1 00:00:06,760 --> 00:00:09,840 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:10,000 --> 00:00:12,880 Speaker 1: House prices rise at their fastest pace in more than 3 00:00:12,880 --> 00:00:16,520 Speaker 1: two years. Wall Street's Tech Titan surge as their dominance 4 00:00:16,520 --> 00:00:18,760 Speaker 1: of the S and P five hundred grows, and the 5 00:00:18,800 --> 00:00:22,560 Speaker 1: federal coalition heads for a stoush over climate policy. Plus, 6 00:00:22,600 --> 00:00:25,800 Speaker 1: Warren Buffett leaves a record cash pile of three hundred 7 00:00:25,800 --> 00:00:29,320 Speaker 1: and eighty two billion US dollars for his successor, and 8 00:00:29,440 --> 00:00:32,160 Speaker 1: two Ossie hotels make the list of the world's top 9 00:00:32,240 --> 00:00:35,559 Speaker 1: fifty places to stay. It is Monday, the third of 10 00:00:35,640 --> 00:00:38,840 Speaker 1: November twenty twenty five. I'm Michael Thompson and good morning 11 00:00:38,880 --> 00:00:42,440 Speaker 1: Sean Aylmer. Good morning, Michael, Sean. The main story this 12 00:00:42,479 --> 00:00:44,880 Speaker 1: morning house price has e vented a new growth cycle, 13 00:00:45,040 --> 00:00:48,920 Speaker 1: with values across Australia growing at their fastest pace in 14 00:00:48,960 --> 00:00:51,960 Speaker 1: over two years on the back of lower interest rates 15 00:00:51,960 --> 00:00:52,839 Speaker 1: and government support. 16 00:00:53,440 --> 00:00:56,160 Speaker 2: National values were up one point one percent last month 17 00:00:56,200 --> 00:00:59,520 Speaker 2: according to Cotality. The annual growth rate is now six 18 00:00:59,520 --> 00:01:02,760 Speaker 2: point one percent. While it is a solid rate of return, 19 00:01:03,960 --> 00:01:06,480 Speaker 2: well below the nine percent return from the AX or 20 00:01:06,480 --> 00:01:09,640 Speaker 2: the fifty percent return from Bitcoin. Of course, Michael, housing 21 00:01:09,680 --> 00:01:13,200 Speaker 2: does come with less risk than cryptocurrencies. The step up 22 00:01:13,240 --> 00:01:16,000 Speaker 2: in prices coincides with rate cuts as well as an 23 00:01:16,040 --> 00:01:20,160 Speaker 2: expansion of the deposit Guarantees scheme. That's the federal government's scheme, 24 00:01:20,520 --> 00:01:23,760 Speaker 2: which increases competition for more affordable housing. There's also a 25 00:01:23,840 --> 00:01:27,040 Speaker 2: national shortage of housing. We know that with cautality estimating 26 00:01:27,080 --> 00:01:31,360 Speaker 2: that supply levels are about eighteen percent below average. It 27 00:01:31,440 --> 00:01:34,640 Speaker 2: is the middle to lower quartol where values are rising most. 28 00:01:34,680 --> 00:01:38,640 Speaker 2: In fact, higher prices mean the financial benefit to borrowers 29 00:01:38,640 --> 00:01:41,679 Speaker 2: of lower interest rates have already been wiped out in 30 00:01:41,720 --> 00:01:44,120 Speaker 2: many markets, if you know what I'm getting out there. 31 00:01:44,600 --> 00:01:46,920 Speaker 2: Across the combined capitals, the one point one percent gain 32 00:01:46,959 --> 00:01:49,280 Speaker 2: in October equates to an increase of just over ten 33 00:01:49,320 --> 00:01:52,480 Speaker 2: thousand dollars in the medium dwelling value over the month 34 00:01:52,600 --> 00:01:55,360 Speaker 2: since February, when the Reserve Bank cut rates for the 35 00:01:55,360 --> 00:01:58,960 Speaker 2: first time. Capital city dwelling values are up nearly six percent, 36 00:01:59,320 --> 00:02:02,400 Speaker 2: or approximately fifty four thousand dollars. So you can see 37 00:02:02,440 --> 00:02:06,559 Speaker 2: there why the jump in the prices have pretty much 38 00:02:06,920 --> 00:02:09,760 Speaker 2: taken out or taken care of, any lower interest rates. 39 00:02:11,200 --> 00:02:11,720 Speaker 2: Just taking a. 40 00:02:11,800 --> 00:02:15,840 Speaker 1: Look at the market by market, the hot market still 41 00:02:16,000 --> 00:02:17,400 Speaker 1: Perth Brisbane, Adelaide. 42 00:02:18,040 --> 00:02:20,680 Speaker 2: Yeah, well, that was definitely the case last month and 43 00:02:20,760 --> 00:02:22,400 Speaker 2: in the case for the last year. Really you can 44 00:02:22,440 --> 00:02:25,519 Speaker 2: throw Darwin into that. Mixed Sydney prices of zero point 45 00:02:25,560 --> 00:02:28,000 Speaker 2: seven percent last month four percent for the year, Melbourne 46 00:02:28,120 --> 00:02:30,880 Speaker 2: zero point nine percent last month at out paced Sydney 47 00:02:30,960 --> 00:02:34,080 Speaker 2: hasn't done that very regularly over the past couple of years. 48 00:02:34,080 --> 00:02:36,799 Speaker 2: It's up. Melbourne houses are up three point three percent 49 00:02:36,800 --> 00:02:40,320 Speaker 2: for the year. Regional Australian house prizes are at about 50 00:02:40,320 --> 00:02:42,880 Speaker 2: the same pace as the capital cities. They were last 51 00:02:42,919 --> 00:02:45,040 Speaker 2: month at least, but over the year they've actually done better. 52 00:02:46,800 --> 00:02:47,680 Speaker 1: Can I keep going? 53 00:02:47,880 --> 00:02:47,960 Speaker 2: Like? 54 00:02:48,040 --> 00:02:50,079 Speaker 1: This is the thing that I'm always curious about, kind 55 00:02:50,080 --> 00:02:51,880 Speaker 1: of is there a is there a cap? Is there 56 00:02:51,880 --> 00:02:54,799 Speaker 1: a realistic limit as far as kind of people will 57 00:02:54,960 --> 00:02:57,680 Speaker 1: will go to pay for a property or camp? Prices 58 00:02:57,720 --> 00:02:58,640 Speaker 1: just keep on rising? 59 00:02:58,880 --> 00:03:02,280 Speaker 2: Yeah, I mean I wonder that because I think we 60 00:03:02,320 --> 00:03:04,560 Speaker 2: could have asked this anytime in the last twenty years 61 00:03:04,760 --> 00:03:08,320 Speaker 2: and it just keeps going. There are reasons why ken 62 00:03:08,360 --> 00:03:12,880 Speaker 2: demand's far greater than supply. Auction clearance rate around seventy percent, 63 00:03:13,200 --> 00:03:17,079 Speaker 2: holding wrong above long term averages. The prelimited clearance straight 64 00:03:17,080 --> 00:03:19,639 Speaker 2: over the weekend, for example, was seventy percent, then there 65 00:03:19,639 --> 00:03:24,080 Speaker 2: are these government support packages. However, if interest rates stop rising, 66 00:03:24,200 --> 00:03:27,360 Speaker 2: and that's a strong possibility given last week's hot inflation reading, 67 00:03:27,800 --> 00:03:33,200 Speaker 2: price increases could certaintly moderate. And housing is expensive. The 68 00:03:33,280 --> 00:03:36,480 Speaker 2: median value in Brisbane and Adelaide now higher than Melbourne. 69 00:03:36,560 --> 00:03:39,920 Speaker 2: Sydney is running at about one point three million dollars. 70 00:03:40,120 --> 00:03:43,480 Speaker 2: Affordability has to put some sort of brakes on price rises. 71 00:03:43,960 --> 00:03:46,640 Speaker 1: Okay, I don't know if there's any smooth way to 72 00:03:46,680 --> 00:03:51,720 Speaker 1: segue between local house prices to the Wall Street tech giants, 73 00:03:51,760 --> 00:03:53,640 Speaker 1: but we're going to do it anyway. 74 00:03:54,040 --> 00:03:55,800 Speaker 2: Everything's rising, isn't it. There? 75 00:03:55,840 --> 00:03:58,000 Speaker 1: We get yeah, you know what, Sean, Everything is rising, 76 00:03:58,000 --> 00:04:00,240 Speaker 1: So let's talk about the Wall Street Tech giants. Was 77 00:04:00,280 --> 00:04:01,920 Speaker 1: so much smoother. I wish I'd done it that way 78 00:04:01,920 --> 00:04:05,640 Speaker 1: in the first place. They're outpacing the market, notwithstanding predictions 79 00:04:06,000 --> 00:04:09,440 Speaker 1: of doom over the past year. Profit reports over the 80 00:04:09,440 --> 00:04:11,280 Speaker 1: weekend pushing share prices higher. 81 00:04:11,480 --> 00:04:15,720 Speaker 2: So some quick stats first, after the weekend's movements, Nvidia 82 00:04:15,840 --> 00:04:18,880 Speaker 2: is now the market leader market capitalization of five trillion 83 00:04:19,080 --> 00:04:22,640 Speaker 2: US dollars. It is now worth eight percent of the 84 00:04:22,800 --> 00:04:27,360 Speaker 2: entire SMP five hundred If you take the seven biggest 85 00:04:27,680 --> 00:04:32,640 Speaker 2: non tech companies on Wall Street, so Warren Buffet's, Berkshire, Hathaway, JP, 86 00:04:32,800 --> 00:04:36,640 Speaker 2: Morgan Chased the big bank Walmart, Pharmaceutical Group, ELI, Lilly, 87 00:04:36,839 --> 00:04:42,280 Speaker 2: Visa International, and ex On Mobile. Put them all together combined, 88 00:04:42,560 --> 00:04:48,400 Speaker 2: they're about the same size as Nvidia. Isn't that incredible? Wow? Yeah? 89 00:04:48,720 --> 00:04:53,919 Speaker 2: The magnificent seven Nvidia, Apple, Microsoft, Amazon, Alphabet, owner of Google, Meta, 90 00:04:53,960 --> 00:04:56,240 Speaker 2: and Tesla are now about a third of the S 91 00:04:56,279 --> 00:04:59,240 Speaker 2: and P five hundred. Just phenomena. 92 00:04:59,760 --> 00:05:02,320 Speaker 1: Yeah, that is phenomenal. I'll get to the results and 93 00:05:02,360 --> 00:05:04,960 Speaker 1: the hype and everything in a sec. But what's the 94 00:05:05,080 --> 00:05:09,400 Speaker 1: risk here? When a market is so heavily concentrated, particularly 95 00:05:09,440 --> 00:05:13,520 Speaker 1: with just one company worth so much of it? What's 96 00:05:13,560 --> 00:05:14,640 Speaker 1: the risk for investors? 97 00:05:14,960 --> 00:05:20,600 Speaker 2: What happens if AI doesn't actually end up being as 98 00:05:20,680 --> 00:05:24,120 Speaker 2: profitable as people expect it to be. There's a risk. 99 00:05:24,279 --> 00:05:26,520 Speaker 2: What happens if people decided tick isn't the way to 100 00:05:26,560 --> 00:05:29,440 Speaker 2: go anymore? Then the S and P five hundred hasn't 101 00:05:29,480 --> 00:05:31,440 Speaker 2: got much chance If people go off tech, S and 102 00:05:31,480 --> 00:05:34,160 Speaker 2: P five hundreds and all sorts of trouble quite vulnerable, 103 00:05:34,279 --> 00:05:34,680 Speaker 2: all right? 104 00:05:34,720 --> 00:05:38,960 Speaker 1: In that case, then the results over recent days, did 105 00:05:38,960 --> 00:05:39,600 Speaker 1: they match. 106 00:05:39,360 --> 00:05:42,080 Speaker 2: The hype sort of mixed. Metas share price fell on 107 00:05:42,120 --> 00:05:45,800 Speaker 2: the back of higher forecasts of capital expenditure. Amazon surged 108 00:05:46,120 --> 00:05:49,359 Speaker 2: as its cloud unit posted strong growth. Alphabet rows on 109 00:05:49,480 --> 00:05:53,800 Speaker 2: AI momentum. Microsoft fell back on guidance of its around 110 00:05:53,800 --> 00:05:57,800 Speaker 2: it as Your Cloud business. Perhaps the most interesting was Apple. 111 00:05:58,440 --> 00:06:01,039 Speaker 2: It predicted a surge in iPhones sales during the holiday 112 00:06:01,040 --> 00:06:04,920 Speaker 2: season following its most recent release. Apple sold one hundred 113 00:06:04,960 --> 00:06:07,919 Speaker 2: and three billion US dollars about one hundred and fifty 114 00:06:07,960 --> 00:06:12,279 Speaker 2: billion ozsie iPhones led the way, but that's in a 115 00:06:12,360 --> 00:06:15,320 Speaker 2: three month period. One one hundred and three billion US 116 00:06:15,400 --> 00:06:18,720 Speaker 2: dollars in just three months, quite phenomenal. Stronger than expected 117 00:06:18,760 --> 00:06:21,400 Speaker 2: services growth helped offset a slow down his sales in China. 118 00:06:21,440 --> 00:06:25,320 Speaker 2: For Apple, the wearable division did well and Tariff's added 119 00:06:25,320 --> 00:06:27,600 Speaker 2: about one point one billion dollars in expenses. 120 00:06:28,160 --> 00:06:30,680 Speaker 1: Now that's all very important, Sean, but what we really 121 00:06:30,680 --> 00:06:32,919 Speaker 1: want to know is how are the big tech barons 122 00:06:32,960 --> 00:06:35,720 Speaker 1: performing in terms of their personal wealth? Because we are 123 00:06:35,839 --> 00:06:37,120 Speaker 1: very voyeuristic, after. 124 00:06:36,880 --> 00:06:38,680 Speaker 2: We are Taylor, I mean, a very tough weekend for 125 00:06:38,760 --> 00:06:42,479 Speaker 2: Metas Mark Zuckerberg. He went from third richest person on 126 00:06:42,560 --> 00:06:45,520 Speaker 2: the globe the fifth richest. That must hurt. That's after 127 00:06:45,560 --> 00:06:48,800 Speaker 2: the selloff, he's worth only two hundred and twenty nine 128 00:06:48,800 --> 00:06:52,359 Speaker 2: million US dollars. Amazon's Jeff Bezos and Alphabetz Larry Page 129 00:06:52,400 --> 00:06:55,880 Speaker 2: both jumped Zuckerberg to go three and four, respectively, behind 130 00:06:55,960 --> 00:06:59,479 Speaker 2: Elon Musk and Oracles Larry Ellison. Nine of the richest 131 00:06:59,600 --> 00:07:03,480 Speaker 2: ten people on the Bloomberg Billionaires Index are now tech barons. 132 00:07:04,320 --> 00:07:09,640 Speaker 2: Bernard Ano from LVMH fame he's the exception, but nine 133 00:07:09,680 --> 00:07:13,160 Speaker 2: out of ten we're in the wrong industry. 134 00:07:14,600 --> 00:07:17,320 Speaker 1: He's not a tech company. Quickly, now we got a bit. 135 00:07:17,840 --> 00:07:19,640 Speaker 2: Well what I was going to say on that index 136 00:07:19,840 --> 00:07:21,760 Speaker 2: not one podcast? Can you believe it? 137 00:07:22,400 --> 00:07:25,800 Speaker 1: That is a disgrace and an outrage, and we need 138 00:07:25,840 --> 00:07:26,280 Speaker 1: to fix that. 139 00:07:27,440 --> 00:07:27,640 Speaker 2: Sure. 140 00:07:27,680 --> 00:07:30,720 Speaker 1: In this time last week, we were pretty excited about 141 00:07:30,760 --> 00:07:33,160 Speaker 1: the possibility of a rate cut at the Reserve Bank 142 00:07:33,240 --> 00:07:37,840 Speaker 1: Board meeting tomorrow. That excitement has entirely dissipated. Now, yes, 143 00:07:37,880 --> 00:07:39,880 Speaker 1: it is no longer the case given last week's hot 144 00:07:39,880 --> 00:07:41,200 Speaker 1: inflation figures. 145 00:07:41,240 --> 00:07:44,160 Speaker 2: No rate cut tomorrow. Oh, it'll be very interesting now 146 00:07:44,200 --> 00:07:46,640 Speaker 2: to hear just how worried Reserve Bank Governor Michelle Bullock 147 00:07:46,800 --> 00:07:49,760 Speaker 2: is about inflation. A couple of weeks ago, she suggested 148 00:07:49,800 --> 00:07:53,120 Speaker 2: it had been slayd I bet she doesn't say that tomorrow, Michael. 149 00:07:53,360 --> 00:07:55,520 Speaker 2: The Reserve Bank will also pride an updated set of 150 00:07:55,600 --> 00:07:58,480 Speaker 2: economic forecast, which will demonstrate what it's thinking. The market 151 00:07:58,560 --> 00:08:01,400 Speaker 2: ended flat on Friday. Over the next fortnight, three of 152 00:08:01,440 --> 00:08:03,480 Speaker 2: the big four banks come off bank being the exception 153 00:08:03,880 --> 00:08:07,640 Speaker 2: report full year earnings their full year's end September thirty, 154 00:08:07,920 --> 00:08:10,280 Speaker 2: mostly for historical reasons. Believe it or not, I was 155 00:08:10,280 --> 00:08:12,320 Speaker 2: trying to work out why the big banks report on 156 00:08:12,320 --> 00:08:16,559 Speaker 2: September thirty. Anyway, Westpac reports today much of the focus 157 00:08:16,640 --> 00:08:18,640 Speaker 2: will be on margin pressure in the home and business 158 00:08:18,680 --> 00:08:22,120 Speaker 2: lending sectors. Much like you, that is a very odd quirk. 159 00:08:22,560 --> 00:08:25,720 Speaker 1: Okay, take a quick break shaugh back at a moment. 160 00:08:25,760 --> 00:08:34,599 Speaker 1: With the rest of the day's business news sewn, the 161 00:08:34,679 --> 00:08:38,640 Speaker 1: coalition parties set the except for a staush again. Feels 162 00:08:38,679 --> 00:08:41,440 Speaker 1: like we've said this before over climate change. After the 163 00:08:41,520 --> 00:08:44,800 Speaker 1: Nationals over the weekend adopted a policy that abandoned net 164 00:08:44,920 --> 00:08:48,480 Speaker 1: zero emissions by twenty to fifty but rather ties its 165 00:08:48,480 --> 00:08:52,080 Speaker 1: targets to how much other countries reduce emissions. 166 00:08:52,360 --> 00:08:55,640 Speaker 2: Nationals leader David little Proud said the party wasn't walking 167 00:08:55,679 --> 00:08:58,040 Speaker 2: away from reducing emissions, but it should be done in 168 00:08:58,080 --> 00:09:02,400 Speaker 2: a better, fairer, cheaper way. Australia should reduce emissions proportionately 169 00:09:02,440 --> 00:09:04,280 Speaker 2: to the rest of the world, according to the NATS, 170 00:09:04,600 --> 00:09:08,400 Speaker 2: particularly because Australia accounts for just one percent of global emissions. 171 00:09:08,720 --> 00:09:10,720 Speaker 2: It sets the NATS up for a battle with the 172 00:09:10,760 --> 00:09:13,760 Speaker 2: Liberal Party in opposition. Leader Susan Lee is expected to 173 00:09:13,760 --> 00:09:16,520 Speaker 2: bring forward the Lib's final position in coming weeks. It 174 00:09:16,559 --> 00:09:21,280 Speaker 2: is not expected to abandon net zero, but yesterday's announcement 175 00:09:21,600 --> 00:09:24,559 Speaker 2: by the NATS complicate things. If you read the media 176 00:09:24,600 --> 00:09:27,760 Speaker 2: this morning, there are unnamed and in one case a 177 00:09:27,920 --> 00:09:33,160 Speaker 2: named Liberal Party MP who are saying we just totally 178 00:09:33,160 --> 00:09:35,840 Speaker 2: disagree with in that. So we're going to hear about 179 00:09:35,880 --> 00:09:39,440 Speaker 2: the NATS staush in the next few weeks. 180 00:09:39,960 --> 00:09:43,360 Speaker 1: Nothing is going right for the coalition at the moment. 181 00:09:43,760 --> 00:09:46,480 Speaker 1: You just need to look at today's news poll showing 182 00:09:47,000 --> 00:09:51,679 Speaker 1: that support has crashed to twenty four percent, a record low, 183 00:09:52,080 --> 00:09:55,720 Speaker 1: while Susan Lee's approval rating is now minus thirty three 184 00:09:56,120 --> 00:09:57,800 Speaker 1: to say that's hard to recover from. 185 00:09:57,679 --> 00:10:00,800 Speaker 2: Right, our newspole on the Australian Show One Nation is 186 00:10:00,800 --> 00:10:04,200 Speaker 2: the biggest winner, with support for the once renegade party 187 00:10:04,240 --> 00:10:07,320 Speaker 2: at fifteen percent on a two party preferred basis, Labor 188 00:10:07,360 --> 00:10:10,880 Speaker 2: holds a commanding fifty seven to forty three percent margin. 189 00:10:11,000 --> 00:10:14,880 Speaker 2: That is massive. Prime Minister Anthony Albanezi is back in 190 00:10:14,920 --> 00:10:17,800 Speaker 2: cambrid this week for the second last week of Parliament 191 00:10:18,040 --> 00:10:21,079 Speaker 2: for the year out. Labor will be pushing its environmental legislation, 192 00:10:21,480 --> 00:10:23,599 Speaker 2: it's social media band front of sixteen year olds and 193 00:10:23,679 --> 00:10:28,319 Speaker 2: bulk billing changes. Susan me, She'll mostly be fighting for 194 00:10:28,360 --> 00:10:31,600 Speaker 2: her political life, I dare say, though there doesn't seem 195 00:10:31,600 --> 00:10:33,680 Speaker 2: to be many takers wishing to dump her for the 196 00:10:33,720 --> 00:10:36,000 Speaker 2: leadership role right now. Must add that. 197 00:10:37,320 --> 00:10:40,559 Speaker 1: Now explain this next one, Sean. This is fascinating. It's 198 00:10:40,640 --> 00:10:43,440 Speaker 1: quite a barney going on at Webjet right now, with 199 00:10:43,520 --> 00:10:47,240 Speaker 1: the former chief legal counsel accusing the online travel agencies 200 00:10:47,440 --> 00:10:52,320 Speaker 1: chief exec Katrina Barry of faking parts of her resume. 201 00:10:52,920 --> 00:10:56,280 Speaker 1: She's suing the company for allegedly dismissing her after she 202 00:10:56,400 --> 00:10:58,000 Speaker 1: raised her concerns. 203 00:10:58,040 --> 00:11:01,440 Speaker 2: In filing with the Federal Courtigan Simpson alleged she was 204 00:11:01,480 --> 00:11:04,800 Speaker 2: bullied and excluded from work after raising what she described 205 00:11:04,840 --> 00:11:09,200 Speaker 2: as irregularities in Barry's CV with Webjet chairman Don Clarke. 206 00:11:09,280 --> 00:11:11,800 Speaker 2: Back in March, according to a report in The finn Review, 207 00:11:12,360 --> 00:11:15,760 Speaker 2: Simpson claimed Barry's resume said she'd been a director of 208 00:11:15,760 --> 00:11:20,640 Speaker 2: Westpac Securities, a brokerage owned by Westpac, and Virgin Active Australia, 209 00:11:20,720 --> 00:11:23,559 Speaker 2: a gym business, even though she allegedly had never held 210 00:11:23,720 --> 00:11:28,560 Speaker 2: directorships of those companies. Simpson alleges Barrie's regime said she 211 00:11:28,600 --> 00:11:31,280 Speaker 2: had twenty five years of executive level experience when she 212 00:11:31,320 --> 00:11:33,800 Speaker 2: had in fact not been in the workforce for twenty 213 00:11:33,840 --> 00:11:38,040 Speaker 2: five years. Despite raising these issues with Clark, Simpson allegers 214 00:11:38,080 --> 00:11:40,400 Speaker 2: nothing was done. In April, she spoke to Clark, who 215 00:11:40,440 --> 00:11:43,400 Speaker 2: allegedly told her that she was not aligned with Barry, 216 00:11:43,400 --> 00:11:47,240 Speaker 2: the chief executive, and she'd be exited from the business now. 217 00:11:47,280 --> 00:11:50,840 Speaker 2: She left. In June, a Webjet spokesman denied Simpson's claims 218 00:11:50,840 --> 00:11:54,080 Speaker 2: said the company would defend Barry in court. Webjet says 219 00:11:54,120 --> 00:11:59,960 Speaker 2: it sacked its former general counsel for unspecified performance reasons. Wow, 220 00:12:00,040 --> 00:12:01,360 Speaker 2: there's a lot of smoke in that one. 221 00:12:01,480 --> 00:12:04,520 Speaker 1: Oh yeah, wonder to watch for sure. Plenty of corporate 222 00:12:04,520 --> 00:12:08,000 Speaker 1: news just very quickly. On Friday, Sean A and Zed 223 00:12:08,120 --> 00:12:10,360 Speaker 1: said its bottom line will be hit by one point 224 00:12:10,400 --> 00:12:12,400 Speaker 1: one billion dollars on the back of cutting more than 225 00:12:12,440 --> 00:12:16,280 Speaker 1: three thousand staff and penalties imposed by the corporate regulator. 226 00:12:16,520 --> 00:12:18,640 Speaker 2: Ayane Zed reports it's full year earnings in a week's 227 00:12:18,679 --> 00:12:21,560 Speaker 2: time next Monday. Recently said it will cut three thousand 228 00:12:21,600 --> 00:12:25,040 Speaker 2: stuff that comes with a stack of redundancy costs. Also, 229 00:12:25,080 --> 00:12:27,000 Speaker 2: there's a total charge of two hundred and forty million 230 00:12:27,040 --> 00:12:30,640 Speaker 2: dollars to settle with as over a misconduct charge involved 231 00:12:30,720 --> 00:12:34,160 Speaker 2: in the government got bond sale back in twenty twenty three. 232 00:12:34,480 --> 00:12:37,200 Speaker 2: They're also charges related to a zi's cash back failure 233 00:12:37,240 --> 00:12:40,480 Speaker 2: cash rewards, it's shifting of sun Corp customers onto ain 234 00:12:40,600 --> 00:12:43,880 Speaker 2: Z's banking platform, and a charge relating to its investment 235 00:12:44,160 --> 00:12:47,840 Speaker 2: in Indonesia's PANN Bank. It is new chief executive Nuno 236 00:12:47,920 --> 00:12:51,400 Speaker 2: Mattos's first result as CEO. I would say he's just 237 00:12:51,480 --> 00:12:54,280 Speaker 2: cleaning out the cupboards here. There's a lot of charges 238 00:12:54,280 --> 00:12:57,840 Speaker 2: going on. That is a lot Sean. 239 00:12:57,880 --> 00:13:02,359 Speaker 1: We need to talk about hotels because two Australian hotels 240 00:13:02,360 --> 00:13:06,520 Speaker 1: have made it into the world's fifty best hotels as 241 00:13:06,640 --> 00:13:10,400 Speaker 1: judged by well traveled experts in the hotel and travel industry. 242 00:13:10,440 --> 00:13:14,319 Speaker 2: I wasn't a judge were you sure? No, No. Capella 243 00:13:14,559 --> 00:13:18,360 Speaker 2: Sydney operated by high end Sydney, Singapore based Copella Hotels 244 00:13:18,360 --> 00:13:22,240 Speaker 2: and Resorts Group. It was named best hotel and Oceania 245 00:13:22,600 --> 00:13:26,120 Speaker 2: twelfth best in the world. Now I was checking their website. 246 00:13:27,280 --> 00:13:30,960 Speaker 2: The cheap nights. We're talking about a Monday thousand dollars 247 00:13:31,000 --> 00:13:35,400 Speaker 2: a night, more likely to be two thousand, hen towards 248 00:13:35,400 --> 00:13:37,040 Speaker 2: three thousand, depending on when you want to go. 249 00:13:37,720 --> 00:13:40,280 Speaker 1: Okay, all right, so you're paying for it's a better sound, 250 00:13:40,280 --> 00:13:42,480 Speaker 1: it's nice. It's quite a small hotel by the looks 251 00:13:42,480 --> 00:13:44,920 Speaker 1: of it. I was a poke around as well because 252 00:13:44,960 --> 00:13:47,520 Speaker 1: I haven't stayed there, hadn't never heard of it. 253 00:13:47,840 --> 00:13:51,959 Speaker 2: Nah, I'm ashamed to say I haven't either. I suppose 254 00:13:52,080 --> 00:13:53,800 Speaker 2: we live in the city of Sydney, so we don't 255 00:13:53,800 --> 00:13:57,959 Speaker 2: look at the hotels, whereas Brisbane's the Klisle. They came 256 00:13:57,960 --> 00:13:59,840 Speaker 2: in at number thirty four. Surely you would have stated 257 00:13:59,840 --> 00:14:01,440 Speaker 2: that when you've been up in Brisbane. 258 00:14:01,559 --> 00:14:05,640 Speaker 1: No, thanks, Sean, No, no, I have you? 259 00:14:05,640 --> 00:14:08,520 Speaker 2: Can I put you on it turns out no? No, okay, 260 00:14:08,559 --> 00:14:10,800 Speaker 2: I got me on the Gold Coast, you know, that's 261 00:14:10,800 --> 00:14:14,840 Speaker 2: where I stay. Chinese Hotel Rosewood, Hong Kong finally took 262 00:14:14,880 --> 00:14:17,200 Speaker 2: out the number one spot. It's been the top three 263 00:14:17,240 --> 00:14:20,840 Speaker 2: since the awards inceptions. Inception in twenty twenty three got 264 00:14:20,880 --> 00:14:24,120 Speaker 2: to number one now. These awards are compiled by what's 265 00:14:24,120 --> 00:14:27,600 Speaker 2: known as the Best Group number two and three, with 266 00:14:27,760 --> 00:14:31,480 Speaker 2: both hotels in Bangkok, Thailand. The World's fifty Best Hotel 267 00:14:31,560 --> 00:14:33,800 Speaker 2: rankings are based on the votes of five hundred and 268 00:14:33,880 --> 00:14:38,080 Speaker 2: eighty judges spanning nine geographical regions. They smit seven votes 269 00:14:38,120 --> 00:14:40,640 Speaker 2: in order of preference based on stage over a two 270 00:14:40,680 --> 00:14:42,680 Speaker 2: year period. That's where they come up with the numbers. 271 00:14:42,680 --> 00:14:46,160 Speaker 2: But good on Capella Sydney, number twelve in the world. 272 00:14:46,480 --> 00:14:49,160 Speaker 1: I'm just working my way down the list, Sean. I'm 273 00:14:49,200 --> 00:14:52,680 Speaker 1: currently up to number forty two. Haven't stayed at any 274 00:14:52,760 --> 00:14:54,000 Speaker 1: of any of them. 275 00:14:54,000 --> 00:14:57,000 Speaker 2: You haven't heard of most of them, all right? See? 276 00:14:57,360 --> 00:14:58,600 Speaker 2: Is there a backfield in there? 277 00:14:59,760 --> 00:15:00,480 Speaker 1: No, it's not. 278 00:15:01,600 --> 00:15:04,320 Speaker 2: I don't think. I don't believe this Best Group. I 279 00:15:04,560 --> 00:15:06,720 Speaker 2: actually don't know that they know what they're talking about. 280 00:15:06,960 --> 00:15:08,880 Speaker 1: No, no, they didn't ask us for sure. 281 00:15:09,320 --> 00:15:09,640 Speaker 2: Okay. 282 00:15:09,760 --> 00:15:13,920 Speaker 1: Turning to international news now and legendary investor Warren Buffett 283 00:15:14,080 --> 00:15:17,120 Speaker 1: is weeks away from stepping down as chief executive at 284 00:15:17,120 --> 00:15:22,080 Speaker 1: Berkshire Hathaway. Here's leaving his successor a cash pile of 285 00:15:22,160 --> 00:15:26,600 Speaker 1: a record three hundred and eighty two billion US dollars. 286 00:15:27,120 --> 00:15:32,160 Speaker 2: Fair enough, why not? At Burkshere's September quarter results, it 287 00:15:32,240 --> 00:15:35,960 Speaker 2: emerged the group is actually selling more equities than buying 288 00:15:36,040 --> 00:15:37,920 Speaker 2: at the moment. So if you're following the money, something 289 00:15:37,960 --> 00:15:40,760 Speaker 2: to keep in mind. Over the past three years, Burkshire 290 00:15:40,760 --> 00:15:43,040 Speaker 2: has sold one hundred and eighty four billion US dollars 291 00:15:43,080 --> 00:15:46,360 Speaker 2: worth of stock. That doesn't mean it's not sitting well. 292 00:15:46,680 --> 00:15:48,360 Speaker 2: I suppose that's where they've gotten part of the money 293 00:15:48,360 --> 00:15:51,120 Speaker 2: from the three hundred and eighty two billion US dollars 294 00:15:51,120 --> 00:15:55,520 Speaker 2: in cash. Some of Burkshey's biggest investments are in insurance, manufacturing, utilities, 295 00:15:55,560 --> 00:15:58,640 Speaker 2: and railways. In January, Buffet will step down be replaced 296 00:15:58,640 --> 00:16:01,680 Speaker 2: by a guy called greg Abel, Canadian sixty two year old. 297 00:16:01,920 --> 00:16:05,040 Speaker 2: He's been running b Burkshere non insurance business. Do you reckon? 298 00:16:05,040 --> 00:16:08,040 Speaker 2: There'll be much pressure on greg Able. Now you're taking 299 00:16:08,080 --> 00:16:11,320 Speaker 2: over from the world's greatest investor, probably one of the 300 00:16:11,360 --> 00:16:13,000 Speaker 2: two or three Grace investors of all time. 301 00:16:13,280 --> 00:16:17,200 Speaker 1: Good luck, especially when he leaves that much cash. Warren 302 00:16:17,200 --> 00:16:20,000 Speaker 1: Buffer will just be like I left everything for you. 303 00:16:21,720 --> 00:16:23,600 Speaker 1: I made it as easy as I could. 304 00:16:23,880 --> 00:16:25,440 Speaker 2: Don't stuff it up? Okay. 305 00:16:25,600 --> 00:16:27,920 Speaker 1: Up next is the Fear and Greed Q and a 306 00:16:27,960 --> 00:16:29,840 Speaker 1: Fear and Greed The Week Ahead on a Monday with 307 00:16:29,920 --> 00:16:32,880 Speaker 1: Dana Messina from AMP. A lot of focus this week, 308 00:16:32,880 --> 00:16:35,840 Speaker 1: obviously on the Reserve Bank Board meeting today and tomorrow 309 00:16:35,880 --> 00:16:38,080 Speaker 1: and why AMP still thinks there will be a rate 310 00:16:38,160 --> 00:16:40,840 Speaker 1: cut one more in this in this cycle. Not tomorrow, 311 00:16:40,920 --> 00:16:43,560 Speaker 1: of course, but within this cycle they do expect one more. 312 00:16:43,920 --> 00:16:45,520 Speaker 1: It's coming up in the Fear and Greed playlist on 313 00:16:45,560 --> 00:16:48,080 Speaker 1: your podcast platform or at Fearangreed dot com todayu which 314 00:16:48,080 --> 00:16:49,840 Speaker 1: is where you sign up for our newsletter, our free 315 00:16:49,880 --> 00:16:53,400 Speaker 1: daily newsletter. Thank you Sean, Thank you Michael. It is Monday, 316 00:16:53,440 --> 00:16:55,800 Speaker 1: the third of November twenty twenty five. Make sure you're 317 00:16:55,800 --> 00:16:58,480 Speaker 1: following the podcast and join us online on LinkedIn, Instagram, 318 00:16:58,640 --> 00:16:59,800 Speaker 1: x TikTok and Facebook. 319 00:17:00,000 --> 00:17:00,680 Speaker 2: A maufl Thompson. 320 00:17:00,800 --> 00:17:01,600 Speaker 1: That was Fear and Great. 321 00:17:01,840 --> 00:17:07,120 Speaker 2: Have a great day.