1 00:00:06,280 --> 00:00:09,920 Speaker 1: Company in solvencies hit a record as small businesses struggle. 2 00:00:10,200 --> 00:00:13,119 Speaker 1: Rio Tinto set to pay almost ten billion dollars to 3 00:00:13,160 --> 00:00:17,120 Speaker 1: acquire arcadium lithium and the Collingwood Magpies and the Brisbane 4 00:00:17,160 --> 00:00:20,200 Speaker 1: Broncos are the most valuable football brands in the country. 5 00:00:20,480 --> 00:00:22,919 Speaker 1: Welcome to Fear and Greed. Daily business news for people 6 00:00:22,920 --> 00:00:25,520 Speaker 1: who make their own decisions. It is Thursday, the tenth 7 00:00:25,560 --> 00:00:28,480 Speaker 1: of October twenty twenty four. I'm Michael Thompson and good 8 00:00:28,520 --> 00:00:29,600 Speaker 1: morning Sean Aylmer. 9 00:00:29,880 --> 00:00:31,840 Speaker 2: Good morning, Michael, Sean. 10 00:00:31,880 --> 00:00:34,879 Speaker 1: The main story this morning. Company and solvencies have hit 11 00:00:34,960 --> 00:00:38,680 Speaker 1: a record high, with more than six thousand, six hundred 12 00:00:38,720 --> 00:00:43,400 Speaker 1: firms failing in the six months to September, with Queensland, 13 00:00:43,640 --> 00:00:46,680 Speaker 1: New South Wales and Victoria hardest hit. 14 00:00:47,200 --> 00:00:51,960 Speaker 2: The sectors struggling most are construction, accommodation and food services, 15 00:00:52,080 --> 00:00:57,400 Speaker 2: retail trade, professional, scientific and technical services and manufacturing. According 16 00:00:57,480 --> 00:01:02,680 Speaker 2: to Assex's latest data, inflation and interest rates, cyber attacks 17 00:01:03,040 --> 00:01:05,880 Speaker 2: and too much regulation has been blamed for the jump 18 00:01:05,920 --> 00:01:09,240 Speaker 2: in insolvencies. Last financial year. There are almost ten eight 19 00:01:09,319 --> 00:01:12,880 Speaker 2: hundred in solvencies and it has been rising steadily since 20 00:01:12,880 --> 00:01:16,319 Speaker 2: the end of the government's COVID nineteen supports. This year, 21 00:01:16,680 --> 00:01:19,880 Speaker 2: we're on track for easily a record year. The biggest 22 00:01:19,880 --> 00:01:24,360 Speaker 2: cause of failure was inadequate cash flowl or excessive cash utilization. 23 00:01:24,959 --> 00:01:27,959 Speaker 2: Basically that means companies have held onto too much cash 24 00:01:28,280 --> 00:01:31,520 Speaker 2: not used at wisely. The business has suffered. There's also 25 00:01:31,640 --> 00:01:35,280 Speaker 2: the growing problem for many businesses of the ato chasing 26 00:01:35,480 --> 00:01:39,480 Speaker 2: money that's triggered this record level of insolvencies. 27 00:01:40,560 --> 00:01:43,960 Speaker 1: So most of these insolvencies are smaller businesses. Are they 28 00:01:44,040 --> 00:01:45,960 Speaker 1: that sector is really struggling at the moment? 29 00:01:46,280 --> 00:01:49,680 Speaker 2: Yeah Sure is a Council of Small Business Organizations Australia 30 00:01:49,680 --> 00:01:53,400 Speaker 2: and CommBank report into the small business sector, launched yesterday, 31 00:01:53,480 --> 00:01:59,440 Speaker 2: highlights that small businesses are grappling with increasing costs in energy, rent, insurance, 32 00:01:59,480 --> 00:02:03,720 Speaker 2: interest rates, and industrial relations changes. The report says there 33 00:02:03,760 --> 00:02:06,440 Speaker 2: is also a crucial shortage of both skilled and unskilled 34 00:02:06,480 --> 00:02:10,280 Speaker 2: workers and the energy transition is causing headaches. Nearly half 35 00:02:10,440 --> 00:02:12,960 Speaker 2: of small businesses have yet to embark on their green 36 00:02:13,000 --> 00:02:15,960 Speaker 2: transition due to financial barriers and lack of knowledge long 37 00:02:16,000 --> 00:02:19,240 Speaker 2: way to go. They're also cybersecurity threats are a growing problem, 38 00:02:19,240 --> 00:02:22,880 Speaker 2: with almost half of all cyber attacks targeting businesses with 39 00:02:22,960 --> 00:02:27,839 Speaker 2: cyber criminals using increasingly sophisticated methods. Bottom line here, very 40 00:02:27,919 --> 00:02:30,600 Speaker 2: very tough times for small businesses in Australia. 41 00:02:31,680 --> 00:02:33,560 Speaker 1: Sean, I'm going to ask you a question to which 42 00:02:33,560 --> 00:02:35,400 Speaker 1: you may not know the answer, and I know that 43 00:02:35,440 --> 00:02:36,880 Speaker 1: these are your favorite kinds of questions. 44 00:02:37,000 --> 00:02:37,600 Speaker 2: Just love those. 45 00:02:38,240 --> 00:02:41,440 Speaker 1: What's the future hold? What is the turning point here? 46 00:02:41,600 --> 00:02:44,480 Speaker 1: When will things start to get better for small businesses? 47 00:02:44,560 --> 00:02:46,680 Speaker 1: Is it interest rates starting to come down? Is it 48 00:02:46,720 --> 00:02:50,000 Speaker 1: inflation back under control, is it I don't know, power 49 00:02:50,000 --> 00:02:53,200 Speaker 1: builds and other things that really kind of leveling off. 50 00:02:53,760 --> 00:02:57,240 Speaker 1: What is the key factor that we're looking for here? 51 00:02:57,880 --> 00:02:59,640 Speaker 2: I mean, I suppose it's all those things. But just 52 00:02:59,680 --> 00:03:02,720 Speaker 2: because inflation's under control and interest rates start to fore 53 00:03:03,040 --> 00:03:07,240 Speaker 2: doesn't mean that we're going to see fewer insolvencies because 54 00:03:07,400 --> 00:03:10,880 Speaker 2: it takes time to filter through the system. They people 55 00:03:10,919 --> 00:03:13,960 Speaker 2: have overdrafts, they had the tax office money. It's only 56 00:03:14,720 --> 00:03:18,079 Speaker 2: sometime after the cycle turns that you actually see the 57 00:03:18,160 --> 00:03:23,000 Speaker 2: number of insolvencies stop increasing. So the idea is sort 58 00:03:23,000 --> 00:03:24,760 Speaker 2: of there's a catch up game there. So I don't 59 00:03:24,800 --> 00:03:28,040 Speaker 2: think it looks particularly promising for the sector for the 60 00:03:28,080 --> 00:03:31,160 Speaker 2: next year two years. I think very very difficult times. 61 00:03:31,680 --> 00:03:34,720 Speaker 1: Okay, all right, well that's not good news. But look 62 00:03:34,760 --> 00:03:36,480 Speaker 1: I just asked you a question without notice, and if 63 00:03:36,520 --> 00:03:38,720 Speaker 1: you would like the opportunity to do that as well 64 00:03:38,840 --> 00:03:42,120 Speaker 1: to Sean, then please send your questions through because every 65 00:03:42,120 --> 00:03:45,640 Speaker 1: Tuesday and Friday we put out a bonus episode called 66 00:03:45,760 --> 00:03:49,480 Speaker 1: Ask Fear and Greed, where basically I put your questions 67 00:03:49,480 --> 00:03:51,320 Speaker 1: to Sean, and they can be about the economy, they 68 00:03:51,320 --> 00:03:53,520 Speaker 1: can be about business, they can be about exactly what 69 00:03:53,560 --> 00:03:55,040 Speaker 1: I just asked. If you want to ask the same 70 00:03:55,120 --> 00:03:57,680 Speaker 1: question again, then send it on through via our website 71 00:03:57,680 --> 00:03:59,680 Speaker 1: Fear and Greed dot com, dot au or any of 72 00:03:59,720 --> 00:04:02,280 Speaker 1: the so media platforms, and we shall pop it on 73 00:04:02,320 --> 00:04:02,760 Speaker 1: the list. 74 00:04:03,080 --> 00:04:03,280 Speaker 2: Sean. 75 00:04:03,360 --> 00:04:06,160 Speaker 1: Let's take a look at local markets. How did they 76 00:04:06,160 --> 00:04:07,360 Speaker 1: perform yesterday? 77 00:04:07,400 --> 00:04:10,440 Speaker 2: S and p ASX two hundred closed up just touch 78 00:04:10,520 --> 00:04:13,240 Speaker 2: to eight one hundred and eighty seven points. The buy 79 00:04:13,280 --> 00:04:15,520 Speaker 2: and outpay later groups led the ways. It Co finished 80 00:04:15,640 --> 00:04:18,000 Speaker 2: six percent higher. Block was up more than four percent. 81 00:04:18,440 --> 00:04:22,200 Speaker 2: Mining stocks not so good among the large caps BHP 82 00:04:22,360 --> 00:04:25,760 Speaker 2: four to, Skew Metals Group, Rear, Tinto, Throwing, Santos, and Woodside. 83 00:04:25,760 --> 00:04:28,640 Speaker 2: They're all down sharply so too was Goodman Group. The 84 00:04:28,760 --> 00:04:33,360 Speaker 2: banks were upper touch, while Brambles Area Aristocrat Leisure, Weiss, Tech, 85 00:04:33,360 --> 00:04:36,279 Speaker 2: Global Coals and Woolies in Telstra all did pretty well. 86 00:04:36,520 --> 00:04:40,000 Speaker 2: Shares an Apa Group, the owner of the Southwest Queensland pipeline, 87 00:04:40,080 --> 00:04:43,640 Speaker 2: rose two point six percent after the Australian Energy Regulator 88 00:04:43,720 --> 00:04:46,919 Speaker 2: issued its draft findings that the benefits of subjecting the 89 00:04:46,920 --> 00:04:50,000 Speaker 2: pipeline to full regulation on tariffs would not outweigh the 90 00:04:50,040 --> 00:04:55,040 Speaker 2: increased costs involved. What does that mean, oh, myel doll, 91 00:04:55,040 --> 00:04:57,599 Speaker 2: I don't work out all those negatives. Basically means there 92 00:04:57,600 --> 00:05:00,560 Speaker 2: won't be tougher price regulation on the main pipeline that 93 00:05:00,600 --> 00:05:04,400 Speaker 2: carries gas from Queensland to the south, so that may 94 00:05:05,160 --> 00:05:08,200 Speaker 2: enable more gas supply to Victoria and New South Wales, 95 00:05:08,200 --> 00:05:10,039 Speaker 2: which are the two states where there's a lack of gas. 96 00:05:10,080 --> 00:05:12,760 Speaker 2: So kind of good DearS wish that the regulator could 97 00:05:12,760 --> 00:05:14,240 Speaker 2: just put it in plain English, that's all. 98 00:05:14,920 --> 00:05:17,680 Speaker 1: But you've just done it for us, that's right. We 99 00:05:17,720 --> 00:05:21,720 Speaker 1: don't need the regulator. We've got Sean Aylmer sewn one 100 00:05:21,720 --> 00:05:25,200 Speaker 1: company that you didn't mention just then in your general 101 00:05:25,240 --> 00:05:29,640 Speaker 1: wrap of markets as Washington H Soul Patterson, which is 102 00:05:29,680 --> 00:05:33,240 Speaker 1: this subject of today's interview, which comes up after the show, 103 00:05:33,279 --> 00:05:36,080 Speaker 1: you're speaking with Goro Sodi from Intelligent Investor. 104 00:05:36,680 --> 00:05:39,880 Speaker 2: Soul Pats is one of the most interesting companies on 105 00:05:40,000 --> 00:05:42,720 Speaker 2: the ASEX. One hundred and twenty years old. It's an 106 00:05:42,720 --> 00:05:47,920 Speaker 2: old fashioned conglomerate. It's got investments in telcos, in coal mines, 107 00:05:48,000 --> 00:05:51,640 Speaker 2: in major companies, in private companies, all sorts of things. 108 00:05:51,720 --> 00:05:55,919 Speaker 2: And so we talked to Grev about how investors should 109 00:05:56,080 --> 00:05:58,880 Speaker 2: view a company like that, and then we go through 110 00:05:58,960 --> 00:06:02,000 Speaker 2: its different parts, and we go through just how successful 111 00:06:02,000 --> 00:06:04,080 Speaker 2: it's been. We also go through the things to worry 112 00:06:04,080 --> 00:06:06,360 Speaker 2: about when you're investing in the company like Soulpats. 113 00:06:06,600 --> 00:06:09,840 Speaker 1: Yeah, it's not a particularly sexy company, is it. 114 00:06:10,400 --> 00:06:16,200 Speaker 2: But oh, I totally disagree, Michael, bricks Sean. 115 00:06:16,360 --> 00:06:19,560 Speaker 1: It invests in bricks and cole They are not exactly 116 00:06:19,800 --> 00:06:20,679 Speaker 1: sexy kind. 117 00:06:20,480 --> 00:06:26,200 Speaker 2: Of asset telcos and all these small companies. Oh, Michael, Michael, Michael. 118 00:06:26,680 --> 00:06:29,400 Speaker 1: But but this is what I was going to say. 119 00:06:29,640 --> 00:06:33,279 Speaker 1: But just even looking on their website, they say we 120 00:06:33,360 --> 00:06:36,520 Speaker 1: are proud to have never missed a dividend payment since 121 00:06:36,640 --> 00:06:40,600 Speaker 1: listing in nineteen oh three. It's a pretty impressive record. 122 00:06:40,760 --> 00:06:45,000 Speaker 2: That's pretty cool and Gorev says that for twenty five years, 123 00:06:45,000 --> 00:06:47,560 Speaker 2: he says, twenty four to twenty five years, the dividend 124 00:06:47,680 --> 00:06:50,680 Speaker 2: has consistently increased, and that is pretty remarkable. 125 00:06:50,760 --> 00:06:53,599 Speaker 1: Yeah, it is just it is a really interesting story. 126 00:06:53,640 --> 00:06:56,680 Speaker 1: It is a great interview about a fascinating company. So 127 00:06:56,760 --> 00:06:58,360 Speaker 1: stick around for that one. It's coming up a little 128 00:06:58,360 --> 00:07:01,160 Speaker 1: bit later on what's happening in internetational market sean. 129 00:07:01,360 --> 00:07:04,080 Speaker 2: Bit going on on Wall Street as investors wax and 130 00:07:04,120 --> 00:07:06,800 Speaker 2: weighing over the further rate cut prospects in the US 131 00:07:06,800 --> 00:07:09,520 Speaker 2: and the outlook around the crisis in the Middle East. 132 00:07:09,600 --> 00:07:13,160 Speaker 2: Chip maker and Video was four percent high yesterday morning, 133 00:07:13,440 --> 00:07:17,640 Speaker 2: bolstered by widening optimism over its artificial intelligence market. Dominance 134 00:07:18,040 --> 00:07:21,120 Speaker 2: and Video stock has now rallied almost fifteen percent in 135 00:07:21,160 --> 00:07:24,240 Speaker 2: the last five sessions. It's back kind of close to 136 00:07:24,280 --> 00:07:28,000 Speaker 2: its record high. Fifteen percent. When you're a three point 137 00:07:28,000 --> 00:07:32,640 Speaker 2: three trillion dollar stock is a stack of money, shall 138 00:07:32,680 --> 00:07:35,960 Speaker 2: we say. It's once again the second largest stock on 139 00:07:36,040 --> 00:07:39,320 Speaker 2: Wall Street, behind Apple, ahead of Microsoft, and all prices 140 00:07:39,400 --> 00:07:41,960 Speaker 2: have fallen further. That's on the back of a little 141 00:07:42,000 --> 00:07:44,560 Speaker 2: bit of disappointment around what's going on in Beijing at 142 00:07:44,600 --> 00:07:47,120 Speaker 2: the moment. Oil steadied around seventy eight US dollars a 143 00:07:47,160 --> 00:07:50,480 Speaker 2: barrel serve bag of New Zealand cut its official interest 144 00:07:50,520 --> 00:07:53,880 Speaker 2: rate by fifty basis points yesterday and the Aussie dollar 145 00:07:54,000 --> 00:07:56,800 Speaker 2: is fetching sixty seven and a half US since. 146 00:07:57,040 --> 00:07:59,960 Speaker 1: Fifty basis points. New Zealand is not messing around. 147 00:08:00,480 --> 00:08:02,200 Speaker 2: Yeah, but it just takes it down to four point 148 00:08:02,240 --> 00:08:04,880 Speaker 2: seventy five percent, whereas the Aussie benchmarks four point three 149 00:08:04,920 --> 00:08:07,360 Speaker 2: five percent. So they went harder, so they've got more 150 00:08:07,400 --> 00:08:07,960 Speaker 2: to come down. 151 00:08:08,320 --> 00:08:10,800 Speaker 1: Okay, all right, Sean, we have a bit to get through. 152 00:08:10,880 --> 00:08:12,400 Speaker 1: We'll be back in a moment with the rest of 153 00:08:12,440 --> 00:08:23,120 Speaker 1: the day's business news. Sean Rio Tinto will pay almost 154 00:08:23,160 --> 00:08:26,880 Speaker 1: ten billion dollars to acquire Arcadium lithium in an all 155 00:08:26,960 --> 00:08:27,560 Speaker 1: cash deal. 156 00:08:27,960 --> 00:08:31,480 Speaker 2: Yes, the offer has been accepted by the board of Arcadium. 157 00:08:31,520 --> 00:08:34,440 Speaker 2: We only found out about it over the weekend. The 158 00:08:34,679 --> 00:08:38,240 Speaker 2: bid was pitched at a ninety percent premium to Arcadium's 159 00:08:38,520 --> 00:08:42,240 Speaker 2: market value late last week. Now needs to go to shareholders. 160 00:08:42,320 --> 00:08:45,920 Speaker 2: Of course, it comes at a time when lithium prices 161 00:08:46,200 --> 00:08:48,840 Speaker 2: are way way down on where they were twelve months ago. 162 00:08:49,600 --> 00:08:51,600 Speaker 2: That triggered a lot of shareholders saying the bid was 163 00:08:51,600 --> 00:08:56,480 Speaker 2: actually overly opportunistic. However, the Arcadian board have obviously thought 164 00:08:56,520 --> 00:08:58,800 Speaker 2: a ten billion dollar price takes actually nine point nine 165 00:08:58,880 --> 00:09:02,120 Speaker 2: billion dollars, according to the review, is enough to get 166 00:09:02,160 --> 00:09:05,120 Speaker 2: it across the line. Real chief Jacob steus Holmes said 167 00:09:05,120 --> 00:09:08,960 Speaker 2: REO will use its financial firepower to accelerate project development 168 00:09:08,960 --> 00:09:12,320 Speaker 2: at a time when Icadium had been slowing projects to 169 00:09:12,679 --> 00:09:16,600 Speaker 2: preserve cash. It'll basically give Rio control of a vertically 170 00:09:16,640 --> 00:09:20,120 Speaker 2: integrated lithium business that provides about five percent of global 171 00:09:20,160 --> 00:09:24,120 Speaker 2: supply of the battery mineral. Most of the assets are 172 00:09:24,160 --> 00:09:28,800 Speaker 2: in Argentina, quite close to where Rio has a lithium 173 00:09:28,840 --> 00:09:31,720 Speaker 2: mind as well. The deal will also give Rio an 174 00:09:31,720 --> 00:09:35,720 Speaker 2: Australian hard rock lithium mine at Mount Catlan in the 175 00:09:35,880 --> 00:09:36,839 Speaker 2: nation southwest. 176 00:09:37,320 --> 00:09:38,959 Speaker 1: It's just nice to have a big deal to talk 177 00:09:39,000 --> 00:09:39,839 Speaker 1: about again, isn't it. 178 00:09:39,840 --> 00:09:42,080 Speaker 2: Sean? I know, but I would have liked to have 179 00:09:42,080 --> 00:09:44,000 Speaker 2: had a big deal that we could have said yes, 180 00:09:44,040 --> 00:09:46,200 Speaker 2: it's on, No, it's off for a few weeks. It 181 00:09:46,240 --> 00:09:47,120 Speaker 2: was about four days. 182 00:09:47,559 --> 00:09:49,840 Speaker 1: Get a few more weeks of content out of it. Now. 183 00:09:50,000 --> 00:09:53,600 Speaker 1: Billionaire Gina Reinhart has scaled back plans for the country's 184 00:09:53,640 --> 00:09:56,280 Speaker 1: next major iron ore mine as part of efforts to 185 00:09:56,440 --> 00:10:01,000 Speaker 1: overcome concerns from environment regulators and Native time Title custodians 186 00:10:01,040 --> 00:10:05,359 Speaker 1: about heritage protection, vegetation clearing and carbon emissions. 187 00:10:05,679 --> 00:10:09,560 Speaker 2: The Mulga Downs mind that Miss Rinehart's private companies plan 188 00:10:09,679 --> 00:10:12,480 Speaker 2: to build in the Pilborough region will now produce forty 189 00:10:12,480 --> 00:10:16,240 Speaker 2: percent less iron ore than what was expected two years ago, 190 00:10:16,360 --> 00:10:20,720 Speaker 2: according to documents filed with the Western Australian Government this week. 191 00:10:21,040 --> 00:10:23,480 Speaker 2: The shrinking of the project comes after a year in 192 00:10:23,520 --> 00:10:27,880 Speaker 2: which Miss Reinhart's companies have campaigned against the Albanese government's 193 00:10:28,200 --> 00:10:32,560 Speaker 2: Nature Positive reforms, which seek to protect more habitat and biodiversity. 194 00:10:32,640 --> 00:10:35,760 Speaker 2: According to the financial review, Miss reyn Hart had originally 195 00:10:35,760 --> 00:10:38,720 Speaker 2: planned to clear eighty four hundred and twenty two hectares 196 00:10:38,760 --> 00:10:42,440 Speaker 2: of vegetation to build a mine at Mulga Downs. That's 197 00:10:42,480 --> 00:10:46,240 Speaker 2: the actually Mulga Downs is the vast pastoral property where 198 00:10:46,280 --> 00:10:49,400 Speaker 2: she spent much of her childhood. It was supposed to 199 00:10:49,440 --> 00:10:52,200 Speaker 2: be capable of producing twenty million tons of iron ore 200 00:10:52,240 --> 00:10:55,760 Speaker 2: per year. The new plans involved clearing about half what 201 00:10:55,960 --> 00:10:59,200 Speaker 2: was initially expected to produce about twelve million tons a year. 202 00:11:00,120 --> 00:11:02,559 Speaker 1: Is essentially going to build a mine in her own backyard, 203 00:11:03,679 --> 00:11:08,760 Speaker 1: not essentially literally, there you go, speaking of carbon emissions. 204 00:11:08,960 --> 00:11:13,880 Speaker 1: Sean power stations, not cows are emitting the most amount 205 00:11:14,000 --> 00:11:18,480 Speaker 1: of methane, putting at risk net zero targets introduced by 206 00:11:18,520 --> 00:11:21,400 Speaker 1: the federal government. It's been a while since we've talked 207 00:11:21,440 --> 00:11:22,439 Speaker 1: about farting cows. 208 00:11:22,800 --> 00:11:25,040 Speaker 2: It has been a while, and I think farting cows 209 00:11:25,520 --> 00:11:29,839 Speaker 2: really have got a bad rap because apparently it's a 210 00:11:29,920 --> 00:11:33,720 Speaker 2: fossil for your producers that are emitting twice as much 211 00:11:33,920 --> 00:11:38,920 Speaker 2: methane as reported under traditional measures. According to the Superpower Institute, 212 00:11:38,960 --> 00:11:41,640 Speaker 2: which is a think tank pushing for more aggressive energy 213 00:11:41,640 --> 00:11:46,520 Speaker 2: transition targets. It's led by former competitions are Rod Sims. Basically, 214 00:11:46,600 --> 00:11:48,960 Speaker 2: the Superpower Institute has come up with a new measurement 215 00:11:49,320 --> 00:11:53,280 Speaker 2: method and the findings challenge the long held view that 216 00:11:53,360 --> 00:11:58,960 Speaker 2: agriculture and Australia's cattle industry is driving elevated emissions, according 217 00:11:58,960 --> 00:12:02,280 Speaker 2: to report in The Australian Now, of course, methane is 218 00:12:02,320 --> 00:12:05,760 Speaker 2: different to CO two emissions, and while there are more 219 00:12:05,800 --> 00:12:09,600 Speaker 2: CO two emissions than methane emissions, methane emissions are actually 220 00:12:09,679 --> 00:12:12,199 Speaker 2: much more damaging. So the cows for a long time 221 00:12:12,320 --> 00:12:16,280 Speaker 2: have been getting a well, a bad rap really. The 222 00:12:16,480 --> 00:12:20,640 Speaker 2: report says that the significant underreporting of methane emissions under 223 00:12:20,640 --> 00:12:24,760 Speaker 2: the current National Greenhouse and Energy Reporting Scheme Framework underscore 224 00:12:24,800 --> 00:12:29,319 Speaker 2: the need to adopt independent methods in emissions reporting. Australia 225 00:12:29,320 --> 00:12:31,640 Speaker 2: has pledged to cut methane emissions by thirty percent from 226 00:12:31,679 --> 00:12:35,400 Speaker 2: twenty thirty. According to the Institute's new measuring tool, Queensland's 227 00:12:35,400 --> 00:12:38,439 Speaker 2: Bowen Basin, which includes major colon gas fields, it is 228 00:12:38,480 --> 00:12:43,440 Speaker 2: Australia's top methane emitting hot spot. Part of the pun. 229 00:12:44,920 --> 00:12:48,640 Speaker 2: Oh you would have liked to say that yourself. 230 00:12:48,240 --> 00:12:51,040 Speaker 1: That would I absolutely would have here. I was too busy, 231 00:12:51,080 --> 00:12:55,800 Speaker 1: still just focusing on cows and flightcelens. Yeah, where as 232 00:12:55,840 --> 00:12:58,040 Speaker 1: you were, you were just busting out top shelf puns. 233 00:12:58,280 --> 00:12:58,480 Speaker 2: Yeah. 234 00:12:59,200 --> 00:13:04,320 Speaker 1: Nine Sean is considering adding commercials to its STAN streaming 235 00:13:04,360 --> 00:13:07,800 Speaker 1: platform now that CEO Mike Sneezbey's gone. They didn't wait long, 236 00:13:08,200 --> 00:13:08,719 Speaker 1: no so. 237 00:13:08,840 --> 00:13:11,840 Speaker 2: Mike Sneesby, formerly wren Stan, never been a fan of 238 00:13:11,880 --> 00:13:15,520 Speaker 2: ads on paid for streaming services. He left the company 239 00:13:15,600 --> 00:13:19,160 Speaker 2: last month. Media reports now suggest that nine is considering 240 00:13:19,240 --> 00:13:22,880 Speaker 2: the change. Plenty of others have done it. Netflix, Amazon Prime, 241 00:13:23,520 --> 00:13:27,680 Speaker 2: Paramount Plus, Binge, They all now run ads or teed 242 00:13:27,720 --> 00:13:31,679 Speaker 2: subscription packages, some of which include ads. So STAN is 243 00:13:31,760 --> 00:13:34,760 Speaker 2: kind of like the odd streamer out nine share prices 244 00:13:34,760 --> 00:13:37,320 Speaker 2: down forty percent this year. The ad market on freedom 245 00:13:37,320 --> 00:13:40,240 Speaker 2: where is challenging at best. Hence you can probably expect 246 00:13:40,240 --> 00:13:42,560 Speaker 2: see ads on STAN at some point in the not 247 00:13:42,800 --> 00:13:44,000 Speaker 2: so distant future. 248 00:13:44,480 --> 00:13:48,360 Speaker 1: Labor turned independent Senator Fatima Payman has launched her new 249 00:13:48,400 --> 00:13:51,680 Speaker 1: political party and sean it's called Australia's Voice. 250 00:13:51,920 --> 00:13:54,240 Speaker 2: The senator said it was more than a party, more 251 00:13:54,240 --> 00:13:57,480 Speaker 2: of a movement for a fairer Australia. She said Labor 252 00:13:57,520 --> 00:13:59,959 Speaker 2: had lost its way and while no decisions have been 253 00:14:00,120 --> 00:14:03,360 Speaker 2: made on who to stand in the upcoming election, she 254 00:14:03,600 --> 00:14:06,199 Speaker 2: suggested the party may run a candidate in Prime Minister 255 00:14:06,280 --> 00:14:10,520 Speaker 2: Anthony Albanize's electric not a lot of meat around policies. 256 00:14:10,840 --> 00:14:14,000 Speaker 2: They sent it a payments to any member of Australia's 257 00:14:14,040 --> 00:14:17,240 Speaker 2: Voice that happened to be elected would be able to 258 00:14:17,280 --> 00:14:22,280 Speaker 2: vote as they like on issues, as in a conscience vote. 259 00:14:22,040 --> 00:14:26,560 Speaker 1: The Melbourne Rebels are suing Rugby Australia, claiming it was 260 00:14:26,800 --> 00:14:30,320 Speaker 1: unfairly axed from the Super Rugby competition five months ago, 261 00:14:30,800 --> 00:14:33,240 Speaker 1: and has announced plans to re enter the competition. 262 00:14:33,680 --> 00:14:35,920 Speaker 2: The rebels will be seeking more than thirty million dollars 263 00:14:35,960 --> 00:14:39,000 Speaker 2: in damages from the governing body, according to media reports. 264 00:14:39,240 --> 00:14:41,760 Speaker 2: The rebels are also seeking an urgent order in the 265 00:14:41,760 --> 00:14:44,200 Speaker 2: Federal Court granting it the right to inspect the books 266 00:14:44,200 --> 00:14:48,200 Speaker 2: of Rugby Australia, including accounting and lane records, to determine 267 00:14:48,200 --> 00:14:52,880 Speaker 2: whether there's been fiduciary and governments failures by Rugby Australia. 268 00:14:53,120 --> 00:14:56,120 Speaker 2: The Rebels entered Vonntree administration on January twenty nine with 269 00:14:56,200 --> 00:14:59,480 Speaker 2: debts ode to creditors exceeding twenty three million dollars, including 270 00:15:00,080 --> 00:15:02,480 Speaker 2: and a half million dollars to the tax Office. The 271 00:15:02,560 --> 00:15:06,400 Speaker 2: rebels were also struggling to pay stadium fees and directors 272 00:15:06,480 --> 00:15:10,840 Speaker 2: have received penalty notices from the ATO Administrative PWCs. The 273 00:15:10,880 --> 00:15:13,400 Speaker 2: club may have operated while in solvent for more than 274 00:15:13,520 --> 00:15:17,520 Speaker 2: five years. Yesterday, the Rebels claimed that Rugby Australia has 275 00:15:17,560 --> 00:15:21,600 Speaker 2: breached various sections of the Corporations Act, has unlawfully oppressed 276 00:15:21,720 --> 00:15:25,080 Speaker 2: the Rebels and is obliged to identify the rebels for 277 00:15:25,160 --> 00:15:29,040 Speaker 2: liabilities to the ATO and just staying in the football codes. 278 00:15:29,080 --> 00:15:30,760 Speaker 1: Sean I mentioned this one at the top of the show. 279 00:15:30,800 --> 00:15:35,000 Speaker 1: AFL team Collingwood is the most valuable sports club in 280 00:15:35,040 --> 00:15:37,960 Speaker 1: Australia with a brand value of one hundred and forty 281 00:15:38,000 --> 00:15:41,520 Speaker 1: five million dollars, while number two is the NROL team 282 00:15:41,560 --> 00:15:42,520 Speaker 1: the Brisbane Broncos. 283 00:15:43,240 --> 00:15:46,720 Speaker 2: Yeah, success doesn't always translate to value, according to the 284 00:15:46,720 --> 00:15:50,480 Speaker 2: report by Brand Finance Australia. So the Brisbane Lines and 285 00:15:50,640 --> 00:15:54,640 Speaker 2: Sydney Swan's played in the AFL Grand Final, but they're 286 00:15:54,720 --> 00:15:59,240 Speaker 2: ranked the tenth and eleventh most valuable AFL brands. The 287 00:15:59,280 --> 00:16:02,680 Speaker 2: South City we're close to last in the National Rugby League, 288 00:16:02,920 --> 00:16:06,520 Speaker 2: but that team has the third highest brand value in 289 00:16:06,560 --> 00:16:10,800 Speaker 2: the league. Overall, seven AFL teams and three NRL teams 290 00:16:10,800 --> 00:16:14,600 Speaker 2: that make up the top ten. Brand Finance Managing Director 291 00:16:14,640 --> 00:16:16,920 Speaker 2: Mark Crow said the best way to boost brand is 292 00:16:16,960 --> 00:16:20,880 Speaker 2: to be successful, have a rich heritage and operate in 293 00:16:20,920 --> 00:16:24,800 Speaker 2: a fast growing market. In terms of favorite sports among Australians, 294 00:16:24,800 --> 00:16:32,480 Speaker 2: Michael AFL's one. Guess what's number two? NRL Olympics. 295 00:16:32,880 --> 00:16:34,560 Speaker 1: See that felt like it was a trick question. 296 00:16:34,960 --> 00:16:36,760 Speaker 2: Yeah, it was totally And if it wasn't a twenty 297 00:16:36,800 --> 00:16:40,360 Speaker 2: twenty four probably wouldn't have been in there. Yeah, then 298 00:16:40,480 --> 00:16:48,120 Speaker 2: NRL then cricket, football, as in soccer, tennis, good tennis 299 00:16:48,160 --> 00:16:52,240 Speaker 2: and Formula one tennis. You'd like tennis, wouldn't. 300 00:16:52,280 --> 00:16:55,920 Speaker 1: I love tennis? Why do you hate it so much? 301 00:16:56,160 --> 00:16:57,440 Speaker 2: I don't hate it. I mean I love playing it. 302 00:16:57,440 --> 00:16:59,040 Speaker 2: It's a great game to play, but it would have 303 00:16:59,120 --> 00:17:01,360 Speaker 2: to be the most boring sport to watch. 304 00:17:02,360 --> 00:17:08,120 Speaker 1: I completely disagree. This is really oh absolutely, the range 305 00:17:08,119 --> 00:17:10,560 Speaker 1: of shots and the fact that you can actually see 306 00:17:10,600 --> 00:17:14,679 Speaker 1: everything from so many different angles, and the athleticism tennis 307 00:17:14,760 --> 00:17:16,680 Speaker 1: is great. You don't think so, and you are wrong. 308 00:17:16,760 --> 00:17:20,640 Speaker 1: Now turning to international news, the US Justice Department has 309 00:17:20,680 --> 00:17:25,439 Speaker 1: told a federal judge it's considering recommending that Google be 310 00:17:25,520 --> 00:17:27,800 Speaker 1: broken up and forced to sell off parts of its 311 00:17:27,800 --> 00:17:32,080 Speaker 1: operations to alleviate the harm caused by its monopolization of 312 00:17:32,119 --> 00:17:33,720 Speaker 1: the online search market. 313 00:17:33,760 --> 00:17:37,640 Speaker 2: This is big, huge, In fact, it's probably the biggest 314 00:17:37,800 --> 00:17:42,040 Speaker 2: push since Microsoft was since the Justice Department tried to 315 00:17:42,080 --> 00:17:45,920 Speaker 2: break up Microsoft a couple of decades ago. In court 316 00:17:45,920 --> 00:17:51,000 Speaker 2: filing this week, antitrust Enforces said Judge Emmitt Meta could 317 00:17:51,040 --> 00:17:53,960 Speaker 2: also order Google to provide access to the underlying data 318 00:17:54,000 --> 00:17:58,080 Speaker 2: it uses to build its search results and artificial intelligence products. 319 00:17:58,200 --> 00:18:02,960 Speaker 2: According to report on Bloomberg. If that happened, well, that 320 00:18:03,040 --> 00:18:06,040 Speaker 2: would open a can of worms in how Google operates, 321 00:18:06,040 --> 00:18:09,360 Speaker 2: and all its competitors would know exactly how. Regulators said 322 00:18:09,400 --> 00:18:13,119 Speaker 2: Google gained scale and data benefits from its illegal distribution 323 00:18:13,200 --> 00:18:15,960 Speaker 2: agreements with other tech companies that made its search engine 324 00:18:15,960 --> 00:18:19,080 Speaker 2: that a fourth option on smartphones and web browsers. The 325 00:18:19,359 --> 00:18:23,200 Speaker 2: Justice Department is considering behavioral and structural remedies that would 326 00:18:23,200 --> 00:18:26,480 Speaker 2: prevent Google from using products such as Chrome, Play and 327 00:18:26,480 --> 00:18:30,520 Speaker 2: Android to advantage Google Search and Google Search related products 328 00:18:30,520 --> 00:18:33,640 Speaker 2: and features over rivals or new entrants. The thirty two 329 00:18:33,640 --> 00:18:36,520 Speaker 2: page document lays out a framework of potential options for 330 00:18:36,560 --> 00:18:39,679 Speaker 2: the judge to consider as the case moves to the 331 00:18:39,800 --> 00:18:43,159 Speaker 2: remedy phase. Certainly big news in the tech world. 332 00:18:43,040 --> 00:18:47,159 Speaker 1: Yeah, absolutely is. Hurricane Milton Sean was on track to 333 00:18:47,200 --> 00:18:50,639 Speaker 1: make landfall in Florida sometime this morning Australian time, with 334 00:18:50,800 --> 00:18:53,840 Speaker 1: US President Joe Biden urging people in its path to 335 00:18:53,880 --> 00:18:54,959 Speaker 1: evacuate their homes. 336 00:18:55,320 --> 00:18:58,840 Speaker 2: The hurricane is heading towards a highly populated stretch of 337 00:18:58,840 --> 00:19:01,399 Speaker 2: the state's west host with winds of up to one 338 00:19:01,480 --> 00:19:03,520 Speaker 2: hundred and sixty five miles an hour. We're talking two 339 00:19:03,600 --> 00:19:06,720 Speaker 2: hundred and seventy kilometers an hour. It could be among 340 00:19:06,840 --> 00:19:10,600 Speaker 2: the worst storms to hit Florida in a century. Global 341 00:19:10,680 --> 00:19:14,080 Speaker 2: risk advisory firm Guy Carpenter said Milton could cause the 342 00:19:14,200 --> 00:19:18,679 Speaker 2: largest number of evacuations since Hurricane Irma in twenty seventeen, 343 00:19:19,040 --> 00:19:21,840 Speaker 2: when six point seven million people left their homes. Tampa 344 00:19:21,880 --> 00:19:26,040 Speaker 2: Mayor Jane Caster said, and I quote, this is literally catastrophic. 345 00:19:26,600 --> 00:19:29,199 Speaker 2: Oil giant Chevron has shut down oil production at the 346 00:19:29,240 --> 00:19:31,640 Speaker 2: Blind Faith platform in the Gulf of Mexico and moved 347 00:19:31,640 --> 00:19:34,399 Speaker 2: staff from the side. Airports in Tampa and Orlando have 348 00:19:34,440 --> 00:19:38,600 Speaker 2: closed theme parks like Walt disney World. They've also closed 349 00:19:39,240 --> 00:19:41,720 Speaker 2: It's just let's just hope the next few hours don't 350 00:19:41,720 --> 00:19:42,720 Speaker 2: turn into a disaster. 351 00:19:42,960 --> 00:19:46,480 Speaker 1: Yeah, absolutely, all right, last story seawn. The tech billionaires 352 00:19:46,600 --> 00:19:50,640 Speaker 1: are getting richer and widening the gap between the megawealthy 353 00:19:50,800 --> 00:19:51,880 Speaker 1: and the rest. 354 00:19:52,400 --> 00:19:54,880 Speaker 2: Eight of the top ten richest people in the world 355 00:19:54,960 --> 00:19:58,520 Speaker 2: made their money in technology. Tesla Zelon Musk is richest 356 00:19:58,640 --> 00:20:02,400 Speaker 2: two fifty six billion US. That's about the annual GDP 357 00:20:02,560 --> 00:20:06,520 Speaker 2: of the country of Portugal. Met As Mark Zuckerberg's number 358 00:20:06,560 --> 00:20:09,720 Speaker 2: two two hundred and seven billion US. Amazon's Jeff Bezos 359 00:20:09,760 --> 00:20:12,000 Speaker 2: comes in at number three two hundred and four billion 360 00:20:12,240 --> 00:20:16,320 Speaker 2: US According to the Bloomberg Billionaires Index, the eight individuals 361 00:20:16,320 --> 00:20:18,680 Speaker 2: have made a total of two hundred and sixty three 362 00:20:18,760 --> 00:20:23,360 Speaker 2: billion US dollars extra so far this year. Each made 363 00:20:23,359 --> 00:20:28,000 Speaker 2: about thirty three billion US dollars. The two non techies 364 00:20:28,119 --> 00:20:32,879 Speaker 2: in the top ten are LBMH owner Bernard Arnaut, who 365 00:20:32,960 --> 00:20:35,920 Speaker 2: has lost more than ten billion dollars this year, and 366 00:20:36,000 --> 00:20:38,880 Speaker 2: Warren Buffett, legendary investor he's made about twenty one billion 367 00:20:38,880 --> 00:20:41,960 Speaker 2: dollars this year. The biggest winners this year have been Zuckerberg, 368 00:20:42,280 --> 00:20:45,560 Speaker 2: who's wealth's up eighty two billion US and Videos Jensen 369 00:20:45,600 --> 00:20:50,280 Speaker 2: Huang now seventy two billion US richer and Oracles Larry Ellison, 370 00:20:50,320 --> 00:20:53,479 Speaker 2: whose wealth has jumped by sixty two billion US dollars. 371 00:20:53,520 --> 00:20:55,320 Speaker 2: The moral of the story, if you want to get rich, 372 00:20:55,840 --> 00:21:00,879 Speaker 2: be a tech dollion, Yes, let me go. 373 00:21:01,040 --> 00:21:03,679 Speaker 1: We just duck off and do that quickly. Sean come 374 00:21:03,760 --> 00:21:05,959 Speaker 1: up with an idea that hasn't already been come up 375 00:21:05,960 --> 00:21:09,600 Speaker 1: with that could be challenging. Up next in the Fear 376 00:21:09,600 --> 00:21:12,199 Speaker 1: and Greed playlist, Shawn is the new episode of the 377 00:21:12,240 --> 00:21:16,439 Speaker 1: Property Pendulum, which is a production courtesy of Fear and 378 00:21:16,480 --> 00:21:19,879 Speaker 1: Greed and our friends at Domain. This week's episode is 379 00:21:20,080 --> 00:21:24,399 Speaker 1: all about why some property listings leave off the price 380 00:21:24,720 --> 00:21:26,200 Speaker 1: and so you know how when you're just kind of 381 00:21:26,200 --> 00:21:28,239 Speaker 1: scrolling through and you're looking at it's just it's so 382 00:21:28,320 --> 00:21:31,040 Speaker 1: much easier if you're a buyer and the price is 383 00:21:31,160 --> 00:21:34,000 Speaker 1: listed or the asking price or just a general price 384 00:21:34,040 --> 00:21:36,480 Speaker 1: guide is helpful. But when you see those words like 385 00:21:37,560 --> 00:21:42,680 Speaker 1: price on application or expressions of interest invited, it's just 386 00:21:42,720 --> 00:21:45,680 Speaker 1: it is so unhelpful. It is a lack of transparency 387 00:21:45,920 --> 00:21:47,520 Speaker 1: kind of within what's going on and the rules a 388 00:21:47,560 --> 00:21:50,119 Speaker 1: different state by state, and we really dig into that 389 00:21:50,359 --> 00:21:53,119 Speaker 1: this week, kind of why this is the case, what 390 00:21:53,280 --> 00:21:55,760 Speaker 1: impact it can have on the potential for under quoting, 391 00:21:56,160 --> 00:21:58,639 Speaker 1: and how if you're a buyer to best kind of 392 00:21:58,720 --> 00:22:01,639 Speaker 1: navigate that scenario. So you can find the property pendulum 393 00:22:01,680 --> 00:22:03,399 Speaker 1: wherever you listen to podcasts. I'll put a link in 394 00:22:03,440 --> 00:22:06,640 Speaker 1: today's show notes as well. And then after that you've 395 00:22:06,640 --> 00:22:09,800 Speaker 1: got Gore Sodi from Intelligent Investor all about Washington, and 396 00:22:09,960 --> 00:22:11,160 Speaker 1: Soul Pattinson. 397 00:22:11,320 --> 00:22:14,600 Speaker 2: Yeah, one of the great conglomerates on the ASX. What 398 00:22:14,640 --> 00:22:18,080 Speaker 2: gorev says, if you're looking at managed a managed fund, 399 00:22:18,480 --> 00:22:20,360 Speaker 2: think about soul pats. It's a great chat. 400 00:22:20,520 --> 00:22:22,280 Speaker 1: Yeah, indeed it is. It is coming up in the 401 00:22:22,320 --> 00:22:24,639 Speaker 1: Fear and Greed playlist on your podcast platform or at 402 00:22:24,680 --> 00:22:28,040 Speaker 1: Fearinggreed dot com dot au. Thank you, Sean, Thank you Michael. 403 00:22:28,240 --> 00:22:31,000 Speaker 1: It is Thursday, the eleventh of October twenty twenty four. 404 00:22:31,240 --> 00:22:33,560 Speaker 1: Make sure you're following the podcast and please join us 405 00:22:33,560 --> 00:22:37,560 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Michael Thompson 406 00:22:37,560 --> 00:22:39,560 Speaker 1: and that was Fear and Greed. Have a great day.