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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Meyer's share price tumbles twenty five percent as the once

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Speaker 1: leading retailer's profit takes a dive. Prime Minister Anthony Albanezi's

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Speaker 1: speech supporting Palestinian statehood triggers an internal split, and US

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Speaker 1: comedian Jimmy Kimmel is back on air. Plus, Climate Change

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Speaker 1: Minister Chris Bowen says climate denialism is alive and well.

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Speaker 1: And Nvidia's ingenious business model buy into a company and

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Speaker 1: then sell them billions of dollars worth of microchips. It

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Speaker 1: is Wednesday, the twenty fourth of September twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning Michael. Something for everyone this morning.

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Speaker 1: Yeah, big show today. The main story this morning. Sean

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Speaker 1: Meyer's share price tumbled twenty five percent yesterday after the

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Speaker 1: department store announced a thirty percent drop in profit, demonstrating

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Speaker 1: that really, not all discretionary retailers are benefiting from the

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Speaker 1: economic pickup.

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Speaker 2: The biggest drag on my profit was apparel Brands, a

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Speaker 2: port folow of retailers including just Jen's, Portman's, Dottie JJ's,

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Speaker 2: and Jackie that the group acquired from Solomon Loo's premier

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Speaker 2: brands early in the year. Now, the bottom line profit

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Speaker 2: of under thirty seven million dollars for the twelve months

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Speaker 2: to the end of July was way below market expectations.

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Speaker 2: Maya axed its dividend. Chief executive Olivia Worth, who until

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Speaker 2: last year was running Quantus's frequent flyer program, said it's

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Speaker 2: been a year of transition and the companies on the

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Speaker 2: way to becoming a successful operator of multiple brands. Maybe,

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Speaker 2: but investors are wondering whether the legacy department store can

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Speaker 2: keep up with more nimble, specialist bricks and mortar retailers

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Speaker 2: and online competitors. Worth said the growth of the new

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Speaker 2: brands would take time, and that their integration into the

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Speaker 2: Maya One loyalty program would give the company a better

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Speaker 2: pulse on what customers want and help to attract new customers. Now,

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Speaker 2: so far, those brands really have struggled. Apparel brand sales

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Speaker 2: for zero point seven percent. That's during the six months

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Speaker 2: that Maya has owned them. The group's also having all

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Speaker 2: sorts of problems with its national distribution center. The good news,

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Speaker 2: I suppose, is that trading for the first six weeks

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Speaker 2: of the new financial year is actually above expectations. The

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Speaker 2: probably most disturbing thing about yesterday's report miset. It's also

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Speaker 2: been hit with a jump in theft and violent behavior,

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Speaker 2: and the company has had to add security to its stores.

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Speaker 2: Incidents of threatening behavior rose seventy nine percent last financial year,

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Speaker 2: well antisocial behavior, which includes aggressive behavior physical abuse, increased

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Speaker 2: by eleven percent. It's part of a wave of increased

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Speaker 2: theft in the retail sector. Bureau of Stats figures recently

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Speaker 2: released showed theft hit a twenty one year high last year,

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Speaker 2: with Victoria hardest hit.

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Speaker 1: Just going back slightly to what she said there with

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Speaker 1: Olivia Worth talking about the integration of those new brands

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Speaker 1: into the Maya one loyalty program and what the company

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Speaker 1: is going to be able to learn from that in

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Speaker 1: terms of being able to sell more directly to customers.

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Speaker 1: It's kind of one of those things that you almost

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Speaker 1: you want that to be allowed to play out, because

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Speaker 1: Olivia Worth headed up Quantus's frequent flyer program for so long.

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Speaker 1: She knows these reward programs so well, and that if

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Speaker 1: anyone's going to be able to use that data effectively,

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Speaker 1: it's going to be her.

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Speaker 2: Right, yes, but she's a long way behind she starts.

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Speaker 2: You know, she's the back marker. Well and truly you

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Speaker 2: think of Template and Webster. Its share prices up about

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Speaker 2: one hundred percent over the last year because that online

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Speaker 2: retailer has done a great job getting its supply chain

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Speaker 2: sorted and working and using the data it's getting from customers.

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Speaker 2: So I totally think Livia Worth is a sort of

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Speaker 2: a quality executive. She did a great job at Frequent Fliers,

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Speaker 2: but wow, she's starting with a legacy department store and

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Speaker 2: that's hard.

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Speaker 1: Yeah, certainly is. Now we know obviously that the economy

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Speaker 1: is improving, maya not doing so well. What real retail

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Speaker 1: stocks are actually going well? Well?

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Speaker 2: Actually, whoops, there is a standout, as I mentioned just then.

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Speaker 2: The other real standout is Eagers Automotive, which is the

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Speaker 2: car dealership. It's up nearly one hundred and seventy percent

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Speaker 2: over the past year. If you look bigger, we's Farmers

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Speaker 2: that's doing really well, and much of that is on

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Speaker 2: the back of sales at Bunnings. Now, that company's worth

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Speaker 2: more than one hundred billion dollars nowadays, a top five

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Speaker 2: company on the ax JB, Hyphi and Harvey Norman. They're

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Speaker 2: both up more than fifty percent over the past year.

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Speaker 2: Compare that to Meyer, it's down fifty percent over the

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Speaker 2: past year. It was trading about a buck twenty or

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Speaker 2: even above that in December. It's now about forty eight cents.

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Speaker 2: So really it's got a long way to make up.

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Speaker 1: Meyer, Yeah, certainly does okay. Moving away from retail now

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Speaker 1: sean to politics. The fallout from Australia's decision to recognize

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Speaker 1: Palestinian statehood, including a snub for Prime Minister Anthony Abernezi

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Speaker 1: from Donald Trump, has sparked a bit of dispute between

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Speaker 1: the Coalition and the ALP on foreign policy, which is

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Speaker 1: an area really where there is usually bipartisan support. Traditionally,

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Speaker 1: both parties work pretty well together when it comes to

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Speaker 1: foreign policy.

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Speaker 2: Generally they do Opposition Leader Susan Lee, though she's so

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Speaker 2: gided with Israel and ate two twenty five Republican members

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Speaker 2: of Congress, voicing her opposition to the move, saying a

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Speaker 2: coalition government would rescind the decision. Even on this issue,

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Speaker 2: which is probably more partisan than many other foreign policy issues,

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Speaker 2: that is relatively extreme what she's done. She also spoke

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Speaker 2: to the Israeli foreign minister to pledge solidarity with the

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Speaker 2: Jewish state, leading Foreign Minister Pennywong to accuse her of

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Speaker 2: running a rogue foreign policy. Earlier in the day, the

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Speaker 2: Trump White House had criticized Australia and its allies for

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Speaker 2: moving ahead with recognition of a Palestinian state, and also

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Speaker 2: confirmed that the US President has no plans to meet

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Speaker 2: Alberizi this week. Now, Albanzi might get a handshake and

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Speaker 2: a quick chat with trumpet a function for more than

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Speaker 2: one hundred world leaders this morning, but that'll be the

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Speaker 2: best of it. In his speech to the UN on

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Speaker 2: the issue, Albanez he said Israelis were already headed towards

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Speaker 2: annexation with the expansion of illegal settlements, the displacement of

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Speaker 2: Palestinians and increased settler violence. He said such conduct puts

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Speaker 2: a two state solution beyond reach. Any recognition means people

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Speaker 2: can have a place they can call home, as was

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Speaker 2: once longed for by persecuted Jewish people.

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Speaker 1: So there might be a quick chat then between the

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Speaker 1: PM and the President. But that's so. This is the

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Speaker 1: second snub, now, isn't it? After the one on the

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Speaker 1: sidelines of the G seven when Trump had to fly home,

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Speaker 1: and so the big planned meeting, or the much talked

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Speaker 1: about potential meeting never happened, and now another one that

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Speaker 1: we thought might have been going to happen has not happened.

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Speaker 1: Do you start to take it personally if you're the PM.

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Speaker 2: I mean, what the government said yesterday was that there

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Speaker 2: are plenty of other opportunities later in the year for

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Speaker 2: the two to meet. I don't like the word snub.

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Speaker 2: I have a real thing against it, because I mean

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Speaker 2: Trump went home early previously at the G seven, at

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Speaker 2: the Yun, I mean, did he snub him? Maybe he

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Speaker 2: snubbed him, But like stub sort of suggests that Donald

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Speaker 2: Trump is being very proactive in not many Albanize I

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Speaker 2: think Donald Trump's just running his own race.

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Speaker 1: Now.

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Speaker 2: I'm not standing up for Albanize in you know, they

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Speaker 2: should have met by now, so no argument's there. It's

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Speaker 2: still like the word snub.

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Speaker 1: Michael, Okay, all right, Well, let's remove it from the

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Speaker 1: fear and greed vocabulary for the next twenty four hours,

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Speaker 1: though guarantees it won't be backing by the end of

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Speaker 1: the week. Though it's Wednesday, Sean, which means it is

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Speaker 1: time for Business by Numbers. The top three numbers to

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Speaker 1: know for the week, brought to you by Zero check

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Speaker 1: out zero at zero dot com, slash au. Give us

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Speaker 1: the first number, Sean.

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Speaker 2: Twenty five percent. That's how much my share price felle

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Speaker 2: after a disastrous full year profit.

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Speaker 1: Okay, what's number two?

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Speaker 2: Two trillion US dollars.

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Speaker 1: What's that one?

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Speaker 2: It's the amount of money being spent on renewable energy globally.

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Speaker 2: Chris Bowen mentioned it. We'll talk about that in a moment.

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Speaker 1: Oh wow. And the last one is it the gold price? Sean?

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Speaker 2: It is three thousand, seven hundred and forty nine dollars

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Speaker 2: and twenty seven cents all in US dollars per ounce

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Speaker 2: the peak price of gold reached yesday.

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Speaker 1: That is staggering. This thing just keeps on going, doesn't it.

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Speaker 2: Yeah, sure does, all right.

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Speaker 1: Anyway, they are the top three numbers to know for

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Speaker 1: the week. That is Business by Numbers, brought to you

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Speaker 1: by Zero. A quick Breaksean. We'll be back in a

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

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Speaker 1: Climate Change and Energy Minister Chris Bowen says climate denialism

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Speaker 1: is still alive in the world, but has taken on

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Speaker 1: different forms.

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Speaker 2: Speaking of the New York Climate Week event on the

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Speaker 2: sidelines of the UN General Assembly, Bowen said one new

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Speaker 2: form of climate denialism is all too hardism, which basically

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Speaker 2: asks why should we do this when the rest of

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Speaker 2: the world isn't moving. Bowen said that deniers and delayers

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Speaker 2: are trying to argue that the world is not proceeding

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Speaker 2: with action on climate change. He said it isn't true.

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Speaker 2: Two trillion dollars of investment going into renewable energy, that's

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Speaker 2: twice the amount going into fossil fuels. At the moment.

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Speaker 2: The world's undertaking the transition at a very rapid pace,

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Speaker 2: according to Bowen, He said renewables will overtake coal as

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Speaker 2: the largest source of energy globally sometime this calendar year.

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Speaker 2: He said that the growth of solar and batteries are

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Speaker 2: transforming Australians into prosumers p r O, s u M eers,

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Speaker 2: pro humors, producers and consumers of electricity at the same time.

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Speaker 2: Quite like that.

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Speaker 1: Okay, hang on, you can't hate, snub and love prosumers.

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Speaker 1: You can't pick and choose which words we're going to adopt.

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Speaker 2: Hearshean, I'm going to snub that particular comment and run

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Speaker 2: with prosumers go on.

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Speaker 1: It has been snubbed. Now. The comments from Chris Bowen

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Speaker 1: come after the Climate Change Authority last week warned of

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Speaker 1: dire consequences and they were extremely dire consequences that we

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Speaker 1: outlined last week. That's if global warming continues. One sector

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Speaker 1: who thinks those warnings are perhaps a little extreme and

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Speaker 1: the government's new emissions targets goals are too aggressive. It's

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Speaker 1: the auto traders.

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Speaker 2: Probably not a surprise, but they have a point. Federal

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Speaker 2: Chamber of Automotive Industry's chief executive, Tainey Webers said demand

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Speaker 2: is not there for Australians to buy evs at the

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Speaker 2: rate required for the Albanezi government to meet his twenty

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Speaker 2: thirty five emissions reduction target. Now the Authority has assumed

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Speaker 2: fifty percent of car sales will be electric by twenty

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Speaker 2: thirty five, Weber says the problem is that consumers still

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Speaker 2: preferred internal combustion engines, so we're not going to get

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Speaker 2: to that fifty percent level. You and I have recently

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Speaker 2: driven in ev and it was one of the great

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Speaker 2: experiences driving experiences I've had. However, range anxiety is a

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Speaker 2: real thing and I think until that's settled, it is

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Speaker 2: going to be hard to get people picking up EV's.

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Speaker 2: I think once you drive an EV you love it.

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Speaker 2: You've just got to overcome that range anxiety. Now.

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Speaker 1: Queensland Premiere Sean David chris A fully says Glencore should

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Speaker 1: change its business model to ensure the survival of its

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Speaker 1: Mount Isa copper smelter. These state and federal government are

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Speaker 1: continuing to negotiate over a bail outpack for the struggling facility.

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Speaker 1: This has been going on for a little while.

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Speaker 2: It has chris The fully says the state will do

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Speaker 2: everything it can to get a deal done, but companies

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Speaker 2: should not expect to transfer their liabilities onto the state government.

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Speaker 2: According to report in the fin Review, a bipartisan taxpayer

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Speaker 2: bailout of the Mount ISAA copper smelter has been formally

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Speaker 2: put to glen Core Swiss Company, after the Federal Labor

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Speaker 2: Government and Queensland's Coalition government united behind a joint offer

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Speaker 2: for the loss making asset. Chris of fully said the

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Speaker 2: viability of the Mount Isa smelter will have ramifications throughout

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Speaker 2: north and northwest Queensland.

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Speaker 1: All right, just a quick check of local markets yesterday

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Speaker 1: what happened, Sean.

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Speaker 2: This PASX two hundred was up a bit finished eight thousand,

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Speaker 2: eight hundred and forty six points. Financial said, the way

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Speaker 2: the banks were all the big four banks were up

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Speaker 2: close to one percent. Big miners will hire. Probably the

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Speaker 2: day was all about gold. We mentioned that the price

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Speaker 2: of gold earlier and zero by numbers, it's a record high.

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Speaker 2: So the gold stocks flew on the back of that.

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Speaker 2: A couple of interesting little tit bits. Teelix Pharmaceuticals re

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Speaker 2: after it said that the United States Centers for Medicare

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Speaker 2: and Medicaid Services had granted transitional pass through payment status

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Speaker 2: for its prostate cancer imaging product. Good news for it.

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Speaker 2: And Dean Mince the somewhat mysterious founder chief executive of Setire,

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Speaker 2: the online luxury fashion retailer. He sort of stays out

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Speaker 2: of the lime light while he's increased his stake in

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Speaker 2: that company from just under thirty three percent to almost

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Speaker 2: thirty six percent. That sent its share price up twelve

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Speaker 2: percent on Wall Street.

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Speaker 1: Sean, and Vidia isn't just worth a lot of money,

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Speaker 1: It's boss, Jensen Huang, has become a bit of a

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Speaker 1: king maker.

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Speaker 2: Absolutely. Yesterday, Huang announced Nvidia had agreed to invest one

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Speaker 2: hundred billion US dollars to Open AI to help it

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Speaker 2: build and deploy at least ten gigawatts of Nvidia systems

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Speaker 2: to create the next generation of AI models. That's after

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Speaker 2: last week announcing Nvidia would invest five billion US into

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Speaker 2: arch rival Intel as part of the a deal where

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Speaker 2: the two companies will sell products to each other. Now

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Speaker 2: Intel's share price jump twenty three percent on that day.

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Speaker 2: In both cases, o Nvidia is basically investing in a

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Speaker 2: company and then those companies will spend mega dollars buying

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Speaker 2: Nvidia products. Starting to sound just a little bit circular

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Speaker 2: to me. The thing is market loves at an Nvidia

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Speaker 2: share price jump three point five percent, that's one hundred

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Speaker 2: and forty five billion US dollars, taking its market value

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Speaker 2: to four point five trillion dollars. So the memmoth circular

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Speaker 2: deals have already added more to Nvidia's market cap than

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Speaker 2: the end dollar value of the actual deals. Somehow, it

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Speaker 2: just it's like one plus one equals three and that

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Speaker 2: never is actually true.

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Speaker 1: Yeah, yes, this is going to be one to watch.

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Speaker 1: It feels like we've kind of just merged seamlessly into

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Speaker 1: international news already Sean. But how about this one. Polish

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Speaker 1: Prime Minister Donald Tusk says his country is prepared to

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Speaker 1: shoot down foreign aircraft that cross into its territory without

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Speaker 1: authorization after a series of Russian incursions into NATO airspace.

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Speaker 2: Poland's among North Atlantic Treaty Organization member states that have

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Speaker 2: responded to incursions of Russian aircraft this month, including three

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Speaker 2: mid thirty one jets that crossed into Estonian airspace over

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Speaker 2: the Gulf of Finland late last week. Poland, which moved

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Speaker 2: to shoot down drones that crossed into its territory earlier

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Speaker 2: this month, and Estonia both invoked Article four of NATO's treaty,

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Speaker 2: which triggers consultations and can open a path to coordinated

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Speaker 2: action among allies, according to Boomboo.

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Speaker 1: Now I mentioned this next one in the afternoon report yesterday,

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Speaker 1: but it is worth mentioning again just giving it significance.

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Speaker 1: US President Donald Trump says doctors in the United States

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Speaker 1: will soon be advised not to prescribe the pain believer

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Speaker 1: THAILANDOL to pregnant women, citing a disputed link between the

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Speaker 1: drug and autism.

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Speaker 2: So Trump claimed that the main ingredient in Thailand OL

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Speaker 2: the paracetamol is no good is how he put it,

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Speaker 2: and that pregnant women should only take it in cases

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Speaker 2: of extreme fever. Now, some studies have shared a link

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Speaker 2: between pregnant women taking Tolanol and autism, but these findings

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Speaker 2: are inconceiit and inconclusive. Thailand oil maker Kenvu said the

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Speaker 2: medicine's active ingredient is the safest pain reliever option for

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Speaker 2: pregnant women, and without it, women face a dangerous choice

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Speaker 2: between suffering through conditions like fever or using riskier alternatives. Now,

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Speaker 2: after Trump's comments yesterday, the Therapeutic Goods Association in Australia

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Speaker 2: released the statement saying paracetamol remains a pregnancy Category A drug,

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Speaker 2: meaning it is considered safe to use in pregnancy.

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Speaker 1: It just it feels quite extraordinary this one. The fact

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Speaker 1: is that, yes, there have been some studies that show

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Speaker 1: a link between taking thailand Ol and autism. There's been

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Speaker 1: some studies that have shown a link between taking thailand

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Speaker 1: Ol and not getting autism or developing autism, and then

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Speaker 1: there have been some studies that show no connection whatsoever.

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Speaker 1: There are studies all over the place, and there is

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Speaker 1: a lack of a very clear causal link between them,

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Speaker 1: and this is why I think a lot of doctors

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Speaker 1: are quite alarmed over the President making their statement yesterday

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Speaker 1: with the RFK there at his shoulder too. Speaking of

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Speaker 1: the US and a US politics, comedian Jimmy Kimmel is

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Speaker 1: returning to his late night talk show after who was

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Speaker 1: suspended for making jokes relating to the death of conservative

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Speaker 1: influencer Charlie Kirk.

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Speaker 2: Disney, which owns the US broadcast network that is Jimmy

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Speaker 2: Kimmel Live, said it suspended the show because it felt

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Speaker 2: some of the comments were ill timed and thus insensitive.

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Speaker 2: The comics abrupt suspension came after threats by the federal

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Speaker 2: TV regulated to revokes ABC's broadcast license, sparking nationwide debate

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Speaker 2: over free speech. According to the BBC, US President Donald

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Speaker 2: Trump had welcomed Kimmel's suspension and suggested that some TV

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Speaker 2: networks should have their licenses taken for negative coverage of

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Speaker 2: the president. He wasn't commenting on the fact that Kimmel's

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Speaker 2: back on air.

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Speaker 1: Okay, up next to his fear and greed. Q and

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Speaker 1: A should have mentioned this ages ago, Sean, But you're

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Speaker 1: speaking today to Roger Montgomery, who is of course the

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Speaker 1: founder and chief investment officer at Montgomery Investment Management, and

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Speaker 1: he's talking all about Meyer and retailers.

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Speaker 2: Yes, it's a great chats. Roger. We go into depth

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Speaker 2: about what, you know, the problems Mayer is having, and

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Speaker 2: then look at some of the other stocks like Jbhi Fi, Harvey,

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Speaker 2: Norman and kind of he assesses why they're doing well

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Speaker 2: and Myer's not.

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Speaker 1: Yeah, Roger's terrific. It's coming up next in the Fear

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

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Speaker 1: dot com todayu which is where you sign up for

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Speaker 1: our free daily newsletter. Thank you Sean, Thank you Michael.

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Speaker 1: It is Wednesday, the twenty fourth of September twenty twenty five.

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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. O'm Michael

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