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Speaker 1: The corporate cop sues Woolworths and Coals, claiming they misled

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Speaker 1: customers by saying they were dropping prices when they were

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Speaker 1: actually increasing them. Plans to change the Reserve Bank Board

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Speaker 1: look dead in the water, and the price of the

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Speaker 1: cheapest ev in Australia drops below thirty one thousand dollars

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Speaker 1: for the first time. Welcome to Fear and Greed. Daily

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Speaker 1: business news for people who make their own decisions. It

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Speaker 1: is Tuesday, the twenty fourth of September twenty twenty four.

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

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: The main story this morning, the country's corporate regulator is

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Speaker 1: alleging that Woolworth's and Coals claimed they were dropping prices

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Speaker 1: on hundreds of products when they were actually increasing them,

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Speaker 1: thereby misleading customers.

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Speaker 2: In a federal court filing, the Australian Competition and Consumer

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Speaker 2: Commission alleges that Coals and Woolworth's would increase prices by

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Speaker 2: at least fifteen percent in a short space of time,

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Speaker 2: then lower them as promotions were worths as prices dropped

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Speaker 2: in Coals as down down. The Irregulartas says this was

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Speaker 2: misleading because the promotional prices were higher or the same

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Speaker 2: as he prices those products were previously sold for and

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Speaker 2: the discounts were illusory. Hbill C Chair Geni cass god

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Speaker 2: Lip said in times of cost of living pressures, it's

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Speaker 2: critical that all pricing claims and price discounts are accurate.

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Speaker 2: Prime Minister Anthony albernez He said the allegations, if proven,

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Speaker 2: are completely unacceptable and not in the Australian spirit. He

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Speaker 2: announced an exposure draft of the mandatory Food and Grocery

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Speaker 2: Code and legislative amendments, which means the supermarket groups could

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Speaker 2: face huge fines. The regulator alleges Woolies misled customers about

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Speaker 2: the cost of two hundred and sixty six products, including

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Speaker 2: Tim TAM's, Domeo sources and Calock cereals. The allegation against

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Speaker 2: Coals is over two hundred and forty five products, including

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Speaker 2: Colgate toothpaste, Codby chocolate and begacheese. Cole said it would

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Speaker 2: defend itself against the allegations and that it placed great

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Speaker 2: emphasis on the building of trust with all stakeholders, especially

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Speaker 2: our customers. Woolies said it would review the a Triple

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Speaker 2: C claims.

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Speaker 1: Now, I know these are all allegations at this stage, Sean,

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Speaker 1: but this is a terrible look, isn't it for the supermarkets?

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Speaker 1: What's actually mean for them? Could they be fined out

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Speaker 1: of this?

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Speaker 2: Yees? So the ahriable C wants the federal court to

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Speaker 2: force the companies to pay penalties, which could amount to

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Speaker 2: tens of millions of dollars. Now this case is on

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Speaker 2: top of the competition watchdogs review into how Coals and

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Speaker 2: Woolies set prices, and in the background, the Coalition and

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Speaker 2: Greens have accused the two of price gouging. More immediately

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Speaker 2: though the news sent the share prices of both supermarket

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Speaker 2: chained lower. Woollies fell three point four percent, meaning in

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Speaker 2: twenty twenty four this year it's down about ten percent.

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Speaker 2: Coles was off three point two percent, though it was

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Speaker 2: up fifteen percent this year. Coles really has had a

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Speaker 2: much better run than Woollies. The view among investment analysts

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Speaker 2: is that it has been picking up market share on Woolies.

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Speaker 2: Maybe the longer term fallout for Woolies and Coals is

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Speaker 2: the public relations disaster, which will encourage shoppers to buy

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Speaker 2: in places like Aldi costco IgA, other independents. Yesterday, the

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Speaker 2: Prime Minister said the supermarket's actions could have led to inflation.

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Speaker 2: He was asked about that. That's the sort of publicity

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Speaker 2: a company doesn't want. So at the end of the day,

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Speaker 2: the public relations disaster and let's face it, Willis and

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Speaker 2: Couls weren't having great time of it. In the weekend edition.

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Speaker 2: You talked about the story where their brand value had

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Speaker 2: declined and now the two of the most distrusted brands

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Speaker 2: in the country. This just adds to that bad news

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Speaker 2: for the big supermarket chains.

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Speaker 1: Yeah, it absolutely is. And yesterday when this news first

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Speaker 1: came through, we posted a video about it to our

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Speaker 1: social media channel, so including to TikTok Sean and it

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Speaker 1: went gangbusters on TikTok yesterday. There were and hundreds of

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Speaker 1: comments from people. There is a lot of anger out

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Speaker 1: there towards the supermarket giants. There is just this general feeling.

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Speaker 1: You read through it and you just go people really

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Speaker 1: feel like they are being ripped off.

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Speaker 2: Yeah. There was an example given by the a Trible

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Speaker 2: c yesterday for a product from coals. They said it

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Speaker 2: was five dollars fifty for a long time, many many weeks.

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Speaker 2: They upped it to seven dollars, and I think I'm

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Speaker 2: right in saying sixty days later. I think it was

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Speaker 2: sixty days. I might have that totally wrong. But a

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Speaker 2: short period later they decreased it to six dollars and

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Speaker 2: they said, hey, this has gone from seven dollars to

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Speaker 2: six dollars. Down, down, And actually the fact that it

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Speaker 2: had gone from five to fifty to seven to six,

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Speaker 2: and that's the sort of thing that the A Trible

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Speaker 2: C is not happy about.

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Speaker 1: Yeah, I can understand that, and clearly, clearly the public

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Speaker 1: has had enough. So there's going to be an awful

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Speaker 1: lot of attention on this one as it plays out.

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Speaker 1: And of course they are at this stage still just

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Speaker 1: allegations by the A Trible C. Now, Shawn, local markets,

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Speaker 1: how do they perform?

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Speaker 2: Yesterday there's in PASX two hundred closed down to zero

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Speaker 2: point seven percent to eight thousand, one hundred and fifty

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Speaker 2: three points. It was the first negative session in eight

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Speaker 2: trading days. Consumer stocks for most and no surprises there.

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Speaker 2: Wills and Coles led them lower. Ongoing concerns about the

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Speaker 2: strength of the Chinese economies putting pressure on iron ore prices. Subsequently,

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Speaker 2: Brio Tinto and FOURTYESCU metals are under pressure. Gold miners

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Speaker 2: did pretty well yesterday. The price of the precious metal

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Speaker 2: pushed above a new high of twenty six thirty one

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Speaker 2: US dollars an ounce. The uranium miners, including Boss Energy,

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Speaker 2: Deep Yellow and Palette and Energy. They surged after news

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Speaker 2: that a major nuclear power plant in the US was reopening.

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Speaker 2: Big Banks We mixed. Webjet was the biggest laggard, falling

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Speaker 2: eleven percent. It split into two yesday, something called Webjet

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Speaker 2: Grip and something called web Travel Group.

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Speaker 1: Michael and speaking of travel, Sean Great Seguay, this was

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Speaker 1: You've got an interview coming up after the show with

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Speaker 1: Jacob kirkanis from jardin Australia, and who's talking about it's

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Speaker 1: a form of travel. Is talking about aviation.

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Speaker 2: He is. We talked to him about what's going on

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Speaker 2: in this sector, how Quantus is performing, whether the virgin

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Speaker 2: will actually list what the market is like where it's

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Speaker 2: most competitive national versus domestic. It's a fantastic chat.

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Speaker 1: Yeah, it really is. If you are like me and

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Speaker 1: quite enthusiastic about aviation, or even if you're just interested

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Speaker 1: in investing, or you're just like a really interesting conversation.

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Speaker 1: Then stick around. There is something in it for you

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Speaker 1: coming up after the show. And what's happening in international market, Sean?

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Speaker 2: Or prices that creeping higher? I mentioned gold, it's doing well.

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Speaker 2: The Aussie dollar isn't far off a high for this year.

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Speaker 2: After a surprise cut in a key Chinese interest rate yesterday,

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Speaker 2: the currency, the local currency, pushed back above sixty eight

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Speaker 2: point three US sins now. The record this year is

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Speaker 2: sixty eight point seven one US sins back on January two.

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Speaker 2: Go you good thing. I'm sure it can recapture that mark.

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Speaker 2: And bitcoin is buying just under sixty four thousand US

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Speaker 2: dollars a unit.

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Speaker 1: And a quick little reminder as well. At midday today,

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Speaker 1: the new episode of Ask Fear and Greed, the little

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Speaker 1: bonus episodes or only five minutes or so long, where

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Speaker 1: we invite listener questions and we answer them. That can

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Speaker 1: be anything on business or the economy, or any thing really,

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Speaker 1: if they've got a burning question that you want to hear.

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Speaker 1: That's not really my explanation, that's usually yours, Sean, but.

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Speaker 2: It's our explanation, our explanation.

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Speaker 1: I add my own little tidbits, not particularly valuable, but

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Speaker 1: they're tidbits. Nonetheless, if you want to hear an answer

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Speaker 1: to a question, then shoot your question through via Fearangreed

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Speaker 1: dot com dot au, head of the website, or any

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Speaker 1: of our social media platforms and we will pop it

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Speaker 1: on the list and we will get to it asap.

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Speaker 1: Speaking of asap, Sean, we will be back in a

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

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Speaker 2: Sean.

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Speaker 1: Plans to create a specialist monetary policy board at the

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Speaker 1: Reserve Bank look to be dead after the Government said

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Speaker 1: that it wouldn't work with the Greens, who said they

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Speaker 1: wanted an interest rate cut in exchange for their support.

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Speaker 2: That was never going to fly. In fact, it's a

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Speaker 2: bit of a ridiculous demand, given we're trying to make

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Speaker 2: the Central Bank more independent, and anyway, the Reserve Bank's

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Speaker 2: current external board members will continue to set rates alongside

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Speaker 2: top management. Now. This all came about because last year

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Speaker 2: an independent review found that those six independents collectively lack

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Speaker 2: the expertise to set monetary policy. The findings were based

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Speaker 2: on the fact that the independent board members had never

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Speaker 2: voted against a single recommendation of the Reserve Bank management,

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Speaker 2: at least in the previous ten years. All this, of

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Speaker 2: course comes as the Reserve Bank Board meet in Sydney

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Speaker 2: yesterday and today. Later on we'll find out what they

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Speaker 2: think on interest rates. No one reckons ll cut rates.

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Speaker 2: There's more interested in what the board says about the

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Speaker 2: potential for a rate hike. Well, it's not going to happen.

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Speaker 2: The Board is likely to keep it as a live option,

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Speaker 2: suggesting that they have a bias towards lifting rates, not

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Speaker 2: cutting rates. Anyway, we'll see it two thirty today.

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Speaker 1: Indeed we will, and we'll have all of the details

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Speaker 1: in the afternoon report this afternoon. Property Group Area has

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Speaker 1: made a third bid for UK platform Right Move, valuing

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Speaker 1: the company at almost twelve billion dollars.

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Speaker 2: In an ASX announcement yesterday, Aria said it's second offer

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Speaker 2: of about seven pounds forty nine pence have been rejected.

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Speaker 2: The new offer, which is, well, I don't know. I'll

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Speaker 2: give you the detail Michael three forty one three pounds

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Speaker 2: forty one pence in cash plus zero point zero four

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Speaker 2: to two to two new Ria shares is an increase

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Speaker 2: of about nine point two percent on the initial offer.

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Speaker 2: It's a forty one percent premium to Right Moves six

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Speaker 2: month average price, it actually works out about seven pounds

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Speaker 2: seventy pence share. Chief executive of RIA O and Wilson

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Speaker 2: said the new offer provides a combination of immediate value

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Speaker 2: certainty in cash and at the same time gives Right

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Speaker 2: Move shareholders an increasing opportunity in called digital property and

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Speaker 2: adjacencies where ARIA has plenty of expertise. Mister Wilson said

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Speaker 2: he was disappointed at the lack of engagement by Right

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Speaker 2: Moves board. ARIA share price closed down two and a

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Speaker 2: half percent yesterday.

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Speaker 1: The cheapest electric vehicles on sale in Australia now fallen

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Speaker 1: below thirty one thousand dollars for the first time, though

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Speaker 1: experts say more expensive evs aren't coming down in price.

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Speaker 2: MG lowered the price of electric vehicles in Australia again

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Speaker 2: their models, cutting the price of its entry level MG

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Speaker 2: four hatchback to thirty nine hundred and ninety at least

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Speaker 2: till the end of October. The sum is eight thousand

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Speaker 2: lower than its recommended price in August and comes despite

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Speaker 2: strong sales for the vehicle in Australia. According to Report

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Speaker 2: on AAP, the price cut makes the MG four Australia's

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Speaker 2: cheapest electric vehicle now the MG SV it's about thirty

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Speaker 2: five thousand, touch under thirty five thousand. The GWM Aora

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Speaker 2: hatchback is thirty nine hundred and ninety MG Made Australia

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Speaker 2: Chief Commercial Officer Giles Belcher said the lower price was

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Speaker 2: designed to encourage a motorists on the fence about buying

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Speaker 2: an electric vehicle to actually make the move Now. The

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Speaker 2: MG four has been one of the top selling electric

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Speaker 2: hatchbacks in Australia this year. More than or almost about

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Speaker 2: thirty four hundred units have been sold until the end

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Speaker 2: of August, according to the Federal Chamber of Automotive Industries. However,

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Speaker 2: experts said at the other end of the EV market

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Speaker 2: it's restrained, mostly because of the thirty three percent tax

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Speaker 2: on higher end cars.

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Speaker 1: Sean regulators want to license crypto operators under Corporation's law,

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Speaker 1: and the Urban Eazy government is preparing legislation to require

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Speaker 1: crypto exchanges to hold financial services licensed. These are some

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Speaker 1: big changes.

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Speaker 2: Yeah, they would set down rules for custody of digital

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Speaker 2: assets to reduce risks for investors, hopefully people who are

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Speaker 2: investing in cryptos like bitcoin theory, et cetera. The plan

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Speaker 2: had been to release an exposure draft this year. This

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Speaker 2: is the federal government's plan, but it's unclear whether the

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Speaker 2: bill will appear before the next election. According to the AFR,

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Speaker 2: the IFI yesterday held a cryptocurrency summit. At that was

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Speaker 2: Asset Commissioner Alan Kirkland. He said licensing requirements will extend

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Speaker 2: beyond digital currency exchanges to operate because asset considers most

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Speaker 2: major crypto assets are already captured by the Corporations Act.

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Speaker 2: Many crypto developers have not attained afsls based on legal advice.

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Speaker 2: They're saying the investments don't need to be captured by

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Speaker 2: the current law. The point of this story a lot

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Speaker 2: going on it. Crypto market is heading for more regulation.

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Speaker 1: Love just really summarized it in one sentence.

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Speaker 2: Oh I got it. I was going through and I

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Speaker 2: just said, oh my were there are a lot of words. Yeah,

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Speaker 2: more regulation for crypto exchanges and operators.

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Speaker 1: Makes you wonder how much faster we could do the

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Speaker 1: whole report if he did that for every story.

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Speaker 2: Sure, very true, very true.

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Speaker 1: Anyway, Melbourne is looking at its first one hundred million

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Speaker 1: dollar home sale with the grand Turak estate of the

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Speaker 1: Maya family up for sale. Wow, this is this is

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Speaker 1: significant yeah.

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Speaker 2: Kran Lana has been owned by the Maya family, founders

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Speaker 2: of the department store chain, since it was purchased by

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Speaker 2: patriarch Sydney Meyer and his second wife, Merlin in nine

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Speaker 2: teen twenty one. The Edwardian mansion is being offered for

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Speaker 2: sale by Meyer Family Investments, which is the private investment

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Speaker 2: company established by Sydney and Merlin Meyer. Current Mayer Family

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Speaker 2: Investments chair Sydney Meyer not the original, Sydney I hastened

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Speaker 2: to add a four. What do you say that Michael

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Speaker 2: a decendant? Descend it to the word I'm looking for

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Speaker 2: a descendant of the original.

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Speaker 1: This.

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Speaker 2: Sydney said that after more than one hundred years of

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Speaker 2: family ownership, and with the more than eighty member family's

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Speaker 2: fifth generation expanding, the time had come to pass the

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Speaker 2: keys of our home and its magnificent garden to a

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Speaker 2: new owner and custodian. That's all, according to the Finn Review.

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Speaker 2: Now Melbourne's most expensive home is a derelict mansion in Turek,

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Speaker 2: which another rich lister, Ed Craven, he of the crypto

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Speaker 2: casino fame. He purchased that for eighty million dollars in

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Speaker 2: twenty twenty two. The highest price in Sydney is one

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Speaker 2: hundred and thirty million dollars paid by tech billionaire Scott

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Speaker 2: Farquha and his wife for a point Piper residents, while

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Speaker 2: Talking Houses model el McPherson sold her estate in Florida

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Speaker 2: for about twenty seven million dollars, twice what she paid

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Speaker 2: for six years ago. Nice investment, now.

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Speaker 1: Oh, that is a fantastic investment. Ah sure is turning

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Speaker 1: to international news now Sean. The US has directly warned

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Speaker 1: Israel against a full blown war with Hesbelah, as the

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Speaker 1: Lebanese militant group in Israeli forces engaged in some of

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Speaker 1: their most fierce exchanges of fire since October seven.

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Speaker 2: In Salvos, capping a week of spiraling hostilities, Israeli jets

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Speaker 2: mounted some of the heaviest bombing raids in southern Lebanon

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Speaker 2: since the start of fighting, while Hesbelah fired rockets towards

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Speaker 2: the city of Haifa. The escalating attacks have fueled fears

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Speaker 2: that the hostilities could tip into a full scale land war.

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Speaker 2: John Kirby the US National Security Council spokesman warned Israel

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Speaker 2: that there were better ways to ensure Israeli citizens could

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Speaker 2: return to evacuated homes in the North than a war,

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Speaker 2: better than an escalation, better than opening up a second front.

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Speaker 2: That's according to the Financial Times.

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Speaker 1: Now you mentioned this one in passing earlier in the

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Speaker 1: show Sean. A nuclear reactor at the notorious Three Mile

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Speaker 1: Island site in Pennsylvania is to be activated for the

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Speaker 1: first time in five years after its owners, Constellation Energy,

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Speaker 1: struck a deal to provide power to Microsoft's proliferating artificial

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Speaker 1: intelligence operations.

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Speaker 2: The plant is famous. There have been songs about this

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Speaker 2: four years. It was the location of the most serious

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Speaker 2: nuclear meltdown and radiation leak in US history in March

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Speaker 2: nineteen seventy nine, when the loss of water coolant through

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Speaker 2: a faulty valve caused the Unit two reactor to overheat.

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Speaker 2: More than four decades later, the reactor is still in

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Speaker 2: a decommissioning phase. Constellation closed the adjacent but unconnected Unit

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Speaker 2: one reactor back in twenty nineteen for economic reasons, but

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Speaker 2: will bring it back to life after signing a twenty

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Speaker 2: year power purchase agreement to supply Microsoft's energy hungry data centers.

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Speaker 2: That's according to the Guardian, the restart is the first

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Speaker 2: time a nuclear reactor in the US has been recommissioned

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Speaker 2: after closure.

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Speaker 1: I think a certain generation of US sean largely no

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Speaker 1: Three Mile Island.

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Speaker 2: I remember that Harrisburg was a midnight oil song. That's

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Speaker 2: how I first knew about it.

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Speaker 1: It's from The Simpsons.

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Speaker 2: For me, Oh, Michael, no, just go on.

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Speaker 1: Remember the episode where and I've mentioned this before, where

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Speaker 1: Homer gets really, really really obese and he's working from home,

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Speaker 1: and then one thing leads to another end. He nearly

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Speaker 1: causes a meltdown at the nuclear power plant, and because

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Speaker 1: he is so large, though, he physically blocks the pipe

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Speaker 1: that's leaking, and in doing so saves the day. And

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Speaker 1: the quote from mister Burns was home, your bravery and

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Speaker 1: quick thinking have turned a potential chernobyl into a mere

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Speaker 1: three Mile Island. Bravo right, And for me as a child,

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Speaker 1: that was my first introduction to Three Mile Island. And

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Speaker 1: I suspect I'm not alone.

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Speaker 2: Right when I'm older than you midnight all singing about it.

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Speaker 2: There was also one of those John Cougar Mellon Campbell,

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Speaker 2: one of those sort of Middle America Briuce Springsteen syndrit

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Speaker 2: someone like that, sing a song about it as well.

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Speaker 2: Far more culture than the Simpsons.

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Speaker 1: Gosh, I do I do very little for this show's credibility,

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Speaker 1: don't I. It's really what I bring to the table,

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Speaker 1: a bit of pop culture. Two men Sean have been

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Speaker 1: charged with stealing two hundred and thirty million US dollars

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Speaker 1: worth of cryptocurrency that they then used to go on

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Speaker 1: a fairly lavish spending spree involving travel and nightclubs and

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Speaker 1: luxury cars, jewelry, palatial rental properties in LA and Miami. Wow,

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Speaker 1: they really kind of cut.

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Speaker 2: Loose, that's right. The funny thing about it was that

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Speaker 2: they kind of did it in about two or three

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Speaker 2: or four weeks, then were surprised they were caught. The men,

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Speaker 2: Malone Lamb and Jean D. L. Serrano, conspired last month

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Speaker 2: to steal the cryptocurrency funds from a person in Washington, DC.

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Speaker 2: According to the US Attorney's Office for the District of Columbia,

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Speaker 2: it involves one other party, apparently, who was allegedly robbed

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Speaker 2: of four thousand, one hundred bitcoin. After disguising their theft

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Speaker 2: by spreading the money between several crypto exchanges and mixing services,

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Speaker 2: the authority said, the men went on their spending spree

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Speaker 2: According to report in The New York Times, mister Lamb

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Speaker 2: is actually citizen in Singapore, operated under aliases including Anne Hathaway.

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Speaker 2: Mister Serrano went by MASACEI god, not surprising that after

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Speaker 2: a couple of weeks they were arrested by the FBI.

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Speaker 1: I love how they really really trying to fly under

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Speaker 1: the radar there they.

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Speaker 2: Ah, dear, dear, that is.

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Speaker 1: A fantastic story. Great one to finish on. Up next

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Speaker 1: is the Fear and Greed Daily interview Jacob Kukanas from

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Speaker 1: Jadon Australia as a guest, all.

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Speaker 2: About aviation in Australia, especially quantas and what's going on

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Speaker 2: in terms of their financial performance, how they're going reputation wise,

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Speaker 2: where you can get cheap affairs there you go.

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Speaker 1: Yeah, it's coming up 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: which is also where you can sign up for our

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Speaker 1: free weekly newsletter which comes out tomorrow.

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Speaker 2: Thank you very much, sea On, Thanks Michael.

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Speaker 1: It is Tuesday, the twenty fourth of September 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 Thompson,

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Speaker 1: and that was fear and greed. Have a great day.