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Speaker 1: Today on Fear and Greed. Any hopes of a Christmas

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Speaker 1: rate cut have been dashed after figures show a surge

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Speaker 1: in jobs last month. Star Entertainments will be allowed to

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Speaker 1: keep operating casinos and Uber considers buying Expedia all app

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Speaker 1: plus markets, a crisis in the world of can tomatoes,

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Speaker 1: and much more. Welcome to Fear and Greed. Daily business

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Speaker 1: news for people who make their own decisions. It's Friday,

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Speaker 1: the eighteenth of October twenty twenty four. A'm Michael Thompson

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, any hopes of an interest

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Speaker 1: rate cut this side of Christmas have been well and

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Speaker 1: truly dashed by very strong labor force figures, with more

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Speaker 1: than sixty four thousand jobs created last month.

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Speaker 2: Ah, there's too many jobs. Those figures from the Australian

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Speaker 2: Bureau Statistics yesterday were unambiguously strong. Let's go through some

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Speaker 2: of the numbers. Sixty four thousand, one hundred new jobs

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Speaker 2: in September. Most of those were full time. That means

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Speaker 2: six months of strong job's growth. The unemployment rate it's

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Speaker 2: supposed to be going up, well, it actually fell slightly

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Speaker 2: to four point one percent. The number of people underemployed

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Speaker 2: as in they can't find enough work, that fell by

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Speaker 2: nine thousand, and the participation rate hit a record of

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Speaker 2: sixty seven point two percent. Quite incredible. The ABS says

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Speaker 2: large numbers of people are still entering the workforce, but

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Speaker 2: they're finding jobs. In fact, job vacancies are still above

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Speaker 2: pre pandemic levels according to the Bureau. Now the bulk

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Speaker 2: of the jobs, though, are in non market sectors, so

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Speaker 2: government funded like education, health, public sector. There is no

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Speaker 2: doubt the fact that it's government jobs or government paid

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Speaker 2: jobs that are expanding is part of the reason while

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Speaker 2: we're having this incredible surge in the employment market.

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Speaker 1: Sean, those Laybor four stats, as you said, they are

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Speaker 1: unambiguously strong. It's a great way to put it. But

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Speaker 1: when you take a step back and look at everything,

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Speaker 1: are they too good to be true?

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Speaker 2: Well, that's an excellent question. I mean, it seems that way.

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Speaker 2: The leading indicators, job advertisements, job hirings, hiring plan surveys,

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Speaker 2: they all point to a slayer down. But they've been

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Speaker 2: pointing to a slaid out for months and months and

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Speaker 2: it just hasn't happened. This job's market is still strong.

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Speaker 2: This introduces this idea of full employment. We know full employment, well,

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Speaker 2: we don't know. Actually, we think full employment is about

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Speaker 2: four and a half percent. That the unemployment rate at

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Speaker 2: four and a half percent, that means you're not really

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Speaker 2: getting any inflationary pressures coming through the employment market. So

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Speaker 2: that's kind of where you want to be four and

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Speaker 2: a half percent. We're four point one percent, so there

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Speaker 2: still seems to be inflationary pressures pushing through. Think about it.

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Speaker 2: If people have a job, they keep spending money, and

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Speaker 2: that's not just the wages we've got to worry about,

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Speaker 2: but that's puts pressure on prices as well. Much harder

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Speaker 2: to get inflation under control. Michael, you know how the

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Speaker 2: winner was yesterday?

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Speaker 1: Is it the RBA Shore?

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Speaker 2: It is? It is because for months they've said no

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Speaker 2: rate cut. This year, markets have priced in a rate called.

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Speaker 2: They had priced in a rate cut no more, and

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Speaker 2: a lot of economist said they need to cut some

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Speaker 2: point in twenty twenty four. Well, I think they've been

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Speaker 2: proven correct. Inflation has come down. It's running about three

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Speaker 2: point eight percent, but it's still too high and it's

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Speaker 2: just dropping very slowly. For this last little bit. Yesterday's

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Speaker 2: data pretty much confirms no rate cut anytime soon.

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Speaker 1: So no good news for Christmas.

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Speaker 2: Sean well, even get a job though by Christmas presents,

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Speaker 2: because you're going to get paid. That's good news.

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Speaker 1: That's a good point. I shouldn't be too hasty to

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Speaker 1: be the grinch here, that's right, Seawan. Star Entertainment will

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Speaker 1: be able to continue operating its casinos, but we'll have

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Speaker 1: to pay a fifteen million dollar fine for breaches of

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Speaker 1: compliance as well as report regularly as to its financial progress.

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Speaker 2: Now that might sound like bad news, but I reckon

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Speaker 2: that's a pretty good outcome. After that second inquiry by

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Speaker 2: Adam Bell SC found Star wasn't fit to hold a

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Speaker 2: gaming license. I mean that's the second time he's found

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Speaker 2: that Star wasn't fit to hold a gaming license. But

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Speaker 2: at least doors do stay open. The New South Wales

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Speaker 2: Independent Casino Commission Chair Philip Crawford said he's hopeful and

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Speaker 2: optimistic that the company could get back on track. He

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Speaker 2: basically highlighted the economic implications of forcing the company to

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Speaker 2: close thousands of job losses, So that's what he said.

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Speaker 2: Now they've got nine months to pay that fifteen million

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Speaker 2: dollar fine, they still have to work under a government

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Speaker 2: appointed manager. Their license has been suspended until early twenty

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Speaker 2: twenty five. But bottom line, they can still trade. I

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Speaker 2: reckon that the commission is backing the new boss, Steve McCann.

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Speaker 2: See McCann used to run lend Lea's. He spent a

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Speaker 2: brief time at Crown Resource before it was sold to

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Speaker 2: the private equity group Blackstone. Considered a great leader. They've

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Speaker 2: given him the job of turning it around. I think

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Speaker 2: the Commissioner is backing him quite the task. Of course,

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Speaker 2: they've got one hundred million, one hundred million dollar alone

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Speaker 2: to get the Brisbane casino I've finished, and the interest

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Speaker 2: rate on that's about thirty and a half percent. Ouch

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Speaker 2: also access to another one hundred million dollar alone with

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Speaker 2: lots of conditions. So Steve mccannon will have his job

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Speaker 2: cut out for him. But at least now the Sydney Casino,

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Speaker 2: at least for starting entertainment shareholders, the Sydney Casino, which

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Speaker 2: is far and away the biggest part of the business,

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Speaker 2: can keep operating. That's why the Star's share price jumped

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Speaker 2: sixteen percent yesterday.

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Speaker 1: And just quickly sean another big story that was getting

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Speaker 1: a lot of attention late yesterday afternoon when it first

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Speaker 1: broke a damning review of the culture at nine Entertainment

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Speaker 1: has found quote a systemic issue with abuse of power

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Speaker 1: and authority. I've had to look through the report, Sean,

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Speaker 1: and it is confronting stuff. Ah, it sure is.

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Speaker 2: Some of the stuff that's gone on is disturbing. Probably.

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Speaker 2: The report was handed down yesterday afternoon, details complaints of bullying,

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Speaker 2: discrimination and sexual harassment. It made twenty two recommendations. The

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Speaker 2: ASX listed company owns free Toware TV stations nine. It

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Speaker 2: owns stand the streaming platform. It's got radio stations including

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Speaker 2: three AW in Melbourne, two GB in Sydney. They're the

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Speaker 2: big ones. Newspapers including The Age, cidnem Morning Herald, the

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Speaker 2: finn Review. It's got a stake in domain. It is

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Speaker 2: the biggest media company listed media company in the country now.

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Speaker 2: Nine chair Catherine West said, and I quote, today is

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Speaker 2: an incredibly difficult day for nine as we confront these

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Speaker 2: findings and reflect on serious cultural issues. As an organization.

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Speaker 2: That company has got a lot of work to do

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Speaker 2: to improve its governance and its behavior across all parts

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Speaker 2: of the business.

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Speaker 1: Yeah. One thing I think is clear from this report

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Speaker 1: that this is the beginning of the process. Sean. It

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Speaker 1: is not the end of it. We are going to

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Speaker 1: be hearing a lot about it for some time to come,

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Speaker 1: and considering the scale of the allegations and the complaints made,

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Speaker 1: that's a good thing.

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Speaker 2: Yeah, absolutely, all right.

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Speaker 1: We've got plenty to get through today, Sean. We'll be

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Speaker 1: back in a moment with the rest of the day's

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Speaker 1: business news, Sean. Australia will donate forty nine of the

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Speaker 1: army's Abrams tanks to Ukraine, in the nation's most significant

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Speaker 1: and lethal contribution to the country's war against Russia.

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Speaker 2: Defense Industry Minister Pat Conroy will formally pledge the US

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Speaker 2: made tanks to Ukraine at a NATO meeting in Brussels

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Speaker 2: this week, following a year long campaign by Kiev to

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Speaker 2: secure the weapons. It's one of the largest single contributions

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Speaker 2: of Western tanks to Ukraine's efforts since the war began.

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Speaker 2: Now the tanks were due to be retired from next year,

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Speaker 2: but they are said to be in good condition, said

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Speaker 2: to be far superior to those operated by Russia.

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Speaker 1: Sean. New research from the Reserve Bank says landlords are

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Speaker 1: not greedy after all, at least when it comes to

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Speaker 1: passing on higher interest rate costs.

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Speaker 2: So the research runs against the grain somewhat. It says

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Speaker 2: that property investors bear the brunt of higher interest rates

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Speaker 2: and they don't pass that extra cost on to tenants.

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Speaker 2: In fact, for every one dollar increase in home loan

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Speaker 2: interest repayments, investors raised rents by just one cent. Right,

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Speaker 2: The Reserve Bank looked at thirteen years of tax returns

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Speaker 2: from investors and that's what they came up with. Every

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Speaker 2: one dollar increase, just one cent. Rents were raised by

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Speaker 2: just one cent. Now you put that in today's context,

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Speaker 2: The median monthly interest payment for leveraged investors between the

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Speaker 2: rates rose between April twenty twenty two and January this year. Right,

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Speaker 2: so the median repayment jumped eight hundred and fifty dollars.

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Speaker 2: That's what the owners have to pay. That's the same

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Speaker 2: as rents rising by just over two dollars per week.

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Speaker 2: So what's that ten dollars per month to make it

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Speaker 2: equivalent to the eight hundred and fifty that's according to Reserve.

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Speaker 2: But I'm not sure this one passes the pub test

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Speaker 2: or the sniff test or something like that.

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Speaker 1: No, no, because rents have certainly kind of climbed significantly,

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Speaker 1: haven't they. I suppose then you get all of the

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Speaker 1: other factors coming into it. Then isn't it the high

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Speaker 1: and all of that. So it feels like it's just

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Speaker 1: examining just just one component, one component.

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Speaker 2: But I think the mean of the whole situation, and

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Speaker 2: they're not saying that they're examining everything. They're only saying,

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Speaker 2: we're only looking at this part of it. But even

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Speaker 2: then one centred of the dollar, I'm not so sure.

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Speaker 1: Indeed, one time blue chip amp's share price jumped seventeen

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Speaker 1: percent yesterday. Sean with the stock, we're finding a few friends.

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Speaker 2: Finally, the best of the top two hundred. AMP share

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Speaker 2: price is up sixty seven percent this year. It's a

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Speaker 2: much simpler business nowadays. It got rid of its financial planning.

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Speaker 2: It's returned one point one billion dollars to invest dividends

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Speaker 2: and share buybacks. Its wealth platform is suddenly reporting inflows again.

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Speaker 2: Not bad good on AMP because it went through a

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Speaker 2: rough few years, just quickly saying in the wealth industry Michael,

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Speaker 2: eighty seven percent of Perpetual's shareholders voted against the company's

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Speaker 2: remuneration report yesterday at its AGM eighty seven percent. I

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Speaker 2: think you can call that one emphatic.

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Speaker 1: Oh that's kind of brutal, isn't it.

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Speaker 2: I'm trying. Yeah, I was a quantas their remuneration report

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Speaker 2: last year. I might get this strong. I think was

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Speaker 2: eighty nine percent, but this would be the second highest

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Speaker 2: after that if I've got that savage sean.

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Speaker 1: Now, just while you're talking share prices, the ASX jumped

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Speaker 1: yesterday morning but then came off, but it still finished

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Speaker 1: at a new record.

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Speaker 2: Yes, it's a funny day. The leaving from Wall Street

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Speaker 2: was strong. Then we had the unemployment data and the

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Speaker 2: realization that rates won't be falling anytime soon. That sort

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Speaker 2: of took the wind out of the market, and then

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Speaker 2: the market thought, oh, but you know, people got jobs.

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Speaker 2: It's still pretty good, and so the market ended up

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Speaker 2: finishing at a record level, was up almost one percent

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Speaker 2: of the day, finishing at eighty three hundred and fifty

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Speaker 2: six points. One sector doing very well was the uranium sector,

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Speaker 2: and the uranium miners have been rising for a few

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Speaker 2: days now. Now the reports that a bloke called Eric

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Speaker 2: Sprot was buying local miners as smart as you and

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Speaker 2: I are. I had to google Eric Sprott. He's a

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Speaker 2: Canadian billionaire who's invested in commodities. That's his gig anyway.

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Speaker 2: Apparently he's buying Australian uranium miners and their share prices

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Speaker 2: are rising. The other one worth mentioning the big banks.

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Speaker 2: Oh my god, I'm sick of talking about them. So

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Speaker 2: I'm going to give you a lesson here, Michael. You

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Speaker 2: love these lessons.

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Speaker 1: I love a lesson. Please go, I've got my pen ready.

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Speaker 2: Go. Okay. So higher interest rates or interest rates that

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Speaker 2: are steady now rather than falling, they should help the

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Speaker 2: banks because the gap between what the bank receives from

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Speaker 2: loans and pays out on deposits stays wider. Broadly speaking,

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Speaker 2: the higher interest rates are so higher for longer rates

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Speaker 2: should be good for banks. That's the theory. So you think, okay,

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Speaker 2: the bank share prices raised yesterday. Let's face it, people

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Speaker 2: are buying banks whether the rates are going up or down.

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Speaker 2: So I don't know how much that holds, but that

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Speaker 2: seemed to be part of the reason yesterday. The labor

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Speaker 2: force figures yesterday did help the Aussie dollar. That's the

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Speaker 2: other interesting thing in the local markets yesterday it finished

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Speaker 2: up back above sixty seven US sins. The idea is

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Speaker 2: that our intereststrations in Australia compared to the US are

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Speaker 2: relatively higher and as a result, the Ousie dollar benefits.

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Speaker 1: I know I should have been listening to your lesson

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Speaker 1: just then, but I was too busy thinking about Eric Sprott,

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Speaker 1: the commodity investor, and buying into uranium and with that

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Speaker 1: then kind of affect the uranium sprot price. Goodness mate, Oh,

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Speaker 1: I'm not even going to apologize for that one. I

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Speaker 1: will mention Sean an interview you have coming up after

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Speaker 1: the show seems a good time to mention it now

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Speaker 1: that we're talking about shares and trading. Michael McCarthy from

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Speaker 1: mumou is your guest today.

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Speaker 2: Yes, Mumom is our one of our partners here at

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Speaker 2: Fear and Greed, and we're talking all about how Mumu's

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Speaker 2: trading platform has introduced AI tools and how that can

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Speaker 2: benefit investors. A really interesting chat it is.

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Speaker 1: Indeed. Now credit card giants MasterCard and Visa have threatened

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Speaker 1: to stop providing refunds to defrauded customers and what seems

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Speaker 1: like it seems like a preemptive attack on the RBA

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Speaker 1: as it considers restricting fees that credit card groups like

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Speaker 1: MasterCard and like Visa can charge.

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Speaker 2: Earlier in the week, we're talking about debit card fees

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Speaker 2: and the federal government wants to do something about that.

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Speaker 2: The reserve banks considering how much companies like MasterCard and

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Speaker 2: Visa Card can charge retailers. MasterCard and Visa Card are

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Speaker 2: powerful organizations, and I just don't think they're happy. The

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Speaker 2: fin Review is reporting the local boss of master Card

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Speaker 2: saying there's no such thing as a free lunch, and

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Speaker 2: products provided by the credit card giants aren't costless. Now

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Speaker 2: his point is, he's got a point here. So one

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Speaker 2: of the things about the credit cards, you often get

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Speaker 2: refunds for custom If you buy something on your credit

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Speaker 2: card and the goods are purchased and they don't turn up,

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Speaker 2: you can actually, in particularly it's fraudulent, you can actually

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Speaker 2: get your money back. And what he's saying, all those

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Speaker 2: bits and pieces they cost the group something and so

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Speaker 2: they should be able to set their own charges. And

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Speaker 2: interesting development on the credit card side of the fees debate.

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Speaker 1: It is indeed I mentioned this next one at the

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Speaker 1: top of the show Sean. There's a bit going on

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Speaker 1: in the world of canned tomatoes, which is not a

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Speaker 1: sentence that I thought I would ever actually say.

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Speaker 2: Now, are you are you a can tomatoes family or not? Oh?

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Speaker 1: Yeah, you use it in like your bag bowl and

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Speaker 1: other things like It's just it just fills out the meal.

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Speaker 1: It sounds like I'm a depression here a cork right now.

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Speaker 2: No. No, but when you got lots of kids, I'm

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Speaker 2: all into the can tomatoes, and particularly with that little

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Speaker 2: bit of herbis in them. Basil.

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Speaker 1: Oh you get the fancy herbed ones.

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Speaker 2: Yeah, yeah, yeahs.

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Speaker 1: Stuff that is shown now. The Anti Dumping Commission is

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Speaker 1: investigating weather canned tomatoes exported from Italy and sold as

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Speaker 1: coals and Woolies home brand products are being dumped at

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Speaker 1: cheap prices to damage local growers.

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Speaker 2: So the price of a four hundred gram tin of

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Speaker 2: home brand Italian dice tomatoes at Woolies or coals is

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Speaker 2: a dollar ten SPC. The local fruit producer out of Victoria,

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Speaker 2: It's Cans the four hundred gram tin of dice tomatoes

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Speaker 2: two dollars ten so SPC complained to the Anti Dumping

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Speaker 2: Commission and the Anti Dumping Commission has launched an inquiry.

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Speaker 2: But a history in tin tomatoes though, Michael, because back

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Speaker 2: in twenty sixteen the Commission found that dumping had occurred

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Speaker 2: in Australia that triggered in I duties on some companies.

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Speaker 2: There are a couple of companies out of itually that

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Speaker 2: ended up having to pay import duties. Now, if this

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Speaker 2: is found to be dumping again, which is a big, big,

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Speaker 2: big no no in the world of trade, it could

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Speaker 2: occur again. These extra import duties could be imposed again,

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Speaker 2: and so that's kind of what they're looking at that

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Speaker 2: you would think it's a bit weird that the EU

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Speaker 2: would be dumping into Australia. But the basis of this

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Speaker 2: is that the EU has agricultural subsidies and they pay

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Speaker 2: very low wages to some migrant workers so they can

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Speaker 2: produce it a lot cheaper and they dump the content

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Speaker 2: into Australia. That's the theory. I'm not saying that's happened,

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Speaker 2: but that's kind of the allegation.

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Speaker 1: Just a quick one, Sean before we get to international news. Yesterday,

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Speaker 1: we were wondering why so many pollis fly quantus and

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Speaker 1: not virgin and it is very heavily weighted towards Quantus.

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Speaker 1: Now Virgin has upped its offering, overhauling its frequent flyer

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Speaker 1: program and adding some new premium tiers.

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Speaker 2: Yeah, I reckon. One of the reasons Quantus does so

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Speaker 2: well at the top end is the Chairman's lounge. Now

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Speaker 2: Virgin doesn't have the equivalent, certainly not in Canberra where

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Speaker 2: the Polleys are. The changes announced yesterday to the Virgin

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Speaker 2: frequent Flyer program are very much targeted at travelers buying

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Speaker 2: more expensive tickets Platinum Plus tier it's called. It's got

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Speaker 2: a dedicated services team, better lounges, best seats for them,

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Speaker 2: for the individuals and their families, you get lifetime goal status.

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Speaker 2: So it looks like Virgin is chasing that very top

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Speaker 2: end of the market.

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Speaker 1: All right, turning to international news now and US Democratic

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Speaker 1: presidential nominee Krmala Harris wandered into enemy territory yesterday appearing

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Speaker 1: on Fox News and gave really a pretty kind of

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Speaker 1: feisty performance.

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Speaker 2: Sure she hasn't done much unscripted stuff. She's been criticized

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Speaker 2: for that. Now Fox is the most popular cable channel

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Speaker 2: on the US, very very conservative. The main point to

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Speaker 2: come out, she said, I'm not a continuation of Joe Biden.

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Speaker 2: Harris administration would not be a continuation of the Biden administration,

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Speaker 2: if she argued with the interview of Brett Bayer said

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Speaker 2: Donald Trump should be able to handle criticism without threatening

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Speaker 2: to lick up people. She defended the Bided administration of

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Speaker 2: the surgeon immigration. Basically, she's trying to appeal to the

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Speaker 2: non Trump Republicans and the Independents. They're probably the groups

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Speaker 2: that will sway the election. She's also thinking about talking

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Speaker 2: Joe Rogan. Of course, Joe Rogan is the world's biggest podcaster,

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Speaker 2: and he has been very critical of Carmela Harris. He's

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Speaker 2: also been very critical of Donald Trump. Apparently she's thinking

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Speaker 2: about going on his show.

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Speaker 1: That would actually that would be fascinating listening. I would

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Speaker 1: be signing up for that one now. Uber Sean is

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Speaker 1: considering making a bid for global travel booking site Expedia

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Speaker 1: because the ride sharing group is looking to diversify its

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Speaker 1: income streams.

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Speaker 2: Apparently Uber approached Expedia recently, though it's still some way

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Speaker 2: from a deal. Now, the boss of Uber, I'm going

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

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Speaker 2: try which I think I should get points for trying.

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Speaker 1: Maybe depends on how badly you butcher it.

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Speaker 2: Go on at Dara Kosrau Shahi, Dara Kosrau Shahi, I

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Speaker 2: got to call you.

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Speaker 1: A good Amada. I love that you had a second

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Speaker 1: attempt then just increasing the likelihood you were going to

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Speaker 1: get it wrong wrong.

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Speaker 2: Yeah, So the boss of Uber. Dhara was the boss

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Speaker 2: of Expedia for about ten years until twenty seventeen, still

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Speaker 2: on the board of Expedia. Uber's worth about one hundred

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Speaker 2: and eighty seven billion US Expeedy is about twenty billion US.

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Speaker 2: Uber strategy has been very much to expand from ride

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Speaker 2: sharing to train and flight bookings, furgilely recorporate logistics, advertising

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Speaker 2: stuff like that. It basically wants to become a super

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Speaker 2: app bit like we Chat in China. And this push

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Speaker 2: into Expedia, which is thinking about there's no offer there yet,

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Speaker 2: That's all part of it. So big day in news, Michael,

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Speaker 2: very big day in news.

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Speaker 1: Certainly has been. And up next is the daily Interview.

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Speaker 1: It's coming up in the Fear and Greed playlist today

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Speaker 1: we are talking to Michael McCarthy from MUMU all about

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Speaker 1: using AI to simplify the wealth of information that is

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Speaker 1: available to investors. Thank you very much, Sean, thank you, Michael.

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Speaker 1: It's Friday, the eighteenth of October twenty twenty four. Make

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

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

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Speaker 1: and that was fear and greed. Have a great day.