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Speaker 1: This is what the Flux. I'm Brettan, I Justin and

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Speaker 1: it's Wednesday, the eighteenth of December. Josey Boy.

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Speaker 2: Ossie's are seemingly pulling back on their Christmas spend despite

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Speaker 2: Westbac talking about confidence coming into the market. According to Finder,

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Speaker 2: the average Ossie plan to spend over thirteen hundred bucks

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Speaker 2: on Christmas this year, which is actually an eight percent

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Speaker 2: decrease on spend from last year.

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Speaker 1: Interesting day man, now, flex dam. We've loved being with

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Speaker 1: you in your ears every single week while you're making

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Speaker 1: a coffee, jumping on the train, even pumping some iron.

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Speaker 1: Just a quick reminder, this will be our last week

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Speaker 1: of the pod for twenty twenty four, but don't you worry.

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Speaker 1: We'll be fit and firing back on January twentieth, twenty

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Speaker 1: twenty five. So if you're looking for some financings, bow

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Speaker 1: over the summer break and make sure to check out

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Speaker 1: the Flux app. Your badgeting needs, your subscription tracking, and

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Speaker 1: especially a whole lot of content. Make sure to download

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Speaker 1: the Flux app and check it all out.

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Speaker 2: Three revolutionary stories today, Juzzy Boy, let's do it for

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Speaker 2: our first our sick is suing HSBC the global banking

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Speaker 2: giant after it alleged that HSBC Isustralia failed to protect

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Speaker 2: its customers from long running scam.

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Speaker 1: Really telling HSBC, who's bossyv Man? So tell me more.

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Speaker 2: Well, HSBC is the British based financial services group that

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Speaker 2: was founded in eighteen sixty five, and.

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Speaker 1: Be man, it's actually the largest europe based bank by

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Speaker 1: total assets with more than get this two point nine

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Speaker 1: trillion US dollars now.

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Speaker 2: Back in nineteen eighty six, HSBC was granted an Australian

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Speaker 2: banking license and be man, who did.

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Speaker 1: Some digging And we don't know how many customers they

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Speaker 1: have in Australia, but.

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Speaker 2: They have been ranked as the best international bank in

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Speaker 2: Australia for ten years.

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Speaker 1: In a row. But maybe not so much lately.

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Speaker 2: Now you see jazy boy Asik the corporate watchdog, he's

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Speaker 2: a barking hard at HSBC.

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Speaker 1: Yep, they're claiming that HSBC didn't respond quick enough to

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Speaker 1: customer complaints about scamsp.

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Speaker 2: It's believed that nine hundred and fifty HSBC customers last

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Speaker 2: about twenty three million bucks as a result of these

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Speaker 2: spoofing scams, and as part of this campaign, the fraudsters

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Speaker 2: disguise their phone number so that it appeared in the

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Speaker 2: same text chain as legitimate HSBC messages. And assek alleges

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Speaker 2: that it took HSBC one hundred and forty five days

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Speaker 2: to investigate some of these reports, and.

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Speaker 1: They manned this is big news because the first time

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Speaker 1: that ask has held a financial institution to account over

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Speaker 1: these scams. Wow. So what is the key learning here?

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Speaker 1: The responsibility of preventing scams might finally shift away from

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Speaker 1: individuals to financial institutions and does boy this could result

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Speaker 1: in an enormous shift in priorities for banks. Yeah. According

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Speaker 1: to the hriple c, Australians lost two point seventy four

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Speaker 1: billion dollars to scams in twenty twenty three.

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Speaker 2: Wowwe But Asse's lawsuit against HSBC argues that financial institutions

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Speaker 2: should take more responsibility for protecting their customers.

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Speaker 1: Even when scams involve customer errors like sharing their own

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Speaker 1: personal details.

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Speaker 2: So jazyboy. If ACSEC wins, it could set a new

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Speaker 2: precedent in the financial services space.

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Speaker 1: And they man, you can be sure that if banks

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Speaker 1: are required to cover these costs, it will definitely change

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Speaker 1: the investment that they put into solvent. So this case

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Speaker 1: has a lot riding on it, not just for HSBC,

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Speaker 1: not just for HSBC customers, but for all banks and

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Speaker 1: all customers across the state.

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Speaker 2: For our second story, Premier Investments, the owner of Peter

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Speaker 2: Alexander and Smiggle, recently launched its retailers in the UK,

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Speaker 2: but is struggling to hit the mark so far.

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Speaker 1: Big News feels like Premier Investments is one of the

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Speaker 1: only retailers that actually performs year in. You're out, so

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Speaker 1: tell me more so, Juzzy Boy.

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Speaker 2: Premier Investments is the as existed retailer that launched back

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Speaker 2: in nineteen eighty seven.

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Speaker 1: It's the owner of some major Australian brands like you JJ's,

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Speaker 1: You're Just Jeans, You're Portland's your Dotty, the Juzeboy.

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Speaker 2: The duel in the crown is Smiggle, the stationary store,

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Speaker 2: and also Peter Alexander.

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Speaker 1: The retailer that made sleep wear fashion.

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Speaker 2: And Premier also owns chunks of Brevel and Mayer.

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Speaker 1: Now be Man. A few months ago, Premier made the

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Speaker 1: big bolt move to expand both Smigle and Peter Alexander

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Speaker 1: to the UK, but it.

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Speaker 2: Hasn't been the best of starts. According to the Australian

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Speaker 2: which got access to leaked documents.

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Speaker 1: According to these docks, its first three Peter Alexander stores

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Speaker 1: in the UK and more than sixty one percent below

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Speaker 1: four Car Shack.

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Speaker 2: On top of that, Smiggle is also nearly nineteen percent

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Speaker 2: behind four Car and be Man.

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Speaker 1: Well, it's still early days for premier investments. It is

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Speaker 1: a sobering reminder for retailers who try to expand overseas.

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Speaker 1: Ooh interesting call.

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Speaker 2: So what is the key learning here?

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Speaker 1: International retail expansion is not for the fainthearted retailer, particularly.

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Speaker 2: When you're coming from over the ditch in Australia.

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Speaker 1: We know that expanding overseas requires a lot of time

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Speaker 1: and a significant investment. There's rebuilding a brand, There's training

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Speaker 1: up a whole new set of sales stuff who aren't

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Speaker 1: necessarily familiar with the brand. There's also finding the right

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Speaker 1: location to hat your target demographic. They man many Aussie

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Speaker 1: retailers have attempted to expand overseas but come back with

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Speaker 1: their tails between their legs.

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Speaker 2: Your country Road who launched in the US but retreated

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Speaker 2: and that was in two thousand and two after they

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Speaker 2: struggled to make a profit.

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Speaker 1: And what our Bunnings. We felled dismally when they opened

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Speaker 1: in the UK yep in twenty eighteen.

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Speaker 2: They lost about one hundred and sixty five million bucks

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Speaker 2: in just six months.

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Speaker 1: And then they retreated from the UK, which cost them

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Speaker 1: another four hundred.

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Speaker 2: Mil So Jesse Boyd Premier will be hoping that it's

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Speaker 2: fortunes in the UK turn rapidly and the poppies.

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Speaker 1: Realize that they need to look fashionable while sleeping.

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Speaker 2: For our third and final story, TikTok has got go

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Speaker 2: on to the U s Supreme Court to appeal its

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Speaker 2: potential ban in the US, which is planned to take

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Speaker 2: place on January nineteen.

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Speaker 1: D Day is coming for TikTok being man scary times

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Speaker 1: for all those TikTok addicts in the US. Yeah, so

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Speaker 1: tell me more.

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Speaker 2: Well, we know that TikTok has absolutely taken over the

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Speaker 2: universe in the past few years.

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Speaker 1: It's enabled sounds like give Me My Money and the

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Speaker 1: Apple Dance to take over.

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Speaker 2: It's created new cultural icons like the little Hippo mood Deng.

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Speaker 1: It's even shaped language, with demure becoming dictionary dot COM's

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Speaker 1: word of the year.

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Speaker 2: Because of why, the US government has been concerned about

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Speaker 2: the impact of TikTok's owner, Byteedance on its national security

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Speaker 2: for quite a while.

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Speaker 1: So earlier this year, the Biden administration warned by Dance

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Speaker 1: to either sell TikTok in the US or else, or

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Speaker 1: else they would be banned.

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Speaker 2: On January nineteenth, twenty twenty five, not a broad summer

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Speaker 2: for TikTok now. TikTok appealed this legislation to the US

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Speaker 2: Court of Appeal, claiming it was unconstitutional. After failing in

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Speaker 2: the Court of Appeal, TikTok has appealed in the Supreme Court, the.

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Speaker 1: Highest court in the land. But if this is unsuccessful,

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Speaker 1: it would mean it's all over red rover for TikTok

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Speaker 1: in the US in early January, and not.

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Speaker 2: Only would this crush TikTok's business, but also the livelihoods

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Speaker 2: of millions of its creators.

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Speaker 1: So true, So what is the key learning here?

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Speaker 2: Many creators are not only questioning the future of the

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Speaker 2: TikTok platform, but the future of their businesses overall.

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Speaker 1: That's because after spending years building an audience, editing videos,

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Speaker 1: and creating a community, it can all be taken away

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Speaker 1: in one thousand.

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Speaker 2: In fact, it's estimated that small businesses and content creators

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Speaker 2: could lose one point three billion US dollars in just

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Speaker 2: one month.

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Speaker 1: That's according to TikTok, and.

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Speaker 2: I also reckon this would increase each and every month.

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Speaker 1: Of the band. But be man, it's fair to say

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Speaker 1: that this band would absolutely ruin Byte down, who will

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Speaker 1: lose twenty nine percent of their targeted global ad revenue

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Speaker 1: for twenty twenty five. Blux Mam, we'd absolutely loved being

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Speaker 1: injuries a recover coffee on the train throughout the whole

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Speaker 1: of twenty twenty four and will be back bitten firing

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Speaker 1: in twenty twenty five January twentieth, to be precise, one

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Speaker 1: day after TikTok might be dad.

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Speaker 2: Thanks for listening and we'll see you on for Friday