1
00:00:06,120 --> 00:00:09,400
Speaker 1: Today on Fear and Greed. Rio Tinto's second report into

2
00:00:09,400 --> 00:00:13,240
Speaker 1: the miners culture shows things are getting both better and worse.

3
00:00:13,800 --> 00:00:17,880
Speaker 1: Australia and the world's biggest packaging company MCREP offers thirteen

4
00:00:17,960 --> 00:00:21,360
Speaker 1: billion dollars for a US based competitor, and a street

5
00:00:21,360 --> 00:00:24,239
Speaker 1: in Milan has beaten Fifth Avenue in New York and

6
00:00:24,360 --> 00:00:27,720
Speaker 1: Bond Street in London to become the most expensive street

7
00:00:27,760 --> 00:00:30,200
Speaker 1: in the world. Plus Kevin Rudd speaks for the first

8
00:00:30,200 --> 00:00:32,840
Speaker 1: time since the US election. Welcome to Fear and Greed,

9
00:00:32,920 --> 00:00:35,440
Speaker 1: daily business news for people who make their own decisions.

10
00:00:35,800 --> 00:00:38,960
Speaker 1: It is Thursday, the twenty first of November twenty twenty four.

11
00:00:39,240 --> 00:00:42,199
Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

12
00:00:42,520 --> 00:00:44,640
Speaker 2: Good morning, Michael sewn.

13
00:00:44,720 --> 00:00:47,720
Speaker 1: The main story this morning. Rio Tinto has released the

14
00:00:47,760 --> 00:00:51,239
Speaker 1: second part of its investigation into workplace culture at the

15
00:00:51,320 --> 00:00:55,240
Speaker 1: miner and while there has been some improvement around racism

16
00:00:55,360 --> 00:01:00,160
Speaker 1: and sexual harassment, there's also been a backlash against workla

17
00:01:00,480 --> 00:01:03,760
Speaker 1: diversity programs. Against those programs.

18
00:01:03,760 --> 00:01:07,720
Speaker 2: Yes, so there is both good and bad in this one.

19
00:01:08,440 --> 00:01:13,119
Speaker 2: It's being overseen by Liz Broderick, the former Sex Discrimination Commissioner.

20
00:01:13,280 --> 00:01:17,679
Speaker 2: It involved a survey of eleven six hundred staff more

21
00:01:17,760 --> 00:01:20,680
Speaker 2: than thirteen hundred interviews. I think there were three hundred

22
00:01:20,680 --> 00:01:24,200
Speaker 2: and forty two written submissions. What it shows is that

23
00:01:24,240 --> 00:01:28,839
Speaker 2: bullying is still systemic at Rio. Racism and sexual harassment

24
00:01:29,280 --> 00:01:33,480
Speaker 2: are common, but there are some indications of positive change.

25
00:01:33,520 --> 00:01:38,040
Speaker 2: While half the respondents said things are better, there are

26
00:01:38,080 --> 00:01:41,680
Speaker 2: more reported cases of harassment and racism. In fact, eight

27
00:01:41,720 --> 00:01:46,440
Speaker 2: employees say that experienced actual or attempted sexual assault or

28
00:01:46,560 --> 00:01:49,680
Speaker 2: rape in the previous twelve months. That's up from five.

29
00:01:50,400 --> 00:01:53,880
Speaker 2: Females are much more likely to be bullied people that

30
00:01:53,960 --> 00:01:56,680
Speaker 2: work in certain areas, so Females that operate equipment at

31
00:01:56,680 --> 00:01:59,400
Speaker 2: Iron or minds so they're also more likely to be bullied.

32
00:02:00,080 --> 00:02:02,240
Speaker 2: Where the surprise was and this is what you refer

33
00:02:02,400 --> 00:02:06,840
Speaker 2: to a moment ago, Michael, was a backlash against the

34
00:02:06,920 --> 00:02:12,480
Speaker 2: company's efforts. Women are experiencing increasing retaliation in the form

35
00:02:12,560 --> 00:02:15,600
Speaker 2: of gender bullying in response to Rio's efforts to promote

36
00:02:15,600 --> 00:02:20,160
Speaker 2: gender diversity and inclusion. Some men feel they've been silenced or,

37
00:02:20,200 --> 00:02:23,959
Speaker 2: as one person put it, guilty by chromosome. Some men

38
00:02:24,000 --> 00:02:29,080
Speaker 2: now feel undervalued and overlooked, a kind of reverse discrimination.

39
00:02:29,639 --> 00:02:34,760
Speaker 2: CEO of Rio jakabstouse Home said the report showed mixed results.

40
00:02:34,919 --> 00:02:36,600
Speaker 2: I think that's fair to say.

41
00:02:37,440 --> 00:02:40,480
Speaker 1: Looking at all of this Sean, it's really hard to

42
00:02:40,520 --> 00:02:43,160
Speaker 1: know if things are getting better or not, or whether

43
00:02:43,200 --> 00:02:46,239
Speaker 1: it is perhaps creating an environment where it is where

44
00:02:46,240 --> 00:02:50,680
Speaker 1: people feel more comfortable to come forward with issues. It's

45
00:02:50,720 --> 00:02:52,360
Speaker 1: a little bit hard to figure out what not to

46
00:02:52,400 --> 00:02:53,040
Speaker 1: make of all of this.

47
00:02:53,840 --> 00:02:56,440
Speaker 2: Yeah, I think that's right. The background to this Western

48
00:02:56,480 --> 00:02:59,800
Speaker 2: Australia held a parliamentary inquiry a couple of years ago.

49
00:03:00,080 --> 00:03:03,680
Speaker 2: It revealed incidents of sexual assault and harassment in fly

50
00:03:03,800 --> 00:03:08,240
Speaker 2: and flyout operations run by Rio BHP and Fortescue Metals Group.

51
00:03:09,000 --> 00:03:12,120
Speaker 2: Prior to that, Rare Tinto had had issues with Yukant

52
00:03:12,120 --> 00:03:15,600
Speaker 2: Gorge where it exploded sixty thousand year old caves, so

53
00:03:15,760 --> 00:03:18,400
Speaker 2: it has been working on its culture for some time.

54
00:03:19,000 --> 00:03:21,840
Speaker 2: I think what came out yesterday shows just how hard

55
00:03:22,000 --> 00:03:26,120
Speaker 2: cultural change is. The company itself came out yesterday and

56
00:03:26,120 --> 00:03:28,040
Speaker 2: said it needs to better explain how it's trying to

57
00:03:28,080 --> 00:03:31,480
Speaker 2: overhaul its culture. So staff had treaded fairly and feel

58
00:03:31,560 --> 00:03:34,920
Speaker 2: safe they can somehow work against that backlash about it.

59
00:03:35,360 --> 00:03:39,040
Speaker 2: Good on Rare for commissioning and more important more importantly

60
00:03:39,400 --> 00:03:43,040
Speaker 2: releasing the report. But wow, there's a long way to go.

61
00:03:43,320 --> 00:03:45,640
Speaker 1: Yeah, there certainly isn't it. And look, I just mentioned

62
00:03:45,840 --> 00:03:48,680
Speaker 1: Sean as well that we actually spoke the other day

63
00:03:48,880 --> 00:03:52,520
Speaker 1: to Liz Broderick. You had a conversation with Elizabeth Broderick,

64
00:03:52,560 --> 00:03:55,720
Speaker 1: and we released that interview on Tuesday of this week,

65
00:03:55,760 --> 00:03:58,640
Speaker 1: and so it was just before the release of this report.

66
00:03:59,080 --> 00:04:00,720
Speaker 1: But there's a lot of there was a lot of

67
00:04:00,720 --> 00:04:03,320
Speaker 1: discussion about many of these issues in terms of the

68
00:04:03,360 --> 00:04:07,400
Speaker 1: importance of cultural change in large organizations, and it is

69
00:04:07,520 --> 00:04:10,600
Speaker 1: well worth a listen if you haven't heard this one yet,

70
00:04:10,840 --> 00:04:14,840
Speaker 1: it really is a must listen. Yeah, absolutely, Now, Sean,

71
00:04:14,920 --> 00:04:19,120
Speaker 1: moving on the world's largest packaging group, Mcreps is on

72
00:04:19,160 --> 00:04:21,919
Speaker 1: the verge of doing one of the biggest corporate deals

73
00:04:22,000 --> 00:04:25,120
Speaker 1: ever by an Australian company, offering to buy out a

74
00:04:25,240 --> 00:04:28,440
Speaker 1: US listed company, Berry for about thirteen billion dollars.

75
00:04:29,040 --> 00:04:32,200
Speaker 2: If successful, the new group will have four hundred packaging

76
00:04:32,240 --> 00:04:36,159
Speaker 2: plants around the world, seventy five thousand staff and thousands

77
00:04:36,160 --> 00:04:39,840
Speaker 2: of customers, mostly in consumer and healthcare packaging. It's an

78
00:04:39,839 --> 00:04:43,400
Speaker 2: all script bid, meaning Bury shareholders end up owning m

79
00:04:43,440 --> 00:04:47,080
Speaker 2: core shares and the group expects to extract a whopping

80
00:04:47,200 --> 00:04:50,360
Speaker 2: six hundred and fifty million dollars in synergies. That's six

81
00:04:50,480 --> 00:04:52,840
Speaker 2: hundred and fifty million US dollars, so about a billion

82
00:04:53,200 --> 00:04:57,320
Speaker 2: Bussie dollars in synergies. Mcre's primarily listing nowadays is on

83
00:04:57,360 --> 00:04:59,919
Speaker 2: the New York Stock Exchange. Its head office is in Zurich,

84
00:05:00,320 --> 00:05:03,000
Speaker 2: but it began in the eighteen sixties as a paper

85
00:05:03,040 --> 00:05:05,560
Speaker 2: miller on the banks of the Yarra River in Melbourne.

86
00:05:05,640 --> 00:05:07,800
Speaker 2: It listed in New York when it's spent six point

87
00:05:07,839 --> 00:05:11,520
Speaker 2: eight billion US buying a company called bemus Co back

88
00:05:11,560 --> 00:05:15,039
Speaker 2: in twenty nineteen. If the deal's done, the new group

89
00:05:15,040 --> 00:05:17,840
Speaker 2: will turn over about thirty seven billion dollars make about

90
00:05:17,880 --> 00:05:21,240
Speaker 2: six point six billion dollars in pre tax profit. M

91
00:05:21,279 --> 00:05:25,320
Speaker 2: Call is about flexible packaging. Berry is about rigid containers.

92
00:05:25,440 --> 00:05:27,160
Speaker 2: Both a big in the US, m calls bigger in

93
00:05:27,200 --> 00:05:30,160
Speaker 2: Latin America are in Asia, berries bigger in Eastern Europe.

94
00:05:30,520 --> 00:05:33,480
Speaker 2: MCRE says a deal would create a bigger company better

95
00:05:33,560 --> 00:05:38,800
Speaker 2: able to develop the future's sustainable packaging products. Sustainability is

96
00:05:38,839 --> 00:05:41,800
Speaker 2: a major issue in packaging. We all don't use them

97
00:05:41,839 --> 00:05:43,560
Speaker 2: in think of the fact that we don't use those

98
00:05:43,560 --> 00:05:46,760
Speaker 2: plastic bags to carry out groceries home. This is the

99
00:05:46,800 --> 00:05:48,560
Speaker 2: sort of thing that these guys are working with all

100
00:05:48,600 --> 00:05:51,400
Speaker 2: the time. It's a great example in an Australian company making

101
00:05:51,480 --> 00:05:54,360
Speaker 2: good on the global stage, whilst we have a history

102
00:05:54,360 --> 00:05:56,080
Speaker 2: of it, and a bunch of companies now have done

103
00:05:56,200 --> 00:06:00,000
Speaker 2: very well. I mean CSL, Weiste Global, James Hardy, restrict

104
00:06:00,040 --> 00:06:03,000
Speaker 2: at Leisure, Cocklear Lassion, camb but they've all done well.

105
00:06:03,040 --> 00:06:06,560
Speaker 2: We've also had a bunch recently then Lease the banks

106
00:06:06,560 --> 00:06:09,279
Speaker 2: that have actually had to pull back because it just

107
00:06:09,279 --> 00:06:11,159
Speaker 2: hasn't worked out for him. So good on Am Gore.

108
00:06:11,480 --> 00:06:13,920
Speaker 1: Yeah, good on them for thinking outside the box.

109
00:06:14,720 --> 00:06:16,960
Speaker 2: I think you like that, don't you.

110
00:06:17,279 --> 00:06:19,799
Speaker 1: Yeah, it's sitting on that one since it started talking

111
00:06:19,800 --> 00:06:22,960
Speaker 1: and like, oh packaging joke. Anyway, much more to get

112
00:06:23,000 --> 00:06:24,440
Speaker 1: on with. Sean will be back in a moment with

113
00:06:24,480 --> 00:06:34,400
Speaker 1: the rest of the day's business news Sean. Federal Treasurer

114
00:06:34,440 --> 00:06:37,800
Speaker 1: Jim Chalmers has flagged a healthier bottom line when the

115
00:06:37,839 --> 00:06:41,200
Speaker 1: federal budget is updated next month thanks to a higher

116
00:06:41,279 --> 00:06:41,880
Speaker 1: tax take.

117
00:06:42,560 --> 00:06:45,720
Speaker 2: That's true, though lower iron ore prices and other commodities

118
00:06:45,960 --> 00:06:49,760
Speaker 2: prices have worked against and even better outcome. In fact,

119
00:06:49,760 --> 00:06:52,360
Speaker 2: commodity prices are down about thirty percent since the beginning

120
00:06:52,400 --> 00:06:55,200
Speaker 2: of the year. While the budget for this financial year

121
00:06:55,279 --> 00:06:58,640
Speaker 2: is running about three point six billion dollars ahead of forecasts,

122
00:06:58,640 --> 00:07:02,880
Speaker 2: according to Finance figures, it's still likely to be a deficit.

123
00:07:03,200 --> 00:07:05,800
Speaker 2: We have had a surplus in the last two financial years.

124
00:07:06,200 --> 00:07:09,800
Speaker 2: The jobs market is strong four point one percent unemployment.

125
00:07:10,320 --> 00:07:13,640
Speaker 2: That certainly helps things. Two reasons, more income tax, more

126
00:07:13,640 --> 00:07:16,440
Speaker 2: people at work paying more tax, more income tax, fewer

127
00:07:16,600 --> 00:07:20,120
Speaker 2: social welfare payments because the unemployment rate is lower, corporate

128
00:07:20,200 --> 00:07:23,600
Speaker 2: tax take is actually expected to fall. All in all,

129
00:07:23,640 --> 00:07:26,600
Speaker 2: there is expected to be a deficit this financial year,

130
00:07:26,680 --> 00:07:30,240
Speaker 2: probably twenty five to thirty billion dollars. But that's better

131
00:07:30,680 --> 00:07:32,520
Speaker 2: than where we thought it was going to be about

132
00:07:32,520 --> 00:07:33,080
Speaker 2: a month ago.

133
00:07:33,560 --> 00:07:36,960
Speaker 1: Australia's ambassador to the US, Kevin Rudd, has made his

134
00:07:37,040 --> 00:07:41,440
Speaker 1: first public comments Sean since the US election, saying he'll

135
00:07:41,480 --> 00:07:44,800
Speaker 1: worked a deeper US engagement in the Indo Pacific and

136
00:07:44,840 --> 00:07:48,239
Speaker 1: it was adding that American leadership remains indispensable.

137
00:07:48,920 --> 00:07:52,320
Speaker 2: Yes, this is the same Kevin Rudden who called Donald

138
00:07:52,320 --> 00:07:55,960
Speaker 2: Trump things like traded to the West, most destructive president

139
00:07:56,000 --> 00:08:01,200
Speaker 2: in history, personal favorite the village idiot. Although Michael. What

140
00:08:01,280 --> 00:08:04,280
Speaker 2: we do have to remember. There's a piece in the

141
00:08:04,320 --> 00:08:08,080
Speaker 2: City Morning Herald last week by Peter Hartcham who I

142
00:08:08,160 --> 00:08:11,400
Speaker 2: rate highly, and I mean his point was that Donald

143
00:08:11,440 --> 00:08:14,640
Speaker 2: Trump is really good at forgiving his enemies. So JD.

144
00:08:14,840 --> 00:08:17,280
Speaker 2: Vance was an enemy. JDA Advance is now the Vice

145
00:08:17,280 --> 00:08:20,600
Speaker 2: president elect. A bunch of the appointments he's made have

146
00:08:20,680 --> 00:08:24,560
Speaker 2: said horror things about Donald Trump, but they changed their mind.

147
00:08:24,600 --> 00:08:28,160
Speaker 2: The point is that Donald Trump seems to love a convert.

148
00:08:28,880 --> 00:08:30,720
Speaker 2: And I'll tell you what Kevin rud.

149
00:08:30,880 --> 00:08:36,120
Speaker 1: Is capacity for forgiveness. That's quite impressive. Yes, yeah, say

150
00:08:36,120 --> 00:08:38,000
Speaker 1: the right things. Apparently that's right.

151
00:08:38,520 --> 00:08:40,600
Speaker 2: Kevin Rud's sounding like a convert. I've got to say,

152
00:08:41,000 --> 00:08:43,720
Speaker 2: starting to Yeah. He said that the Albanezy government had

153
00:08:43,720 --> 00:08:47,320
Speaker 2: done the work to work with a Trump administration. They're

154
00:08:47,320 --> 00:08:50,800
Speaker 2: ready to go. The embassy in Washington has been waiting

155
00:08:50,840 --> 00:08:53,040
Speaker 2: for this moment. He said he would try and sell

156
00:08:53,080 --> 00:08:56,200
Speaker 2: Trump on the benefits of the Orcus nuclear subdeal to

157
00:08:56,400 --> 00:08:59,920
Speaker 2: American industry and jobs. Only shame of it yesterday he

158
00:09:00,559 --> 00:09:03,720
Speaker 2: came in it as a pre recorded chat, so now

159
00:09:03,720 --> 00:09:06,120
Speaker 2: one could actually answer any questions. A bit of a show.

160
00:09:06,920 --> 00:09:12,360
Speaker 1: Yeah, that is disappointing. Mentioned Jim Chalmers before The Treasurer

161
00:09:12,600 --> 00:09:16,040
Speaker 1: has also flagged changes to how retirees will be able

162
00:09:16,040 --> 00:09:19,320
Speaker 1: to use that superannuation, with hopes that funds will offer

163
00:09:19,520 --> 00:09:21,120
Speaker 1: more innovative products.

164
00:09:21,200 --> 00:09:24,000
Speaker 2: Sean, that's right. This has been a big issue for

165
00:09:24,040 --> 00:09:27,000
Speaker 2: a while. Two and a half million Australians retire over

166
00:09:27,040 --> 00:09:31,480
Speaker 2: the next decade. The federal government wants reforms in the

167
00:09:31,480 --> 00:09:35,640
Speaker 2: superannuation industry. They want things like, rather than getting a

168
00:09:35,640 --> 00:09:37,679
Speaker 2: big lump some when you retire, maybe you can get

169
00:09:37,679 --> 00:09:41,600
Speaker 2: those in installments. Maybe some of these funds can offer

170
00:09:41,760 --> 00:09:46,120
Speaker 2: money back guarantees. That's effectively what annuity providers do, Companies

171
00:09:46,200 --> 00:09:49,600
Speaker 2: like Challenger et cetera. Chalmers once all these reforms in

172
00:09:49,920 --> 00:09:54,000
Speaker 2: by mid twenty twenty six. Essentially, funds do a really

173
00:09:54,040 --> 00:09:56,920
Speaker 2: good job in the accumulation stage, less good in the

174
00:09:57,040 --> 00:10:00,920
Speaker 2: decumulation stage as people take money out. Forms aim to

175
00:10:00,960 --> 00:10:04,720
Speaker 2: help that. Meanwhile, the monthly update from chant West shows

176
00:10:04,880 --> 00:10:08,800
Speaker 2: the median growth super fun in Australia was flat or

177
00:10:08,840 --> 00:10:11,560
Speaker 2: is up just zero point one percent during October, but

178
00:10:11,720 --> 00:10:14,120
Speaker 2: for the year it's sitting at about ten point three percent.

179
00:10:15,600 --> 00:10:18,120
Speaker 1: Kevin rud back in twenty twelve, I'm just doing a

180
00:10:18,120 --> 00:10:21,920
Speaker 1: little bit of googling while you've been talking. Sure, yes

181
00:10:22,120 --> 00:10:26,360
Speaker 1: and back. In twenty twenty twelve, he told a forum

182
00:10:26,480 --> 00:10:30,240
Speaker 1: in Melbourne that it's important for former political leaders not

183
00:10:30,360 --> 00:10:33,160
Speaker 1: to be resentful, that it is pointless to hold grudges,

184
00:10:33,320 --> 00:10:36,840
Speaker 1: that you must forgive and forget in public life. That

185
00:10:37,000 --> 00:10:39,880
Speaker 1: people who are in political life they carry things around

186
00:10:39,880 --> 00:10:43,280
Speaker 1: for a lifetime and it poisons their soul. It feels

187
00:10:43,400 --> 00:10:45,839
Speaker 1: like it feels like he is now maybe going to

188
00:10:45,880 --> 00:10:48,640
Speaker 1: print out a copy of this article, pop it in

189
00:10:48,679 --> 00:10:51,400
Speaker 1: the mail, send it off to the White House. Yeah,

190
00:10:51,480 --> 00:10:53,319
Speaker 1: Donald Trump, let's forgive and forget, shall we?

191
00:10:53,440 --> 00:10:55,200
Speaker 2: Yeah? Yeah, Yeah, I wonder how he goes with that.

192
00:10:55,520 --> 00:10:58,680
Speaker 1: Yeah, I just honestly don't know. I'll just find that

193
00:10:58,720 --> 00:11:02,640
Speaker 1: story fascinating. Talk markets sewn. The share market might have

194
00:11:02,880 --> 00:11:06,640
Speaker 1: hit a new high on Tuesday. It didn't last. It

195
00:11:06,679 --> 00:11:07,440
Speaker 1: fell yesterday.

196
00:11:07,760 --> 00:11:10,880
Speaker 2: It did, down zero point six percent to eighty three

197
00:11:10,920 --> 00:11:14,080
Speaker 2: hundred and twenty seven points. Telcos were among the hardest tit.

198
00:11:14,320 --> 00:11:17,160
Speaker 2: Telstra It was down nearly two percent. Industrials and consumer

199
00:11:17,160 --> 00:11:20,440
Speaker 2: discretionary stocks also fell. Among the large caps, a bunch

200
00:11:20,440 --> 00:11:24,079
Speaker 2: of them film more than one percent, Westpake, Woodside, Aria, Aristocrat, Leisure,

201
00:11:24,160 --> 00:11:28,720
Speaker 2: QB zero brambles calls, etcetera, etcetera. Ses L rose nearly

202
00:11:28,800 --> 00:11:33,000
Speaker 2: one percent down. I gave a disappointing update at its AGM.

203
00:11:33,080 --> 00:11:35,640
Speaker 2: Its shares were down. We're travel Group was supposed to

204
00:11:35,679 --> 00:11:37,840
Speaker 2: port report yesterday but delayed for seven days for some

205
00:11:37,920 --> 00:11:41,120
Speaker 2: unknown reason. Just another interesting fact here why Seat Global

206
00:11:41,520 --> 00:11:46,080
Speaker 2: is under fire for holding its AGM on Friday tomorrow.

207
00:11:46,559 --> 00:11:50,839
Speaker 2: Virtually it means rich White won't have to physically front shareholders.

208
00:11:51,960 --> 00:11:56,480
Speaker 1: Another interesting one. Sean furniture retailer Nick Scarley said profits

209
00:11:56,480 --> 00:11:59,840
Speaker 1: could be lower than estimated a month ago because one

210
00:11:59,880 --> 00:12:02,439
Speaker 1: of its logistics partners has collapsed.

211
00:12:03,040 --> 00:12:06,640
Speaker 2: Two hundred containers full of sofas and dining sets are

212
00:12:06,760 --> 00:12:11,199
Speaker 2: stranded at ports, mostly in China. So this forwarding company,

213
00:12:11,360 --> 00:12:16,240
Speaker 2: Line Global Forwarding collapsed. Basically what it did was organized

214
00:12:16,360 --> 00:12:20,120
Speaker 2: shipping companies to get stuff from China to Australia. Nick

215
00:12:20,160 --> 00:12:23,520
Speaker 2: Scarly realized there were problems earlier this month and then

216
00:12:23,640 --> 00:12:26,000
Speaker 2: probably in before that last month. They are asked to

217
00:12:26,040 --> 00:12:29,800
Speaker 2: pay their bills early, never a good sign. Nix Scally

218
00:12:29,840 --> 00:12:33,440
Speaker 2: obtained court orders for the shipping lines engaged by Line

219
00:12:33,480 --> 00:12:36,040
Speaker 2: to release the company's containers. At least it got a

220
00:12:36,040 --> 00:12:39,839
Speaker 2: bunch of those containers delivered, which is great. However, it's

221
00:12:39,840 --> 00:12:42,040
Speaker 2: got a real problem now getting the rest. Its share

222
00:12:42,040 --> 00:12:44,080
Speaker 2: price was down to percent yesterday.

223
00:12:44,600 --> 00:12:47,439
Speaker 1: And one more before we get to international news. ASSEIC

224
00:12:48,120 --> 00:12:52,719
Speaker 1: Sean is threatening superannuation fund executives with penalties if they

225
00:12:52,760 --> 00:12:56,800
Speaker 1: don't fix their customer service failings. There's also telling boards

226
00:12:57,040 --> 00:13:01,559
Speaker 1: that basically they are the ones that responsible for improved governance.

227
00:13:01,960 --> 00:13:05,559
Speaker 2: Yesterday, ASEK warned SeaBus that it was still under investigation

228
00:13:05,679 --> 00:13:10,200
Speaker 2: around governance after the superfund rubber stamped three new CFMEU

229
00:13:10,400 --> 00:13:13,640
Speaker 2: linked directors to its board. Over the past week, we've

230
00:13:13,640 --> 00:13:17,200
Speaker 2: had asset launch action against SeaBus alleging it laid paying

231
00:13:17,280 --> 00:13:19,600
Speaker 2: up to twenty million dollars in death and disability payments

232
00:13:19,600 --> 00:13:23,000
Speaker 2: to people most in need. Seabuses also under fire for

233
00:13:23,040 --> 00:13:27,360
Speaker 2: making payments to discredit Union the CFMEU, another giant of

234
00:13:27,360 --> 00:13:30,160
Speaker 2: the industry. Hester will be forced to compensate more than

235
00:13:30,280 --> 00:13:33,000
Speaker 2: one hundred and twenty thousand members who had their retirement

236
00:13:33,320 --> 00:13:37,400
Speaker 2: savings stranded in unlisted property assets when valuations tumbled in

237
00:13:37,400 --> 00:13:40,160
Speaker 2: the early days of covid APRA, which is actually the

238
00:13:40,200 --> 00:13:45,839
Speaker 2: superannimation watchdog, says Hester's processes were inadequate. We've discussed this

239
00:13:45,920 --> 00:13:51,920
Speaker 2: about a week now. Increasingly the limelight, the torch, the fire,

240
00:13:53,200 --> 00:13:56,120
Speaker 2: whatever it is is turning to the superfunds.

241
00:13:56,200 --> 00:13:59,280
Speaker 1: On what was it? The dark underbelly? Was that with

242
00:13:59,320 --> 00:14:02,880
Speaker 1: the term that ars on the weekend? The soft underbelly

243
00:14:02,960 --> 00:14:05,520
Speaker 1: dark underbelly is probably a little bit extreme, the soft

244
00:14:05,640 --> 00:14:09,400
Speaker 1: under having the blow torch applied. All right. Turning to

245
00:14:09,480 --> 00:14:13,520
Speaker 1: international news now Israeli Prime Minister Benjamin Ettnia, who will

246
00:14:13,559 --> 00:14:18,360
Speaker 1: pay five million US dollars to any Gaza resident who

247
00:14:18,400 --> 00:14:22,160
Speaker 1: returns a hostage plus ensure safe passage out of the

248
00:14:22,200 --> 00:14:23,440
Speaker 1: war ravaged territory.

249
00:14:24,000 --> 00:14:27,440
Speaker 2: It's the latest twist in what's been pretty much unsuccessful

250
00:14:27,440 --> 00:14:32,000
Speaker 2: attempts to get one hundred and one hostages home. Talks

251
00:14:32,040 --> 00:14:35,040
Speaker 2: between Hamas and Israel to free the hostages have stalled.

252
00:14:35,240 --> 00:14:38,880
Speaker 2: That's after attempts to reach a ceasefire failed. Benjamin Netanya,

253
00:14:38,960 --> 00:14:42,320
Speaker 2: who visited Ghazi yesterday, he said Hamas would not rule

254
00:14:42,360 --> 00:14:44,920
Speaker 2: the Palestinian territory after the war ends.

255
00:14:45,280 --> 00:14:49,080
Speaker 1: The final communicator from the G twenty, released yesterday morning,

256
00:14:49,120 --> 00:14:52,040
Speaker 1: gave plenty of ground shown on a bunch of issues,

257
00:14:52,080 --> 00:14:56,840
Speaker 1: including allowing climate stragglers Russia China and India really just

258
00:14:56,840 --> 00:14:59,760
Speaker 1: giving them the okay to keep polluting beyond twenty fifty.

259
00:15:00,160 --> 00:15:02,120
Speaker 2: It was pretty weak. There was little direction about the

260
00:15:02,160 --> 00:15:05,160
Speaker 2: war in the Middle East outside the g twenty's deep

261
00:15:05,200 --> 00:15:09,080
Speaker 2: concern about the catastrophic humanitarian situation in the Gaza Strip

262
00:15:09,400 --> 00:15:13,200
Speaker 2: and the escalation in Lebanon. Russia wasn't mentioned by name,

263
00:15:13,720 --> 00:15:17,480
Speaker 2: and the statement waded down previous rhetoric on nuclear weapons.

264
00:15:17,520 --> 00:15:20,960
Speaker 2: The communicator was released as Russia stepped up threats of

265
00:15:21,000 --> 00:15:24,680
Speaker 2: a nuclear response. That came after Ukraine struck a military

266
00:15:24,680 --> 00:15:27,640
Speaker 2: base on Russian soil. Was the first strugs using US

267
00:15:27,720 --> 00:15:33,120
Speaker 2: made long range missiles by Ukraine on Russia. Tensions are

268
00:15:33,320 --> 00:15:34,280
Speaker 2: escalating there.

269
00:15:35,400 --> 00:15:38,200
Speaker 1: Just quick look at international market SEAN what's going on.

270
00:15:38,640 --> 00:15:40,840
Speaker 2: Most of the actions been in the US. In Vidia's

271
00:15:40,920 --> 00:15:43,240
Speaker 2: jump the share price jump five percent ahead of last

272
00:15:43,280 --> 00:15:46,360
Speaker 2: night's trading update, worth about three point six one trillion

273
00:15:46,440 --> 00:15:48,600
Speaker 2: US dollars, well ahead of Apple now which is three

274
00:15:48,640 --> 00:15:53,120
Speaker 2: point four five trillion dollars, while Mark jumped also after

275
00:15:53,120 --> 00:15:56,360
Speaker 2: saying the holiday shopping season had started strongly. Bitcoin hit

276
00:15:56,440 --> 00:15:58,840
Speaker 2: yet another high at this time above ninety four thousand

277
00:15:58,880 --> 00:16:01,840
Speaker 2: US a unit, and the Aussie dollar is training at

278
00:16:01,840 --> 00:16:03,320
Speaker 2: sixty five point three US.

279
00:16:03,360 --> 00:16:06,280
Speaker 1: Since finally, Sean, we get to the story I've been

280
00:16:06,280 --> 00:16:08,320
Speaker 1: waiting for. We mentioned it at the top of the show.

281
00:16:08,360 --> 00:16:12,640
Speaker 1: The world has a new most expensive street. It's like Monopoly,

282
00:16:12,760 --> 00:16:16,920
Speaker 1: doesn't it, with Milan beating New York and London to

283
00:16:17,000 --> 00:16:17,840
Speaker 1: take the title.

284
00:16:18,640 --> 00:16:20,760
Speaker 2: Milan beating New York and London. What was the name

285
00:16:20,800 --> 00:16:21,560
Speaker 2: of the street? Michael?

286
00:16:23,080 --> 00:16:26,720
Speaker 1: Look, you know what, Sean, we have a little sometimes

287
00:16:27,040 --> 00:16:29,160
Speaker 1: sometimes and this is a bit of an insight into

288
00:16:29,280 --> 00:16:32,280
Speaker 1: behind the scenes at Fear and Greed. There's a bit

289
00:16:32,320 --> 00:16:35,480
Speaker 1: of a standoff between it is if there is something

290
00:16:35,480 --> 00:16:38,240
Speaker 1: that we're just really not sure how to pronounce, there

291
00:16:38,240 --> 00:16:39,880
Speaker 1: will be a bit of debate, a little bit of

292
00:16:39,960 --> 00:16:42,400
Speaker 1: Argi Bardi behind the scenes, and I just try and

293
00:16:42,480 --> 00:16:44,640
Speaker 1: leave you with it. You try and leave me with it.

294
00:16:44,720 --> 00:16:46,880
Speaker 1: And Sean today it's all on you.

295
00:16:47,560 --> 00:16:51,200
Speaker 2: Vere Monte Napoleone. Oh, I don't get that wrong. Vera

296
00:16:51,280 --> 00:16:56,000
Speaker 2: monty napoleone, Vera Monte napoleone.

297
00:16:56,240 --> 00:16:57,880
Speaker 1: You're pretty much fluent, aren't you.

298
00:16:58,040 --> 00:17:01,440
Speaker 2: Ah? Yeah, fluent in Italian. Vera Monte napoleone. That's what

299
00:17:01,440 --> 00:17:05,080
Speaker 2: it's called is in Milan. Now it's based on the

300
00:17:05,119 --> 00:17:08,760
Speaker 2: top rents that landlords can charge. This street of Milan

301
00:17:08,840 --> 00:17:14,240
Speaker 2: via Monte Napoleone is up eleven percent over the last year,

302
00:17:14,240 --> 00:17:16,800
Speaker 2: thirty percent our last two years, twenty thousand euros about

303
00:17:16,800 --> 00:17:22,280
Speaker 2: thirty two thousand Aussie per square meter annually. Cushman and Wakefield,

304
00:17:22,280 --> 00:17:25,760
Speaker 2: one of the big industrial property groups, track one hundred

305
00:17:25,760 --> 00:17:29,199
Speaker 2: and thirty eight global retail destinations. According to report in

306
00:17:29,240 --> 00:17:33,800
Speaker 2: the FD this street of Milan. It benefits from affluent tourists.

307
00:17:34,119 --> 00:17:36,800
Speaker 2: There's also a bunch of rich residents in Milan now

308
00:17:37,119 --> 00:17:39,280
Speaker 2: due to thanks due to generous tax breaks from the

309
00:17:39,320 --> 00:17:42,920
Speaker 2: Italian government. There's also fierce competition for prime real estate.

310
00:17:43,359 --> 00:17:45,800
Speaker 2: Is the first European city to have a street to

311
00:17:45,840 --> 00:17:50,399
Speaker 2: top the list in thirty four years. In fact, April

312
00:17:50,440 --> 00:17:54,120
Speaker 2: this year, Caring, which owns Gucci and Alexander McQueen, paid

313
00:17:54,160 --> 00:17:58,040
Speaker 2: one point three billion euros just to acquire a building

314
00:17:58,160 --> 00:18:02,720
Speaker 2: on this vera Monte Napoleon, coming in number two New

315
00:18:02,800 --> 00:18:06,560
Speaker 2: York's fifth avenue, although rents actually fell there. Number three

316
00:18:06,640 --> 00:18:10,600
Speaker 2: was Bond Street in the UK. Others of note Michael Avenue,

317
00:18:10,680 --> 00:18:17,719
Speaker 2: d Schamp Schomps. I've got myself in a you can

318
00:18:17,760 --> 00:18:18,200
Speaker 2: say this.

319
00:18:18,400 --> 00:18:20,760
Speaker 1: In quite the twist, and I love the fact that

320
00:18:20,800 --> 00:18:22,639
Speaker 1: you are the other one. You'd now said it like

321
00:18:22,680 --> 00:18:24,879
Speaker 1: four or five times, just to rub it in that

322
00:18:24,960 --> 00:18:26,240
Speaker 1: you had nailed it.

323
00:18:26,440 --> 00:18:29,199
Speaker 2: Champster, Oh my god, I've got myself all over it.

324
00:18:29,720 --> 00:18:34,600
Speaker 2: The Champster Salay in Paris came in fifth. Pitt Street, Moreland,

325
00:18:34,600 --> 00:18:35,760
Speaker 2: Sydney was eighth.

326
00:18:36,440 --> 00:18:41,240
Speaker 1: That's so much easier to say, isn't it. Yeah Pitt Street.

327
00:18:41,880 --> 00:18:46,480
Speaker 1: Oh goodness mate, Look after the show coming up next

328
00:18:47,040 --> 00:18:51,000
Speaker 1: Sean something that no difficult pronunciations in this one. It

329
00:18:51,119 --> 00:18:53,919
Speaker 1: is the property Pendulum, brought to you by Domain and

330
00:18:53,960 --> 00:18:56,840
Speaker 1: Fear and Greed, where we are basically just looking at

331
00:18:56,880 --> 00:19:00,800
Speaker 1: at spring selling season, how everything, how the market has

332
00:19:00,840 --> 00:19:03,919
Speaker 1: performed throughout and this is local spring selling season. Forget

333
00:19:03,960 --> 00:19:07,159
Speaker 1: New York, forget Milan, forget London. We are talking about

334
00:19:07,240 --> 00:19:10,840
Speaker 1: Australia and we're basically looking at kind of what's selling,

335
00:19:11,520 --> 00:19:14,679
Speaker 1: who's buying, and the best advice for both sellers and

336
00:19:14,760 --> 00:19:16,359
Speaker 1: buyers who are looking to make the most of the

337
00:19:16,400 --> 00:19:19,800
Speaker 1: market right at this minute. And so it is good listening.

338
00:19:19,840 --> 00:19:21,720
Speaker 1: It's coming up next in the Fear and Greed playlist

339
00:19:21,760 --> 00:19:24,919
Speaker 1: on your podcast platform or at Fearangreed dot com dot au.

340
00:19:25,480 --> 00:19:28,280
Speaker 1: Thanks very much, Sean, thank you, Michael. It is Thursday,

341
00:19:28,320 --> 00:19:30,800
Speaker 1: the twenty first of November twenty twenty four. Make sure

342
00:19:30,800 --> 00:19:34,880
Speaker 1: you're following the podcast and please join us online on LinkedIn, Instagram,

343
00:19:35,080 --> 00:19:37,679
Speaker 1: x TikTok and Facebook. I'm Michael Thompson and that was

344
00:19:37,680 --> 00:19:39,480
Speaker 1: Fear and Greed. Have a great day.