1 00:00:05,200 --> 00:00:08,600 Speaker 1: This is the flax I'm brand, I'm justin and it's Monday, 2 00:00:08,640 --> 00:00:09,520 Speaker 1: that fifteenth of July. 3 00:00:10,280 --> 00:00:13,360 Speaker 2: All the Tesla nerds were geeking out for its promised 4 00:00:13,400 --> 00:00:17,079 Speaker 2: release of the Robotaxi in August, but untrue to his word, 5 00:00:17,160 --> 00:00:20,040 Speaker 2: Elon Musk has pushed it back until October because it 6 00:00:20,079 --> 00:00:23,680 Speaker 2: needs more time to build the prototype. Surprise, surprise, next minute, 7 00:00:23,680 --> 00:00:26,080 Speaker 2: Tesla shares dropped ten percentile is. 8 00:00:26,000 --> 00:00:29,200 Speaker 1: Everything relying on the robotaxiv man flox am. Is there 9 00:00:29,240 --> 00:00:30,880 Speaker 1: anything worse than getting to the end of the month 10 00:00:30,920 --> 00:00:33,199 Speaker 1: and realizing you've spent all the money from your pay 11 00:00:33,240 --> 00:00:35,120 Speaker 1: already and you don't know where it went. Well, we 12 00:00:35,159 --> 00:00:37,440 Speaker 1: have the solution for you. The Flex Budgeting Tool is 13 00:00:37,479 --> 00:00:40,880 Speaker 1: everything you could ever ask for. Tracks you're spending, categorize, 14 00:00:40,920 --> 00:00:43,400 Speaker 1: it even compares your balance a month on month. It 15 00:00:43,560 --> 00:00:45,479 Speaker 1: is an absolute life saver. So if you want to 16 00:00:45,479 --> 00:00:47,040 Speaker 1: get on top of your spending and make sure to 17 00:00:47,080 --> 00:00:47,639 Speaker 1: download the. 18 00:00:47,560 --> 00:00:49,920 Speaker 2: Flux out three got there in the end stories today, 19 00:00:50,640 --> 00:00:53,600 Speaker 2: let's do it for our first crowd. Resorts has sold 20 00:00:53,600 --> 00:00:56,480 Speaker 2: its twenty percent steak in the Nobu restaurant chain, and 21 00:00:56,520 --> 00:00:59,880 Speaker 2: this sale values the chain at one point three billion Schmacko, 22 00:01:00,280 --> 00:01:01,480 Speaker 2: Holy sushi rolls. 23 00:01:01,520 --> 00:01:04,080 Speaker 1: That is surprisy, sushimib Man, so tell me more well, 24 00:01:04,120 --> 00:01:05,400 Speaker 1: juz Boy. A bit of background. 25 00:01:05,520 --> 00:01:08,360 Speaker 2: Nobu is the high profile restaurant chain that was established 26 00:01:08,360 --> 00:01:12,520 Speaker 2: by a celebrity chef named Nobu Matsuhisa in nineteen ninety four. 27 00:01:12,640 --> 00:01:15,040 Speaker 1: Very good. This is alongside his old pals Robert de 28 00:01:15,080 --> 00:01:17,560 Speaker 1: Niro you may know him and film producer and the 29 00:01:17,640 --> 00:01:19,440 Speaker 1: EU Tepper don't know him and Jazi Boy. 30 00:01:19,520 --> 00:01:22,600 Speaker 2: When James Packer became buddies with Robert de Niro, he 31 00:01:22,720 --> 00:01:25,640 Speaker 2: didn't just join their movie nights. He also tipped in 32 00:01:25,680 --> 00:01:28,680 Speaker 2: one hundred million US dollars into Nobu in twenty fifteen, 33 00:01:28,760 --> 00:01:29,560 Speaker 2: and that was under. 34 00:01:29,360 --> 00:01:32,320 Speaker 1: The Crown Resorts business, which he half owned now Jazi Boy. 35 00:01:32,360 --> 00:01:35,360 Speaker 2: Nobu has grown to thirty six restaurants around the universe, 36 00:01:35,440 --> 00:01:38,200 Speaker 2: including in Crown Casinos, in Your Melbourne's, Your Sydney's, and 37 00:01:38,240 --> 00:01:39,279 Speaker 2: Your Perth, as well as. 38 00:01:39,200 --> 00:01:42,200 Speaker 1: Nineteen Nobu hotels talk about sushi for breakfast. 39 00:01:41,959 --> 00:01:44,280 Speaker 2: Lunch and dinner, and now Crown Resorts is selling It's 40 00:01:44,319 --> 00:01:46,720 Speaker 2: twenty percent steak in Nobu for one hundred and eighty 41 00:01:46,880 --> 00:01:48,440 Speaker 2: million US dollars eighty. 42 00:01:48,240 --> 00:01:50,360 Speaker 1: Percent growth in nine years, not bad at all. 43 00:01:50,440 --> 00:01:52,600 Speaker 2: And this value is Nobu's business at one point three 44 00:01:52,840 --> 00:01:54,800 Speaker 2: billion that is more than the value. 45 00:01:54,600 --> 00:01:56,920 Speaker 1: Of Collins Foods, which is the owner of the KFC's 46 00:01:56,960 --> 00:01:58,120 Speaker 1: in Australia and Jose Boy. 47 00:01:58,200 --> 00:02:01,720 Speaker 2: After scandals Galare dot Com, Crown is selling at steak 48 00:02:01,760 --> 00:02:03,200 Speaker 2: to focus on its core assets. 49 00:02:03,280 --> 00:02:04,680 Speaker 1: So what is the key learning here? 50 00:02:04,760 --> 00:02:07,600 Speaker 2: Sometimes a business needs to do its own Marie Condo 51 00:02:07,720 --> 00:02:08,799 Speaker 2: and declutter. 52 00:02:08,880 --> 00:02:10,640 Speaker 1: It's a business focus, or, as they call it in 53 00:02:10,680 --> 00:02:14,480 Speaker 1: the corporate world, a strategic divestiture. Crown has faced a 54 00:02:14,480 --> 00:02:16,400 Speaker 1: heap of scandals over the past few years. It was 55 00:02:16,400 --> 00:02:18,280 Speaker 1: found to a facilitated money laundering. 56 00:02:18,639 --> 00:02:22,200 Speaker 2: It's Sydney casino license was suspended for a hot minute there. 57 00:02:22,080 --> 00:02:25,080 Speaker 1: So be man. Now Crown Casino's new private equity owner 58 00:02:25,200 --> 00:02:27,800 Speaker 1: is trying to sharpen the sushi knife and focus on 59 00:02:27,880 --> 00:02:29,279 Speaker 1: Crown's core offering. 60 00:02:29,040 --> 00:02:31,560 Speaker 2: And having a steak in. Companies like Nobu are delicious, 61 00:02:31,560 --> 00:02:33,720 Speaker 2: but arguably become a bit of a distraction. 62 00:02:33,400 --> 00:02:35,120 Speaker 1: So be man. The cash from the sale could be 63 00:02:35,200 --> 00:02:38,200 Speaker 1: used to reinvest in the Crown business, particularly after it 64 00:02:38,240 --> 00:02:40,160 Speaker 1: lost two hundred million bucks last year. 65 00:02:40,200 --> 00:02:43,640 Speaker 2: For our second story, she In is investing two hundred 66 00:02:43,639 --> 00:02:47,120 Speaker 2: and seventy million US dollars into sustainable fashion businesses as 67 00:02:47,120 --> 00:02:49,160 Speaker 2: it looks to put its best foot forward ahead of 68 00:02:49,200 --> 00:02:50,799 Speaker 2: a potential IPO in London. 69 00:02:50,880 --> 00:02:52,639 Speaker 1: Sounds a bit like two hundred and seventy mil for 70 00:02:52,720 --> 00:02:55,200 Speaker 1: damage control. So what is going on here? Well? 71 00:02:55,240 --> 00:02:57,640 Speaker 2: She In is the online fashion retailer catered to gen 72 00:02:57,760 --> 00:03:00,680 Speaker 2: Z that popped off in twenty twenty thanks took yep. 73 00:03:00,680 --> 00:03:02,920 Speaker 1: It's known for its endless array of designs, she and 74 00:03:03,000 --> 00:03:06,240 Speaker 1: halls and kind of scarily low prices on clothing, and. 75 00:03:06,160 --> 00:03:09,360 Speaker 2: Its questionable environmental impact and labor practices. 76 00:03:09,440 --> 00:03:11,720 Speaker 1: But now be man, Shean's announced it will invest two 77 00:03:11,760 --> 00:03:14,160 Speaker 1: hundred and seventy million US dollars in a fund in 78 00:03:14,200 --> 00:03:17,120 Speaker 1: the UK and Europe to tackle fashion waste and Josie Boyd. 79 00:03:17,160 --> 00:03:19,400 Speaker 2: This news has come just a month after she In 80 00:03:19,720 --> 00:03:22,360 Speaker 2: very quietly filed an IPO application in London. 81 00:03:22,440 --> 00:03:23,760 Speaker 1: Interesting timing, I must say. 82 00:03:24,120 --> 00:03:27,200 Speaker 2: Now, the fund's money will go towards businesses and startups 83 00:03:27,200 --> 00:03:30,280 Speaker 2: that are building textile recycling technology. 84 00:03:29,720 --> 00:03:32,440 Speaker 1: As well as regional brands and designers yep. 85 00:03:32,440 --> 00:03:35,680 Speaker 2: It's called the Circularity Fund, and it's Shean's first major 86 00:03:35,680 --> 00:03:37,720 Speaker 2: step into the circular economy. 87 00:03:37,880 --> 00:03:39,200 Speaker 1: So what is the key learning here? 88 00:03:39,480 --> 00:03:43,680 Speaker 2: Circular economic models are taking the fashion industry by storm. 89 00:03:43,840 --> 00:03:46,920 Speaker 1: In fashion, the circular economy is all about minimizing waste 90 00:03:46,960 --> 00:03:49,240 Speaker 1: and extending the life cycle of clothes. 91 00:03:49,280 --> 00:03:51,880 Speaker 2: The idea is to create business models where fashion brands 92 00:03:51,920 --> 00:03:55,280 Speaker 2: can generate revenue from more ways than just selling new clothes. 93 00:03:55,320 --> 00:03:58,160 Speaker 1: Think reselling, think renting, think recycling. 94 00:03:58,480 --> 00:04:00,600 Speaker 2: The irony of this coming from Shean, which creates about 95 00:04:00,600 --> 00:04:03,360 Speaker 2: six point three million tons of carbon dioxide per year. 96 00:04:03,440 --> 00:04:05,240 Speaker 1: And get this, be Man, a global switch to the 97 00:04:05,280 --> 00:04:09,080 Speaker 1: circular economy could unlock five hundred and sixty billion US 98 00:04:09,160 --> 00:04:12,560 Speaker 1: dollars of economic opportunity for the industry. That's according to 99 00:04:12,600 --> 00:04:15,400 Speaker 1: your good friends of the Ellen MacArthur Foundation. Does and 100 00:04:15,440 --> 00:04:17,200 Speaker 1: be Man, there are a number of big brands that 101 00:04:17,240 --> 00:04:19,400 Speaker 1: are getting behind the circular business model, like. 102 00:04:19,440 --> 00:04:23,080 Speaker 2: Ted Baker, Primark, h and M Group, even Patagonia. 103 00:04:23,200 --> 00:04:25,160 Speaker 1: Do not put you in and Patagonia in the same 104 00:04:25,240 --> 00:04:29,760 Speaker 1: Truecian's entering the circular economy a little differently. It's investing 105 00:04:29,800 --> 00:04:32,400 Speaker 1: in businesses that are already making strides in the space, 106 00:04:32,640 --> 00:04:34,680 Speaker 1: rather than bringing its initiatives in house. 107 00:04:34,720 --> 00:04:37,440 Speaker 2: So until we see some results, it's hard to know 108 00:04:37,560 --> 00:04:40,719 Speaker 2: if this is a meaningful effort or just a way. 109 00:04:40,560 --> 00:04:43,640 Speaker 1: To offload their responsibility while still getting credit for its 110 00:04:43,680 --> 00:04:48,000 Speaker 1: sustainability efforts. For our third and final story, BHP has 111 00:04:48,000 --> 00:04:51,280 Speaker 1: announced plans to let go of thousands of employees after 112 00:04:51,320 --> 00:04:56,400 Speaker 1: facing intense nickel mining competition in Indonesia. You'l sweoped by 113 00:04:56,400 --> 00:04:59,240 Speaker 1: the Indonesian mines b man very south western Australia, though, 114 00:04:59,279 --> 00:04:59,960 Speaker 1: so tell me more. 115 00:05:00,080 --> 00:05:03,680 Speaker 2: BHP is the asxisted mining and metals company founded in 116 00:05:03,760 --> 00:05:06,320 Speaker 2: eighteen eighty five in Broken Heel and. 117 00:05:06,320 --> 00:05:09,680 Speaker 1: Beachp's growing to over eighty thousand employees and happens to 118 00:05:09,720 --> 00:05:12,400 Speaker 1: be the largest company in Australia at by market value 119 00:05:12,400 --> 00:05:13,240 Speaker 1: correction alert. 120 00:05:13,360 --> 00:05:16,599 Speaker 2: They were the largest before combat Combank had dethrone them 121 00:05:16,720 --> 00:05:17,560 Speaker 2: last week, and. 122 00:05:17,480 --> 00:05:20,240 Speaker 1: That's because not all is going so well in BHP 123 00:05:20,400 --> 00:05:20,880 Speaker 1: world yep. 124 00:05:21,000 --> 00:05:24,839 Speaker 2: Late last week, BEACHP announced plans to pause or mothball 125 00:05:25,000 --> 00:05:27,800 Speaker 2: it's nickel mine in wa for up to three years, 126 00:05:27,839 --> 00:05:30,160 Speaker 2: and this will impact the jobs of over three thousand 127 00:05:30,200 --> 00:05:33,320 Speaker 2: BHP employees who've been working in this mind now. BHP 128 00:05:33,480 --> 00:05:35,960 Speaker 2: has already written down the value of its nickel minds 129 00:05:36,000 --> 00:05:37,960 Speaker 2: by nearly four million dollars just this. 130 00:05:37,920 --> 00:05:40,600 Speaker 1: Year, and they just can't compete with the prices and 131 00:05:40,800 --> 00:05:44,200 Speaker 1: quantity of nickel coming out of competing nations like Indonesia. 132 00:05:44,360 --> 00:05:46,480 Speaker 2: Interesting, Jesse Boys, So what is the key learning here? 133 00:05:46,560 --> 00:05:49,920 Speaker 2: When it rains nickel, it paus nickel. Right now it 134 00:05:50,000 --> 00:05:52,680 Speaker 2: is BHP has faced a perfect storm of challenges in 135 00:05:52,720 --> 00:05:53,520 Speaker 2: the nickel industry. 136 00:05:53,600 --> 00:05:56,440 Speaker 1: First, nickel is a key material for electric vehicles, you 137 00:05:56,480 --> 00:05:58,960 Speaker 1: know those cars that have become popular but were supposed 138 00:05:58,960 --> 00:06:00,760 Speaker 1: to be taken over the entire year universe by now. 139 00:06:00,920 --> 00:06:04,200 Speaker 1: Unfortunately for BEAGP, the demand for nickel from electric vehicle 140 00:06:04,200 --> 00:06:07,919 Speaker 1: manufacturers has slowed down dramatically. The other hand, supply is 141 00:06:07,960 --> 00:06:10,880 Speaker 1: actually up big time. Yep. Indonesia has started to produce 142 00:06:10,920 --> 00:06:13,680 Speaker 1: a heap of nickel at much cheaper prices that it's 143 00:06:13,680 --> 00:06:15,280 Speaker 1: Australian's competitors. 144 00:06:14,760 --> 00:06:17,039 Speaker 2: And as a result, the price of nickel has dropped 145 00:06:17,040 --> 00:06:19,479 Speaker 2: from around twenty five thousand US dollars a ton in 146 00:06:19,520 --> 00:06:22,440 Speaker 2: twenty twenty two just over sixteen thousand US dollars a ton. 147 00:06:22,520 --> 00:06:24,839 Speaker 2: Now that's a drop of thirty six percent in the 148 00:06:24,839 --> 00:06:27,560 Speaker 2: price of nickel, and jesyboy, Beachp aren't the only one 149 00:06:27,600 --> 00:06:30,719 Speaker 2: struggling with the new competition from Indonesian minds. We've seen 150 00:06:30,800 --> 00:06:33,880 Speaker 2: four other major nickel minds in Australia shut down over 151 00:06:33,920 --> 00:06:36,800 Speaker 2: the past twelve months because right now Australian metal just 152 00:06:36,880 --> 00:06:39,080 Speaker 2: can't compete in an oversupplied market. 153 00:06:39,480 --> 00:06:42,240 Speaker 1: Did you know seventy four percent of Australians have no 154 00:06:42,400 --> 00:06:44,760 Speaker 1: idea where their money is going every single month, and 155 00:06:44,760 --> 00:06:46,520 Speaker 1: that is part of the reason why we created the 156 00:06:46,560 --> 00:06:48,719 Speaker 1: Flux budget at all. It takes thirty seconds to connect 157 00:06:48,720 --> 00:06:51,480 Speaker 1: your accounts and see all you're spending in the one place. 158 00:06:51,520 --> 00:06:54,080 Speaker 1: Thanks for listening and we'll see you on a webesday.