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

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Speaker 1: The Federal Liberal Party is set to drop its net

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Speaker 1: zero targets in its omissions policy. Commonwealth Banks share price

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Speaker 1: tumbles as investors buy into its competitors, and social media

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Speaker 1: giants use marketing tools to identify younger users. Plus foreign

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Speaker 1: visitor arrivals into Australia finally returned to pre COVID levels,

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Speaker 1: and the original Australian food delivery service menu log to

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Speaker 1: close down. It is Thursday, the thirteenth of November twenty

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

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Speaker 2: Good morning, Michael.

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Speaker 1: A bit happening today, Sean. The main story this morning.

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Speaker 1: The Liberal Party is set to join its coalition partner,

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Speaker 1: the Nationals in dropping any reference to net zero in

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Speaker 1: its omissions policy.

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Speaker 2: Following a marathon four hours and forty five minute party

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Speaker 2: room meeting yesterday, No final decision with announce but a

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Speaker 2: vote on the net zero debate will be hell today

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Speaker 2: and yesterday's meeting, forty nine MPs spoke out and according

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Speaker 2: to media reports, twenty eight wanted to abandon any mention

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Speaker 2: of net zero. Seventeen wanted to keep it four were unclear.

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Speaker 2: Opposition leader Susan Lee's main rival Angus Taylor, backed calls

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Speaker 2: to dump net zero emissions, as did her main numbers

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Speaker 2: person Alex hawk So two apparently did Lee's deputy and

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Speaker 2: Shadow Treasurer Ted O'Brien. Liberal leadership aspirant Andrew Hasty said

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Speaker 2: a future coalition government should be prepared to hold a

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Speaker 2: double dissolution election a repealing Labour's climate legislation. They walked

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Speaker 2: that back later in the day, while moderates Andrew Bragg

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Speaker 2: and Jane Hume urged the Liberal Party room to keep

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Speaker 2: a net zero target.

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Speaker 1: Now.

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Speaker 2: Taylor was Energy Minister in the Morrison government when Australia

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Speaker 2: committed to net zero at the Glasgow copp Summit in

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Speaker 2: twenty twenty one. Media reportsges Taylor still wants to reduce emissions,

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Speaker 2: but doesn't want the targets. Moderates who support keeping net

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Speaker 2: ZERI was a target by twenty fifty, argued that the

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Speaker 2: party risked losing younger voters. Party federal secretary Andrew Hurst

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Speaker 2: presented polling showing most voters on net zero as a

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Speaker 2: proxy for climate change action.

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Speaker 1: I'm kind of struggling to figure out what this all

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Speaker 1: means politically. Is the Electric going to care about this

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Speaker 1: or is this really more about Susan Lee's leadership? Do

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Speaker 1: you think is that the big thing here?

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Speaker 2: It's totally about Susan Lee's leadership. The Electric will care.

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Speaker 2: Net zero does matter to a lot of people. But

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Speaker 2: in let's taste that last election, they are absolutely shell ACKed.

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Speaker 2: Now she struggled to maintain discipline in the party since then.

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Speaker 2: The vote today won't exactly help her claim to the

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Speaker 2: leadership given that she's actually on the wrong side of

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Speaker 2: the vote, presuming it goes ahead, and Nitzero has dropped

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Speaker 2: a handful of Conservative Liberals, including Taylor. Actually did you say?

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Speaker 2: They arrived at yesterday's meeting in an obvious show of unity.

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Speaker 2: They walked through the corridors and Parliament House.

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Speaker 1: It had all the hallmarks of a leadership battle. You

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Speaker 1: see that labor liberal, any party, when they have their

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Speaker 1: numbers behind them, that is what they do when they're

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Speaker 1: heading into vote on the leadership. It felt like this

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Speaker 1: was actually approxy for a leadership battle.

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Speaker 2: Yeah, in the end, no vote. They will vote today

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Speaker 2: on net zero. Lee probably will make it till Christmas,

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Speaker 2: but next year I think she's probably at long odds

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Speaker 2: now to actually make it beyond you know, kind of

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Speaker 2: the first six months of next year.

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Speaker 1: And that's just to survive as the leader, let alone,

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Speaker 1: actually than trying to unite a party and put forward

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Speaker 1: a platform that is going to appeal to voters who

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Speaker 1: are alienated at the last election.

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Speaker 2: Yeah, that's right. We've discussed this. The opposition is an

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Speaker 2: absolute mess at the moment.

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Speaker 1: Yeah, yeah, and we need a strong opposition totally.

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Speaker 2: It's bad for Australia when the opposition is weak.

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Speaker 1: Indeed, Now away from politics, Sean, the slide in Commonwealth

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Speaker 1: Bank's share price continues, with the asx's largest company now

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Speaker 1: down ten percent in the past five sessions.

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Speaker 2: And most of that has been in the past two sessions.

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Speaker 2: Commbank's quarterly update on Tuesday morning was a touch softer

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Speaker 2: than expected unless worried about profit margin pressures. But the

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Speaker 2: shift away from Commonwealth Bank has been going on for

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Speaker 2: much longer than the last five sessions. It is marked

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Speaker 2: and it is drastic since or in this financial year.

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Speaker 2: The twenty twenty six financial year, west Pac the second

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Speaker 2: largest bank, IT share prices up twenty percent, ain Z

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Speaker 2: thirty three percent, National Australia Bank up nine percent, Commonwealth

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Speaker 2: Bank off as in down thirteen percent. Not that long

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Speaker 2: ago we were saying the market cap of CBA wasn't

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Speaker 2: far off the title value of the other three combined.

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Speaker 2: No longer, I mean it's still huge. It is. You know,

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Speaker 2: you put Westpac National Australia Bank market cap together, you

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Speaker 2: get to about where Commonwealth Bank is. But wow, it

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Speaker 2: is coming back to the pack.

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Speaker 1: It's funny because we were talking a while ago about

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Speaker 1: the big switched, the big rotation out of the banks

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Speaker 1: and into the miners and things. But it's as though

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Speaker 1: it's just out of Commonwealth Bank and into the other banks.

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Speaker 2: Yes, and we did kind of make mention of that

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Speaker 2: then that it initially it was out of the banks,

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Speaker 2: but it really was out of Commonwealth Bank specifically.

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Speaker 1: Wow, that's those are incredible stats. What about the rest

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Speaker 1: of the AX?

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Speaker 2: Yesterday s and PAX two hundred closed down and touched

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Speaker 2: to just under eighty eight hundred points iron ore and

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Speaker 2: gold prices rows. That helped them the miners crude was

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Speaker 2: also higher, helped the local energy stocks. Life three sixty

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Speaker 2: worst on the AX two hundred, down thirteen percent after

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Speaker 2: investors digested Tuesday's trading update, which showed user growth numbers

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Speaker 2: came in less than expected.

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Speaker 1: Okay, we have a fair bit to cover today. Sean

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Speaker 1: will take a quick break back in a moment with

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Speaker 1: the rest of the day's business news Sean. The social

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Speaker 1: media band for under sixteen year olds is now less

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Speaker 1: than a month away, and online platforms beginning to contact

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Speaker 1: teenagers to tell them they need to make a decision

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Speaker 1: about the data that's in their accounts.

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Speaker 2: Over one million accounts are likely to be pinged in

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Speaker 2: coming days, with users offered a choice of downloading data,

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Speaker 2: freezing profiles, or losing the lot. The world first band

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Speaker 2: kicks in on ten December. TikTok, Snapchat, Facebook, Instagram threads.

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Speaker 2: They're set to deactivate accounts, according to Reuters, Now social

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Speaker 2: media companies are actually going to lean on software. Now,

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Speaker 2: on software, they already have to guess age based engagement,

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Speaker 2: and that's through the use of likes, for instance, rather

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Speaker 2: than actually verification of birth dates.

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Speaker 1: That's incredible.

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Speaker 2: So it's just kind of cool.

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Speaker 1: It's demographic profiling.

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Speaker 2: Yeah, absolutely, so they know what you know, likes, well broadly,

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Speaker 2: you know there might be a meme or there might

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Speaker 2: be a video. Who likes that? Yeah, actually reflects ages.

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Speaker 1: This are the stuff that you and I like is

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Speaker 1: vastly different because we like stuff that's done cool. Oh okay, fine,

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Speaker 1: I like stuff that's une caol and I like trains. Yeah,

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Speaker 1: and you're not going to find a fifteen year old

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Speaker 1: liking a steam trainer.

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Speaker 2: Remember all the fewer or from these guys, from the

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Speaker 2: social media guy saying we can't do it, it's going

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Speaker 2: to cost us tens of million, hundreds of millions of dollars. Well,

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Speaker 2: this software is long established, he's actually developed for marketing purpose.

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Speaker 1: They've already got it.

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Speaker 2: Yeah. Age assurance apps will only be used when users

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Speaker 2: complain of being incorrectly blocked, but otherwise they've pretty much

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Speaker 2: got the soop where they're already. The social media giants

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Speaker 2: say that Australia's remaining twenty million use social media users

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Speaker 2: can expect little interruption. So I would love to be

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Speaker 2: asked my age because of my likes.

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Speaker 1: Wouldn't that be funny if you can actually just see

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Speaker 1: what it thinks you are?

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Speaker 2: Yeah, Sean, who are acting like a fourteen year old boy.

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Speaker 1: Child? That is fantastic. Now, Australia and Ana Sean will

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Speaker 1: sign a new security agreement that calls for the two

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Speaker 1: countries to consider a joint response if either one comes

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Speaker 1: under attack.

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Speaker 2: I'm mister Anthony Alberanesi announced the treaty alongside Indonesian President

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Speaker 2: Prabawo Subianto. He said it is based on one signed

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Speaker 2: by Paul Keating and President Suharto thirty years ago. The

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Speaker 2: treaty will commit Australia in Indonesia to consult at a

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Speaker 2: leader and ministerial level on a regular basis on matters

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Speaker 2: of security, to identify and undertake mutually beneficial security activities.

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Speaker 2: That's all, according to Albanesi. He said it's the major

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Speaker 2: extension of existing security and defense cooperation. President Prabawo said

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Speaker 2: that the treaty reaffirmed Indonesia's determination to enhance its friendship

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Speaker 2: with Australia as partners and close neighbors.

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Speaker 1: How about this one. Foreign visitor arrivals to Australia have

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Speaker 1: finally returned to pre COVID levels. It took a little while,

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Speaker 1: but it's been helped by strong traffic from New Zealand.

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Speaker 2: And about time, Michael. Short term arrivals raise more than

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Speaker 2: ten percent in the year two September. According to the

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Speaker 2: Bureau of Status, it's almost six hundred and ninety seven

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Speaker 2: thousand people visitors one point one million Australians returning from overseas.

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Speaker 2: New Zealand encounter for nearly twenty percent of arrivals. China

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Speaker 2: remains below pre pandemic levels, but like UK, Singapore, India,

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Speaker 2: South Korea, Indonesia, they've also past twenty nineteen figures.

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Speaker 1: Okay, there's been a wealth of economic data, has it's been,

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Speaker 1: and every time that happened, whenever we get a week

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Speaker 1: like this, your eyes light up.

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Speaker 2: Yes, it's fun a little bit.

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Speaker 1: Combank's Household Spending Insights Index rose in October for the

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Speaker 1: thirteenth straight month. Who said thirteen was unlucky?

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Speaker 2: Combank, via it's debit and credit card data, gets a

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Speaker 2: pretty good read on what consumers are thinking, what they're doing.

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Speaker 2: The index rows again last month, strongest gains in transport,

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Speaker 2: made vehicles, and hospitality over the past year. The biggest

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Speaker 2: gains when utilities, communications and hospitalities. Now, they were all

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Speaker 2: sectors exposed to inflation. What's kind of interesting now some

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Speaker 2: of the sectors in the last little bit have not

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Speaker 2: necessarily been inflation linked.

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Speaker 1: Now the former CFMEU boss John Setka, has been charged

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Speaker 1: with attempting to threaten or intimidate the union's administrator.

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Speaker 2: Setka was arrested in Melbourne yesterday morning and police said

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Speaker 2: a footscray man, or how they put it, a footscray

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Speaker 2: man A Sedka said a number of allegedly threatening, offensive

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Speaker 2: and abusive emails to a CFME you administrator met He's

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Speaker 2: reporting that police handcuffed Setka and took him from an

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Speaker 2: apartment building, as well as seizing his phone. The charges

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Speaker 2: relate to extremely aggressive and profanity laced messages set consent

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Speaker 2: to CFMI you administrator or the administration team really led

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Speaker 2: by Mark IRVINGKC.

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Speaker 1: Did you nearly say? QC? Just there's taking some getting

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Speaker 1: used to, isn't it? Yes? Yes, to get out of

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Speaker 1: the habit of a lifetime. Now to flip that over

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Speaker 1: to KC now sean menu Log, which is the Australian

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Speaker 1: food deliver platform that that has had some very high

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Speaker 1: profile ads Snoop Dog Katie Perry, very memorable little jingle.

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Speaker 1: Yes yeah, I was kind of hoping it just burst

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Speaker 1: into songs that you're not going to do it out

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Speaker 1: your wires while the tape is recording. It's going to

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Speaker 1: close on the back of hundreds of millions of dollars

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Speaker 1: in losses.

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Speaker 2: Uber Eats and door Dash basically have eaten menu log

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Speaker 2: a last or something like that. Menulog was founded in

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Speaker 2: two thousand and six as a digital marketplace peered local

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Speaker 2: restaurants with delivery drivers. Once Australia's largest online food ordering platform,

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Speaker 2: but it will close its local operations on twenty six

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Speaker 2: November after, as it put it, it attempted to navigate

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Speaker 2: challenging circumstances, really challenging. In twenty twenty two, menu log

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Speaker 2: reported loss of two hundred and seventy five million dollars

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Speaker 2: twenty twenty three, one hundred and ten million dollars. Last

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Speaker 2: year thirty two million dollars. At some point, it's got

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Speaker 2: to give.

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Speaker 1: It's such an interesting sector, isn't it, Because the margins

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Speaker 1: must be so thin on some of these deliveries, and

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Speaker 1: they have so many discounts and offers free delivery and

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Speaker 1: no service fees and all of that. And we've already

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Speaker 1: lost delivery as well, and Fudora I think it was

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Speaker 1: another one, and really it's just now left with Uber

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Speaker 1: Eats and door Dash and Door. Dash is now partnered

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Speaker 1: with Aldi and all of these other ones. You can

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Speaker 1: see that they are becoming bigger and bigger, and the

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Speaker 1: smaller ones are dropping away. South Korean steel giant Postco

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Speaker 1: has done a deal to take a thirty percent steak

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Speaker 1: in two of Mineral Resources lithium minds for one point

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Speaker 1: two billion dollars.

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Speaker 2: The deal value is the assets at three point nine

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Speaker 2: billion dollars, well above what analysts had calculated yes they.

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Speaker 2: Min Resa's share price jumped nine percent on the back

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Speaker 2: of it. Since it's low in April after a series

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Speaker 2: of corporate governance failures emerged, Minres' share price is up

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Speaker 2: two hundred and fifty percent, including twenty percent in the

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Speaker 2: past three days. Mineral Resources will retain a seven percent

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Speaker 2: interest in the new entity that houses the two minds.

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Speaker 2: It will continue to wipe out the mines. PSCO will

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Speaker 2: receive lithium spot a main concentrate proportional to its stake

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Speaker 2: to support its projects. Now. Posco and Minrez already partners

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Speaker 2: in the Onslow iron ore project in Wa.

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Speaker 1: Just quickly, it wasn't the only lithium stock to announce

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Speaker 1: a deal yesterday. Linetown Resources into new partnership as well.

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Speaker 2: Sure It's share price hit its highest points since the

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Speaker 2: middle of last year, up six percent. The deal is

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Speaker 2: for Metal's hub to run digital actions of line Town's spot,

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Speaker 2: a main concentrate.

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Speaker 1: Turning to international news now, Sean, China's cybersecurity agency has

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Speaker 1: accused the American government of orchestrating the theft of about

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Speaker 1: thirteen billion US dollars worth of bitcoin, representing China's most

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Speaker 1: recent attempt to attribute major cyber attacks to the.

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Speaker 2: US, because of course China would never have a cyber

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Speaker 2: attack on Australia, on the US or Australia or anywhere else.

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Speaker 1: I no, never. I don't think they've ever even doubled.

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Speaker 2: In fact, I think that afternoon yesterday you were talking

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Speaker 2: about the boss of.

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Speaker 1: Yeah, the warning from the boss of Asio saying that

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Speaker 1: this is this is not just a potential, this is

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Speaker 1: happening now and we are at risk anyway.

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Speaker 2: The theft of one hundred and twenty seven two hundred and

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Speaker 2: seventy two bitcoin tokens from the Lubian bitcoin mining pool

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Speaker 2: that took place in December twenty twenty is one of

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Speaker 2: the largest crypto heightst ever. The hack, according to the

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Speaker 2: Chinese National Computer Virus Emergency Response Center phew mouthful is

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Speaker 2: likely a state level hacker operation led by the US.

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Speaker 2: It said the quiet and delayed movement of the stolen

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Speaker 2: bitcoin fits a government level action rather than the typical

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Speaker 2: criminal behavior. The report links the stolen bitcoin once from

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Speaker 2: lubiauan Once, one of the largest bitcoin mining operations in

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Speaker 2: the world, with tokens that were confiscated by the US government,

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Speaker 2: and the US said they're associated with a Cambodian group,

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Speaker 2: but very murky.

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Speaker 1: Oah, good luck keeping that one straight last one. Sean

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Speaker 1: legendary investor Warren Buffett has penned one of his final

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Speaker 1: letters to shareholders saying he's going to speed up his

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Speaker 1: plans to give away as much of his one hundred

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Speaker 1: and fifty billion dollar personal fortune to his children's philanthropic foundations.

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Speaker 2: They'll get quite the boost, won't they be. The ninety

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Speaker 2: five year old wrote that his two daughters and one

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Speaker 2: son were at their prime in respect to experience and wisdom,

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Speaker 2: but they weren't yet old. Couldn't agree more. They range

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Speaker 2: in age from sixty seven to seventy two.

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Speaker 1: Why is not old?

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Speaker 2: I like it makes me look very young. Buffett will

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Speaker 2: step down from Berkshire Hathway at the end of the year,

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Speaker 2: and this week said he will soon be going quiet. Really,

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Speaker 2: I don't know what the heaver will I quote him though,

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Speaker 2: I move slowly and read with increasing difficulty. I met

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Speaker 2: the office five days a week, where I work with

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Speaker 2: wonderful people. Occasionally I get a useful idea or I'm

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Speaker 2: approached with an offer we might not otherwise have received.

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Speaker 2: Warren Buffett is still the man he is without doubt,

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Speaker 2: He's still the legend. Buffet's an you'll let us to

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Speaker 2: shareholders became part of his legend. They're kind of a

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Speaker 2: little bit of economic analysts, a little bit analysis, a

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Speaker 2: little bit of investment advice, leadership, maxims, personal stories, and

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Speaker 2: then he actually goes into all the assets that he owns.

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Speaker 2: He's led Berkshire for sixty years. Finishing up in a

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Speaker 2: few weeks. He will definitely be missed.

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Speaker 1: Yeah, pretty remarkable. Okay. Up next is Fear and Greed

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Speaker 1: Q and A all about the economy today. And we

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Speaker 1: talked about the wealth of economic data before, and we're

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Speaker 1: going into that a little bit more detail about what

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Speaker 1: we can actually glean from it and what it means

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Speaker 1: for the outlook. It's coming up next to the Fear

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

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Speaker 1: dot com dot au. Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It is Thursday, the thirteenth of November twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.