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Speaker 1: Today on Fear and Greed. Some of Australia's biggest companies

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Speaker 1: are in the firing line after Donald Trump imposes across

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Speaker 1: the board twenty five percent tariffs on metal products. JB

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Speaker 1: hi Fi posts a strong profit, but a share price tumbles,

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Speaker 1: and more bad news for Wysteed Global with new allegations

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Speaker 1: against founder Richard White, plus profits from Ansel and car sales,

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Speaker 1: and the last word on the Super Bowl. Welcome to

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Speaker 1: Fear and Greed. Daily business news for people who make

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Speaker 1: their own decisions. It is Tuesday, the eleventh of February

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

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Speaker 2: Morning, Michael Love Earning season. We're up and running.

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Speaker 1: Oh yeah, there is so much in today's show. The

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Speaker 1: main story this morning, Shawan, is a massive one. Australian

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Speaker 1: steel and aluminium exports to the United States could be

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Speaker 1: hit by tariffs after US President Donald Trump announced a

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Speaker 1: twenty five percent imposts on metal imports from all countries

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Speaker 1: all countries.

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Speaker 2: It was flagged a couple of weeks ago and confirmed

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Speaker 2: over the last thirty six hours, though Donald Trump didn't

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Speaker 2: say when it would come into effect. Now combined Australia

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Speaker 2: sells about a billion or a bit over a billion

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Speaker 2: dollars worth of steel and aluminium products to the US.

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Speaker 2: This has happened before. In fact, Malcolm Turnbull when Prime

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Speaker 2: Minister negotiated an exemption for ossie metal exports when Donald

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Speaker 2: Trump was in power previously. This is Trump administration one.

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Speaker 2: He negotiated that on the back of Australia having a

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Speaker 2: trade surplus with the US. Yesterday, mister Turner was quick

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Speaker 2: to come out and say, well, Anthony Albanezi needs to

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Speaker 2: negotiate DEA with Donald Trump and do it quickly. Back then, Canada, Mexico,

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Speaker 2: the EU they all wont exemptions. Now, Donald Trump doesn't

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Speaker 2: seem to be in the mood to give too many

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Speaker 2: exemptions at the moment because those three are con Canada,

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Speaker 2: Mexico and the EU have all been threatened with tariffs.

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Speaker 2: So whether or not Australia gets off the hook this

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Speaker 2: time is problematic. Mister Alberanezi said he has scheduled the

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Speaker 2: discussion with Donald Trump about the tariffs. He said he

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Speaker 2: will keep everyone up to date on the outcome of

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Speaker 2: that call. I look forward to it. Really, it's a

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Speaker 2: bit of a litmus test for the federal government. It's

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Speaker 2: the first time where Donald Trump has said something gets

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Speaker 2: directly affected some of our companies. And so how the

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Speaker 2: Don Farrell, the Trade Minister, Anthony ALBERNIZI, Kevin Rudd, who's

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Speaker 2: our ambassador in the US, how they responded. This is

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Speaker 2: actually fairly important because it's their first real test.

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Speaker 1: And I know that there was some a little bit

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Speaker 1: of hope that maybe the like the Orcus Pacts, various

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Speaker 1: defense treaties might be enough to kind of give Australia

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Speaker 1: that exemption. But the thing is, there are so many

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Speaker 1: big questions for companies involved in this space. And you've

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Speaker 1: told us so many times now, Seawan that the business

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Speaker 1: hates uncertainty. So how did this affect the local metal manufacturers?

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Speaker 1: And also then the next stage kind of back along

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Speaker 1: the line. The iron are miners that provide the raw

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Speaker 1: material for steel, so.

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Speaker 2: Depended very much on where they have factories. The share

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Speaker 2: price of Australia's biggest steel maker, blue Scope, you'd expect

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Speaker 2: that would fall, well, it actually jumped because it best

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Speaker 2: investors bit that would actually be a net beneficiary of

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Speaker 2: US steel tariffs. That's because blue Scope has spent five

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Speaker 2: billion dollars in the US and built factories in Ohio.

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Speaker 2: It generates more than half its profits from its North

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Speaker 2: American operations. They're the sources of things that Donald Trump

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Speaker 2: loves to hear, so that might actually do okay. Bisialoi

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Speaker 2: steel it produces here and in China its share price

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Speaker 2: fairly quickly. Aluminum smelters smelterers people who smelter aluminium in

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Speaker 2: Australia rio l color well, they're a bit mixed. Reo

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Speaker 2: share prices ended lower al Co was flat. Hard to

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Speaker 2: see until we actually see the detail and how it's

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Speaker 2: going to affect them, it's hard to trade on it.

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Speaker 2: Your point about the iron ore mine is really important.

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Speaker 2: So our big iron ore mine as BHP for this

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Speaker 2: Humdal and rare. They sell a lot of the stuff

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Speaker 2: to China to make steel. The good news from that

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Speaker 2: front is that China doesn't really sell much steel to

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Speaker 2: the US. It actually uses most of it itself. So

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Speaker 2: as a result, it's unlikely to lessen demand at least

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Speaker 2: as a first effect, because most of the steel is

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Speaker 2: being used in China now. Of course, if it causes

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Speaker 2: a global slowdown, these tariffs, then it will affect us

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Speaker 2: because China wan as much iron all for their own steel.

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Speaker 2: But the immediate effect isn't great.

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Speaker 1: Yeah, big big story that one. And obviously a lot

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Speaker 1: of pressure on that phone call between Anthony Albanezi and

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Speaker 1: Donald Trump. And it's one of those stories, Sean, that

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Speaker 1: could just evolve very very quickly, couldn't it.

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Speaker 2: If you're listening to this early in the morning, tune

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Speaker 2: into the afternoon edition because anything could have happened by then.

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Speaker 1: Indeed, indeed, all right, let's talk about profit season, Sean.

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Speaker 1: It kicks off properly this week and JB hi Fi

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Speaker 1: was the first big name to report it posted a

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Speaker 1: big jump in sales a decent rise in earnings for

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Speaker 1: the second half of twenty twenty four, setting a pretty

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Speaker 1: high bar for other retailers who are reporting profits in

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Speaker 1: coming weeks.

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Speaker 2: Yet it was sold off. This is a great little

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Speaker 2: story this month. JB's a market Darling retails everything from

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Speaker 2: fridges to computers they own Good Guys. Revenue up ten percent,

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Speaker 2: profit up eight percent. The result from Good Guys, which

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Speaker 2: has been a bit of a laggard, also beat expectations

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Speaker 2: or pretty good and initially share price what up chief

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Speaker 2: executive offer to Terry Smart said strong sales had continued

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Speaker 2: into January. Okay, okay, However he was somewhat cautious. Now

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Speaker 2: you talked about the December quarter being particularly good thanks

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Speaker 2: to black in boxing day sales, but just cautious about

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Speaker 2: what's going on in the market right now. What happens

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Speaker 2: the share price tumbles. JB High Five, like Commonwealth Bank

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Speaker 2: and a bunch of others, has been priced to perfection.

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Speaker 2: We keep talking about this idea where all the good

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Speaker 2: news is priced in, So even just a tiny bit

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Speaker 2: of caution was enough to sell it off yesterday, and

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Speaker 2: that's what we might be seeing the whole time throughout

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Speaker 2: this earning season, these priced perfection stocks being sold off

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Speaker 2: if there's any caution. JB's big it means turn in

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Speaker 2: twenty five stores in Australia New Zealand. It had same

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Speaker 2: store sales growth of seven percent or so. But the

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Speaker 2: market wants it to be great, not just good, and

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Speaker 2: that's not quite what they got yesterday.

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Speaker 1: This is exactly what you said was going to happen.

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Speaker 1: You mentioned this what a week ago, two weeks ago,

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Speaker 1: about this risk of everything being priced to perfection and

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Speaker 1: even just a little bit, a little bit of caution

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Speaker 1: might be enough to knock not investors confidence. I'm gonna

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Speaker 1: start calling you. Is nostra damas too old school?

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Speaker 2: A new kind of name for it, probably found some

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Speaker 2: other people calling it as well, But I'm happy to

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Speaker 2: go with anything what I did. Like, I've got to

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Speaker 2: tell you about this result, though, Michael. One of the

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Speaker 2: things that where sales are booming robotic vacuums.

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Speaker 1: Do you have one? No?

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Speaker 2: I don't, do you?

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Speaker 1: No? No, I don't. Okay, they look awesome.

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Speaker 2: They do very cool.

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Speaker 1: And but I as soon as you have a step

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Speaker 1: or stairs or something, it looks like it would be problematic.

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Speaker 1: What I want, though, is to be able to have

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Speaker 1: you seen the videos then online, Sean, of the robotic vacuums,

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Speaker 1: and you can train your cat to sit on the back.

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Speaker 1: Really and if you have two of these robotic vacuums

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Speaker 1: and two of these two of these trained cats, you

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Speaker 1: can in fact pretty much have battles between the two

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Speaker 1: of them.

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Speaker 2: Oh dear, moving.

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Speaker 1: On anyway, it's a very serious show today, Sean. I

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Speaker 1: don't know kind of how we got onto vacuum cab battles.

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Speaker 1: That was JB. What about the rest of the market

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Speaker 1: was the ASX knocked around much by the Trump tariff announcement.

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Speaker 2: All things considered, it wasn't a bad day the tariff

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Speaker 2: announcement week. Leading from Wall Street, the market initially fell

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Speaker 2: pretty sharply than it rebounded, and down just zero point

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Speaker 2: three percent. Most of the market is focused on earnings.

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Speaker 2: A couple of notables yesterday, Stay Entertainment Group braised fourteen

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Speaker 2: percent after its said it would not accept an offer

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Speaker 2: from a Chinese consortium to take over its fifty percent

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Speaker 2: stake in debt in the Queen's Warf Complex in Brisbane,

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Speaker 2: and Main Farmer grouped up more than twenty percent at

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Speaker 2: one point after the company forecast a big rise in

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Speaker 2: Pretax's earnings thanks to strong growth in its women's health

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Speaker 2: Right there you.

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Speaker 1: Go, and just briefly sean international markets all about.

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Speaker 2: Tariff's helped push up the US dollar, which hurt the

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Speaker 2: Aussie dollar. It's about sixty two and a half years

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Speaker 2: cents at the moment what it did do, though it's

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Speaker 2: also pushed up gold. The whole idea of these tariff's

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Speaker 2: coming in or not creates uncertainty. People flee for safe assets,

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Speaker 2: gold being almost the safest of the light so it's

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Speaker 2: trading near a record high.

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Speaker 1: Sean, You've got a great interview coming up after the show.

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Speaker 1: You were speaking today with Chris Breichy from stock Spot.

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Speaker 2: All about goal. So what we're just talking about. Then

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Speaker 2: we talked to Chris and get an in depth look

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Speaker 2: at why gold is considered such an important asset right now.

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Speaker 2: What I didn't realize some super funds, for example, don't

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Speaker 2: really buy gold. They don't think it's an important asset

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Speaker 2: to have in your portfolio. And Chris tells us why

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Speaker 2: he thinks it is and why it might why they

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Speaker 2: think it might not be. So it's a great look

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Speaker 2: at gold.

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Speaker 1: Okay, it is a good conversation. It's coming up after

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Speaker 1: the show. We said at the beginning shown that it

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Speaker 1: was a big day that we have a lot to cover,

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Speaker 1: and we absolutely were talking car sales. We're talking more

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Speaker 1: bad news for WIS Tech Global. We're talking about more

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Speaker 1: companies ordering staff back to the office, and then some

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Speaker 1: companies that are really having to crack down on the

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Speaker 1: people who are coming into the office and then just

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Speaker 1: disappearing again after an hour or so. Some great stories

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Speaker 1: coming up. We'll be back in a moment with the

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Speaker 1: rest of the day's Business News, sewn medical gloves and

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Speaker 1: surgical gown manufacturer Ansel plans to lift prices to offset

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Speaker 1: the impact of the tariffs imposed by the US government

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Speaker 1: and shift some manufacturing out of China to spread its

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Speaker 1: production more evenly.

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Speaker 2: So we know now that inputs into the US will

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Speaker 2: attract a ten percent tariff that hits ANSEL. What they're

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Speaker 2: talking about doing is lifting prices elsewhere where. They're selling

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Speaker 2: not just to the US but to other places, and

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Speaker 2: also moving away their production facilities, moving away from the

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Speaker 2: reliance on China, so they've already shifted into Shrilanka for example. Overall,

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Speaker 2: ANSEL reported a big jump in half year profit and

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Speaker 2: said the over supply of many of the products that

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Speaker 2: it produces over the last couple of years is ending. Now.

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Speaker 2: You know, medical gloves and surgical gowns absolute COVID Darling

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Speaker 2: couldn't get enough of them. Problem these When Covid finished,

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Speaker 2: there was huge amounts of these products in the marketplace,

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Speaker 2: so Ansel has really struggled since then. It has settled

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Speaker 2: down someone and the commentary yesterday from this company, which

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Speaker 2: is huge. It's got fourteen factories in nine countries, got

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Speaker 2: sixteen thousand people. But the commentary really reassured investors that

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Speaker 2: glut of supply is over. So it's share price jumped

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Speaker 2: eight percent yesterday. It's actually up more than forty percent

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Speaker 2: since August last year.

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Speaker 1: Car Sales share price fell seven percent yesterday, sean after

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Speaker 1: it reported slightly disappointing earnings and said demand for second

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Speaker 1: hand electric vehicles had dropped.

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Speaker 2: This is where it's really interesting. So demand for secondhand

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Speaker 2: vehicles generally is okay, but falling prices of new evs,

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Speaker 2: particularly Tesla's, is hurting the second hand market for evs.

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Speaker 2: Kind of makes sense. Cameron McIntyre, ce of Car Sales,

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Speaker 2: was talking about this last year. He pointed out at

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Speaker 2: Tesla cut prices on the model. Why now last month

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Speaker 2: we know at BYD, which is the other big player

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Speaker 2: in evs in this country, said it would soon sell

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Speaker 2: the first sub thirty thousand EV in Australia. So when

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Speaker 2: a new car is costing a lot less, that doesn't

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Speaker 2: do much for resale values. Car Sales also says delaying

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Speaker 2: price increases in the US, which is its second biggest market.

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Speaker 2: Investors word happy about downgrading the full year US revenue

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Speaker 2: outlook from good to solid, and the company's share price tumbled.

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Speaker 1: Shown the Corporate Watchdog, it's been a little while since

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Speaker 1: we've had a Star Entertainment story.

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Speaker 2: Well, we had one three minutes ago, but other than that,

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Speaker 2: it's been days. Yeah.

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Speaker 1: Well it's been a week since we actually had a

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Speaker 1: proper one, true, true, God, goodness me, you're a pedant sometimes. Yes,

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Speaker 1: three minutes ago, fine, but honestly, The Corporate Watchdog has

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Speaker 1: accused the former leadership of Star Entertainment of putting profitability

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Speaker 1: ahead of risk and misleading a major lender.

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Speaker 2: The Australian Securities and Investments Commission is suing ten former

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Speaker 2: executives and directors of Star Entertainment, including former CEO Matt

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Speaker 2: Beckier and former chair John O'Neill, for alleged breaches of

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Speaker 2: their director's duties, alleges that the group didn't pay enough

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Speaker 2: attention to the risks of money laundering in the infiltration

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Speaker 2: of the casino by criminal organizations. All that has emerged

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Speaker 2: since those two gentlemen left those jobs. Ask the again,

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Speaker 2: civil proceedings against eleven directors not ten. No, it's come

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Speaker 2: to an agreement with one of them, so it's down

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Speaker 2: to ten. The actual proceedings were delayed for a couple

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Speaker 2: of years. Back on again. What's really interesting in this

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Speaker 2: The case against Starr will test the boundaries of knowledge

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Speaker 2: of wrongdoing and whether the knowledge puts a director in

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Speaker 2: breach of their duties of good faith and due diligence.

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Speaker 2: This is really a test about what directors should know

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Speaker 2: and how responsible they should be or shouldn't be for

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Speaker 2: the running of the company. Now all defendants have denied

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Speaker 2: they breached any director's duties.

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Speaker 1: I mentioned this one earlier in the show Sewan. There's

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Speaker 1: more bad press for wise Tech Global, with a former

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Speaker 1: employee suing billionaire founder Richard White and his new wife,

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Speaker 1: Zena Nasa over workplace issues.

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Speaker 2: Comes after a high profile legal dispute between mister White

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Speaker 2: and a former lover last year resulted in a settlement.

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Speaker 2: The claim against mister White, Zena Nasa, and the billionaire's

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Speaker 2: private investment vehicle came o A. Wise Tech confirmed it

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Speaker 2: was investigating two confidential complaints made by an employee and

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Speaker 2: a supplier against the company's founder. Nine meter is reporting

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Speaker 2: that mister White is facing new allegations of inappropriate conduct

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Speaker 2: and as yet to sign the ten year consultancy agreement

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Speaker 2: announced in October last year when he resigned as wise

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Speaker 2: Tech's chief executive. Mister White has been a little bit

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Speaker 2: more public about this. On Sunday, he said in a

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Speaker 2: statement he was open, trusting, generous, and as a consequence,

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Speaker 2: naive to how extreme wealth changes things. When on to say,

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Speaker 2: I certainly not prepared for the numerous attempts to extract

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Speaker 2: money from me that I have received over the past

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Speaker 2: five years from people from all walks of life, both

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Speaker 2: male and female. I'm now much more guarded, skeptical, and

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Speaker 2: prepared to defend myself against spurious claims.

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Speaker 1: Sean, I mentioned this story before, and I find this fascinating.

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Speaker 1: Woolworths is ordering its ten thousand office based workers to

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Speaker 1: come into the workplace at least three days a week,

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Speaker 1: following a similar manned from Cole's last year. It feels

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Speaker 1: as though the return to office things it just keeps

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Speaker 1: on building momentum.

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Speaker 2: Yes, so, in a note to staff boss Amanda Bardwell

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Speaker 2: said the organization wants to create more in person opportunities. Hmmm, slowly, slowly, Michael,

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Speaker 2: corporates are cajoling and encouraging people to come into the office.

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Speaker 2: Not necessarily a bad thing.

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Speaker 1: But my favorite story yesterday about this Sean was about

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Speaker 1: the Commonwealth Bank cracking down on what they call what

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Speaker 1: is broadly called coffee badging. And it is coffee badge, Yeah,

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Speaker 1: coffee badging. So essentially the requirement for Commonwealth Bank is

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Speaker 1: that I think you have to spend half of your

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Speaker 1: working days across the month in the office, and so

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Speaker 1: I think there might be a bit of flexibility there

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Speaker 1: as to how you divide it up during the week,

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Speaker 1: but it's got to be half of your working days

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Speaker 1: across the month, and in order for it to count

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Speaker 1: as a working day spent in the office, you've got

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Speaker 1: to be there for at least four hours. Apparently there

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Speaker 1: has been an alarming increase in the number of people

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Speaker 1: who turn up, sign in and then disappear an hour

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Speaker 1: and just go and work from somewhere else, go and

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Speaker 1: work from home, from a cafe anything. They call it

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Speaker 1: coffee badging apparently because it is how long it takes

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Speaker 1: to go and make a coffee, drink a coffee, and

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Speaker 1: then do a little bit of stuff and then just

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Speaker 1: go And that's why it's and so Commwalth Bank is

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Speaker 1: cracking down on it now because they've noticed this trend increasing,

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Speaker 1: So yes, we might be seeing more companies getting people

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Speaker 1: trying to get people back into the office. They've got

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Speaker 1: to get them to stay there.

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Speaker 2: Why if you were not made the effort to get

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Speaker 2: to work, why not just work from there.

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Speaker 1: It's a really good point. Otherwise you're just wasting kind

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Speaker 1: of transit time. Yeah, I'm with you. Aren't we diligent?

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Speaker 2: We are? We are international news.

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Speaker 1: Please go the Cook Islands. Sean will sign a strategic

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Speaker 1: agreement with China, in a move that has rattled New

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Speaker 1: Zealand and deepened concerns about Beijing's influence in the region.

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Speaker 2: Mark Brown, the archipelago's Prime minister, has traveled to China

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Speaker 2: for a state visit. He'll sign a comprehensive strategic partnership

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Speaker 2: that will cover everything from trade and tourism to renewable energy.

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Speaker 2: Now the Cook Islands were controlled by New Zealand until

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Speaker 2: the nineteen sixties, has got a tiny population about fifteen

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Speaker 2: thousand people. New Zealand still provides financial backing. Problem is

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Speaker 2: for New Zealand, at least they weren't told about it,

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Speaker 2: and the Deputy Prime Minister of that country, Winston Peters,

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Speaker 2: said the government was blindsided by the move, and he

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Speaker 2: called on the Cook Islands to share the details of

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Speaker 2: the agreement with New Zealand authorities as required by its constitution.

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Speaker 2: Mister Brown, he responded. He said, there's no need for

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Speaker 2: New Zealand to be in the room. He said the

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Speaker 2: pact with China isn't related to security or policing. Say,

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Speaker 2: it does not require a sign off. According to the

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Speaker 2: Financial Times, all that's well and good, but it does

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Speaker 2: demonstrate the diploma geopolitical diploma. Is he still going on

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Speaker 2: in our region at the moment.

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Speaker 1: Yeah, it certainly is. Finally, Sean, the Philadelphia Eagles have

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Speaker 1: beaten the Kansas City Chiefs to win the Super Bowl

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Speaker 1: in a game that was that was pretty much over

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Speaker 1: by halftime. Surprise. The surprise, though, Sean, was the booing,

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Speaker 1: the booing of two of America's superstars.

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Speaker 2: So Donald Trump went up on the big screen. There

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Speaker 2: were as many boos as there were cheers. I don't

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Speaker 2: remember Donald Trump being bowed very much on the big screen.

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Speaker 2: In fact, what I saw he was booed more. Now,

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Speaker 2: obviously wherever the mics were would make a difference, And

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Speaker 2: if you read reports of it, people say there are

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Speaker 2: as many boos as cheers, but interesting normally Americans that

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Speaker 2: love their president. The other person who was booed big

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Speaker 2: time Tay Tay Tyler Swift now Travis Kelsey. Her boyfriend

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Speaker 2: plays with the Kansas City Chiefs. She was booed big

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Speaker 2: time from all those Philadelphia Eagles fans. I reckon she

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Speaker 2: wouldn't be used to that. Who's who turned up? Rupert

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Speaker 2: and Locke Murder was there, Apples, Tim Cook, Lionel Messi,

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Speaker 2: well known, well known American football player, hip hop star.

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Speaker 2: I'm joking, Michael, you do know that? Did you pick

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Speaker 2: your moss? Yeah?

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Speaker 1: Good, Yes, sorry, I was. I was sorry. Keep keep going.

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Speaker 1: I was just thinking about what I was going to

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Speaker 1: tell you in a minute, all right, I do listen

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Speaker 1: to you.

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Speaker 2: Adam Sandler was there. The comedy and actors John Hamm

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Speaker 2: and Bradley Cooper introduced the team's average ticket price on

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Speaker 2: resale platform stub Hub about ten thousand Aussie dollars.

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Speaker 1: Cheepers. Now, Sean, I did a bit of research for you.

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Speaker 2: Good, thank you.

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Speaker 1: So I went and watched as many of the Super

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Speaker 1: Bowl ads as I could.

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Speaker 2: Good. I knew I haven't done it yet.

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Speaker 1: So that I could whistle them down and just give

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Speaker 1: you the ones that you have to go and watch. Overall,

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Speaker 1: I was a bit disappointed with this year's crop. It's

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Speaker 1: easy for me to be a bit of an armchair critic.

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Speaker 1: I havn't to spent millions of dollars and six months

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Speaker 1: working on these things. But the two that I really

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Speaker 1: enjoyed the cause Monday's It's like the light Monday's beer

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Speaker 1: and it features a sloths. It's very entertaining. So just

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Speaker 1: google the sloth Ad. And then the ram Ad so

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Speaker 1: ram the Carmaker, featuring Glenn Powell, who is a very

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Speaker 1: kind of You wouldn't know him because he's in movies

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Speaker 1: and you don't like watching movies, but he is like

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Speaker 1: the one of the it kind of stars at the moment,

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Speaker 1: and it was it was actually very good.

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Speaker 2: Add super Bowl ram Ad super Bowl.

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Speaker 1: Yep, those two are my pick of twenty twenty five.

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Speaker 1: Showing up next to the Fear and Green Daily Interview,

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Speaker 1: your guest today is Chris Breichy from stock Spot, all

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Speaker 1: about gold and investing in gold and how much the

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Speaker 1: gold price is going to rise. It is coming up

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Speaker 1: in the Fear and Greed playlist on your podcast platform

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Speaker 1: or at Fearangreed dot com dot au.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Tuesday, the eleventh of February twenty twenty five.

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

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson.

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