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Speaker 1: Nine chair Peter Costello steps down after his altercation with

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Speaker 1: the journalist Last week. Guzmany Gomez to raise more than

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Speaker 1: three hundred million dollars when it lists and the world's

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Speaker 1: most precious stamp collection to go on sale. Welcome to

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

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Speaker 1: their own decisions. It is Monday, the tenth of June

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

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Speaker 2: Good morning, Michael.

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Speaker 1: Sean. Most of the country, with the exception of Wa

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Speaker 1: and Queensland, is enjoying a public holiday today for the

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Speaker 1: King's birthday. Today show is a little brief of the normal,

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Speaker 1: but we still got a big story to start the show.

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Speaker 1: Former Treasurer of Peter Costello has stepped down as chair

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Speaker 1: of Nine Entertainment Days after an altercation with a journalist

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Speaker 1: in Canberra Airport.

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Speaker 2: Yes. In that altercation, the journalist ended up on the

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Speaker 2: ground and it appear that mister Castillo vied into him.

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Speaker 2: The journalist was being very pisky, but he was videoing

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Speaker 2: it all and suddenly he ended up on his back side.

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Speaker 2: The former politic has been in charge of nine for

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Speaker 2: eight years and He will be succeeded by the group's

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Speaker 2: deputy chair, casts from West. Mister Castello presided over Nine

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Speaker 2: during a very turbulent eight years for media more broadly,

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Speaker 2: advertising revenue has been shifting away from traditional media towards

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Speaker 2: major tech platforms like Google, YouTube, Facebook, Instagram, TikTok, etc.

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Speaker 2: His exit was somewhat surprising, and it follows a board

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Speaker 2: meeting on Friday. Of course, the CEO, Mike Sneezeby is

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Speaker 2: also under pressure as a result of some of the

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Speaker 2: behavior of members of the nine team. Nine's share price

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Speaker 2: closed down on Friday at a dollar forty. It's down

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Speaker 2: thirty percent this calendar year, so it's been a very

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Speaker 2: very rough trot for the organization. For the chair Peter Costello,

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Speaker 2: who's now stepped aside. CEO Mike Sneezeby is still there,

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Speaker 2: but he's definitely under pressure.

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Speaker 1: Yes, John is probably worth a listen to an interview

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Speaker 1: that we did last week late last week with Tim Burrows,

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Speaker 1: who is a media commentator knows everything in the media

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Speaker 1: so well really on the broader outlook for media companies

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Speaker 1: more broadly, and Nine was one of the ones that

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Speaker 1: you spoke to him about.

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Speaker 2: Yeah, Nine has really struggled share price wise, and so

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Speaker 2: I asked him what he thinks the long term prognosis

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Speaker 2: is for the company. It is well worth listened just

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Speaker 2: to hear what Tim reckons the outlook is for nine

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Speaker 2: and sevens. The other big one which we talked about.

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Speaker 1: Yeah, you'll find that one in the playlist, the Fear

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Speaker 1: and grad playlist. It was published towards the end of

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Speaker 1: last week. Now sean checking markets thanks to blue chip

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Speaker 1: communication the experts helping financial services companies market communicate and grow.

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Speaker 1: Where do we finish up last week?

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Speaker 2: The S and PA six two hundred closed half a

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Speaker 2: percent higher on Friday. It finished at eight hundred and

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Speaker 2: sixty points. It meant the gains across the full week

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Speaker 2: was two percent on Friday. It was the iron ore

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Speaker 2: miners that did particularly well. They had fallen earlier in

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Speaker 2: the week, but it turned around anroe ore prices helped

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Speaker 2: that along. It's pretty solid five days all and all,

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Speaker 2: and if you take it all together, it really was

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Speaker 2: the banks that was drive the market last week, helped

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Speaker 2: by renewed confidence the next move in interest rates will

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Speaker 2: be down now. Having said that, strong jobs data in

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Speaker 2: the US over the weekend suggests a fairly solid economy

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Speaker 2: in the US and that sent Wall Street lower. So

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Speaker 2: when our markets open tomorrow they are probably going to

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Speaker 2: be under some pressure. For all of last week, Wall

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Speaker 2: Street was up the S and P five hundred free

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Speaker 2: broad based index. It was that one point three percent.

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Speaker 2: The t TV nastaate jump two point four percent. Not

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Speaker 2: a lot going on in commodity markets. Over the past

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Speaker 2: forty eight hours or so. The Aussie dollar has slipped

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Speaker 2: below sixty six US since Sean.

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Speaker 1: We've still got a fair bit to cover this morning,

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Speaker 1: but a quick mention of two interviews we have coming

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Speaker 1: up after the show, the first of course being Stephen

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Speaker 1: Cocoulis for Fear and Greed, the Weak Ahead. He's always excited, Stephen.

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Speaker 2: Always excited. Talk about the growth numbers last week that

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Speaker 2: was very fascinating and what's going to happen this week

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Speaker 2: with labor force numbers due out.

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Speaker 1: And then after that something a little bit different. You're

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Speaker 1: speaking with Michael Whip, who is better known to many

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Speaker 1: people as Whipper, one third of the Nova Sydney breakfast

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Speaker 1: show Fitzie and Whipper with Kate Richie.

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Speaker 2: A lovely fella, very entertaining at the moment. He's really

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Speaker 2: hoping to gather a ground swell of support to encourage

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Speaker 2: the government to lift the age from thirteen to sixteen

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Speaker 2: years that people are allowed to use or children are

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Speaker 2: allowed to use social media, and it's called thirty six months.

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Speaker 2: That's the difference between that age of thirteen and sixteen.

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Speaker 2: He is quite passionate about the need to help kids

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Speaker 2: understand themselves before they get too involved in social media.

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Speaker 2: It is a great cause and well worth a listen.

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Speaker 1: Yeah, absolutely a very good one to be supporting. All right,

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Speaker 1: plenty to get through. As I mentioned, Sean, it might

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Speaker 1: be shorter, but we've got plenty to cover. We'll be

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news.

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Speaker 2: Sean.

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Speaker 1: Mexican themed fast food chain Guzmany Gomez has increased its

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Speaker 1: initial public offer by nearly one hundred million dollars to

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Speaker 1: three hundred and thirty five million, and its largest shareholder will.

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Speaker 2: Sell more of its steak Goodman ego mes First flag

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Speaker 2: It's two point two billion dollar flat plans a week ago,

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Speaker 2: and late on Friday eight said it had received a

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Speaker 2: commitment from funds associated with Capital Research Global Investors to

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Speaker 2: subscribe for shares at the offer price of twenty two

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Speaker 2: dollars per share. According to a report in the Financial Review,

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Speaker 2: The IPO offer size thus has been increased from two

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Speaker 2: hundred and forty two point five million to three hundred

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Speaker 2: and thirty five point one million, reflecting also an additional

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Speaker 2: selldown of about ninety three million dollars by TDM Growth Partners.

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Speaker 2: It's holding in Goodsman Egomez will now sit at twenty

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Speaker 2: six point two percent. It's the biggest shareholder compared with

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Speaker 2: twenty nine point seven percent we'd held before the IPO. Anyway,

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Speaker 2: it all just seems full stem head with that particular float.

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Speaker 1: Yeah, certainly does.

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Speaker 2: Now.

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Speaker 1: You may have to explain this one to me a

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Speaker 1: little bit. Sean. More than one hundred investors across five

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Speaker 1: continents bought Australia's first ever green bond, including fifteen institutions

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Speaker 1: new to Australian government bond.

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Speaker 2: Yes, quite exciting actually. So green bond is money lent

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Speaker 2: to the government, to the Australian government with their green purpose.

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Speaker 2: It may be around housing, it may be around the environment.

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Speaker 2: There are lots of things that it can be used for.

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Speaker 2: Very difficult to get away often because it's quite hard

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Speaker 2: to judge what a green bond is, and then it

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Speaker 2: kind of down the line to see what sort of

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Speaker 2: return you're getting from it. The final order book in

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Speaker 2: this instance of the seven billion dollar ten year offer

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Speaker 2: drew more than twenty three billion dollars in bids, three

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Speaker 2: times what's on offer. The Australian Office of Financial Management

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Speaker 2: estimates that the issue paid a greenium of two basis

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Speaker 2: points above nominal bonds. I better explain what a greenium is.

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Speaker 2: It means investors are prepared to pay more and therefore

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Speaker 2: receive a lower yield that two basis points pay two

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Speaker 2: basis points more. Therefore their returns are slightly lower for

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Speaker 2: green bonds compared to traditional bonds. It basically demonstrates their

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Speaker 2: commitment to a sustainable environment. And the thing about a

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Speaker 2: green bond is many superannuation funds, for example, they have

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Speaker 2: members who are saying we want to invest in green products.

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Speaker 2: This gives them one of those products. Hence there's a greenium.

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Speaker 2: You actually get a bit less for investing in it.

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Speaker 2: Two thirds of the investors were domestic, twelve percent went

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Speaker 2: to UK investors, eleven percent Continental to Europe, eight percent

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Speaker 2: to Asia. The money will be used. In this instance,

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Speaker 2: the money will be used in programs to finance specific

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Speaker 2: projects to support the country's transition to zero net carbon emissions.

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Speaker 2: All around, a pretty successful outcome for the government.

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Speaker 1: Also, what was very successful was your explanation just then.

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Speaker 1: I followed every single word of.

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Speaker 2: That, feeling proud of myself on that one.

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Speaker 1: Just don't test me on anything. But even if you did,

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Speaker 1: I reckon I would pass right now, you go, green

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Speaker 1: is green. That's a relatively new term, I'm assuming.

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Speaker 2: Yes, well, yes, I've heard of it around a bit,

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Speaker 2: you know, a grinium. So you pay just that little

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Speaker 2: bit more for doing good for the environment.

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Speaker 1: I love that. And Sean you also you mentioned super

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Speaker 1: funds during that. And now we've got a bit of

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Speaker 1: a superstory that these stories are is linking together so smoothly.

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Speaker 2: Today, beautiful, this morning.

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Speaker 1: It's almost as though you've planned this. This is poetry.

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Speaker 1: I don't think anyone's ever kind of described superannuation as

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Speaker 1: poetry before.

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Speaker 2: No, possibly not.

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Speaker 1: But Australia's three point six trillion dollars superannuation industry has

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Speaker 1: split on the need to overhaul the controversial performance test

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Speaker 1: that funds are subjected to annually, with some saying that

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Speaker 1: the rules don't allow super funds to invest in nation

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Speaker 1: building exercises.

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Speaker 2: Yeah, this is a really interesting story. Australian superinhestor to

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Speaker 2: the big guys are pushing ahead with calls for a

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Speaker 2: rewrite of the rules as Treasury reviews the test. Critics

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Speaker 2: claim that the test doesn't allow them to invest in

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Speaker 2: long term trends such as energy, transitional social housing. According

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Speaker 2: to media reports, under the existing rules, the Australian Prudential

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Speaker 2: Regulation Authority publicly names poorly performing funds by measuring them

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Speaker 2: against a range of benchmarks over a ten year timeframe,

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Speaker 2: as well as their annual fees. Now the issue that benchmark, though,

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Speaker 2: how can the funds find a benchmark when they're investing

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Speaker 2: in new things like public housing that they've never done

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Speaker 2: before and it may actually be a slow burn, It

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Speaker 2: may take longer for them to make money out of that.

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Speaker 2: So they're totally disincentivized to invest in public housing in

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Speaker 2: this instance because their results will be below the benchmark,

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Speaker 2: and then they get shamed by the regulators. If the

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Speaker 2: funds repeatedly fail to meet that benchmark, they can be

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Speaker 2: barred from signing up new members. It's the benchmarks which

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Speaker 2: really are the problem here. Rest supers submission called for

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Speaker 2: most of the tests to say the same, but to

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Speaker 2: add new benchmarks to cater for emerging asset classes such

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Speaker 2: as housing public housing. Another great example is renewable energy assets.

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Speaker 2: The current infrastructure benchmark doesn't adequately reflect returns for renewable

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Speaker 2: energy assets. So there are the two examples. We've got

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Speaker 2: housing and renewable energy assets and the benchmarks just don't

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Speaker 2: work for that. And superfunds are saying, well, you want

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Speaker 2: us to invest in it AKA, but you need to

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Speaker 2: change the rules so we don't fall below the benchmark.

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Speaker 1: That's fascinating story. Turning to international news now, Israeli forces

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Speaker 1: rescued four hostages held by Hamas since October in a

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Speaker 1: raiding Gaza over the weekend, but Palestinian officials say that

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Speaker 1: the raid killed more than two hundred people. One of

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Speaker 1: these single bloodiest Israeli assaults of the eight month old war.

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Speaker 2: The hostage rescue operations and an intense accompanying air assault

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Speaker 2: took place in central Gaza and in a densely built

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Speaker 2: up area. Israel's forces came under intense fire during the

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Speaker 2: assault and responded by firing from the air end from

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Speaker 2: the street. According to a spokesperson that's reported in Reuter's

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Speaker 2: Gars and paramedics and residents of the assault killed scores

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Speaker 2: of people and left mangle the bodies of men, women

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Speaker 2: and children strewn across a marketplace and a mosque.

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Speaker 1: Finally, Sean I mentioned this one at the top of

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Speaker 1: the show. Investor Bill Gross, once known as the bond King,

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Speaker 1: is looking to set a different investment record next week

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Speaker 1: when the highlights of his rare stamp collection go under

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Speaker 1: the hammer in New York. I'm genuinely excited by this.

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Speaker 2: Yes, bros. Is a huge name in bond investing, probably

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Speaker 2: the biggest name in the market. He has also built

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Speaker 2: the most complete collection of US stamps in history, and

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Speaker 2: he's putting it up for sale stamp by stamp, by

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Speaker 2: the way, so pre sale estimates suggest the sale could

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Speaker 2: bring fifteen to twenty million US dollars, which would definitely

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Speaker 2: set a record for a US stamp collection. The most

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Speaker 2: valuable piece is in eighteen sixty eight one cent z

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Speaker 2: grill it's called It is likely to shatter the record

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Speaker 2: for a single US stamp, probably get somewhere between four

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Speaker 2: and five million The only other copy of that stamp

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Speaker 2: is owned by the New York Public Library. According to

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Speaker 2: the Financial Times, the current stamp record in the US

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Speaker 2: was set last year in a single inverted Jenny stamp

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Speaker 2: named the mistaken print of an upside down Aeroplane, sold

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Speaker 2: for two million dollars. This would be twice that Mister

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Speaker 2: Gross's interest in stamps apparently comes from his mum. She

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Speaker 2: bought stamps to the nineteen thirties and nineteen forties, hoping

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Speaker 2: that eventually pay for his college education. Given how much

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Speaker 2: money he's made, he could probably pay her back fairly well.

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Speaker 2: Now all his stamps are going up for sal.

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Speaker 1: Oh, it's a great story. Do you remember when those

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Speaker 1: upside down aeroplane stamps featured in the Simpsons? Just very

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Speaker 1: very briefly, remember, I think I just just from memory,

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Speaker 1: like Homer, I think was going through like a big

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Speaker 1: tub of things at like a yard sale kind of thing,

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Speaker 1: and he's just got just pulling out priceless art of

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Speaker 1: after prices, like pulled out a violin, reading off the

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Speaker 1: back and going straight to hoovious and chucked it out

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Speaker 1: kind of thing. And then then found a sheet full

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Speaker 1: of stamps and not all the planes are upside down

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Speaker 1: and chucks it out. That would have to be the

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Speaker 1: most famous stamp, right. I know you talk about the

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Speaker 1: Z grill. I'm and I couldn't pick a Z line.

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Speaker 1: You show me an upside down plane and courtesy of

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Speaker 1: the Simpsons, I will go that thing.

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Speaker 2: Is another one.

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Speaker 1: I'll for that, all right?

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Speaker 2: Good.

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Speaker 1: Up next is the Fear and Greed Daily Interview. You

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Speaker 1: are speaking today with Whipper Michael Whitfley, one third of

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Speaker 1: the Nova Sydney Breakfast Show Fits in Whipper with Kate Richie, all.

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Speaker 2: About his push to increase the age that kids are

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Speaker 2: allowed to access social media from thirteen to sixteen. It's

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Speaker 2: a really great chat with a man he's very passionate

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Speaker 2: about the cause.

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Speaker 1: Yeah, it is a really important one to listen to

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Speaker 1: give it a crack. It is coming up next as

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Speaker 1: well as Fear and Greed the Week Ahead. You'll find

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Speaker 1: them both in the playlist or at Fearangreed dot com dodatu,

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Speaker 1: which is also where you can sign up for our

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Speaker 1: free weekly newsletter out every Wednesday. Thank you Sean, Thank

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Speaker 1: you Michael. It is Monday, the tenth of June twenty

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Speaker 1: twenty four. Make sure you're following the podcast, and please

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Speaker 1: join us online on LinkedIn, Instagram, x TikTok and Facebook.

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Speaker 1: I'm Michael Thompson and that was fear and greed. Have

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Speaker 1: a great day.