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Speaker 1: Today on Fear and Greed, the Board of Mineral Resources

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Speaker 1: finds the company founder Chris Ellison, used company resources wrongly

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Speaker 1: and acted without integrity. Westpac announces a seven billion dollar

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Speaker 1: profit and voting a set to start in the US

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Speaker 1: election within hours, plus plenty of markets, the Reserve Bank Board,

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Speaker 1: and one of Sean's favorite fast food restaurants. Welcome to

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Speaker 1: Fear and Greed. Daily business news for people who make

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Speaker 1: their own decisions. It is Tuesday, the fifth of November

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Speaker 1: twenty twenty four. Are Michael Thompson and Good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael. Sean.

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Speaker 1: The main story this morning, the managing director and founder

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Speaker 1: of Mineral Resources, Chris Ellison, will step down within eighteen months.

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Speaker 1: It's not immediate after the board of the miner found

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Speaker 1: he used company resources for his personal benefit and had

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Speaker 1: not acted with integrity.

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Speaker 2: We've been waiting on this report for a week or so,

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Speaker 2: and we certainly had the a certain plenty of reason

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Speaker 2: to read it. The chair of the board, James mcclemons,

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Speaker 2: also said he would depart next year after handing down

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Speaker 2: the findings. Mineral Resources share price fell as much as

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Speaker 2: ten percent today before closing down nine percent. Now, the

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Speaker 2: inquiry came after the Financial Review reported that mister Ellison

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Speaker 2: and others allegedly benefited through an offshore tax scheme. He

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Speaker 2: repaid the tax to the ATO, but it took him

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Speaker 2: a couple of years before he Mister Ellison actually told

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Speaker 2: the board. Now the statement from board yesterday, we've got

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Speaker 2: a statement not much more, and i'll quote it. There

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Speaker 2: can be no doubt that the actions, decisions and behaviors

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Speaker 2: of mister Ellison have been profoundly disappointing and require sanction

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Speaker 2: and penalty end quote. That is quite the whack for

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Speaker 2: a CEO. Mister Ellison will refund three point seventy nine

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Speaker 2: million dollars to mineral Resources, lose this year's three point

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Speaker 2: one million dollar bonus, four to six and a half

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Speaker 2: million dollars of uninvested long term and short term incentives.

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Speaker 2: He's also agreed to donate five million dollars to charity,

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Speaker 2: a lot of money. He is a billionairemind you, so

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Speaker 2: it probably won't hit him as hard as it might

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Speaker 2: hit others. But there is certainly a massive financial penalty

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Speaker 2: as a result of this inquiry from the Board.

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Speaker 1: The tax stuff on its own was pretty amazing Sean.

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Speaker 1: But it's an incredible story, really, because the investigation uncovered

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Speaker 1: a whole lot more than just an alleged tax scheme.

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Speaker 2: Yes, so two you investigation by the board. According to

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Speaker 2: the finn review, it uncovered a bunch of things, stuff

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Speaker 2: like Mineral Resources staff worked on mister Ellison's personal boat.

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Speaker 2: Company employees managed his personal finances, he bought goods and

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Speaker 2: services for his own use using company money, and there's

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Speaker 2: a much of other stuff. His daughter won some rent

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Speaker 2: relief on company owned properties. Now remember this is an

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Speaker 2: I excess an ASX listed company for all shareholders, not

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Speaker 2: just the biggest shareholder. So when you see this sort

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Speaker 2: of thing, it is actually a bit mind boggling that

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Speaker 2: it went on. I suppose the question is why is

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Speaker 2: he not leaving for another eighteen months? Certainly the board

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Speaker 2: is inferring they want an orderly transition. They don't want

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Speaker 2: to just mister Elson just to leave. But really, I mean,

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Speaker 2: this is quite phenomenal, this report. What it's said, not

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Speaker 2: just attack stuff, but everything else. Yet they're still happy

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Speaker 2: for him to hang around for eighteen months. He's really

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Speaker 2: good at running the company. Mineral Resources is a very

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Speaker 2: successful company, and I'm sure shareholders would be happy that

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Speaker 2: he'll be there for a bit longer, but really I

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Speaker 2: don't think this one passes the pub test.

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Speaker 1: Michael, No, No, you've got to love staff working on

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Speaker 1: his personal boat. That is very much a one percent

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Speaker 1: kind of challenge, there isn't it. Yeah, yeah, sure, it's

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Speaker 1: a massive, massive day. Today. West Pac has upped its

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Speaker 1: share buyback and lifted its final dividend after reported a

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Speaker 1: smaller profit for the financial year ending thirty September.

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Speaker 2: Yes, so Westpac, National, Australian Bank and names ed their

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Speaker 2: year end is the end of September, so we get

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Speaker 2: those three banks in sort. From yesterday through for the

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Speaker 2: next ten days or so, west PAC's profit was down

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Speaker 2: three percent to seven billion dollars. There was no special dividend.

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Speaker 2: It was a higher final dividend, but no special dividend,

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Speaker 2: and that disappointed investors somewhat. In fact, its shares were

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Speaker 2: initially sold off Westpac after the news came out, but

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Speaker 2: then by the close it was up aboutero point eight

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Speaker 2: percent or something. Rather, it's Peter King's last result as CEO.

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Speaker 2: He said, the Australian economy is showing positive signs, but

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Speaker 2: some customers are certainly still facing difficult choices. Expenses is

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Speaker 2: one of the big keys for Westpac. They've been spending

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Speaker 2: and will continue to spend to upgrade its tech stack.

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Speaker 2: Remember Westpac took over a bunch of other lenders like

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Speaker 2: Saint George Bank and Banks South Australia and they still

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Speaker 2: have a lot of legacy system so there's a really

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Speaker 2: big spend on in that bank at the moment to

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Speaker 2: bring it all up to date. Really promising its net

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Speaker 2: interest margin, the difference between basically profit margin, the difference

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Speaker 2: between what it pays on deposits and receives on loans.

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Speaker 2: Well good if you're a shareholder. That was up eight

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Speaker 2: basis points despite competition in mortgage and business lending. Business

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Speaker 2: lending was also very good. It's a real focus for Westpac.

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Speaker 2: Net profit in or that part of the business was

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Speaker 2: up thirteen percent. Good success in agriculture, health and professional services.

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Speaker 2: Peter King gives the job top job to Anthony Miller

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Speaker 2: in about one month's time.

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Speaker 1: Now the big question here is is your voice going

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Speaker 1: to hold out for the rest of them?

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Speaker 2: Not sure? Not sure.

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Speaker 1: What we'll do is we'll take a very quick break.

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Speaker 1: You take a swig of your what is that herbal tea?

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Speaker 2: As it turns out, yes.

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Speaker 1: Your herbal tea. See if you can recharge the voice.

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

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Speaker 1: the day's business news.

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Speaker 2: Seawn.

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Speaker 1: The Albaneze government will cancel the seven billion dollar plan

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Speaker 1: to deliver a military grade satellite communications system.

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Speaker 2: Apparently it no longer meets strategic priorities. It got the

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Speaker 2: go ahead only eighteen months ago, so it didn't have

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Speaker 2: a very long life. Now the government's going to pursue it.

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Speaker 2: They're calling a multi orbit satellite system. I'm going to

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Speaker 2: read a statement from Defense yesterday. Let me quote it.

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Speaker 2: With the acceleration in space technologies and evolving threats in

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Speaker 2: space since the project's commencement, Defense has assessed that a

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Speaker 2: single but GEO based satellite communication system would not meet

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Speaker 2: strategic priorities. Absolutely no idea what that means. But what

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Speaker 2: I would say, Michael, a total change of heart on

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Speaker 2: a seven billion dollar, multi year project after just eighteen months. Hmm.

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Speaker 2: I don't think that one passes a pup test either.

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Speaker 1: No, we're not going very well with the pub test today.

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Speaker 1: So basically, going from a single orbit system to a

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Speaker 1: multi orbit system. You know what, it sounds like, we're

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Speaker 1: going to get more satellites out of this.

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Speaker 2: Sean it does well, presuming orgoes ahead.

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Speaker 1: We'll given eighteen months, we'll see what comes up. Then

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Speaker 1: the Reserve Bank Board has been chatting all things interest rates,

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Speaker 1: and this afternoon it'll announce what it's thinking. No one's

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Speaker 1: expecting a change, Sean, but maybe maybe the commentary around

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Speaker 1: the discussion might lean into the idea of rate cuts.

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Speaker 2: Do you like the idea of leaning in?

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Speaker 1: Michael, I love the idea of the Reserve first of all,

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Speaker 1: chatting it makes it sound very, very casual, and then

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Speaker 1: coming out and going we're going to lean into rate

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Speaker 1: lean now it just feels like we're pulling the Reserve

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Speaker 1: Bank into the twenty first century.

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Speaker 2: One of my least favorite terms is leaning leaning in.

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Speaker 2: I don't know why. I've just got a real thing

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Speaker 2: about it.

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Speaker 1: I'm sorry for using it. I didn't realize I was

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Speaker 1: going to make you so angry today.

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Speaker 2: That's all right. Look in these deliberations, inflation is definitely

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Speaker 2: the key that has slowed. It will slow more. We

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Speaker 2: know that the other part of the equation, or the

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Speaker 2: major part of the equation, is the labor markets still strong. Yesterday,

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Speaker 2: the A and Z job adds series rows zero point

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Speaker 2: six percent for the month of October. There was a

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Speaker 2: much bigger jump in September, so certainly the job market

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Speaker 2: is doing pretty well. Most of the rise in October

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Speaker 2: was around Christmas themed jobs, think retail, food services, that

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Speaker 2: type of thing. Today two thirty we all find out

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Speaker 2: what the Reserve Bank is thinking.

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Speaker 1: Yeah, very exciting. It turned out to be a pretty

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Speaker 1: decent day yesterday on the loc share market, with the

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Speaker 1: banks leading the way.

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Speaker 2: Sean yes so it was up zero point six percent

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Speaker 2: to eighty one hundred and sixty five points. Comwealth Bank

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Speaker 2: and National Australia Bank were up more than one and

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Speaker 2: a half percent. I mentioned Westpac was up nearly one percent.

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Speaker 2: CSL jump two percent, Telstra one point seven percent. Transurban

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Speaker 2: did really well two and a half percent, Wise teat

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Speaker 2: more than three percent. Not so good for the big

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Speaker 2: minus b HP, Fortescue and Rio all lover mark. It's

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Speaker 2: just kind of interesting. It hit a peak a couple

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Speaker 2: of weeks ago in the middle of last month, and

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Speaker 2: it has been sold off, but it's still kind of

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Speaker 2: bubbling along there. It's showing some result I'd say.

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Speaker 1: Isn't fair to say that this will be the biggest

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Speaker 1: week of the year for international markets.

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Speaker 2: I think so. I think that's a good call. We've

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Speaker 2: got the US election obviously, We've got the Reserve Bank meeting.

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Speaker 2: We've got central bank meetings in the US and UK.

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Speaker 2: We have the Chinese National People's Congress meeting. They're expected

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Speaker 2: to announce more stimuli. We've got lots of Trump trades

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Speaker 2: going on, so the US dollars doing really well. Treasury

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Speaker 2: yields are rising, US bank stocks a rising, bitcoins up.

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Speaker 2: We've also got this thing called the VIX index. It's

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Speaker 2: wall streets fee gauge, the VIX Index volatility index mix.

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Speaker 2: It's at its highest point since the outbreak of the

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Speaker 2: delta variant of the coronavirus in March twenty twenty one.

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Speaker 2: So whatever happens over the next few days on interest rates,

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Speaker 2: on Trump v Harris on the Melbourne Cup winner, expect

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Speaker 2: lots of volatility in the market. We are heading into

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Speaker 2: a very big forty eight hours with Brent at about

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Speaker 2: seventy four US dollars. A barrel goals around twenty seven

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Speaker 2: forty US dollars an ounce, Bitcoin sixty nine thousand US

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Speaker 2: dollars a unit a unit, Bitcoin at sixty nine thousand

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Speaker 2: US dollars a unit, and the Aussie dollar above sixty

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Speaker 2: six US cents.

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Speaker 1: The VIX index. You know, sometimes you just have one

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Speaker 1: of those things where I could have guessed a thousand

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Speaker 1: guesses and I would not have landed on volatility index.

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Speaker 1: I don't know why. I'm so glad you didn't put

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Speaker 1: it to me. Is you know how sometimes you give

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Speaker 1: me random trivia questions in the middle of an episode

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Speaker 1: that one would have stumped me vix index?

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Speaker 2: I probably need some vix at the moment to get

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Speaker 2: my voice going again.

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Speaker 1: Is that what it is?

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Speaker 2: Maybe?

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Speaker 1: God, she had warned me of these things before we

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Speaker 1: walk into the studio together.

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Speaker 2: But that's the fun of it, is actually throwing something

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Speaker 2: at you and watching your eyes go no, no, no, no, no, no.

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Speaker 1: Here I go okay, I don't know what we're doing here, Sean.

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Speaker 1: This is an interesting one ASX listed minor iron Ear

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Speaker 1: has received a permit from the US government to build

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Speaker 1: a massive lithium mine in Nevada, and it's a project

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Speaker 1: that is big enough that it could produce enough lithium

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Speaker 1: to power three hundred and seventy thousand electric vehicles a year.

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Speaker 1: That's a lot of cars.

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Speaker 2: It's the first approval of a MIND by the Biden

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Speaker 2: administration ever. It includes a seven hundred million US dollar

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Speaker 2: alone to help build the project. Now, there's plenty of

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Speaker 2: lithium in the US, but most of the alkali metal

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Speaker 2: is mined actually in South America or Australia, and nearly

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Speaker 2: all of it is processed in China. The processing of

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Speaker 2: it's a really hard part. The US wants to quadruple

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Speaker 2: US lithium production by twenty twenty eight, reduce its reliance

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Speaker 2: on China, not just in lythium but lots of other

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Speaker 2: critical minerals as well. But it hasn't done a very

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Speaker 2: good job taking many steps in terms of agreeing to MIND.

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Speaker 2: So since two thousand and two in the US, only

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Speaker 2: three critical minerals minds have actually come online in that country.

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Speaker 2: So this is definitely a bit of a coup for Iron.

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Speaker 2: Its share price initially jumped on this news, though yesterday

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Speaker 2: it was sold off pretty sharply, so there's lots of

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Speaker 2: unknowns in this deal.

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Speaker 1: He is a nice little success story for you. Sean

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Speaker 1: Luke Bray was working for Australia's biggest gold miner, Northern

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Speaker 1: Star Resources two years ago quit to go to a

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Speaker 1: struggling gold company called or a Bander. I'm assuming I'm

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Speaker 1: saying that that correctly. Or a Bander Now mister Bray

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Speaker 1: is now sitting on a rights package worth more than

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Speaker 1: seventy million dollars. Well played, good on him.

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Speaker 2: He signed on it or A Bander as managing director

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Speaker 2: and as part of the deal got rights to fifty

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Speaker 2: million chairs. He also got a company backed loan to

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Speaker 2: buy another fifty million chairs. Or A Bander is a

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Speaker 2: gold miner in Western Australia's goldfields region. Two years ago,

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Speaker 2: or as davy Hurst project was flatlining at about twelve

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Speaker 2: thousand ounces of gold per quarter. In the September quarter

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Speaker 2: just gone it was about double that level. Or his

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Speaker 2: brand or his brand or a Brander. I keep you

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Speaker 2: in the name, wrong, Michael. I'm going to try it again.

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Speaker 1: This is this is great fun for me to work.

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Speaker 2: I know, I know. Or A Banders sare price a

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Speaker 2: couple of years ago three cents now around ninety cents.

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Speaker 2: Mister Braise a rich man all of a sudden. Good

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Speaker 2: on him.

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Speaker 1: Yeah, well played, I think that's fantastic story. I love

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Speaker 1: the fact that you're away yesterday conveniently when Adam and

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Speaker 1: I Adam Lang, who is filling in for you, we're

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Speaker 1: talking at length about preliminary clearance rates. I reckon Sean

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Speaker 1: has done this deliberately, just because I made fun of

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Speaker 1: you so much last week for struggling to pronounce a

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Speaker 1: word preliminary. And then you've come in and given me

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Speaker 1: a gift, which is aura banda and another one that

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Speaker 1: I'm putting on the list of words that you can't say.

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Speaker 1: I love this next story. The Sydney Marathon has been

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Speaker 1: elevated to one of these seven Abbot World Marathon Majors,

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Speaker 1: which gives it an enormous amount of prestige in the

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Speaker 1: world of running.

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Speaker 2: Ah, this is big time, So the seven Tokyo, Boston, London, Berlin, Chicago,

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Speaker 2: New York and now Sydney. There's been a three year

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Speaker 2: program to get this to happen, to improve the event.

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Speaker 2: It's spectacularly I mean it's held in September. We had

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Speaker 2: about twenty five thousand people last time it was run

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Speaker 2: finishes at the Opera House. Athletics Australian President Jane Fleming

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Speaker 2: She called the announcement a transformative moment for Australian athletics.

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Speaker 2: Jane Fleming, of course, a one of Australia's greatest track

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Speaker 2: and field athletes, so she knows what she's talking about.

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Speaker 2: I just think it's fantastic news that would become one

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Speaker 2: of the Big seven marathon events. Not that I've ever

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Speaker 2: run a marathon, but I'm sure Adam Lange would like it.

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Speaker 1: Yes, do you reckon?

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Speaker 2: You could h No, I've done half marathons, but age

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Speaker 2: neees all that. But I want to move under the

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Speaker 2: Melbourne Quake Cup just quickly because I've picked the three horses. Okay,

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Speaker 2: we need to back this is? This is well?

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Speaker 1: Remember last was it last year of the year before

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Speaker 1: Stephen Coucoulis, our resident economist, tipped the Melbourne Cup winner. Yes,

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Speaker 1: and it's the only and I'm like, oh, I I reckon,

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Speaker 1: that sounds pretty promising. And it was the only time

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Speaker 1: I've ever backed the winner because of the kook and

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Speaker 1: he was one hundred percent correct.

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Speaker 2: I know. Well, he gave us a tip yesterday morning

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Speaker 2: and Stephen, I remember it, I really do remember it.

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Speaker 2: But it's called it was called the I'm going to

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Speaker 2: remember the map, the drum the map. The map was

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Speaker 2: called the map, so Steven's tip is the map. But

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Speaker 2: I've picked them for you guys. Okay, interpretation that has

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Speaker 2: got Adam Lang all over it because he's our judge

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Speaker 2: on the weekend edition, and his interpretation of what you

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Speaker 2: and I say.

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Speaker 1: Is vastly different from what we're intending.

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Speaker 2: Yeah, yep, yep yep. Trusting you, that's me. That's for me.

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Speaker 2: Mine is trusting because I am reliable, trustworthy, steady, all

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Speaker 2: that sort of stuff. Yours, Michael god One, smooth operator.

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Speaker 1: Once again, Sean, I don't know whether this passes the

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Speaker 1: pub test.

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Speaker 2: Don't be like that. I'm sorry.

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Speaker 1: All right, Well, let's do it. Let's see who wins.

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Speaker 1: It has now become a race between the three of.

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Speaker 2: Us and the Kook and the Kook and the kuk.

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Speaker 1: Indeed, let's turn to international news now today slash tonight,

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Speaker 1: Well tonight kind of us time is election day in

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Speaker 1: the US? Goodness me, I'm getting myself tangled up with

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Speaker 1: time differences here. Results will start rolling in tomorrow Australian time,

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Speaker 1: but it could be days before a final outcome is

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Speaker 1: actually reached.

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Speaker 2: It is so tight who knows who's going to win.

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Speaker 2: Betty markets have Donald Trump as favorite, though the latest

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Speaker 2: polls have been a bit more favorable to Kamala Harris.

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Speaker 2: Outside the COVID election twenty twenty, there's been record early voting.

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Speaker 2: That's yes, there'll be a big turnout. The last few days,

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Speaker 2: Kamla Harris interesting has sort of pushed more towards policy.

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Speaker 2: In fact, she had a speech in the last twenty

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Speaker 2: four hours in which she didn't mention Donald Trump once,

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Speaker 2: and that's apparently the first time that's happened. We've been

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Speaker 2: banging on about the need to focus on policy, not

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Speaker 2: that they've been listening to us, but it's nice to see.

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Speaker 2: I don't even know why that came out of my mouth.

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Speaker 1: You are now trying to take credit for Carmala Harris

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Speaker 1: that direction.

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Speaker 2: It is nice that she did. Donald Trump, interestingly seems

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Speaker 2: to be setting the groundwork for if he doesn't win,

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Speaker 2: perhaps attacking the whole system. He suggested that the election system,

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Speaker 2: polling firms, and the media were corrupt. No evidence or anything,

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Speaker 2: just does it sort of suggest he'll contest the result

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Speaker 2: if he doesn't win. I think it's been incredibly exciting.

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Speaker 2: You think it's been incredibly exciting. I think many of

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Speaker 2: us are gripped by this. The good news for those

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Speaker 2: who aren't gripped by it all, it'll soon all be over.

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Speaker 1: And we also have for those of us who are

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Speaker 1: gripped and those who are not gripped by it, it can

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Speaker 1: probably just ignore me for the next ten seconds. I say,

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Speaker 1: we've got an interview coming up with Bruce Wolpy after

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Speaker 1: the show where he goes into basically every aspect of it,

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Speaker 1: what he's liked, what he hasn't liked, what policy has

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Speaker 1: been kind of the feature of it, and what will

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Speaker 1: happen over the next few days as well.

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Speaker 2: Yeah, it's a fantastic chat. Bruce, of course, is our

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Speaker 2: resident expert. He has worked in the Barack Obama administration.

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Speaker 2: He loves all thing things US politics, and I think

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Speaker 2: he's just a little bit well, we've had him three

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Speaker 2: or four times during the campaign. I reckon he's a

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Speaker 2: little bit confident.

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Speaker 1: Michael, Yeah, yeah, you do get that impression. Have a

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Speaker 1: listen and see what you think. Last one, Sean, We've

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Speaker 1: got to mention this one. Even though we have now

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Speaker 1: run ourselves a little bit over time, and how we

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Speaker 1: manage that one of the world's best known casual dining chains,

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Speaker 1: one of your favorites, Sean. I mentioned this at the

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Speaker 1: top of the show. TGI Fridays has filed for chapter

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Speaker 1: eleven bankruptcy.

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Speaker 2: I remember when I first went to the US in

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Speaker 2: the nineteen nineties as a student, and I went to

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Speaker 2: a TGI Fridays and the load of potato skins, the

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Speaker 2: mozzarella sticks, that comfort food. It will never leave me.

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Speaker 2: It's been. It was one of the great experiences of

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Speaker 2: my US I mean to me, TGI Fridays is American food,

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Speaker 2: comfort food, bad for you, all those sorts of things anyway,

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Speaker 2: and be going more than fifty years, never really recovered

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Speaker 2: from COVID. It seems that customers appetites have shifted a

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Speaker 2: bit to faster, cheaper food, maybe healthier. Who knows. It's

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Speaker 2: got four hundred and sixty one restaurants in forty one countries,

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Speaker 2: including here in Australia. Chapter eleven, of course, is used

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Speaker 2: as a restructuring tool in the US. Still it's run

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Speaker 2: out of money. Let's hope it keeps going. But just

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Speaker 2: thought it was well worth mention because TGI Friday is

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Speaker 2: close to my heart.

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Speaker 1: Yes, indeed. Up next is the Fear and Greed Daily Interview.

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Speaker 1: Your guest today, Bruce Wolpy. As we've just mentioned it

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Speaker 1: is coming up in the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com dot au,

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00:21:02,040 --> 00:21:04,000
Speaker 1: where you can sign up for our free weekly newsletter

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Speaker 1: which comes out tomorrow. And about midday today there is

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Speaker 1: a new episode of Ask Fear and Greed, our bonus

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Speaker 1: podcast where we answer listen to questions.

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Speaker 2: Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It's Tuesday, the fifth of November twenty twenty four. Make

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

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson

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