1 00:00:06,200 --> 00:00:09,200 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,240 --> 00:00:11,920 Speaker 1: The former directors of Star Entertainment are found to have 3 00:00:12,000 --> 00:00:14,560 Speaker 1: not broken the law when hundreds of millions of dollars 4 00:00:14,640 --> 00:00:18,560 Speaker 1: was laundered through the company's casino operations. Canadian Prime Minister 5 00:00:18,600 --> 00:00:21,880 Speaker 1: Mark Carney calls for a collaboration of Middle power countries 6 00:00:22,239 --> 00:00:26,080 Speaker 1: and Australia's major airports spend up big, but customers are 7 00:00:26,120 --> 00:00:29,360 Speaker 1: likely to bear the costs. Plus Mexican theme restaurants lead 8 00:00:29,400 --> 00:00:32,360 Speaker 1: the rush of new fast food outlets across Australia, and 9 00:00:32,520 --> 00:00:36,760 Speaker 1: NATO air defenses shoot down an Iranian ballistic missile heading 10 00:00:36,800 --> 00:00:40,680 Speaker 1: towards Turkish airspace. It is Friday, the sixth of March 11 00:00:40,720 --> 00:00:44,199 Speaker 1: twenty twenty six. I'm Michael Thompson and good morning, Sean Aylmer. 12 00:00:44,440 --> 00:00:45,880 Speaker 2: Morning Michael, Sean. 13 00:00:45,920 --> 00:00:49,279 Speaker 1: The main story this morning, former Star Entertainment Chief executive 14 00:00:49,280 --> 00:00:53,000 Speaker 1: Matt beckere broke the law by failing to take seriously 15 00:00:53,159 --> 00:00:56,520 Speaker 1: the risk that junket operators were money laundering in the 16 00:00:56,560 --> 00:00:59,840 Speaker 1: company's casinos, and for not properly informing the board that 17 00:00:59,840 --> 00:01:02,440 Speaker 1: there was a serious threat that the criminals were operating 18 00:01:02,480 --> 00:01:06,240 Speaker 1: inside the gaming rooms. Is a landmark ruling yesterday, where 19 00:01:06,240 --> 00:01:10,120 Speaker 1: similar findings were made against Star's former chief legal and 20 00:01:10,200 --> 00:01:14,600 Speaker 1: risk officer Paula Martin. However, critically, the case in the 21 00:01:14,640 --> 00:01:18,280 Speaker 1: Federal Court brought by the corporate regulator did not find 22 00:01:18,720 --> 00:01:22,880 Speaker 1: the directors of the company to be liable. I suspect sure, 23 00:01:22,920 --> 00:01:25,200 Speaker 1: and there might be a few directors sleeping better tonight 24 00:01:25,280 --> 00:01:25,640 Speaker 1: after this. 25 00:01:25,760 --> 00:01:28,840 Speaker 2: Yes, yes, yes, yes, this was a big one. It 26 00:01:28,959 --> 00:01:31,160 Speaker 2: was the first time that the Australian Securities and Investments 27 00:01:31,200 --> 00:01:34,720 Speaker 2: Commission had alleged directors were to blame for something that 28 00:01:34,760 --> 00:01:38,160 Speaker 2: they did not do but should have stopped. According to 29 00:01:38,200 --> 00:01:40,680 Speaker 2: the report in the finn Review, as it brought this 30 00:01:40,760 --> 00:01:44,280 Speaker 2: case against eleven current and former Starr Entertainment directors and officers. 31 00:01:44,560 --> 00:01:48,480 Speaker 2: What makes it extraordinary really was the scope, as it 32 00:01:48,520 --> 00:01:51,840 Speaker 2: wasn't after just one executive. They wanted the entire board. 33 00:01:51,880 --> 00:01:54,200 Speaker 2: They wanted them to be held to account for what 34 00:01:54,280 --> 00:01:57,160 Speaker 2: the regulator says was a systemic failure to prevent money 35 00:01:57,200 --> 00:02:00,400 Speaker 2: laundering at the casinos in Sydney and on the Goal Coast. 36 00:02:00,600 --> 00:02:02,880 Speaker 2: The core allegation was that the directors failed in their 37 00:02:02,960 --> 00:02:05,360 Speaker 2: duty of care by allowing Stask casinos to be used 38 00:02:05,520 --> 00:02:08,120 Speaker 2: for money laundering on an industrial scale. We're talking about 39 00:02:08,240 --> 00:02:10,919 Speaker 2: hundreds of millions of dollars flowing through the gaming floors here, Michael, 40 00:02:11,280 --> 00:02:14,680 Speaker 2: the regulator has already stripped Star of its casino license 41 00:02:14,720 --> 00:02:19,240 Speaker 2: in New South Wales. This was all about personal accountability, 42 00:02:19,440 --> 00:02:22,640 Speaker 2: whether the people sitting around the boardroom table should have 43 00:02:22,760 --> 00:02:24,560 Speaker 2: known and acted sooner. 44 00:02:25,560 --> 00:02:30,400 Speaker 1: The directors weren't found liable, but Judge Michael Lee didn't 45 00:02:30,480 --> 00:02:32,040 Speaker 1: let them off the hook. And he always brings a 46 00:02:32,080 --> 00:02:35,000 Speaker 1: certain flare to his judgements, doesn't He He said that 47 00:02:35,160 --> 00:02:37,080 Speaker 1: it might be a hard job, but the law expects 48 00:02:37,080 --> 00:02:40,239 Speaker 1: significantly more than what it actually got from the starboard. 49 00:02:40,440 --> 00:02:42,560 Speaker 2: He had this great quote. He talked about the volume 50 00:02:42,600 --> 00:02:45,240 Speaker 2: of papers sent to the board members. He obviously had 51 00:02:45,240 --> 00:02:47,560 Speaker 2: a little bit of sympathy for the board. He talked 52 00:02:47,600 --> 00:02:51,240 Speaker 2: about the information that the CEO gave the board. They 53 00:02:51,320 --> 00:02:53,600 Speaker 2: might only have two hours to read it. Quote him 54 00:02:53,680 --> 00:02:58,600 Speaker 2: oppressive executive summaries, longer summaries of the summaries, detailed papers 55 00:02:58,639 --> 00:03:04,000 Speaker 2: followed by appendices and technical attachments. And he went on 56 00:03:04,040 --> 00:03:06,639 Speaker 2: to say that ultimately it fell to investigative journalism and 57 00:03:06,680 --> 00:03:09,640 Speaker 2: then a statutory inquiry to expose the extent of the 58 00:03:09,680 --> 00:03:12,560 Speaker 2: problem at the Star. But as you said, you know, 59 00:03:13,200 --> 00:03:16,920 Speaker 2: in the end, the directors weren't done for this, and 60 00:03:16,960 --> 00:03:20,280 Speaker 2: a few directors might well be sleeping better tonight. But 61 00:03:20,440 --> 00:03:25,280 Speaker 2: it kind of shines this whole spotlight on boards, on directors, 62 00:03:25,280 --> 00:03:28,040 Speaker 2: what they should and shouldn't know, on board papers, how 63 00:03:28,080 --> 00:03:34,080 Speaker 2: they operate, your pateness of the papers, and really the 64 00:03:34,160 --> 00:03:36,600 Speaker 2: need for directors to keep it close watch on what's 65 00:03:36,640 --> 00:03:40,080 Speaker 2: going on in their companies. Because if this isn't a 66 00:03:40,200 --> 00:03:43,680 Speaker 2: warning shot, then nothing is, because at some point a 67 00:03:43,800 --> 00:03:46,480 Speaker 2: judge will decide, actually, you directors should have known. 68 00:03:46,800 --> 00:03:49,600 Speaker 1: Yeah, yeah, So okay, as far as the business community goes, 69 00:03:49,640 --> 00:03:52,119 Speaker 1: this is a landmark case. This is a very very 70 00:03:52,160 --> 00:03:57,200 Speaker 1: important matter. Okay. Away from that, let's get to politics. 71 00:03:57,200 --> 00:04:02,040 Speaker 1: Sean Canadian Prime Minister Mark Carney has declared that Australia 72 00:04:02,080 --> 00:04:08,000 Speaker 1: and Canada are strategic cousins. This is a new term anyway, 73 00:04:08,560 --> 00:04:12,720 Speaker 1: and it said given that the international rules based system 74 00:04:12,760 --> 00:04:16,039 Speaker 1: is breaking down, the country should collaborate rather than compete, 75 00:04:16,320 --> 00:04:19,680 Speaker 1: in artificial intelligence and in critical minerals. This is the 76 00:04:19,720 --> 00:04:23,799 Speaker 1: first address to the Australian Parliament by a Canadian leader 77 00:04:23,839 --> 00:04:26,200 Speaker 1: since two thousand and seven, and he said that in 78 00:04:26,240 --> 00:04:29,159 Speaker 1: a post rupture world, the nations that are trusted and 79 00:04:29,240 --> 00:04:31,400 Speaker 1: can work together will be quicker to the punch, more 80 00:04:31,440 --> 00:04:35,000 Speaker 1: effective in their responses, more proactive in shaping outcomes, and 81 00:04:35,160 --> 00:04:40,080 Speaker 1: ultimately more secure and prosperous. Yes, I quote Canada and 82 00:04:40,160 --> 00:04:44,359 Speaker 1: Australia have earned this trust throughout our history. The question 83 00:04:44,480 --> 00:04:47,239 Speaker 1: now is what we do with it end quote. Karne 84 00:04:47,240 --> 00:04:49,880 Speaker 1: has been courting middle powers like Australia ever since his 85 00:04:49,960 --> 00:04:53,480 Speaker 1: speech in Davos in January, where it went viral and 86 00:04:53,520 --> 00:04:56,920 Speaker 1: it really did actually make people rethink what the new 87 00:04:56,960 --> 00:04:59,599 Speaker 1: world order would be about. He said that the post 88 00:04:59,600 --> 00:05:00,080 Speaker 1: war wru. 89 00:05:00,040 --> 00:05:02,280 Speaker 2: US based order which we've known since the Second World 90 00:05:02,279 --> 00:05:05,520 Speaker 2: War is now a fiction and like minded countries should 91 00:05:05,520 --> 00:05:08,720 Speaker 2: ban together to protect their interests in a Trump world. 92 00:05:09,080 --> 00:05:11,800 Speaker 2: The Canadian PM said Australia and Canada had scope to 93 00:05:11,839 --> 00:05:16,679 Speaker 2: deepen their cooperation across critical minerals, defense, artificial intelligence, trade 94 00:05:17,040 --> 00:05:21,360 Speaker 2: and bilateral investment to build autonomy from the superpowers. So 95 00:05:21,400 --> 00:05:23,720 Speaker 2: the whole idea is countries like India and Korea and 96 00:05:23,760 --> 00:05:28,960 Speaker 2: Canada and Australia banned together and operators one as opposed 97 00:05:28,960 --> 00:05:32,600 Speaker 2: to being reliant on China or Russia or the USA, 98 00:05:32,720 --> 00:05:35,480 Speaker 2: Anthony Abernezi and Karna yesterday signed a series of agreements 99 00:05:35,480 --> 00:05:39,160 Speaker 2: to expand on critical minerals cooperation. Karnei described Australia and 100 00:05:39,720 --> 00:05:42,839 Speaker 2: Canada as the world's two most reliable and like minded 101 00:05:43,040 --> 00:05:44,159 Speaker 2: mining giants. 102 00:05:45,279 --> 00:05:48,360 Speaker 1: There you go, Do you want to generalize here, Sean, 103 00:05:49,120 --> 00:05:53,719 Speaker 1: I've never done that before, but it's quite unusual to 104 00:05:53,760 --> 00:05:59,039 Speaker 1: see a central banker make the jump so successfully into politics, 105 00:05:59,200 --> 00:06:02,640 Speaker 1: with so much charisma, but also what you kind of 106 00:06:03,160 --> 00:06:05,600 Speaker 1: it's like what you see is what you get kind 107 00:06:05,640 --> 00:06:09,400 Speaker 1: of approach. Because he campaigned on this platform of standing 108 00:06:09,440 --> 00:06:12,920 Speaker 1: up to bigger powers as well, hasn't changed his tune 109 00:06:12,960 --> 00:06:17,040 Speaker 1: once getting into parliament, into into power in Canada. He's 110 00:06:17,120 --> 00:06:19,640 Speaker 1: now carried that over onto a much bigger stage and 111 00:06:19,680 --> 00:06:22,279 Speaker 1: trying to unite countries in the way that he kind 112 00:06:22,279 --> 00:06:25,440 Speaker 1: of kind of persuaded Canadians to the night behind him. 113 00:06:25,839 --> 00:06:29,800 Speaker 2: I mean, he is the rock star middle power leader 114 00:06:30,200 --> 00:06:30,800 Speaker 2: at the moment. 115 00:06:31,160 --> 00:06:33,640 Speaker 1: Yeah, niche category though, isn't it. 116 00:06:34,240 --> 00:06:36,480 Speaker 2: But if you could be like a bunch of keystarmer 117 00:06:36,520 --> 00:06:39,960 Speaker 2: and all sorts of trouble Emmanuel Macron maybe kind of 118 00:06:39,960 --> 00:06:41,880 Speaker 2: the leaders of Islay in Germany, They're not going to 119 00:06:41,920 --> 00:06:44,560 Speaker 2: make it. But Mark Karney has really stepped into that role. 120 00:06:45,240 --> 00:06:47,520 Speaker 2: You know, the German Angler Merket was for a long 121 00:06:47,560 --> 00:06:51,159 Speaker 2: time German Chancellor and really the leader of the non 122 00:06:51,200 --> 00:06:53,800 Speaker 2: major power free world. Well that's what Mark Canney is now. 123 00:06:54,080 --> 00:06:57,800 Speaker 1: Yeah, there you go. Now. Locally, interest rates sensitive stocks 124 00:06:57,920 --> 00:07:02,080 Speaker 1: led the ASX high yesterday, the bench mark index closing 125 00:07:02,160 --> 00:07:05,520 Speaker 1: up zero point four percent to was it eighty nine 126 00:07:05,600 --> 00:07:06,719 Speaker 1: hundred and sixty four points? 127 00:07:06,839 --> 00:07:09,920 Speaker 2: Yeah, basically arise in nasday. Helped the tech stocks. Tech 128 00:07:09,920 --> 00:07:13,280 Speaker 2: index rose five percent yesterday. You'd be excited except for 129 00:07:13,320 --> 00:07:15,360 Speaker 2: the fac that it's down eighteen percent this year, so 130 00:07:15,520 --> 00:07:17,679 Speaker 2: you know it needs to come back somewhat. Energy stocks, 131 00:07:17,720 --> 00:07:20,560 Speaker 2: of course, have done well all week, although Woodside traded 132 00:07:20,640 --> 00:07:23,960 Speaker 2: ex dividend yesterday, therefore it actually fell a little bit 133 00:07:24,120 --> 00:07:28,600 Speaker 2: after the dividend when next dividend refined as Viva Energy 134 00:07:28,640 --> 00:07:31,600 Speaker 2: and Mpole both surged yesterday. Major banks were mixed, as 135 00:07:31,680 --> 00:07:35,640 Speaker 2: were the big miners BEHPGDAK, but it too went next divdent. 136 00:07:36,280 --> 00:07:38,440 Speaker 1: Okay, plan is sil to come back in a moment. 137 00:07:38,440 --> 00:07:47,960 Speaker 1: With the rest of the day's business news. Sean Australia's 138 00:07:48,000 --> 00:07:52,360 Speaker 1: four largest airports Brisbane, Melbourne, Perth and Sydney spent one 139 00:07:52,400 --> 00:07:56,280 Speaker 1: point five billion dollars last financial year to expand capacity, 140 00:07:56,640 --> 00:08:01,920 Speaker 1: upgrade terminals and improve access, but can consumers, customers passengers 141 00:08:02,000 --> 00:08:04,800 Speaker 1: are likely to pay the bill, according to the Competition watchdog. 142 00:08:04,960 --> 00:08:07,960 Speaker 2: According to the Australian Competition and Consumer Commission that the 143 00:08:08,120 --> 00:08:10,640 Speaker 2: spending is fifty he is forty three percent more than 144 00:08:10,680 --> 00:08:13,760 Speaker 2: a year earlier. Very much sort of moved on from 145 00:08:14,040 --> 00:08:17,680 Speaker 2: the COVID post COVID period, airport's spending up again, now 146 00:08:17,960 --> 00:08:20,280 Speaker 2: confident that people will be flying in and out of 147 00:08:20,320 --> 00:08:25,640 Speaker 2: the country. Airport charges though to the public, to airlines, 148 00:08:25,920 --> 00:08:28,920 Speaker 2: to shop owners, all that they're not regulated and the 149 00:08:28,960 --> 00:08:32,960 Speaker 2: ahable see's warning that given there's no regulation, they can 150 00:08:32,960 --> 00:08:34,400 Speaker 2: spend as much as they want and pass it on 151 00:08:34,440 --> 00:08:37,360 Speaker 2: to customers. Up until a point the customers stopped paying. 152 00:08:37,360 --> 00:08:39,040 Speaker 2: But you know it's a bit of a monopoly. Really. 153 00:08:39,080 --> 00:08:41,160 Speaker 2: You try and park your car outside the airport, you're 154 00:08:41,200 --> 00:08:44,320 Speaker 2: in trouble. The Big four earned four hundred and two 155 00:08:44,320 --> 00:08:47,520 Speaker 2: million dollars in operating profits from car parking activities. If 156 00:08:47,559 --> 00:08:49,800 Speaker 2: you're in Melbourne complaining about how much is spend, If 157 00:08:49,840 --> 00:08:52,120 Speaker 2: you're in Sydney complaining about how much spend think of 158 00:08:52,160 --> 00:08:55,000 Speaker 2: as from Brisbane. That airport made one hundred and twenty 159 00:08:55,000 --> 00:08:58,640 Speaker 2: five million dollars in profit from its car park and 160 00:08:58,640 --> 00:09:02,280 Speaker 2: that financial year pretty amazing. In fact, there are our 161 00:09:02,360 --> 00:09:05,480 Speaker 2: complaints that the price of parking cars has to pass 162 00:09:05,480 --> 00:09:08,440 Speaker 2: the base fare for airline tickets. So you can, you know, 163 00:09:09,280 --> 00:09:11,840 Speaker 2: you can have a return flight and it might only 164 00:09:11,840 --> 00:09:14,840 Speaker 2: be a couple of hundred bucks, but the parking is 165 00:09:14,840 --> 00:09:18,560 Speaker 2: more expensive. The other part, big one, is aeronautical profits 166 00:09:18,559 --> 00:09:22,760 Speaker 2: which are passed on to aeronautical profits score. The revenue 167 00:09:22,760 --> 00:09:26,680 Speaker 2: comes from the carriers, of course, and the carriers recoup 168 00:09:26,760 --> 00:09:31,440 Speaker 2: that via ticket prices. Sydney five and eighty four million 169 00:09:31,440 --> 00:09:34,240 Speaker 2: dollars aeronautical profit in one year, more than double any 170 00:09:34,240 --> 00:09:35,880 Speaker 2: other airport. Crazy. 171 00:09:36,440 --> 00:09:38,560 Speaker 1: If you ever, if you're ever stuck in a lift 172 00:09:38,720 --> 00:09:41,720 Speaker 1: or something, airport parking is up there with the weather 173 00:09:42,040 --> 00:09:44,360 Speaker 1: as one of the great kind of universal things that 174 00:09:44,400 --> 00:09:47,240 Speaker 1: you can complain about. I have used it on a 175 00:09:47,320 --> 00:09:49,280 Speaker 1: number of occasions, which is always odd when you're not 176 00:09:49,360 --> 00:09:51,680 Speaker 1: actually near the airport or anything. Just to suddenly bring 177 00:09:51,720 --> 00:09:55,760 Speaker 1: that up anyway, Sean, the number of fast food outlets 178 00:09:56,120 --> 00:09:58,840 Speaker 1: opened last year hit a record high on the back 179 00:09:58,880 --> 00:10:01,600 Speaker 1: of population growth, cost of living pressures and the rising 180 00:10:01,679 --> 00:10:05,960 Speaker 1: popularity of food delivery apps. Of course, as a report 181 00:10:06,000 --> 00:10:10,240 Speaker 1: from the technology and data company gap maps, which tracks 182 00:10:10,559 --> 00:10:14,600 Speaker 1: openings and closures of thirty six fast food brands, and 183 00:10:14,640 --> 00:10:16,960 Speaker 1: it found that there were three hundred and fifty nine 184 00:10:17,080 --> 00:10:20,240 Speaker 1: outlet openings last year and one hundred and nine closures 185 00:10:20,280 --> 00:10:21,000 Speaker 1: across Australia. 186 00:10:21,040 --> 00:10:24,040 Speaker 2: So it's at two hundred and forty two hundred and fifty. 187 00:10:24,640 --> 00:10:25,680 Speaker 2: That is a record. 188 00:10:25,720 --> 00:10:26,240 Speaker 1: Pretty cool. 189 00:10:26,480 --> 00:10:29,480 Speaker 2: Subway leads to charge twelve sixty two stores across the 190 00:10:29,520 --> 00:10:33,120 Speaker 2: country and net eighteen new stores last year. McDonald's number 191 00:10:33,120 --> 00:10:35,839 Speaker 2: two right open twenty five news stores, ten to seventy 192 00:10:35,880 --> 00:10:40,080 Speaker 2: four restaurants overall. It actually didn't close any stores last year, 193 00:10:40,120 --> 00:10:43,840 Speaker 2: which is quite unusual for a quick service restaurant. Next 194 00:10:43,880 --> 00:10:46,720 Speaker 2: in the line is KFC, then Hungry Jacks and Red Rooster. 195 00:10:46,840 --> 00:10:49,960 Speaker 2: In the pizza world, number one, the surprise is Domino 196 00:10:50,040 --> 00:10:53,200 Speaker 2: seven hundred and twenty stores. It's about one hundred and 197 00:10:53,200 --> 00:10:56,560 Speaker 2: ten fewer than KFC, so if you put the wall together, 198 00:10:56,960 --> 00:11:00,480 Speaker 2: it comes in about number four. Mind you, Domino's actually 199 00:11:00,679 --> 00:11:05,600 Speaker 2: lost had net ten store closures last year. It's well 200 00:11:05,600 --> 00:11:08,040 Speaker 2: ahead of the other major pizza players. Pizza Hut and 201 00:11:08,120 --> 00:11:11,880 Speaker 2: crust other sizeable players. I can never say the word zambrero. 202 00:11:12,200 --> 00:11:16,800 Speaker 2: Is that right, zambrero bembrero. Yeah, of course, I. 203 00:11:16,760 --> 00:11:22,280 Speaker 1: Just think sombrero in front of it, Zambrero. 204 00:11:21,400 --> 00:11:24,839 Speaker 2: Two hundred and ninety outlets, but that goodsman and a 205 00:11:24,920 --> 00:11:27,959 Speaker 2: portozio means an a porto both around two hudred and thirty outlets. 206 00:11:28,400 --> 00:11:30,800 Speaker 2: Mexican theme chains are actually the most active in the 207 00:11:30,880 --> 00:11:34,880 Speaker 2: rollout world. More rollouts of Mexican theme restaurants and Zambrero 208 00:11:35,400 --> 00:11:38,520 Speaker 2: led the way an industry high of net thirty one 209 00:11:38,559 --> 00:11:40,960 Speaker 2: new openings last year. There you go will be eating 210 00:11:41,120 --> 00:11:45,040 Speaker 2: more tacos. And there is a restaurant down the road 211 00:11:45,080 --> 00:11:47,880 Speaker 2: from us that recently opened. It's not a chain. I 212 00:11:47,920 --> 00:11:52,319 Speaker 2: don't think for heaters the best for heaters. 213 00:11:51,160 --> 00:11:55,920 Speaker 1: Really, yeah, that is a big call. Actually, I feel 214 00:11:55,920 --> 00:11:57,960 Speaker 1: like a fear and great survey that we will go 215 00:11:58,040 --> 00:12:01,880 Speaker 1: around in person and compare me Exican food. Imagine that. 216 00:12:02,280 --> 00:12:07,640 Speaker 1: Tax Deduction's Galorshan Formula one racing for this season kicks 217 00:12:07,679 --> 00:12:11,200 Speaker 1: off in Melbourne over the weekend, with official practice starting today. 218 00:12:11,320 --> 00:12:14,960 Speaker 1: Ten teams twenty drivers compete over twenty four Grand prix 219 00:12:15,080 --> 00:12:20,199 Speaker 1: throughout the year. The five point two eight seven kilometer 220 00:12:20,360 --> 00:12:23,240 Speaker 1: Albert Park has held the race since nineteen ninety six. 221 00:12:23,280 --> 00:12:25,560 Speaker 1: It is scheduled to hold it until twenty thirty five. 222 00:12:25,679 --> 00:12:27,800 Speaker 2: Yeah, it costs around one hundred million dollars the stage 223 00:12:27,840 --> 00:12:31,439 Speaker 2: the new sore. The Victorian government reckons the economic benefit 224 00:12:31,480 --> 00:12:34,439 Speaker 2: is around two hundred and seventy million dollars or thereabouts 225 00:12:34,480 --> 00:12:38,160 Speaker 2: about four hundred and fifty feet. Thousand people will attend 226 00:12:38,360 --> 00:12:42,480 Speaker 2: the event in all, employ about twelve hundred people over 227 00:12:42,480 --> 00:12:45,920 Speaker 2: the weekend. Make it all happen. I'm really looking forward 228 00:12:45,960 --> 00:12:46,880 Speaker 2: to it. Goal Oscar. 229 00:12:47,800 --> 00:12:52,040 Speaker 1: Did you almost award the Formula One to the new 230 00:12:52,080 --> 00:12:53,280 Speaker 1: South Wales government? 231 00:12:53,840 --> 00:12:56,520 Speaker 2: Would have been working if I've given it to South Australia, 232 00:12:56,640 --> 00:12:58,200 Speaker 2: because I of course had it before. 233 00:12:58,800 --> 00:13:00,840 Speaker 1: Yeah. Down, well, I. 234 00:13:00,840 --> 00:13:04,840 Speaker 2: Don't think maybe the Australian Open, but there's sort of 235 00:13:05,360 --> 00:13:08,520 Speaker 2: the Australian Open and the Formula One probably the two 236 00:13:08,679 --> 00:13:12,240 Speaker 2: biggest non cricket sporting events in the country, and m 237 00:13:12,360 --> 00:13:13,600 Speaker 2: cricket of course is shared. 238 00:13:13,360 --> 00:13:17,480 Speaker 1: And certainly in terms of international interest as well. Yeah, yeah, 239 00:13:17,640 --> 00:13:20,520 Speaker 1: I agree with you. There we go turn into international 240 00:13:20,559 --> 00:13:23,679 Speaker 1: news now. NATO Air Defenses yesterday shopped out an Iranian 241 00:13:23,679 --> 00:13:28,679 Speaker 1: ballistic missile heading towards Turkish airspace. If Turkey was targeted, 242 00:13:28,679 --> 00:13:33,480 Speaker 1: and that's unclear whether it was the eventual target, it 243 00:13:33,520 --> 00:13:36,520 Speaker 1: would mark a major escalation in a war that so 244 00:13:36,640 --> 00:13:38,760 Speaker 1: far has been contained to the Middle East and the 245 00:13:38,800 --> 00:13:42,560 Speaker 1: Indian Ocean. The conflict came to the Indian Ocean when 246 00:13:43,200 --> 00:13:46,559 Speaker 1: a US submarine sank an Iranian warship. 247 00:13:46,800 --> 00:13:49,360 Speaker 2: The US yesterday said after hitting more than two thousand 248 00:13:49,440 --> 00:13:53,680 Speaker 2: Iranian targets and sinking twenty warships, the campaign will shift inland. 249 00:13:54,000 --> 00:13:58,600 Speaker 2: Israeli strikes continue to pound Iran, including the capital of Tehran. Meanwhile, 250 00:13:58,600 --> 00:14:01,920 Speaker 2: the funeral for killed that lead Ali Hamini has been 251 00:14:01,920 --> 00:14:05,640 Speaker 2: delayed until further noticed, reportedly to allow mourners time to 252 00:14:05,679 --> 00:14:09,240 Speaker 2: reach Tehran, though I'm not sure that the officials would 253 00:14:09,320 --> 00:14:12,640 Speaker 2: like a gathering of people at this point back home. 254 00:14:13,080 --> 00:14:15,680 Speaker 2: As we mentioned before, Canadian Prime Minister Mark Carne's in town, 255 00:14:15,920 --> 00:14:18,600 Speaker 2: he and Anthony Alberanezi agreed that there needs to be 256 00:14:18,800 --> 00:14:22,840 Speaker 2: a de escalation of the conflict, although Karni then went 257 00:14:22,880 --> 00:14:29,680 Speaker 2: on to say that any potential nuclear armament of Iran 258 00:14:29,760 --> 00:14:31,720 Speaker 2: needs to end, so they need to be disarmed. 259 00:14:32,760 --> 00:14:36,200 Speaker 1: And it's worth noting as well, Shawn, Asian airlines are 260 00:14:36,200 --> 00:14:39,560 Speaker 1: making money from the disruption to air services in the 261 00:14:39,560 --> 00:14:44,200 Speaker 1: Middle East. The prices for some flights between Asia and 262 00:14:44,280 --> 00:14:46,880 Speaker 1: Europe up something like nine hundred percent. 263 00:14:47,240 --> 00:14:49,840 Speaker 2: I mentioned this on the show the other day, that 264 00:14:49,880 --> 00:14:52,760 Speaker 2: my nephew had come back and the escalation in price 265 00:14:52,880 --> 00:14:55,480 Speaker 2: was amazing, so had to quick look for it. Singapore Airlines. 266 00:14:55,680 --> 00:14:58,440 Speaker 2: He throw in the UK. He's throw to Singapore costs 267 00:14:58,440 --> 00:15:02,080 Speaker 2: about eighty five hundred US dollars today or actually it 268 00:15:02,120 --> 00:15:06,240 Speaker 2: was yesterday, the fifth of March, up nine hundred percent 269 00:15:06,360 --> 00:15:10,880 Speaker 2: on a month earlier. Suspension of regular services by Emirates, 270 00:15:10,960 --> 00:15:14,400 Speaker 2: Quatar and Etty had since the weekend has removed about 271 00:15:14,400 --> 00:15:16,880 Speaker 2: ten percent of the daily international flight capacity. According to 272 00:15:16,880 --> 00:15:21,720 Speaker 2: Bloomberg that those hubs with a fly out of handle 273 00:15:21,720 --> 00:15:23,520 Speaker 2: about one third of the one hundred and twenty five 274 00:15:23,560 --> 00:15:27,240 Speaker 2: million people who travel between Europe and Asia each year. Therefore, 275 00:15:27,360 --> 00:15:29,880 Speaker 2: right now, I mean it may not last, but right now, 276 00:15:30,560 --> 00:15:34,640 Speaker 2: Singapore Tie, those guys really have a chance to make 277 00:15:34,680 --> 00:15:38,160 Speaker 2: some serious money. More than twenty three thousand flights globally 278 00:15:38,200 --> 00:15:41,640 Speaker 2: have been canceled since this began, and the Asian airlines 279 00:15:41,640 --> 00:15:43,320 Speaker 2: are definitely taking advantage. 280 00:15:43,520 --> 00:15:46,480 Speaker 1: Indeed, up next Seawan's Fear and Greed Q and A. 281 00:15:46,720 --> 00:15:50,080 Speaker 1: And it's the second part of our two part series 282 00:15:50,200 --> 00:15:54,120 Speaker 1: with Jason Pellegrino from Domain. Last time we were talking 283 00:15:54,120 --> 00:15:59,240 Speaker 1: about how Domain has changed and is changing under co 284 00:15:59,440 --> 00:16:02,160 Speaker 1: star ownership out of the US. This time it's a 285 00:16:02,200 --> 00:16:04,960 Speaker 1: little bit more about Jason's own story. 286 00:16:05,200 --> 00:16:08,160 Speaker 2: Yes, so Jason was with Google for a long time 287 00:16:08,840 --> 00:16:11,040 Speaker 2: and then he came to run Domain, and then he 288 00:16:11,120 --> 00:16:13,720 Speaker 2: left Domain and then the new owners of Domain asked 289 00:16:13,760 --> 00:16:17,080 Speaker 2: him back. So we talked about that experience, what it 290 00:16:17,200 --> 00:16:20,480 Speaker 2: was like to go to Domain from Google and then 291 00:16:21,000 --> 00:16:22,320 Speaker 2: where we spent quite a bit of time. And so 292 00:16:22,440 --> 00:16:24,000 Speaker 2: what's it like when you leave a company and then 293 00:16:24,040 --> 00:16:26,640 Speaker 2: six months time you come back under new ownership. Those 294 00:16:26,680 --> 00:16:29,480 Speaker 2: new owners have a new strategy. How do you sell that? 295 00:16:30,320 --> 00:16:31,600 Speaker 2: He was just sort of saying, Hey, I know, I 296 00:16:31,720 --> 00:16:33,360 Speaker 2: told you six months ago or twelve months ago the 297 00:16:33,360 --> 00:16:36,080 Speaker 2: strategy was this, but now it's that. And he was 298 00:16:36,200 --> 00:16:39,720 Speaker 2: a very open but lovely person, Jason, and very open 299 00:16:39,760 --> 00:16:40,760 Speaker 2: about how he managed that. 300 00:16:41,040 --> 00:16:42,960 Speaker 1: Yeah, and they're great supporters of Fear and Greed is 301 00:16:43,000 --> 00:16:46,120 Speaker 1: an interesting look at leadership in a company that is 302 00:16:46,240 --> 00:16:48,640 Speaker 1: changing rapidly. It's coming up next to the Fear and 303 00:16:48,680 --> 00:16:52,440 Speaker 1: Greed playerlist on your podcast platform, or at Fearandgreed dot 304 00:16:52,480 --> 00:16:54,120 Speaker 1: com dot au, which is where you sign up for 305 00:16:54,160 --> 00:16:56,640 Speaker 1: the free daily newsletter as well. Thank you Sean, Thank 306 00:16:56,680 --> 00:17:00,400 Speaker 1: you Michael. It's Friday, the sixth of March twenty twenty six. 307 00:17:00,440 --> 00:17:03,040 Speaker 1: Make sure you're following the podcast and join us online 308 00:17:03,040 --> 00:17:05,560 Speaker 1: on LinkedIn and Instagram. I'm Michael Thompson and that was 309 00:17:05,560 --> 00:17:09,200 Speaker 1: for your and greed. Have a great day.