1 00:00:06,320 --> 00:00:08,799 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,840 --> 00:00:11,200 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,240 --> 00:00:13,600 Speaker 1: Michael Thompson and good morning Sean Aylmer. 4 00:00:13,800 --> 00:00:15,360 Speaker 2: Good morning, Michael, Sean. 5 00:00:15,400 --> 00:00:17,560 Speaker 1: Our weekend show. It's all about the two of us, 6 00:00:17,680 --> 00:00:20,479 Speaker 1: each nominating what we think is the biggest business story 7 00:00:20,520 --> 00:00:24,880 Speaker 1: of the week, the most remarkable business story, a sleeper story, 8 00:00:24,880 --> 00:00:26,680 Speaker 1: one that's flying under the radar a little bit, and 9 00:00:26,680 --> 00:00:29,360 Speaker 1: then our favorite business related story. 10 00:00:30,280 --> 00:00:30,720 Speaker 3: It is a. 11 00:00:30,640 --> 00:00:33,640 Speaker 1: Competition, of course. Every week we have a winner. Usually 12 00:00:33,720 --> 00:00:36,600 Speaker 1: it is not me, but we do have a judge 13 00:00:36,640 --> 00:00:38,280 Speaker 1: to pick that winner, and it is our Fear and 14 00:00:38,320 --> 00:00:39,880 Speaker 1: Greek colleague, Adam Lang Adam. 15 00:00:39,920 --> 00:00:42,440 Speaker 3: Good morning, Good morning, Michael, Good morning, Sean. 16 00:00:42,640 --> 00:00:43,720 Speaker 2: Good morning Adam. 17 00:00:43,800 --> 00:00:46,159 Speaker 1: Can I ask you very very quickly to give us 18 00:00:46,400 --> 00:00:49,080 Speaker 1: We've had an influx of new listeners over the last 19 00:00:49,080 --> 00:00:51,400 Speaker 1: couple of weeks, and so for their benefit and also 20 00:00:51,440 --> 00:00:53,840 Speaker 1: probably for ours, what are you actually looking for today 21 00:00:54,000 --> 00:00:54,720 Speaker 1: in the stories? 22 00:00:55,400 --> 00:00:57,959 Speaker 2: I think the point you're making there, Michael is that 23 00:00:58,040 --> 00:00:59,600 Speaker 2: we've been listening to Adam for about four and a 24 00:00:59,640 --> 00:01:01,400 Speaker 2: half year and still have no idea what the judging 25 00:01:01,440 --> 00:01:02,160 Speaker 2: criteria are. 26 00:01:03,320 --> 00:01:06,800 Speaker 1: Correct, Adam, take it away they're vague guidelines. 27 00:01:06,880 --> 00:01:11,480 Speaker 4: I'm looking for each story to have topicality, timeliness, economic impact, 28 00:01:12,440 --> 00:01:13,959 Speaker 4: a little bit of something that will play to my 29 00:01:13,959 --> 00:01:16,760 Speaker 4: pure subjective bias, and some melodrama. 30 00:01:16,880 --> 00:01:20,880 Speaker 1: Please, okay, all right, all right, and I can tick 31 00:01:20,920 --> 00:01:24,440 Speaker 1: all of those boxes. I will kick us off. If 32 00:01:24,480 --> 00:01:25,080 Speaker 1: that's okay. 33 00:01:26,959 --> 00:01:30,480 Speaker 2: What's going on? I always go first? Yeah, I know, 34 00:01:30,600 --> 00:01:31,399 Speaker 2: but I have. 35 00:01:33,240 --> 00:01:39,280 Speaker 1: A sneaking suspicion that your story might be better than mine. 36 00:01:40,240 --> 00:01:41,440 Speaker 3: Way to kick off. 37 00:01:41,800 --> 00:01:44,039 Speaker 2: Let's go then, no first, If that's okay. 38 00:01:44,880 --> 00:01:47,720 Speaker 1: The key today is brevity, right, I just I just 39 00:01:47,760 --> 00:01:54,440 Speaker 1: want to get this done quickly. In short, the biggest 40 00:01:54,600 --> 00:01:57,960 Speaker 1: story of the week is that there will not be 41 00:01:58,040 --> 00:02:02,120 Speaker 1: any rate cuts until next year, Sean. As you always 42 00:02:02,160 --> 00:02:02,680 Speaker 1: tell us. 43 00:02:04,600 --> 00:02:09,600 Speaker 2: What you can't like have carry over stories, is your 44 00:02:09,600 --> 00:02:10,600 Speaker 2: biggest story of the week. 45 00:02:11,040 --> 00:02:13,160 Speaker 1: Yes, but a big development this week, Sean. And this 46 00:02:13,200 --> 00:02:15,960 Speaker 1: is why it is in this category because, as you 47 00:02:15,960 --> 00:02:20,040 Speaker 1: always tell us, follow the money right, and bond markets, 48 00:02:20,120 --> 00:02:23,720 Speaker 1: as we talked about this week on Fear and Greed, 49 00:02:24,120 --> 00:02:28,240 Speaker 1: are now pricing in a cut next year. Up until 50 00:02:28,360 --> 00:02:31,600 Speaker 1: very very recently, they were pricing in a cut this year. 51 00:02:31,960 --> 00:02:35,359 Speaker 1: Not anymore. Bond yields have risen. First cut in rates 52 00:02:35,480 --> 00:02:39,440 Speaker 1: not until May next year. Inflation obviously still the key. 53 00:02:39,480 --> 00:02:42,359 Speaker 1: Don't interrupt again. I can see you're just you're twitching. 54 00:02:42,440 --> 00:02:44,519 Speaker 1: You have this little twitch in your lip that when 55 00:02:44,520 --> 00:02:48,959 Speaker 1: you want to interject, you just go and you just know. Okay, 56 00:02:49,560 --> 00:02:51,600 Speaker 1: I'm getting distracted by you. I'm going to cover my 57 00:02:51,680 --> 00:02:53,359 Speaker 1: eyes so that i can't actually see. I'm going to 58 00:02:53,400 --> 00:02:56,560 Speaker 1: look straight ahead in the studio. Inflation is still the 59 00:02:56,639 --> 00:02:59,040 Speaker 1: I've got my blinkers on now I'm actually doing this. 60 00:02:59,120 --> 00:03:01,280 Speaker 2: Gosh, it's quite a manazy how much you carry on, 61 00:03:01,680 --> 00:03:05,760 Speaker 2: Like seriously, this has been like forty seconds of you know, 62 00:03:06,040 --> 00:03:09,680 Speaker 2: get on with you. Using the main story of the week, 63 00:03:10,000 --> 00:03:13,800 Speaker 2: bond yields, there's a certain irony in that there's no 64 00:03:13,840 --> 00:03:16,600 Speaker 2: doubt about it and it's a surprise to us. But please, 65 00:03:16,760 --> 00:03:17,560 Speaker 2: it's fascinating. 66 00:03:17,760 --> 00:03:20,120 Speaker 3: It's not one of the criteria to this point. But 67 00:03:20,480 --> 00:03:21,240 Speaker 3: let's see how we go. 68 00:03:21,720 --> 00:03:24,919 Speaker 1: Maybe it should be, Maybe it should Inflation is obviously 69 00:03:24,960 --> 00:03:27,080 Speaker 1: still the key. And the other big development on this 70 00:03:27,160 --> 00:03:30,240 Speaker 1: front through the week was that that was emphasized by 71 00:03:30,280 --> 00:03:32,520 Speaker 1: the IMF, by the International Monetary Fund, and on this 72 00:03:32,600 --> 00:03:36,720 Speaker 1: particular front right Australia is an outlier. Sure, everyone else 73 00:03:37,200 --> 00:03:39,280 Speaker 1: around the world, all the other central banks are cutting 74 00:03:39,360 --> 00:03:42,880 Speaker 1: rates at the moment. But Australia is one of only 75 00:03:42,960 --> 00:03:48,000 Speaker 1: two major economies with inflation still above and expected to 76 00:03:48,000 --> 00:03:50,760 Speaker 1: be above three percent for some time. Forecast is three 77 00:03:50,800 --> 00:03:54,920 Speaker 1: point six percent for twenty twenty five. Slovakia is four 78 00:03:54,960 --> 00:03:56,560 Speaker 1: point eight percent. That's the other one. Do you know 79 00:03:56,560 --> 00:04:01,640 Speaker 1: what Slovakia's main exports? No, tell me, it's actually interesting, 80 00:04:01,960 --> 00:04:05,120 Speaker 1: because I was expecting it to be something kind. 81 00:04:04,880 --> 00:04:07,360 Speaker 2: Of more interesting than this story, that's for sure. 82 00:04:07,440 --> 00:04:13,160 Speaker 1: Go on, oh, please, please be kind. It's cars. It 83 00:04:13,400 --> 00:04:17,760 Speaker 1: cars because a lot of the big manufacturers, because they 84 00:04:17,800 --> 00:04:21,159 Speaker 1: are a big manufacturing nation and so like Volkswagen and 85 00:04:21,200 --> 00:04:25,400 Speaker 1: a lot of the big companies actually have factories there. 86 00:04:26,040 --> 00:04:29,160 Speaker 1: They produce a lot of Lutch Jaguar and others. They 87 00:04:29,200 --> 00:04:32,520 Speaker 1: all produce cars there. Anyway, it's worth mentioning as well. 88 00:04:32,600 --> 00:04:36,080 Speaker 1: The IMF has lowered its global growth forecast for next year, 89 00:04:36,120 --> 00:04:39,039 Speaker 1: warning of risks from war and trade protectionism, and Jim 90 00:04:39,120 --> 00:04:41,000 Speaker 1: Chalmers made a speech late in the week as well 91 00:04:41,040 --> 00:04:44,080 Speaker 1: to the IMF, and he emphasized the impact of war, 92 00:04:44,440 --> 00:04:48,840 Speaker 1: saying that it is the biggest threat to our efforts 93 00:04:49,040 --> 00:04:52,280 Speaker 1: to reduce inflation. At the end of the day, brevity 94 00:04:52,360 --> 00:04:56,000 Speaker 1: is key. It's all about interest rates, not cutting until 95 00:04:56,279 --> 00:04:57,040 Speaker 1: next year. 96 00:05:01,920 --> 00:05:04,040 Speaker 2: Well what are you say? I just think I leave 97 00:05:04,080 --> 00:05:10,400 Speaker 2: that biggest story of the week by a country mile ceo. 98 00:05:11,120 --> 00:05:13,279 Speaker 2: Bad behavior, So. 99 00:05:13,360 --> 00:05:14,480 Speaker 1: This is why I went first. 100 00:05:16,760 --> 00:05:19,719 Speaker 2: The VG one was Richard White from Weistech Global. There's 101 00:05:19,760 --> 00:05:22,200 Speaker 2: been all sorts of allegations over the past ten days 102 00:05:22,320 --> 00:05:25,640 Speaker 2: or so. The share prices down thirty percent on Thursday night. 103 00:05:25,960 --> 00:05:29,400 Speaker 2: Mister White resigned. Started with a legal dispute with a 104 00:05:29,440 --> 00:05:32,360 Speaker 2: Sydney Willness entrepreneur, Linda Roagan. She claims that he agreed 105 00:05:32,360 --> 00:05:35,400 Speaker 2: to help fund her business but expected sexual favors in return. 106 00:05:35,839 --> 00:05:39,119 Speaker 2: That suit's been settled so it wasn't contested in court. 107 00:05:39,880 --> 00:05:43,400 Speaker 2: Mister White allegedly approached female entrepreneurs on social media with 108 00:05:43,520 --> 00:05:46,119 Speaker 2: offers of professional support that could later shift to crude 109 00:05:46,200 --> 00:05:50,000 Speaker 2: or suggestive language. Nine Media reported allegations that mister White 110 00:05:50,040 --> 00:05:53,039 Speaker 2: had a lengthy relationship with an employee called Christine Kontos. 111 00:05:53,120 --> 00:05:56,080 Speaker 2: Kontos was recruited by White after the start of their 112 00:05:56,160 --> 00:05:58,800 Speaker 2: relationship in twenty sixteen. At the end, he gave her 113 00:05:58,800 --> 00:06:02,680 Speaker 2: a luxury waterfront mansion worth seven million dollars. Now that's 114 00:06:02,839 --> 00:06:07,359 Speaker 2: the third property mister White has purchased and allegedly provided 115 00:06:07,400 --> 00:06:09,800 Speaker 2: to a woman that he's had a relationship with. Then 116 00:06:09,880 --> 00:06:12,080 Speaker 2: nine reported that a former director of wis Tech Global 117 00:06:12,080 --> 00:06:15,480 Speaker 2: had left in twenty nineteen, accused him of intimidation, bullying, 118 00:06:15,560 --> 00:06:19,839 Speaker 2: and overseeing poor corporate governance. As I said, he resigned 119 00:06:19,839 --> 00:06:22,240 Speaker 2: on Thursday night. It wasn't just Richard White, though, Chris 120 00:06:22,279 --> 00:06:26,680 Speaker 2: Ellison from Mineral Resources failed. It emerged this week from 121 00:06:26,680 --> 00:06:29,080 Speaker 2: the AFR that he failed to disguise a ten year 122 00:06:29,080 --> 00:06:32,360 Speaker 2: tax evation scheme. The scheme made money for five execs 123 00:06:32,400 --> 00:06:36,800 Speaker 2: but cost shareholders seven million dollars, according to the IFI allegations. 124 00:06:37,120 --> 00:06:39,840 Speaker 2: Mister Ellison told the IOFAR it was a serious lapse 125 00:06:39,880 --> 00:06:42,520 Speaker 2: of judgment from him. He since made a settlement with 126 00:06:42,560 --> 00:06:45,960 Speaker 2: the ATO. ASEX is now inquiring there's more. Super Retail 127 00:06:46,040 --> 00:06:49,679 Speaker 2: Group ASSEK is investigating treatment of two former high profile 128 00:06:49,680 --> 00:06:54,320 Speaker 2: execs turned whistleblowers. Super Retail faces allegations concerning bullying and 129 00:06:54,360 --> 00:06:58,440 Speaker 2: harassment and claims that it's CEO Anthony HERETI was having 130 00:06:58,480 --> 00:07:02,040 Speaker 2: an affair with your head of HIV are. It has 131 00:07:02,080 --> 00:07:07,080 Speaker 2: been a week of some really I'm not quite sure 132 00:07:07,120 --> 00:07:10,560 Speaker 2: what the adjective is, just stories of bad behavior. And 133 00:07:10,640 --> 00:07:12,520 Speaker 2: these are all allegations, so they need to be tested 134 00:07:12,560 --> 00:07:14,520 Speaker 2: in courts, so we need to be careful about that. 135 00:07:15,640 --> 00:07:18,520 Speaker 2: But it really has been the week that the behavior 136 00:07:18,560 --> 00:07:22,120 Speaker 2: of CEOs has come to the fore, and no more 137 00:07:22,120 --> 00:07:24,640 Speaker 2: than wise Teach Globals Richard White, he's run that company 138 00:07:24,680 --> 00:07:26,600 Speaker 2: for more than thirty years. He founded it in nineteen 139 00:07:26,640 --> 00:07:29,720 Speaker 2: ninety four, listed in twenty sixteen worth one billion dollars, 140 00:07:29,720 --> 00:07:31,600 Speaker 2: got to about forty one billion dollars, has come off 141 00:07:31,640 --> 00:07:35,080 Speaker 2: a bit since then, down thirty percent, but quite a 142 00:07:35,120 --> 00:07:36,360 Speaker 2: remarkable story this week. 143 00:07:36,440 --> 00:07:40,520 Speaker 4: Adam Okay, Sean one of the pre eminent economics writers 144 00:07:40,560 --> 00:07:42,480 Speaker 4: in the land, what do you think of the IMF? 145 00:07:43,800 --> 00:07:46,120 Speaker 2: Who's the preeminent economics writer in the land? Me? 146 00:07:50,640 --> 00:07:53,480 Speaker 1: Well, sure, isn't me, Sean, So I'm assuming it's going 147 00:07:53,560 --> 00:07:54,640 Speaker 1: to be you. 148 00:07:55,280 --> 00:07:57,240 Speaker 2: So that the IMF, I think we described it during 149 00:07:57,240 --> 00:08:01,160 Speaker 2: the week as the Daddy, the daddy of all economies. 150 00:08:01,280 --> 00:08:04,160 Speaker 2: It's got one hundred and ninety one members. Lichtenstein joined 151 00:08:04,200 --> 00:08:08,120 Speaker 2: this week, very excited about that. Basically, mass the information 152 00:08:08,200 --> 00:08:11,200 Speaker 2: it gets it would come via Treasury, Department of Treasury 153 00:08:11,240 --> 00:08:15,560 Speaker 2: in Australia, but young good organization. Yeah, why do. 154 00:08:15,560 --> 00:08:21,000 Speaker 4: I so interesting spectating on the world. I just can't 155 00:08:21,040 --> 00:08:23,119 Speaker 4: see this as the biggest story of the week. 156 00:08:24,040 --> 00:08:25,800 Speaker 3: No roadcasts for twenty twenty four. 157 00:08:26,760 --> 00:08:30,400 Speaker 4: I know the particularly way that, Michael, the way you 158 00:08:30,480 --> 00:08:31,160 Speaker 4: built it up. 159 00:08:31,480 --> 00:08:32,200 Speaker 2: What a surprise. 160 00:08:33,320 --> 00:08:36,640 Speaker 4: CEOs behaving badly? Do you remember that show Men Behaving Badly? 161 00:08:36,720 --> 00:08:40,440 Speaker 4: The British sitcom from the nineties. It was very good. 162 00:08:42,040 --> 00:08:46,520 Speaker 4: Last week we had nine's Intersection report being delivered. This 163 00:08:46,600 --> 00:08:50,800 Speaker 4: week we've had Chris Ellison, Richard White, super retail group. 164 00:08:51,280 --> 00:08:55,880 Speaker 4: Stories continue to evolve. My word, some of these people 165 00:08:55,880 --> 00:09:01,720 Speaker 4: have been very busy, far busier than I could stand. So, Sean, 166 00:09:01,920 --> 00:09:04,600 Speaker 4: I think you have to win for the biggest story 167 00:09:04,640 --> 00:09:05,000 Speaker 4: of the week. 168 00:09:06,160 --> 00:09:08,480 Speaker 1: I think that's fair. I would like to lodge a 169 00:09:08,559 --> 00:09:11,199 Speaker 1: protests though that. Sean, I want you to go back 170 00:09:11,240 --> 00:09:14,760 Speaker 1: to doing stories about interest rates and the economy and things, 171 00:09:15,000 --> 00:09:19,120 Speaker 1: because I want to do stories like CEO is behaving badly. 172 00:09:19,280 --> 00:09:21,880 Speaker 1: That feels like that's right up my alley, and you 173 00:09:21,920 --> 00:09:24,839 Speaker 1: should be talking about the IMF and interest rate expectations 174 00:09:24,880 --> 00:09:28,160 Speaker 1: and bond yields. What kind of a topsy turvy world 175 00:09:28,200 --> 00:09:30,760 Speaker 1: are we in? Where I am doing a story about 176 00:09:30,760 --> 00:09:31,680 Speaker 1: bond yields. 177 00:09:31,840 --> 00:09:35,400 Speaker 2: It's not so so it is nuts. It is nuts. 178 00:09:35,480 --> 00:09:37,559 Speaker 2: And if you only lost by like two points, I'm 179 00:09:37,559 --> 00:09:39,040 Speaker 2: going to be very, very cranky when I see the 180 00:09:39,040 --> 00:09:42,200 Speaker 2: score sheet. But can I because I have said I 181 00:09:42,240 --> 00:09:44,240 Speaker 2: will not be doing economics till the end of the year. 182 00:09:44,280 --> 00:09:47,760 Speaker 2: I'm happy to sin that, Michael, but only on your agreement. 183 00:09:48,600 --> 00:09:50,520 Speaker 1: No, no, no, we're coming up to the Reserve Bank 184 00:09:50,720 --> 00:09:52,719 Speaker 1: Board meeting. I'll hang on to it just for a 185 00:09:52,760 --> 00:09:57,840 Speaker 1: little bit longer. Thanks, Sean, what you wish for? Shall 186 00:09:57,880 --> 00:10:01,280 Speaker 1: we move on to most remarkable story? Yeah, you go 187 00:10:01,400 --> 00:10:03,560 Speaker 1: first on this one because I jumped in too quickly 188 00:10:03,559 --> 00:10:05,480 Speaker 1: on the biggest story, So you can go first here. 189 00:10:06,400 --> 00:10:10,439 Speaker 2: Okay, I think this is truly remarkable. In the US, 190 00:10:10,480 --> 00:10:15,000 Speaker 2: there are growing concerns about the big supermarkets introducing surge pricing, 191 00:10:15,720 --> 00:10:19,040 Speaker 2: meaning higher prices. He went, then, was that you, Adam? 192 00:10:19,200 --> 00:10:19,840 Speaker 2: Was that? That was me? 193 00:10:19,960 --> 00:10:20,320 Speaker 3: It was me? 194 00:10:20,400 --> 00:10:23,960 Speaker 1: It was me only because I'm like dynamic pricing. Adam 195 00:10:24,080 --> 00:10:28,000 Speaker 1: is just going to love this already, standing up. 196 00:10:28,200 --> 00:10:29,720 Speaker 2: Oh sick. 197 00:10:30,679 --> 00:10:34,000 Speaker 3: This one's going to have everything take. 198 00:10:33,880 --> 00:10:38,400 Speaker 2: A seat at them. So the idea that big supermarkets 199 00:10:38,480 --> 00:10:42,840 Speaker 2: might introduce surge pricing is all about higher prices on 200 00:10:42,880 --> 00:10:45,880 Speaker 2: different items at different times of the day. Now, actually 201 00:10:45,880 --> 00:10:48,840 Speaker 2: it was you, Michael was talking about Ubers and you 202 00:10:48,880 --> 00:10:52,760 Speaker 2: see surge pricing and Ubers. At twelve o'clock at night, 203 00:10:53,080 --> 00:10:55,040 Speaker 2: the price of an Uber home is a lot more 204 00:10:55,080 --> 00:10:57,760 Speaker 2: expensive than at four o'clock in the afternoon. It's that 205 00:10:57,880 --> 00:11:02,120 Speaker 2: surge pricing. This is the next level from what's going 206 00:11:02,200 --> 00:11:06,640 Speaker 2: on here. We're having fights with supermarkets about so called discounts. 207 00:11:07,080 --> 00:11:10,400 Speaker 2: This is a whole new ballgame. It's about what they 208 00:11:10,440 --> 00:11:15,200 Speaker 2: call electronic shelf labels, which are being deployed across the country. 209 00:11:15,559 --> 00:11:19,000 Speaker 2: They're just shelf labels that are electronic, as the name suggests, 210 00:11:19,200 --> 00:11:21,920 Speaker 2: but they can be changed in an instant across all 211 00:11:21,960 --> 00:11:25,520 Speaker 2: sorts of items and prices. You know, when did you 212 00:11:25,559 --> 00:11:26,959 Speaker 2: guys ever work in supermarkets? 213 00:11:27,280 --> 00:11:28,880 Speaker 1: It was a checkout chap at Bilo. 214 00:11:29,480 --> 00:11:35,120 Speaker 2: Yeah. I don't even know whether that counts, but you 215 00:11:35,160 --> 00:11:37,200 Speaker 2: know you'd have to go when you change the prices, 216 00:11:37,200 --> 00:11:39,240 Speaker 2: and you'd be putting the wrong price in the wrong spot. 217 00:11:39,840 --> 00:11:42,360 Speaker 2: So the whole idea is electronic shelf labels you get 218 00:11:42,400 --> 00:11:45,200 Speaker 2: rid of that problem. Is politicians in the US claim 219 00:11:45,240 --> 00:11:47,560 Speaker 2: that Kroger one of the big stores, got twenty eight 220 00:11:47,600 --> 00:11:53,000 Speaker 2: hundred supermarkets in the US are using digital price tags 221 00:11:53,080 --> 00:11:57,040 Speaker 2: for dynamic pricing. They've also gone on to say this 222 00:11:57,080 --> 00:12:02,200 Speaker 2: could mean with the actual shelf tags will allow facial 223 00:12:02,240 --> 00:12:06,839 Speaker 2: recognition technology and that could be considered in pricing decisions. 224 00:12:07,000 --> 00:12:10,200 Speaker 2: This is according to a New York Times story. So 225 00:12:10,840 --> 00:12:15,000 Speaker 2: the idea is that the price tag can recognize the 226 00:12:15,080 --> 00:12:19,360 Speaker 2: person buying and determine the price. Now, Craiger said this 227 00:12:19,440 --> 00:12:22,160 Speaker 2: is not happening. Walmart's got forty six hundred stores. That 228 00:12:22,280 --> 00:12:24,840 Speaker 2: is the gorilla in the market. It's also using these 229 00:12:24,920 --> 00:12:29,520 Speaker 2: electronic shelf labels, saying it's not happening. Problem is when 230 00:12:29,520 --> 00:12:32,160 Speaker 2: the politicians asked Kraiger whether it we use these tags 231 00:12:32,160 --> 00:12:34,240 Speaker 2: to raise prices when it sees fit in order to 232 00:12:34,280 --> 00:12:39,960 Speaker 2: maximize profit. Krager's response didn't exactly allay those fears. It 233 00:12:40,000 --> 00:12:42,600 Speaker 2: didn't come out and say, no, we won't be using 234 00:12:42,600 --> 00:12:44,520 Speaker 2: these tags to raise prices when it sees fit to 235 00:12:44,600 --> 00:12:47,839 Speaker 2: organize maximize profit. It came out and said they were 236 00:12:47,840 --> 00:12:51,360 Speaker 2: designed to lower prices for more customers where it matters most, 237 00:12:52,520 --> 00:12:55,760 Speaker 2: which is kind of the flip side to rise lifting prices. 238 00:12:56,960 --> 00:12:59,839 Speaker 2: This it's just I had never thought of anything about 239 00:12:59,840 --> 00:13:02,520 Speaker 2: this until this story, and that's why it is so remarkable. 240 00:13:02,720 --> 00:13:04,480 Speaker 2: I don't think it's happening, but you can see a 241 00:13:04,559 --> 00:13:11,319 Speaker 2: future where these electronic shelf tags enabled silpermarkets to do 242 00:13:11,440 --> 00:13:15,040 Speaker 2: all sorts of things, you know, time of day pricing, 243 00:13:15,840 --> 00:13:17,520 Speaker 2: is it a kid buying it and as an elderly 244 00:13:17,600 --> 00:13:21,439 Speaker 2: person buying it. It's just totally remarkable what the technology 245 00:13:21,559 --> 00:13:24,960 Speaker 2: will allow. My most remarkable story, Michael. 246 00:13:25,200 --> 00:13:30,120 Speaker 1: That is remarkably long, Sean, that was intense. Mine is 247 00:13:30,160 --> 00:13:32,160 Speaker 1: going to be short, which I know is very hypocritical. 248 00:13:32,960 --> 00:13:35,160 Speaker 1: Mine's going to be very very short. The most remarkable 249 00:13:35,160 --> 00:13:38,680 Speaker 1: story for me this week was the it is actually 250 00:13:38,679 --> 00:13:42,199 Speaker 1: the ongoing story, but a big, big, big, big big development. 251 00:13:42,280 --> 00:13:44,440 Speaker 1: This week I realized I shouldn't have said that out. No, 252 00:13:44,520 --> 00:13:46,000 Speaker 1: it's not an ongoing story at all. 253 00:13:46,080 --> 00:13:46,839 Speaker 2: It continuing. 254 00:13:46,880 --> 00:13:50,960 Speaker 1: It's great up, remarkable story entirely limited to this week. 255 00:13:51,200 --> 00:13:55,560 Speaker 1: It is the nature of Australia's relationship with China, right, 256 00:13:55,640 --> 00:14:01,000 Speaker 1: which is both our biggest, our biggest trade partner, but 257 00:14:01,200 --> 00:14:04,960 Speaker 1: also one of our biggest political adversaries. 258 00:14:05,160 --> 00:14:05,360 Speaker 3: Right. 259 00:14:05,440 --> 00:14:08,720 Speaker 1: So we started this week Sean talking talking about wine 260 00:14:08,720 --> 00:14:11,960 Speaker 1: exports and the fact that exports to China went from 261 00:14:12,040 --> 00:14:15,280 Speaker 1: eight million dollars a year ago to six hundred and 262 00:14:15,520 --> 00:14:19,400 Speaker 1: twelve million dollars. That is staggering. I'm not even going 263 00:14:19,440 --> 00:14:22,360 Speaker 1: to attempt to figure out what percentage increase that is, 264 00:14:22,800 --> 00:14:26,080 Speaker 1: suffice to say it is a lot, because tariffs were 265 00:14:26,120 --> 00:14:31,160 Speaker 1: removed obviously in March this year, when the relationship between 266 00:14:31,280 --> 00:14:34,960 Speaker 1: China and Australia really began to normalize after Anthony Alberanezi 267 00:14:35,000 --> 00:14:38,200 Speaker 1: came to power. But normalize is the key word here 268 00:14:38,240 --> 00:14:41,560 Speaker 1: because what is normal for a relationship like this because 269 00:14:41,600 --> 00:14:44,600 Speaker 1: at the same time as the economic ties are tightening 270 00:14:44,680 --> 00:14:47,520 Speaker 1: and becoming easier, and these markets are opening up again 271 00:14:47,880 --> 00:14:51,840 Speaker 1: at this same time this week there was an almighty. 272 00:14:51,280 --> 00:14:54,800 Speaker 2: Michael's quite boring when he goes brevity out him? Do 273 00:14:54,880 --> 00:14:56,400 Speaker 2: you think Michael becomes quite boring? 274 00:14:56,800 --> 00:15:00,120 Speaker 4: I'm just struggling with is this really brevity? 275 00:15:00,440 --> 00:15:04,320 Speaker 1: I will be done within about ninety seconds overall, Sean 276 00:15:04,360 --> 00:15:07,640 Speaker 1: took four and a half minutes. Just let me go. 277 00:15:07,800 --> 00:15:13,160 Speaker 1: I'm nearly done, you too, See ten seconds if I 278 00:15:13,240 --> 00:15:17,280 Speaker 1: could bring a small portable taser of some kind into 279 00:15:17,320 --> 00:15:20,360 Speaker 1: the studio, a cattle prod and when you two interrupt me, 280 00:15:20,880 --> 00:15:26,240 Speaker 1: twenty seconds, Little crack in the ribs. At the same 281 00:15:26,280 --> 00:15:31,760 Speaker 1: time as we're hearing about the wine thirty seconds stop interrupting. 282 00:15:33,440 --> 00:15:37,080 Speaker 1: At the same time as we see the wine exports 283 00:15:37,120 --> 00:15:41,120 Speaker 1: increasing by what, I don't even know how many percent. 284 00:15:41,320 --> 00:15:42,880 Speaker 1: I want to figure that out, but I just can't. 285 00:15:42,920 --> 00:15:47,080 Speaker 1: It's beyond me right now. At the same time, lots, yeah, many, many, 286 00:15:47,120 --> 00:15:51,640 Speaker 1: many times, there is an almighty diplomatic spat happening at 287 00:15:51,640 --> 00:15:55,000 Speaker 1: the exact same time after an Australian diplomat raised concerns 288 00:15:55,000 --> 00:16:00,120 Speaker 1: about human rights abuses, now China's Foreign Ministry spokesperson and 289 00:16:00,480 --> 00:16:05,240 Speaker 1: then hit back and accused Australia of systemic racism, of 290 00:16:05,280 --> 00:16:09,400 Speaker 1: hate crimes, and hypocrisy on human rights. I think it 291 00:16:09,480 --> 00:16:12,200 Speaker 1: is absolutely remarkable and in a week that we're talking 292 00:16:12,200 --> 00:16:15,040 Speaker 1: about this tremendous growth from eight million dollars to six 293 00:16:15,160 --> 00:16:17,320 Speaker 1: hundred and twelve million dollars in wine that at the 294 00:16:17,360 --> 00:16:19,880 Speaker 1: same time we're having a political dispute where we are 295 00:16:19,880 --> 00:16:23,240 Speaker 1: being accused of human rights abuses by a country that 296 00:16:23,360 --> 00:16:26,720 Speaker 1: has a very very dubious record on that. This is 297 00:16:27,000 --> 00:16:30,440 Speaker 1: a country that we are hugely dependent on. It feels 298 00:16:30,440 --> 00:16:33,040 Speaker 1: like our relationship kind of takes one step forward then 299 00:16:33,240 --> 00:16:35,640 Speaker 1: kind of two steps backwards and half a step forward again, 300 00:16:35,680 --> 00:16:38,040 Speaker 1: and who knows where it's at. And this week I 301 00:16:38,080 --> 00:16:41,480 Speaker 1: think summed that up perfectly, from the beginning to the end, 302 00:16:41,800 --> 00:16:45,200 Speaker 1: neatly encapsulated within one seven day period. It is not 303 00:16:45,240 --> 00:16:47,760 Speaker 1: a continuation of an ongoing story at all. I misspoke. 304 00:16:48,960 --> 00:16:53,440 Speaker 1: There you go. It's remarkable, Sorry, Michael. 305 00:16:54,960 --> 00:16:58,520 Speaker 4: Very difficult to walk back from it myself. 306 00:17:00,640 --> 00:17:03,040 Speaker 1: But Shawn even said in his story, he goes, I 307 00:17:03,080 --> 00:17:06,119 Speaker 1: don't think this is actually happening. So he even acknowledged 308 00:17:06,119 --> 00:17:08,240 Speaker 1: that in his story, he goes, this is not actually 309 00:17:08,240 --> 00:17:10,399 Speaker 1: happening in the surge pricing, so he acknowledged it's a 310 00:17:10,440 --> 00:17:14,119 Speaker 1: non event his story, so penalized it is, it is. 311 00:17:14,240 --> 00:17:16,040 Speaker 2: It is not happening to that. Well, I don't know 312 00:17:16,080 --> 00:17:20,119 Speaker 2: that it's happening today, but wow, the potential is frightening. 313 00:17:20,359 --> 00:17:22,480 Speaker 1: So it's not actually happening though this week. So that's 314 00:17:22,800 --> 00:17:25,520 Speaker 1: you know what I'm just saying, Adam, do what you 315 00:17:25,600 --> 00:17:28,360 Speaker 1: need to do and be fair. 316 00:17:29,400 --> 00:17:30,200 Speaker 3: Got it? Thanks? 317 00:17:30,720 --> 00:17:37,040 Speaker 4: So, Michael, I just love that small portable taser. Obviously 318 00:17:37,560 --> 00:17:40,280 Speaker 4: requirement for Fear and Green to purchase for the studio. 319 00:17:40,760 --> 00:17:43,720 Speaker 2: That wasn't exactly a substinctive part of the story. But 320 00:17:43,800 --> 00:17:44,360 Speaker 2: we do like. 321 00:17:47,760 --> 00:17:50,280 Speaker 4: When you were struggling with what punishment you would bring 322 00:17:50,320 --> 00:17:53,480 Speaker 4: on us, it was a small portable taser. 323 00:17:53,760 --> 00:17:56,000 Speaker 1: Well, some way of keeping you in order, I don't 324 00:17:56,040 --> 00:17:58,640 Speaker 1: know how, Like it's just come on. 325 00:17:58,600 --> 00:17:59,200 Speaker 3: I give that. 326 00:18:00,080 --> 00:18:05,560 Speaker 4: Also, your description of Australian Chinese relationship vexed, absolutely vexed 327 00:18:05,600 --> 00:18:11,000 Speaker 4: relationship as it is and continuingly so I'm afraid that's 328 00:18:11,359 --> 00:18:18,240 Speaker 4: new and remarkable this week. That technological power is stunning. 329 00:18:18,800 --> 00:18:20,280 Speaker 4: And the fact that they say, oh yeah, we can 330 00:18:20,359 --> 00:18:23,640 Speaker 4: do it to make prices cheaper. If so fact, they're 331 00:18:23,640 --> 00:18:25,520 Speaker 4: also going to do it the other way, right, so, 332 00:18:25,840 --> 00:18:28,720 Speaker 4: you know, very delicate as to how they sell this 333 00:18:28,800 --> 00:18:32,240 Speaker 4: in they've obviously built the technology before they thought about 334 00:18:32,280 --> 00:18:36,840 Speaker 4: how they're going to communicate that to the public. Remarkable tech. 335 00:18:37,440 --> 00:18:40,000 Speaker 4: So remark you in for a remarkable story of the week. 336 00:18:40,960 --> 00:18:44,120 Speaker 2: Nanny, Nanny, Nana Nanina to nil. 337 00:18:45,640 --> 00:18:48,080 Speaker 1: This show is officially becoming a face. Let's take a 338 00:18:48,160 --> 00:18:50,680 Speaker 1: quick break. We will come back with a sleeper story 339 00:18:50,880 --> 00:18:59,520 Speaker 1: of the week. All right, Sean, we're looking for a 340 00:18:59,560 --> 00:19:02,119 Speaker 1: sleeper story of the week. A sleeper story is one 341 00:19:02,119 --> 00:19:04,639 Speaker 1: that's flying under the radar or not getting the attention 342 00:19:04,720 --> 00:19:07,640 Speaker 1: that we feel it deserves, in which case it might 343 00:19:07,680 --> 00:19:09,520 Speaker 1: be a bigger story further down the track, in which 344 00:19:09,520 --> 00:19:17,119 Speaker 1: case the fuse was lit during the week. What did 345 00:19:17,200 --> 00:19:19,960 Speaker 1: you identify for us this week? What little gem of 346 00:19:20,040 --> 00:19:20,760 Speaker 1: you on Earthed? 347 00:19:21,520 --> 00:19:25,640 Speaker 2: The fuse was lit this week for the future relationship 348 00:19:25,720 --> 00:19:31,520 Speaker 2: between AI and journalism, and this is a big one. 349 00:19:31,800 --> 00:19:35,040 Speaker 2: Dal Jones, the New York Post, owned by Rupert Murdock's 350 00:19:35,040 --> 00:19:41,000 Speaker 2: News Corps, accused Perplexity, which is an AI startup, of 351 00:19:41,119 --> 00:19:46,840 Speaker 2: a scheme troop off their journalism. The publisher alleges that Perplexity, 352 00:19:46,880 --> 00:19:50,560 Speaker 2: the AI startup, was engaging in a massive amount of 353 00:19:50,800 --> 00:19:54,560 Speaker 2: illegal copying of their work. According to media reports, it 354 00:19:54,600 --> 00:19:58,959 Speaker 2: claims Perplexity is diverting customers and critical revenues away from 355 00:19:59,000 --> 00:20:03,680 Speaker 2: news publishers free writing on the valuable content the publishers produce, 356 00:20:04,880 --> 00:20:10,160 Speaker 2: so take a step back. Perplexities search engine allows users 357 00:20:10,200 --> 00:20:15,080 Speaker 2: to get instant answers, but the allegation is that the 358 00:20:15,200 --> 00:20:20,320 Speaker 2: answer engine, as they call it, relies on a massive 359 00:20:20,960 --> 00:20:27,080 Speaker 2: amount of copyrighted news content, analysis and opinion. This is 360 00:20:27,160 --> 00:20:32,320 Speaker 2: the first major case between a publisher in an AI 361 00:20:32,560 --> 00:20:39,280 Speaker 2: company Perplexity on the fair use of the content. I 362 00:20:39,320 --> 00:20:42,720 Speaker 2: went on a perplexity. So I've done an experiment this week. 363 00:20:42,960 --> 00:20:44,600 Speaker 2: For three days in a row, I've tried to write 364 00:20:44,600 --> 00:20:47,800 Speaker 2: the Fear and Greed script using AI to see if 365 00:20:47,800 --> 00:20:50,760 Speaker 2: I could do myself out of a job, and I 366 00:20:50,760 --> 00:20:53,320 Speaker 2: haven't come close to it. Now that that is also 367 00:20:53,359 --> 00:20:55,080 Speaker 2: going to be in part because of mind. I'm just 368 00:20:55,119 --> 00:21:00,280 Speaker 2: too brilliant, Yeah, something like that. I lack skill in 369 00:21:00,400 --> 00:21:03,920 Speaker 2: using skills in using AI. AI is fantastic, right, but 370 00:21:03,960 --> 00:21:05,560 Speaker 2: it doesn't actually know very much. You have to tell 371 00:21:05,560 --> 00:21:08,160 Speaker 2: it everything. And so I've tried to write the script 372 00:21:08,480 --> 00:21:11,080 Speaker 2: this week using AI and hasn't worked. And PERPLEXI was 373 00:21:11,119 --> 00:21:13,480 Speaker 2: actually the best of them though, if you're going to 374 00:21:13,600 --> 00:21:17,000 Speaker 2: use it, because it does access all this news content. 375 00:21:17,800 --> 00:21:22,119 Speaker 2: So this is very much a test case for AI 376 00:21:22,200 --> 00:21:25,800 Speaker 2: and journalism. And we didn't hear much about it, but wow, 377 00:21:25,840 --> 00:21:28,399 Speaker 2: we're going to hear a lot about it in weeks, months, 378 00:21:28,440 --> 00:21:32,000 Speaker 2: and years. Michael, stop rolling your eyes a little respect. 379 00:21:33,040 --> 00:21:36,920 Speaker 1: Just did you just say show respect. 380 00:21:39,000 --> 00:21:39,800 Speaker 2: For your elders? 381 00:21:40,440 --> 00:21:46,800 Speaker 1: Oh gosh, the hypocrisy. Goodness me, you're done the finished. 382 00:21:46,920 --> 00:21:49,800 Speaker 2: Now, I'm done a quick brief. It's important, big sleeper story. 383 00:21:49,880 --> 00:21:55,760 Speaker 1: It wasnt brief. This is brief my sleeper story. It's 384 00:21:55,760 --> 00:21:58,040 Speaker 1: a sleeper because nobody's talking about it. No one has 385 00:21:58,080 --> 00:22:03,199 Speaker 1: talked about it in the past. Black market tobacco. Who 386 00:22:03,520 --> 00:22:08,120 Speaker 1: knew it was so big in Australia. And I'll tell 387 00:22:08,160 --> 00:22:11,080 Speaker 1: you why we only know about it this week because 388 00:22:11,119 --> 00:22:14,680 Speaker 1: of Viva Energy, which is quite remarkable. The fact that 389 00:22:15,560 --> 00:22:18,320 Speaker 1: a company has been the one to draw our attention 390 00:22:18,400 --> 00:22:21,000 Speaker 1: to this that you wouldn't expect. It's a company that 391 00:22:21,280 --> 00:22:23,320 Speaker 1: really kind of most of you would think that most 392 00:22:23,359 --> 00:22:25,040 Speaker 1: of their money and most of kind of their their 393 00:22:25,359 --> 00:22:27,359 Speaker 1: business is all about kind of petrol and all of that. 394 00:22:27,480 --> 00:22:30,000 Speaker 1: But really it's the tobacco sales that they've drawn our 395 00:22:30,040 --> 00:22:32,960 Speaker 1: attention to. They downgraded their outlook on the back of 396 00:22:33,080 --> 00:22:37,600 Speaker 1: softer retail conditions, high business costs and lower tobacco sales, 397 00:22:37,920 --> 00:22:40,200 Speaker 1: triggered a near seven percent drop in as share price. 398 00:22:40,359 --> 00:22:45,480 Speaker 1: Now Viva of course owns oil refinery licenses, as Shell 399 00:22:45,560 --> 00:22:49,280 Speaker 1: Brand owns and sells Vibe That coals Express brands, so 400 00:22:49,320 --> 00:22:54,280 Speaker 1: these are kind of household names. The tobacco sales, right, 401 00:22:54,560 --> 00:22:58,040 Speaker 1: the tobacco sales were really what was the key element 402 00:22:58,119 --> 00:23:02,840 Speaker 1: of this and the thing that Energy highlighted was that 403 00:23:02,960 --> 00:23:07,240 Speaker 1: it was partly because or significantly because of the growing 404 00:23:07,359 --> 00:23:11,760 Speaker 1: illicit tobacco trade. Isn't that extraordinary? I did a little 405 00:23:11,760 --> 00:23:12,400 Speaker 1: bit of research. 406 00:23:14,240 --> 00:23:17,480 Speaker 2: Can I just put a protest here? Just because you're 407 00:23:17,600 --> 00:23:19,960 Speaker 2: ignorant of a story doesn't mean that everyone else is 408 00:23:20,040 --> 00:23:21,240 Speaker 2: ignorant of that story. 409 00:23:21,600 --> 00:23:24,520 Speaker 1: Well, actually, I would suggest that most people probably are 410 00:23:24,680 --> 00:23:31,240 Speaker 1: unaware of just how significant the impact is. I mean, the. 411 00:23:35,600 --> 00:23:38,200 Speaker 2: I'm looking at Adam's face in this and it's very 412 00:23:38,480 --> 00:23:41,520 Speaker 2: like like, come on, Michael, come on, give me something. Okay, 413 00:23:41,560 --> 00:23:42,119 Speaker 2: a test? 414 00:23:42,400 --> 00:23:47,440 Speaker 1: All right, Adam? How big an impact do you think 415 00:23:47,520 --> 00:23:50,440 Speaker 1: black market tobacco is having on Australia at the moment? 416 00:23:51,840 --> 00:23:53,879 Speaker 1: And I'd like you to quantify it in terms of 417 00:23:53,920 --> 00:23:59,639 Speaker 1: the missed excise paid to government? You don't know, And 418 00:23:59,640 --> 00:24:01,800 Speaker 1: it's that's fine, No. 419 00:24:01,760 --> 00:24:04,760 Speaker 3: More than last week or last year. I just wonder 420 00:24:04,760 --> 00:24:07,040 Speaker 3: to get this element of this has changed. 421 00:24:07,200 --> 00:24:10,840 Speaker 1: The fact that Viva Energy have actually identified it as 422 00:24:11,480 --> 00:24:15,359 Speaker 1: the key reason for why their outlook has deteriorated. 423 00:24:15,520 --> 00:24:18,960 Speaker 3: Yeah, look over there, it's not us, it's them. 424 00:24:19,280 --> 00:24:22,480 Speaker 1: No, but it actually it actually is the fact is 425 00:24:22,520 --> 00:24:27,600 Speaker 1: that the tobacconist stores have been popping up everywhere, right, 426 00:24:27,880 --> 00:24:30,800 Speaker 1: and I did quite a bit of research into into 427 00:24:30,920 --> 00:24:35,240 Speaker 1: all of this. The black market is absolutely booming. The 428 00:24:35,280 --> 00:24:38,640 Speaker 1: excise on a single cigarette is about one dollar thirty 429 00:24:39,119 --> 00:24:42,399 Speaker 1: One dollar thirty, isn't that That's quite extraordinary. The amount 430 00:24:42,440 --> 00:24:46,200 Speaker 1: that is paid to the government. The cost of twenty 431 00:24:46,240 --> 00:24:51,160 Speaker 1: five smokes is more than fifty bucks now right if 432 00:24:51,200 --> 00:24:53,400 Speaker 1: you buy it on the black market, if you buy 433 00:24:53,400 --> 00:24:57,359 Speaker 1: it from somewhere else, And really a lot of that 434 00:24:57,520 --> 00:25:03,080 Speaker 1: is through. There are allegations. There are a lot of 435 00:25:03,119 --> 00:25:05,680 Speaker 1: tobaccos doing the right thing, but there is a number 436 00:25:05,680 --> 00:25:07,680 Speaker 1: of them that are not doing the right thing, which 437 00:25:07,760 --> 00:25:11,000 Speaker 1: is why these shops have proliferated in the last of 438 00:25:11,040 --> 00:25:11,520 Speaker 1: two years. 439 00:25:11,960 --> 00:25:14,680 Speaker 2: Allegedly allegedly, yes. 440 00:25:14,560 --> 00:25:16,960 Speaker 1: I'm pretty sure I said allegedly. I said most of 441 00:25:17,000 --> 00:25:18,720 Speaker 1: them were doing the right thing and some of them 442 00:25:18,720 --> 00:25:24,399 Speaker 1: are not, potentially allegedly allegedly. The fact is that you 443 00:25:24,440 --> 00:25:30,000 Speaker 1: will pay half that price. Treasury originally forecast right that 444 00:25:30,080 --> 00:25:34,120 Speaker 1: the federal government would raise fifteen billion dollars in tobacco 445 00:25:34,280 --> 00:25:40,280 Speaker 1: taxes last financial year. That is now just ten billion dollars. 446 00:25:40,280 --> 00:25:45,440 Speaker 1: So this is costing the Australian people five billion dollars 447 00:25:45,640 --> 00:25:48,320 Speaker 1: a year, five billion dollars. This is a five billion 448 00:25:48,359 --> 00:25:50,360 Speaker 1: dollar problem that nobody actually knew existed. 449 00:25:50,960 --> 00:25:53,480 Speaker 2: One in three a government clearly knew it existed. 450 00:25:55,119 --> 00:25:57,560 Speaker 1: If you went up to anyone in the street, Sean 451 00:25:58,560 --> 00:26:01,360 Speaker 1: and asked them, did you know, they would probably say no, 452 00:26:01,440 --> 00:26:01,919 Speaker 1: they do not. 453 00:26:02,200 --> 00:26:05,160 Speaker 2: Do you have a darry something like that? 454 00:26:05,960 --> 00:26:07,879 Speaker 1: Did you pay full price for that or did you 455 00:26:07,880 --> 00:26:11,760 Speaker 1: buy it under the counter? Yes, One in three packs 456 00:26:11,800 --> 00:26:16,240 Speaker 1: sold in Australia is illegal. Viva Energy highlighted that, and 457 00:26:16,240 --> 00:26:17,880 Speaker 1: this is the first time that this kind of thing 458 00:26:17,880 --> 00:26:19,720 Speaker 1: has been highlighted by Viva Energy. 459 00:26:19,760 --> 00:26:21,720 Speaker 2: This is quite viver Energy. 460 00:26:22,920 --> 00:26:25,200 Speaker 1: Oh you know what, I've had it with the two 461 00:26:25,280 --> 00:26:28,520 Speaker 1: of you. I am done. I'm actually not even going 462 00:26:28,560 --> 00:26:31,560 Speaker 1: to finish my taser. I just like, seriously, I would 463 00:26:31,560 --> 00:26:34,080 Speaker 1: not do the taser in the ribs. I would tase 464 00:26:34,200 --> 00:26:37,280 Speaker 1: you both in the face, in the face right now, 465 00:26:38,080 --> 00:26:40,840 Speaker 1: and good luck talk. You know what, Sean, You would 466 00:26:40,880 --> 00:26:43,480 Speaker 1: sound like doing your favorite story after I've tasered you 467 00:26:43,520 --> 00:26:48,600 Speaker 1: in the face. Your tongue would be numb, your lips 468 00:26:48,640 --> 00:26:51,520 Speaker 1: would be numb. You would be a dribbling mess. And 469 00:26:51,720 --> 00:26:53,720 Speaker 1: that would be how I would. 470 00:26:53,440 --> 00:26:56,360 Speaker 2: Win, the only way, only way you'd win. 471 00:26:56,880 --> 00:26:59,960 Speaker 1: Yeah, I know I'm acknowledging. I can see what's happening here. 472 00:27:00,080 --> 00:27:03,879 Speaker 1: Here the judge is biased against me. Go on, Adam, 473 00:27:04,080 --> 00:27:06,399 Speaker 1: just ignore him, turn his microphone off please. 474 00:27:06,760 --> 00:27:13,800 Speaker 4: Okay, both stories are kind of not new, so I 475 00:27:13,880 --> 00:27:16,360 Speaker 4: understand showing your point on perplexity. The case my news 476 00:27:16,359 --> 00:27:19,520 Speaker 4: limited is absolutely new. However, there is a model of 477 00:27:19,520 --> 00:27:24,159 Speaker 4: this very challenge in music, whereby copyright of words music 478 00:27:24,520 --> 00:27:28,840 Speaker 4: that is oh yeah, absolutely, it's been news in the past, 479 00:27:29,240 --> 00:27:32,960 Speaker 4: and so it's as the copyright intellectual copyrighting news. 480 00:27:33,920 --> 00:27:38,439 Speaker 2: Is that news? Well, yeah, you were talking music, way 481 00:27:38,560 --> 00:27:42,280 Speaker 2: different to content analysis news. 482 00:27:42,440 --> 00:27:45,240 Speaker 1: Adam, don't stand for this. Don't stand for it. 483 00:27:46,880 --> 00:27:47,280 Speaker 3: Anyway. 484 00:27:47,320 --> 00:27:49,320 Speaker 2: Go on, go on over to Michael. 485 00:27:49,400 --> 00:27:49,800 Speaker 3: Thank you. 486 00:27:50,600 --> 00:27:57,040 Speaker 4: So illegal tobacco sales not news, Definitely not. It's been 487 00:27:57,080 --> 00:28:00,080 Speaker 4: happening for so long, and you do wonder how the 488 00:27:59,840 --> 00:28:02,720 Speaker 4: hell is this stuff all getting in in this volume 489 00:28:03,040 --> 00:28:05,119 Speaker 4: and being distributed so easily. 490 00:28:05,840 --> 00:28:07,000 Speaker 3: It's nefarious. 491 00:28:07,840 --> 00:28:11,840 Speaker 4: So look the scale of it, the five billion, I think, Michael, 492 00:28:11,840 --> 00:28:13,560 Speaker 4: that is why you're going to win sleep a story 493 00:28:13,560 --> 00:28:14,000 Speaker 4: for the week. 494 00:28:15,359 --> 00:28:17,119 Speaker 1: It feels like it hurt you to give that to me. 495 00:28:17,240 --> 00:28:20,760 Speaker 1: Just then, Adam, Well, it. 496 00:28:20,720 --> 00:28:23,440 Speaker 3: Was the yeah, it was the less worse story. 497 00:28:25,400 --> 00:28:30,120 Speaker 2: How totally, absolutely ridiculous, given that my story is a 498 00:28:30,160 --> 00:28:35,280 Speaker 2: precedent case from a publisher, not a music producer. Though, Adam, 499 00:28:35,480 --> 00:28:38,040 Speaker 2: you're not smart enough to realize. Go on, let's go 500 00:28:38,120 --> 00:28:39,160 Speaker 2: into our favorite stories. 501 00:28:39,800 --> 00:28:41,400 Speaker 3: Well, okay, just I'll allow. 502 00:28:41,880 --> 00:28:44,280 Speaker 4: Let me just say one thing in my defense. The 503 00:28:44,320 --> 00:28:48,560 Speaker 4: news Media Bargaining Code, which was installed years ago, is 504 00:28:48,680 --> 00:28:52,320 Speaker 4: actually related to the use of a news copyright material 505 00:28:52,960 --> 00:28:55,960 Speaker 4: and that has AI for a couple of years now. Yeah, 506 00:28:56,000 --> 00:28:58,440 Speaker 4: but that's the same thing. AO is just a version 507 00:28:58,480 --> 00:28:59,960 Speaker 4: of stealing from the same source. 508 00:29:04,160 --> 00:29:06,920 Speaker 2: I think someone needs to explain to Adam what AI is. 509 00:29:06,920 --> 00:29:08,200 Speaker 2: But let's move on to the next one. 510 00:29:08,960 --> 00:29:11,240 Speaker 1: Need to turn the taser up to maximum right now. 511 00:29:11,280 --> 00:29:16,040 Speaker 1: This is Things are getting tense in here. The air 512 00:29:16,200 --> 00:29:20,320 Speaker 1: is crackling right now. Now, favorite story? May I go 513 00:29:20,440 --> 00:29:23,320 Speaker 1: first on this one? Sean, please go for it. 514 00:29:23,800 --> 00:29:24,920 Speaker 2: Look for me. 515 00:29:25,480 --> 00:29:31,720 Speaker 1: My favorite story was the big, big week that McDonald's had, right, 516 00:29:31,960 --> 00:29:36,000 Speaker 1: which you may not expect, right, but it started. The 517 00:29:36,040 --> 00:29:40,360 Speaker 1: week started with Donald Trump, Donald Trump and McDonald's. It 518 00:29:40,480 --> 00:29:45,160 Speaker 1: was a publicity stunt at a Pennsylvania Macha's restaurant where 519 00:29:45,200 --> 00:29:47,520 Speaker 1: Donald and I love these images. I just think they 520 00:29:47,520 --> 00:29:50,760 Speaker 1: are fantastic of Donald Trump in the drive through window, 521 00:29:51,240 --> 00:29:54,000 Speaker 1: and he was there serving chips and doing all of that, 522 00:29:54,480 --> 00:29:56,000 Speaker 1: and he was there talking about the fact that I 523 00:29:56,000 --> 00:29:57,560 Speaker 1: could really get you. I might come back here and 524 00:29:57,600 --> 00:30:00,000 Speaker 1: do this again. We're not going to do that, but anyway, 525 00:30:00,280 --> 00:30:03,479 Speaker 1: it was just like it looked great. It really really 526 00:30:03,560 --> 00:30:08,880 Speaker 1: did look like he was having fun. Great images, fantastic images. 527 00:30:09,440 --> 00:30:12,520 Speaker 1: What it did spark was a heck of a lot 528 00:30:12,520 --> 00:30:16,560 Speaker 1: of headlines for McDonald's. They were drawn into politics, which 529 00:30:16,640 --> 00:30:19,440 Speaker 1: they do not like to be drawn into politics, and 530 00:30:19,520 --> 00:30:22,760 Speaker 1: McDonald's actually had to put out a statement saying that, look, 531 00:30:23,240 --> 00:30:26,040 Speaker 1: this was a franchisee who decided to do this. We 532 00:30:26,200 --> 00:30:29,200 Speaker 1: really did not kind of have any say either way, 533 00:30:29,880 --> 00:30:33,320 Speaker 1: and they had to clarify we are not red or blue, 534 00:30:33,720 --> 00:30:36,000 Speaker 1: we are golden, which I thought was a great line. 535 00:30:36,080 --> 00:30:38,560 Speaker 2: Beautiful McDonald's right, beautiful. 536 00:30:38,280 --> 00:30:40,200 Speaker 1: So a great I would say, a good start to 537 00:30:40,240 --> 00:30:42,960 Speaker 1: the week for McDonald's. They are in the headlines everywhere, 538 00:30:43,000 --> 00:30:47,560 Speaker 1: fantastic pictures of a former president serving chips, standing in 539 00:30:47,560 --> 00:30:51,320 Speaker 1: the drive through. Then an E Coli outbreak, which is 540 00:30:51,480 --> 00:30:55,240 Speaker 1: entirely unrelated to Donald Trump being in a restaurant, but 541 00:30:55,600 --> 00:30:59,800 Speaker 1: an E Coli outbreak effects dozens of people across several states. 542 00:31:00,040 --> 00:31:03,320 Speaker 1: One person sadly died. It was linked to quarter pounder 543 00:31:03,320 --> 00:31:07,320 Speaker 1: burghers in particular. This suggestion is that it was contaminated 544 00:31:07,400 --> 00:31:11,400 Speaker 1: onions that were part of it, and the impact, the 545 00:31:11,640 --> 00:31:19,640 Speaker 1: impact of that on the share price of McDonald's immediate, significant, profound, 546 00:31:20,200 --> 00:31:25,880 Speaker 1: and big as well. You know what, you know, when 547 00:31:25,880 --> 00:31:27,280 Speaker 1: you get to that point and you just run out 548 00:31:27,320 --> 00:31:30,840 Speaker 1: of words, You're like, oh God, even sometimes I have 549 00:31:30,960 --> 00:31:33,760 Speaker 1: this moment of self awareness where even I realize that 550 00:31:33,800 --> 00:31:37,320 Speaker 1: I'm being for both. That was one of them. The 551 00:31:37,360 --> 00:31:40,200 Speaker 1: share price fell ten percent, and I just think, you 552 00:31:40,280 --> 00:31:42,600 Speaker 1: know what, then, for a company as big as McDonald's, 553 00:31:42,600 --> 00:31:48,320 Speaker 1: particularly in the US, a ten percent fall is staggering. 554 00:31:48,640 --> 00:31:52,040 Speaker 1: It is significant, It is massive. 555 00:31:52,400 --> 00:31:54,880 Speaker 2: Yeah, So, like, so that didn't happen to Tesla this week? 556 00:31:54,880 --> 00:31:55,200 Speaker 2: Didn't it? 557 00:31:55,840 --> 00:31:59,400 Speaker 1: What this Tesla? Tesla didn't have any COLI outbreak and 558 00:31:59,440 --> 00:32:02,840 Speaker 1: Tesla didn't have Donald Trump serving chips through the window 559 00:32:03,040 --> 00:32:03,960 Speaker 1: of a Tesla. 560 00:32:03,720 --> 00:32:06,720 Speaker 2: Just twelve percent jump in its share price. 561 00:32:07,280 --> 00:32:10,640 Speaker 1: Yeah, but Tesla's also more erratic, Right, Tesla goes up 562 00:32:10,640 --> 00:32:13,680 Speaker 1: and down. McDonald's doesn't. This is unusual for McDonald's and 563 00:32:13,720 --> 00:32:18,040 Speaker 1: even you would agage that yes, really, yeah, it absolutely is. 564 00:32:18,680 --> 00:32:21,560 Speaker 1: A ten percent fall in McDonald's share price is actually 565 00:32:21,640 --> 00:32:25,920 Speaker 1: big news as someone who closely watches the McDonald's share. 566 00:32:25,720 --> 00:32:28,640 Speaker 3: Price McNugget Index. 567 00:32:28,800 --> 00:32:31,000 Speaker 1: Yeah, the nug index. Say, look, anyway, big week for 568 00:32:31,040 --> 00:32:33,760 Speaker 1: macas starts the week with the former president in the 569 00:32:33,840 --> 00:32:36,240 Speaker 1: drive through window, finishes the week with a ten percent 570 00:32:36,320 --> 00:32:40,040 Speaker 1: share price fall because of an e cohole eye outbreak. Yes, yeah, 571 00:32:40,080 --> 00:32:42,320 Speaker 1: you know, it's my favorite story just because it's got 572 00:32:42,360 --> 00:32:46,680 Speaker 1: so much in it. It's got politics, it's got contaminated onions, 573 00:32:47,960 --> 00:32:52,760 Speaker 1: it's got share prices plummeting anyway, and it's got that 574 00:32:52,840 --> 00:32:55,560 Speaker 1: great line we are not red or blue, we are 575 00:32:55,600 --> 00:32:59,240 Speaker 1: golden anyway. And really, to me, my favorite story is 576 00:32:59,280 --> 00:33:01,760 Speaker 1: just all about the the US election. That's really it 577 00:33:01,840 --> 00:33:03,160 Speaker 1: kind of because this is really what. 578 00:33:04,760 --> 00:33:08,760 Speaker 2: Sean Yes, yes, yes, you've had a quick look at 579 00:33:08,760 --> 00:33:10,720 Speaker 2: my notes because my favorite story has to be the 580 00:33:10,840 --> 00:33:17,160 Speaker 2: US election. This is seriously fun, seriously interesting this election, 581 00:33:17,320 --> 00:33:19,000 Speaker 2: and I've lived in the US to an election this 582 00:33:19,040 --> 00:33:22,880 Speaker 2: has captured me more than ever before. The race is 583 00:33:22,960 --> 00:33:25,680 Speaker 2: neck and neck and the important swing states. Harris is 584 00:33:25,760 --> 00:33:30,600 Speaker 2: leading in Pennsylvania, Nevada, Wisconsin, Michigan, Trump in North Carolina, Georgia, 585 00:33:30,640 --> 00:33:34,360 Speaker 2: Arizona all too close to call. Harris is leading in Minnesota. 586 00:33:34,640 --> 00:33:37,360 Speaker 2: Trump's ahead in Texas. What's interesting about that. Texas is 587 00:33:37,800 --> 00:33:43,520 Speaker 2: absolute Republican, but there are signs that even Texas are 588 00:33:43,600 --> 00:33:45,880 Speaker 2: not quite dumping Trump, but they're not quite sure that 589 00:33:45,880 --> 00:33:48,560 Speaker 2: they're as Republican as they thought. I mean, if the 590 00:33:48,600 --> 00:33:53,400 Speaker 2: Republicans lost Texas, game is all over campaigns. During the campaign, 591 00:33:53,400 --> 00:33:56,640 Speaker 2: policy has taken a back seat. Say too is Joe Biden. 592 00:33:57,040 --> 00:33:59,360 Speaker 2: He's seen as a negative k for KRMLA. Harris was 593 00:33:59,440 --> 00:34:01,160 Speaker 2: seeing a lot more Barack Obama than we are of 594 00:34:01,200 --> 00:34:03,600 Speaker 2: Joe Biden, that's for sure. Now it's right to blame 595 00:34:03,680 --> 00:34:06,360 Speaker 2: Donald Trump for the name calling, the trivialization of what's 596 00:34:06,360 --> 00:34:08,839 Speaker 2: at stake, but the Democrats haven't done much better. Ever 597 00:34:08,840 --> 00:34:11,400 Speaker 2: since Carmla Harris got the call up, she's been in 598 00:34:11,520 --> 00:34:15,600 Speaker 2: full attack mode, playing the man Donald Trump rather than 599 00:34:15,719 --> 00:34:18,319 Speaker 2: the game. What's best for the USA not out In 600 00:34:18,360 --> 00:34:21,000 Speaker 2: a social media world, the identity of the individual running 601 00:34:21,000 --> 00:34:23,680 Speaker 2: for president's more important when it comes to winning office. 602 00:34:23,680 --> 00:34:29,320 Speaker 2: But let's hope whoever wins actually has some substance to them, 603 00:34:29,520 --> 00:34:31,200 Speaker 2: Because if I was voting. I'd have a lot of 604 00:34:31,200 --> 00:34:33,719 Speaker 2: work to find out which Canada is best for me. 605 00:34:34,360 --> 00:34:37,520 Speaker 2: Seems to be coming down to white males, any Trump, 606 00:34:37,600 --> 00:34:40,640 Speaker 2: Republicans and the Independents. They seem to be the ones 607 00:34:40,640 --> 00:34:44,360 Speaker 2: that will decide who ends up in the White House. 608 00:34:44,880 --> 00:34:47,800 Speaker 2: Then a record number of postal votes so far. Clearly 609 00:34:47,960 --> 00:34:51,720 Speaker 2: people are interested and it's great to see that Harris. 610 00:34:52,040 --> 00:34:56,040 Speaker 2: She has been bringing in the big guns. Bruce Springsteen, beyoncey. 611 00:34:56,239 --> 00:34:58,479 Speaker 2: Have you noticed it, Taylor Swift? Anytime you see Taylor 612 00:34:58,520 --> 00:35:03,040 Speaker 2: Swift nowdays she's carrying a a cat. I think there's 613 00:35:03,080 --> 00:35:06,360 Speaker 2: some sort of subliminal message in that. It's quite amazing 614 00:35:07,400 --> 00:35:10,920 Speaker 2: anyway to finish off, I mean, it's absolutely fascinating. You 615 00:35:10,960 --> 00:35:13,400 Speaker 2: can't I can't get past you as politics. I actually 616 00:35:13,400 --> 00:35:15,040 Speaker 2: find myself in bed at night going to the New 617 00:35:15,120 --> 00:35:16,600 Speaker 2: York Times to see what the latest is, and I 618 00:35:16,719 --> 00:35:19,319 Speaker 2: watched the news all day, right, but it's just fantastic. 619 00:35:19,920 --> 00:35:23,320 Speaker 2: Jackie finds it's quite romantic. Anyway, you got a side. 620 00:35:25,400 --> 00:35:29,840 Speaker 4: It to you, Adam all right, McDonald's, Michael Donald Trump, 621 00:35:29,960 --> 00:35:33,680 Speaker 4: Arnold Palmer. We are not red or blue. We are 622 00:35:33,760 --> 00:35:39,240 Speaker 4: golden fairy good. But the US selection is the biggest story. 623 00:35:39,320 --> 00:35:43,840 Speaker 4: It is daily, hourly updated, and we're so close, and 624 00:35:43,880 --> 00:35:47,120 Speaker 4: the economic impact of a Trump presidency versus a Harris 625 00:35:47,160 --> 00:35:49,440 Speaker 4: presidency will be profound. 626 00:35:49,840 --> 00:35:52,359 Speaker 3: So yeah, the U S selection for me wins. 627 00:35:52,640 --> 00:35:55,200 Speaker 1: But I did the US election. That's what I was 628 00:35:55,239 --> 00:35:59,520 Speaker 1: talking about. And and you know what, nothing's going to 629 00:35:59,560 --> 00:36:04,120 Speaker 1: get you to chat in your mind. You're stubborn. Stubborn, judge, 630 00:36:04,239 --> 00:36:09,239 Speaker 1: you can't be swayed, went in doubt, go the judge. Yeah, 631 00:36:09,640 --> 00:36:10,600 Speaker 1: what is that three to one? 632 00:36:10,960 --> 00:36:11,839 Speaker 3: It is three one? 633 00:36:12,160 --> 00:36:14,600 Speaker 1: So can I still salvage a victory on the points? 634 00:36:14,640 --> 00:36:19,600 Speaker 1: Though it could happen, No, happen, It could happen, It 635 00:36:19,640 --> 00:36:21,320 Speaker 1: could happen. But what were the points? 636 00:36:22,520 --> 00:36:23,120 Speaker 3: Eighty nine? 637 00:36:24,040 --> 00:36:29,000 Speaker 2: A landslide? Landslide? All right, it's a laran slide. 638 00:36:30,000 --> 00:36:34,560 Speaker 1: Thank you for your judging services today, Adam, my pleasure, 639 00:36:35,040 --> 00:36:35,920 Speaker 1: and thank you, Sean. 640 00:36:36,440 --> 00:36:37,800 Speaker 2: Thanks, Michael, Thanks Adam. 641 00:36:38,040 --> 00:36:40,480 Speaker 1: Make sure you're following the podcast and please join us 642 00:36:40,520 --> 00:36:45,040 Speaker 1: online on LinkedIn, Instagram, TikTok, Facebook, and x oh Michael Thompson. 643 00:36:45,080 --> 00:36:47,240 Speaker 1: And that was Fear and Greed. Have a great weekend.