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Speaker 1: Experts warn of more turbulence when flying due to climate change.

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Speaker 1: In the wake of the Singapore Airlines incident on Tuesday night,

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Speaker 1: which killed one man and injured seventy others, Telstra's share

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Speaker 1: price tumbles further amid fallout from plans to sack twenty

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Speaker 1: eight hundred employees, and Melbourne and Sydney ranked among the

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Speaker 1: best cities in the world to live. Welcome to Fear

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Speaker 1: and Greed. Daily business news for people who make their

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Speaker 1: own decisions. It is Thursday, the twenty third of May

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Speaker 1: twenty twenty four. Are Michael Thompson and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: You have an interview coming up after the show with

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Speaker 1: Elizabeth McIntyre, the chief executive of the Outdoor Media Association.

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Speaker 2: Otherwise known as THEMA. It's really fascinating. So outdoor advertising

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Speaker 2: covers all sorts of things, I mean billboards and buses

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Speaker 2: and stuff like that, but also when you're filling up

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Speaker 2: petrol teak and you're watching the videos on the petrol bowsers,

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Speaker 2: it covers that as well. So we talk about the

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Speaker 2: growth in outdoor advertising. Certainly the growth is outstripping anything

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Speaker 2: we're seeing in many of the more traditional forms of media.

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Speaker 2: If you're think in newspapers and magazines and radio and

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Speaker 2: freeoware broadcast, why it's doing so well and the future

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Speaker 2: for it. It's a really interesting chat with Elizabeth.

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Speaker 1: Those petrol bows are screens. They would have to have

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Speaker 1: the most captive audience around because you cannot go anywhere,

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Speaker 1: you cannot do anything, You're not even allowed to use

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Speaker 1: your phone while you're filling out petrol, so you've got

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Speaker 1: to look at something, and that screen's right there.

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Speaker 2: I thought exactly the same thing, Michael.

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Speaker 1: It is a good one, Sean, and is coming up

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Speaker 1: after the show. Stick around for that The main story

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Speaker 1: this morning. Experts are warning of more incidents like the

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Speaker 1: one on Tuesday night, when severe turbulence on a Singapore

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Speaker 1: Airlines flight killed one person and injured seventy others. This

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Speaker 1: is a truly horrifying scenario.

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Speaker 2: It is researchers expect turbulence to worsen because of changes

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Speaker 2: to weather patterns caused by climate change. A series of

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Speaker 2: studies has failed to pinpoint the exact relationship between climate

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Speaker 2: change and turbulence on any specific flight, but they do

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Speaker 2: show that climate change will or probably already has made

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Speaker 2: turbulence worse. According to a report on Reuter's. While the

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Speaker 2: exact cause of the turbulence on the Singapore Airlines flight

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Speaker 2: isn't yet known, severe turbulence can be very disruptive. Obviously,

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Speaker 2: the US Weather Service defines extreme turbulence as leaving an

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Speaker 2: aircraft practically impossible to control. Now it is rare, and

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Speaker 2: while it almost never endangers aircraft, it is the leading

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Speaker 2: cause of non fatal injuries to passengers and crews. According

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Speaker 2: to the International Air Transport Association, fifty six Australians were

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Speaker 2: among the two hundred and eleven passengers and eighteen crew

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Speaker 2: aboard the Boeing Triple seven London and Singapore flight, which

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Speaker 2: hits severe turbulence over the Irawady Basin in Myenma on

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Speaker 2: Tuesday night. One passenger tragically died from a heart attack.

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Speaker 2: Seventy others were injured, including eight Australians. The aircraft was

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Speaker 2: cruising at five hundred knots at a height of thirty

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Speaker 2: seven thousand feet would have encountered the turbulence initially climbed

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Speaker 2: pretty quickly about four hundred feet, then dropped about four

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Speaker 2: hundred feet. Once control was regained, the plane then descended

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Speaker 2: to six thousand feet in about five minutes and diverted

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Speaker 2: to land in Bangkok, Sean.

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Speaker 1: Are the passengers eligible for compensation, particularly those with injuries

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Speaker 1: I suppose, and also the family of the seventy three

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Speaker 1: year old Britt who.

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Speaker 2: Died yes well. Under something called the Montreal Convention, Singapore

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Speaker 2: Airlines is liable for accidents, which can include turbulence on

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Speaker 2: international flights, regardless of whether the airline was negligent. According

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Speaker 2: to a report on Reuters, if passengers file a lawsuit,

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Speaker 2: the airline cannot contest damages up to around one hundred

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Speaker 2: and seventy five thousand US dollars. If a passenger seeks

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Speaker 2: larger damages, Singapore Airlines can try to limit liability by

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Speaker 2: proving it took all necessary measures to avoid the turbulence.

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Speaker 2: The size of damages often comes down to the country

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Speaker 2: where the case is filed and how the legal system

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Speaker 2: assesses the amount of compensation. For example, US duries have

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Speaker 2: awarded passengers more than a million dollars for emotional trauma

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Speaker 2: off severe turbulence, while many courts in other countries award

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Speaker 2: far less, if anything, for similar emotional distress. Said the

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Speaker 2: bottom line here is, yes, there is compensation available, but

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Speaker 2: it's a truly horrifying story. We have all been in

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Speaker 2: that instance in a plane where we've felt turbulence and

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Speaker 2: felt uncomfortable. This just must have been a dreadful few

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Speaker 2: minutes for those people.

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Speaker 1: Absolutely, and really this was the story that everybody was

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Speaker 1: talking about over the last twenty four hours because it

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Speaker 1: was one of those things that everyone can imagine happening,

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Speaker 1: and it's just just absolutely horrific. Turning to local markets,

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Speaker 1: how do they perform? Yesterday?

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Speaker 2: The local market jumped on opening, came very close to

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Speaker 2: a new record Michael then fell back during the afternoon

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Speaker 2: to close flat, or to be exactly, it ended down.

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Speaker 2: The SMPASX two hundred ended down three point six points

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Speaker 2: to seven forty eight points. That Telcoast did poorly. Tolster

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Speaker 2: closed down four percent more on that shortly, as did

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Speaker 2: consumer discretionary stocks. Utilities were among the best performers among

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Speaker 2: the large caps. Toleraed Transurban was about the best almost

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Speaker 2: two and a half percent, and zed Fortescue, Quarry, Rio, Tinto,

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Speaker 2: Weistech Global QBE all rais more than one percent. WHST

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Speaker 2: Farmers fell back a bit, while Commwealth Bank Woodside and

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Speaker 2: Aristocrat Leisure were also lower. Also, lend Leish chairman Michael

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Speaker 2: Ulmer has about to invest a pressure and will step

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Speaker 2: down at the company's shareholder meeting in November. Also set

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Speaker 2: to depart in November is non executive director Nicola Wakefield

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Speaker 2: Evans Michael and.

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Speaker 1: Sure, and there's plenty of corporate news around yesterday. You

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Speaker 1: always get very excited when there's plenty of corporate news,

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Speaker 1: don't you very excited?

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Speaker 2: Chares and biotech Telix Pharmaceuticals jumped to and a half

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Speaker 2: percent after it held its annual general meeting and confirmed

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Speaker 2: plans to float script on the Nasdaq Index. Consumer lender

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Speaker 2: Plenty said net profit jumped thirty six percent for the

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Speaker 2: year to the end of March, sending its price up

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Speaker 2: about three percent. Small Cup Drone Shield so the US

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Speaker 2: government customer had awarded it a repeat near six million

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Speaker 2: dollar contract for its counter drone systems. Love that company

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Speaker 2: its share price. It was up one percent yesterday, but

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Speaker 2: it's actually almost tripled in the past six months. Drone

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Speaker 2: Shield and Namoy Cotton's board has advised shareholders to reject

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Speaker 2: French agribusiness Louis Dreyfus's takeover offer of sixty seven cents

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Speaker 2: per share. The Louis Dreyfus offer price is below the

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Speaker 2: seventy cents per share offered by rival Bitter olum Agri.

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Speaker 1: And what's happening in international markets pretty interesting.

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Speaker 2: The moment, Wall Street continues its strong run, with a

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Speaker 2: new record high, the twenty fourth this year for the

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Speaker 2: broad based SMP five hundred and twenty four hours ago.

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Speaker 2: The tech heavy NASDAG also hit a new record for

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Speaker 2: the fourth time in the past six sessions. Driving the

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Speaker 2: rise has once again been the tech stocks. The Magnificent

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Speaker 2: seven hadn't been so magnificent for most of this year,

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Speaker 2: and professional investors, or a bunch of them, were suggesting

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Speaker 2: people get out up. But in the past month, Microsoft's

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Speaker 2: up seven percent, Apple's rallied sixteen percent, and Videos up

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Speaker 2: twenty percent, Alphabet's up fourteen percent, and Tesla's jumped thirty

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Speaker 2: one percent. Now the laguards have been Amazon, which is

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Speaker 2: up three percent over the past month, and Meta, which

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Speaker 2: is actually down almost four percent. It's just interesting that

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Speaker 2: as soon as people started saying the Magnificent seven might

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Speaker 2: be past their peak, well they seem to be turning

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Speaker 2: around and doing pretty well again. Otherwise, oil prices fell

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Speaker 2: for another session, and Brent crude is now fetching around

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Speaker 2: eighty two US dollars a barrel. That's its lowest point

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Speaker 2: in a couple of months. Goals still training well above

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Speaker 2: twenty four hundred US dollars. Announced coppers come off a bit,

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Speaker 2: but sits just below its record level reached a few

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Speaker 2: days ago. Iron all stable around one hundred and seventeen

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Speaker 2: US dollars a ton. In crypto land, Bitcoin has come

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Speaker 2: off a bit, back below seventy thousand US dollars a unit,

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Speaker 2: as has Etho, which earlier in the week in the

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Speaker 2: new record, and the Ausie dollars buying sixty six point

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Speaker 2: seven U s sens Michael.

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Speaker 1: Hey, Sean Michael, I just give a little plug to something.

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Speaker 1: It's actually more of a little bit of praise, and

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Speaker 1: this is very it's actually for us, would you believe.

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Speaker 1: Get out of there, because it was of course our

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Speaker 1: fear and greed fourth birthday over the weekend, which is

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Speaker 1: a which was a cause for celebration. But I was

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Speaker 1: doing a little bit of I suppose you'd call it

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Speaker 1: spreadsheet noodling yesterday, just a bit of poking around in

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Speaker 1: some spreadsheets and earth. No, I just wanted to share

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Speaker 1: with you over the last four years of Fear and Greed,

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Speaker 1: did you know that Fear and Greed has recorded a

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Speaker 1: whopping seventeen million downloads really across that time.

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Speaker 2: Wow?

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Speaker 1: And so I just want to say thank you. I mean,

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Speaker 1: this was congratulating ourselves, which is a terribly kind of

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Speaker 1: obnoxious thing to do, but really it is to say

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Speaker 1: thank you to everyone who has listened to Fear and

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Speaker 1: Greed and how do they afford that in the fast

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Speaker 1: five and the various kind of things that we do

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Speaker 1: within the Fear and Greed Stable, And to say thank

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Speaker 1: you for listening and thank you for spreading the word,

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Speaker 1: because that's really key to it all, isn't it. The

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Speaker 1: fact that if you enjoy the podcast, tell somebody else

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Speaker 1: about it, Tell a colleague, tell a friend, force a

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Speaker 1: family member to listen to it in the car driving

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Speaker 1: them to sport on Saturday morning, anything like that. And Sean,

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Speaker 1: the most exciting thing is that in coming weeks we

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Speaker 1: will be announcing a special prize for the for the Meya,

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Speaker 1: the most enthusiastic advocate.

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Speaker 2: The worst acronym. Ever, however, it's stuck and there are

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Speaker 2: people out there who want ameya. Well, no, I'm stealing

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Speaker 2: your thunder here. Go on, go on, tell us what

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Speaker 2: is it, Michael, what is it?

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Speaker 1: It is the limited edition Fear and Greed MEA Mug,

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Speaker 1: which is that is a prize collectible there and you

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Speaker 1: take it into the office and you drink out of

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Speaker 1: it with pride. And when people say, what's that mug

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Speaker 1: you drinking out of there, Sean, and then you, Sean

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Speaker 1: will say, well, it's the Fear and Greed MEA Mug.

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Speaker 1: I got it for being the most enthusiastic advocate the Maa,

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Speaker 1: the Maya, and you should listen to Fear and Greed

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Speaker 1: and that's why you receive the mug. Anyway, details on

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Speaker 1: that coming soon. It feels like we've gone off a

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Speaker 1: little early with that one, Sean, but just to say,

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Speaker 1: four years of Fear and Greed, seventeen million downloads. Thank

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Speaker 1: you very much for everyone from listening. Thank you for

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Speaker 1: indulging this little bit of naval gazing. As we discuss

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Speaker 1: where we've come from and where we're heading, we will

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Speaker 1: take a quick break. We'll be back in a moment

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

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Speaker 2: Sean.

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Speaker 1: The federal opposition has doubled down on nuclear energy, even

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Speaker 1: after a CSIRO report found that a large scale nuclear

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Speaker 1: power plant could cost seventeen billion dollars and wouldn't be

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Speaker 1: ready to go until twenty forty.

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Speaker 2: Shadow Treasurer Angus Taylor said nuclear needs to be part

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Speaker 2: of the future of the energy system in Australia, while

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Speaker 2: in the short term it probably will be about gas.

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Speaker 2: Miss Taylor was talking about baseload power, which is the

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Speaker 2: minimum amount of power needed to be supplied to the

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Speaker 2: electrical grid at any given time. In the long run,

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Speaker 2: nuclear is a clean energy that can do that, the

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Speaker 2: opposition claims. Mister Taylor also said that setting up nuclear

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Speaker 2: power capabilities should be commercially viable even without government handouts.

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Speaker 2: If existing sites for nuclear plants are used, that'll help

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Speaker 2: drive down costs.

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Speaker 1: Telstra's share price fell another four percent yesterday, following Tuesday's

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Speaker 1: near three percent decline. The country's largest telco said it

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Speaker 1: will shed twenty eight hundred jobs, but investors are wary

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Speaker 1: about the earnings outlook across the business.

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Speaker 2: Yes this there is a bit of a follow one

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Speaker 2: from yesterday. We talked about Telstra's enterprise division and its

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Speaker 2: consumer and business divisions all facing headwinds. It's doing well

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Speaker 2: in mobiles, and on Tuesday, the telco announced plans to

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Speaker 2: make how it charges customers in that area a more flexible.

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Speaker 2: Following the announcement of the job cuts and new rules

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Speaker 2: around mobiles, investment analysts started downgraded their outlook for Telstra.

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Speaker 2: Another big challenge for the group is increased competition as

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Speaker 2: a result of the one point six billion dollar network

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Speaker 2: sharing deal between Optus and TPG, which will increase competition,

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Speaker 2: particularly outside the major cities. Telstra share price is now

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Speaker 2: at a three year low, and investment analysts, who are

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Speaker 2: basically the professionals who advise funds and where to put

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Speaker 2: their money, they're not keen on Telstra at the moment.

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Speaker 1: Travel group Webjet is considering splitting its consumer and business

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Speaker 1: facing operations into two standalone ASX listed companies, sending its

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Speaker 1: share price up eight percent yesterday.

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Speaker 2: The announcement came after webjet and veiled a record underlying

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Speaker 2: profit for the year to the end of March, which

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Speaker 2: was nearly double the previous financial year, thanks mostly to

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Speaker 2: an expansion of its business. The business unit. Chief executive

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Speaker 2: John Gussicks said the travel sector remains very healthy, with

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Speaker 2: most of the world back to pre pandemic levels. Webjets

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Speaker 2: Australia's biggest online travel agency. But I bet well maybe

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Speaker 2: you do you know, Michael, do you know about web beeds.

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Speaker 2: It's webbeds business. No, it's actually a B to B

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Speaker 2: hotels wholesaler, So it's not for wee consumers. It's a

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Speaker 2: B to B product where by a company can go

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Speaker 2: and you sort of get a bunch of rooms in

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Speaker 2: a hotel, for example, if we've got a conference or

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Speaker 2: something like that. Webjet makes three times as much money

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Speaker 2: out of webbeds as it does the travel agency path.

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Speaker 2: That amazing, Oh wow. In fact, only five percent of

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Speaker 2: webbeds bookings are actually out of Australia. It's based in Dubai,

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Speaker 2: I think. And anyway, it's a much bigger part of

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Speaker 2: the business than what we all know webjet for.

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Speaker 1: That's actually that's actually really interesting, Sean.

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Speaker 2: As the inference there being many of the other things are.

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Speaker 2: But let's move on.

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Speaker 1: I was trying to be subtle about that. Now. Australia's

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Speaker 1: largest car dealership group, Eagers, has warned that June half

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Speaker 1: profits will be down fifteen percent. On last year, sending

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Speaker 1: its share price tumbling fourteen percent.

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Speaker 2: A slow down and consumer spending is hitting vehicle sales

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Speaker 2: and Egers has ten percent of the market in Australia.

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Speaker 2: Extra supply of vehicles from overseas manufacturers had led to

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Speaker 2: more competitive conditions in the sector. Also, eagers joint venture

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Speaker 2: in Australia with Chinese electric vehicle maker Byd is struggling

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Speaker 2: with lower than expected returns. Now vehicle sales are actually

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Speaker 2: pretty strong at the moment. Until the end of last

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Speaker 2: month there are near record levels, according to the Federal

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Speaker 2: Chamber of Automotive Industries. Problem is margins are being squeezed anyway.

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Speaker 2: Sydney identity Nick Politis owns twenty seven percent of Eigers.

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Speaker 2: Yesterday's share price sell off pretty much took about one

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Speaker 2: hundred and sixty million dollars off his stakeouch.

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Speaker 1: Now Ingham's share price fell six percent after the discovery

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Speaker 1: of bird flu at an egg farm in Victoria.

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Speaker 2: The poultry groups had no commercial broiler farms in the

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Speaker 2: region were affected. Broiler Do you like that for a word?

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Speaker 1: Haven't heard broilers since year ten agriculture.

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Speaker 2: Anyway, The poultry groups had no commercial broiler farms in

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Speaker 2: the region were affected. Agriculture of Victoria was investigating the

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Speaker 2: strain of avian influenza detected at a farm south of Ballarat.

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Speaker 2: It's been placed in quarantine and tests on samples were

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Speaker 2: undertaken to check if it's the same variant a birdfley

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Speaker 2: responsible for a global outbreak impacting farms in other parts

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Speaker 2: of the world. Now those tests did come back and

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Speaker 2: it isn't the same variant. Fortunately, it is the first

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Speaker 2: time the virus has appeared in Australia since twenty twenty.

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Speaker 1: And shown the US Congress has added Australia to the

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Speaker 1: Defense Production Act as a domestic source, making it much

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Speaker 1: easier for American companies to invest in Australia.

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Speaker 2: US Assistant Secretary of Defense for Industrial based Policy, Laura

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Speaker 2: Taylor Kale announced the decision at an AFR mining summit

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Speaker 2: in Perth, where she stressed the importance of US Australian

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Speaker 2: defense and economic relations. She said it's only the second

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Speaker 2: time the US has added countries as a domestic source,

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Speaker 2: the first time being Canada in nine to eighty five.

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Speaker 2: Now Australia and the UK also got admitted. The inclusion

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Speaker 2: of Australia means that the US can now make direct

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Speaker 2: investments in Australian companies on the same footing as it

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Speaker 2: does with domestic firms Sean.

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Speaker 1: Turning to International News, New York and London are the

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Speaker 1: best cities globally to live in, while Melbourne is ninth,

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Speaker 1: Sydney is sixteenth, and Perth is twenty third best out

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Speaker 1: of the world's one thousand largest urban economies. Three out

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Speaker 1: of the top twenty five. That's not too bad.

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Speaker 2: That's not too bad at all. It's according to Oxford Economics,

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Speaker 2: it released its inaugural Global Cities Index. It looked at

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Speaker 2: twenty seven indicators using five broad categories economics, human capital,

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Speaker 2: quality of life, environment and governance. The heaviest wakings on

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Speaker 2: economic factors, US and European cities dominate the top fifty spots.

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Speaker 2: According to report on Bloomberg, New York number one, then London,

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Speaker 2: San Jose and California, then Tokyo. Then I think San

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Speaker 2: Francisco in California made up the top five. The GOUP

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Speaker 2: actually provided breakdowns for the best cities in the different categories,

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Speaker 2: and when it comes toity of life, Canbra came in third. Really,

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Speaker 2: who would have thought you're a Canbraman. You've lived in Canberra?

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Speaker 1: Yeah, yeah, so have you?

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Speaker 2: Hm so am. I I've just a bit surprised when

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Speaker 2: it came to quality of life that was third out

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Speaker 2: of a thousand.

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Speaker 1: I think Canberra is a great place. You know what

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Speaker 1: I would have loved to have seen on this list.

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Speaker 1: I would love to see something truly surprising. All of

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Speaker 1: a sudden you get kind of Melbourne and Sydney on

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Speaker 1: the list and there's Wogga or something. Wouldn't that be great?

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Speaker 2: Woggle Wogga please, yes, that would be That.

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Speaker 1: Would be amazing. Or Aubrey or I don't know, just

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Speaker 1: like pick a random to Womba. There you go.

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Speaker 2: Roma.

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Speaker 1: Yes, next year the campaign will be for us fear

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Speaker 1: and greed to lobby Oxford Economics to.

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Speaker 2: Get all they may not be big enough, let's be honest.

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Speaker 1: Oh hang on, I just realized this is one thousand

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Speaker 1: largest urban economies. Yes, it's not just cities in general,

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Speaker 1: they've got to be large. Well that blows out my theory.

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Speaker 2: Yeah, my plan.

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Speaker 1: Anyway, it was fun while it lasted, and I'm sorry

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Speaker 1: to the good people of Wagga. I did my best

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Speaker 1: to get you on the list but just not big enough.

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Speaker 1: Up next is the Fear and Greed Daily Interview. You're

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Speaker 1: talking today with Elizabeth McIntyre, chief executive of the OMA.

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Speaker 2: Yeh sure, I am all about what's happening in outdoor media.

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Speaker 2: Why outdoor media. We've discussed this at the beginning of

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Speaker 2: the show, not just billboards and buses, but also petrol

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Speaker 2: bounces and those things. Why it's doing so well.

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Speaker 1: It is up next in the Fear and Greed Playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com dot au.

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Speaker 1: And if you're looking for something else to listen to,

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Speaker 1: go and have a listen to The Wednesday the weekly

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Speaker 1: edition of How Do They Afford That? Our sister podcast.

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Speaker 1: This week's episode, which came out yesterday features it's a

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Speaker 1: special guest in the studio, Roger Montgomery joined us to

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Speaker 1: talk all about investing and his principles of investing, how

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Speaker 1: to spot a quality come. It is a great, great

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Speaker 1: introduction to investing if you're only new to it or

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Speaker 1: if you've been doing it for years. It is a

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Speaker 1: fantastic indicator of what someone who's very, very successful at it,

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Speaker 1: what kind of guides him. So you'll find that one

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Speaker 1: where if you listen to podcasts, and I'll put a

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Speaker 1: link in the show notes as well.

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Speaker 2: Thanks Sean, Thanks Michael.

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Speaker 1: It's Thursday, the twenty third of May 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.