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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Fighting in the Middle East widened with twelve countries including

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Speaker 1: the UK, drawn into the conflict as oil prices surge.

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Speaker 1: The February reporting season wraps up and analysts say it

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Speaker 1: was one of the strongest in recent years, and Parliament

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Speaker 1: returns to Candra as Anthony Oveneazy and Jim Chalmers celebrate birthdays.

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Speaker 1: Plus Ampole may need to offload more than fifty service

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Speaker 1: stations to push through a merger deal, and Survivor, the

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Speaker 1: reality TV show, celebrates fifty seasons. It is Tuesday, the

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Speaker 1: third of March twenty twenty six. I'm Michael Thompson and

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Speaker 1: good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, Fighting in the Middle East

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Speaker 1: has widened, with a dozen countries drawn into the conflict

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Speaker 1: that began when the US and Israel attacked Iran, killing

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Speaker 1: that country's supreme leader. Bombs continue to rain down in

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Speaker 1: Iran and parts of Israel, while the UN reported its

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Speaker 1: first casualties. Oil prices surged yesterday, meaning we can expect

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Speaker 1: higher prices at the bowser in coming weeks. US President

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Speaker 1: Donald Trump said his country would avenge the death of

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Speaker 1: three servicemen, and the conflicts could go on for another

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Speaker 1: four weeks. We've seen video footage now that shows massive

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Speaker 1: explosions across Tehran, the capital of Iran, and US Central

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Speaker 1: Command says that it had struck more than one thousand

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Speaker 1: targets in the country over forty eight hours, just to

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Speaker 1: give you an idea of the scale of this, and

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Speaker 1: more than two hundred people were killed. The Australian government

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Speaker 1: has said that it supports the action of the US,

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Speaker 1: adding that it stands with the Iranian people, but Defense

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Speaker 1: Minister Richard Males said we did not provide any practical support.

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Speaker 2: It does seem that the timing of the attack over

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Speaker 2: the weekend surprised many countries. While planning has been going

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Speaker 2: on for weeks. A gathering of Supreme Leader Aetola Ali

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Speaker 2: Jamini and other figures gave the US and Israel an

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Speaker 2: opening to attack. They took it. The action has sent

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Speaker 2: the region into war and Lebanon residents awoke to the

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Speaker 2: sound of explosions after Israel conducted retaliatory strikes against tes

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Speaker 2: Berlaf figures based in that country. Air strikes hit several

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Speaker 2: suburbs of Beirut now. Israel's military said it had conducted

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Speaker 2: strikes and senior hes Balaf figures. Bahrain's military said it

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Speaker 2: has intercepted Iranian mischele missiles and drones in its airspace.

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Speaker 2: Bahrain hosts the US's fifth Fleet. Qatar told its residents

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Speaker 2: to remain indoors except for cases of absolute necessity, and

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Speaker 2: to stay away from windows and exposed areas. Qatar hosts

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Speaker 2: the largest US military base in the Middle East.

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Speaker 1: This is one of those situations that is just constantly evolving,

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Speaker 1: and this is unfolding kind of in real time, and

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Speaker 1: over the last kind of twenty four hours we've seen

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Speaker 1: Britain Britain's Royal Air Force Base Akriti hit by a

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Speaker 1: suspected drone strike, according to sky News. The UK's Ministry

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Speaker 1: of Defense since confirmed that there were no casualties in

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Speaker 1: the incident, which unfolded at the base near Limasol in Cyprus.

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Speaker 2: That's right. The UAE said it had been targeted with

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Speaker 2: ballistic missiles and drones, with at least three people having

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Speaker 2: been killed. Kuwait was also targeted. Aman, which does not

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Speaker 2: host US Basis, was also hit, though Iran's Foreign ministry

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Speaker 2: said that was a mistake. The incident raises questions about

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Speaker 2: how much control of the government now in the country

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Speaker 2: of Iran has over the military and has over the

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Speaker 2: Islamic Revolutionary Guards.

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Speaker 1: Now, flights in and out of the Middle East remain affected. Eddie, Had,

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Speaker 1: Katar and Emirates all suspending services. Virgin Australia has canceled

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Speaker 1: international flights, while Quantas said there's been no impact to

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Speaker 1: its flights, including between Singapore and London eleven percent. It's

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Speaker 1: an incredible figure. Eleven percent of all international travel out

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Speaker 1: of Australia last year passed through the Middle East. That

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Speaker 1: is a lot of flights and routes affected.

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Speaker 2: Lertly now, all prices jumped thirteen percent yesterday that they

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Speaker 2: fell back to be trading about seven percent higher thereabout.

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Speaker 2: So it's sort of seventy six seventy seven, seventy eight

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Speaker 2: dollars a barrel that'll feed through two petrol prices locally.

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Speaker 2: The big question is how long this Strait of Homuz

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Speaker 2: will be closed. It transports about twenty percent of the

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Speaker 2: world's oil. If it stays closed for a long time,

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Speaker 2: then certainly energy prices, including petrol prices will jump. Gold

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Speaker 2: also rose yesterday, it's trading around forty three fifty US

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Speaker 2: dollars announced at the moment that is likely to stay

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Speaker 2: elevated for some time.

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Speaker 1: What about the local impact here Sean, Because the local

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Speaker 1: share market fell yesterday, though not actually significantly, the falls

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Speaker 1: across the market seem to be cushioned by a surge

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Speaker 1: in energy and gold stocks. The critical question I suppose

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Speaker 1: for investors is just how long the conflict will last

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Speaker 1: and as a result of it, what will happen to

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Speaker 1: energy prices.

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Speaker 2: By the closed yesterday, the mark was actually flat like

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Speaker 2: quite remarkable. No surprises in terms of the stocks. When up,

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Speaker 2: companies like Woodside, Santos, Creon Energy all jumped. The gold diggers, Newmont,

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Speaker 2: Northern Star, Revolution Mining, they all did well. Drone Sheild,

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Speaker 2: the counter doone Solutions group, it jumped seven percent. On

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Speaker 2: the flip side, Quantus down five percent, Flight Center lost

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Speaker 2: six percent. Where travel was lowered, the banks will lower,

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Speaker 2: the text sectors will lower. As I said, By the

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Speaker 2: closed yes and PA six two hundred was flat at

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Speaker 2: about nine two hundred and one points. It'll be interesting

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Speaker 2: to see kind of what happens this morning given Wall

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Speaker 2: Street last night.

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Speaker 1: All right, now moving away from the conflict and its consequences,

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Speaker 1: but staying in market. Sean, the February reporting season is now.

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Speaker 2: Officially I've hardly remembered.

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Speaker 1: It feels like a long time ago now, doesn't it.

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Speaker 1: But earning speeds outnumbered misses by two to one based

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Speaker 1: on UBS numbers, while guidance upgrades exceeded down aids by

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Speaker 1: three to one. It's pretty extraordinary. Twelve asx one hundred

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Speaker 1: companies moved by more than ten percent on results days.

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Speaker 1: Talking about volatility and AI investments by companies like Commonwealth Bank,

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Speaker 1: Telstra and Woolies look to be paying dividends.

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Speaker 2: And that's why the AX hit a new record three

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Speaker 2: times last week. Michael. Some of the highlights come off

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Speaker 2: banks bump a profit, massive share price bounce. That was

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Speaker 2: one the other three banks released their quarterlies. Yeah, lenards

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Speaker 2: are in fine fettals how I put it, Miners did well,

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Speaker 2: energy companies not so well. But that's very much a

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Speaker 2: commodity price question. I mean the cent now their BHP

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Speaker 2: bump a profit. It's copper division, which includes gold and silver,

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Speaker 2: contributed more than earnings than it's iron ore division. I

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Speaker 2: think that's probably the single stat that I will remember

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Speaker 2: from profit season.

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Speaker 1: Fine fetal is such an old school saying it just

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Speaker 1: instantly ages you short. What about the retailers right Where's

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Speaker 1: farmers again did well, driven by Bunnings, which makes up

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Speaker 1: fifty seven percent of earnings for the group. But it

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Speaker 1: seems like some of the other retailers didn't do as well.

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Speaker 1: I mean, that's probably fair enough, Harvey Norman. It's sort

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Speaker 1: of outlooks taped was weakish. Some of the adore and

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Speaker 1: some of those smaller retailers talked about having to cut

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Speaker 1: price and margins to get sales. Jb hi FI was

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Speaker 1: the exception, which actually is an exception because it's regularly

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Speaker 1: the exception. A lot of exceptions in there.

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Speaker 2: Yep, I hope you followed. He did not good. It jumped.

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Speaker 2: It jumped revenue and profit. It's share price jumped the group.

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Speaker 2: They did more than AI would drive up the cost

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Speaker 2: of computers and tech equipment. Tellstrat a pretty good result

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Speaker 2: in the back of its malbile markets. I suppose the

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Speaker 2: disappointment's healthcare definitely CSL early in the season led that

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Speaker 2: sector down, and tech stocks and not always because of earnings,

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Speaker 2: but kind of the threat of AI has hit some

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Speaker 2: of those tech companies.

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Speaker 1: All right, great summary. We'll be back in a moment

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Speaker 1: with the rest of the day's business news seawn. Federal

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Speaker 1: Parliament was back yesterday with Angus Taylor leading the Liberals

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Speaker 1: for the first time, but it was Pauline Hanson that

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Speaker 1: grabbed the headlines after Labour Senator Penny Wong pushed to

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Speaker 1: actually censor Hanson for her comments suggesting that there were

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Speaker 1: no good Muslims in Australia. Leader of the Opposition in

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Speaker 1: the Senate, Michaulia Cash, said that while the Liberals were

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Speaker 1: against vilifying people on the basis of religion, they wouldn't

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Speaker 1: support the motion.

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Speaker 2: Pauline Hanson called Wong's motion a stunt. She then left

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Speaker 2: the chamber, followed by the other one Nation senators, not

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Speaker 2: that it did her much good. The censor motion was passed,

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Speaker 2: with Greens and Independent MPs supporting labor I. Meanwhile, in

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Speaker 2: the House of Reps, Energy Minister Chris Bowen said Australia

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Speaker 2: had thirty six days of petrol supply available, the highest

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Speaker 2: that's been in about fifteen years. Also, momentus stay for

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Speaker 2: Anthony Abernezi, who turned sixty three years of age and

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Speaker 2: treasure Jim Chalmers, who turned to forty eight years same birthday.

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Speaker 2: Albanzi was also his thirtieth year as an MP. There

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Speaker 2: you go. Did you know Andrew Hasty and Angus Taylor

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Speaker 2: also share the same birthday? Do they? I think I'm

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Speaker 2: going to get it wrong, but like September thirty, I think,

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Speaker 2: oh yeah, that's all right. Do you reckon?

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Speaker 1: Charmers and Albanesi would celebrate together or they have rival

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Speaker 1: parties and therefore make the Labor Party split them along

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Speaker 1: the factional lines as to which party they go to.

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Speaker 2: I just think they're very different people, aren't.

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Speaker 1: There They definitely are. Feels like they'd be very different

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Speaker 1: types of parties as well. Albos feels like it would

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Speaker 1: be a little bit looser anyway. Job ads Sean across

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Speaker 1: the country have risen to their highest level in sixteen

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Speaker 1: months after a three percent jump last.

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Speaker 2: MONTHIDA Indeed, data chose job ads are seventeen percent higher

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Speaker 2: than before the pandemic. The new year coincided with a

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Speaker 2: arise in ads for nurses in particular, also more jobs

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Speaker 2: in retail administration. Meanwhile, Michael, the Workplace Gender Equality Agency

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Speaker 2: has really it's gender pay gap results this morning, and

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Speaker 2: it looks at ten five hundred employers across the country,

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Speaker 2: things are getting better, but more than fifty percent of

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Speaker 2: employers have a gender pay gap larger than eleven point

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Speaker 2: two percent in favor of men. So we still have

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Speaker 2: a long way to go.

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Speaker 1: Yeah, indeed, And that's what you're speaking to Mary Wooldridge today.

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Speaker 1: This is in Fear and Greed Q and A, which

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Speaker 1: comes up a little bit later on in the Fear

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Speaker 1: and Greed playlist from the Workplace Gender Equality Agency. Really

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Speaker 1: digging into those numbers.

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Speaker 2: Exactly what she's been doing it for quite a few

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Speaker 2: years now, Mary, and she's she's quite upbeat about the

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Speaker 2: progress that's being made, but she's not kidding herself about

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Speaker 2: how much further we've got to go. Yeah.

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Speaker 1: Yeah, So it's just if you're in business, if you're

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Speaker 1: in a workplace, basically just just listen. Listen to this

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Speaker 1: because we can all learn something out of this. Sean

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Speaker 1: Ampol may have to sell up to fifty four petrol

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Speaker 1: station sites after the competition regulator said it had serious

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Speaker 1: concerns about us proposed one point one billion dollar takeover

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Speaker 1: of rival operator EG Australia. The Australian Competition and Consumer

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Speaker 1: Commission said it was specifically worried about fifty four EG

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Speaker 1: petrol stations that overlap with Ampole sites and that which

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Speaker 1: could substantially lessen competition. As according to a report in

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Speaker 1: the Thin Review, in.

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Speaker 2: Some of the fifty one local areas, primarily in Metropolitan

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Speaker 2: and Brisbane, Melbourne, Sydney and canber the combined site share

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Speaker 2: of MPOLE and EG is as much as three quarters

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Speaker 2: like seventy five percent of the surveys from those two

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Speaker 2: according to the watchdog, although the number of sites concerned

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Speaker 2: is less than half in the good news is that

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Speaker 2: the fifty four people we worried it's going to be

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Speaker 2: one hundred and fifteen sites that Ampole might have to

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Speaker 2: sell it come down to this fifty four sites. As

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Speaker 2: a result of Mpole's share price rose three percent yesterday.

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Speaker 1: Turning to international news now, Sean Survivor, one of the

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Speaker 1: most successful reality TV shows of all time, has just

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Speaker 1: kicked off its fiftieth season, which is pretty extraordinary because

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Speaker 1: it joins a shortly of US programs like Saturday Night

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Speaker 1: Live and sixty Minutes that have managed to stay on

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Speaker 1: the air for fifty or more seasons and probably the

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Speaker 1: bigger challenge keep their audiences.

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Speaker 2: Yes, are you a fan of Survivor?

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Speaker 1: I have loved Survivor since season one. I have not

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Speaker 1: seen all fifty I cannot keep up with the pace

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Speaker 1: at which they put seasons out, but I love it.

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Speaker 1: What about you?

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Speaker 2: Yeah, so well, I saw the first couple of seasons.

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Speaker 2: I did enjoy that, and it's kind of become part

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Speaker 2: of It's iconic, no doubt about it in case you

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Speaker 2: haven't seen it. Basically, the show's testings are tested for

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Speaker 2: their physical, mental, social strength. It was based on a

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Speaker 2: ninety ninety seven Swedish series called Expedition Robinson. Now, if

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Speaker 2: you was saying fifty years, hold on nine a ninety seven, Well,

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Speaker 2: the reason we've got to fifty seasons is that it

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Speaker 2: runs at more than one season a year, pretty much

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Speaker 2: an immediate success. In fact, it's first season finale, fifty

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Speaker 2: million people in the US watched it, which was pretty phenomenal.

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Speaker 2: Baggering relative cheap to produce, green lighted a bunch of

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Speaker 2: other shows like The Amazing Race The Mole, even The

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Speaker 2: Bachelor can thanks Survivor for proving it audiences basically love

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Speaker 2: to see real people get overwhelmed. On camera, and I

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Speaker 2: think that's true. According to a new site Morning Brew

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Speaker 2: the Big Picture here, fifty seasons later, Survivors still putting

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Speaker 2: up the numbers. It's got a back catalog of episodes

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Speaker 2: available on streaming. In fact, Survivor was the most watched

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Speaker 2: Emmy nominee last year, four one hundred and sixty two

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Speaker 2: point four million viewing hours during the awards shows year

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Speaker 2: long eligibility year period. That is pretty phenomenal, more than

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Speaker 2: double any other nominee in any category, more than the

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Speaker 2: rest of the reality competition nominees put together. Go Survivor

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Speaker 2: a true survivor.

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Speaker 1: Yeah, Yeah, And it didn't just kind of spawn a

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Speaker 1: whole lot of other reality TV shows. It also generated

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Speaker 1: then spin offs in pretty much every market around the world,

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Speaker 1: including of course Australia. It was always a bit of

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Speaker 1: a dream to be on Australian Survivor. But now I

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Speaker 1: realize I think I enjoyed the creature comforts too much

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Speaker 1: to it to actually go on a beach and live

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Speaker 1: there for a few weeks. All right, Sure, Now this

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Speaker 1: is the point of the program where we would normally

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Speaker 1: stay goodbye, not today, stay with us for a few

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Speaker 1: more minutes. Because we've got something that I think you'll

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Speaker 1: want to hear.

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Speaker 2: That's right, Michael. This is our accelerated series with air

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Speaker 2: Wallacks where we explore what it takes for businesses to

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Speaker 2: grow with our borders and why having a what next

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Speaker 2: mindset can be your competitive advantage. James Tioderini is head

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Speaker 2: of Australia New Zealand at air Wallacks. James, welcome to

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Speaker 2: you're in greats Accelerated series. Thank you very much for

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Speaker 2: having me restlessness as a competitive advantage. What does that

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Speaker 2: look like in practice inside an organization like air Wallacks

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Speaker 2: and how do you stop it from becoming a distraction

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Speaker 2: really rather than a disciplined.

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Speaker 3: Yeah, it's a great question for me. I think about

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Speaker 3: that in two places. So restlessness shows up in how

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Speaker 3: we serve our customers. So if you think about a CFO,

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Speaker 3: and we hear these stories all the time, right, someone's

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Speaker 3: logging into three different international bank accounts in the morning

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Speaker 3: to check their balance in euro pounds dollars, Then at

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Speaker 3: lunch they're exporting CSV files for analytics, and then at

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Speaker 3: night they're you know, checking credit card spend against the

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Speaker 3: spreadsheet that to us feels broken and that to us.

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Speaker 3: Whilst a lot of people accept that as the status

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Speaker 3: quo feels like something we're restless in our sense of no,

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Speaker 3: there's got to be something better there. And so that

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Speaker 3: then shows up in how we build. So we build,

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Speaker 3: and until your point about discipline, we're really disciplined in

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Speaker 3: building across horizontally across that financial stack. So whether that's

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Speaker 3: from acquiring, so how do you get payments in to

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Speaker 3: treasury management, to cards to payouts, We're really disciplined in

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Speaker 3: your sense going does it save money for a customer

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Speaker 3: or does it save time for them? If it doesn't,

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Speaker 3: it's just something shiny and we need to put it

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Speaker 3: to one side.

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Speaker 2: Okay. But the basis of that is that there be

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Speaker 2: a lot of CFOs out there who know it's not

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Speaker 2: quite right. Do I quite have the answer for they

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Speaker 2: ain't this? Ain't it?

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Speaker 3: And it's been accepted for such a long time, right,

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Speaker 3: And I think what we're building is that, well, I

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Speaker 3: know what we're building is that financial infrastructure that covers

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Speaker 3: the entire treasury and operational stack for CFOs.

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Speaker 2: Okay, So how do you build a culture where teams

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Speaker 2: that are encouraged to constantly ask what next? Without burning

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Speaker 2: people out because that is a challenge.

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Speaker 3: It's a great it's a great point, and it is

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Speaker 3: a challenge. And I think there's a couple of areas

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Speaker 3: that we that we really think about. That one is

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Speaker 3: when we're hiring, right, we want to hire for people

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Speaker 3: who are curious, who are driven, who are restless in

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Speaker 3: their nature, that they want to go and do something different.

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Speaker 3: And I couldn't think about something I'd rather do more

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Speaker 3: than change an ecosystem. And I feel like that's what

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Speaker 3: we do, right, you know, to your point about status quo,

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Speaker 3: we're changing the status quo for business, but how we

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Speaker 3: stop people burning out is really important, and that for

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Speaker 3: me is tying it to the mission, tying it to

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Speaker 3: the vision.

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Speaker 2: You know.

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Speaker 3: Ultimately, we've just done our engagement survey actually and our

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Speaker 3: scores were up again. We kind of got an eighty

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Speaker 3: six score in our engagement survey, but nine out of

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Speaker 3: ten people thought or said rather that they understood what

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Speaker 3: our strategy was and they understood how what they did

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Speaker 3: tied to that. So if you hire for people that

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Speaker 3: are curious driven, you give them metrics, you give them

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Speaker 3: numbers to check against, and you give them a sense

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Speaker 3: of purpose. Towards what we're trying to do, which has

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Speaker 3: build the future of finance. Hopefully that breeds a culture

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Speaker 3: where we don't burn people out, but we still move

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Speaker 3: at a real pace.

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Speaker 2: Now, look, you've really taken it on the future of finance, right.

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Speaker 2: Your industry, especially here in Australia, absolutely dominated by incumbents.

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Speaker 2: They've been around for decades, in decades, in fact, Australia

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Speaker 2: is second longest standing ISx listed company is a bank? Right,

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Speaker 2: So how does the mitet of asking what next allow

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Speaker 2: you to take on those larger legacy players and do better?

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Speaker 1: Yeah?

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Speaker 3: I mean, look you called it out there, right. They

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Speaker 3: have that history, they have capital, they have scale, they

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Speaker 3: have customers, but that kind of creates an existential problem

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Speaker 3: in that they are built on one hundred year old foundations.

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Speaker 3: You know, the technology is built on often decades old foundations,

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Speaker 3: but also sometimes more importantly, it sits in a number

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Speaker 3: of different places. Right if I talk to a cards product,

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Speaker 3: or a payments product, or a foreign exchange product or

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Speaker 3: a treasury management product, that can often sit in four

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Speaker 3: different departments for different you know, competing priorities. So whilst yes,

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Speaker 3: they have that you know legacy advantage. We have the

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Speaker 3: advantage of we've built customer first. We've built from those

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Speaker 3: first principles of how do we go and solve for

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Speaker 3: a unified data and financial infrastructure stack. What that's enabled

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Speaker 3: us to do, particularly in the age of AI now right,

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Speaker 3: is we can go and get CFOs to interrogate that

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Speaker 3: financial data in one place. We don't have to go

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Speaker 3: and bring different departments up to speed because it's built

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Speaker 3: across what we do. So I think we have that

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Speaker 3: advantage of being built from a customer first mindset and

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Speaker 3: from a unified mindset.

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Speaker 2: Okay, so looking at head thraight to five years, what's

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Speaker 2: the next convention in banking that you think needs to

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Speaker 2: be will be broken? And what does the demand of

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Speaker 2: you a well likes to do that.

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Speaker 3: I think there's a view that I hold and that

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Speaker 3: we hold as a business that if you look at

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Speaker 3: the convention of a finance team, it's often a backwards

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Speaker 3: looking exercise. You're looking at your kind of Q one

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Speaker 3: and seeing, well, what happened there, Why did that happen?

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Speaker 3: And you know you've got to go and find data

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Speaker 3: from a lot of different places. For me, what I'm

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Speaker 3: really excited about is finance as a growth engine. How

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Speaker 3: can you use finance functions to understand where should I

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Speaker 3: go and expand where should I deploy my capital?

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Speaker 2: For me? And I touched on it there.

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Speaker 3: I think that ability to build in AI into what

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Speaker 3: we're doing and even in a conversational way is going

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Speaker 3: to be super interesting. So if you have a unified

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Speaker 3: financial stack, right, you can go and say, as a CFO,

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Speaker 3: why did my expenses spike class quarter? Almost as if

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Speaker 3: you would type a text message to your friend and

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Speaker 3: it will surface those insights. Where I'm more excited about

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Speaker 3: is where it goes. Well, if I expanded to Singapore,

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Speaker 3: what does that mean for my revenue? What does that

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Speaker 3: mean for my cash flow? What does that mean for

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Speaker 3: my margins? And that demands of us continuing to build

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Speaker 3: customer first, continuing to build a unified stack, but also

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Speaker 3: building in a way that is responsible as well, and

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Speaker 3: ultimately getting hopefully our product and AI to a point

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Speaker 3: that it's almost acts like a junior controller, right. You know,

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Speaker 3: it's going to bring you the insights, it's going to

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Speaker 3: bring you the data, and we get finance leaders to

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Speaker 3: go and build strategic instinctive decisions built on that rather

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Speaker 3: than looking back and going John spent too much on

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Speaker 3: taxis last month.

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Speaker 2: James, thank you for joining the Accelerator Series.

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Speaker 3: Thank you so much for having me.

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Speaker 2: That was James Tiodorini, Head of Australia, New Zealand and

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Speaker 2: ear Wallas. I'm Sean Almer and this is the Accelerator Series,

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Speaker 2: brought to you by ear Wallas. Build the Future www

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Speaker 2: dot ear Wallax dot com dot au to find out

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Speaker 2: more