1 00:00:06,400 --> 00:00:09,040 Speaker 1: Today on Fear and Greed, the federal government promises to 2 00:00:09,080 --> 00:00:12,880 Speaker 1: back collapsed airline Regional Express, as new figures show domestic 3 00:00:12,920 --> 00:00:17,400 Speaker 1: airfares are rising, Both business and consumer sentiment finally starts 4 00:00:17,400 --> 00:00:21,200 Speaker 1: to pick up, and the bitcoin boom keeps giving. Plus, 5 00:00:21,239 --> 00:00:24,079 Speaker 1: there is more on Prime Minister Anthony Albanesi's conversation with 6 00:00:24,239 --> 00:00:27,880 Speaker 1: US President elect Donald Trump and the chair of Coles 7 00:00:28,040 --> 00:00:31,400 Speaker 1: fighting back. Welcome to Fear and Greed. Daily business news 8 00:00:31,600 --> 00:00:34,320 Speaker 1: for people who make their own decisions. It's Wednesday, the 9 00:00:34,360 --> 00:00:37,559 Speaker 1: thirteenth of November twenty twenty four. I'm Adam Lang and 10 00:00:37,600 --> 00:00:39,080 Speaker 1: good morning, Sean Aylmer. 11 00:00:39,479 --> 00:00:41,400 Speaker 2: Good morning, Adam Shawn. 12 00:00:41,440 --> 00:00:43,720 Speaker 1: The main story this morning, the federal government has pledged 13 00:00:43,760 --> 00:00:46,919 Speaker 1: eighty million dollars to keep REX flying regional routes, as 14 00:00:46,960 --> 00:00:50,640 Speaker 1: new figures show domestic airfares have risen sharply since Regional 15 00:00:50,720 --> 00:00:53,080 Speaker 1: Express stopped flying major city routes. 16 00:00:53,680 --> 00:00:57,200 Speaker 3: That's right, First up, the government has provided eighty million 17 00:00:57,360 --> 00:01:00,400 Speaker 3: dollars to Regional Express. That means workers we'll get paid. 18 00:01:00,440 --> 00:01:02,840 Speaker 3: Flights will keep going until June next year. 19 00:01:03,320 --> 00:01:06,640 Speaker 2: That's after the federal election. Notable, the Feds. 20 00:01:06,319 --> 00:01:09,720 Speaker 3: Will continue to guarantee seats for passengers who purchase tickets 21 00:01:09,760 --> 00:01:12,679 Speaker 3: with REX. It's a sore point for the FEDS because 22 00:01:12,840 --> 00:01:15,800 Speaker 3: Prime Minister Anthony Albernezi has been criticized as being too 23 00:01:15,880 --> 00:01:19,480 Speaker 3: close to Alan Joyce. This the fact that Regional Express 24 00:01:19,520 --> 00:01:24,240 Speaker 3: has collapsed works into that particular argument from the opposition. 25 00:01:24,600 --> 00:01:27,520 Speaker 3: All this comes as the Australian Competition and Consumer Commission 26 00:01:28,120 --> 00:01:30,959 Speaker 3: report shows that since the end of July, prices on 27 00:01:31,080 --> 00:01:35,720 Speaker 3: big city roots think Melbourne, Sydney, Brisbane are up thirteen 28 00:01:35,760 --> 00:01:39,399 Speaker 3: point three percent. That's just in three months, even though 29 00:01:39,480 --> 00:01:42,399 Speaker 3: fuel costs are about forty percent lower than where they 30 00:01:42,440 --> 00:01:45,720 Speaker 3: were a year ago. The report says domestic airline passengers 31 00:01:45,800 --> 00:01:48,880 Speaker 3: face less choice and higher airfares because of the demise 32 00:01:48,920 --> 00:01:53,600 Speaker 3: of REX between particularly their services between metropolitan cities. September 33 00:01:53,640 --> 00:01:56,040 Speaker 3: is a busy time because of sporting events and things, 34 00:01:56,040 --> 00:01:58,720 Speaker 3: but the watchdog said most of the fair hikes reflect 35 00:01:58,960 --> 00:02:03,120 Speaker 3: lesser competition. Hardest hit roots Adelaide to Melbourne up ninety 36 00:02:03,160 --> 00:02:05,280 Speaker 3: five percent in that three months, Melbourne to the Gold 37 00:02:05,280 --> 00:02:09,240 Speaker 3: Coast seventy percent, Canber to Melbourne fifty four percent. It 38 00:02:09,320 --> 00:02:11,839 Speaker 3: also looked at cancelation stats. They got as high as 39 00:02:11,840 --> 00:02:13,959 Speaker 3: three percent in July but back down to two percent, 40 00:02:14,000 --> 00:02:15,840 Speaker 3: So we better give the carriers a pat on the 41 00:02:15,880 --> 00:02:18,680 Speaker 3: back for that one. On time arrival is creeping up, 42 00:02:18,680 --> 00:02:21,680 Speaker 3: it's about seventy five and a half percent. The HABLEC 43 00:02:21,960 --> 00:02:25,440 Speaker 3: warned that it maybe some time before another airline emerges 44 00:02:25,480 --> 00:02:28,440 Speaker 3: on busy city roots and for the time being, Quotas 45 00:02:28,440 --> 00:02:32,000 Speaker 3: and Virgin now have ninety eight percent market chair without competition, 46 00:02:32,080 --> 00:02:33,720 Speaker 3: it's hard to see prices coming down. 47 00:02:34,320 --> 00:02:36,880 Speaker 1: Sean. The a TRIBLEC report is part of the government's 48 00:02:36,880 --> 00:02:40,120 Speaker 1: push to better monitor what's going on. Was it a 49 00:02:40,120 --> 00:02:44,000 Speaker 1: little surprising yesterday hearing the response from Quantus. 50 00:02:44,120 --> 00:02:46,679 Speaker 3: Well, yes, they came out fighting and maybe they have 51 00:02:46,760 --> 00:02:49,640 Speaker 3: a point, but I don't know that too many people 52 00:02:49,760 --> 00:02:53,520 Speaker 3: were listening. Quantas said that the data didn't reflect average 53 00:02:53,560 --> 00:02:56,840 Speaker 3: airfares being paid. Now, the HABLEC never said that it 54 00:02:56,880 --> 00:03:00,240 Speaker 3: did reflect average airfares being played. They just take a 55 00:03:00,280 --> 00:03:04,960 Speaker 3: three week period ahead of a set date. In this instance, 56 00:03:05,000 --> 00:03:07,560 Speaker 3: it was the three weeks up until October thirty one 57 00:03:08,160 --> 00:03:11,200 Speaker 3: and has a snapshot of lowest affairs available in those 58 00:03:11,360 --> 00:03:15,920 Speaker 3: three weeks. Now, the thing that Quantus is arguing is 59 00:03:15,960 --> 00:03:19,080 Speaker 3: that three weeks including a time when Melbourne hosted Coldplay, 60 00:03:19,400 --> 00:03:23,800 Speaker 3: so demand was high. The cheaper flights had been bought early, 61 00:03:24,160 --> 00:03:27,280 Speaker 3: so people chasing flights to go to Melbourne and see Coldplay. 62 00:03:27,440 --> 00:03:30,720 Speaker 3: We're paying higher prices, they actually said, or Quantus said 63 00:03:30,760 --> 00:03:33,040 Speaker 3: that the increase over the past twelve months is more 64 00:03:33,080 --> 00:03:36,480 Speaker 3: broadly in line with inflation rather than the numbers that 65 00:03:36,520 --> 00:03:38,400 Speaker 3: the HBLEC is throwing out there. 66 00:03:38,840 --> 00:03:41,680 Speaker 1: Sean, is it like the HBLEC being a mystery shopper 67 00:03:41,800 --> 00:03:42,560 Speaker 1: on airfes? 68 00:03:43,960 --> 00:03:44,960 Speaker 2: Well, it is a bit, isn't it. 69 00:03:45,000 --> 00:03:47,640 Speaker 3: I mean they're putting out this report regularly now and 70 00:03:47,720 --> 00:03:50,960 Speaker 3: so we're getting far far greatest scrutiny on the airlines. 71 00:03:51,160 --> 00:03:54,240 Speaker 3: But it just sounded yesterday's if Quantus was just like, oh, 72 00:03:54,440 --> 00:03:55,600 Speaker 3: come on, guys, that's not fair. 73 00:03:55,640 --> 00:03:57,560 Speaker 2: You've picked three weeks with prices were high. 74 00:03:57,920 --> 00:03:59,880 Speaker 1: Well, did you have to pick that three weeks? 75 00:04:00,080 --> 00:04:02,560 Speaker 3: Yeah, that's right. When would you prefer to look at 76 00:04:02,560 --> 00:04:04,040 Speaker 3: the prices? Yeah? 77 00:04:04,160 --> 00:04:06,640 Speaker 1: Anyway, sure, And moving on, Australians are feeling just a 78 00:04:06,640 --> 00:04:09,720 Speaker 1: little bit more upbeat, with consumer sentiment hitting its highest 79 00:04:09,800 --> 00:04:12,640 Speaker 1: level since the Reserve Bank started hiking interest rates. 80 00:04:13,360 --> 00:04:17,240 Speaker 3: Yes, so finally some good news. The Westpac Melbourne Institute 81 00:04:17,279 --> 00:04:21,200 Speaker 3: Consumer Sentiment Survey was released yesterday, just looks like people 82 00:04:21,279 --> 00:04:25,000 Speaker 3: aren't worried about rate rises so much anymore, and the 83 00:04:25,040 --> 00:04:27,559 Speaker 3: outlook for their income on the back of strong labor 84 00:04:27,600 --> 00:04:30,960 Speaker 3: market is pretty good. The sentiment is up to eighty 85 00:04:31,000 --> 00:04:33,560 Speaker 3: four point six. Now that's still in negative territory. They 86 00:04:33,560 --> 00:04:36,240 Speaker 3: are more pessimous than optimists out there, but it's up 87 00:04:36,360 --> 00:04:39,119 Speaker 3: twenty one percent from its low point in late twenty 88 00:04:39,200 --> 00:04:41,960 Speaker 3: twenty two. That is good news, very good sign for 89 00:04:42,000 --> 00:04:45,240 Speaker 3: retailers with Christmas coming up, for example. Some of the readings, 90 00:04:45,279 --> 00:04:48,320 Speaker 3: there's lots of data that goes into this Westpac Melbourne 91 00:04:48,320 --> 00:04:51,919 Speaker 3: Institute reading. Some of the forward looking factors, like the 92 00:04:51,960 --> 00:04:55,360 Speaker 3: economic outlook. Family finances are as good as they've been 93 00:04:55,520 --> 00:04:57,919 Speaker 3: since COVID, and that is very much thanks to the 94 00:04:57,920 --> 00:05:01,760 Speaker 3: idea that people think inflation is for and stronger. The 95 00:05:01,839 --> 00:05:05,520 Speaker 3: labor market remains strong. Cinemat around housing has also picked up. 96 00:05:05,560 --> 00:05:08,600 Speaker 3: It's not all perfect. So one of the particular readings 97 00:05:08,640 --> 00:05:11,760 Speaker 3: which economists love the question is is now a good 98 00:05:11,760 --> 00:05:15,200 Speaker 3: time to buy a major household item? And people think 99 00:05:15,240 --> 00:05:17,560 Speaker 3: that's a really good read into what people think again 100 00:05:17,560 --> 00:05:19,720 Speaker 3: to happen. You're only again to buy something major if 101 00:05:19,720 --> 00:05:21,240 Speaker 3: you think times are going to be okay in the 102 00:05:21,279 --> 00:05:24,240 Speaker 3: next few months. Well, that's still pretty low. So it's 103 00:05:24,240 --> 00:05:27,039 Speaker 3: not universally good by any stretch of the imagination, but 104 00:05:27,080 --> 00:05:29,000 Speaker 3: at least a more positive science than we've seen for 105 00:05:29,000 --> 00:05:29,760 Speaker 3: a couple of years. 106 00:05:30,320 --> 00:05:32,920 Speaker 1: And Sean, on the business side, it feels like we've 107 00:05:32,920 --> 00:05:34,840 Speaker 1: got to measure that they're more upbeat as well. 108 00:05:35,360 --> 00:05:38,120 Speaker 3: Yes, so, according to the National Australia Bank Business surveys, 109 00:05:38,160 --> 00:05:42,560 Speaker 3: which were released yesterday's business conditions are up just to touch. 110 00:05:42,760 --> 00:05:46,640 Speaker 3: They're probably still trending down the conditions business confidence, though 111 00:05:46,680 --> 00:05:52,320 Speaker 3: that those readings jumped sharply. Inflation measures within the National 112 00:05:52,320 --> 00:05:55,880 Speaker 3: Australia Bank survey shows that price rises are staying to 113 00:05:55,880 --> 00:05:59,440 Speaker 3: be contained. The employment reading in the survey is weakening. 114 00:05:59,440 --> 00:06:02,520 Speaker 3: Someone though it's still positive, but you'd expect the employment 115 00:06:02,760 --> 00:06:07,159 Speaker 3: reading to be weakening because obviously the economy is coming 116 00:06:07,200 --> 00:06:10,240 Speaker 3: off somewhat the bottom line, and all these consumers and 117 00:06:10,320 --> 00:06:13,520 Speaker 3: businesses are just a little bit more confident than they've 118 00:06:13,520 --> 00:06:14,239 Speaker 3: been for a while. 119 00:06:14,279 --> 00:06:17,640 Speaker 1: Adam, I'll take that. That's good news, Sean. And immediately 120 00:06:17,680 --> 00:06:19,960 Speaker 1: after the show, we want everyone to stay listening for 121 00:06:20,000 --> 00:06:23,520 Speaker 1: your chat with Grant Hacket Ao. He's the CEO of 122 00:06:23,600 --> 00:06:24,640 Speaker 1: Generation Life. 123 00:06:24,880 --> 00:06:28,440 Speaker 3: He is one time swimmer, quite decent at that now running. 124 00:06:28,480 --> 00:06:31,280 Speaker 3: He's been worked at Bankers Trustee or BT it's called, 125 00:06:31,520 --> 00:06:33,839 Speaker 3: and he worked at west Pake. He's now at Generation Life. 126 00:06:34,040 --> 00:06:37,120 Speaker 3: They've put out a report not Tomorrow's Problem. Basically it's 127 00:06:37,120 --> 00:06:41,720 Speaker 3: about the financial challenges faced by different demographic groups and 128 00:06:41,760 --> 00:06:44,680 Speaker 3: it's really fascinating to talk to Grant about what the 129 00:06:44,720 --> 00:06:45,520 Speaker 3: report shows. 130 00:06:46,160 --> 00:06:47,640 Speaker 1: We'll be back in a moment with the rest of 131 00:06:47,680 --> 00:06:58,400 Speaker 1: the day's business news. United States President elect Donald Trump 132 00:06:58,560 --> 00:07:02,040 Speaker 1: last week told Prime Minister so Anthony Albanesi that Australia 133 00:07:02,080 --> 00:07:05,400 Speaker 1: and the US would enjoy our quote perfect relationship. I 134 00:07:05,440 --> 00:07:07,760 Speaker 1: can almost hear it in his timees Sean. 135 00:07:08,080 --> 00:07:08,279 Speaker 2: Yes. 136 00:07:08,400 --> 00:07:11,880 Speaker 3: So the quote from Anthony Alberanzi was he described the 137 00:07:11,960 --> 00:07:15,280 Speaker 3: relationship we would have as a perfect friendship. And I 138 00:07:15,280 --> 00:07:17,840 Speaker 3: am very confident the relationship between Australia and the United 139 00:07:17,840 --> 00:07:20,400 Speaker 3: States will continue to be going very strong. 140 00:07:21,160 --> 00:07:21,640 Speaker 2: Let's hope. 141 00:07:21,680 --> 00:07:25,680 Speaker 3: So Anthony Albanesi has never actually met Donald Trump. Now 142 00:07:25,720 --> 00:07:28,760 Speaker 3: the opposition is calling on the Prime Minister to head 143 00:07:28,760 --> 00:07:32,040 Speaker 3: to the US. He's actually he's flying the Peru today 144 00:07:32,080 --> 00:07:33,880 Speaker 3: for the Apex Summit that he's going to Brazil for 145 00:07:33,880 --> 00:07:37,040 Speaker 3: a G twenty conference. The opposition is suggesting he should 146 00:07:37,080 --> 00:07:40,160 Speaker 3: go home via the States marri Lago, perhaps to actually 147 00:07:40,200 --> 00:07:43,160 Speaker 3: meet Donald Trump, all about making sure that those ten 148 00:07:43,200 --> 00:07:46,679 Speaker 3: to twenty percent tariffs aren't imposed on ossie exports. Mister 149 00:07:46,720 --> 00:07:50,040 Speaker 3: Alberzi has rejected that. But it is interesting that this 150 00:07:50,080 --> 00:07:53,440 Speaker 3: is the first time we found out exactly what Alberanzi 151 00:07:53,480 --> 00:07:55,560 Speaker 3: and Trump talked to each other about, and the fact 152 00:07:55,640 --> 00:07:58,200 Speaker 3: that the Donald Trump called it a perfect relationship. 153 00:07:58,520 --> 00:08:00,440 Speaker 2: Aug is well for the next of me illustration. 154 00:08:00,960 --> 00:08:03,360 Speaker 1: We can have air Force watch over the weekend Sean 155 00:08:03,400 --> 00:08:06,520 Speaker 1: to see if he actually goes to the US. Yeah, wonder, 156 00:08:07,040 --> 00:08:10,480 Speaker 1: wonder back home Sean. Coles held its annual general meeting 157 00:08:10,560 --> 00:08:14,000 Speaker 1: yesterday and chair James Graham said it is disappointing to 158 00:08:14,000 --> 00:08:16,800 Speaker 1: see cost of living issues being politicized. 159 00:08:17,560 --> 00:08:24,880 Speaker 3: Really, what do you expect, isn't we just had a 160 00:08:25,000 --> 00:08:27,640 Speaker 3: US election which was all about the cost of being. 161 00:08:29,400 --> 00:08:32,120 Speaker 1: Change the government in the UK few others around the world. 162 00:08:32,440 --> 00:08:36,600 Speaker 3: Yeah, that's right, it's quite a funny thing to say. Sorry, 163 00:08:36,640 --> 00:08:39,720 Speaker 3: mister Graham, I'm sure you're a good fellow, he said. 164 00:08:39,720 --> 00:08:43,800 Speaker 3: Coles is sensitive to the economic health of households. He 165 00:08:43,920 --> 00:08:48,160 Speaker 3: highlighted how closely supermarkets and governments worked together during COVID 166 00:08:48,520 --> 00:08:50,719 Speaker 3: and the bushfire and flood periods. And there's no doubt 167 00:08:50,760 --> 00:08:53,880 Speaker 3: the supermarkets did an amazing job, particularly during COVID and 168 00:08:53,920 --> 00:08:56,479 Speaker 3: in some regions of Australia during the floods and bushfires, 169 00:08:56,720 --> 00:08:59,320 Speaker 3: work closely with the government. He just sort of lamented 170 00:08:59,320 --> 00:09:03,520 Speaker 3: that that's not anymore. Of course, the Australian Competition and 171 00:09:03,559 --> 00:09:06,920 Speaker 3: Consumer Commissioners taken Coals and Wills to court, alleging them 172 00:09:07,400 --> 00:09:12,280 Speaker 3: of producing sham discounts. Mister Graham said Coals was committed 173 00:09:12,360 --> 00:09:15,320 Speaker 3: to ensuring it does the right thing. He did have 174 00:09:15,360 --> 00:09:18,320 Speaker 3: some pretty interesting stats. He said, the basket of goods 175 00:09:18,320 --> 00:09:20,480 Speaker 3: in Australia over the last five years is up about 176 00:09:20,480 --> 00:09:24,360 Speaker 3: twenty four percent. That's actually below New Zealand, Canada, the 177 00:09:24,440 --> 00:09:27,439 Speaker 3: UK and the US, and the OEC average is thirty 178 00:09:27,520 --> 00:09:30,280 Speaker 3: nine percent. So his point was that actually the big 179 00:09:30,280 --> 00:09:31,760 Speaker 3: super markets here are doing okay. 180 00:09:32,360 --> 00:09:34,560 Speaker 1: Yeah, and probably a reflection too that we're not bad 181 00:09:34,600 --> 00:09:36,240 Speaker 1: at producing some of our own food. 182 00:09:37,200 --> 00:09:39,160 Speaker 2: Yeah, I think so. I have to think about that 183 00:09:39,200 --> 00:09:41,280 Speaker 2: one day. That gonna be und the run there. 184 00:09:42,440 --> 00:09:44,600 Speaker 1: I'll put it to ask fear and greed and see 185 00:09:44,600 --> 00:09:48,480 Speaker 1: how we go Sewan. The local market started poorly, dropping 186 00:09:48,559 --> 00:09:51,000 Speaker 1: sharply in the beginning, but by the end of the 187 00:09:51,120 --> 00:09:53,000 Speaker 1: day it hadn't actually moved that much. 188 00:09:53,320 --> 00:09:55,720 Speaker 3: Now, so the S and PAX two hundred closed down 189 00:09:56,120 --> 00:09:58,840 Speaker 3: just a touch zero point one percent to eighty two 190 00:09:58,920 --> 00:10:01,120 Speaker 3: hundred and fifty six points. It's a pretty tough day 191 00:10:01,160 --> 00:10:03,520 Speaker 3: for the gold miners. The price of the precious metal 192 00:10:03,559 --> 00:10:06,680 Speaker 3: has come off in recent days following the election last 193 00:10:06,679 --> 00:10:09,760 Speaker 3: week in the US. On all prices are also slipping 194 00:10:09,760 --> 00:10:11,880 Speaker 3: their back around one hundred US dollars a ton. That's 195 00:10:11,880 --> 00:10:15,960 Speaker 3: putting pressure on the big miners Bhbroo Fortescu medals. Yesterday, 196 00:10:16,000 --> 00:10:18,679 Speaker 3: the tech stocks probably were among the best. I would say. 197 00:10:18,960 --> 00:10:22,920 Speaker 3: One interesting performer was nib. It said mounting losses in 198 00:10:22,960 --> 00:10:25,400 Speaker 3: its New Zealand business means earnings will be down as 199 00:10:25,480 --> 00:10:28,439 Speaker 3: much as ten percent this year. It had a shocking 200 00:10:28,520 --> 00:10:31,240 Speaker 3: half year report which came out in August. It wiped 201 00:10:31,240 --> 00:10:33,679 Speaker 3: about twenty percent off its share price. Yesterday it fell 202 00:10:33,679 --> 00:10:37,079 Speaker 3: about three percent, though it did clamber back to finish flat. 203 00:10:37,240 --> 00:10:41,080 Speaker 1: Sewn In legal news, one of Australia's largest law firms, 204 00:10:41,120 --> 00:10:44,320 Speaker 1: Herbert Smith Freehills, is merging with a New York firm, 205 00:10:44,480 --> 00:10:48,000 Speaker 1: becoming the first local partnership to have significant operations in 206 00:10:48,040 --> 00:10:48,640 Speaker 1: the US of A. 207 00:10:49,880 --> 00:10:53,920 Speaker 3: So what I love about legal stories, Yeah, not much. 208 00:10:57,400 --> 00:10:59,840 Speaker 3: We should cover accountants and lawyers more than we do, 209 00:11:00,120 --> 00:11:01,360 Speaker 3: and that is a failing of. 210 00:11:01,320 --> 00:11:03,360 Speaker 1: Mind some of our finest listeners, the lawyers. 211 00:11:03,720 --> 00:11:06,280 Speaker 3: Yeah, absolutely, But it's the names that I love. So 212 00:11:06,320 --> 00:11:09,560 Speaker 3: the firm that that free see, I'm calling it free Hills. 213 00:11:09,760 --> 00:11:13,160 Speaker 3: It hasn't been Free Hills since about twenty twelve merged 214 00:11:13,200 --> 00:11:16,680 Speaker 3: with Herbert Smith HSF. I'm still going to call it 215 00:11:16,679 --> 00:11:20,200 Speaker 3: Free Hills. Herbert Smith Freehills. It wants to merge with 216 00:11:20,320 --> 00:11:26,040 Speaker 3: a group in the US called Kramer eleven Naptalis and Frankel, 217 00:11:26,200 --> 00:11:27,880 Speaker 3: Kramer eleven Naphtalis and Frankel. 218 00:11:28,080 --> 00:11:30,000 Speaker 1: Gosh, that rolls off the tongue, doesn't it. 219 00:11:30,000 --> 00:11:33,160 Speaker 3: It sure does if they if they come together and 220 00:11:33,280 --> 00:11:37,240 Speaker 3: seventy five percent of partners approve it, it'll become Herbert 221 00:11:37,280 --> 00:11:42,000 Speaker 3: Smith Freehills Kramer. It's beautiful, isn't it. Herbert Smith Freehills, 222 00:11:42,040 --> 00:11:47,040 Speaker 3: Cramer hs FK a lot about one hundred and twenty 223 00:11:47,040 --> 00:11:51,040 Speaker 3: partners to the group. Herbert Smith Freehills is one of 224 00:11:51,040 --> 00:11:54,000 Speaker 3: Australia's oldest law firms. It's actually origins traced back to 225 00:11:54,040 --> 00:11:58,040 Speaker 3: about eighteen eighteen fifties, eighteen fifty three. It's going to 226 00:11:58,080 --> 00:12:00,480 Speaker 3: have fifteen hundred part It's going to have five hundred 227 00:12:00,480 --> 00:12:02,840 Speaker 3: partners around the world, one hundred and sixty eight in Australia. 228 00:12:03,040 --> 00:12:05,400 Speaker 3: A bit of a trend the merging with global firms 229 00:12:05,440 --> 00:12:08,040 Speaker 3: Allen and Overy. Earlier in the year, about May agreed 230 00:12:08,080 --> 00:12:11,840 Speaker 3: to merge with an American firm Sharman and Sterling Ashurst. 231 00:12:12,120 --> 00:12:15,480 Speaker 3: He's looking for opportunities as well. According to the fin Review. 232 00:12:15,760 --> 00:12:20,199 Speaker 1: Well Sean gaming manufacturer Aristocrat Leisure has sold its mobile 233 00:12:20,280 --> 00:12:24,120 Speaker 1: gaming business Plarium Global, for one point two billion dollars. 234 00:12:24,760 --> 00:12:26,760 Speaker 3: It wants to get back to its knitting and focus 235 00:12:26,800 --> 00:12:30,320 Speaker 3: on poker machines and casino style online games. It's sold 236 00:12:30,480 --> 00:12:34,600 Speaker 3: what's known as Raid Shadow Legends, one of your favorites. 237 00:12:35,240 --> 00:12:38,439 Speaker 1: Yeah, I'm sorry, sure, I haven't put any time into 238 00:12:38,480 --> 00:12:40,040 Speaker 1: that one now, not man. 239 00:12:40,080 --> 00:12:41,480 Speaker 2: I sold that one to a Swedish group. 240 00:12:41,480 --> 00:12:43,520 Speaker 3: It's written down the value of its other free to 241 00:12:43,559 --> 00:12:46,600 Speaker 3: play mobile games business. I've never quite worked out how 242 00:12:46,679 --> 00:12:50,319 Speaker 3: free to play mobile games businesses make money. I presume 243 00:12:50,320 --> 00:12:53,800 Speaker 3: it's advertisement and stuff like that. Yeah, I mean, I presume, 244 00:12:53,840 --> 00:12:56,800 Speaker 3: but I don't know anyway. It's just not no longer 245 00:12:56,800 --> 00:12:58,240 Speaker 3: a focus of the group. It wants to get back 246 00:12:58,280 --> 00:13:01,280 Speaker 3: to its DNA, which is in that regulated gaming machines. 247 00:13:01,520 --> 00:13:03,720 Speaker 3: It brought them too social gaming. Back in twenty seventeen, 248 00:13:03,800 --> 00:13:06,360 Speaker 3: spending about one and a half billion dollars, it was 249 00:13:06,400 --> 00:13:08,840 Speaker 3: worried that games like Queen of the Nile and Five 250 00:13:08,920 --> 00:13:13,800 Speaker 3: Dragons were slowing. Now, Adam, and You've got to be honest. 251 00:13:14,000 --> 00:13:15,679 Speaker 3: I don't play paper machines at all. 252 00:13:15,920 --> 00:13:17,360 Speaker 1: It's not my strong suit. Sean. 253 00:13:17,880 --> 00:13:20,480 Speaker 3: No, I'm not anti it. I'm not none of those things. 254 00:13:20,480 --> 00:13:23,920 Speaker 3: I'm just like, it's just not my thing. Queen of 255 00:13:23,920 --> 00:13:25,760 Speaker 3: the Nile. The funny thing about that, when I read 256 00:13:25,840 --> 00:13:29,200 Speaker 3: Queen of the Nile, I've actually heard of it. Five Dragons, 257 00:13:29,240 --> 00:13:30,200 Speaker 3: I've heard of that one too. 258 00:13:30,320 --> 00:13:31,240 Speaker 2: I'm really sad. 259 00:13:31,440 --> 00:13:32,880 Speaker 1: I thought they were pinball machines. 260 00:13:33,240 --> 00:13:37,600 Speaker 3: No, apparently of the Nile and Five Dragons aren't doing 261 00:13:37,679 --> 00:13:42,480 Speaker 3: so poorly anymore. We'll find out more today. Aristocrat Leisures 262 00:13:42,480 --> 00:13:47,840 Speaker 3: financial results are out. It's it's an incredible company riskcrat Ledger. 263 00:13:47,880 --> 00:13:50,240 Speaker 3: It's actually share prices up sort of fifty five sixty 264 00:13:50,280 --> 00:13:52,280 Speaker 3: percent for the year, so it's done pretty well. 265 00:13:52,720 --> 00:13:56,439 Speaker 1: Great year for them. Sean uranium minor Paladine Energy has 266 00:13:56,440 --> 00:14:00,040 Speaker 1: cut its forecast for production, saying it's previous estimates a 267 00:14:00,200 --> 00:14:02,400 Speaker 1: bit ambitious. 268 00:14:02,120 --> 00:14:04,760 Speaker 3: A bit ambitious. Yeah, investors like that one at share 269 00:14:04,760 --> 00:14:07,600 Speaker 3: price fell twenty eight percent on the news, easily the 270 00:14:07,600 --> 00:14:10,679 Speaker 3: worst of the top two hundred. It cut its guidance 271 00:14:11,559 --> 00:14:13,400 Speaker 3: from four to four and a half million pounds of 272 00:14:13,520 --> 00:14:18,439 Speaker 3: uranium a year to three point six million pounds of uranium. 273 00:14:18,440 --> 00:14:20,000 Speaker 3: Well that's a bit of a drop, Yeah, a few 274 00:14:20,000 --> 00:14:22,360 Speaker 3: things there. So what's that four point two five down 275 00:14:22,400 --> 00:14:23,720 Speaker 3: to three point three? 276 00:14:23,800 --> 00:14:27,120 Speaker 2: So what's that's huge? It's quarter a third less. 277 00:14:27,280 --> 00:14:27,480 Speaker 1: Yeah. 278 00:14:27,920 --> 00:14:29,680 Speaker 3: But what I really liked, and I hadn't really ever 279 00:14:29,720 --> 00:14:32,120 Speaker 3: thought of it, they talk about pounds of uranium. 280 00:14:32,520 --> 00:14:35,200 Speaker 2: Not that many things are imperial. 281 00:14:35,840 --> 00:14:36,920 Speaker 1: I prefer kilos. 282 00:14:37,440 --> 00:14:38,000 Speaker 2: I did too. 283 00:14:38,120 --> 00:14:40,240 Speaker 3: Then I was thinking about like acres, you know, acres 284 00:14:40,240 --> 00:14:42,360 Speaker 3: of lands imperials and hectares. 285 00:14:42,600 --> 00:14:43,800 Speaker 1: There's acoes, Yes. 286 00:14:44,440 --> 00:14:46,480 Speaker 2: Hectares is metric acres. 287 00:14:46,720 --> 00:14:50,040 Speaker 3: So then I started thinking about what other imperial measurements. 288 00:14:51,040 --> 00:14:52,680 Speaker 1: Did you go down a rabbit hole shop? 289 00:14:52,960 --> 00:14:56,840 Speaker 3: Yeah, totally is a barrel of oil imperial or metric. No, 290 00:14:56,880 --> 00:14:57,720 Speaker 3: I don't think it's either. 291 00:14:58,640 --> 00:15:01,800 Speaker 1: Well, it's gallons, isn't it. So it's imperial, isn't it. 292 00:15:01,880 --> 00:15:04,160 Speaker 3: Nah, But they measure well, gallons is imperial, but they 293 00:15:04,160 --> 00:15:07,400 Speaker 3: measure in barrels of oil like the universal measurement. 294 00:15:07,440 --> 00:15:09,200 Speaker 2: I just picked the uraniums in pounds. 295 00:15:09,400 --> 00:15:10,120 Speaker 1: Yeah, okay. 296 00:15:11,000 --> 00:15:12,080 Speaker 2: Anyway, and we are. 297 00:15:12,000 --> 00:15:14,520 Speaker 3: Going down a rabbit hole back to Paladin Energy. It's 298 00:15:14,520 --> 00:15:18,760 Speaker 3: got problems in Namibia. It owns something called the Langehindrich Mine. 299 00:15:18,800 --> 00:15:20,840 Speaker 3: It's got to seventy five percent steak. The other twenty 300 00:15:20,840 --> 00:15:23,200 Speaker 3: five percent steak is owned by a crab called China 301 00:15:23,320 --> 00:15:28,400 Speaker 3: National Nuclear Corp. Problems there. Also, Paladin's trying to buy 302 00:15:28,440 --> 00:15:33,360 Speaker 3: a Toronte listed company called Fission Uranium beautifully named Fishient Uranium. 303 00:15:34,040 --> 00:15:37,720 Speaker 3: The Canadian government ain't real happy about that now. One 304 00:15:37,760 --> 00:15:41,680 Speaker 3: of the owners of Fission Uranium is a Chinese firm. Also, 305 00:15:41,760 --> 00:15:45,080 Speaker 3: the fact that China National Nuclear corporates twenty five percent 306 00:15:45,080 --> 00:15:47,960 Speaker 3: of this big mine in Namibia is kind of worrying 307 00:15:48,160 --> 00:15:53,440 Speaker 3: the Canadian government. That China National Nuclear Corps also has 308 00:15:53,520 --> 00:15:57,040 Speaker 3: lent money to Paladin. So there's a bit going on there. Anyway, 309 00:15:57,320 --> 00:15:59,840 Speaker 3: Plenty going on a Paladin. But yesterday share price psent 310 00:16:00,080 --> 00:16:02,360 Speaker 3: twenty eight Actually, now that I've just checked the numbers here, 311 00:16:02,400 --> 00:16:04,520 Speaker 3: it's twenty nine percent. It's like twenty one point six 312 00:16:04,560 --> 00:16:05,800 Speaker 3: or something. It's twenty nine percent. 313 00:16:06,440 --> 00:16:10,200 Speaker 1: Not good, big day in international news, Sean. This is 314 00:16:10,240 --> 00:16:13,960 Speaker 1: a big question. How far can bitcoin run? It's gone 315 00:16:13,960 --> 00:16:16,720 Speaker 1: through the US seventy eight thousand dollar mark, then US 316 00:16:16,760 --> 00:16:19,800 Speaker 1: eighty two thousand and eighty six thousand a unit. Now 317 00:16:19,840 --> 00:16:22,800 Speaker 1: it's within reach of US ninety thousand a unit. Could 318 00:16:22,800 --> 00:16:24,960 Speaker 1: it break one hundred? Yeah? 319 00:16:25,040 --> 00:16:28,600 Speaker 3: Well, since last week's election, bitcoin is up thirty percent. 320 00:16:28,680 --> 00:16:32,920 Speaker 3: The cryptocurrency is marek credible. Yeah, it's market caublization. The 321 00:16:32,920 --> 00:16:35,840 Speaker 3: total value of bitcoin out there is now over three 322 00:16:36,120 --> 00:16:39,960 Speaker 3: trillion US dollars. Yesterday morning it jumped ten percent to 323 00:16:40,000 --> 00:16:42,760 Speaker 3: a fresh high of just under ninety thousand US dollars. 324 00:16:42,960 --> 00:16:45,680 Speaker 3: ETF investing is leading the way. It's more than doubled 325 00:16:45,840 --> 00:16:49,000 Speaker 3: in twenty twenty four. That's the value of bitcoin pundits 326 00:16:49,040 --> 00:16:52,880 Speaker 3: now reckon one hundred thousand US dollars unit is within reach. 327 00:16:53,440 --> 00:16:59,200 Speaker 3: Crazy prices on an asset which is still not universally 328 00:16:59,560 --> 00:17:04,560 Speaker 3: recommend or recognized. All about Donald Trump winning winning power 329 00:17:04,720 --> 00:17:09,159 Speaker 3: and Congress full of pro crypto politicians. It looks like 330 00:17:09,640 --> 00:17:12,080 Speaker 3: the Republicans will land up with the Senate and the 331 00:17:12,080 --> 00:17:14,040 Speaker 3: House of Reps, so they'll have a clean sweep. 332 00:17:14,760 --> 00:17:18,000 Speaker 1: Staying in the usation on President elect Donald Trump has 333 00:17:18,040 --> 00:17:21,800 Speaker 1: picked two men with track records of harshly criticizing China 334 00:17:22,119 --> 00:17:24,280 Speaker 1: for key positions in his new administration. 335 00:17:25,040 --> 00:17:27,720 Speaker 3: Yes, so if you hope that the world's two big 336 00:17:27,760 --> 00:17:31,320 Speaker 3: superpowers might get together and become chumming in the next administration. 337 00:17:32,200 --> 00:17:34,600 Speaker 2: No, no, I don't think so. 338 00:17:34,800 --> 00:17:39,400 Speaker 3: Bloomberg's reporting that Senator Marco Rubio, who has taken an 339 00:17:39,400 --> 00:17:42,520 Speaker 3: aggressive stance on China's emergency as an economic power on 340 00:17:42,560 --> 00:17:45,760 Speaker 3: twice been hit with sanctions by Beijing, is expected to 341 00:17:45,760 --> 00:17:51,200 Speaker 3: be named Secretary of State. Well that'll go down, well, 342 00:17:51,240 --> 00:17:51,719 Speaker 3: why don't it? 343 00:17:52,480 --> 00:17:53,320 Speaker 1: Then? 344 00:17:53,520 --> 00:17:56,720 Speaker 3: Representative Mike Wallaz, who views China as a greater threat 345 00:17:56,760 --> 00:17:58,920 Speaker 3: to the US than any other nation, is in line 346 00:17:58,960 --> 00:18:00,560 Speaker 3: to be the National Security Advisor. 347 00:18:01,200 --> 00:18:01,440 Speaker 1: Right. 348 00:18:01,560 --> 00:18:02,440 Speaker 2: The pick of Woltz. 349 00:18:02,240 --> 00:18:05,200 Speaker 3: Would elevate a former Army Green Beret in combat veteran 350 00:18:05,200 --> 00:18:08,520 Speaker 3: of Afghanistan to a role coordinating foreign policy in the 351 00:18:08,560 --> 00:18:13,040 Speaker 3: West Wing and briefing the president on global crises. Also, 352 00:18:13,119 --> 00:18:15,400 Speaker 3: I just have to have added something to a story 353 00:18:15,440 --> 00:18:17,959 Speaker 3: from yesterday. Yes, though we talked about Donald Trump speaking 354 00:18:18,000 --> 00:18:20,760 Speaker 3: to Vladimir Putin, we having the belaugh yes, blaod don, 355 00:18:20,760 --> 00:18:22,560 Speaker 3: How are you going all that stuff? Yeah, well that 356 00:18:22,720 --> 00:18:25,520 Speaker 3: was Washington Post was reporting that we said that the 357 00:18:25,640 --> 00:18:27,359 Speaker 3: Kremlin have come out and denied it happened. 358 00:18:27,400 --> 00:18:30,560 Speaker 2: Said never, they haven't spoken, right, So who knows what's true? 359 00:18:30,760 --> 00:18:33,959 Speaker 1: Oh well, stay tuned. Indeed, sean A deal to launch 360 00:18:34,119 --> 00:18:37,600 Speaker 1: multi billion dollar carbon markets governed by the United Nation 361 00:18:37,720 --> 00:18:40,480 Speaker 1: Rules on Emissions has been agreed at the COP twenty 362 00:18:40,600 --> 00:18:43,840 Speaker 1: nine Climate summit, as countries attempt to show the fight 363 00:18:43,960 --> 00:18:47,399 Speaker 1: against climate change will persist despite last week's election of 364 00:18:47,440 --> 00:18:48,080 Speaker 1: Donald Trump. 365 00:18:48,800 --> 00:18:52,200 Speaker 3: In the first symbolic negotiating breakthrough, the COP twenty nine 366 00:18:52,200 --> 00:18:55,560 Speaker 3: presidency pushed successfully for countries to adopt rules and a 367 00:18:55,560 --> 00:18:59,879 Speaker 3: global market for trading instruments representing carbon emissions. According to 368 00:18:59,880 --> 00:19:03,119 Speaker 3: The Financial Times, carbon training could help raise some of 369 00:19:03,160 --> 00:19:05,440 Speaker 3: the cash that developing countries will need to adapt to 370 00:19:05,440 --> 00:19:08,320 Speaker 3: the effects of climate change, while helping big polluters cut 371 00:19:08,320 --> 00:19:11,800 Speaker 3: their emission. It's a win for COP twenty nine host 372 00:19:11,920 --> 00:19:15,639 Speaker 3: as a vajar ahead of tough negotiations on other types 373 00:19:15,640 --> 00:19:18,119 Speaker 3: of finance. Not everyone was happy, some saying the speedy 374 00:19:18,119 --> 00:19:21,320 Speaker 3: agreement had bypassed to proper scrutiny. It came as US 375 00:19:21,400 --> 00:19:25,720 Speaker 3: President Joe Biden's top climate advisor conceded action to limit 376 00:19:25,720 --> 00:19:29,520 Speaker 3: global warming quite maybe put on the back burner end quote. 377 00:19:29,640 --> 00:19:30,840 Speaker 1: Interesting choice of words. 378 00:19:31,119 --> 00:19:33,879 Speaker 2: Yeah, I like that. 379 00:19:34,320 --> 00:19:37,520 Speaker 3: After trumpsfer returned to the White House, he did seek 380 00:19:37,560 --> 00:19:40,720 Speaker 3: to reassure the world though that this could this would slow, 381 00:19:41,359 --> 00:19:45,159 Speaker 3: but not stop, to shift away from fossil fuels Sean. 382 00:19:45,320 --> 00:19:47,600 Speaker 1: Up next is the Fear and Greed Duney interview with 383 00:19:47,680 --> 00:19:50,840 Speaker 1: Grant Hackett from Generation Life, and at around eleven am 384 00:19:50,840 --> 00:19:53,440 Speaker 1: this morning, get ready to receive a weekly newsletter you're 385 00:19:53,600 --> 00:19:56,480 Speaker 1: missive to our audience, and if you haven't done so yet, 386 00:19:56,640 --> 00:20:00,320 Speaker 1: head to our website Fearangreed dot com dot au and 387 00:20:00,359 --> 00:20:02,119 Speaker 1: you'll receive it every Wednesday morning. 388 00:20:02,280 --> 00:20:06,640 Speaker 3: Thank you, Sean, Thank you, Mike, Sorry Nicole, Michael, thank you, Adam. 389 00:20:07,480 --> 00:20:09,080 Speaker 3: You've just put me under the gun. And eleven am. 390 00:20:09,119 --> 00:20:10,560 Speaker 3: There's not a chance I'm going to get that Usler 391 00:20:10,560 --> 00:20:13,640 Speaker 3: wrapp before twelve. But that's all right, that's all right. 392 00:20:13,840 --> 00:20:14,600 Speaker 3: I like the pressure. 393 00:20:15,520 --> 00:20:19,480 Speaker 1: My apologies, Sean, Thank thank you, Adam, it's a new deadline. Surprise. 394 00:20:20,800 --> 00:20:23,920 Speaker 1: It's Wednesday, the thirteenth of November twenty twenty four. Make 395 00:20:23,960 --> 00:20:27,520 Speaker 1: sure you're following the podcast. Join us online on LinkedIn, Instagram, 396 00:20:27,720 --> 00:20:32,600 Speaker 1: x TikTok and Facebook, and have a great day.