Speaker 1: This is what the flucks.
Speaker 2: I'm Brett and Justin As Friday, the sixth of December.
Speaker 1: Tis the season for shrink flation. Juzzy Boy, and your
Speaker 1: report has found that Christmas treats are smaller and more
Speaker 1: expensive this year. Get this one, Lynse Christmas Champagne Gala
Speaker 1: box is two dollars and more expensive than last year
Speaker 1: and dropped in size by eight and a half percent
Speaker 1: of the double whammy. Yep, and there are a whole
Speaker 1: lot more to shrink. Flation is everywhere. Just another reason
Speaker 1: for Colson Will is to be under the pump.
Speaker 2: With an expensive summer probably coming up for everyone, there
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Speaker 1: Three victorious stories today Juzzy Boy for our first combank
Speaker 1: has backed down from its plan to charge customers three
Speaker 1: bucks to withdraw their own money after some pretty enormous backlash.
Speaker 2: The customers, the media, even the done Treasurer got involved.
Speaker 2: Here be man, so tell me more.
Speaker 1: Well, Juzi boy. We know Combank as the big yellow
Speaker 1: bank with a wopp and seventeen million customers around Australia,
Speaker 1: the big yellow bank with a whopping nine point eight
Speaker 1: billion dollars in profit for the last financial year. But
Speaker 1: earlier this week Combank announced some changes to its customer accounts.
Speaker 2: It was closing one million complete access accounts and moving
Speaker 2: those customers into a smart access account.
Speaker 1: Doesn't mean much on the surface. These smart access accounts
Speaker 1: charged customers three bucks per any assisted withdrawal.
Speaker 2: As any withdrawal from bank branches or on the telephone.
Speaker 1: And Jessie boy, when I say this created uproar, I
Speaker 1: mean it created uproar.
Speaker 2: Think a current affair level uproar.
Speaker 1: And it even got Jim Gary, Superintendent Charmers involved. He
Speaker 1: called the Combank CEO directly.
Speaker 2: And now Combank has backed down from this three dollar.
Speaker 1: Charge and Combank's PR team really has its work cut
Speaker 1: out for it after this communication the bungle.
Speaker 2: So what is the key learning here?
Speaker 1: Sometimes the messaging is even more important than the substance.
Speaker 2: He's the ironyb man Shifting these one million Combank customers
Speaker 2: to the new account would actually save them two dollars
Speaker 2: per month in account.
Speaker 1: Fees, and ninety percent of the customers with those legacy
Speaker 1: accounts don't withdraw at a branch or on the phone.
Speaker 2: So logically it sounds like this isn't the worst move
Speaker 2: for customers.
Speaker 1: Do way. The communication of this message and its timing
Speaker 1: couldn't really have been worse, could it.
Speaker 2: They announced the change in the lead up to Christmas
Speaker 2: when eighty seven percent of households are worried about how
Speaker 2: much they're spending at the supermarket.
Speaker 1: And they underestimated the passion that customers would feel about
Speaker 1: being charged to access their own mulla.
Speaker 2: They're on top of that some media coverage and you
Speaker 2: have a recipe for PR disaster.
Speaker 1: So rather than being the grinch this Christmas, Combank has
Speaker 1: decided to pull back.
Speaker 2: Because the PR team just ain't ready for another PR
Speaker 2: debarcle this close to Christmas.
Speaker 1: For our second story, Salesforce has seen its value jump
Speaker 1: by more than thirty billion US dollars after it rolled
Speaker 1: out a brand new feature. Anyone heard of AI?
Speaker 2: How we ahead of its time? B Man haven't heard
Speaker 2: any other tech company sprook ai lately, so tell me more.
Speaker 1: So some background here. Salesforce is one of the OG
Speaker 1: software companies and it hails from San Francisco, yep.
Speaker 2: It was founded back in nineteen ninety nine and it's
Speaker 2: grown to be worth over three hundred and fifty billion
Speaker 2: US dollars.
Speaker 1: And what exactly do Salesforce actually do well.
Speaker 2: It's an all in one sales and marketing service for businesses.
Speaker 1: And it's also the same company that acquired Slack in
Speaker 1: a deal worth thirty eight billion dollars.
Speaker 2: And now be Man Salesforce's founder and CEO, So they'll
Speaker 2: be making a hard pivot to a new AI agent
Speaker 2: platform called agent Force.
Speaker 1: Essentially, this would let Salesforce users build AI powered agent
Speaker 1: and those agents do what well they can supposedly make
Speaker 1: decisions and automate customer service tasks and the.
Speaker 2: Man, it seems like Salesforce are pretty serious about this.
Speaker 2: The CEO and found out Mark Benuoff mentioned the word
Speaker 2: Agent Force eighty times during a court with investors this week.
Speaker 1: And it clearly worked. Next minute, shares jump more than
Speaker 1: an eleven percent to a record high.
Speaker 2: But now be man, they actually need to deliver and
Speaker 2: get thousands of its customers at using these AI agents.
Speaker 2: Got me wondering what is the key learning here? Investor
Speaker 2: enthusiasm can only last so long, so when you talk
Speaker 2: the talk, you've got to walk the walk very quickly,
Speaker 2: run the run, you see the man. Salesforce has been
Speaker 2: spending big on its AI division en quote undisclosed amount,
Speaker 2: but a large amount, nonetheless, and that means Salesforce needs
Speaker 2: to desperately hustle to actually sell Agent Force to meet
Speaker 2: its lofty promises.
Speaker 1: Now, Salesforce has already supposedly sold two hundred deals for
Speaker 1: Agent Force, which is a good start, but their plan
Speaker 1: is to have tens of thousands of people using Agent
Speaker 1: Force by this January twenty twenty five. And Josey Boy
Speaker 1: given Salesforce market value jump by more than thirty bill
Speaker 1: USD off the back of this announcement, this AI has
Speaker 1: some pretty big shoes to fill.
Speaker 2: For our third and final story, SpaceX Elon Musk space
Speaker 2: startup is reportedly gearing up for a three hundred and
Speaker 2: fifty billion US doll evaluation, which would make it the
Speaker 2: world's most valuable startup.
Speaker 1: Hardly a startup when it's been backed by the world's
Speaker 1: richest man. But you know, go on, Okay.
Speaker 2: So SpaceX was founded in two thousand and two as
Speaker 2: part of Elon Musk's plans to revolutionize space technology.
Speaker 1: As well as dominate the space launch industry.
Speaker 2: Now be man. In the past, launching a rocket into
Speaker 2: space was mainly done by government organizations like NASA.
Speaker 1: But does it wait? Last year SpaceX did ninety six
Speaker 1: orbital launches, ahead of every other space launch organization in
Speaker 1: the whole wide universe as far as we know.
Speaker 2: It also launched four thousand, two hundred satellites for its
Speaker 2: Starlink company, which provides global Internet covery.
Speaker 1: And now SpaceX is reportedly raising money at a valuation
Speaker 1: of three hundred and fifty billion US dollary dues. So Jose, wait,
Speaker 1: how much money is SpaceX making right now?
Speaker 2: Well, it's a private company, so it's hard to know
Speaker 2: any of its financial details. But Starlink is projected to
Speaker 2: generate six point six billion US dollars in revenue for
Speaker 2: twenty twenty four.
Speaker 1: And SpaceX already as a partnership with NASA, which is
Speaker 1: expected to grow under Donald Trump. So what is the
Speaker 1: key learning here?
Speaker 2: Going to the moon has become more excessive and more
Speaker 2: lucrative than.
Speaker 1: Ever before see does it way. Over the past decade,
Speaker 1: we've seen enormous advancements in the space industry.
Speaker 2: We've seen the cost of space launchers become cheaper and cheaper.
Speaker 1: We've also seen improvements in high tech satellites.
Speaker 2: Which help with Internet access, navigation, weather forecasting.
Speaker 1: And it ain't stopping here. The World Economic Forum expects
Speaker 1: the space economy to hit a massive one point eight
Speaker 1: trillion dollars by twenty thirty five.
Speaker 2: That's three times the size of the space economy in
Speaker 2: twenty twenty three.
Speaker 1: So while space used to be the domain of NASA
Speaker 1: and you know your Neil Armstrong's, we're seeing it become
Speaker 1: more and more central to the broader economy, and SpaceX.
Speaker 2: And its lofty valuation are right at the center of it. Floxam.
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Speaker 1: Thanks for listening and we'll see you on Monday,