaker 2: having an affair with the head of human resources. They're

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Speaker 2: all ongoing all allegations, but it has some corporate governance

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Speaker 2: issues as well.

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Speaker 1: Turning to international news now and Tesla's share price jumped

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Speaker 1: twelve percent in after hours trading after the electric vehicle

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Speaker 1: group recorded a surprise jump in its September quarter profit.

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Speaker 2: Yes so net income jump seventeen percent, helped by more

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Speaker 2: electric vehicle sales and a higher profit margin. Elon Musk

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Speaker 2: forecast a big jump in earnings next year. In fact,

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Speaker 2: he said EV sales could grow twenty to thirty percent

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Speaker 2: next year on the back of lower prices and a

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Speaker 2: meaningful impact from lower interest rates. Most people finance and

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Speaker 2: EV and when you've got lower interest rates, it's cheaper.

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Speaker 2: Tesla is easily the most valuable car maker in the world.

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Speaker 2: It's we're about one trillion Aussie dollars. Mind you, share

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Speaker 2: price is about half of what it was through years ago.

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Speaker 1: Sean, I find this next story quite staggering. Nearly twenty

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Speaker 1: five million Americans, so that's nearly the population of Australia

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Speaker 1: have already cast their vote ahead of the presidential election,

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Speaker 1: which isn't for another ten days or so Tuesday weekendays. Yeah,

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Speaker 1: with record levels of early voting in some battleground states,

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Speaker 1: these are the key ones to watch.

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Speaker 2: Yes, so North Carolina and Georgia have had record postal voting,

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Speaker 2: but the authorities over there said basically it's huge amounts

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Speaker 2: of postal voting. I don't know which side that helps.

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Speaker 2: The Poles still have the candidates neck in neck. What

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Speaker 2: has emerged in recent days is some of the things

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Speaker 2: Karmala Harris. She keeps saying, I won't be another Joe

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Speaker 2: Biden administration. It just seems that Joe Biden seems like

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Speaker 2: a drag on Karmala Harris. Pennsylvania is definitely getting the

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Speaker 2: most attention from both the Trump and Harris camp. Seems

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Speaker 2: to be the most important state of all At the moment,

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Speaker 2: Harris has a very very small lead, according to the

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Speaker 2: New York Times, less than one percent. It's obviously within

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Speaker 2: the margin of area. There.

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Speaker 1: One last story, this is interesting in the US, there

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Speaker 1: are growing concerns about the big supermarkets introducing surge pricing,

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Speaker 1: which we'd all be very familiar with from ubers when

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Speaker 1: you try and get an Uber on a Friday or

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Speaker 1: a Saturday night and suddenly the price shoots up kind

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Speaker 1: of one point eight times. Not bitter about anything there,

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Speaker 1: sean meaning that supermarket shoppers will find higher prices on

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Speaker 1: different items at different times of the day.

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Speaker 2: Yeah, next level from what's going on here, no doubt

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Speaker 2: about politicians or democratic politicians of the US claimed that Kroger,

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Speaker 2: which has twenty eight hundred stores, use digital price tags

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Speaker 2: that allow for dynamic pricing. They go further, The politicians

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Speaker 2: claim that facial recognition technology could be considered in pricing

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Speaker 2: decisions as well. This is according to a New York

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Speaker 2: Times story. Now Krager said it's not happening. Walmart, which

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Speaker 2: has forty six hundred stores, said it also has the

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Speaker 2: technology and it's not using it for pricing. These what

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Speaker 2: they call electronic shelf labels are definitely being deployed across

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Speaker 2: the country. The thing is that Kroger's explanation, I mean,

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Speaker 2: it didn't kind of play that well. Basically, the politicians

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Speaker 2: asked Kraiger whether it would use the tags to raise

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Speaker 2: prices when it sees it fit in order to maximize profit.

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Speaker 2: Rather than saying no, Craiger came out and said the

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Speaker 2: new price tags were and I quote designed to lower

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Speaker 2: prices for more customers where it matters most. So rather

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Speaker 2: than raising prices, they're kind of saying we might lower prices,

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Speaker 2: But doesn't that mean that it could raise prices. I

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Speaker 2: think that's what's really got it going. Yeah, it's got

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Speaker 2: to go really fascinating. They'd like to have facial recognition,

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Speaker 2: and I'm not saying the supermarket's going to do it,

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Speaker 2: but the potential is there have this facial recognition and say, ah,

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Speaker 2: this person always spends a lot of money, let's charge

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Speaker 2: it more.

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Speaker 1: Oh that is extraordinary, And it actually feels like a

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Speaker 1: bit of a slippery slope.

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Speaker 2: Yeah, totally totally. And I stressed Craig and wil Matsa,

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Speaker 2: we're not doing it right. But the politicians in.

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Speaker 1: The US push an amazing story. Up next is the

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Speaker 1: Fear and Greed Daily Interview. You're speaking today with Michael

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Speaker 1: McCarthy from MUMU. It is coming up in the Fear

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Speaker 1: and Greed playlist on your podcast platform or at Fearangreed

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Speaker 1: dot com dot au.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Friday, the twenty fifth of October twenty twenty four.

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

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. I'm Michael

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