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Speaker 1: The federal government gets busy passing legislation on the NDIS

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Speaker 1: and renewables while giving staffers a pay rise. Tech Darling

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Speaker 1: wise tech global share price surges after it reports earnings,

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Speaker 1: and Barack Obama brings some pizzaz to the Democratic National Convention.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It is Thursday, the twenty

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Speaker 1: second of August twenty twenty four. I'm Michael Thompson, and

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Speaker 1: good morning, Sean Aylmer.

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Speaker 2: I'm full of pizzazz this morning, Michael, full of pizzazz.

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Speaker 1: You're always full of pizzaz, Seoran. We've got a favor

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Speaker 1: to get through the main story this morning. The federal

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Speaker 1: government has struck a deal to pass contentious changes to

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Speaker 1: the NDIS, greenlighted the country's biggest renewables project, changed legislation

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Speaker 1: around pornography, given staffers a pay rise, and been forced

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Speaker 1: to concede. It has canceled some visas for migrants from Gaza.

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Speaker 2: They've been busy, Michael, They certainly have. Let's start with

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Speaker 2: the National Disability Insurance Scheme. Minister Bill Shorten has struck

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Speaker 2: a deal with the States and territories to pass Labour's

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Speaker 2: overhaul of the scheme of bringing to an end a

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Speaker 2: month's long standoff over legislation designed to slow the ballooning

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Speaker 2: cost of the program in an attempt to contain the

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Speaker 2: surging costs of the NDEs by fourteen billion dollars over

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Speaker 2: four years. The changes will shift some responsibilities of the

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Speaker 2: scheme's functions to the states. Moving on to the Middle East,

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Speaker 2: Prime Minister Anthony Alberzi has for the first time confirmed

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Speaker 2: that a number of visitor visas granted to Palestinian refugees

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Speaker 2: fleeing Gaza since the October seven Hamas attack have been canceled.

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Speaker 2: Labour faces intense pressure average decision to grant some three

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Speaker 2: thousand visitor visas to arrivals from Gaza, which have less

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Speaker 2: stringent security checks than refugee visas. Moving onto the pornography rules,

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Speaker 2: proposed laws to ban the non consensual creation and dissemination

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Speaker 2: of deep fate pornography have passed the Senate, paving the

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Speaker 2: way for their passage through the Parliament. The rise in

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Speaker 2: artificial intelligence has led to an explosion of pornographic deep fakes,

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Speaker 2: and nearly two thousand federal political staffers will receive an

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Speaker 2: eleven point two percent pay hike over three years. That's

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Speaker 2: the maximum amount they can be awarded under government rules

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Speaker 2: after a new workplace agreement was approved. The new pay

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Speaker 2: deal also includes a host of additional benefits, including a

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Speaker 2: forty thousand dollars travel allowance for electric office staff, a

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Speaker 2: fifteen hundred dollars allowance for staff that use a second

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Speaker 2: language in their line of work, and three days of

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Speaker 2: cultural or religious leave Shawn.

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Speaker 1: From a business perspective, you'd have to say this would

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Speaker 1: be the biggest story of all. Environment Minister Tania Plibasak

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Speaker 1: giving the go ahead to the country's biggest renewables project.

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Speaker 2: Yes sure is Michael sun Cable has one environmental approvals

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Speaker 2: from the Albanesi government, it already had them from the

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Speaker 2: Northern Territory government, and the forty billion dollar spend is

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Speaker 2: slated to produce enough power for three million homes. The

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Speaker 2: Australia Asia Powerlink, back by it Lassian billionaire Mike cannon Brooks,

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Speaker 2: will be the biggest soul of farm in Australia, based

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Speaker 2: on twelve thousand hectares in the Northern Territory. It includes

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Speaker 2: an eight hundred kilometer transmission line to Darwin and an

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Speaker 2: undersea cable stretching more than four thousand kilometers to Singapore.

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Speaker 2: It's ambitious, to say the least, still a ways to

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Speaker 2: go and its first goal is to deliver green power

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Speaker 2: to industrial users in Darwin. But the fact that got

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Speaker 2: the green light from Tanya Plebasek yesterday means work can

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Speaker 2: get underway.

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Speaker 1: And you wrote about this in the Fear and Green

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Speaker 1: newsletter yesterday about the fact that it's particularly exciting because

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Speaker 1: this is private money.

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Speaker 2: Yeah, it's private money. They're looking for co investors and

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Speaker 2: they will probably find some. In forty billion dollars is

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Speaker 2: a lot of money. But it's an example where entrepreneurialism

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Speaker 2: can help address the whole renewables issue because this could

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Speaker 2: be a huge export industry. We've got plenty of sunshine

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Speaker 2: and if we can create power from that or energy

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Speaker 2: from that and export it, what thing to do. And

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Speaker 2: I'm just I think it's quite exciting. It's still a

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Speaker 2: long way to go. I mean, it's not really going

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Speaker 2: to have a absolute final decision in terms of the

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Speaker 2: undersea cable to Singapore via Indonesia until twenty twenty seven.

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Speaker 2: But it's just it's big thinking it's about the future.

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Speaker 2: I'm a fan, Michael.

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Speaker 1: I can't even get my head around the logistics of

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Speaker 1: four thousand kilometers of undersea cable. It's just that is

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Speaker 1: that is mind blowing.

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Speaker 2: And how you can pass energy through that without losing

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Speaker 2: it and oh.

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Speaker 1: Wow, without I don't know, starfish eating into the cable

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Speaker 1: something like that. I'm sure there's probably more significant risks

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Speaker 1: than starfish. Anyway, couldness local markets, Sean, how do they

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Speaker 1: perform yesterday?

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Speaker 2: Well, there's some PA six two hundred closed up zero

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Speaker 2: point two percent to eighty eleven points. It's almost two

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Speaker 2: weeks of continuing positive closes. Pretty amazing run. The Tech

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Speaker 2: index did best yesterday. The Energy index did worse, But

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Speaker 2: again it was all about profit results into those at

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Speaker 2: a moment worth a mention of the mining companies. They

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Speaker 2: bounced on rising iron ore prices after China rolled out

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Speaker 2: further measures to help its struggling property market. So BHP, Riotendo,

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Speaker 2: and Fortescu were all higher. This I worn listeners is

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Speaker 2: a profit heavy report. I'm going to run through a

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Speaker 2: few of them and then we'll go into more detail

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Speaker 2: later with some others. So the Lottery Corporation, operator of

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Speaker 2: the Lotto, Powerball and Keno Games reported a twenty percent

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Speaker 2: plus surge and net profit and your revenue are four

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Speaker 2: billion dollars. That's what people spend on these games. More

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Speaker 2: Australians are signing up as customers. Helious the struggling Pathology

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Speaker 2: Companies to the sale of its imaging business was well

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Speaker 2: advanced and it made a loss of almost six hundred

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Speaker 2: and fifty million dollars. That was expected though. Palette maker

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Speaker 2: Brandles one of my favorite companies. I mean, any company

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Speaker 2: that just goes and makes palettes and then, like I

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Speaker 2: think it's fifteen years ago, lost a million of them.

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Speaker 2: That's why I like the company. It was among the

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Speaker 2: biggest gain is yesterday on the Ax it topped its

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Speaker 2: earnings guidance. Shares hit a new high. Charter Hall property

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Speaker 2: fund manager Group It's saw more than fifteen percent after

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Speaker 2: promising a six percent lift in distributions over the coming year.

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Speaker 2: Surfer Loup a friend of Fear and Greed. We've had

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Speaker 2: them on the show. The broadband provider super Loop, it

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Speaker 2: jumped after forecasting strong earnings growth this financial year. Not

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Speaker 2: everyone was having a good time. Insurance Broken Network aub

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Speaker 2: Group it fell despite forecasting higher growth. Corporate Travel also

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Speaker 2: fell after issuing a profit warning due to changes to

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Speaker 2: the UK's refugee detention center. Cleanaway Waste Management rose after

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Speaker 2: it beat profit expectations, and one of your favorites, Michael

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Speaker 2: babcoor the ASX listed group that owns automotive parts, Autobarn,

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Speaker 2: Autopro and person well it half its final dividend after

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Speaker 2: apporting a loss for the last financial year.

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Speaker 1: I'm more interested, Sean, in the lottery corporation that you

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Speaker 1: mentioned before, because I think you mentioned that they operate

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Speaker 1: the powerball games, Big Big, Big Powerball tonight one hundred

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Speaker 1: million dollars.

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Speaker 2: Is that all right?

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Speaker 1: Just giving you heads up? I may not be here tomorrow.

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Speaker 2: Yeah, yeah, I think what you've got a one in

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Speaker 2: a trillion chance of not being here tomorrow.

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Speaker 1: Fine, negative about it.

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Speaker 2: It's one hundred million dollars tonight, Yeah yeah wow.

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Speaker 1: Yeah. And someone's got to win it. I mean, I mean,

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Speaker 1: actually I don't think that's the case. Jackpot. That is

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Speaker 1: completely wrong. Someone does not have to win it. But

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Speaker 1: you're not going to win it if you're not in it.

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Speaker 1: That's my theory.

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Speaker 2: Yeah. And when we've got that ticket and it comes

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Speaker 2: out and you don't actually check your ticket, you could

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Speaker 2: still win it. So my theory, buy ticket, never check

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Speaker 2: it because you could be a millionaire.

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Speaker 1: Oh god, who knows. We could. Actually we should buy

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Speaker 1: a Fear and Greed syndicate between you, me and Adam

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Speaker 1: and Luke. The entire podcast could shut down tomorrow.

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Speaker 2: Yeah I wouldn't like that. I like this podcast.

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Speaker 1: Yeah, me too, actually, but I think i'd like a

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Speaker 1: share of one hundred million dollars more. What's happening in

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Speaker 1: international markets.

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Speaker 2: Oil prices fell further on estimates showing swelling at US

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Speaker 2: crude inventories, expectations that tensions in the Middle East are

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Speaker 2: easy following a tour of the region by mediators, goals

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Speaker 2: creeping higher. It's all over that twenty five hundred US

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Speaker 2: dollars announced Mark and the Aussie dollar is buying sixty

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Speaker 2: seven and a half US cents and Seawan.

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Speaker 1: Our first batch of MEA mugs went out this week.

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Speaker 1: This is for the most enthusiastic advocates of fear and greed.

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Speaker 1: So these are listeners who tell their friends, tell their family,

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Speaker 1: tell their colleagues, and then let us know that they're

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Speaker 1: doing it. Whether that's through a LinkedIn post or anything

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Speaker 1: along those lines, even just an email through fearangreed dot

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Speaker 1: com dot au. We've had a bunch of them come

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Speaker 1: in and we've sent out the first batch of MEA mugs.

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Speaker 1: These are limited edition, very very fancy looking mugs with

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Speaker 1: MEA Most Enthusiastic Advocate plastered all over the side. They

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Speaker 1: are pretty fancy prizes.

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Speaker 2: They are very very flash Michael, very flash.

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Speaker 1: Yeah, indeed, So if you think you deserve a MEA mug,

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Speaker 1: then please get in touch, state your case and who knows,

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Speaker 1: you could be receiving one very soon. We'll be back

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Speaker 1: in a moment with the the rest of the day's

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Speaker 1: business news. Seawn tracking company wise tech Global share price

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Speaker 1: surged eighteen percent yesterday after the tech Darling forecast revenue

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Speaker 1: growth of thirty percent this.

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Speaker 2: Year, so the group didn't hit its revenue forecast for

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Speaker 2: last financial year, but that didn't seem to matter, with

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Speaker 2: Wistech's share price jumping to a record high of around

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Speaker 2: one hundred and ten dollars a share. CEO and founder

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Speaker 2: Richard White Ain's almost thirty nine percent of the company,

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Speaker 2: so he's wealth jumped about one point seven billion, with

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Speaker 2: a b billion dollars to more than fourteen billion dollars

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Speaker 2: on the share price surge. He doesn't need the powerboard, Michael,

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Speaker 2: He really doesn't. Expectations were already high, and Wisetech matched

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Speaker 2: and beat them with profit margins back to fifty percent.

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Speaker 2: Mister White announced the launch of three new breakthrough products

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Speaker 2: next quarter, which will provide a single global platform that

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Speaker 2: replaced the need for workers to manually enter data into

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Speaker 2: multiple systems. Investors certainly liked what they hear. Eighteen percent

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Speaker 2: jump in Weistek's share price.

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Speaker 1: Yeah, that is quite remarkable. Domino's Pizza under Prizes disappointed

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Speaker 1: investors yesterday, saying sales in the first seven weeks of

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Speaker 1: this financial year are slower than anticipated.

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Speaker 2: The stock tumble six percent. They rebounded to finish down

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Speaker 2: just one point four percent. Chief Executive Don May said

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Speaker 2: that a turnaround in the French and Japanese markets over

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Speaker 2: the next twelve months is crucial to the group's overall fortunes.

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Speaker 2: Now he's been CEO since two thousand and two, he's

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Speaker 2: heading overseas to run those two businesses. Notwithstanding a disappointing

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Speaker 2: start to this financial year. The Australian and New Zealand

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Speaker 2: business performed well last financial year, with underline earnings up

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Speaker 2: ten percent. In those markets, Domino's has had more success

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Speaker 2: capturing the single eater market and the lunchtime market. Mister

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Speaker 2: May was very relaxed about the emergence of goosman E Gomez.

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Speaker 2: He said, market research shows that eighty percent of Domino's

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Speaker 2: customers also eight McDonald's, so the risk posed by Guzman

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Speaker 2: is minimal.

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Speaker 1: And Sean immediately after the show stick around for a

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Speaker 1: chat with CEO Don May. It comes courtesy of Osby's.

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Speaker 1: We've been working with Osby's throughout the earning season to

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Speaker 1: bring a whole stack of different interviews with business leaders

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Speaker 1: after they've reported results. Osby's is, of course Australia's leading

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Speaker 1: provider of live and on demand video the latest news

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Speaker 1: in Australian business markets, economy and startups. You'll sign up

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Speaker 1: at Osby's dot com dot au. It is entirely free

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Speaker 1: and this chat with Don May is a really good

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Speaker 1: one by Juliet Sally and kind of goes into all

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Speaker 1: of that and even talks about kind of the impact

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Speaker 1: of weight loss drugs on the outlook for Domino's. It's

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Speaker 1: fascinating and Don May is just a great communicator, and

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Speaker 1: they cover a whole lot of terrain. It's a great

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Speaker 1: chat exce.

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Speaker 2: I look forward to that one.

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Speaker 1: Indeed. Now another company that we love talking about here,

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Speaker 1: Sean Brevel. A jump in coffee machine sales in the

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Speaker 1: US helped Bevell's revenue surge to one and a half

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Speaker 1: billion dollars last financial year, sending a share price up

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Speaker 1: five percent yesterday.

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Speaker 2: Of all the countries you've traveled to, where is the

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Speaker 2: worst coffee?

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Speaker 1: Oh? It was actually, funnily enough, it would have been

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Speaker 1: in Africa, which is odd.

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Speaker 2: Because huge coffee producers.

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Speaker 1: Yeah, Kenya and kind of Tanzania. There was great, kind

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Speaker 1: of coffee beans. But I think it's more just in

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Speaker 1: the way it's them, the brewsters. Indeed, I don't want

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Speaker 1: to be too critical.

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Speaker 2: No, no, well, I mean I think generally the US

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Speaker 2: has the worst coffee. So that's a good point broadly. Yeah.

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Speaker 1: No, Actually, you know what, I'm a big fan of

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Speaker 1: Kenyon and Tanzanian coffee, US coffee.

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Speaker 2: Yeah, nicely put. However, I jump in coffee machine sales

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Speaker 2: in the US help Bebel's revenue search to one and

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Speaker 2: a half billion dollars last financial years, sending its share

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Speaker 2: price up five percent yesterday. Now Bevel's is more than

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Speaker 2: double sales over the past five years. It's net profit

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Speaker 2: last financial year was up eight percent. In the first half,

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Speaker 2: sales stalled after Brebell's stopped discounting to preserve margins. The

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Speaker 2: training then picked up in the six months to June,

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Speaker 2: delivering double digit revenue growth across Europe and the US. Apparently, Michael,

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Speaker 2: cooking and food preparation appliances have staged a turnaround. That's

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Speaker 2: according to Chief executive Jim Clayton. The momentum continues, but

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Speaker 2: cooking and food preparation appliances. I'm really hoping that is

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Speaker 2: the toasted sandwich maker, because I've had a Brevel for

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Speaker 2: well many many years. You know, your bevel, your sandwich.

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Speaker 2: I mean, I suppose it's suddenly become a verb. It's

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Speaker 2: just a noun. It's become a verb because everyone understands

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Speaker 2: what a Brevell is.

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Speaker 1: Yeah, I'm not surprised, Sean that.

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Speaker 2: You.

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Speaker 1: I cannot surprise that food preparation appliances have staged to

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Speaker 1: turn around, considering Bevell have a range of mixed masters

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Speaker 1: and all they do is turn around. Sometimes I just

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Speaker 1: loathe myself. I'm sorry that was terrible. Ensure IAG yesterday

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Speaker 1: warned insurance premiums will keep rising, just like competitive Sun

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Speaker 1: Corps said the day before. In IAG's case, it's the

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Speaker 1: surging costs of tradees to repair homes, along with car

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Speaker 1: parts and mechanics that are pushing up premium prices.

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Speaker 2: IG said it's premium income in the twenty twenty five

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Speaker 2: financial year will rise by mid to high single digits,

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Speaker 2: a similar forecast to sun Corpse the day before. When

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Speaker 2: customers make claims to fix d image houses, IGS is

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Speaker 2: forking out high costs to pay subcontractors. This is according

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Speaker 2: to report in the AFR in Victoria, where much of

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Speaker 2: the construction workforce is unionized. Under these CFMEU labour costs

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Speaker 2: rose by eighteen percent in the past year, while costs

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Speaker 2: of building materials like paint and plasts rough about ten percent.

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Speaker 2: These will be passed through over the next twelve months

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Speaker 2: as insurance contracts are renewed. The good news is that

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Speaker 2: iag sid price pressures on car repairs is easing. IAG's

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Speaker 2: net profit rose eight percent last financial year, and the

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Speaker 2: group up to its dividend its share price closed down

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Speaker 2: three percent.

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Speaker 1: So this is a really serious one and it's a

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Speaker 1: very it's a different angle to a different take on

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Speaker 1: earning season Center Group is still supporting the families and

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Speaker 1: people affected by the Bondi Junction knife attacks in April,

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Speaker 1: with the operator of the Westfield mall Group saying it

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Speaker 1: had permanently stepped up security in its centers.

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Speaker 2: Yeah it's something you wish it didn't need to do.

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Speaker 2: The comments came as a group outlined a strong result

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Speaker 2: across its forty two males in Australia and New Zealand,

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Speaker 2: more than doubling its first half net profit. While customer

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Speaker 2: visits are not yet back to twenty nineteen, they have

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Speaker 2: dramatically risen since the coronavirus, and the group is now

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Speaker 2: striking leasing deals with retailers at levels above their previous rents.

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Speaker 2: It's also taken back space from department stores like David

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Speaker 2: Jones to install more productive tenants. According to a report

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Speaker 2: in The Australian, the company is also backing the value

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Speaker 2: of shopping centers. It's teamed up with investment bank Barron

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Speaker 2: Joey to buy half stakes in its own malls, which

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Speaker 2: some investors are selling out of as they come under pressure,

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Speaker 2: while luxury sales are not growing as much after a

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Speaker 2: phenomenal growth post COVID. The falloff in travel has meant

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Speaker 2: more Australians staying at home, hence the more time to

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Speaker 2: shop in westfield centers.

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Speaker 1: Oil and gas giant Santos reported a larger than expected

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Speaker 1: eighteen percent drop in its first half core profit on

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Speaker 1: the back of weaker LNG prices, sending its share price

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Speaker 1: down four percent yesterday.

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Speaker 2: Yes While the result was disappointing, much of the focus

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Speaker 2: with this company is on future projects. What they're going

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Speaker 2: to green light now, Santos said. The contentious Narrabriye coal

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Speaker 2: seam gas project in New South Wales is among several

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Speaker 2: projects that could reach a final investment decision next year.

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Speaker 2: The long stalled Narrabaye project is still caught up in

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Speaker 2: a native title troupe unal process that Santos Chief executive

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Speaker 2: Kevin Gallagher said it should be ready next year. The

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Speaker 2: delayed fifteen billion dollar Puppy and New Guinea Ellen g

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Speaker 2: project in the Dorado Oil and Gas project in Western

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Speaker 2: Australia are also targeted for a final go ahead for

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Speaker 2: construction next year. As is Santos's first offshore carbon capture

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Speaker 2: and storage project. Mister Gallaher said each project would be

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Speaker 2: competing with each other for capital, giving Santos optionality. He

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Speaker 2: also said if projects aren't worth it, well, the company

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Speaker 2: could just use the capital for dividends or buybacks.

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Speaker 1: Turning to international news Now, Sean Barack Obama declared that

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Speaker 1: the US was ready for a new chapter with Krmala

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Speaker 1: Harris as president and what can only be described as

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Speaker 1: a rousing speech at the Democratic National Convention, But he

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Speaker 1: did warn Democrats that they're facing a tight race to

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Speaker 1: elect her and to defeat Donald Trump.

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Speaker 2: In November, the former president deployed his political star power

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Speaker 2: to try and quash any doubts within the party over

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Speaker 2: Harris's candidacy of use the crowd against complacency about the

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Speaker 2: election outcome, he said, make no mistake, it will be

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Speaker 2: a fight. According to report in the Financial Times, although Obama,

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Speaker 2: who is now sixty three years of age, has been

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Speaker 2: out of office for nearly eight years, he is among

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Speaker 2: the most popular and influential Democrats, and party leaders hope

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Speaker 2: his primetime address will help unite and mobilize its supporters

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Speaker 2: behind Harris. Obama's return to Chicago, where the convention was

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Speaker 2: held and where he began his political career, came as

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Speaker 2: some Democrats tried to draw parallels between his successful two

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Speaker 2: thousand and eight campaign to be elected the first black

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Speaker 2: US president and Harris's bid to become the country's first

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Speaker 2: female president. Obama gave quite the speech. One point, he

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Speaker 2: mocked Trump as a whining, self interested billionaire and conspiracy

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Speaker 2: theorist whose act had gone pretty stale.

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Speaker 1: And finally sean Ukraine launched one of the largest ever

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Speaker 1: drone attacks on Moscow yesterday, according to the city's mayor,

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Speaker 1: with Russian air defense units destroying at least eleven owned

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Speaker 1: flying towards the capitol.

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Speaker 2: Some of the drones were destroyed over the city of Padulsk,

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Speaker 2: according to Reuters Now. The city, which is in the

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Speaker 2: Moscow region, is about thirty eight kilometers south of the Kremlin.

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Speaker 2: The attack comes as Russia, while advancing in eastern Ukraine,

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Speaker 2: struggles to push back Ukrainian forces out of its own

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Speaker 2: Cursk region, two weeks after they smashed through Russia's western

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Speaker 2: border and the largest invasion of Russia since World War Two.

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Speaker 2: The attacks yesterday caused no injuries or damage according to

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Speaker 2: preliminary information.

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Speaker 1: All right, now, up next is that interview with Domino's

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Speaker 1: CEO Don May courtesy of Osby's with Juliet Sally and

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Speaker 1: keep an eye on your playlisted around midday today. I

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Speaker 1: say around mid day, it's exactly midday when we have

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Speaker 1: a new bonus episode of Ask Fear and Greed where

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Speaker 1: we take a listener question and well, you answer it, Sean.

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Speaker 1: Notis ad a bit of what Pizzaz entertainment? Yeah, Pizzaz Yeah, yeah,

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Speaker 1: the everyman touched And every time we have had some

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Speaker 1: fascinating questions coming in. If you've got your own question

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Speaker 1: you would like to add to the mix, send it

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Speaker 1: on through via Fearangreed dot com, dot au or any

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Speaker 1: of the social media platforms. There's a bit coming up.

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Speaker 2: Thank you, Sean, Thank you, Michael.

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Speaker 1: It is Thursday, the twenty second of August twenty twenty four.

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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: and that was Fear and Greed. Have a great day,