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Speaker 1: Today on Fear and Greed, ASK accuses the former directors

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Speaker 1: of failed airline Regional Express of misleading investors, hundreds of

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Speaker 1: retail employees to lose their jobs as a major retailer

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Speaker 1: closes stores and Elon Musk's SpaceX is now worth more

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Speaker 1: than half a trillion dollars, plus soaring coffee prices and

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Speaker 1: tumbling business sentiments. Welcome to Fear and Greed. Daily business

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Speaker 1: news for people who make their own decisions. It is Thursday,

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Speaker 1: the twelfth of December twenty twenty four. I'm Michael Thompson,

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Speaker 1: and good morning, Sean Aylmer.

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Speaker 2: Morning Michael, twelfth of the twelfth, twenty four. There's some

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Speaker 2: serious symmetry in that date.

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Speaker 1: Oh, you are way too satisfied by numbers, Sean. You're

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Speaker 1: working on the right podcast for someone who lovestrues, aren't you?

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Speaker 1: The main story this morning, the Corporate watchdog has accused

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Speaker 1: four directors of failed airline Regional Express, including former Howard

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Speaker 1: government minister John Sharp, of misleading the market about the

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Speaker 1: airlines finances.

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Speaker 2: The Australian Securities and Investments Commission alleges the directors told

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Speaker 2: shareholders there was a path to profitability for Rex when

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Speaker 2: they knew there wasn't a hope. It alleges that the

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Speaker 2: directors failed to disclose a material downgrade even when they

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Speaker 2: should have known in Fredbury last year that Rex wasn't

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Speaker 2: going to make it. The company eventually announced a loss

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Speaker 2: in June last year. It actually called in the administrators

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Speaker 2: in July this year. Mister Sharp yesterday said he will

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Speaker 2: defend the allegations. He said he did nothing wrong. Now

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Speaker 2: REX is an administration and thanks to government funding, it

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Speaker 2: is still flying its regional roots. Where it came a

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Speaker 2: cropper was that it pushed into that Brisbane, Sydney Melbourne market.

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Speaker 2: It was taking on Virgin and quantas didn't work. In

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Speaker 2: the end it has had to pull back just to

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Speaker 2: its regional roots, and that's with government support.

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Speaker 1: Sewan A couple of questions about this. Does it really

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Speaker 1: matter given REX is already an administration And the second question,

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Speaker 1: given the government has provided REX with what was an

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Speaker 1: eighty million dollar lifeline, I think it is what are

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Speaker 1: the political implications of this kind of thing?

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Speaker 2: Well, the second one. First, Joe Longer, the head of

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Speaker 2: Assex said the Treasurer Jim Chalmers was briefed about what

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Speaker 2: was going on well ahead of the eighty million dollar

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Speaker 2: bailout that came quite a few weeks ago. Now, I

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Speaker 2: don't know if that money's a lane or a grant.

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Speaker 2: The government hasn't actually told us that, but it certainly

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Speaker 2: allows Rex to keep flying. It might put pressure on

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Speaker 2: the government, but I just don't think the nationals again

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Speaker 2: to be particularly upset that the government, the federal government

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Speaker 2: is funding regional flights. So I'm not sure whether the

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Speaker 2: Coalition will put too much pressure on Labor on this one.

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Speaker 2: On the first question, Joe Longo, the ase boss, said,

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Speaker 2: high standards of corporate governance are critical and underscore a

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Speaker 2: successful business. That's true where I think it really matters

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Speaker 2: this time round. I mean, every sharehold accounts and if

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Speaker 2: you listen to the ASEX you have to follow the rules.

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Speaker 2: But Rex is just a little bit more than any

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Speaker 2: old company. It's almost national infrastructure. It flies people to

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Speaker 2: regional Australia, which is something that all governments want to happen.

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Speaker 2: As a result, everyone, shareholders, customers, the government, they should

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Speaker 2: be able to trust what Rex says. Now the act

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Speaker 2: allegation is that you can't trust what Rex says. So

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Speaker 2: it is very serious and I definitely think this should

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Speaker 2: go to court if that's where it ends up.

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Speaker 1: All right, Moving on Shaw, nearly five hundred employees of

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Speaker 1: fashion group Mosaic Brands will lose their jobs as administrators

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Speaker 1: close a number of its well known retail stores and

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Speaker 1: shutter the Katy's brand forever.

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Speaker 2: You are Katie's buyer, Michael, I'm guessing not perhaps with

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Speaker 2: your mother.

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Speaker 1: It's you know, well, it is women's wear, So I

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Speaker 1: didn't shop there. Personally, feels like we're going into a

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Speaker 1: strange place here were you are Katie's shopper?

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Speaker 2: No, I don't think I've ever been able to Katie's store,

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Speaker 2: but I mean it was sort of probably for the

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Speaker 2: mature woman. Maybe it wasn't. I mean, I don't know,

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Speaker 2: I've never shopped there anyway.

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Speaker 1: Do you regret asking me that question now? Just because

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Speaker 1: it's just.

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Speaker 2: There's a bunch of Mosaic brands right that, like Millers

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Speaker 2: and Rivers and Nonny b which are always in the

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Speaker 2: big malls. I must say I've been into Rivers in

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Speaker 2: my local town Country, New South Wales. There was a Rivers. Yeah,

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Speaker 2: I don't think I've ever been into ninety B there.

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Speaker 1: Yeah, I remember going to Rivers quite a bit in Lismore, right, Yeah, yeah,

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Speaker 1: because it get kind of like a winter jacket and

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Speaker 1: boots and stuff like that.

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Speaker 2: Yeah.

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Speaker 1: Yeah, but and it was always quite affordable anyway.

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Speaker 2: Yes, the point is you may not be able to

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Speaker 2: do that because receivers of Mosaic brands will close one

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Speaker 2: hundred and sixty stores. The company went into vluntary administration

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Speaker 2: back in October. While Katie's has been closed totally, the

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Speaker 2: sale process for Mosaic Brand Group continues. Some of the stores,

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Speaker 2: like Miller's Rivers, nony B some outlets will close. Doesn't

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Speaker 2: mean the whole brand is going to be shut down.

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Speaker 2: Mosaic has about twenty seven hundred employees more than seven

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Speaker 2: hundred stores nationwide. It's already exited from a bunch of brands,

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Speaker 2: so Rockland's, Autograph, Crossroads, w Lane, b Me brands, they're

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Speaker 2: all closed. Hasn't really been a very good year for retailers.

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Speaker 2: Godfrees went under. I think Godfrees as a vacuum cleaner brand,

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Speaker 2: which is primarily what it was. That was in January,

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Speaker 2: Booktopia went into voluntary administration. That one hurt you, Michael,

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Speaker 2: I know, yes, there was the Beston's global food company

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Speaker 2: as well. Not a great year for retailers, really.

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Speaker 1: Tough time for retail the best in global food company.

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Speaker 1: I'm not hugely familiar with that one.

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Speaker 2: No me, neither Michael, and now.

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Speaker 1: Unfortunately we may never be. Sean. After the show, We've

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Speaker 1: got plenty more still coming up. But afterwards, stick around.

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Speaker 1: There's an interview coming up today with Damian Kasabji, who

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Speaker 1: is the CEO of the Tech Council of Australia.

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Speaker 2: Yes, so we talk all about AI and where Australia

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Speaker 2: stands in the AI world, how Australia Congress, the opportunity

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Speaker 2: that artificial intelligence is providing to us, what the government

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Speaker 2: needs to do. It's a really mean it's a great

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Speaker 2: big picture look at one of the mega trends of

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Speaker 2: the next twenty thirty forty years.

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Speaker 1: All right, we've got plenty still coming up. We're talking

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Speaker 1: business sentiment. We are talking about Elon Musk's SpaceX being

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Speaker 1: valued at around half a trillion dollars. We're talking about

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Speaker 1: Colgate and palm olif, a bunch of new products and things. Sean,

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Speaker 1: we got so much still to come. Stick around. We'll

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's Business news sewn. Business sentiment fell last month after

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Speaker 1: a short lived spike, but inflation pressures in the economy

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Speaker 1: look to be easy.

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Speaker 2: It all comes from the National Australia Bank Business Survey.

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Speaker 2: Pretty good news really, particularly on the back of the

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Speaker 2: Reserve Banks comments the day before yesterday. The survey shows

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Speaker 2: business sentiment tumbled in November, although business conditions remain resilient,

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Speaker 2: albeit they're heading lower. Forward looking indicators in the survey

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Speaker 2: forward orders, for example, remain quite weak. Now when I

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Speaker 2: say good news, we don't like it when business sediment tumbles, obviously,

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Speaker 2: but if we are hoping to get inflation down, this

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Speaker 2: is the sort of survey that suggests it's on the

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Speaker 2: way there. NAB's employment index, for example, is trending lower.

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Speaker 2: That suggests fewer jobs in coming months, or at least

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Speaker 2: less jobs growth is probably more accurate. Also, it does

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Speaker 2: a survey of price pressures. Good guy to inflation. They

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Speaker 2: continue to trend lower. The bottom line from the NAB

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Speaker 2: surveys the economy is slowing and inflation continues to head south.

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Speaker 1: And Sean, what's the fallout been from the Reserve Bank

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Speaker 1: board meeting on Tuesday?

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Speaker 2: Quite remarkable, how quickly. The mood has swung swung towards

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Speaker 2: a rate cut in the first half of next year.

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Speaker 2: People are now saying February April. A lot of them

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Speaker 2: emphasis on the slowing of the economy in the commentary

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Speaker 2: over the past twenty four hours. This is from the

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Speaker 2: market economists. I think they might be a little bit

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Speaker 2: optimistic still, Like I still think it's going to be

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Speaker 2: the middle of next year before the Reserve Bank does anything.

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Speaker 2: In market's ESMPASEX two hundred finished down half percent to

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Speaker 2: eight thousand, three hundred and fifty four points. It's actually

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Speaker 2: fairly quiet day on the market. Tech Talks were among

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Speaker 2: the worst performers. Wis Tech was off three percent. The

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Speaker 2: property companies were among the best. Goodrin Group jump nearly

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Speaker 2: two percent. Big Minus were mixed. Banks Willowa West Farmers

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Speaker 2: jumped one percent.

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Speaker 1: At New South Wales Premier Chris mint has called an

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Speaker 1: anti Semitic attack in Wallara in Sydney disgraceful and disgusting. Sean.

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Speaker 2: The apparent anti Semitic slogans were graffited across two buildings

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Speaker 2: in a car a set of light in Sydney's East

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Speaker 2: yesterday morning. Of course, it follows the fire bombing of

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Speaker 2: a Jewish synagogue last week in Melbourne. It's the second

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Speaker 2: attack in Wallara in Sydney's East. It's home to many

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Speaker 2: Jewish people, including in synagogue that prior minister also spoke

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Speaker 2: of about it. He said there was no place for

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Speaker 2: anti Semitism in Australia. He described it as evil and

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Speaker 2: called for national unity.

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Speaker 1: A diversified minor, South thirty two share price fell four

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Speaker 1: percent yesterday after it said escalating civil unrest in Mozambique

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Speaker 1: has slowed transport to and from the company's operations.

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Speaker 2: South thirty two is quite an interesting company, spun out

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Speaker 2: of BHP, minds all sorts of commodities, baux site, alumina, aluminium, copper, zinc, lead, silver, nickel, manganese.

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Speaker 2: It has mines in Australia, South America and Southern Africa.

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Speaker 2: The mine it's worried about is the Mosa aluminium plant

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Speaker 2: in Mozambique. Yesterday, Soouth thirty two put out a statement

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Speaker 2: said it's looking after the safety and well being of people.

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Speaker 2: That's its most important role. But it did downgrade what

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Speaker 2: of earnings from that particularly particular plant. It just demonstrates

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Speaker 2: sovereign risk. My Zenbeak's been rocked by protests over dispute elections.

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Speaker 2: At least one hundred people have died, according to media reports,

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Speaker 2: most of them demonstrators shot during classes with police. Hundreds

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Speaker 2: more have been injured, thousands arrested. Of course, we had

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Speaker 2: Resolute Mining CEO Terence Hollahan held captive in Mali until

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Speaker 2: the miner paid a two hundred and fifty million dollar

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Speaker 2: demand from the government. It really made mean what happened

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Speaker 2: is happening in South thirty two. What happened with Resolute

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Speaker 2: Mining does show the risk of mining in some of

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Speaker 2: these regions shown.

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Speaker 1: The Sigma Healthcare chemist warehouse retailer could hit the ASX

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Speaker 1: as early as February, with details around the shareholder vote

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Speaker 1: to be released in the next few weeks.

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Speaker 2: We didn't expect that. Actually it's a twenty eight point

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Speaker 2: nine billion dollar merger. Wouldn't it be a great way

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Speaker 2: to kick off the market next year if we ended

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Speaker 2: up having this deal hit the BOSS in February, Sigma

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Speaker 2: One's implementation in the next couple of months. It's already

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Speaker 2: had most of its radiatory agreements, including the hblec's green

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Speaker 2: light it just needs shareholders to vote yes now.

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Speaker 1: The chief executive of Dozone has been in Australia this

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Speaker 1: week as the British global sports streaming platform, which is

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Speaker 1: backed by the billionaire businessman Len Blovatnik, assesses a bid

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Speaker 1: for news Corps Foxtel.

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Speaker 2: Shay Segev, who previously led London listed sports betting John

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Speaker 2: and Tain, has been holding meetings in Australia as the

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Speaker 2: company considers whether it to make an offer for Foxhel.

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Speaker 2: According to a report in the Financial Review, fox Hill

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Speaker 2: operates its pay television business as well as streaming platforms

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Speaker 2: Ko Sports and bid Binge. Design has acquired broadcasting businesses

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Speaker 2: over the past two years from around the world as

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Speaker 2: it attempts to build a major sports streaming platform. Foxtel

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Speaker 2: is sixty five percent owned by News Corp thirty five

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Speaker 2: percent owned by Telstra. It's been up for sale since

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Speaker 2: August and.

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Speaker 1: Just quickly Sean Australia has a new life insurance brand,

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Speaker 1: a Sender. It is called after the merger of MLC

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Speaker 1: Life Insurance and Resolution Life.

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Speaker 2: Now Life insurance may not sound super interesting, but did

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Speaker 2: you know this new business Ascender will have two million

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Speaker 2: customers thirty billion dollars assets under management I REGON. That

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Speaker 2: makes it pretty interesting.

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Speaker 1: That's big.

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Speaker 2: Yeah, it's huge because when you fill out often it's

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Speaker 2: people in superannuation funds that you get your life insurance

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Speaker 2: through super, and we've got some really big life insurance

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Speaker 2: companies in this country.

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Speaker 1: It's something that we talk about on our sister podcast

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Speaker 1: how do they afford that a lot about and about

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Speaker 1: the importance of actually doing an assessment of your insurance

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Speaker 1: because a lot of people actually have not necessarily over insured,

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Speaker 1: but they have insurance that they are not aware of

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Speaker 1: and that they aren't aware that they are paying for.

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Speaker 1: And it just pays to go and check what you

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Speaker 1: are paying for in your super, what you've got outside

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Speaker 1: of superannuation as well. Just just do an insurance audit.

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Speaker 1: There we go.

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Speaker 2: Excellent idea. Well, this Ascender group it's basically the result

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Speaker 2: of nip On Life in Insurance, a Japanese company it

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Speaker 2: owns eighty percent of MLC Life. It bought a group

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Speaker 2: called Resolution Life, which is listed on the London Exchange.

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Speaker 2: So Nippon's bought Resolution. Nippon already owns eighty percent of

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Speaker 2: MLCA Life in Australia, so it means the Ossie subsidiary

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Speaker 2: of Resolution Life now goes to Nippon. So that means

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Speaker 2: Nipon's got Resolution Life in Australia and eighty percent of

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Speaker 2: a Malca Life. The other twenty percent is owned by

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Speaker 2: National Australia Bank. It was happy to sell it for

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Speaker 2: about half a billion dollars that was announced yesterday. Slightly tangentile,

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Speaker 2: but interesting the sale by National Australia Bank and decades

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Speaker 2: of involvement in the life business by Australia's big four banks.

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Speaker 2: We've now had ain Z, Commonwealth Bank, Westpac and National

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Speaker 2: Australia Bank yesterday selling their life insurance businesses over recent years.

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Speaker 1: That's the end of an era, Sean.

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Speaker 2: It is I mean very appropriate for a life insurance

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Speaker 2: business to talk about an end of an era.

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Speaker 1: Had to happen at some point. Now, the international news

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Speaker 1: shown this story is incredible, isn't it. Elon Musk's SpaceX

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Speaker 1: has been valued at around three hundred and fifty billion

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Speaker 1: US dollars. That is up about this is the staggering part,

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Speaker 1: up about sixty five percent in three months.

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Speaker 2: Three fifty billion US about half a trillion Aussie dollar.

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Speaker 2: So SpaceX designs, builds and launches rockets and spacecraft. Founded

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Speaker 2: by Musk in two thousand and two, It's also got

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Speaker 2: offshoots like Starling the Starlink satellites which float around the globe,

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Speaker 2: and many Australians in regional and rural Australia used as

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Speaker 2: Starlink services. It's private, so it isn't particularly easy to value,

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Speaker 2: but shareholders have agreed to purchase shares. As a result,

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Speaker 2: you get evaluation. According to Bloomberg, the per share price

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Speaker 2: is now one hundred and eighty five US dollars, less

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Speaker 2: than three months ago was one hundred and twelve dollars.

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Speaker 2: That difference sixty five percent appreciation in just three months.

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Speaker 2: Of course, we had Donald Trump being elected in that

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Speaker 2: time and all of the Musks as it seemed to

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Speaker 2: have done very well since Donald Trump was elected. It

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Speaker 2: certainly makes space x the most valuable private startup in

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Speaker 2: the world.

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Speaker 1: And don't forget what else has happened during that time.

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Speaker 1: Was SpaceX just absolutely pardon the pun, rocketed into the

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Speaker 1: global conscience, Sean consciousness, and because of the big grabber. Yeah,

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Speaker 1: and I know there's a much better technical term for it,

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Speaker 1: but I mean that that video of that big rocket

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Speaker 1: booster coming back down to Earth and being caught snatched

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Speaker 1: out of the air by that landing pad. Really just

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Speaker 1: made SpaceX a household name right absolutely.

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Speaker 2: It also has helped NASA out in terms of the

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Speaker 2: International Space Station in recent months too.

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Speaker 1: This activate the space grabber Sean Colgate palm Olive is

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Speaker 1: soliciting feedback on poss new products from digital versions of

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Speaker 1: prospective consumers. How does this work well?

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Speaker 2: Colgate has built what they are calling digital twins, that

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Speaker 2: a program to simulate a real life consumer or real

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Speaker 2: life consumers. What they're trying to do is speed up

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Speaker 2: the process of coming up with new and enhanced products

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Speaker 2: by doing testing. According to a report on routers, the

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Speaker 2: computerized consumers respond and react to claims and new features

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Speaker 2: of possible new products. How oh, I don't know? Does

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Speaker 2: a digital version of me know what toothpaste tastes like?

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Speaker 2: Don't know? Companies can also make digital twins of their

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Speaker 2: supply chains, for example, allowing them to analyze where problems

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Speaker 2: may arise and how to fix them. Consumer goods makers

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Speaker 2: like Colgate are trying very hard to develop new versions

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Speaker 2: of household staples like toothpaste, toilet paper, et cetera. Basically

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Speaker 2: need customers to buy more and to pay more because

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Speaker 2: they've really had a tough time of it. Colgate Palmulliv

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Speaker 2: gone the digital twins. That one is beyond me.

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Speaker 1: Finally, Sean coffee prices continue to run, with Arabica beans

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Speaker 1: now at their highest level since records began in nineteen

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Speaker 1: seventy two, beating the previous all time high from nineteen

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Speaker 1: seventy seven. That's a long standing record.

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Speaker 2: It sure is. Prices are up eighty percent this year

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Speaker 2: after poor weather conditions in the world's largest produce, the Brazil,

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Speaker 2: hammered crops not just this year's crop, but it would

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Speaker 2: really hurt next year's crop as well. Ne Cafe, the

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Speaker 2: world's biggest buyer off coffee, is upping prices.

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Speaker 1: I reckon your.

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Speaker 2: Brewster will too before we lead commodity market. Sprint crude

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Speaker 2: is trading around seventy three US dollars a barrel, goals

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Speaker 2: up towards twenty seven hundred US dollars an ounce in

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Speaker 2: Australian dollars. Because the Aussie dollar is weak against the

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Speaker 2: US dollars, gold is very close to a record high.

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Speaker 2: The Ausi dollar itself. It's fetching about sixty three point

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Speaker 2: six US since Michael, all.

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Speaker 1: Right, good place to finish things today, Sean. Up next

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Speaker 1: is the Fear and Greed Daily Interview. Your guest today

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Speaker 1: Damian Kasabji, who is the Chief Executive of the Tech

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Speaker 1: Council of Australia, all about whether Australia is falling behind

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Speaker 1: on AI. It's a great listen. It is in the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: Fearangreed dot com dot au. Thank you very much, Sean.

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Speaker 2: Thank you, Michael.

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Speaker 1: It is Thursday, the twelfth of December 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. I'm Michael

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