1 00:00:03,540 --> 00:00:07,600 Michael Thompson: It's Wednesday, the 29th of September, 2021. Welcome to Fear 2 00:00:07,600 --> 00:00:09,960 Michael Thompson: and Greed, the business podcast that sets you up for 3 00:00:09,960 --> 00:00:13,330 Michael Thompson: successful day. I'm Michael Thompson, and good morning Sean Alymer. 4 00:00:13,330 --> 00:00:14,319 Sean Alymer: Good Morning, Michael. 5 00:00:14,540 --> 00:00:17,020 Michael Thompson: The shoppers desert the malls with the economy set to 6 00:00:17,020 --> 00:00:20,250 Michael Thompson: go backwards by 4% this quarter. That's our main story. 7 00:00:20,620 --> 00:00:23,820 Michael Thompson: Plenty on today. Australian set to do COVID tests at home, 8 00:00:24,190 --> 00:00:27,780 Michael Thompson: BHP under fire over its green credentials and the competition 9 00:00:27,780 --> 00:00:31,520 Michael Thompson: watchdog takes aim at Google. Then stay listening for Sean's 10 00:00:31,520 --> 00:00:35,000 Michael Thompson: chat to Evan Lucas from InvestSMART about what's happening in 11 00:00:35,000 --> 00:00:37,890 Michael Thompson: the resources sector at the moment. First though, as I 12 00:00:37,890 --> 00:00:41,990 Michael Thompson: mentioned Sean, shoppers have deserted the malls in Victoria, the ACT 13 00:00:42,610 --> 00:00:45,360 Michael Thompson: and New South Wales with retail trade figures from the 14 00:00:45,360 --> 00:00:49,500 Michael Thompson: Bureau of Statistics showing a big slump last month. It's 15 00:00:49,500 --> 00:00:53,100 Michael Thompson: really not that surprising, given the lockdowns but just how bad 16 00:00:53,100 --> 00:00:53,419 Michael Thompson: was it? 17 00:00:53,730 --> 00:00:58,940 Sean Alymer: Really bad, Michael. Turnover tumbled 1.7% in August, which probably 18 00:00:58,940 --> 00:01:01,990 Sean Alymer: wasn't as much as some economists had tipped. But the 19 00:01:01,990 --> 00:01:05,220 Sean Alymer: bottom really has fallen out of retail sales. They're now 20 00:01:05,220 --> 00:01:09,270 Sean Alymer: down 0.7% on a year ago, no surprises in any 21 00:01:09,270 --> 00:01:11,660 Sean Alymer: of this. Sales in New South Wales, Victoria and the ACT 22 00:01:12,310 --> 00:01:15,759 Sean Alymer: fell sharply. New South Wales is back to April 2020 levels. 23 00:01:16,000 --> 00:01:18,789 Sean Alymer: South Australia and Western Australia, both performed really strongly, that's 24 00:01:18,790 --> 00:01:21,750 Sean Alymer: the good news. But sales have now fallen for three 25 00:01:21,800 --> 00:01:24,010 Sean Alymer: months in a row and could, will do so again, 26 00:01:24,010 --> 00:01:25,980 Sean Alymer: next month, because we just don't know when shops are 27 00:01:25,980 --> 00:01:29,860 Sean Alymer: going to reopen. The hardest hit sectors last month were clothing, 28 00:01:29,860 --> 00:01:33,860 Sean Alymer: footwear and accessories, while department stores are really struggling. The 29 00:01:33,860 --> 00:01:36,870 Sean Alymer: big question is how does all this feed into economic growth, 30 00:01:37,470 --> 00:01:40,170 Sean Alymer: and how much has the economy contracted during the current 31 00:01:40,170 --> 00:01:43,640 Sean Alymer: quarter which of course finishes tomorrow. Retail sales are about 32 00:01:43,660 --> 00:01:47,900 Sean Alymer: 1/3rd of total consumption, which feeds into economic growth. Now, 33 00:01:47,900 --> 00:01:50,730 Sean Alymer: according to AMP Capital Chief Economist, Shane Oliver, a good 34 00:01:50,730 --> 00:01:53,300 Sean Alymer: friend of Fear and Greed, the economy is on track 35 00:01:53,300 --> 00:01:57,270 Sean Alymer: to go backwards at a 4% clip this quarter. The 36 00:01:57,270 --> 00:02:01,510 Sean Alymer: good news is that consumers remain pretty upbeat with the 37 00:02:01,510 --> 00:02:05,770 Sean Alymer: latest weekly ANZ-Roy Morgan index, showing that sentiment is still 38 00:02:05,770 --> 00:02:09,049 Sean Alymer: well above last year's lockdown levels. And certainly the vaccination 39 00:02:09,050 --> 00:02:10,100 Sean Alymer: rollout will only help them. 40 00:02:10,630 --> 00:02:13,380 Michael Thompson: Yeah, and particularly when there's a clear roadmap for lifting 41 00:02:13,380 --> 00:02:16,880 Michael Thompson: restrictions as New South Wales announced this week. So how 42 00:02:16,880 --> 00:02:19,169 Michael Thompson: did markets perform over the past 24 hours? 43 00:02:19,480 --> 00:02:22,959 Sean Alymer: It was a dreadful day for the local market. The S&P/ASX 200, 44 00:02:23,419 --> 00:02:29,929 Sean Alymer: fell 1.5% to 7276 points. All the sectors struggled with 45 00:02:29,930 --> 00:02:33,110 Sean Alymer: the exception of energy stocks. Now we'll come to those shortly. 46 00:02:33,480 --> 00:02:35,800 Sean Alymer: The healthcare sector had its worst day in more than 47 00:02:35,800 --> 00:02:39,620 Sean Alymer: a year. It's really underperformed recently and healthcare stocks have 48 00:02:39,620 --> 00:02:42,700 Sean Alymer: been sold off on many major bourses around the world. 49 00:02:43,010 --> 00:02:46,540 Sean Alymer: CSL led to selling yesterday falling nearly 4%, Sonic Healthcare 50 00:02:46,919 --> 00:02:50,030 Sean Alymer: was off 4%, ResMed and Cochlear, both were down 3%. 51 00:02:50,940 --> 00:02:53,610 Sean Alymer: Technology stocks, they were also sold down. Xero was the 52 00:02:53,610 --> 00:02:56,070 Sean Alymer: worst performer in that sector, off more than 6%, while Appen 53 00:02:56,070 --> 00:03:00,610 Sean Alymer: and Megaport fell hard. The real estate stocks tumbled, the 54 00:03:00,620 --> 00:03:05,860 Sean Alymer: materials companies dropped. Fortescue Metals was off 5.6% notwithstanding the 55 00:03:07,000 --> 00:03:10,639 Sean Alymer: price of iron ore looks to have stabilised. BHP was down more than 2%, Rio was 56 00:03:10,639 --> 00:03:14,620 Sean Alymer: off 3%. There was just red ink everywhere. There was 57 00:03:14,620 --> 00:03:18,600 Sean Alymer: some good news today though. Battery technology company, Li-S Energy 58 00:03:18,600 --> 00:03:22,929 Sean Alymer: listed and its share price jumped 175%, not bad for 59 00:03:22,930 --> 00:03:25,730 Sean Alymer: a first day. It just shows how hot anything to 60 00:03:25,730 --> 00:03:27,820 Sean Alymer: do with batteries are at the moment. 61 00:03:28,410 --> 00:03:32,060 Michael Thompson: Yeah, we spoke recently to the CEO of Li-S Energy. It's 62 00:03:32,060 --> 00:03:36,270 Michael Thompson: a fascinating company. So what's happened on Wall Street overnight, Sean? 63 00:03:36,550 --> 00:03:39,840 Sean Alymer: Well, Wall Street fell sharply also after both the Federal 64 00:03:39,840 --> 00:03:44,270 Sean Alymer: Reserve Chair, Jerome Powell and Treasury Secretary, Janet Yellen warned 65 00:03:44,270 --> 00:03:47,100 Sean Alymer: the U. S. default due to a failure to raise the debt 66 00:03:47,100 --> 00:03:51,650 Sean Alymer: ceiling would have catastrophic consequences. President Joe Biden is trying 67 00:03:51,650 --> 00:03:54,070 Sean Alymer: to get the ceiling lifted by the deadline on Friday. 68 00:03:54,350 --> 00:03:57,010 Sean Alymer: In early afternoon, trading the tech-heavy NASDAQ was down 2.2%. 69 00:03:58,330 --> 00:04:01,750 Sean Alymer: The S&P 500 was off 1.5%. And, The Dow Jones 70 00:04:01,750 --> 00:04:05,320 Sean Alymer: Industrial Average had dropped 1. 2%. That's about the worst 71 00:04:05,320 --> 00:04:09,370 Sean Alymer: day's trading since last May. European markets were also sharply lower. 72 00:04:09,860 --> 00:04:12,030 Sean Alymer: In fact, there's a bit of discussion in markets over 73 00:04:12,030 --> 00:04:16,500 Sean Alymer: the idea of stagflation, that's higher inflation and slower economic growth, 74 00:04:16,800 --> 00:04:20,359 Sean Alymer: not something any economy wants. The Aussie dollar is trading 75 00:04:20,360 --> 00:04:22,990 Sean Alymer: at just under 73 US cents. And Brent Crude has 76 00:04:22,990 --> 00:04:26,050 Sean Alymer: pushed above 80 US dollars a barrel for the first 77 00:04:26,050 --> 00:04:27,180 Sean Alymer: time in three years. 78 00:04:27,810 --> 00:04:29,440 Michael Thompson: Now we'll be back in a moment with the rest 79 00:04:29,440 --> 00:04:32,520 Michael Thompson: of the day's business news, but before we do that, Sean, 80 00:04:32,560 --> 00:04:34,370 Michael Thompson: some very exciting news... 81 00:04:34,460 --> 00:04:36,669 Sean Alymer: Very exciting. We have a newsletter. 82 00:04:36,920 --> 00:04:40,880 Michael Thompson: We do indeed. So head to fearandgreed.com.au to sign up, 83 00:04:40,930 --> 00:04:44,210 Michael Thompson: get the latest news in your inbox, first thing every morning. 84 00:04:44,480 --> 00:04:47,290 Michael Thompson: That's fearandgreed.com.au. We'll be back in a moment. 85 00:04:47,290 --> 00:04:54,940 Michael Thompson: So Sean, good news for anyone who's lined up to 86 00:04:54,940 --> 00:04:57,580 Michael Thompson: have a swab up their nose. Australians will be able 87 00:04:57,580 --> 00:05:01,140 Michael Thompson: to take a COVID-19 test from home after the federal government 88 00:05:01,140 --> 00:05:04,409 Michael Thompson: gave the green light to do-it-yourself kits from November 1. 89 00:05:04,710 --> 00:05:07,520 Michael Thompson: The rapid antigen tests give results in 20 minutes and 90 00:05:07,520 --> 00:05:09,930 Michael Thompson: are already used in the US and the UK. The 91 00:05:09,930 --> 00:05:13,430 Michael Thompson: downside is that they're not quite as accurate as current tests, 92 00:05:13,760 --> 00:05:15,910 Michael Thompson: but by the time the kits are available, 70% of 93 00:05:15,910 --> 00:05:18,010 Michael Thompson: the national population should be vaccinated. 94 00:05:18,310 --> 00:05:20,339 Sean Alymer: It sure is good news. We need some of it at 95 00:05:20,339 --> 00:05:24,570 Sean Alymer: the moment with the case numbers still too high. Victoria 96 00:05:24,570 --> 00:05:29,490 Sean Alymer: recorded 867 Covid cases yesterday, the first time during the current 97 00:05:29,490 --> 00:05:32,530 Sean Alymer: wave that it's been higher than New South Wales. Actually 98 00:05:32,610 --> 00:05:35,089 Sean Alymer: it revised the previous day's figures, so that was more 99 00:05:35,089 --> 00:05:38,279 Sean Alymer: than New South Wales too. Victoria's Health Minister Martin Foley, 100 00:05:38,279 --> 00:05:42,440 Sean Alymer: said daily cases could reach almost 2000 by late October. 101 00:05:43,010 --> 00:05:46,770 Sean Alymer: New South Wales yesterday reported 863 new cases and seven 102 00:05:46,770 --> 00:05:50,330 Sean Alymer: deaths with case numbers lower than expected. And hopefully the 103 00:05:50,330 --> 00:05:53,300 Sean Alymer: state won't see the spike next month that had been 104 00:05:53,300 --> 00:05:56,250 Sean Alymer: predicted by Premier Gladys Berejiklian, just a few weeks ago. 105 00:05:56,880 --> 00:06:00,730 Sean Alymer: There were 13 cases in the ACT and four in Queensland, which 106 00:06:00,730 --> 00:06:03,729 Sean Alymer: triggered new rules around mask wearing for the Brisbane and 107 00:06:03,730 --> 00:06:05,960 Sean Alymer: Moreton Bay local government areas. 108 00:06:06,140 --> 00:06:09,110 Michael Thompson: Yeah, not good news for Queensland. Now BHP, one of 109 00:06:09,110 --> 00:06:12,060 Michael Thompson: the country's biggest carbon emitters, will take its plan to 110 00:06:12,060 --> 00:06:16,049 Michael Thompson: transition to renewable energy to shareholders at annual general meetings 111 00:06:16,380 --> 00:06:18,770 Michael Thompson: in London and Sydney over the next month because it's 112 00:06:18,860 --> 00:06:21,660 Michael Thompson: dual listed in both countries for now, at least. But, 113 00:06:21,760 --> 00:06:25,619 Michael Thompson: one proxy advisor wants shareholders to vote against the climate 114 00:06:25,620 --> 00:06:26,760 Michael Thompson: transition action plan. 115 00:06:27,100 --> 00:06:29,360 Sean Alymer: That's right. The next few months will be critical for 116 00:06:29,360 --> 00:06:33,500 Sean Alymer: the big mining companies in their efforts to decarbonise because 117 00:06:33,500 --> 00:06:38,120 Sean Alymer: it's AGM season. And increasingly shareholders want to hear not just 118 00:06:38,120 --> 00:06:42,180 Sean Alymer: about targets, but how the big miners plan to decarbonise 119 00:06:42,180 --> 00:06:46,650 Sean Alymer: and hit those targets. This will only intensify in the run up to the 26th 120 00:06:46,650 --> 00:06:51,170 Sean Alymer: United Nations Climate Conference in Glasgow in early November. And 121 00:06:51,370 --> 00:06:55,250 Sean Alymer: BHP has said that by 2030, the emissions it can 122 00:06:55,250 --> 00:06:59,250 Sean Alymer: control directly will be 30% lower than last year's level and it 123 00:06:59,630 --> 00:07:02,900 Sean Alymer: will have net zero emissions by 2050, although it may 124 00:07:02,900 --> 00:07:05,770 Sean Alymer: have to rely on carbon offsets to actually achieve that goal. 125 00:07:06,230 --> 00:07:10,340 Sean Alymer: That plan is going to shareholders at their AGM's. At 126 00:07:10,340 --> 00:07:13,910 Sean Alymer: these AGMs now, proxy advisors are becoming more and more 127 00:07:13,910 --> 00:07:16,810 Sean Alymer: important and one of the most influential is a crowd 128 00:07:16,810 --> 00:07:21,560 Sean Alymer: called Glass Lewis. Glass Lewis has advised against voting for 129 00:07:21,560 --> 00:07:25,270 Sean Alymer: the BHP plan saying it doesn't have enough detail about 130 00:07:25,270 --> 00:07:28,260 Sean Alymer: how the big Australian will stick to the 2016 Paris 131 00:07:28,260 --> 00:07:31,760 Sean Alymer: Climate Accord, which aims to keep global temperature rises below 132 00:07:31,760 --> 00:07:32,960 Sean Alymer: two degrees Celsius. 133 00:07:33,700 --> 00:07:36,870 Michael Thompson: What happens then if shareholders do vote against the resolution? 134 00:07:37,140 --> 00:07:40,760 Sean Alymer: Well, nothing immediately. A vote against won't necessarily scuttle the plan, 135 00:07:41,400 --> 00:07:44,940 Sean Alymer: but it will put enormous pressure on management to provide 136 00:07:44,940 --> 00:07:49,810 Sean Alymer: much more detail about how BHP plans to decarbonise. This 137 00:07:49,810 --> 00:07:53,080 Sean Alymer: is an issue for every single carbon intensive company listed 138 00:07:53,080 --> 00:07:58,370 Sean Alymer: on a major exchange airports, resource stocks, energy companies. This 139 00:07:58,440 --> 00:08:00,570 Sean Alymer: will only get bigger in the next couple of years. 140 00:08:00,950 --> 00:08:03,700 Michael Thompson: Yeah, not every carbon intensive company is under the gun though. 141 00:08:03,700 --> 00:08:08,220 Michael Thompson: Whitehaven Coal's share price hit its highest level since 2019 yesterday. 142 00:08:08,510 --> 00:08:12,280 Sean Alymer: Incredible story, Whitehaven Coal. It's Australia's biggest coal miner and 143 00:08:12,280 --> 00:08:15,210 Sean Alymer: it's had quite a run recently as coal prices have 144 00:08:15,210 --> 00:08:17,880 Sean Alymer: soared and the company has been able to pay back 145 00:08:17,950 --> 00:08:21,170 Sean Alymer: huge licks of debt. It owed hundreds of millions of 146 00:08:21,170 --> 00:08:24,390 Sean Alymer: dollars 18 months ago and there were real questions about 147 00:08:24,400 --> 00:08:27,970 Sean Alymer: whether it could keep operating, but coal prices have risen 148 00:08:28,030 --> 00:08:30,440 Sean Alymer: and it's been able to repay much of its debt. 149 00:08:30,810 --> 00:08:33,930 Sean Alymer: It's share price has almost doubled this year, and it's up 30% 150 00:08:33,980 --> 00:08:37,330 Sean Alymer: over the past six months. Now, thermal coal prices yesterday 151 00:08:37,330 --> 00:08:40,910 Sean Alymer: hit US$180 dollars per ton. Not far off the record 152 00:08:40,910 --> 00:08:45,790 Sean Alymer: price of US$195 dollars a ton back in 2008. Why? 153 00:08:45,790 --> 00:08:48,569 Sean Alymer: Because demand from China and Europe has triggered a broad 154 00:08:48,570 --> 00:08:51,890 Sean Alymer: rally in energy commodities and coal, gas and oil prices 155 00:08:51,890 --> 00:08:55,010 Sean Alymer: have risen really sharply. It's why Whitehaven has done so 156 00:08:55,010 --> 00:08:57,350 Sean Alymer: well recently. And why many of the oil and gas 157 00:08:57,350 --> 00:09:00,790 Sean Alymer: companies like Santos on Oil Search have done really, really well, 158 00:09:00,790 --> 00:09:04,410 Sean Alymer: including yesterday. Beach Energy yesterday was the best performer of 159 00:09:04,410 --> 00:09:07,110 Sean Alymer: the Top 200, after saying it was playing to increase 160 00:09:07,110 --> 00:09:10,410 Sean Alymer: production of oil. Who would have thought that? Given there's all 161 00:09:10,410 --> 00:09:14,699 Sean Alymer: this reticence about investing in fossil fuel companies, without that, 162 00:09:14,770 --> 00:09:17,929 Sean Alymer: the share prices of these companies would be much, much higher. 163 00:09:18,150 --> 00:09:20,699 Sean Alymer: In fact, that's the topic of conversation in this morning's 164 00:09:20,700 --> 00:09:22,690 Sean Alymer: interview with Evan Lucas from InvestSMART. 165 00:09:23,330 --> 00:09:25,689 Michael Thompson: Sean, at the top of the show I mentioned this 166 00:09:26,090 --> 00:09:30,520 Michael Thompson: pretty incredible story about Google. Now the competition watchdog has 167 00:09:30,520 --> 00:09:33,189 Michael Thompson: called for new powers to reign in Google's dominance of 168 00:09:33,190 --> 00:09:37,860 Michael Thompson: the ad technology industry after it found that 90% of 169 00:09:37,860 --> 00:09:42,270 Michael Thompson: ad impressions online travel through a Google product. That's extraordinary. 170 00:09:42,780 --> 00:09:45,240 Sean Alymer: Sure is and Michael, you and I have been living 171 00:09:45,240 --> 00:09:48,809 Sean Alymer: this for many, many years. Yesterday, The Australian Competition and 172 00:09:48,809 --> 00:09:51,480 Sean Alymer: Consumer Commission, which has been looking into this for more 173 00:09:51,480 --> 00:09:55,220 Sean Alymer: than a year said that it reckons Google's dominance has 174 00:09:55,230 --> 00:09:59,630 Sean Alymer: led to systemic competition concerns and Rod Sims, the boss, said conduct 175 00:09:59,630 --> 00:10:03,530 Sean Alymer: that harms rivals. Essentially, Google has become the dominant player 176 00:10:03,530 --> 00:10:07,200 Sean Alymer: in online advertising, not just in terms of AdWords, but 177 00:10:07,200 --> 00:10:10,939 Sean Alymer: also providing the technology used to serve ads to websites 178 00:10:10,940 --> 00:10:15,410 Sean Alymer: and digital properties. It has its finger on 90% of 179 00:10:15,410 --> 00:10:18,340 Sean Alymer: ads that are online, quite incredible as you said. It 180 00:10:18,340 --> 00:10:20,859 Sean Alymer: means Google pretty much knows what's going on and can 181 00:10:20,860 --> 00:10:23,880 Sean Alymer: favour its own products over competitors if it chooses to 182 00:10:23,880 --> 00:10:27,420 Sean Alymer: do so. Treasurer Josh Frydenberg yesterday told The Australian, that 183 00:10:27,420 --> 00:10:30,510 Sean Alymer: he will consider the ACCC report and it was important 184 00:10:30,650 --> 00:10:34,479 Sean Alymer: for regulatory frameworks to keep pace with changes being driven 185 00:10:34,700 --> 00:10:38,480 Sean Alymer: by digital platforms. We've already seen big technology companies take 186 00:10:38,480 --> 00:10:41,170 Sean Alymer: on the ACCC and the government and they came to 187 00:10:41,170 --> 00:10:44,140 Sean Alymer: some sort of agreement last year with the media companies. 188 00:10:44,380 --> 00:10:45,920 Sean Alymer: It looks like we're going to do it all over again. 189 00:10:50,970 --> 00:10:53,450 Michael Thompson: Sean, what's making headlines in today's news media? 190 00:10:53,809 --> 00:10:56,900 Sean Alymer: The Financial Review is reporting that Woolworths is replacing a 191 00:10:56,900 --> 00:11:02,010 Sean Alymer: key measure of retail productivity when setting bonuses for managers, instead, 192 00:11:02,050 --> 00:11:05,040 Sean Alymer: it wants to include a reputation score. The idea is 193 00:11:05,040 --> 00:11:07,459 Sean Alymer: that it will help rebuild trust in the supermarket, which 194 00:11:07,460 --> 00:11:11,280 Sean Alymer: has been plagued by wage underpayments. Also, the media is 195 00:11:11,280 --> 00:11:13,990 Sean Alymer: reporting this morning that the Morrison Government will force state 196 00:11:14,210 --> 00:11:18,809 Sean Alymer: and territory leaders to abandon lockdowns saying that $1.5 billion in 197 00:11:18,809 --> 00:11:22,780 Sean Alymer: emergency commonwealth support for affected workers and businesses will be 198 00:11:22,780 --> 00:11:27,340 Sean Alymer: turned off two weeks after inoculation rates hit 80%. And finally, 199 00:11:27,340 --> 00:11:29,620 Sean Alymer: The Sydney Morning Herald is reporting that the New South 200 00:11:29,620 --> 00:11:33,440 Sean Alymer: Wales nationals has backed new climate change targets to cut 201 00:11:33,440 --> 00:11:35,880 Sean Alymer: the state emissions in half by 2030. 202 00:11:36,210 --> 00:11:39,610 Michael Thompson: Okay. Running through some of the other stories around yesterday 203 00:11:39,610 --> 00:11:42,470 Michael Thompson: and this morning, the big battery fire in Victoria in 204 00:11:42,470 --> 00:11:45,270 Michael Thompson: July was caused by a cooling system leak, according to 205 00:11:45,270 --> 00:11:50,030 Michael Thompson: Victoria's safety regulator. The Tesla battery fire was exacerbated by 206 00:11:50,030 --> 00:11:53,610 Michael Thompson: protective systems being turned off at the time. Certainly wouldn't help. 207 00:11:54,059 --> 00:11:57,220 Michael Thompson: It was the first major incident at a utility-scale battery 208 00:11:57,220 --> 00:11:59,760 Michael Thompson: in Australia. And there were fears that could derail the 209 00:11:59,760 --> 00:12:03,340 Michael Thompson: growth in batteries though, fortunately the regulator has given the all 210 00:12:03,340 --> 00:12:05,300 Michael Thompson: clear for the unit to start operating again. 211 00:12:05,610 --> 00:12:08,220 Sean Alymer: Michael, the boss of Domino's in Australia and New Zealand, 212 00:12:08,220 --> 00:12:11,440 Sean Alymer: Nick Knight will step down. Mr. Knight used to deliver 213 00:12:11,440 --> 00:12:14,469 Sean Alymer: pizzas and he ended up owning a store and rose 214 00:12:14,470 --> 00:12:18,059 Sean Alymer: through the ranks. His replacement, David Burness has pretty much 215 00:12:18,059 --> 00:12:20,990 Sean Alymer: the same background. That's one of the things I love about Domino's 216 00:12:20,990 --> 00:12:24,319 Sean Alymer: and one of the factors in its incredible success. Many 217 00:12:24,320 --> 00:12:27,990 Sean Alymer: of the top executives, including CEO Don Meij, started as 218 00:12:27,990 --> 00:12:31,610 Sean Alymer: either delivery people or franchise owners. They know the business 219 00:12:31,700 --> 00:12:34,750 Sean Alymer: back to front, and that's really served the business world 220 00:12:34,750 --> 00:12:35,439 Sean Alymer: as it's grown. 221 00:12:35,730 --> 00:12:38,650 Michael Thompson: Yeah it's an amazing success story, and Don Meij actually 222 00:12:38,650 --> 00:12:41,660 Michael Thompson: spoke to you last year on Fear and Greed, and 223 00:12:41,660 --> 00:12:44,350 Michael Thompson: you can still find the interview on our website fearandgreed.com.au. 224 00:12:45,020 --> 00:12:46,130 Michael Thompson: Well worth a listen, that one. 225 00:12:46,420 --> 00:12:48,580 Sean Alymer: Michael, I just got to say some of the cross-promotion 226 00:12:49,059 --> 00:12:51,400 Sean Alymer: in today's episode has been excellent. I think we've got 227 00:12:51,400 --> 00:12:52,550 Sean Alymer: three mentions, so far. 228 00:12:52,800 --> 00:12:54,900 Michael Thompson: It's pretty impressive, isn't it? And don't forget, head to 229 00:12:55,460 --> 00:12:57,850 Michael Thompson: fearandgreed.com.au and sign up for the newsletter as well. 230 00:12:57,850 --> 00:12:59,001 Sean Alymer: Beautiful. Off you go. 231 00:12:59,480 --> 00:12:59,510 Michael Thompson: That's four. 232 00:12:59,510 --> 00:13:00,850 Sean Alymer: Tell me about listed investment companies would you? 233 00:13:01,250 --> 00:13:04,579 Michael Thompson: I will. The consolidation of the listed investment company sector 234 00:13:04,580 --> 00:13:08,110 Michael Thompson: in Australia continues. WAM Capital run by Geoff Wilson, a 235 00:13:08,110 --> 00:13:09,900 Michael Thompson: recent guest on Fear and Greed- 236 00:13:10,020 --> 00:13:10,760 Sean Alymer: Number five. 237 00:13:11,080 --> 00:13:15,320 Michael Thompson: Has bid for PM Capital's Asian Opportunities LIC. Asian Opportunities 238 00:13:15,720 --> 00:13:19,130 Michael Thompson: is already under offer though, from another Listed Investment Company. 239 00:13:19,530 --> 00:13:21,819 Sean Alymer: Yeah, I don't think any other sector has more corporate 240 00:13:21,820 --> 00:13:23,960 Sean Alymer: takeovers going on at the moment than that sector. And 241 00:13:23,960 --> 00:13:26,850 Sean Alymer: that's saying something. And finally a new report says that 242 00:13:26,850 --> 00:13:32,900 Sean Alymer: in 2019, Sydney airport reported 967,000 tons of carbon emissions. 243 00:13:33,330 --> 00:13:36,650 Sean Alymer: But the real figure was closer to 7 million tons. 244 00:13:37,010 --> 00:13:39,120 Sean Alymer: If the whole of the journey is included, not just 245 00:13:39,120 --> 00:13:42,380 Sean Alymer: the takeoff and landing, that is a lot more than 246 00:13:42,380 --> 00:13:44,220 Sean Alymer: coal-fired power stations produce. 247 00:13:45,020 --> 00:13:47,310 Michael Thompson: Now Sean, what's the key overseas news this morning? 248 00:13:47,750 --> 00:13:50,840 Sean Alymer: Bloomberg's COVID Resilience Ranking is released every month, came out 249 00:13:50,840 --> 00:13:54,059 Sean Alymer: last night and Ireland has become the best place in 250 00:13:54,059 --> 00:13:56,130 Sean Alymer: the world to live, at least in terms of COVID, 251 00:13:56,460 --> 00:13:59,939 Sean Alymer: followed by Norway, New Zealand and Singapore have tumbled down 252 00:13:59,940 --> 00:14:03,760 Sean Alymer: the list. Australia comes in at number 35 of 53. 253 00:14:04,420 --> 00:14:06,560 Sean Alymer: And I'm not sure that this is a key overseas 254 00:14:06,590 --> 00:14:10,150 Sean Alymer: news story, but TikTok now has more than 1 billion 255 00:14:10,230 --> 00:14:14,240 Sean Alymer: active users just four years after its launch. School closures 256 00:14:14,240 --> 00:14:17,310 Sean Alymer: and telecommuting has been a boon for the video sharing app. 257 00:14:17,770 --> 00:14:20,670 Sean Alymer: From my point of view, it's also introduced my children 258 00:14:20,670 --> 00:14:24,170 Sean Alymer: to a whole genre of 80's and 90's music they would never 259 00:14:24,170 --> 00:14:25,330 Sean Alymer: have otherwise heard. 260 00:14:25,650 --> 00:14:28,170 Michael Thompson: Sean, do you think Fear and Greed should end up 261 00:14:28,240 --> 00:14:28,850 Michael Thompson: on TikTok? 262 00:14:29,200 --> 00:14:30,760 Sean Alymer: Perhaps. No, Michael, no. 263 00:14:31,630 --> 00:14:33,500 Michael Thompson: I think I'll work on you. We'll get there eventually. 264 00:14:33,730 --> 00:14:36,640 Michael Thompson: Now up next is the daily interview. And we've mentioned 265 00:14:36,640 --> 00:14:38,630 Michael Thompson: this one a couple of times already this morning, but 266 00:14:38,630 --> 00:14:41,250 Michael Thompson: it's a very timely chat with Evan Lucas, The Head 267 00:14:41,250 --> 00:14:44,290 Michael Thompson: of Strategy at InvestSMART, trying to make sense of the 268 00:14:44,290 --> 00:14:45,310 Michael Thompson: resources sector. 269 00:14:45,640 --> 00:14:47,700 Sean Alymer: It's great. We talked about iron ore, we've talked about 270 00:14:47,700 --> 00:14:50,730 Sean Alymer: gold, about coal, about the battery, metals. He really does 271 00:14:50,730 --> 00:14:53,470 Sean Alymer: run through the whole gamut of that part of the economy. 272 00:14:53,870 --> 00:14:56,020 Michael Thompson: And that's up next in the Fear and Greed playlist 273 00:14:56,020 --> 00:15:00,080 Michael Thompson: on your podcast platform or fearandgreed.com.au. Thank you very much, Sean. 274 00:15:00,200 --> 00:15:01,170 Sean Alymer: Have a great day, Michael. 275 00:15:01,390 --> 00:15:04,980 Michael Thompson: It's Wednesday, the 29th of September, 2021. Make sure you've 276 00:15:04,980 --> 00:15:07,720 Michael Thompson: followed Fear and Greed on LinkedIn, Twitter and Facebook. You 277 00:15:07,720 --> 00:15:10,370 Michael Thompson: can find more info and sign up for our newsletter @ fearandgreed.com.au. 278 00:15:12,340 --> 00:15:14,550 Michael Thompson: I'm Michael Thompson, and that was Fear and Greed. Have 279 00:15:14,550 --> 00:15:15,070 Michael Thompson: a great day.