1 00:00:06,360 --> 00:00:09,479 Speaker 1: Welcome to Fear and Greed business news you can use today. 2 00:00:09,520 --> 00:00:14,200 Speaker 1: The Competition Watchdog sues Microsoft, claiming it misled millions of 3 00:00:14,200 --> 00:00:17,840 Speaker 1: customers into paying more subscriptions to Office in a case 4 00:00:17,880 --> 00:00:21,599 Speaker 1: with major ramifications for big tech. Unions launch a case 5 00:00:21,640 --> 00:00:24,560 Speaker 1: to increase pay for under twenty one year olds, and 6 00:00:24,680 --> 00:00:28,720 Speaker 1: the US Navy manages to lose two aircraft worth hundreds 7 00:00:28,720 --> 00:00:31,120 Speaker 1: of millions of dollars within thirty minutes of each other. 8 00:00:31,360 --> 00:00:35,000 Speaker 1: Plus Prime Minister Anthony Abernezi meets regional leaders in Malaysia 9 00:00:35,440 --> 00:00:38,879 Speaker 1: and the Great Red Crab Creep on Christmas Island begins. 10 00:00:39,120 --> 00:00:42,320 Speaker 1: It is Tuesday, the twenty eighth of October twenty twenty five. 11 00:00:42,680 --> 00:00:45,120 Speaker 1: I'm Michael Thompson in good morning, Sean Aylmer. 12 00:00:45,479 --> 00:00:49,080 Speaker 2: Well done, Michael. You got through. You got through that introduction, 13 00:00:49,240 --> 00:00:53,800 Speaker 2: including the Great Red Crab Creep on Christmas Island. Very well. 14 00:00:54,120 --> 00:00:55,760 Speaker 1: It was touch and go there for a minute, but 15 00:00:55,840 --> 00:00:58,040 Speaker 1: we made it. Let's get on with it, Seawan. The 16 00:00:58,080 --> 00:01:02,280 Speaker 1: main story this morning, the com Titition Watchdog is suing Microsoft, 17 00:01:02,400 --> 00:01:05,440 Speaker 1: claiming it misled millions of customers int up paying more 18 00:01:05,480 --> 00:01:10,120 Speaker 1: for its artificial Intelligence Assistance Assistant, which is called copilot 19 00:01:10,560 --> 00:01:12,559 Speaker 1: when they didn't actually have to yes. 20 00:01:12,600 --> 00:01:16,840 Speaker 2: The Australian Competition and Consumer Commission alleges that Microsoft has 21 00:01:16,959 --> 00:01:19,960 Speaker 2: made false or misleading statements to about two point seven 22 00:01:20,040 --> 00:01:23,319 Speaker 2: million Australians since October last year, when it up the 23 00:01:23,360 --> 00:01:26,319 Speaker 2: cost of a personal subscription to its office suite by 24 00:01:26,400 --> 00:01:29,520 Speaker 2: forty five percent and increase the family planned by almost 25 00:01:29,560 --> 00:01:33,880 Speaker 2: thirty percent. Subscribers on automatic renewal agreements in place had 26 00:01:33,920 --> 00:01:38,000 Speaker 2: two options, pay more or cancel. The h TRIBLEC chair 27 00:01:38,120 --> 00:01:42,360 Speaker 2: Gena Cascott Leab claimed that Microsoft had deliberately concealed a 28 00:01:42,520 --> 00:01:45,720 Speaker 2: third option, which was to move to a less expensive 29 00:01:45,959 --> 00:01:50,440 Speaker 2: subscription that didn't include copilot. Only when customers attempted to 30 00:01:50,440 --> 00:01:54,240 Speaker 2: cancel their plans did Microsoft push that third option. The 31 00:01:54,280 --> 00:01:57,240 Speaker 2: A Triple C received more than one hundred complaints, as 32 00:01:57,240 --> 00:01:59,960 Speaker 2: well as a tip off from social media site read. 33 00:02:00,440 --> 00:02:05,680 Speaker 2: Cascottleep said she wasn't arguing about higher subscription costs, but 34 00:02:05,760 --> 00:02:09,399 Speaker 2: tech giants need to be upfront and frank about the options. 35 00:02:09,480 --> 00:02:12,320 Speaker 2: She claims many Australians would have stuck with the cheaper 36 00:02:12,360 --> 00:02:15,640 Speaker 2: option if they'd known about it. Cast Goodlep said that 37 00:02:15,720 --> 00:02:18,840 Speaker 2: the entire technology industry is now I noticed about the 38 00:02:18,840 --> 00:02:22,480 Speaker 2: way it communicates prices and particularly price hikes for new 39 00:02:22,520 --> 00:02:23,920 Speaker 2: software features. 40 00:02:23,919 --> 00:02:28,840 Speaker 1: Sean, without meaning to diminish the story. Isn't Microsoft just 41 00:02:28,919 --> 00:02:31,800 Speaker 1: doing what all the big tech companies do, just introduce 42 00:02:31,880 --> 00:02:34,359 Speaker 1: new features and then up the price for subscriptions. 43 00:02:34,800 --> 00:02:39,040 Speaker 2: Yes, yes, but that's why it's such a big story. Google, 44 00:02:39,120 --> 00:02:42,680 Speaker 2: for example, has spent billions of dollars tens of billions 45 00:02:42,680 --> 00:02:46,040 Speaker 2: of dollars in recent years and betting AI features on 46 00:02:46,120 --> 00:02:50,720 Speaker 2: the assumption that users, probably all users, will bear the cost. 47 00:02:51,120 --> 00:02:55,080 Speaker 2: CASCOTTLEEP is saying, hold on, you need to give customers 48 00:02:55,160 --> 00:02:58,320 Speaker 2: options so they can choose whether want to bear that 49 00:02:58,400 --> 00:03:00,919 Speaker 2: cost or not. Microsoft is getting up the nose of 50 00:03:00,919 --> 00:03:04,560 Speaker 2: the Competition watchdog clearly. Yesterday, Cascott Leep said the company 51 00:03:04,639 --> 00:03:08,440 Speaker 2: wasn't negotiating with the regulator and the alleged misconduct was 52 00:03:08,639 --> 00:03:11,840 Speaker 2: continuing to take a step back the share prices of 53 00:03:11,919 --> 00:03:15,440 Speaker 2: companies like Microsoft, Google, Amazon's another one. They have run 54 00:03:15,760 --> 00:03:18,800 Speaker 2: very hard on the basis that tens of billions of 55 00:03:18,840 --> 00:03:22,280 Speaker 2: dollars they've invested into AI will provide a big return. 56 00:03:23,120 --> 00:03:26,679 Speaker 2: Regulatory intervention isn't part of that strategy. So the action 57 00:03:26,760 --> 00:03:29,920 Speaker 2: by the ATRIL C is going to be very closely watched, 58 00:03:30,040 --> 00:03:32,120 Speaker 2: not just here but around the world. 59 00:03:32,480 --> 00:03:34,560 Speaker 1: Wow. So this is something that could end up having 60 00:03:34,600 --> 00:03:36,520 Speaker 1: major ramifications quite broadly. 61 00:03:36,960 --> 00:03:38,800 Speaker 2: Yeah. And if you think of the social media band 62 00:03:38,840 --> 00:03:42,000 Speaker 2: for under sixteen year olds, it's kind of of that, ILK, 63 00:03:42,320 --> 00:03:43,280 Speaker 2: It's how I think of it. 64 00:03:43,760 --> 00:03:45,920 Speaker 1: What is it about Australia leading the way on these 65 00:03:46,000 --> 00:03:48,080 Speaker 1: kinds of things? Is it just because we have no 66 00:03:48,200 --> 00:03:51,560 Speaker 1: issue with taking on the tech giants? Just maybe perhaps 67 00:03:51,600 --> 00:03:53,000 Speaker 1: we're very bold here, Sean. 68 00:03:53,480 --> 00:03:57,360 Speaker 2: We haven't always won, like at times the media took 69 00:03:57,360 --> 00:04:00,400 Speaker 2: on the tech giants and the government intervene and they 70 00:04:00,800 --> 00:04:04,600 Speaker 2: tech giants were forced to pay money to the media companies. 71 00:04:04,640 --> 00:04:06,680 Speaker 2: That lasted three years and seems to be falling by 72 00:04:06,720 --> 00:04:08,720 Speaker 2: the wayside now. So I mean at least for having 73 00:04:08,760 --> 00:04:09,040 Speaker 2: a go. 74 00:04:09,480 --> 00:04:12,720 Speaker 1: Yeah, we have a crack. Yeah yeah. Speaking of having 75 00:04:12,760 --> 00:04:15,160 Speaker 1: a crack, the Fair Work Commission has launched hearings into 76 00:04:15,200 --> 00:04:18,479 Speaker 1: the union movement's bid to scrap junior pay rates for 77 00:04:18,520 --> 00:04:22,800 Speaker 1: more than five hundred thousand workers aged eighteen and older 78 00:04:22,960 --> 00:04:26,600 Speaker 1: across the retail, fast food and pharmacy sectors. This is 79 00:04:26,640 --> 00:04:28,800 Speaker 1: another one that's got the potential to have some kind 80 00:04:28,800 --> 00:04:31,480 Speaker 1: of wide reaching repercussions. 81 00:04:31,040 --> 00:04:33,240 Speaker 2: Including in my household where I've got a few people in. 82 00:04:33,160 --> 00:04:34,120 Speaker 1: This case invested in. 83 00:04:34,960 --> 00:04:37,640 Speaker 2: That's workers under the age of twenty one are currently 84 00:04:37,640 --> 00:04:39,920 Speaker 2: paid a percentage of the adult rate of pay. So 85 00:04:40,279 --> 00:04:42,600 Speaker 2: if you're eighteen, you get seventy percent of the adult rate, 86 00:04:43,080 --> 00:04:46,400 Speaker 2: nineteen you get eighty percent, twenty you get ninety percent. 87 00:04:46,720 --> 00:04:49,839 Speaker 2: That's this is for fast food and pharmacy workers. The 88 00:04:49,960 --> 00:04:53,000 Speaker 2: union application seeks to lift the rate across these age 89 00:04:53,040 --> 00:04:55,440 Speaker 2: groups to one hundred percent of the adult rate, while 90 00:04:55,440 --> 00:04:58,039 Speaker 2: also increasing rates for the seventeen year olds from sixty 91 00:04:58,120 --> 00:05:01,400 Speaker 2: percent to seventy five percent and six to sixteen and 92 00:05:01,520 --> 00:05:03,800 Speaker 2: under from forty five to about fifty percent. According to 93 00:05:03,800 --> 00:05:07,719 Speaker 2: a story in The Australian, employers oppose the claim, warning 94 00:05:07,800 --> 00:05:10,520 Speaker 2: it would deter businesses from taking on young workers. 95 00:05:11,000 --> 00:05:12,960 Speaker 1: Now in market sean, it's a little bit like the 96 00:05:13,000 --> 00:05:16,680 Speaker 1: calm before the storm really, with local CPI figures due 97 00:05:16,720 --> 00:05:20,480 Speaker 1: for release tomorrow and then the US Federal Reserves decision 98 00:05:20,600 --> 00:05:22,839 Speaker 1: on Thursday morning Australian time. 99 00:05:23,400 --> 00:05:26,760 Speaker 2: Helping things along. Yesterday too were comments from US officials 100 00:05:26,800 --> 00:05:30,720 Speaker 2: saying that they thought China would delay introducing export restrictions 101 00:05:30,760 --> 00:05:34,480 Speaker 2: on rare earths. That helped the s ANDPASEX two hundred, 102 00:05:34,800 --> 00:05:38,480 Speaker 2: as did expectations of potentially a ratecart in the US 103 00:05:38,960 --> 00:05:44,240 Speaker 2: and hopefully good CPI figures locally. So the SPA SX 104 00:05:44,240 --> 00:05:46,360 Speaker 2: two hundred ended up zero point four percent to nine 105 00:05:46,800 --> 00:05:50,640 Speaker 2: fifty six points. Who the discussion about the China rareers 106 00:05:51,520 --> 00:05:53,880 Speaker 2: the people that didn't win from that. We actually our 107 00:05:54,240 --> 00:05:57,240 Speaker 2: rare earth miners. They stand to benefit if Beijing does 108 00:05:57,360 --> 00:06:00,640 Speaker 2: curb exports, so their share prices fell yesterday. Among the 109 00:06:00,720 --> 00:06:03,120 Speaker 2: large caps, all four banks rows so to the big 110 00:06:03,160 --> 00:06:06,040 Speaker 2: three miners. The big retailers were generally higher, all the 111 00:06:06,200 --> 00:06:10,440 Speaker 2: healthcare stocks and Tolstra underperformed global markets. Brent Krudes trading 112 00:06:10,480 --> 00:06:13,400 Speaker 2: are at just under sixty six US dollars a barrel. 113 00:06:13,720 --> 00:06:16,839 Speaker 2: Gold has dropped below forty one hundred US dollars announce, 114 00:06:17,040 --> 00:06:19,560 Speaker 2: and the Aussie dollar is buying just under sixty five 115 00:06:19,600 --> 00:06:21,800 Speaker 2: point five US since Michael. 116 00:06:22,080 --> 00:06:24,320 Speaker 1: While we're talking about market sewn a quick mention of 117 00:06:24,360 --> 00:06:27,120 Speaker 1: today's interview, the Fear and Greed Q and A, which 118 00:06:27,120 --> 00:06:31,200 Speaker 1: comes up after the episode. Today you're speaking with Andrew Mitchell, 119 00:06:31,240 --> 00:06:34,280 Speaker 1: who is the co founder of O Fear Asset Management. 120 00:06:34,720 --> 00:06:37,240 Speaker 2: Yes, so, We talked to him about small caps, but 121 00:06:37,360 --> 00:06:41,880 Speaker 2: really he goes through three companies which he likes that 122 00:06:42,000 --> 00:06:44,400 Speaker 2: he thinks are worth spending some money on. In fact, 123 00:06:44,520 --> 00:06:46,960 Speaker 2: he said that yesterday he did spend some money on 124 00:06:46,960 --> 00:06:50,000 Speaker 2: one of those. Now we're not an investment podcast, so 125 00:06:50,040 --> 00:06:52,840 Speaker 2: certainly you need to think about your own circumstances, speak 126 00:06:52,839 --> 00:06:56,440 Speaker 2: to a financial advisor before you actually invest. But Andrew 127 00:06:56,520 --> 00:07:00,200 Speaker 2: has three great ideas from three totally different parts the 128 00:07:00,200 --> 00:07:01,680 Speaker 2: economy to at least think about. 129 00:07:01,960 --> 00:07:03,720 Speaker 1: Yeah, it's an interesting chat. It's coming up a bit 130 00:07:03,800 --> 00:07:05,920 Speaker 1: later on. In the meantime, we still have a fair 131 00:07:05,920 --> 00:07:08,039 Speaker 1: better news to race through. We'll take a quick break 132 00:07:08,080 --> 00:07:09,640 Speaker 1: back in a moment with the rest of the day's 133 00:07:09,680 --> 00:07:19,920 Speaker 1: business news. Sean Prime Minister Anthony Aberzi has told Chinese 134 00:07:19,920 --> 00:07:23,880 Speaker 1: Premier Lee Chung that Australia wants quote a region where 135 00:07:23,920 --> 00:07:28,080 Speaker 1: transparency and rules are respected, and both Canberra and Beijing 136 00:07:28,200 --> 00:07:31,680 Speaker 1: wished to see a more mature, stable and constructive engagement 137 00:07:31,760 --> 00:07:34,080 Speaker 1: between their nations, and said the. 138 00:07:34,000 --> 00:07:37,480 Speaker 2: Comments were availed swipe at Beijing for firing flares near 139 00:07:37,520 --> 00:07:41,280 Speaker 2: in Australian surveillance aircraft flying above the South China Sea 140 00:07:41,360 --> 00:07:44,600 Speaker 2: last week. Speaking in Malaysia. The Prime Minister said the 141 00:07:44,680 --> 00:07:48,640 Speaker 2: two countries have much shared interest including trade, climate change 142 00:07:48,680 --> 00:07:52,160 Speaker 2: and people to people relations. Mister Lee said China was 143 00:07:52,160 --> 00:07:55,280 Speaker 2: seeing an upward momentum in our relationship, which he welcomed. 144 00:07:55,440 --> 00:08:00,440 Speaker 2: Albanesi also met Japan's new Prime Minister, Sanai Takichi. Kichi 145 00:08:00,520 --> 00:08:04,040 Speaker 2: told the Prime Minister that Japan and Australia should spearhead 146 00:08:04,120 --> 00:08:08,120 Speaker 2: efforts to create a free and open Indo Pacific. Japan's 147 00:08:08,160 --> 00:08:11,240 Speaker 2: first female letter said she would like to promote strategic 148 00:08:11,280 --> 00:08:15,520 Speaker 2: cooperation with Australia in addition to the existing Quad collaboration. 149 00:08:16,080 --> 00:08:18,720 Speaker 1: Now part of the business community has come out against 150 00:08:18,720 --> 00:08:23,320 Speaker 1: the coalition's position on the environment, urging Leader Susan Lee 151 00:08:23,360 --> 00:08:25,560 Speaker 1: to strike a deal on upcoming legislation. 152 00:08:27,760 --> 00:08:30,080 Speaker 2: She can't win a trick for Susan Lee. 153 00:08:29,880 --> 00:08:31,280 Speaker 1: Under attack from all sides. 154 00:08:31,520 --> 00:08:34,520 Speaker 2: The Business Council of Australia, who you would think is 155 00:08:34,520 --> 00:08:37,600 Speaker 2: her constituency. They've come out and called on the Coalition 156 00:08:37,679 --> 00:08:41,679 Speaker 2: to not drop net zero targets, saying it would trigger 157 00:08:41,880 --> 00:08:44,520 Speaker 2: uncertainty for business. Over the weekend, League call for the 158 00:08:44,520 --> 00:08:47,960 Speaker 2: government's Bill on the Environment to be split into two, 159 00:08:48,040 --> 00:08:51,040 Speaker 2: one for environmental approvals, the other to consider a federal 160 00:08:51,120 --> 00:08:55,440 Speaker 2: environmental agency. BCA Chief Executive brand blackbose that a deal 161 00:08:55,480 --> 00:08:58,240 Speaker 2: between the ALP and Coalition would be better than a 162 00:08:58,240 --> 00:09:01,000 Speaker 2: deal between Labor and the Greens. So the idea that 163 00:09:01,000 --> 00:09:04,000 Speaker 2: brand Black's talking about is the coalition actually needs to 164 00:09:04,040 --> 00:09:06,679 Speaker 2: negotiate with the government to get the best outcome, as 165 00:09:06,679 --> 00:09:09,640 Speaker 2: opposed to just leaving it to the Greens, because that 166 00:09:09,800 --> 00:09:11,960 Speaker 2: is a less preferred option for the business community. 167 00:09:12,120 --> 00:09:14,719 Speaker 1: All right. So while the Liberal Party looks like it 168 00:09:15,080 --> 00:09:18,960 Speaker 1: will stick with a commitment to net zero, the Nationals 169 00:09:19,360 --> 00:09:24,200 Speaker 1: certainly faltering. Someone what's the well storry? That's probably dressing 170 00:09:24,200 --> 00:09:26,880 Speaker 1: it up there. It is getting really quite rough. What's 171 00:09:26,920 --> 00:09:27,400 Speaker 1: the latest? 172 00:09:27,920 --> 00:09:31,760 Speaker 2: Who knows? I mean it's been a few hours, so 173 00:09:31,800 --> 00:09:34,199 Speaker 2: who knows. There was a part of him meeting yesterday 174 00:09:34,200 --> 00:09:36,959 Speaker 2: morning and Senator Matt Canavan said there was a great 175 00:09:36,960 --> 00:09:40,040 Speaker 2: deal of unity about the need for a new approach 176 00:09:40,080 --> 00:09:42,880 Speaker 2: on energy. But that's where the unity finishes. It's no 177 00:09:42,960 --> 00:09:46,040 Speaker 2: idea what the new approach will be now. Canavan was critical, 178 00:09:46,120 --> 00:09:48,800 Speaker 2: for example, the BCA's called to keep net zero yesterday. 179 00:09:49,360 --> 00:09:53,600 Speaker 2: Confusing or complicating things, of course, is Barnaby Joyce, the 180 00:09:53,600 --> 00:09:57,920 Speaker 2: former NETS leader who said the review of zero was 181 00:09:57,960 --> 00:10:01,120 Speaker 2: behind his streat to quit the party before the next election. 182 00:10:01,600 --> 00:10:03,679 Speaker 2: He wasn't in yesterday's party room. He refused to go, 183 00:10:04,040 --> 00:10:07,280 Speaker 2: but he will sit with Ant's during question time. Is 184 00:10:07,320 --> 00:10:10,920 Speaker 2: he part of the nationals or lot? Who really knows? 185 00:10:10,920 --> 00:10:12,040 Speaker 2: Michael who really knows? 186 00:10:12,400 --> 00:10:14,280 Speaker 1: Sounds like he's part of the when he wants to be. 187 00:10:14,840 --> 00:10:19,720 Speaker 1: And that's a very very confusing situation. Once again, I 188 00:10:19,800 --> 00:10:21,880 Speaker 1: just feel a great deal of sympathy for Susan Lee 189 00:10:21,960 --> 00:10:24,760 Speaker 1: trying to navigate her way through what is becoming a 190 00:10:25,080 --> 00:10:31,600 Speaker 1: very very divided coalition now. Wise Tech owner Richard White 191 00:10:31,920 --> 00:10:34,920 Speaker 1: continues to sell down his stake in the tech company 192 00:10:35,120 --> 00:10:38,560 Speaker 1: is so far offloaded nearly five million shares since late 193 00:10:38,640 --> 00:10:41,000 Speaker 1: August worth forty four million dollars. 194 00:10:41,360 --> 00:10:43,600 Speaker 2: Not bad, but he isn't exactly selling out because he 195 00:10:43,640 --> 00:10:46,040 Speaker 2: still holds to shy of ten billion dollars worth of shares. 196 00:10:46,600 --> 00:10:50,120 Speaker 2: After much controversy last year around White's relationships with former 197 00:10:50,160 --> 00:10:53,360 Speaker 2: female employees and half the board, including the chair, stepping 198 00:10:53,400 --> 00:10:56,320 Speaker 2: down earlier this year, White has will and truly merged 199 00:10:56,440 --> 00:10:59,360 Speaker 2: as the dominant person running the company. Not everyone's happy 200 00:10:59,400 --> 00:11:01,959 Speaker 2: about that. I've seen some large investors sell out of 201 00:11:02,000 --> 00:11:05,520 Speaker 2: the company or sell down. In recent months on the 202 00:11:05,520 --> 00:11:09,120 Speaker 2: back of corporate governance concerns, Weiss Tech share price is 203 00:11:09,120 --> 00:11:12,720 Speaker 2: actually down nearly thirty percent since late July. The group 204 00:11:12,760 --> 00:11:15,560 Speaker 2: has its annual general meeting later this month. It'll be 205 00:11:15,640 --> 00:11:18,360 Speaker 2: White's first. Actually, that's not right, Michael must be next 206 00:11:18,360 --> 00:11:22,640 Speaker 2: month November. So first AGM next month. It'll be White's 207 00:11:22,640 --> 00:11:26,079 Speaker 2: first as executive chairman. Going to be great to. 208 00:11:26,040 --> 00:11:29,760 Speaker 1: Watch, Oh yeah, it certainly will, just quickly. Wealth platform 209 00:11:29,840 --> 00:11:33,400 Speaker 1: Netwealth has asked the Albanese government to repay one hundred 210 00:11:33,400 --> 00:11:36,840 Speaker 1: million dollars to investors that was lost from failed First 211 00:11:36,840 --> 00:11:39,880 Speaker 1: Guardian funds. The investors put their money into First Guardian 212 00:11:39,960 --> 00:11:41,760 Speaker 1: via the net Wealth platform. 213 00:11:41,880 --> 00:11:44,360 Speaker 2: Yes so. Net Wealth is an ASEX listed platform with 214 00:11:44,400 --> 00:11:47,400 Speaker 2: a market value of nearly eight billion dollars. It's asked 215 00:11:47,400 --> 00:11:50,599 Speaker 2: for financial assistance to help investors that used its platform 216 00:11:51,000 --> 00:11:53,719 Speaker 2: and lost their money in First Guardian. We've spoken a 217 00:11:53,720 --> 00:11:56,480 Speaker 2: bit about platforms in recent weeks. Basically in the investment 218 00:11:56,520 --> 00:11:59,360 Speaker 2: world they're akin to let's say, supermarkets in the retail world. 219 00:11:59,600 --> 00:12:02,400 Speaker 2: They sit between the consumer and the product providers and 220 00:12:02,440 --> 00:12:05,720 Speaker 2: allow the two to transact. The First Guardian master fund 221 00:12:05,760 --> 00:12:09,160 Speaker 2: collapsed in April, a year after suspending redemptions. Is currently 222 00:12:09,240 --> 00:12:13,600 Speaker 2: under investigation by ASSEK for allegedly misusing investor funds. Shield 223 00:12:13,640 --> 00:12:16,080 Speaker 2: Muster Fund also collapsed. To combine, the two held about 224 00:12:16,120 --> 00:12:20,320 Speaker 2: a billion dollars in serper savings. Now the wealth platform 225 00:12:20,600 --> 00:12:23,480 Speaker 2: platforms such as netwealth are hoping to get some government 226 00:12:23,480 --> 00:12:26,000 Speaker 2: assistants so that the investors in them will get some 227 00:12:26,040 --> 00:12:26,720 Speaker 2: of their money back. 228 00:12:26,960 --> 00:12:30,800 Speaker 1: Okay, let's turn to international news now and for food 229 00:12:30,840 --> 00:12:35,160 Speaker 1: assistance SEAN used by more than forty million Americans, will 230 00:12:35,200 --> 00:12:38,520 Speaker 1: not be distributed from November due to the ongoing US 231 00:12:38,559 --> 00:12:41,960 Speaker 1: government shutdown, according to the US Department of Agriculture. 232 00:12:42,720 --> 00:12:46,679 Speaker 2: Yes, I think this is very concerning. The bottom line, 233 00:12:46,760 --> 00:12:49,080 Speaker 2: the will has run drive. That's what the department said 234 00:12:49,120 --> 00:12:54,120 Speaker 2: in a notice on its website. The Supplemental Supplemental Nutrition 235 00:12:54,760 --> 00:12:59,320 Speaker 2: Assistance Programs SNAP is used by one in every eight 236 00:12:59,400 --> 00:13:02,360 Speaker 2: Americans and plays a vital role in many grocery budgets. 237 00:13:02,400 --> 00:13:05,200 Speaker 2: Early this month, the Trump administration declined to draw on 238 00:13:05,280 --> 00:13:09,280 Speaker 2: a contingency fund, saying the money was needed for other reasons. 239 00:13:09,320 --> 00:13:13,360 Speaker 2: According to BBC, Democrats have criticized President Donald Trump for 240 00:13:13,440 --> 00:13:17,680 Speaker 2: refusing to use the Contingency Fund. He has provided assistance 241 00:13:17,679 --> 00:13:20,240 Speaker 2: to Argentina. The Democrats have pointed out he is building 242 00:13:20,600 --> 00:13:24,920 Speaker 2: a new White House ballroom, yet not providing money for 243 00:13:25,080 --> 00:13:29,280 Speaker 2: poorer Americans. You know, the shutdown. Let's hope the shutdown 244 00:13:29,520 --> 00:13:33,360 Speaker 2: ends reasonably soon so things can get back on track. 245 00:13:33,720 --> 00:13:36,679 Speaker 1: Oh yeah, now mentioned this at the top of the show, Shawn. 246 00:13:36,760 --> 00:13:40,200 Speaker 1: US President Donald Trump and Defense Secretary Pete Hegsath are 247 00:13:40,280 --> 00:13:44,280 Speaker 1: in Asia for the Apex Summit and for bilateral meetings 248 00:13:44,360 --> 00:13:45,959 Speaker 1: and a lot of these little chats that happen on 249 00:13:46,000 --> 00:13:51,559 Speaker 1: the sidelines. But things aren't going so well for a US. 250 00:13:52,240 --> 00:13:54,240 Speaker 1: It's a aircraft. 251 00:13:53,760 --> 00:13:55,760 Speaker 2: Carry you know, the Big ones, right, the Big Ones. 252 00:13:56,720 --> 00:14:01,760 Speaker 1: Two aircraft crashing within thirty minutes of each other. 253 00:14:02,360 --> 00:14:06,200 Speaker 2: Yes, the USS Nimitz. According to the US Navy, the 254 00:14:06,280 --> 00:14:10,240 Speaker 2: carrier was conducting routine operations. Keep that in mind, routine 255 00:14:10,240 --> 00:14:14,360 Speaker 2: operations in the South China Sea. The first accident occurred 256 00:14:14,360 --> 00:14:17,160 Speaker 2: at two forty five pm Sunday local time and involved 257 00:14:17,240 --> 00:14:22,000 Speaker 2: an MH sixty R Seahawk helicopter that went down. All 258 00:14:22,120 --> 00:14:25,400 Speaker 2: three crew members aboard the helicopter were rescued by search 259 00:14:25,440 --> 00:14:28,720 Speaker 2: and rescue teams. Now about helicopters, worth thirty forty million dollars. 260 00:14:29,440 --> 00:14:33,760 Speaker 2: Thirty minutes later, off the same carrier, are Boeing Faighten 261 00:14:33,840 --> 00:14:36,720 Speaker 2: F super Hornet fighter jet worth about one hundred million 262 00:14:36,720 --> 00:14:41,400 Speaker 2: dollars crashed into the South China See also while conducting 263 00:14:41,760 --> 00:14:46,640 Speaker 2: routine operations. Routine operations. I don't think routine operations involves 264 00:14:46,720 --> 00:14:49,200 Speaker 2: two aircraft going down, Michael, No. 265 00:14:49,360 --> 00:14:53,440 Speaker 1: No, it sounds like something is in routine. Unroutine. I 266 00:14:53,480 --> 00:14:55,680 Speaker 1: don't know what's the not routine. 267 00:14:55,680 --> 00:14:59,080 Speaker 2: There we go unusual. It is a little bit tricky. 268 00:14:59,080 --> 00:15:03,360 Speaker 2: I mean, fortunately crew members in the ladder they rejected themselves. 269 00:15:03,400 --> 00:15:06,400 Speaker 2: All five were safely recovered. It's a very busy time 270 00:15:06,400 --> 00:15:08,200 Speaker 2: for search and rescue. But it is a little bit 271 00:15:08,200 --> 00:15:10,840 Speaker 2: tricky because Beijing opposed as the US military presence in 272 00:15:10,880 --> 00:15:14,760 Speaker 2: the South China Sea, saying it destabilizes the region. Now, 273 00:15:15,400 --> 00:15:18,240 Speaker 2: China claims nearly the entire area, but there are parts 274 00:15:18,240 --> 00:15:20,680 Speaker 2: of it claimed by Vietnam, by the Philippines, by Brunei, 275 00:15:20,760 --> 00:15:25,880 Speaker 2: by Malaysia, by Taiwan, by Japan. So it is definitely 276 00:15:26,080 --> 00:15:30,680 Speaker 2: a hot spot in the world. And to have in 277 00:15:30,720 --> 00:15:34,840 Speaker 2: thirty minutes two aircraft going down ouch. 278 00:15:34,720 --> 00:15:39,320 Speaker 1: Yeah, yeah, not good. Finally, Sean. This is a look. 279 00:15:39,480 --> 00:15:44,400 Speaker 1: Technically this probably shouldn't be international news. It is overseas, right, 280 00:15:44,560 --> 00:15:46,800 Speaker 1: it is technically over the Indian Ocean, but as part 281 00:15:46,840 --> 00:15:48,840 Speaker 1: of it's an Australian external territory. 282 00:15:48,920 --> 00:15:49,600 Speaker 2: So true. 283 00:15:49,720 --> 00:15:53,920 Speaker 1: Tens tens of millions here, I am arguing kind of 284 00:15:53,960 --> 00:15:57,240 Speaker 1: semantics really when we just need to talk about the crabs. 285 00:15:57,480 --> 00:16:01,680 Speaker 1: Tens of millions of red crabs beginning their annual migration 286 00:16:01,800 --> 00:16:05,360 Speaker 1: on Christmas Island, moving from their homes down to the 287 00:16:05,360 --> 00:16:08,920 Speaker 1: beaches on the island to lay eggs. And this is incredible. 288 00:16:09,600 --> 00:16:11,400 Speaker 2: About fifty million of them are on the move. 289 00:16:11,440 --> 00:16:14,080 Speaker 1: Have you seen the videos I have because these things 290 00:16:14,560 --> 00:16:17,560 Speaker 1: it is just a wave of crabs, a crab. 291 00:16:17,360 --> 00:16:20,120 Speaker 2: Way it is. It is like roads fields, there's just 292 00:16:20,360 --> 00:16:24,240 Speaker 2: red mass moving. Happens every year off the north of 293 00:16:24,280 --> 00:16:29,080 Speaker 2: Mainland near the Indonesian island of Java. Special crab bridges 294 00:16:29,120 --> 00:16:30,720 Speaker 2: have been built on the island to help the crabs 295 00:16:30,760 --> 00:16:34,040 Speaker 2: get around tricky obstacles like roads, and local radio stations 296 00:16:34,080 --> 00:16:36,880 Speaker 2: provide people with an update in their movements. The migration 297 00:16:36,960 --> 00:16:40,000 Speaker 2: will culminate in a major spawning event around mid November, 298 00:16:40,040 --> 00:16:43,440 Speaker 2: followed by a second spawning one month later. According to 299 00:16:43,520 --> 00:16:47,160 Speaker 2: Parks Australia, baby crabs and return to shore in the 300 00:16:47,200 --> 00:16:48,840 Speaker 2: new year. Will keep you updated. 301 00:16:49,120 --> 00:16:52,360 Speaker 1: Yeah, I love the idea of crab bridges that they 302 00:16:52,240 --> 00:16:54,880 Speaker 1: actually build. They could use anything. You could even use 303 00:16:54,880 --> 00:16:56,080 Speaker 1: a tree at a pinch. 304 00:16:56,440 --> 00:17:02,240 Speaker 2: You could do they actually Michael, ah dear, let's move on. 305 00:17:02,680 --> 00:17:05,240 Speaker 1: Sorry. Up next is the Fear and Greed Q and 306 00:17:05,280 --> 00:17:08,240 Speaker 1: A the interview today Andrew Mitchell, co founder of oh 307 00:17:08,240 --> 00:17:10,439 Speaker 1: Fear Asset Manager. I feel like I lost you there 308 00:17:10,480 --> 00:17:14,080 Speaker 1: at the end there, Sorry, Sean, you did just anyway. 309 00:17:14,240 --> 00:17:16,200 Speaker 1: It's coming up next in the Fear and Greed playlist 310 00:17:16,200 --> 00:17:19,360 Speaker 1: on your podcast platform or at Fearangreed dot com dot au, 311 00:17:19,560 --> 00:17:21,680 Speaker 1: which is also where you sign up for our free 312 00:17:21,880 --> 00:17:24,480 Speaker 1: daily newsletter and go into the draw to win our 313 00:17:24,520 --> 00:17:28,040 Speaker 1: exclusive Fear and Greed merchandise pack, including the cap and 314 00:17:28,080 --> 00:17:30,760 Speaker 1: the mea mug. But the newsletter is just a good read. 315 00:17:30,760 --> 00:17:33,159 Speaker 1: What are you teeing off on today? And your editorial shot? 316 00:17:33,240 --> 00:17:37,840 Speaker 2: Ah, Big Tech, Microsoft v HBC, great story, excellent. 317 00:17:37,840 --> 00:17:39,320 Speaker 1: If you haven't signed up, do it at the website 318 00:17:39,400 --> 00:17:40,920 Speaker 1: or put a link in today's show notes as well. 319 00:17:40,960 --> 00:17:44,000 Speaker 1: Thank you, Sean, Thank you Michael. It's Tuesday, the twenty 320 00:17:44,000 --> 00:17:46,600 Speaker 1: eighth of October twenty twenty five. Make sure you're following 321 00:17:46,640 --> 00:17:49,840 Speaker 1: the podcast and please join us online on LinkedIn, Instagram, 322 00:17:49,920 --> 00:17:52,840 Speaker 1: ex TikTok and Facebook. I'm Michael Thompson and that was 323 00:17:52,840 --> 00:17:54,480 Speaker 1: fear and greed. Have a great day.