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

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Speaker 1: Quantus unveils a record profit, but a slowdown in its

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Speaker 1: international business and its share price tumbling. Global share markets

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Speaker 1: including the ASX hit record levels and mobile phone set

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Speaker 1: to blast a test emergency warning across the country, Plus

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Speaker 1: the latest in the tax debate, and Donald Trump becomes

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Speaker 1: further embroiled in the Epstein files. It is Friday, the

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Speaker 1: twenty seventh of February twenty twenty six. I'm Michael Thompson

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Speaker 1: and good morning Sean.

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Speaker 2: Aylma. Good morning, Michael, Sean.

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Speaker 1: The main story this morning, Quantus has unveiled a record

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Speaker 1: underlying profit of one point five billion dollars for the

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Speaker 1: December half that is five percent higher than a year earlier,

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Speaker 1: and will buy back one hundred and fifty million dollars

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Speaker 1: worth of shares. The national carrier said there is continuing

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Speaker 1: strong demand for travel, though the international outlook is a

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Speaker 1: little bit problem matic and that centers share price down

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Speaker 1: nine point two percent. When we dig into the numbers

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Speaker 1: a little bit. Earnings from the international division fell six

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Speaker 1: percent amid intense competition, high operational costs, and weak demand.

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Speaker 1: For the US it's been quite a turnaround, hasn't it

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Speaker 1: under CEO Vanessa Hudson, with the carrier's customer satisfaction scores

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Speaker 1: having rebounded and staff engagement has improved as well from

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Speaker 1: its twenty twenty three I suppose we'd say crisis. Actually

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Speaker 1: that's probably the word for no other word for it

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Speaker 1: under Alan Joyce. And Alan Joyce did a fantastic job

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Speaker 1: right up until the end there where things just were

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Speaker 1: going wrong left, right and center.

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Speaker 2: He did a fantastic job until he didn't. And you know,

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Speaker 2: but I mean the point yesterday the share price reaction

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Speaker 2: you said, nine point two percent, it just shows there's

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Speaker 2: still plenty of work to do now. Quite it's a

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Speaker 2: share price since that period that's sort of I think

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Speaker 2: it's low. With about October twenty twenty three, it's up

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Speaker 2: about one hundred and twenty percent. So great job, Vanessa Hudson.

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Speaker 2: But I'll tell you what, the market's still once more. Jetstar,

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Speaker 2: which Hudson used to run, had a strong half year.

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Speaker 2: In fact, that's probably the standout. So if you think

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Speaker 2: of Quantus as four businesses Quantus Domestic, Quantus International, frequent

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Speaker 2: Flyer program Jetstar, Jetstar probably the standout and that's because

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Speaker 2: they got new planes, and people like flying new planes,

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Speaker 2: and new planes cost less to run, less fuel less

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Speaker 2: maintenance costs, generally better utilized. Jetstar got new planes, therefore

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Speaker 2: it did best.

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Speaker 1: So is the trick then for Quantus Domestic and Quantus

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Speaker 1: International to roll out new planes. I mentioned Alan Joyce

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Speaker 1: before he famously underinvested in new aircraft.

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Speaker 2: Right, Yes, so those new aircraft, So you're right, they

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Speaker 2: knew domestic and international. Quantus Domestic and International need new planes,

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Speaker 2: but they come with a hefty price tag. Hudson yesterday

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Speaker 2: said the business needs to make more money to invest

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Speaker 2: more money. The international division is definitely the tricky one.

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Speaker 2: At the moment. There are around fifty international carriers operating

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Speaker 2: in and out of Australia. The biggest ones are subsidized

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Speaker 2: by Middle Eastern governments. Quantus makes a point of saying

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Speaker 2: that all the time. That's true, but still when you

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Speaker 2: are the main carrier in this country and you've got

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Speaker 2: fifty competitors, it ain't that easy. Hudson's hoping the Frequent

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Speaker 2: Flyer program will help. Quantus included major changes to that

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Speaker 2: program yesterday. The status part of it easier to get

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Speaker 2: status credits on the ground, so you don't necessarily have

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Speaker 2: to fly just to buy stuff, and you can get

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Speaker 2: status points, but the threshold to attain and retain status

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Speaker 2: tiers has increased. The other big change members will be

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Speaker 2: able to roll over status credits from year to year.

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Speaker 1: So less demand flying to the US I mentioned before.

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Speaker 1: Does that mean that when we fly on Quantus to

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Speaker 1: the US in May I can expect a row? Pretty much, pretty.

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Speaker 2: Much much shameless, Michael shameless.

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Speaker 1: Fingers crossed. And according to what investors said yesterday, Vanessa

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Speaker 1: Hudson needs to get costs under control. And presumably that

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Speaker 1: is partly because there are so many older planes still

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Speaker 1: in the air they need a lot of maintenance.

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Speaker 2: Yeah, and that's exactly right. They estimate that a long

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Speaker 2: haul international flight in a new plane could be about

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Speaker 2: twenty five percent cheaper to run. So that is the

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Speaker 2: bottom line. Just before we leave the airlines Love Airlines

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Speaker 2: in New Zealand yesterday posted a worse than expected half

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Speaker 2: a year last blaming fleet problems That sounds a little

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Speaker 2: bit like Quantus, doesn't it, and a slower than hopeful

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Speaker 2: recovery in domestic demand.

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Speaker 1: Okay, let's take a look at markets now. The local

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Speaker 1: share market set another new record yesterday. A bunch of

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Speaker 1: better than expected results helped to push the market higher.

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Speaker 1: The S and PA Sex two hundred rows zero point

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Speaker 1: five percent to nine thousand, one one hundred and seventy

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Speaker 1: five point three points after earlier touching an intra day

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Speaker 1: record of nine thousand, two hundred and two point nine points.

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Speaker 1: Tech stocks led the way after in video's very big

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Speaker 1: result on Wall Street yesterday morning.

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Speaker 2: Yeah, what's kind of interesting at the moment is just

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Speaker 2: how well the share market is doing. So you just

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Speaker 2: told us about the ASEX two hundred, Britain's Footsie one

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Speaker 2: hundred hit a new high yesterday, and the backs of

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Speaker 2: on the back of banks and minors doing well. The

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Speaker 2: euro Stocks five hundred, which measures the performance of the

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Speaker 2: largest five hundred companies in the European region, also training

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Speaker 2: at a record level. Wall Street's not at a record level,

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Speaker 2: though it isn't that far off it. Equities at the

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Speaker 2: moment are on a tear and it's interesting given the

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Speaker 2: geopolitical risk that's around, just that that is the case.

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Speaker 2: I also mentioned the Aussie dollar, Michael, because you're shamelessly

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Speaker 2: told us all you're about to go to the US.

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Speaker 2: What what am I a million?

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Speaker 1: I didn't mention that.

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Speaker 2: Well against the US, but even better against the yen.

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Speaker 2: It's multi decade high against the yen. So if you

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Speaker 2: want to get a holiday at the moment, go Japan.

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Speaker 2: Value for money definitely.

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Speaker 1: Well, I care significantly less about that, sure if I'm

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Speaker 1: just driven by self interest anyway, Big day today, a

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Speaker 1: lot of market news, but plenty of other stories coming

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

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Speaker 1: day's business news. Sean, there is plenty going on in politics,

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Speaker 1: particularly in tax policy, so get excited. Yesterday, Federal Treasurer

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Speaker 1: Jim Chalmers wouldn't comment on whether the government is considering

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Speaker 1: dropping the capital gains tax concession for property investors from

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Speaker 1: fifty percent down to thirty three percent. But you've got

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Speaker 1: to say the drums on that one, they're getting louder.

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Speaker 1: Oh yeah.

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Speaker 2: On ABC Radio National yesterday, Charmers said he was considering

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Speaker 2: options for the budget. Media reports a Treasuries working up

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Speaker 2: an option to cut the concess from fifty percent to

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Speaker 2: thirty three percent. The departments also looking at applying it retrospectively. Wow. Meanwhile,

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Speaker 2: come off bank boss mat Con, He said, He's not

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Speaker 2: against reducing that discount, which I reckon is pretty significant

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Speaker 2: given his bank is the largest home lender, but he

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Speaker 2: said it shouldn't be done retrospectively. Charm has also said

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Speaker 2: he'd spoken to Green's Treasury spokesperson, Senator Nick McKim about

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Speaker 2: a deal to pass the Labour's super tax changes in

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Speaker 2: the Senate. Remember that that legislation was introduced in the

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Speaker 2: last session of Parliament would increase the tax paid on

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Speaker 2: earnings of superbalances above three million dollars an increase the

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Speaker 2: low income super tax offset for people with lower balances. Still,

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Speaker 2: that hasn't actually got the green light from the Greens,

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Speaker 2: which it needs to get to pass through the Senate.

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Speaker 1: Sean, I need to very quickly mention the fact that

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Speaker 1: embrace yourself. I made a mistake yesterday.

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Speaker 2: Was this year or me?

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Speaker 1: Look, I don't know, but I will. I'm going to

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Speaker 1: take one for the team here. Considering Craig a listener

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Speaker 1: to Fear and Greed, I wrote to me yesterday morning,

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Speaker 1: responded to the Fear and Greed at newsletter in fact,

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Speaker 1: and he pointed out the fact that I said during

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Speaker 1: the show that there is no RBA meeting in March

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Speaker 1: and one in April. And I was asking about whether

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Speaker 1: there's a chance of a great hike in April, and

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Speaker 1: he correctly pointed out reminded me it's the other way around,

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Speaker 1: and he could have called me a goose. He had

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Speaker 1: certainly every reason to call me. It was very polite,

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Speaker 1: and he just said, there's no RBA meeting in April

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Speaker 1: this year. There is one in March. Of course, there's

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Speaker 1: one in March.

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Speaker 2: There isn't one in April sixteen, seventeen, May four or five.

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Speaker 2: I think we got confused because in April is when

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Speaker 2: the CPI figures for the Mass quarter comes out. Yeah,

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Speaker 2: and I mean I think I might have done it too,

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Speaker 2: So we'll both take blame. But thank you for the correction.

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Speaker 1: Yeah, thanks Craig, and thanks very much for listening and

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Speaker 1: for subscribing to the newsletter. Sure how about this one?

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Speaker 1: Mobile phones around the country will blast out a ten

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Speaker 1: second siren in late July as part of a national

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Speaker 1: test of Australia's new emergency warning system.

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Speaker 2: Can you imagine the canines of this country? The bar

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Speaker 2: one chaos will be the one hundred and thirty two

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Speaker 2: million dollars alert system. It comes online in October. The

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Speaker 2: idea is that it provides more targeted emergency warnings for bushfires, floods,

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Speaker 2: that type of stuff. So plan is on July twenty seven,

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Speaker 2: at two pm Australian Eastern Standard time, there'll be an

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Speaker 2: alert sent to all compatible mobile phones, which is pretty

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Speaker 2: much the vast majority of phones, and we're going to

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Speaker 2: get this ten second siren. Now aquldn't go AP. The

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Speaker 2: idea is that it, I mean, if it works, then

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Speaker 2: it will allow emergency services to seen to almost any

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Speaker 2: device with a SIM card a targeted warning. So if

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Speaker 2: you're within one hundred and sixty meters of you know,

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Speaker 2: in an issue, you'll be able to get a warning.

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Speaker 2: But to test it, we're all going to have a

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Speaker 2: test warning.

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Speaker 1: Makes sense then that they are starting to warn us

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Speaker 1: about the warning in February because it's going to need

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Speaker 1: to get the message out to everybody. You can imagine

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Speaker 1: otherwise it would cause a panic anyway. Sigma Healthcare SEAN

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Speaker 1: reported a twenty three percent jump in net profit yesterday

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Speaker 1: and said sales at its chemist warehouse stores jumped lots jumping.

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Speaker 1: This one climbed nearly seventeen percent in the first seven

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Speaker 1: weeks of twenty twenty six, seventeen percent in just seven weeks.

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Speaker 2: Wow, yeah, well that's yeah, that's a year on year.

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Speaker 2: I mean it's pretty good. I mean, who consume said

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Speaker 2: consumers weren't buying stuff. However, when you dig into it,

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Speaker 2: what they're buying is weight loss strikes. So the big

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Speaker 2: rise in revenue is weight loss strikes. And the group

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Speaker 2: says that'll I mean, if cheaper versions of GLP one

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Speaker 2: drugs become available, that'll continue. Even more interesting, some of

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Speaker 2: its overseas businesses did perform quite as well. Its share

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Speaker 2: price ended down one and a half percent.

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Speaker 1: The border. Blue Scope Steel have knocked back the fourteen

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Speaker 1: point two billion dollar offer from these Stokes families, SGH

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Speaker 1: and Steel Dynamics, but they left the door open for

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Speaker 1: more negotiations. This one just keeps ongoing.

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Speaker 2: Ah, we love it. As a journalist. The board said

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Speaker 2: the offer was still too low. It's the second offer

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Speaker 2: from the consortium, although although still Dynamics have made a

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Speaker 2: few offers for Bluescope over the years. Thirteen point two

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Speaker 2: billion was the initial bid, now fourteen point two billion dollars.

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Speaker 2: Bluescape Board said it was interested in having discussions to

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Speaker 2: consider various ways the offer might be increased. The offer,

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Speaker 2: if interim and special dividends are paid, is worth about

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Speaker 2: thirty four dollars a share. Bluescope closed yesterday under twenty

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Speaker 2: eight dollars share. That generally suggests that investors don't think

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Speaker 2: it'll get across the line, but it's quite a difference

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Speaker 2: between the two.

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Speaker 1: Oh Yeah, just a wee bit Onto corporate briefs now

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Speaker 1: shown Super Retail Group, the company behind Rebel Sport and

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Speaker 1: Super Cheap Auto. It's posted a rise in sales, but

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Speaker 1: profits tumbled twenty percent in the first half of the

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Speaker 1: financial year, and that was really due to more discounting

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Speaker 1: in its key categories. At share price jumped eight percent yesterday.

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Speaker 2: It has been a real trend among some of these

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Speaker 2: retailers to say that they actually got stuff off the shelf,

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Speaker 2: but they really had to discount it a long way

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Speaker 2: from retail. Waste management Group clean Away reported a near

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Speaker 2: fifty percent dropping net profit, but upgraded guidance for the

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Speaker 2: rest of the final financial year. It's share price rose

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Speaker 2: seven and a half percent.

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Speaker 1: Atlas Arteria we Love a good toll road operator, posted

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Speaker 1: a near fifty percent drop in profit thanks to the

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Speaker 1: impact of a new temporary tax in France, where it

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Speaker 1: operates toll roads. Of course, it's share price rose one

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Speaker 1: point seven percent.

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Speaker 2: Australia's largest listed provider of international education IDP Education, announced

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Speaker 2: a sixty five percent tumble in full year profit ouch,

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Speaker 2: but it raised its full year earnings forecast. Of course

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Speaker 2: investors expected that reduction. The fact that the things say

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Speaker 2: things looking better mean its share price was up seven

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Speaker 2: point six percent.

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Speaker 1: And Ramsey Healthcare SEAN has turned a loss twelve months

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Speaker 1: ago to a first half profit of one hundred and

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Speaker 1: sixty one million dollars on improved Australian hospital performance. NHS

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Speaker 1: budget constraints in the UK and ongoing funding pressures in

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Speaker 1: Europe remain headwinds. Its share price jumped ten percent yesday,

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Speaker 1: Some big moves yesterday.

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Speaker 2: Yeah, And I mean Walley is also mining services company.

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Speaker 2: Wally reported a thirty percent drop in net profit for

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Speaker 2: the first half, restructuring costs weight on earnings, share price

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Speaker 2: down ten percent. So as you say, some big, big moves.

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Speaker 2: In fact this I mean this is the end of

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Speaker 2: the proper reporting season, the end of the month, and

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Speaker 2: it has been like the previous one remarkable for its

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Speaker 2: volatility in share price news after earnings announcements.

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Speaker 1: Oh yeah, okay, turning to international news now and the

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Speaker 1: US Justice Department withheld documents from files related to Jeffrey

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Speaker 1: Epstein that alleged Donald Trump sexually assaulted a minor. More

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Speaker 1: than fifty pages were discovered to be missing from the

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Speaker 1: files that contained notes from several interviews the FBI conducted

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Speaker 1: with a woman who claimed that in who claimed rather

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Speaker 1: in twenty nineteen that she was abused by Trump and

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Speaker 1: Epstein decades earlier, when she was about thirteen years old.

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Speaker 2: Yeah, untested these allegations, but very worrying the revelation came

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Speaker 2: as to other high profile men took steps to limit

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Speaker 2: the fallout from the files. According to the Finn Review,

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Speaker 2: Former Treasury Secretary Larry Summers said he'd resigned from his

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Speaker 2: prestigious teaching role at Harvard University. Billionaire Microsoft founder Bill

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Speaker 2: Gates apologized to staff at his philanthropic foundation for drawing

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Speaker 2: them into the scandal. He admitted that he had had

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Speaker 2: relations with least two girls.

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Speaker 1: Change of Pace now Sean. Coming up next is Fear

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Speaker 1: and Greed Q and a your guest in the studio

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Speaker 1: Today is Jason Pellegrino, formerly the CEO of Domain, now

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Speaker 1: under a Domand's new ownership of co Star Group, is

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Speaker 1: the President of Domain.

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Speaker 2: Yes, it's been a really interesting journey for Domain because

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Speaker 2: they were part of the well known here in Australia.

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Speaker 2: They were part of the Fairfax Empire, then the Nine Empire.

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Speaker 2: Jason left the job, came back when co Star took over,

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Speaker 2: and we just talk a lot about you know what

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Speaker 2: that's like, particularly running that business, merging cultures. As Jason

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Speaker 2: said twelve months ago, I'm saying to these people this

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Speaker 2: is a strategy. Now I've got to come back and say, well,

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Speaker 2: maybe that's not the strategy because we've changing TAC and

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Speaker 2: all that sort of. It's fascinating chat.

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Speaker 1: Yeah, it's a two part interview. We've got the first

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Speaker 1: part today and the next part next week and really

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Speaker 1: taking a look at what these changes mean for Domain

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Speaker 1: and Domain. It's a great supporter of Fear and Greed.

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Speaker 1: It's coming up next in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearandgreed dot com dot Au,

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Speaker 1: which is also said the words fear and greed a lot.

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Speaker 1: Just then, Sean, there's Also, we signed up for the

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Speaker 1: free Fear and Greed daily newsletter, a link in the

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Speaker 1: show notes. Thanks very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It's Friday, the twenty seventh of February twenty twenty six.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn and Instagram. I'm Michael Thompson and that

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