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Speaker 1: Today on Fear and Greed. Two of the country's largest

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Speaker 1: retailing groups set to merge. A report on the impact

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Speaker 1: of the COVID pandemic slams governments and the Reserve Bank

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Speaker 1: and warns of long lasting negative impacts from the period.

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Speaker 1: And Prime Minister Anthony Albanezi fights back against claims he

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Speaker 1: was too close to form a Quantus Boss Alan Joyce

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Speaker 1: plus Plenty on markets and why Volkswagen is considering shutting

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Speaker 1: down factories. Welcome to Fear and Greed. Daily business news

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Speaker 1: for people who make their own decisions. It is Wednesday,

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Speaker 1: the thirtieth of October twenty twenty four. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael Sewan.

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Speaker 1: The main story this morning there is a new retail

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Speaker 1: supergroup with Meyer teaming up with five apparel brands Just Jeans, JJ's, Portman's,

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Speaker 1: Dottie and Jackie E in a one billion dollar deal.

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Speaker 2: And the common factor is a gentleman called Soloman Lou.

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Speaker 2: Now those five brands that you mentioned, Just Jeans, JJ's, Portman's, Dottie,

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Speaker 2: and Jackie are all part of Premiere Investments. Now Solomon

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Speaker 2: Lou owns forty percent of Premiere Investments. Premier Investments currently

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Speaker 2: owns thirty one percent of Meyer. Confused, yet probably it's

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Speaker 2: going to get more confusing. Michael Dear. Mayan will use

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Speaker 2: script to buy the apparel brand's business those five brands,

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Speaker 2: but Premier will contribute eighty two million dollars to help

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Speaker 2: fund the integration of the business. Not that often when

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Speaker 2: someone takes someone else over and the person who's been

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Speaker 2: taken over throws eighty two million bucks back at the predator. Anyway,

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Speaker 2: the end, Premier Investments will end up with about fifty

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Speaker 2: five and a half percent of Meyer. That means Solomon

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Speaker 2: Lou will earn about twenty seven percent of Meyer and

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Speaker 2: take a board seat. Lou is among the country's best retailers,

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Speaker 2: started when he was fourteen, has been going for many,

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Speaker 2: many decades. A vote for the deal, really, I think,

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Speaker 2: is a vote of confidence in Solomon Lou's abilities as

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Speaker 2: a retailer.

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Speaker 1: As you kind of outline there, Sean, there's a few

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Speaker 1: kind of bits and pieces to the deal. But if

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Speaker 1: you take a step back from it, Maya right. It

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Speaker 1: was once an iconic brand, wasn't it. It's value tumbled

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Speaker 1: of course during COVID. Why does it need to do

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Speaker 1: the deal.

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Speaker 2: Well, my share price has done really well over the

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Speaker 2: past year or so, up eighty eight percent. Since this

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Speaker 2: idea has surfaced a few weeks back, it's up twenty

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Speaker 2: five percent. But Maya has big problems, very low profit margins,

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Speaker 2: particularly compared to some of these other brands that are

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Speaker 2: going to merge with it. It's online sales are relatively low.

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Speaker 2: None of us really think of Maya dot com. We

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Speaker 2: just go and shop in the store. It's old, you know.

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Speaker 2: It's been cutting costs and space, so it needs to

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Speaker 2: do something. The big, big benefit of Maya is its

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Speaker 2: massive Maya one loyalty base about ten and a half

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Speaker 2: million members now. The executive chair of Maya, a woman

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Speaker 2: called Olivia Worth, used to run QUANTUSUS Frequent Flyer program,

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Speaker 2: so she knows that world very well. And that is

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Speaker 2: certainly the gem in the Maya enterprise. The apparel brands group,

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Speaker 2: those brands, they're really good at getting stuff to market faster.

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Speaker 2: They've got Solomon Lou on board. Hopefully that should rub

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Speaker 2: off on Meyer. If they can get a bit of

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Speaker 2: the Solomon Lou magic in the Maya, maybe Meyer has

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Speaker 2: a brighter future now. Premier Investments also has Peter Alexander

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Speaker 2: and sniggles they're supposed to be floated off some point

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Speaker 2: in the next twelve months or so. Certainly investors of

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Speaker 2: investors like the deal. In terms of Premier Investments at

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Speaker 2: List It's share price jumped ten percent yesterday.

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Speaker 1: Okay, now moving away from retail Sean Australians have lost

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Speaker 1: trust in government and the health system as a result

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Speaker 1: of the COVID pandemic, and the massive spending during the

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Speaker 1: period is still being felt through today's inflation rate.

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Speaker 2: That's the broad findings the first wide ranging inquiry into

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Speaker 2: the national response to the virus. Trust in government has

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Speaker 2: been eroded by heavy handed, inconsistent and unjustified restrictions plus

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Speaker 2: a lack of compassion. According to the report, think of

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Speaker 2: all those lockdowns among different states, Victoria and Western Australia

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Speaker 2: were particularly impacted there. The report also said that the

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Speaker 2: Morrison governments delay in procuring vaccines cost lives. The inflation

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Speaker 2: pressure which we're feeling today, well, that comes from the

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Speaker 2: hundreds of millions of dollars in spending by the federal

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Speaker 2: and state governments over the period, as well as because

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Speaker 2: the Reserve Bank cut interest rates too hard, so plenty there,

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Speaker 2: which least in terms of the economy, which the report

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Speaker 2: is extremely critical of.

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Speaker 1: And beyond the economic impact, it really focused as well

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Speaker 1: on the long lasting social repercussions.

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Speaker 2: Yeah, very sabering. DS are still suffering for some kids

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Speaker 2: are still suffering mental health consequences, same academic consequences as well.

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Speaker 2: A lot of that flowed from school closures. Families experienced

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Speaker 2: higher levels of domestic violence. There's still elective surgery backlogs

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Speaker 2: in the health system. The eight one hundred and sixty

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Speaker 2: eight page document not that I can say I've read

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Speaker 2: it in its entirety, but I've read the summary. It

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Speaker 2: was done by a senior public servant Robin Crook, economist

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Speaker 2: Angela Jackson, and infectious disease expert Catherine Bennett. Basically, it

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Speaker 2: says Australia did well during the pandemic, but there could

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Speaker 2: have been a lot less collateral damage. After its release,

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Speaker 2: Prime Minister Anthony Albany albaniz He said a new Australian

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Speaker 2: Center of Disease Control will be up and running by

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Speaker 2: twenty twenty six. Overall, though the inquiry did not paint

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Speaker 2: a pretty picture.

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Speaker 1: It's an interesting one, isn't it, Because really there was

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Speaker 1: no precedent for this, and so there was so much

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Speaker 1: of kind of going into uncharted territory for so much

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Speaker 1: of the response to the pandemic. And I suppose the

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Speaker 1: important thing is now that it is examined in a

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Speaker 1: great deal of detail and lessons learned for the future.

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Speaker 2: I have, so I have great sympathy for the governments,

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Speaker 2: that's federal and state governments, as well as a reserve bank,

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Speaker 2: who were just trying to keep the economy afloat. Yeah,

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Speaker 2: and that was you know, Jack and I were talking

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Speaker 2: about this the other night, Michael, that was the only

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Speaker 2: time anything like that's ever happened in our lives. And

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Speaker 2: we're trying to think of an equivalent time, and mean

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Speaker 2: maybe World War two, which wasn't our time. It hastened

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Speaker 2: to add, But like I just I don't know of

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Speaker 2: any time post World War Two where an event had

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Speaker 2: such an impact.

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Speaker 1: No, No, I think you're absolutely right, And you say, yeah,

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Speaker 1: the focus was on kind of keeping the economy afloat,

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Speaker 1: and at the time just the very base requirement of

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Speaker 1: keeping people safe and trying to keep people alive, which

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Speaker 1: at that point was no one really knew what the

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Speaker 1: long term effect was going to be. So anyway, Sean,

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Speaker 1: we have a great deal still to cover today. We'll

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's business news. Sean. Prime Minister Anthony Albernezi has come

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Speaker 1: out fighting against the author of a book that suggests

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Speaker 1: his relationship with former Quantus boss Allen Joyce was too close,

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Speaker 1: saying the author previously worked for Quantus and for the

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Speaker 1: Liberal Party.

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Speaker 2: He said Joe Aston, a former Australian Financial Review columnist,

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Speaker 2: was basically just trying to sell a book. The claims

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Speaker 2: in the book suggest mister Alberanzi rang mister Joyce and

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Speaker 2: asked for upgrades while he was shadowed Transport Minister and

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Speaker 2: then Transport Minister. The book says mister Alberanzi was upgraded

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Speaker 2: twenty two times by Quantus. The Prime Minister said that

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Speaker 2: the only discussion he recalls with mister Joyce was the

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Speaker 2: first flight from Australia to Bay to Dubai on an

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Speaker 2: A three eighty. Having said that mister Albernese's language around

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Speaker 2: this has been a touch cute. He said that the

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Speaker 2: Opposition leader Peter Dutton had questions to answer over flights

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Speaker 2: on Gina rein Hart's jet. That's what mister Albernzi said.

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Speaker 2: He also talked about MPs using trusts and said they

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Speaker 2: should face questions about any secret income they have. Now,

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Speaker 2: I think Joe Aston is just trying to sell a book,

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Speaker 2: but wow, this could open a Pandora's box for all

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Speaker 2: these politicians out there, particularly the trust question. If we

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Speaker 2: are going to get more transparency and what they own

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Speaker 2: and how they buy and sell.

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Speaker 1: Things, suddenly integrity is going to become a key issue

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Speaker 1: in the lead up to an election.

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Speaker 2: Yeah. Absolutely.

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Speaker 1: Now we've been complaining Sean about not much happening on

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Speaker 1: the share market in recent days, but yesterday, yesterday the

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Speaker 1: S and PA SEX two hundred jumped nearly half a percent. Yeah.

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Speaker 2: Well, look it was zero point three five percent rounded

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Speaker 2: up to zero point four percent. That's more thus half percent.

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Speaker 1: That's proto close enough. And we haven't had much activity.

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Speaker 1: We've got to have something to get excited about.

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Speaker 2: I mean, look, it wasn't a red letter day, but

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Speaker 2: still better than the previous week. The market ended up

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Speaker 2: at or ended up. He did end up at point

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Speaker 2: three five percent, up at eight two hundred and forty

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Speaker 2: nine points interesting moves yes today well Wisteed Global and

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Speaker 2: Mineral Resources, the two companies with some corporate governance challenges

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Speaker 2: at the moment. They both did pretty well, so too

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Speaker 2: Goodman Group and riscrat Leisure. Worst of the top stocks, Woodside,

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Speaker 2: Telstra and Aria. The AGM season continues. CSLS. On yesterday,

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Speaker 2: they suffered a first strike against that its remuneration report.

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Speaker 2: Twenty six point four percent of shareholders voted against it.

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Speaker 2: At CSL, the CSL board defended the pay of CEO

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Speaker 2: Paul McKenzie, saying he's actually being paid below the global

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Speaker 2: median for healthcare companies. Gold stocks still doing pretty well,

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Speaker 2: with the precious metal trading near high as Northern Star

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Speaker 2: jumped sharply yesterday and Quantas hit another record high yesterday.

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Speaker 1: A quick mention, Sean, of the interview that you have

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Speaker 1: coming up after the show. You're speaking today with Daniella Fernandez,

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Speaker 1: the head of information security at PayPal.

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Speaker 2: All about what scams look like to consumers, but also

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Speaker 2: what scams look like to businesses and particularly small and

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Speaker 2: medium sized businesses who scammers are targeting. It's a fascinating chat.

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Speaker 1: Indeed, it is in PayPal is a good supporter of

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Speaker 1: fear and greed. Now Sean, the boss of buy Now,

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Speaker 1: Pay Later group Zipco, says the business is performing better

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Speaker 1: than expected in the US and interest rate cuts will

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Speaker 1: help boost earnings.

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Speaker 2: So why I like this story is do you know

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Speaker 2: what you do? Know? Because I'm asking you the question.

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Speaker 2: The best performing top two hundred stock over the last

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Speaker 2: year zipcope.

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Speaker 1: I was going to assume it zip it suddenly turns

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Speaker 1: out it was like, I don't know quantas or something. Yeah,

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Speaker 1: all right, well that was a bit of a red herring, Sean.

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Speaker 2: It was up eleven percent yesterday, but it's stock two

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Speaker 2: months ago was worth about thirty cents. It's well over

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Speaker 2: three bucks now. Credible turnaround for a company which a

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Speaker 2: couple of years ago could not find a friend. The CEO,

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Speaker 2: Cynthia Scott, told The finn Review that the group had

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Speaker 2: a strong September quarter, with prospects in the US particularly good.

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Speaker 2: In the US, consumers are resilient, employments hy rates are

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Speaker 2: starting to fall. As Scott liked all those ideas. Zip

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Speaker 2: had four million people as members last quarter. Pretty incredible,

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Speaker 2: transactions up forty three percent. It's a company which, as

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Speaker 2: I said, twelve months ago, probably eighteen months ago, no

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Speaker 2: one wanted to be near it. Now it's doing very well.

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Speaker 1: Steelmaker Blue Scope has lower profit expectations for the current

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Speaker 1: half year Seawan due to challenging operating conditions the new scent.

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Speaker 2: The share price much lower than by the end of

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Speaker 2: the day was only down half percent. Basically, there are

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Speaker 2: record levels of Chinese steel being exported at the moment.

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Speaker 2: That's hurting prices across Asia. Bluescopes also struggling with cost inflation,

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Speaker 2: and the US election has slow demand from that country

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Speaker 2: until a winner emerges.

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Speaker 1: Another company with a big move yesterday. Online luxury luxury.

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Speaker 2: That's a hard word to say, luxury. That's I think

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Speaker 2: luxury to you is my preliminary.

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Speaker 1: Except I think this is the first time I've ever

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Speaker 1: stumbled over luxury, whereas preliminary it is pretty much most weeks. Suan. Anyway,

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Speaker 1: how about that, you try and bail me out? Just

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Speaker 1: there's trying to help you and I turn on you.

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Speaker 2: Yeah, God blocker, goodness me.

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Speaker 1: Sorry about that. Online luxury retailer Satire Sean said revenue

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Speaker 1: jumped twenty two percent in the September quarter, but it

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Speaker 1: didn't prevent it. Share price from falling from tumbling fifteen percent.

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Speaker 2: Yesterday, tumbling. As we always talk, it's not so much

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Speaker 2: what happens, it's whether it meets expectations. This rate of

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Speaker 2: growth did not meet expectations, hence it's share price tumbled. Still,

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Speaker 2: sat Time has been up and down like crazy. It's

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Speaker 2: up eighty percent since its bottom in early September, though

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Speaker 2: it's off thirty five percent over this year twenty twenty four,

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Speaker 2: so lots of moments. In that one. The active number

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Speaker 2: of customers raised forty three percent compared to a year earlier.

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Speaker 2: Revenue from repeat customers in the average order of value

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Speaker 2: is also higher. The founder and chief executive Dean Mintz

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Speaker 2: said that underlying demand for luxury should remain resilient.

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Speaker 1: And finally, Shawn before we get to international news, has

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Speaker 1: a bit of bad news for Booper customers. They'll be

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Speaker 1: forced to pay extra fees to use health Scope Hospitals.

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Speaker 1: Health Scope Hospitals, goodness me tough morning. I've it into

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Speaker 1: sean tongue twister. Almer today to use health Scope Hospitals

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Speaker 1: from next month after negotiations between the insurer and the

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Speaker 1: healthcare group broke down.

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Speaker 2: So private hospitals earned money by charging the insurers when

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Speaker 2: patients stay. Higher wages led to health Scope asking for

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Speaker 2: more money from the insurers. Now, health Scope says that Medibank, Private,

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Speaker 2: and IBN HATZF have all agreed to give more money

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Speaker 2: not Booper as a result. If you're a Booper member

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Speaker 2: and one of us two are definitely a Booper member,

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Speaker 2: and I don't know who would that bean, don't know

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Speaker 2: who your health care is, but fifty dollars per day

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Speaker 2: I might have to pay if I use one of

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Speaker 2: the health Scope hospitals, or one hundred dollars for an

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Speaker 2: overnight stay. From the end of next month. There are

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Speaker 2: twelve million people with private health cover. This has about

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Speaker 2: four million of those. If you add in other not

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Speaker 2: for profit funds affected by this decision, you're almost about

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Speaker 2: half that twelve million number of people who use health

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Speaker 2: Scope hospitals that will have to pay more. Now, the

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Speaker 2: private hospital sector is a very tough industry. We are

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Speaker 2: waiting on Federal Health Minister Mark Butler to release a

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Speaker 2: review into it, which will make for very interesting reading.

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Speaker 1: I think we're going to have to start putting these

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Speaker 1: shows on YouTube or something, just so that people could

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Speaker 1: see how shifty your eyes got when you said that

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Speaker 1: about one of the two of us, and you just

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Speaker 1: got this little kind of shifting expression on.

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Speaker 2: Your face, and it was just anger.

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Speaker 1: I think, yeah, it was superb turn into international news. Now,

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Speaker 1: the Biden administration in the US has finalized restrictions on

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Speaker 1: investments by US individuals and companies into advanced technology in China.

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Speaker 1: Now this includes things like semiconductors and quantum computing and

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Speaker 1: even AI.

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Speaker 2: Yes, when you say Biden administration, I'll just remind listeners

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Speaker 2: Joe Biden, President of the United States. Haven't heard from

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Speaker 2: him for months. He's still there. This decision came after

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Speaker 2: a year of deliberation. The goal is to prevent US

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Speaker 2: capital and Nauhau from helping China develop technologies that could

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Speaker 2: potentially give them some sort of edge, even in the military.

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Speaker 2: It is definitely a decision that is likely to test

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Speaker 2: the friendship between the two superpowers.

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Speaker 1: I suspect you might be right on that one, Sean.

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Speaker 1: I mentioned this next one at the top of the show.

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Speaker 1: Volkswagen is considering closing three factories in Germany and laying

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Speaker 1: off tens of thousands of workers amid a slump in

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Speaker 1: sales and increased competition from China.

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Speaker 2: Big story because it would be the first closure from

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Speaker 2: Volkswagen in eighty seven in its eighty seven year history.

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Speaker 2: Now this is another I can't say Volksk Wagon Volksk.

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Speaker 1: Can you say it for me please, Volkswagen, Folkswagen, Volkswagen, Volkswwagen.

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Speaker 2: Volkswagen Go. I have an issue with car brands Volkswagen, you.

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Speaker 1: Know what, You can just call it VW.

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Speaker 2: So it'd be the first closure for v DUB in

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Speaker 2: its eighty seven year history. It could include pay cuts

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Speaker 2: as well for those that are left their redundancies outside

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Speaker 2: those three factories. Now it comes from comments made by

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Speaker 2: a top employee representative. The thing is v DUB is

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Speaker 2: Germany's largest employer. It includes Audi and Porsche as part

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Speaker 2: of its range. It is an iconic company associated with

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Speaker 2: the rise of Germany post World War Two. So it's

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Speaker 2: a bit like I was gonna say Quantus in Australia.

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Speaker 2: That's not right. BHP is probably a better example in Australia,

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Speaker 2: kind of the big Australian, so v DUB is the

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Speaker 2: equivalent in Germany. The auto industry in Germany is the

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Speaker 2: biggest industry in Germany. It contributes about a trillion Aussie

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Speaker 2: dollars to the economy every year. It is very dependent

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Speaker 2: on exporting to places like China, but that's where demand

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Speaker 2: has fallen off. So very very big news story for

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Speaker 2: Germany and Europe that v dubb is looking at closing factories.

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Speaker 1: Just a quick check as well of international market Sean

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Speaker 1: bitcoin's going.

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Speaker 2: Well sure, is beyond seventy thousand US dollars a unit

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Speaker 2: for the first time since June. That's on the back

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Speaker 2: of exchange traded fun flowers also kind of the prospect

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Speaker 2: of Donald Trump winning. Other smaller cryptos also gained ether

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Speaker 2: being an example there, Oil's down again, Prince below seventy

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Speaker 2: two US dollars. A barrow on the Aussie dollar is

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Speaker 2: buying sixty five and a half US cents.

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Speaker 1: And finally, we just have to mention this one really quickly.

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Speaker 1: It's more of an update on a story from earlier

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Speaker 1: in the week, but just got to mention it here.

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Speaker 1: Sean Game two of Baseball's World Series had I find

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Speaker 1: this remarkable, had a bigger audience in Japan than in

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Speaker 1: the US.

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Speaker 2: So in Japan there were fifteen point nine million viewers,

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Speaker 2: which is actually twelve percent of the nation. In the

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Speaker 2: US there was thirteen point eight million viewers. Of course

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Speaker 2: it's been it's the World Series. This year's between the

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Speaker 2: LA Dodgers and the New York Yankees. We don't care,

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Speaker 2: but the Yanks are down zero three. Not that I'm

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Speaker 2: upset about that. However, Game two we have Shoheia Tani,

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Speaker 2: the billion dollar man, being paid a billion or more

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Speaker 2: than a billion Aussie over ten years to play for

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Speaker 2: the Dodgers. Incredible hitter, end pitcher. You don't have those anymore.

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Speaker 2: There's also a guy called Yoshinobu Yamamato. Got that wrong, Yemamoto.

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Speaker 2: Yoshinobu Yamamoto. He's the pitcher, and he was a pitcher.

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Speaker 2: I think he pitched six innings in the Game two.

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Speaker 2: So you had millions of Japanese viewing, more than US citizens.

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Speaker 2: Quite phenomenal.

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Speaker 1: So first Booper Fees and then the World Series. And

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Speaker 1: you are not in a good mood today?

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Speaker 2: Really?

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Speaker 1: Oh goodness, man, We're only halfway through the week. Up

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Speaker 1: next is a Fear and Greed Daily interview with Daniella Fernandez,

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Speaker 1: head of information security at PayPal and Sean. The newsletter

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Speaker 1: is out today. Something Else that's sort of puts you

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Speaker 1: in a good mood because I bet you you haven't

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Speaker 1: even thought about what you're writing in the newsletter, which

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Speaker 1: comes out in a couple of hours.

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Speaker 2: Now, I've got plenty to write about. I know what

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Speaker 2: that is a great thing about a newsletter is I

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Speaker 2: don't have to pronounce names or words.

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Speaker 1: You just have to spell them. You just have to

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Speaker 1: spell them correct.

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Speaker 2: That's right.

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Speaker 1: So sign up at Fearangreed dot com dot au for

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Speaker 1: the Fear and Greed weekly newsletter. It'll come out in

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Speaker 1: a couple of hours, So jump on that one now.

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Speaker 1: Thank you, Sean, Thank you Michael. It's Wednesday, the thirtieth

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Speaker 1: of October twenty twenty four. Make sure you're following the

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Speaker 1: podcast and please join us online on LinkedIn, Instagram, ex TikTok,

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Speaker 1: and Facebook. Michael Thompson and that was Fear and Greed.

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Speaker 1: Have a great day.