1
00:00:06,120 --> 00:00:09,119
Speaker 1: Welcome to Fear and Greed business news you can use today.

2
00:00:09,240 --> 00:00:12,719
Speaker 1: Quantus is back and flying high with a bumper profit.

3
00:00:13,160 --> 00:00:16,840
Speaker 1: The federal government acts as five hundred nuisance tariffs, and

4
00:00:16,920 --> 00:00:20,119
Speaker 1: Australia's love affair with Bunnings and Kmart helps boost t

5
00:00:20,160 --> 00:00:23,680
Speaker 1: wes Farmers plus chat GPTEA maker open Ai is setting

6
00:00:23,720 --> 00:00:27,160
Speaker 1: up shop in Australia. And the unfortunate way that staff

7
00:00:27,240 --> 00:00:29,800
Speaker 1: at A and Z found out they were losing their jobs.

8
00:00:29,880 --> 00:00:32,960
Speaker 1: It is Friday, the twenty ninth of August twenty twenty five.

9
00:00:33,280 --> 00:00:37,559
Speaker 1: Are Michael Thompson and Good morning Natalie McDonald. Good morning Michael, Natalie.

10
00:00:37,640 --> 00:00:43,080
Speaker 1: The main story this morning after a reasonably turbulent few years,

11
00:00:43,200 --> 00:00:45,760
Speaker 1: Quantus is back and it's flying high, as I mentioned,

12
00:00:45,800 --> 00:00:49,800
Speaker 1: posting its second biggest profit ever and sending shares up

13
00:00:49,840 --> 00:00:52,280
Speaker 1: more than nine percent to a record twelve dollars and

14
00:00:52,320 --> 00:00:55,640
Speaker 1: thirty eight cents. The thing is Quantus was very much

15
00:00:55,680 --> 00:00:58,960
Speaker 1: bruised in the period after COVID, a lot of reputational damage.

16
00:00:58,960 --> 00:01:01,240
Speaker 1: There was one hundred million dollars fine for selling tickets

17
00:01:01,240 --> 00:01:05,560
Speaker 1: on canceled flights. That's problems with on time services, lost bags,

18
00:01:05,640 --> 00:01:08,399
Speaker 1: a whole lot of other issues. It seems as far

19
00:01:08,440 --> 00:01:10,959
Speaker 1: as passengers are concerned, all is forgiven.

20
00:01:11,440 --> 00:01:13,000
Speaker 2: Well, if you take a look at the numbers, it

21
00:01:13,040 --> 00:01:15,920
Speaker 2: definitely seems that way. Net income jumped twenty eight percent

22
00:01:15,959 --> 00:01:18,320
Speaker 2: to one point six billion dollars for the year to June,

23
00:01:18,480 --> 00:01:21,280
Speaker 2: underlying earnings coming in at two point four billion dollars,

24
00:01:21,319 --> 00:01:24,880
Speaker 2: boosted by strong travel demand and fleet upgrades. Jet Start

25
00:01:25,000 --> 00:01:29,119
Speaker 2: delivered a standout performance, carrying a record sixteen million passengers

26
00:01:29,120 --> 00:01:33,240
Speaker 2: domestically and lifting underlying earnings by fifty five percent. It

27
00:01:33,280 --> 00:01:36,760
Speaker 2: does feel like if it's cheap, it's good. Like that

28
00:01:36,840 --> 00:01:39,360
Speaker 2: seems to be kind of the consumer environment that we're

29
00:01:39,360 --> 00:01:42,280
Speaker 2: in at the moment. Corporate travel. That said, it's also

30
00:01:42,360 --> 00:01:44,920
Speaker 2: bouncing back close to pre COVID levels, the airlines said,

31
00:01:44,959 --> 00:01:48,160
Speaker 2: proving business meetings some are still happening face to face.

32
00:01:48,200 --> 00:01:51,040
Speaker 2: It would seem as the national carrier expects domestic and

33
00:01:51,080 --> 00:01:54,040
Speaker 2: international travel growth to continue through the end of the year.

34
00:01:54,640 --> 00:01:57,080
Speaker 1: I mentioned that there was a lot of brand damage

35
00:01:57,120 --> 00:02:02,120
Speaker 1: done externally with passengers and with shareholders. The results yesterday

36
00:02:02,160 --> 00:02:05,000
Speaker 1: almost became a bit of an exercise in employee relations

37
00:02:05,200 --> 00:02:09,600
Speaker 1: as well. Internally, we had CEO Vanessa Hudson acknowledging past

38
00:02:09,919 --> 00:02:12,200
Speaker 1: mistakes and saying that the company will learn from the

39
00:02:12,240 --> 00:02:15,519
Speaker 1: fallout of its unlawful outsourcing of ground handling.

40
00:02:15,919 --> 00:02:19,320
Speaker 2: What a lead into results season Quantus has had. And

41
00:02:19,440 --> 00:02:22,000
Speaker 2: that's before we even get to the beard ban the

42
00:02:22,040 --> 00:02:25,920
Speaker 2: ongoing conversation around that. But the court ruling that we're

43
00:02:25,960 --> 00:02:29,360
Speaker 2: particularly focusing on regarding the unlawful firing of eighteen hundred

44
00:02:29,400 --> 00:02:32,880
Speaker 2: ground staff resulting in a ninety million dollar fine and

45
00:02:32,919 --> 00:02:36,000
Speaker 2: on one hundred and twenty million dollars in compensation see

46
00:02:36,080 --> 00:02:39,000
Speaker 2: O Vanessa Hudson saying that lessons are being applied to

47
00:02:39,040 --> 00:02:42,920
Speaker 2: improve governance. But Quantus also announced a new employee share

48
00:02:42,919 --> 00:02:45,400
Speaker 2: plan as it seeks to capitalize on share price gains

49
00:02:45,400 --> 00:02:47,440
Speaker 2: they're up more than thirty four percent since the start

50
00:02:47,440 --> 00:02:50,520
Speaker 2: of the year. To improve industrial relations, giving twenty five

51
00:02:50,560 --> 00:02:53,720
Speaker 2: thousand Quantus staff one thousand dollars in shares annually.

52
00:02:54,040 --> 00:02:56,239
Speaker 1: Wow, that's a b internal incentive.

53
00:02:56,800 --> 00:02:58,919
Speaker 2: It is. It's also great timing.

54
00:02:58,840 --> 00:03:03,040
Speaker 1: Yes, it certainly is. Now Australians hunting for bargains in

55
00:03:03,440 --> 00:03:06,359
Speaker 1: a cost of living crunch have fueled a bumper result

56
00:03:06,400 --> 00:03:08,760
Speaker 1: for Wes Farmers. And really it is strong demand at

57
00:03:08,800 --> 00:03:11,120
Speaker 1: Kmart and it is strong demand at Bunnings and that

58
00:03:11,240 --> 00:03:14,080
Speaker 1: is what has lifted earnings across the West Farmers Group.

59
00:03:14,440 --> 00:03:17,400
Speaker 2: And what's also particularly interesting is we had only this

60
00:03:17,520 --> 00:03:20,400
Speaker 2: week Dominoes talking about sort of leaning in more to

61
00:03:21,360 --> 00:03:24,079
Speaker 2: a Bunning style. Across the board, price is coming down

62
00:03:24,160 --> 00:03:26,960
Speaker 2: lower and it shows that the model is one to

63
00:03:26,960 --> 00:03:29,639
Speaker 2: be followed. Kmart's profits rose nine point two percent over

64
00:03:29,639 --> 00:03:32,639
Speaker 2: the year because who doesn't love their Ancho range.

65
00:03:32,680 --> 00:03:35,520
Speaker 1: The Ancho brand has just been the biggest success story

66
00:03:35,680 --> 00:03:38,120
Speaker 1: for Kmart. I mean they sell something like I remember

67
00:03:38,200 --> 00:03:40,080
Speaker 1: last year the figure was that they sell something like

68
00:03:40,120 --> 00:03:44,840
Speaker 1: a billion one billion Ancho products every year. It is

69
00:03:45,000 --> 00:03:47,320
Speaker 1: just growing and growing, and now they are looking at

70
00:03:47,320 --> 00:03:50,320
Speaker 1: the international export of it and setting up Ancho stores

71
00:03:50,360 --> 00:03:52,600
Speaker 1: in other countries like the Philippines, and rolling it out

72
00:03:52,640 --> 00:03:55,000
Speaker 1: in parts of the US and in Canada. It is

73
00:03:55,160 --> 00:03:56,720
Speaker 1: a massive success story.

74
00:03:57,480 --> 00:04:00,680
Speaker 2: The tweens love Kmart. So you usually you would think

75
00:04:00,680 --> 00:04:03,240
Speaker 2: that something that is is cheaper you'd made or discounted,

76
00:04:03,240 --> 00:04:06,240
Speaker 2: you'd maybe look down a little bit. But the tweens

77
00:04:06,280 --> 00:04:09,400
Speaker 2: and teens of some of my friends, they love it

78
00:04:09,480 --> 00:04:12,480
Speaker 2: because they love that it gets onto a trend quickly.

79
00:04:12,800 --> 00:04:14,800
Speaker 2: It turns out something that is a price point that

80
00:04:14,880 --> 00:04:16,480
Speaker 2: you know, they can either buy with pocket money or

81
00:04:16,520 --> 00:04:19,200
Speaker 2: they can persuade mum and dad to buy. And it's

82
00:04:19,240 --> 00:04:23,960
Speaker 2: that whole dupe culture that they're really buying into. But

83
00:04:24,600 --> 00:04:28,040
Speaker 2: beyond Camart and Ancho, Bunnings added three point eight percent.

84
00:04:28,120 --> 00:04:31,360
Speaker 2: This really a reflection of the retailers focused on value, productivity,

85
00:04:31,400 --> 00:04:35,039
Speaker 2: cost control. Office works however, did lag slightly. It's continuing

86
00:04:35,080 --> 00:04:38,440
Speaker 2: to transform its technology and service offerings. But all up,

87
00:04:38,520 --> 00:04:41,039
Speaker 2: West Farmers reported a statutory net profit of two point

88
00:04:41,120 --> 00:04:44,919
Speaker 2: nine billion dollars, also announcing a bit of a leadership change.

89
00:04:44,960 --> 00:04:47,960
Speaker 2: Chairman Michael Cheney is going to retire. He'll be succeeded

90
00:04:47,960 --> 00:04:51,320
Speaker 2: by Ken McKenzie next year. McKenzie was in fact ehp's

91
00:04:51,400 --> 00:04:54,560
Speaker 2: chairman until last year. Despite this, though, shares finishing the

92
00:04:54,640 --> 00:04:56,800
Speaker 2: day fairly flat at ninety two dollars.

93
00:04:57,240 --> 00:04:58,640
Speaker 1: All right, so we had a couple of well, we

94
00:04:58,720 --> 00:05:00,400
Speaker 1: had a lot of big results. Yet so there are

95
00:05:00,400 --> 00:05:02,960
Speaker 1: a lot of companies reporting quantus Wes Farmers two of

96
00:05:03,000 --> 00:05:06,039
Speaker 1: the big ones local markets. How did they go? Overall?

97
00:05:06,360 --> 00:05:08,800
Speaker 2: The S and p ASX two hundred gained nineteen and

98
00:05:08,800 --> 00:05:11,279
Speaker 2: a half points are about two point two percent to

99
00:05:11,320 --> 00:05:14,440
Speaker 2: eighty nine hundred and eighty. That's poised for a fifth

100
00:05:14,480 --> 00:05:16,960
Speaker 2: consecutive monthly rise as we do reach the end of

101
00:05:16,960 --> 00:05:20,440
Speaker 2: the month, and over twenty percent above April lows. This

102
00:05:20,600 --> 00:05:25,039
Speaker 2: reporting season has been described as quote volatile and somewhat brutal,

103
00:05:25,200 --> 00:05:27,960
Speaker 2: and not only by us Michael, and there are signs

104
00:05:27,960 --> 00:05:31,960
Speaker 2: that investors are perhaps sitting back, adjusting positions and just

105
00:05:33,080 --> 00:05:36,599
Speaker 2: maybe just having a break. Six of the eleven index

106
00:05:36,640 --> 00:05:39,240
Speaker 2: sectors were up, led by financials, while energy was the

107
00:05:39,279 --> 00:05:42,640
Speaker 2: main drag. IDP Education share price has slumped more than

108
00:05:42,680 --> 00:05:46,039
Speaker 2: sixty percent over the last twelve months. Not yesterday, though

109
00:05:46,040 --> 00:05:49,520
Speaker 2: despite a revenue dip, shares searched almost thirty percent on

110
00:05:49,560 --> 00:05:54,520
Speaker 2: forecast earnings, well above expectations. Eagers also higher following outsize

111
00:05:54,560 --> 00:05:57,359
Speaker 2: gains in the EVE and hybrid market, while shares in

112
00:05:57,400 --> 00:05:59,880
Speaker 2: South thirty two slump to seven percent as cost swayed

113
00:06:00,080 --> 00:06:01,800
Speaker 2: on its earnings outlook. Yeah.

114
00:06:01,839 --> 00:06:05,119
Speaker 1: Eager's Automotive is an interesting story because they have really

115
00:06:05,360 --> 00:06:10,200
Speaker 1: led the way selling BYD, the Chinese electric vehicle brand

116
00:06:10,360 --> 00:06:13,440
Speaker 1: in Australia. Up until recently they actually had the exclusive

117
00:06:13,480 --> 00:06:17,320
Speaker 1: rights to sell BYD in Australia and BYD has been

118
00:06:17,400 --> 00:06:21,840
Speaker 1: the big success story over the last year to eighteen months,

119
00:06:21,880 --> 00:06:24,840
Speaker 1: and so it's not surprising to see eagers really succeeding

120
00:06:24,839 --> 00:06:26,159
Speaker 1: on the back of that, and they are flagging that

121
00:06:26,200 --> 00:06:28,760
Speaker 1: they are going to now be representing more Chinese car

122
00:06:28,800 --> 00:06:31,400
Speaker 1: makers as well. Moving forward, Okay, we're going to take

123
00:06:31,440 --> 00:06:33,359
Speaker 1: a very quick break. We've got a lot still to

124
00:06:33,360 --> 00:06:34,720
Speaker 1: come back in a moment with the rest of the

125
00:06:34,760 --> 00:06:45,760
Speaker 1: day's business news. Natalie Treasurer. Jim Chalmers has announced the

126
00:06:45,839 --> 00:06:50,200
Speaker 1: removal of five hundred nuisance import tariffs. Nuisance, I think

127
00:06:50,320 --> 00:06:52,840
Speaker 1: was his own word. He described them as it was, Yeah,

128
00:06:52,839 --> 00:06:57,039
Speaker 1: it's aiming to lift costs off ossie businesses. Five hundred

129
00:06:57,160 --> 00:06:57,880
Speaker 1: is a lot.

130
00:06:58,120 --> 00:07:00,920
Speaker 2: It is, and it's on. There were things that were

131
00:07:00,920 --> 00:07:02,960
Speaker 2: a surprise to me. He's saying that many of the

132
00:07:03,000 --> 00:07:06,240
Speaker 2: tariffs on things like tires, TVs, air conditioners. This was

133
00:07:06,240 --> 00:07:10,560
Speaker 2: my surprise. Wineglasses costs more to follow than the revenue

134
00:07:10,560 --> 00:07:13,920
Speaker 2: that they actually bring in. Calling the removal of them

135
00:07:14,240 --> 00:07:16,440
Speaker 2: a bit of a no brainer really, and it had

136
00:07:16,480 --> 00:07:18,840
Speaker 2: been they'd been labeled a nuisance tariff as seeing as

137
00:07:19,000 --> 00:07:22,080
Speaker 2: like a little bit of a punch to trump a

138
00:07:22,080 --> 00:07:25,920
Speaker 2: little bit. The latest cuts are expected to save businesses millions.

139
00:07:25,920 --> 00:07:28,520
Speaker 2: In fact, thirty two million dollars a year on tires alone,

140
00:07:28,640 --> 00:07:32,160
Speaker 2: thirteen million dollars on TVs, half a million on air conditioners,

141
00:07:32,280 --> 00:07:35,440
Speaker 2: and nearly four hundred thousand dollars on the wineglasses. The

142
00:07:35,480 --> 00:07:38,240
Speaker 2: government will consult on the full list before finalizing it

143
00:07:38,320 --> 00:07:39,760
Speaker 2: in next year's budget.

144
00:07:40,080 --> 00:07:42,040
Speaker 1: This next one I mentioned at the top of the show.

145
00:07:42,080 --> 00:07:45,560
Speaker 1: Over three hundred staff in A and Z's retail division

146
00:07:45,680 --> 00:07:49,880
Speaker 1: are being made redundant, but some unfortunately found out the

147
00:07:49,880 --> 00:07:50,440
Speaker 1: wrong way.

148
00:07:50,960 --> 00:07:53,520
Speaker 2: You really have to feel for them. So an automated

149
00:07:53,560 --> 00:07:57,760
Speaker 2: email telling these staff members to return their laptops went

150
00:07:57,840 --> 00:08:01,720
Speaker 2: out before managers could tell them the news. So that

151
00:08:01,880 --> 00:08:06,120
Speaker 2: was how they found out. Q confusion, panic and an

152
00:08:06,280 --> 00:08:10,120
Speaker 2: urgency all staff call with psychologists on standby. The restructure

153
00:08:10,280 --> 00:08:12,600
Speaker 2: is part of new plans to slim dam management layers

154
00:08:12,600 --> 00:08:15,240
Speaker 2: and reshape the bank's culture, with McKinsey brought in to

155
00:08:15,360 --> 00:08:19,800
Speaker 2: advise and ZED has unsurprisingly apologized and staff were reassured

156
00:08:19,800 --> 00:08:23,200
Speaker 2: that they would be treated with dignity. But it hasn't

157
00:08:23,200 --> 00:08:24,160
Speaker 2: got off to the best start.

158
00:08:24,280 --> 00:08:26,640
Speaker 1: Yeah, there are a lot of changes taking place at

159
00:08:26,640 --> 00:08:30,120
Speaker 1: the banks. Really a ZED, led by Nunomatos now and

160
00:08:30,200 --> 00:08:33,839
Speaker 1: also at Westpac with Anthony Miller, the new CEO is

161
00:08:33,920 --> 00:08:35,520
Speaker 1: kind of really turning things around.

162
00:08:35,600 --> 00:08:36,640
Speaker 2: Who works Christmas Day?

163
00:08:36,920 --> 00:08:38,839
Speaker 1: Yes, as we learned the last couple of weeks. That

164
00:08:38,880 --> 00:08:40,360
Speaker 1: feels like a long time ago. Wasn't it that we

165
00:08:40,400 --> 00:08:42,400
Speaker 1: learned that two weeks ago that he works Christmas Day

166
00:08:42,440 --> 00:08:45,320
Speaker 1: and he wants the staff, all the senior managers available

167
00:08:45,320 --> 00:08:48,959
Speaker 1: for meetings on weekends. There's a lot of turmoil in

168
00:08:49,000 --> 00:08:52,960
Speaker 1: the banking sector at the moment now. Whistleblower Richard Boyle

169
00:08:53,120 --> 00:08:57,800
Speaker 1: has avoided convictions and jail after exposing aggressive debt collection

170
00:08:57,920 --> 00:09:01,040
Speaker 1: practices at the Australian Tax Office.

171
00:09:01,200 --> 00:09:04,720
Speaker 2: The former ATO officer pleaded guilty to fore charges including

172
00:09:04,720 --> 00:09:09,760
Speaker 2: disclosing protected information and recording private conversations after raising concerns

173
00:09:09,800 --> 00:09:12,559
Speaker 2: about practices internally at the ATO. You might remember he

174
00:09:12,640 --> 00:09:15,800
Speaker 2: went public with those allegations on the ABC's Four Corners

175
00:09:15,840 --> 00:09:19,920
Speaker 2: program in twenty eighteen. Fast forward seven years, Boil faced

176
00:09:20,000 --> 00:09:24,240
Speaker 2: four criminal charges, reduced from an original sixty six. He

177
00:09:24,360 --> 00:09:27,760
Speaker 2: was handed down a twelvemonth good behavior bond, citing his

178
00:09:27,800 --> 00:09:33,120
Speaker 2: poor mental health and extenuating circumstances. The district court judge

179
00:09:33,120 --> 00:09:35,840
Speaker 2: said that she acknowledged whistleblowing is tough, but stressed it

180
00:09:35,880 --> 00:09:38,800
Speaker 2: does not excuse breaking the law. The case has, however,

181
00:09:38,960 --> 00:09:42,880
Speaker 2: reignited course for stronger whistleblower protections, with concerns that prosecuting

182
00:09:42,920 --> 00:09:46,280
Speaker 2: individuals who act in the public interest can have life

183
00:09:46,360 --> 00:09:47,439
Speaker 2: changing consequences.

184
00:09:47,679 --> 00:09:51,439
Speaker 1: Australia, this rice to net zero is hitting a roadblock

185
00:09:51,679 --> 00:09:53,400
Speaker 1: is probably the best way to describe. But there aren't

186
00:09:53,480 --> 00:09:55,920
Speaker 1: enough workers. There's a new report out that says that

187
00:09:55,960 --> 00:09:58,679
Speaker 1: we are going to be shot forty two thousand sparkys

188
00:09:58,760 --> 00:10:02,920
Speaker 1: engineers energy specialists by twenty thirty, which may put the

189
00:10:02,960 --> 00:10:04,560
Speaker 1: clean energy transition at risk.

190
00:10:05,320 --> 00:10:08,520
Speaker 2: So training in electrical trades has dropped forty percent over

191
00:10:08,520 --> 00:10:12,920
Speaker 2: the past decade, leaving US already twenty two thousand apprentices behind,

192
00:10:13,160 --> 00:10:16,600
Speaker 2: despite the introduction of fee free TAFE and summer hundred

193
00:10:16,640 --> 00:10:19,400
Speaker 2: and twenty million dollars of investment in skills and trainers.

194
00:10:19,800 --> 00:10:23,360
Speaker 2: The Powering Skills Organization linked the shortfilm workers to school

195
00:10:23,360 --> 00:10:27,480
Speaker 2: students being steered away from apprenticeships and employers not having

196
00:10:27,480 --> 00:10:29,800
Speaker 2: a clear return on investment, as well as a lack

197
00:10:29,840 --> 00:10:33,440
Speaker 2: of trainers. They've urged faster pathways into apprenticeships and a

198
00:10:33,480 --> 00:10:37,360
Speaker 2: stronger pipeline of local talent, especially when we consider fewer

199
00:10:37,360 --> 00:10:39,520
Speaker 2: skilled migrants arriving into Australia.

200
00:10:39,600 --> 00:10:43,680
Speaker 1: Okay, now a quick trio I suppose of AI related

201
00:10:43,720 --> 00:10:47,880
Speaker 1: stories For number one chat GPT maker open Ai is

202
00:10:47,920 --> 00:10:50,600
Speaker 1: setting up shop in Australia for the first time. It's

203
00:10:50,600 --> 00:10:52,040
Speaker 1: going to have a new office in Sydney.

204
00:10:52,360 --> 00:10:55,760
Speaker 2: The company said. Surging local demand and partnerships, including that

205
00:10:55,800 --> 00:10:59,240
Speaker 2: deal with Commonwealth Bank, made having a local base pretty essential.

206
00:10:59,480 --> 00:11:02,160
Speaker 2: It's planning to start small with around ten staff by

207
00:11:02,200 --> 00:11:04,120
Speaker 2: the end of the year, but it is still looking

208
00:11:04,160 --> 00:11:08,439
Speaker 2: for a local boss. OpenAI says weekly active chatchipt users

209
00:11:08,440 --> 00:11:10,720
Speaker 2: in Australia have grown two and a half times in

210
00:11:10,760 --> 00:11:13,200
Speaker 2: the past year, placing the country among the top ten

211
00:11:13,240 --> 00:11:16,720
Speaker 2: globally for developers using its tools. The company wants to

212
00:11:16,760 --> 00:11:20,520
Speaker 2: work more closely with Australian businesses, research and policymakers, as

213
00:11:20,559 --> 00:11:24,120
Speaker 2: camera really wrestles with how to regulate AI while also

214
00:11:24,240 --> 00:11:28,079
Speaker 2: encouraging innovation. After the company projected that AI could add

215
00:11:28,080 --> 00:11:31,360
Speaker 2: one hundred and fifteen billion dollars to Australia's economy by

216
00:11:31,400 --> 00:11:32,080
Speaker 2: twenty thirty.

217
00:11:32,320 --> 00:11:36,120
Speaker 1: Our second of three AI stories, Deloitte is in hot

218
00:11:36,120 --> 00:11:39,240
Speaker 1: water over a four hundred and thirty nine thousand dollars

219
00:11:39,400 --> 00:11:42,320
Speaker 1: government report on welfare compliance because it turns out some

220
00:11:42,360 --> 00:11:45,199
Speaker 1: of the academic references don't actually exist, and one quote

221
00:11:45,200 --> 00:11:48,840
Speaker 1: from a major robodebt case appears to have been completely

222
00:11:48,880 --> 00:11:52,040
Speaker 1: made up. Legal experts say it even got the judge wrong.

223
00:11:52,559 --> 00:11:56,320
Speaker 2: Unsw academics whose work was actually referenced in this report

224
00:11:56,400 --> 00:11:59,320
Speaker 2: so that the report's citations don't back up its claims,

225
00:11:59,559 --> 00:12:02,079
Speaker 2: and suspect that AI might be to blame. This feels

226
00:12:02,080 --> 00:12:06,160
Speaker 2: like a real AI one oh one here. Deloitte won't confirm,

227
00:12:06,320 --> 00:12:10,240
Speaker 2: insisting the findings still stand and promising to fix the footnotes. Meanwhile,

228
00:12:10,240 --> 00:12:14,120
Speaker 2: the government is investigating. Critics argue that public money has

229
00:12:14,240 --> 00:12:17,440
Speaker 2: funded a report that lacks integrity, and warning that such

230
00:12:17,559 --> 00:12:21,560
Speaker 2: errors wouldn't be tolerated in a student paper, let alone

231
00:12:21,559 --> 00:12:22,480
Speaker 2: Government advice.

232
00:12:23,200 --> 00:12:27,520
Speaker 1: Final of our three AI related stories, chip Maker and Video,

233
00:12:27,559 --> 00:12:30,320
Speaker 1: and this one is our segue then into our international news.

234
00:12:30,640 --> 00:12:35,160
Speaker 1: Chip Maker and Video absolutely smashed expectations once again. It

235
00:12:35,200 --> 00:12:37,680
Speaker 1: seems to do this all the time, posting quarterly revenue

236
00:12:37,720 --> 00:12:41,240
Speaker 1: of forty six point seven billion US dollars twenty five

237
00:12:41,280 --> 00:12:43,720
Speaker 1: point eight billion US dollars in profit. Both of those

238
00:12:43,760 --> 00:12:46,000
Speaker 1: came in ahead of forecasts, and it's guiding to increase

239
00:12:46,040 --> 00:12:49,920
Speaker 1: sales again in the next quarter. The thing that gets me, though,

240
00:12:50,040 --> 00:12:54,120
Speaker 1: is just that in immediately, right in after hours trading,

241
00:12:54,200 --> 00:12:58,439
Speaker 1: it was sold off because everyone has such high expectations

242
00:12:58,440 --> 00:13:03,040
Speaker 1: that even exceeding expectations isn't enough anymore. For nvideo, it

243
00:13:03,080 --> 00:13:06,800
Speaker 1: has to go well beyond exceptional in order for it

244
00:13:06,840 --> 00:13:11,319
Speaker 1: to satisfy investors. It is just such a remarkable story.

245
00:13:11,080 --> 00:13:13,320
Speaker 2: That just isn't good enough, no anymore.

246
00:13:13,440 --> 00:13:16,559
Speaker 1: No good enough, isn't good no, no, no, even better

247
00:13:16,600 --> 00:13:18,800
Speaker 1: than good is not good. All right, now, while we

248
00:13:18,840 --> 00:13:21,920
Speaker 1: are talking about international news, how about this US restaurant chain,

249
00:13:22,040 --> 00:13:25,360
Speaker 1: Cracker Barrel has made a U turn on its new

250
00:13:25,440 --> 00:13:29,959
Speaker 1: logo after a storm of backlash, including from US President

251
00:13:30,000 --> 00:13:30,600
Speaker 1: Donald Trump.

252
00:13:31,240 --> 00:13:33,400
Speaker 2: I'll be honest, I didn't know an awful lot about

253
00:13:33,400 --> 00:13:35,160
Speaker 2: Cracker Barrel, but.

254
00:13:35,120 --> 00:13:37,640
Speaker 1: Now I do Cracker Barrel experts.

255
00:13:37,760 --> 00:13:42,040
Speaker 2: Yeah, so stick with me for some new new facts.

256
00:13:42,679 --> 00:13:46,000
Speaker 2: So the company ditched its traditional image of Uncle Hershel

257
00:13:46,160 --> 00:13:49,320
Speaker 2: whoever that may be, leaning on a barrel, in favor

258
00:13:49,360 --> 00:13:51,600
Speaker 2: of what was more of a stripped back word mark

259
00:13:51,760 --> 00:13:57,719
Speaker 2: minimalist minimalist, but critics, including US President Donald Trump and

260
00:13:57,760 --> 00:14:02,000
Speaker 2: his son slammed the change, with fans even threatening boycotts.

261
00:14:02,400 --> 00:14:05,559
Speaker 2: Chares plunged more than ten percent before the chain then

262
00:14:05,640 --> 00:14:09,920
Speaker 2: reversed course, declaring the old logo would stay. The backflip,

263
00:14:10,040 --> 00:14:13,720
Speaker 2: sending shares climbing again, up seven percent in late trading

264
00:14:13,800 --> 00:14:14,600
Speaker 2: on Wall Street.

265
00:14:15,200 --> 00:14:17,520
Speaker 1: What what is wrong?

266
00:14:18,280 --> 00:14:22,800
Speaker 2: Honestly, but it gets better than Michael Trump's back in

267
00:14:22,800 --> 00:14:26,720
Speaker 2: the game. He's applauded the reversal, saying congratulations Cracker Barrel

268
00:14:26,760 --> 00:14:29,160
Speaker 2: and changing your logo back to what it was. All

269
00:14:29,200 --> 00:14:32,880
Speaker 2: of your fans, I didn't realize that that could happen

270
00:14:32,920 --> 00:14:35,760
Speaker 2: with a restaurant. All of your fans very much appreciate it.

271
00:14:36,000 --> 00:14:38,920
Speaker 2: Good luck into the future, make lots of money, and

272
00:14:38,960 --> 00:14:44,200
Speaker 2: most importantly, make your customers happy again. I now know

273
00:14:44,760 --> 00:14:48,440
Speaker 2: so much more about Cracker Barrel than I ever needed to.

274
00:14:48,720 --> 00:14:50,760
Speaker 1: Yeah, I've certainly been in the headlines, so I don't

275
00:14:50,800 --> 00:14:54,520
Speaker 1: think they've enjoyed being there. Finally, last one, yesterday we

276
00:14:54,520 --> 00:14:57,120
Speaker 1: brought to the story about the missing artwork that was

277
00:14:57,160 --> 00:15:00,920
Speaker 1: seized during World War II. Stolen during World War Two

278
00:15:01,520 --> 00:15:04,800
Speaker 1: was found after being spotted in a real estate listing.

279
00:15:05,640 --> 00:15:08,880
Speaker 1: The search now for the missing painting continues because it

280
00:15:08,920 --> 00:15:11,880
Speaker 1: has vanished from the wall where it was hanging.

281
00:15:12,560 --> 00:15:16,080
Speaker 2: Police raided the home located in Argentina, owned by the

282
00:15:16,200 --> 00:15:19,720
Speaker 2: daughter of a senior Nazi official who fled Europe after

283
00:15:19,760 --> 00:15:24,080
Speaker 2: the portrait was seen hanging there, but they found only

284
00:15:24,160 --> 00:15:27,520
Speaker 2: a large tapestry in its place, and not the work

285
00:15:27,720 --> 00:15:29,640
Speaker 2: portrait of a lady, which had been seen on a

286
00:15:30,040 --> 00:15:33,880
Speaker 2: real estate listing. Prosecutors say the family could face charges

287
00:15:33,920 --> 00:15:37,400
Speaker 2: of concealing criminal property if proven to have the artwork

288
00:15:37,840 --> 00:15:40,480
Speaker 2: because there's there's no statute of limitations due to it

289
00:15:40,560 --> 00:15:42,000
Speaker 2: being wartime theft.

290
00:15:43,000 --> 00:15:45,680
Speaker 1: That is fascinating. This story keeps ongoing.

291
00:15:45,760 --> 00:15:47,640
Speaker 2: I know we'll still be reporting on it next week.

292
00:15:47,720 --> 00:15:49,840
Speaker 1: I know it is. It is quite remarkable.

293
00:15:49,920 --> 00:15:53,720
Speaker 2: We might just have to go to Argentina. Take Fear

294
00:15:53,760 --> 00:15:54,680
Speaker 2: and Greed on tour.

295
00:15:54,760 --> 00:15:59,000
Speaker 1: Fear and Grade investigates, Yes, okay, up next Fear and

296
00:15:59,040 --> 00:16:01,120
Speaker 1: Grade Q and A. My get yesterday is doctor Nicola

297
00:16:01,200 --> 00:16:05,040
Speaker 1: Powell from Domain and it is a great conversation about

298
00:16:05,040 --> 00:16:09,160
Speaker 1: the upcoming spring selling season and the expectation that it

299
00:16:09,280 --> 00:16:13,240
Speaker 1: is going to be a turbocharged spring selling season because

300
00:16:13,280 --> 00:16:17,160
Speaker 1: of three things. Number one, we've had three interest rate cuts.

301
00:16:17,360 --> 00:16:21,640
Speaker 1: Number two, there is growing consumer confidence out there, and

302
00:16:21,760 --> 00:16:24,560
Speaker 1: the third one is the big change in the first

303
00:16:24,560 --> 00:16:29,440
Speaker 1: home buyer scheme that could see house prices just go

304
00:16:29,640 --> 00:16:32,200
Speaker 1: off the charts over the coming months. So it is

305
00:16:32,240 --> 00:16:35,040
Speaker 1: a great conversation, especially if you're in the market to

306
00:16:35,040 --> 00:16:36,600
Speaker 1: buy or sell. It's coming up next to the Fear

307
00:16:36,600 --> 00:16:38,960
Speaker 1: and Greed playlist on your podcast platform or at Fearangreed

308
00:16:38,960 --> 00:16:41,240
Speaker 1: dot com todau where you sign up for our free

309
00:16:41,280 --> 00:16:44,040
Speaker 1: newsletter as well. Thank you Natalie, Thank you Michael. It

310
00:16:44,200 --> 00:16:47,320
Speaker 1: is Friday, the twenty ninth of August twenty twenty five.

311
00:16:47,360 --> 00:16:49,480
Speaker 1: Make sure you're following the podcast and please join us

312
00:16:49,480 --> 00:16:53,200
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson

313
00:16:53,200 --> 00:16:57,560
Speaker 1: and that was Fear and Greed. Have a great day.