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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Corporate governance at ASX listed companies is again in the

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Speaker 1: headlines after Drone Shields says it's CEO and chair sold

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Speaker 1: shares after the release of incorrect information. The ASX surges

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Speaker 1: on the back of a strong result from Wall Street

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Speaker 1: Tech Leader and Video, and the IMF tells the federal

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Speaker 1: government to reform the economy if it wants to boost

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Speaker 1: living standards. Plus, Australia dumps its bid to host COP

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Speaker 1: thirty one next year, but gets a consolation prize and

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Speaker 1: only one local winery named in the world's top fifty vineyards.

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Speaker 1: It is Friday, the twenty first of November twenty twenty five.

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

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Speaker 2: Morning. Based on that introduction, it is a day of acronyms. Michael, Yes,

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Speaker 2: you're actually right. I was just pleased to get through

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Speaker 2: it in just two breaths. Lot a lot going on today, Sean.

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Speaker 2: The main story this morning, Corporate governance ASX listed companies

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Speaker 2: is once again really dominating the headlines, with one time

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Speaker 2: market darling Drone Shield telling the market that it's chief

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Speaker 2: executive chair and another director sold two point four million

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Speaker 2: dollars worth of shares after incorrect information had been released

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Speaker 2: to the market. And then you've got the Mineral Resources

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Speaker 2: Board backtracking on an agreement to push the CEO out

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Speaker 2: out of the business. It just keeps giving corporate governance

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Speaker 2: to ASX listed companies. So the Exchange queried drone Shield

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Speaker 2: about recent price movements. It's gone from as low as

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Speaker 2: sixty two cents early this year to six dollars sixty

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Speaker 2: at the beginning of last month. Six weeks later, it's

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Speaker 2: now back under two bucks about a dollar eighty seven.

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Speaker 2: In a sixteen page explanation yesterday, drone Shield outlined the

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Speaker 2: selling of seventy million dollars worth of shares by three people,

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Speaker 2: CEO Olig Vaornick, chair Peter James, and director Jethrow Marx.

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Speaker 2: Selling occurred over several sessions and triggered the big sell

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Speaker 2: off in the stock.

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Speaker 1: Now.

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Speaker 2: CEO Vaornick sold all his shares in the company for

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Speaker 2: almost fifty million dollars between November six and November twelve.

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Speaker 2: On November ten, the company mistakenly announced it had secured

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Speaker 2: seven point six million dollars in new contracts with the

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Speaker 2: US government. Its share price jumped. The company then later

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Speaker 2: withdrew the announcement when they realized it was a mistake

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Speaker 2: and the share price fell. Point is the three directors,

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Speaker 2: including the CEO, sold shares in the window of time

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Speaker 2: between the original announcement and the correction. The company said

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Speaker 2: the three directors were in i quote, substantial compliance with

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Speaker 2: its trading policy and had sort of approval to sell

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Speaker 2: the maximum number of shares, which was granted on November nine,

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Speaker 2: sorry November five. Ahead of that selling that began on

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Speaker 2: November six. The company has blamed its US team for

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Speaker 2: publishing incorrect information to the market. Now. The head of

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Speaker 2: the US business resigned this week with immediate effect, though

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Speaker 2: the company gave no reason. Why. What a mess?

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Speaker 1: What a mess? I don't even know what to say

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Speaker 1: about that. There is just so much in there. And

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Speaker 1: this is a stock that we've been watching, that everybody's

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Speaker 1: been watching all the year, and this just keeps on giving.

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Speaker 1: This story, speaking of which, another one that keeps giving

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Speaker 1: sean across the country in Western Australia, Mineral Resources has

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Speaker 1: axed the deadline for founder Chris Allison to exit as

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Speaker 1: managing director.

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Speaker 2: He promised to quit a year ago after a series

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Speaker 2: of scandals, including allegations of tax fraud via an offshore

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Speaker 2: scheme that panelized shareholders. Now, Mental Resources chair Malcolm Bundy

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Speaker 2: said the company wouldn't be rushing to meet an arbitrary

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Speaker 2: deadline and Ellison would eventually retire in a considered and

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Speaker 2: methodical way. Now, Ellison and MinRes are facing separate instigations

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Speaker 2: by the ATO and I Sink, the corporate regulator about

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Speaker 2: the lack of corporate governance at the minor that has

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Speaker 2: come under scrutiny from shareholders. Twelve months ago, the way

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Speaker 2: to plicate shareholders was for Minimal Resources board to say, well,

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Speaker 2: Chris Ellison will shift out.

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Speaker 1: Ain't going to happen, okay, So, like Richard White and

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Speaker 1: wis Tech Global, Chris Ellison looks to have come through

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Speaker 1: the Minred scandal basically still as boss of the company.

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Speaker 1: That they're two kind of it's a bit of a trend,

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Speaker 1: shall we say, yeah.

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Speaker 2: I mean they were the benchmark corporate scandals of twenty

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Speaker 2: twenty four and into twenty twenty five. In both cases

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Speaker 2: they are the founder and driving forces of the companies,

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Speaker 2: and in both cases they're proving very hard to kick out.

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Speaker 1: All right, now, let's take a look at the market.

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Speaker 1: Shaw on the S and the ASX jumped one point

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Speaker 1: two percent.

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Speaker 2: I was about to be very formal, You're going to

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Speaker 2: get the SMPA six two hundred, and I thought I

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Speaker 2: didn't even realize you knew that term.

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Speaker 1: No, got used it every day in the afternoon report. Sure,

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Speaker 1: I jumped straight in the afternoon report mode, which is

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Speaker 1: how I start story one every day. Anyway. The S

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Speaker 1: and PAX two hundred jump to one point two percent yesterday,

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Speaker 1: Sean on the back of a strong result on Wall

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Speaker 1: Street from Nvidia, the world's biggest and arguably one of it's,

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Speaker 1: if not the most important company.

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Speaker 2: Yes, it was at tech stocks that led the way

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Speaker 2: locally yesterday, US based block jump more than ten percent,

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Speaker 2: the best of the ASEX two one hundred. The material

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Speaker 2: sector also did well, as did property companies and banks.

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Speaker 2: Among the large caps, there were some big movers four

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Speaker 2: to Skew Medals up more than four percent, Rear Tinto

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Speaker 2: three percent, BHP two percent. For a few poor sessions,

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Speaker 2: all the major banks were hire at one percent one

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Speaker 2: The Quari Group jump two percent, Data Center operated Goodmen

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Speaker 2: Group rows two percent, So what.

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Speaker 1: Do we make of the Nvidia results. It was a

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Speaker 1: good one, certainly seemed to be the case. Quarterly revenue

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Speaker 1: of fifty seven billion US dollars and a fourteen percent

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Speaker 1: rise expected this quarter, plenty of and share buybacks. I

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Speaker 1: was kind of flippant there where I said it's it's

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Speaker 1: the most important company in the world, but arguably, considering

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Speaker 1: where it sits within at the center of the AI boom,

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Speaker 1: it's probably not far off right.

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Speaker 2: No, I think you're totally right. I mean, it was

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Speaker 2: certainly one for the true believers in artificial intelligence and

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Speaker 2: for those who don't, who don't think there's a tech

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Speaker 2: bubble emerging. Nvidia's share price jumped on the back of

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Speaker 2: the results, as did the local tech stocks. As we mentioned,

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Speaker 2: there was a note of caution. I mean, it was

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Speaker 2: a great result. Revenue, higher earnings, higher sort of predictions

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Speaker 2: of much bigger sales. The Afar Shawn and Clear column

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Speaker 2: pointed something out yesterday which I thought was really interesting.

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Speaker 2: Just four companies which Nvidia didn't name, accounted for sixty

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Speaker 2: one percent of revenue. So that fifty seven billion dollars

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Speaker 2: in revenue from four companies someone has to pay for

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Speaker 2: all these chips and there's a fair bit of reliance

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Speaker 2: on just a few companies. Now those four probably come

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Speaker 2: from Microsoft, Amazon, Alphabet Meta or open Ai. The question

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Speaker 2: is can those guys keep making money to pay for

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Speaker 2: all the chips? And I think that's a fair question

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Speaker 2: to ask.

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Speaker 1: Indeed, Okay, we still have a lot to get through today.

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Speaker 1: Sean will be back in a moment with the rest

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Speaker 1: of the day's business news. Sean. The International Monetary Fund

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Speaker 1: has told the government to pursue comprehensive tax reform and

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Speaker 1: cut wasteful spending if Australian living standards are to improve.

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Speaker 2: Yes, I was going to actually swear, and I stopped myself. Really,

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Speaker 2: tax reform and cut wasteful spending, you don't say. The

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Speaker 2: IMF suggested more money should be raised from the GST

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Speaker 2: and a mining tax could be introduced. Higher taxes from

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Speaker 2: those areas could result in lower income and tax company

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Speaker 2: tax rates.

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Speaker 1: I said a shift away.

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Speaker 2: From state stamp duty on property purchases to a broad

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Speaker 2: land tax would approve housing affordability. It also applauded the

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Speaker 2: government's measures to boost the supply of homes My favorite though.

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Speaker 2: The IMF says the government's managing a soft economic landing

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Speaker 2: fair enough, but it should embark on a series of

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Speaker 2: reforms to taxation, the budget, technology, competition, labor markets and

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Speaker 2: the Green Transition to boost productivity. I'm sure the government

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Speaker 2: welcomes the IMFs ideas on how to do that. Treasure

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Speaker 2: Jim Chalmers said, the government doesn't always agree with the

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Speaker 2: IMFs recommendations.

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Speaker 1: We are going to dig into this one a little

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Speaker 1: deeper in today's Q and because it just you are

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Speaker 1: you are itching to tell.

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Speaker 2: Us what is a bit riled by this one?

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Speaker 1: I know that's why I'm looking forward to Q and A.

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Speaker 1: It comes up after the show where we go into it,

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Speaker 1: take a look at a few of those points in

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Speaker 1: a little bit more detail, and you know what, we

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Speaker 1: might even make it. I was going to say an

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Speaker 1: X rated show, meaning that you're allowed to say what

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Speaker 1: you really think, but it suddenly makes tell like we're

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Speaker 1: going to do it with our pants.

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Speaker 2: Off, which we're not going to do. I don't expect

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Speaker 2: you to come at that out the line go.

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Speaker 1: Fully clothed, So stick around for that one. Australia SEAN

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Speaker 1: has formally dumped its bid to host next year's United

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Speaker 1: Nations COP thirty one Climate Summit in Adelaide, effectively green

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Speaker 1: lighting Turkey's bid.

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Speaker 2: In return for the Turks hosting the summit, the Albanezy

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Speaker 2: government proposes that Climate Change and Energy Minister Chris Bowen

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Speaker 2: share the presidency of the event with Turkey. Bowen would

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Speaker 2: also be lead negotiating for next year's summit that's been

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Speaker 2: agreed to. Also, the Prime Minister wants a pre COP

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Speaker 2: summit in the Pacific to act as a pledging event.

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Speaker 2: They're calling it towards the Pacific Resilience Fund, which is

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Speaker 2: an Australian initiative. Bowen blamed Australia's withdrawal on the unworldly

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Speaker 2: process that decides the COP host. I quote him, obviously

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Speaker 2: it would be great if Australia would have it all,

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Speaker 2: but we can't have it all. And Chris Bowen opposition

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Speaker 2: was very critical of the government, saying they hadn't really

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Speaker 2: played their hands particularly well all right.

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Speaker 1: American media and technology giants reportedly urging President Donald Trump

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Speaker 1: to reprimand Australia over new laws that dictate foreign players,

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Speaker 1: TV production plans and also ban kids from accessing social media.

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Speaker 2: Powerful lobby groups representing Netflix, Disney, Meta and Alphabet say

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Speaker 2: a raft of rules put in place by the Albanzi

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Speaker 2: government to protect Australians online and regulate the digital economy

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Speaker 2: unfairly target companies from the US. According to a story

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Speaker 2: in The finn they've lodged formal complaints with the US

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Speaker 2: Trade representative Jemison Grea reviving a set of longhurled grievances.

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Speaker 2: Greer puts together an annual report from the submissions about

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Speaker 2: trade and investment barriers faced by US firms to help

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Speaker 2: guide the nation's tariff and taxation policy. Now, the Computer

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Speaker 2: and Communications Industry Association said the social media band Front

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Speaker 2: of sixteen year olds, which begins next month, overlooks the

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Speaker 2: progress the industry has made on protecting children from harmful

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Speaker 2: content and raises serious concerns for industry about freedom of

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Speaker 2: expression and information.

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Speaker 1: The banking regulator says it's really warned really against higher

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Speaker 1: risk mortgage lending, saying higher household debt and more investor

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Speaker 1: loans are creating vulnerabilities in the banking system.

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Speaker 2: Maybe we could add this to the fear and greed

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Speaker 2: Q and ACAS. I'm a bit riled about this one.

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Speaker 1: You're really cranky today.

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Speaker 2: Yeah, I am I am app's basically saying that these

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Speaker 2: vulnerabilities are being amplified by the role of super funds. APRO,

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Speaker 2: the regulator is worried about debt to income levels of

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Speaker 2: households and has hinted that new controls around that ratio

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Speaker 2: could be introduced. More investor activity and heightened competition for

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Speaker 2: new lending could trigger a jump in household debt. That's

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Speaker 2: a concern. Apprassays generally housing shouldn't be considered as safe

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Speaker 2: as it once was.

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Speaker 1: You'll have to explain why those vulnerabilities are being amplified

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Speaker 1: by the role of super funds too.

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Speaker 2: So part of that is the role of private credit, okay,

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Speaker 2: and how superannuation supports private credit yep. And as a result,

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Speaker 2: there's funds available for lending to the household sector. Now

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Speaker 2: that might not be for a house that might be

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Speaker 2: a small business who's securing the loan against the mortgage.

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Speaker 1: That gotcha, gotcha? Gotcha?

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Speaker 2: Okay, So that's it's just in a sense, it's the

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Speaker 2: weight of money that's out of the superannuation sector that

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Speaker 2: has an impact on all parts of public and private markets.

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Speaker 1: Okay, all right, the bit of corporate news around we'll

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Speaker 1: just do this very quickly. It takes me longer to

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Speaker 1: introduce it than it does for us to access to

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Speaker 1: actually do it. Engineering group Walley fell yesterday after it

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Speaker 1: received a big protest vote against its remunerational report for

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Speaker 1: the second year in a row.

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Speaker 2: Only two Milkshire Price dropped even though it upgraded it's

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Speaker 2: a fiscal year twenty six revenue guidance, and Magellan Financial

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Speaker 2: dropped if it's head of Global equities resigned a very

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Speaker 2: well respected individual when it comes to global equities. At

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Speaker 2: least he resigned amid an investigation into an alleged relationship

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Speaker 2: with a junior employee.

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Speaker 1: Now this is one that's very close to your heart,

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Speaker 1: probably closer to your liver, really sure. Only one Australian vineyard, Henske,

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Speaker 1: in the Barossa wine region in South Australia, has been

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Speaker 1: named in the World's fifty Best Vineyards. Henske Hill of

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Speaker 1: Grace is the great kind of rival to Grange, isn't it?

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Speaker 2: To penfam AUSTRAI I think Hensk is one of the

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Speaker 2: great vineyards, Hill of Grace being one of the great

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Speaker 2: Australian wives. I don't think I've actually been to the vineyard.

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Speaker 2: I've been just a few South Australian vineyards, but I

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Speaker 2: don't know that I've been to Henske to be honest.

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Speaker 1: Are you suggesting a fear and greed offsite?

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Speaker 2: Yep, yes, yes, yes, offside at Henschke. It came in

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Speaker 2: at number forty seven and it is the first year

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Speaker 2: since the awards began in twenty nineteen that Australia has

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Speaker 2: only had one vineyard in the top fifty. So far,

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Speaker 2: only South Australian wineries have made the cut over that

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Speaker 2: seven year six year history. So Penfolds McGill Estate fair Enough,

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Speaker 2: darren Berg been there, Great Spot and Seppersfield in addition

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Speaker 2: to Henske Henshke. So the covered top vineyard title was

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Speaker 2: nabbed by I'm going to get the name wrong, but

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Speaker 2: like is Vic in the Malahu Valley in Chile number

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Speaker 2: two a winery in Germany? Number three in Spain. I

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Speaker 2: bring this up because I love the spiel about Vic

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Speaker 2: the number one?

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Speaker 1: Can I quote it please?

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Speaker 2: This integrated tourism experience combines architectural features like a floating

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Speaker 2: roof of bronze titanium, with immersive wine experiences, fine dining,

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Speaker 2: mountain biking, a luxury hotel and soon a wellness center.

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Speaker 2: So we're getting an immersive wine experience. What exactly does

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Speaker 2: that mean? Immersive means mostly you're in it, and a

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Speaker 2: wellness center at the winery.

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Speaker 1: You're not going to find too many goon bags there

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Speaker 1: a sean.

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Speaker 2: You're taking me back to university. Todays Michael move on, okay, turn.

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Speaker 1: Into International News Now. And members of the Federal Reserves

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Speaker 1: Policy Setting Committee expressed quote strongly differing views over whether

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Speaker 1: to cut interest rates next month. According to minutes of

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Speaker 1: the Central Bank's October meeting.

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Speaker 2: So FED policymakers were deeply divided on the need for

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Speaker 2: a third rate cut this year, underlining the deepening schism

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Speaker 2: over rates. The FOMC opted in October to lower rates

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Speaker 2: by zero point two five percentage points for the second

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Speaker 2: time this year, but the vote saw a very rare

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Speaker 2: three way split. One Stephen Mirn, an ally of President

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Speaker 2: Donald Trump, back to half point cut. The Kansas City

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Speaker 2: Fed president Jeff Schmid called for rates to be held steady.

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Speaker 2: In the end, they went for a twenty five basis

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Speaker 2: point cut. The minutes show that most participants judged that

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Speaker 2: further downward adjustments to the target range of the federal

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Speaker 2: funds rate would likely be appropriate, ie likely to get

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Speaker 2: in another cut, but it just shows the disparate views

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Speaker 2: in that board meeting at the moment.

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Speaker 1: Yeah, absolutely, and just quickly sean because we are over time,

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Speaker 1: but need to mention this. The Trump administration and Russian

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Speaker 1: Russian officials have drawn up a proposal to end the

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Speaker 1: war in Ukraine, and that proposal envisages major concessions by Kiev,

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Speaker 1: and they've urged President Vladimir Zelenski to accept it.

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Speaker 2: A group of Russian and American officials were involved in

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Speaker 2: the creation of the plan, which is still at a

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Speaker 2: framework stage. According to The Financial Times, the plan was

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Speaker 2: conveyed to Kiev this week by US President Donald Trump's

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Speaker 2: Special envoy, Steve Witkov. According to the report, Witkov made

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Speaker 2: it clear he wanted Zelenski to accept the terms, even

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Speaker 2: though they included points that have long been read lines

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Speaker 2: of the Ukraine. One of the unnamed sources in the

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Speaker 2: articles said, would amount to Ukraine giving up its sovereignty

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Speaker 2: if Kiev accepted the plan, and called the effort a

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Speaker 2: Russian attempt to play the Trump administration, which they added,

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Speaker 2: was eager to show progress on a deal, all.

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Speaker 1: Right, up next Sean is Fear and Green Q and

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Speaker 1: A where we dig into that IMF report. So fire

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Speaker 1: up and get ready. It is coming up in the

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

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Speaker 1: Fearangreed dot com dot au, which is also where you

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Speaker 1: sign up for our free daily newsletter. Thank you very much,

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Speaker 1: sor thank you Michael. It's Friday, the twenty first of

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Speaker 1: November twenty twenty five. Make sure you're following the podcast

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

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Speaker 1: and Facebook. I'm Michael Thompson and that was Fear and Greed.

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Speaker 1: Have a great day.