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Speaker 1: This is the weekend edition of Fear and Greed business

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Speaker 1: news you can use. I'm Michael Thompson, and good morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael. I'm liking a new tagline because you

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Speaker 2: nearly stumble over it every time business news that you

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Speaker 2: can use.

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Speaker 1: It really does work, But God, I struggle with change.

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Speaker 2: Yeah.

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Speaker 1: Is there a joke I'm missing here? No?

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Speaker 2: No, no, just reminds me of that judge go on.

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Speaker 1: Oh yes, good point. I shall introduce our judge in

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Speaker 1: a moment. The reason we need a judge is because

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Speaker 1: the weekend show is a competition. It is about the

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Speaker 1: two of us, each nominating what we think is the

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Speaker 1: biggest business news story of the week, the most remarkable

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Speaker 1: business news story, a mystery category that changes every week,

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Speaker 1: and our favorite business news story. I mentioned the term

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Speaker 1: business news enough time.

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Speaker 2: I think it's been mentioned once or twice.

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Speaker 1: Excellent because it is a heavy duty for our judge

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Speaker 1: to bear this one. It's a burden, really to pick

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Speaker 1: a winner, to decide whose business news stories are the best.

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Speaker 1: Fear and Greed, colleague, Adam Lang Adam, welcome.

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Speaker 3: Thank you, Michael, Thank you Sean. As a judge, I

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Speaker 3: feel like I stand on the shoulders of two giants

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Speaker 3: here at fear and greed. I'll do my best.

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Speaker 1: Ah, Yes, thank you, the top, isn't it. It feels

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Speaker 1: like Adam is bringing the melodrama this week. He's this point. Yes,

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Speaker 1: and after last week, which was our first ever live event,

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Speaker 1: it feels a little bit strange to be back in

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Speaker 1: the studio and doing it without an audience, so I

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Speaker 1: feel like we need the hecklers.

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Speaker 3: Did you enjoy it, Michael?

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Speaker 1: It was an extraordinary time. It was a great night.

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Speaker 1: Thank you to everyone who came along.

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Speaker 2: It was fantastic.

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Speaker 1: It was really good fun. Now we must get into this.

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Speaker 1: First of all, may I ask please Adam for your

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Speaker 1: criteria for anyone who's listening, this is what you were looking.

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Speaker 3: For, timeliness, topicality, economic impact. We are a business news podcast,

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Speaker 3: after all. I would like you to play to my

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Speaker 3: subjective bias and also for theater, bring the melodrama.

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Speaker 1: Okay, we can do. Let us jump straight into the

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Speaker 1: biggest story of the week. There are a couple of

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Speaker 1: things that we do need to acknowledge first. There, it's

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Speaker 1: been a pretty somble week. Actually, There's been some really

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Speaker 1: big news stories, some very serious ones, the Air India crash,

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Speaker 1: the tragedy there, the situation unfolding in Iran involving Israel,

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Speaker 1: and we want to acknowledge those stories. But this is

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Speaker 1: this podcast really isn't the forum for that, because this

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Speaker 1: is a this is a debate, and we try to

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Speaker 1: have a bit of fun with this podcast. So we

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Speaker 1: will acknowledge those stories and we will take a look

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Speaker 1: elsewhere at some of the other things that have happened

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Speaker 1: this week.

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Speaker 2: Will said, Sean, Yes, would you like to.

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Speaker 1: Go first for the biggest story of the week? Get

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Speaker 1: yours out of the way.

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Speaker 2: Look at the end of the day, did I throw

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Speaker 2: you off? There? You did totally throw me off. Sorry,

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Speaker 2: you did totally throw me off. Welcome to the new

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Speaker 2: world of financial markets to Damski, thank you. We have

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Speaker 2: a new peak of the SMPA six two hundred eight thousand,

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Speaker 2: six hundred and thirty nine point one points see Comwealth

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Speaker 2: Bank worth more than three hundred billion dollars. We're up

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Speaker 2: seventeen percent since early April. Quite phenomenal. If you want

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Speaker 2: to be on a winter ray of the last twelve months,

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Speaker 2: you should have bought golden tech dogs. Maybe not energy

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Speaker 2: companies of course we all have superannuations, so our superannuation

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Speaker 2: accounts are looking very very smart at the moment, no

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Speaker 2: doubt about that. Good news for retirement savings. Interesting juxtaposition

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Speaker 2: and the economy at the moment. Great word juxtaposition, extra

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Speaker 2: points position five syllable words get the extra point. The

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Speaker 2: domestic economy actually looking better. I mean, grace is a

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Speaker 2: bit slower, but we've got interest rates coming down. All

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Speaker 2: good news. International economy though, enormous uncertainty, not just about tariffs,

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Speaker 2: China as well. Obviously Michael mentioned the Middle East, very

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Speaker 2: sad circumstances there, so a lot of international uncertainty, but

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Speaker 2: still our market hit a new high. The other thing,

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Speaker 2: Brent pushing above seventy US dollars a barrel. Clearly what's

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Speaker 2: going on in the Middle East is adding to that.

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Speaker 2: It means that petrol prices ain't falling. Now we talked

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Speaker 2: about Brent through the weekend. Michael's like, I don't understand this,

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Speaker 2: what's it meaning for petrol prices? So just pointing to

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Speaker 2: the fact that what's it mean for the average really

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Speaker 2: average person as in my mean But that's why this

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Speaker 2: is the biggest story, because petrol prices aren't going to

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Speaker 2: be falling much. You know, if I was Michael, right,

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Speaker 2: look Michael's If I was Michael, I'd be saying, what

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Speaker 2: about little Billy Olivia won't be able to make sport

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Speaker 2: on Saturday because we can't afford the petrol. That's how

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Speaker 2: Michael would play this. I'm not going to play that.

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Speaker 1: It's because I'm here representing the people. You're representing the hold.

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Speaker 2: On, hold on, hold on, representing the people. Do you

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Speaker 2: remember a week ago at our show when at the

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Speaker 2: end of it we had the people in front of

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Speaker 2: us and they had to give a cheer for the winner.

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Speaker 2: Who did they think one I've.

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Speaker 1: Never heard so such a loud pity cheer for you

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Speaker 1: and you won because the people felt sympathy like that's what.

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Speaker 3: It was, right, but expressed it very loudly.

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Speaker 1: Unfortunately, there were some very loud pity cheers, and unfortunately

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Speaker 1: on that occasion.

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Speaker 2: You were ungracious losing, ungracious winning. That's what we specialize.

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Speaker 1: It is good, that lack of grace.

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Speaker 2: So basically, we got petrol prices going up because of Brent.

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Speaker 2: Because of Brent going up, so we had markets at

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Speaker 2: a high notwithstanding what's going on overseas. We have oil prices,

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Speaker 2: petrol prices at high. If you want to talk about

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Speaker 2: things having happened this week that genuinely has an economic impact,

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Speaker 2: that genuinely affects people, it's markets wins, hands down to you.

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Speaker 1: I've never seen a greater omnibus story. I could just

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Speaker 1: combine eighteen different things into one. I was like twelve.

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Speaker 1: I lost count. There were so many, so many. Now look,

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Speaker 1: Donald Trump, Oh.

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Speaker 2: This will be one story. I can tell that.

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Speaker 1: Donald Trump's had a massive week.

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Speaker 2: Now.

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Speaker 1: This is not an omnibus story, right, This is more

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Speaker 1: like a Trump report, right, And you can't have a

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Speaker 1: Trump report without mentioning several facets of that resort.

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Speaker 2: This isn't an omnibus No, No.

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Speaker 1: It's a very subtle, different, short Trump.

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Speaker 3: Report, hard to distinguish by the naked eye.

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Speaker 1: Yeah, but I mean I've told you that it's not,

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Speaker 1: so therefore it's not trust me on this one, please, Adam. So,

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Speaker 1: Donald Trump reviewing the three hundred and eighty six billion

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Speaker 1: dollar Orcust deal for submarines. That's obviously the big, big, big,

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Speaker 1: big security pack that has been done and signed between

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Speaker 1: Australia UK US. It is what appears to be a

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Speaker 1: negotiating tactic, but it was, it was supposed to be

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Speaker 1: a done deal with an ally. It just shows clearly

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Speaker 1: that nothing is safe, even though it may not and

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Speaker 1: I shouldn't lessen my own argument, but it may not

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Speaker 1: be the full review that we initially thought it might be.

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Speaker 1: But who knows. Just ignore that part speaking of deals. Though,

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Speaker 1: speaking of deals, let's speak a deal. You're going to

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Speaker 1: pick up the fact that this is not official yet.

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Speaker 1: But Trump says a deal has been done with China

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Speaker 1: over tariffs and various other bits and pieces. It does

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Speaker 1: need to be confirmed, ratified by Jijinping and by Donald Trump.

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Speaker 1: But I mean, if he's the one saying that it's

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Speaker 1: been done, then you can assume that he's going to

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Speaker 1: be okay with it. Right.

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Speaker 2: Huge needs no no, no, no, no, go on.

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Speaker 1: You can never assume anything right when it comes to

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Speaker 1: the US president at the same time putting pressure on

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Speaker 1: the Fed to cut interest rates, saying they should lower

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Speaker 1: them by one percent after some very benign inflation figures. Finally,

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Speaker 1: and perhaps the most extraordinary part of the Trump report

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Speaker 1: today that is not an omnibus. The growing unrest and

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Speaker 1: riots in the US over immigration raids started in LA

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Speaker 1: and we watched this unfolding through the week, and we

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Speaker 1: saw Australia kind of being drawn into this when there

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Speaker 1: was a reporter from nine, Lauren de Marci, who was

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Speaker 1: actually shot by a rubber bullet fired by a police

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Speaker 1: officer during that process. So these are rights over the

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Speaker 1: immigration rates that the huge immigration crackdown that's happening in

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Speaker 1: the US. In LA the President sent in the National Guards,

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Speaker 1: sent in the Marines. The governor didn't want them. The

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Speaker 1: protests then spread to other cities around the country. There

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Speaker 1: is a potential softening now of the immigration policy. Trump

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Speaker 1: writing on social media that changes are coming because he

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Speaker 1: has become aware of the huge impact that these deportations

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Speaker 1: are having on industries, having on farmers, having on hotels,

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Speaker 1: that the industries and sectors that rely on these lower

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Speaker 1: paid workers and have done for a very long time,

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Speaker 1: and they are suddenly and he suddenly realized that, yes,

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Speaker 1: these people are an essential part of the US economy.

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Speaker 1: So he has flag that changes are coming. Huge week,

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Speaker 1: one single story.

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Speaker 2: Interesting wrapped up.

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Speaker 1: That's just because there was so much to cover in

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Speaker 1: one single story. The Trump Report, which is not an

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Speaker 1: omibus not an omnibus, never was never even looked like

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Speaker 1: becoming one. Adam, your judgment please out of twenty five points.

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Speaker 3: So financial markets new high, it wins the reasons of

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Speaker 3: course economic impact to Australia.

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Speaker 1: But surprising and disappointing.

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Speaker 2: Neither nor disappointing.

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Speaker 3: So surprising I think, Sean, as you've pointed out during

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Speaker 3: the week CBA's incredible value new peak to the ASX.

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Speaker 1: He also pointed out the previous week.

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Speaker 3: The domestic economy looking better?

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Speaker 1: Right? Can I just point out that he just like

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Speaker 1: did this little little shrugs.

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Speaker 3: Like are you reporting a facial gesture on a podcast?

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Speaker 1: Yes, and I would like him to be penalized.

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Speaker 3: International economy so variable. But Sewan, as you said during

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Speaker 3: the week too, are we too? Is it val you too?

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Speaker 3: It is the AX showing too much confidence. I think

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Speaker 3: it's a really interesting point that we're out and so

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Speaker 3: these new records this week to me are the biggest

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Speaker 3: story week. The Trump Report, while excellent, just can't get.

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Speaker 1: It for me.

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Speaker 2: Do you think that we're all getting a bit over

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Speaker 2: the Trump Report? And no disrespect to Michael's story obviously

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Speaker 2: is excellent, but im because it is so outrageous all

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Speaker 2: the time, you'd sort of becoming a little bit just

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Speaker 2: another thing.

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Speaker 1: If the China deal had been signed, would that have

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Speaker 1: helped me to win? I reckon it would, okay if

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Speaker 1: I just said it was so, and if I believe

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Speaker 1: never let the truth get in the way of a

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Speaker 1: good story, that's right, or a victory that's kind of

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Speaker 1: the most remarkable story.

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Speaker 2: Reckon, it's up for you, Michael.

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Speaker 1: Okay, all right, got some good news for you, Adam Okay.

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Speaker 1: The Albanesi government is going to have another summit. And

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Speaker 1: I know you love yes good start. No, you love

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Speaker 1: a good talk fest. This is going to be the

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Speaker 1: Jobs and Skilled Summit again. It is in August. The

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Speaker 1: goal is to develop new policies to bolster productivity. Is

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Speaker 1: going to bring together the business community, the union movement,

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Speaker 1: and as you pointed out this week, sean civil society

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Speaker 1: when we're invited.

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Speaker 2: What you put it out this week too was that

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Speaker 2: they did it in twenty twenty two, and that helped

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Speaker 2: the Union's business and civil society.

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Speaker 1: Because that was right twenty twenty two. So we have

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Speaker 1: a Jobs and Skills Summit in August of this year.

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Speaker 1: In twenty twenty two, we had a Jobs and Skills

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Speaker 1: summit was called exactly the same thing. And let me

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Speaker 1: read to you the first line of the agenda for

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Speaker 1: the twenty twenty two Jobs and Skills Summit, keeping unemployment low,

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Speaker 1: boosting productivity and incomes. It's the same goal. It was

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Speaker 1: a productivity summit last time as well. And end end.

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Speaker 1: You know what, this actually makes me really really angry.

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Speaker 1: Right twenty twenty three, So about twelve months after that summit,

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Speaker 1: they produced a white paper from that summit. Okay, it

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Speaker 1: was called Working Future, the Australian Government's white paper on

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Speaker 1: Jobs and Opportunities, two hundred and sixty four pages. It

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Speaker 1: was full of ideas, full of recommendations. Productivity, which is

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Speaker 1: the focus of this new job summit, was mentioned four

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Speaker 1: hundred and forty six times in that document. It has

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Speaker 1: been widely canvased. It is done. Stop talking about it,

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Speaker 1: Just do it. You've got a report, you've got a

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Speaker 1: blueprint on what you need to do, you've got a

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Speaker 1: massive mandate, massive majority. Just hurry up and Adam reform,

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Speaker 1: get on with it.

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Speaker 2: So I'm more for you. That is an excellent, excellent explanation.

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Speaker 2: I love the fact that it's jobs and productivity. We've

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Speaker 2: got the lowest unemployment right forever. So it's not about jobs,

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Speaker 2: it's about productivity.

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Speaker 3: Skill.

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Speaker 2: However, what's the remarkable part of your story.

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Speaker 1: It's the fact that they are just wasting time. It

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Speaker 1: is remarkable that governments wasting ti well, no, it is

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Speaker 1: remarkable that they are wasting their mandate, that they are

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Speaker 1: wasting the majority that they have, That they only have

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Speaker 1: three years, right, they have three years, three glorious years

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Speaker 1: full of potential for reform, and they are going to

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Speaker 1: waste the first year of it talking what a load

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Speaker 1: of nonsense.

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Speaker 2: Oh, Michael, you don't understand.

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Speaker 1: I've never been I don't know what's happened that I've

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Speaker 1: become activity and reform. I've just spent too much reform.

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Speaker 2: Let me tell you about reform. Make a remarkableness. This

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Speaker 2: next joy has been going on for a long time, days, weeks, years,

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Speaker 2: but this week it came to the four right. This

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Speaker 2: week it really hit how tough free to air broadcasters

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Speaker 2: are finding it. Two of the highest profile TV shows

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Speaker 2: were acts this week, and two are probably the best

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Speaker 2: of their genre over the last decade. We're Acts. This

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Speaker 2: week Channel ten's dumping its current affairs flagship program The Project.

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Speaker 2: After sixteen years on air, carry Bitmore and Charlie Pickering

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Speaker 2: really set it up. It's had a bunch of changes recently.

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Speaker 2: The last episode will air on June twenty seven. Walid Ali,

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Speaker 2: who is an incredibly talented individual like him or lump

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Speaker 2: him man, that bloke can do incredible things. Well, once

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Speaker 2: went to a it was like a media event and

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Speaker 2: he actually played the guitar, so he led the sickening.

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Speaker 1: Yeah, he loves sport.

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Speaker 3: He's articulate, intelligent audio TV like Bill.

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Speaker 1: Clinton playing the saxophone.

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Speaker 2: Bit that way, beat that way, multi skilled, Yes, yeah,

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Speaker 2: and in fact he wrote writes well too, because I'll

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Speaker 2: quote what he wrote in nine Media Today. Shows have

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Speaker 2: always come and gone. The difference now is that this

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Speaker 2: is happening in the context of an industry staring into

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Speaker 2: the ABYSS trying desperately to find the formula for its

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Speaker 2: continued survival.

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Speaker 1: Oh that's good points for melody.

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Speaker 2: That is very very good points to cross at the

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Speaker 2: ABC job cuts. Yeah, but the acting of Q and A.

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Speaker 2: After five hundred episodes, Tony Jones, he has made his

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Speaker 2: mark on Australian television on the back of that particular program.

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Speaker 2: It went on a break in May, and you know

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Speaker 2: you've run, you've run media organizations. Just take a break.

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Speaker 2: We'll be back soon and never come back. And that's

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Speaker 2: what's happening to Q and A. I mean, the ABC

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Speaker 2: says it needs to keep innovating and renewing, which is

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Speaker 2: true Q and A two decades on, Bye by Q

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Speaker 2: and A. There are also reports this week the commercial

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Speaker 2: networks across the board is set to ask their stars

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Speaker 2: to take pay cuts. This is sad, like we can

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Speaker 2: kind of make fun of it, but those two shows

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Speaker 2: are truly quite spectacular. We all know people affected by

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Speaker 2: what's going on in that industry. We've worked with them. Now,

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Speaker 2: the music industry, you.

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Speaker 1: Know, the music industry, the music at latent it.

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Speaker 2: The music industry has been through this and kind of

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Speaker 2: come out the other but in the totally different form. Newspapers, Yeah,

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Speaker 2: still going through it to some extent. Newspapers. I don't

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Speaker 2: know whether they're emerging better off or not. Broadcast TV

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Speaker 2: they are the one in the spotlight right now. What's

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Speaker 2: interesting is ratings are sort of stabilized, but revenue hasn't.

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Speaker 2: Revenue is still falling. In the accident of these two shows.

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Speaker 2: This is a real point in time where it's quite

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Speaker 2: remarkable the demise of old media.

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Speaker 3: Over to you both great stories. I mean, Michael, as

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Speaker 3: you were talking about the Jobs and Skills summit and

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Speaker 3: get on with it, I was reminded of the life

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Speaker 3: of Brian Everyone me too, going.

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Speaker 2: Get on with it.

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Speaker 3: Enough talking, my god, And that is why for me,

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Speaker 3: you have to win on this one, Sean. It's so

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Speaker 3: important to me and excellent and remarkable points Q and

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Speaker 3: A and the project right, And isn't it interesting there's

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Speaker 3: a common denominator between the commercial and ABC networks now

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Speaker 3: in hum marks. He's the author of some change at

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Speaker 3: what was nine or what is nine? I should say,

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Speaker 3: and now at the ABC, so really big changes.

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Speaker 2: See that's a sympathy win because when you said two

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Speaker 2: great stories, Michael looked at me and he just went, well,

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Speaker 2: I might be with the chances there we go.

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Speaker 1: I are there two really good stories?

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Speaker 2: What did he the governed announcing a summit?

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Speaker 3: Well yeah, well what's remarkable is they're doing it again.

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Speaker 3: It is so frustrating. And here I am getting on

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Speaker 3: the horse as well. You've got such a majority. It's like,

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Speaker 3: get on with it. It's be the opposite of Trump

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Speaker 3: that instability, give a certainty and give it to us.

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Speaker 2: Now Trump does stuff. They are the opposite of Trump.

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Speaker 1: Okay, very quick break, what have we won?

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Speaker 3: All?

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Speaker 1: This is exciting. We'll take a break, come back in

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Speaker 1: a moment with the mystery category. All right, Sean, So

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Speaker 1: I don't know I hesitated before your name. I think

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Speaker 1: I know it by now. We're doing a mystery category.

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Speaker 1: Now it is one of the mystery category. This week

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Speaker 1: is a good one. They're always good, but today it

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Speaker 1: is about I'm stalling because I didn't come up with

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Speaker 1: a catchy name for it. I just I made a

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Speaker 1: note going, yeah, share price falls. I'll think of something

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Speaker 1: like the biggest share price falls. And so these are

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Speaker 1: stories on biggest about biggest, No, no, no, not quite biggest,

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Speaker 1: about dramatic dramatic share price for no, no, it's not

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Speaker 1: forget the size. It is the drama, the dramatic nature

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Speaker 1: of these share price falls. Sean, would you like to

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Speaker 1: go first with your dramatic share price fall?

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Speaker 2: I would like to go first with my dramatic share

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Speaker 2: price falls. Mine is the online retailer. What does it

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Speaker 2: call itself? Online? I'm not there back off, You're just

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Speaker 2: a judge. The online luxury fashion emporium Satire, Adam, are

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Speaker 2: you a Gucci man, Dulching, Gabbana, Birberry?

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Speaker 3: Not really No, I mean I love the brands.

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Speaker 2: I mean if anyone's watching our socials at the moment

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Speaker 2: with the great Rosanna is videoing, they will see Adam.

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Speaker 3: I prefer.

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Speaker 2: Anyway. Satire came out, said luxury he does, doesn't.

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Speaker 3: It just just the shirt and tie in the way,

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Speaker 3: especially for a Saturday.

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Speaker 2: Is that all double windsor.

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Speaker 1: It is the occasionally bust out the triple windsor it's

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Speaker 1: very lumpy, very looks a.

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Speaker 2: Bit hot under certain That's okay, It's like a gravad.

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Speaker 3: Festoon.

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Speaker 2: End of the day, said I said. Luxury markets crap.

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Speaker 2: That was the word they use. Not quite what they do.

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Speaker 2: I sells goods at significant discounts, goes to third party sellers,

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Speaker 2: mostly in Europe. They're losing on from exchange, uncertainly around

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Speaker 2: US tariff policies, fulfillment costs, but demand's just not there.

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Speaker 2: Day one down thirty one percent, Day two down another

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Speaker 2: twenty percent. This is a stock, I mean it re

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Speaker 2: paired some of those losses at the end of that day.

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Speaker 2: But four bucks eighty three in March last year, about

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Speaker 2: twenty six cents today and about fifty that dropped this.

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Speaker 3: Week about last year.

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Speaker 1: That's incredible.

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Speaker 2: Did you work that out in your head?

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Speaker 1: The human calculate percent?

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Speaker 2: You don't mind six point seven. Now that I'm doing

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Speaker 2: it in my head, I've lost my train thought toatally point?

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Speaker 2: Is what an incredible week? Down about forty five percent

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Speaker 2: in two sessions.

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Speaker 3: Be that, Michael, thank you good challenge?

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Speaker 1: Yeah it was, wasn't it. It's a good story that

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Speaker 1: my story is actually quite a serious one. It's actually

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Speaker 1: it's not one that you can really make light of.

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Speaker 1: It's about monash ivf Right. It fell nearly thirty percent

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Speaker 1: in one day this week after another embryo mix up,

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Speaker 1: and so in this situation, the wrong embryo was implanted

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Speaker 1: in a patient. This was revealed during the week, and

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Speaker 1: when that happened, investors sold off the company down twenty

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Speaker 1: eight percent in one day. I said, it was another one.

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Speaker 1: It is the second incident in the last couple of months.

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Speaker 1: It was down thirty six percent in April after a

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Speaker 1: patient was implanted with another patient's embryo. Now the thing

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Speaker 1: is about that these are awful errors with real human consequences,

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Speaker 1: and as a result, this week CEO Michael Napp resigned.

402
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Speaker 1: The share price recovered somewhat, but the flow on effects

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Speaker 1: for this well beyond investors are huge for the people

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Speaker 1: that were involved directly involved in that situation, but also

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Speaker 1: it is likely there's going to be a lot of

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Speaker 1: attention on the industry as a whole. Victoria already is

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Speaker 1: pushing for stronger national regulation of the fertility industry in

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Speaker 1: Australia as a result of these two incidents that we've seen.

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Speaker 1: It isn't the end of this one, I think you

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Speaker 1: can safely say that. And a massive massive fall for

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Speaker 1: monash IVF during the week.

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Speaker 2: The little protesting go on go on. So this is

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Speaker 2: the biggest share price falls being down twelve percent by

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Speaker 2: the end of the week. Internal it was.

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Speaker 1: Twenty eight percent in one day, and it was big.

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Speaker 1: It was a dramatic bounced for two days. It wasn't

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Speaker 1: one was down thirty one percent.

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Speaker 2: And anyway to long term, you can't change you can't

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Speaker 2: change the kind of category in the midst when you

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Speaker 2: hear realize what's happened to mine and you're on yours

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Speaker 2: and suddenly you say, let's go a reformer. Adam likes reform,

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Speaker 2: Let's talk about reform. You changed the category on me,

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Speaker 2: Adam go on.

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Speaker 3: You say we're winging it, Sean.

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Speaker 1: Said, I said, Sean, if we just rewind the tape,

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Speaker 1: I quite clearly said at the beginning, after yes, maybe

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Speaker 1: accidentally saying biggest. What I meant to say and I

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Speaker 1: did then say, was dramatic share price fall.

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Speaker 2: You didn't say flow on effects. You didn't say industry.

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Speaker 1: A dramatic fall is one that obviously has extensive flow

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Speaker 1: on effects.

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Speaker 3: May I start with something that both stories have in common?

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Speaker 2: Care price?

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Speaker 1: For me?

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Speaker 3: Yeah, well sorry that and for both of these stories,

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Speaker 3: it is not the end. I think the Saire business model.

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Speaker 3: From time to time we've seen publications like the Australian

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Speaker 3: Financial Review question how they process tax and also how

439
00:23:50,880 --> 00:23:53,760
Speaker 3: they get their sources, and I think underneath all of

440
00:23:53,800 --> 00:23:57,080
Speaker 3: this exchange rate, tariffs and so on, there's also some

441
00:23:57,200 --> 00:23:59,359
Speaker 3: questions on the business model because in the end, brands

442
00:23:59,359 --> 00:24:02,919
Speaker 3: like Gucci Louis Vuton won't be happy that they're not

443
00:24:03,000 --> 00:24:05,680
Speaker 3: the primary source of these buyers, that these discounts are

444
00:24:05,680 --> 00:24:08,200
Speaker 3: not in their control, and so I think that business

445
00:24:08,200 --> 00:24:11,960
Speaker 3: model has got a way to play out here monush ivf.

446
00:24:12,040 --> 00:24:14,800
Speaker 3: It is just so tragic. But I think on biggest,

447
00:24:15,240 --> 00:24:24,480
Speaker 3: most dramatic, whatever Sean wins.

448
00:24:21,960 --> 00:24:25,000
Speaker 2: I've got to say, Michael, can he get a bonus point.

449
00:24:24,920 --> 00:24:26,400
Speaker 3: For his facial expression right now?

450
00:24:26,480 --> 00:24:30,760
Speaker 2: No? Because he had no chance in that Mine was

451
00:24:30,800 --> 00:24:34,639
Speaker 2: down forty five percent in today's yours wascent. But the

452
00:24:34,720 --> 00:24:37,760
Speaker 2: way you told that but an honorable yeah, more more

453
00:24:37,800 --> 00:24:41,320
Speaker 2: honorable fact that I didn't actually, you know, the flow

454
00:24:41,359 --> 00:24:44,199
Speaker 2: and effect what Victoria has done, big big issue I

455
00:24:44,640 --> 00:24:46,720
Speaker 2: got to I mean, I would not give you any

456
00:24:46,720 --> 00:24:50,920
Speaker 2: credit if i'd lost. But because I won, that's impressive.

457
00:24:51,440 --> 00:24:53,399
Speaker 1: You know that it must have been serious then that

458
00:24:53,720 --> 00:24:56,159
Speaker 1: because you could see Sean scrambling to discredit me.

459
00:24:56,280 --> 00:25:00,879
Speaker 2: Yeah, that's right, I'm thinking, mind you, Michael, I should

460
00:25:00,880 --> 00:25:02,440
Speaker 2: have realized I thought I was going to lose it.

461
00:25:02,600 --> 00:25:04,160
Speaker 2: So I probably had in the bag at that point

462
00:25:04,160 --> 00:25:06,399
Speaker 2: because the judging is arbitrary.

463
00:25:06,560 --> 00:25:12,440
Speaker 1: Highly okay, okay two one one? Extraordinary?

464
00:25:12,480 --> 00:25:13,119
Speaker 3: It's close?

465
00:25:13,880 --> 00:25:16,680
Speaker 1: Is it? Is it really close? On the points? It is?

466
00:25:16,880 --> 00:25:20,440
Speaker 2: Okaylinety three? Or who won?

467
00:25:20,560 --> 00:25:25,119
Speaker 1: We had a tie? Can you imagine that having a tie.

468
00:25:25,320 --> 00:25:26,919
Speaker 3: Was the courage of the and I was going to

469
00:25:26,920 --> 00:25:28,960
Speaker 3: give you the win, Michael because of the occasion, but

470
00:25:29,000 --> 00:25:31,520
Speaker 3: then everyone refused and said, no, it has to be

471
00:25:31,560 --> 00:25:37,160
Speaker 3: a crowd vote, and so we did it by public acclaim.

472
00:25:37,320 --> 00:25:40,600
Speaker 2: I should have stacked the audience all of those who

473
00:25:40,600 --> 00:25:43,600
Speaker 2: weren't there. To be perfectly honest. There was a particular

474
00:25:43,720 --> 00:25:48,199
Speaker 2: Heckler in the front who took a disliking to me,

475
00:25:49,359 --> 00:25:51,439
Speaker 2: and at one point he actually yell that what are

476
00:25:51,480 --> 00:25:54,679
Speaker 2: you even doing on the stage short, which I was

477
00:25:54,720 --> 00:25:58,439
Speaker 2: like quite taken aback. What that did do, though, was

478
00:25:58,680 --> 00:26:00,639
Speaker 2: shift the crowd from being very.

479
00:26:00,480 --> 00:26:02,480
Speaker 3: Pro Michael secret agent too.

480
00:26:02,960 --> 00:26:06,240
Speaker 2: Yeah, I paid the bloke good word to kind of

481
00:26:06,280 --> 00:26:08,200
Speaker 2: sympathy for me, to be perfectly honest.

482
00:26:08,320 --> 00:26:12,360
Speaker 1: Quick shout out to Eddie, who he is not affiliated

483
00:26:12,400 --> 00:26:15,400
Speaker 1: with anyone. He has just been a long term.

484
00:26:15,240 --> 00:26:16,720
Speaker 2: Listed certainly not affiliated with me.

485
00:26:17,160 --> 00:26:19,720
Speaker 1: I'll tell you what I mean. I suspect he could

486
00:26:19,720 --> 00:26:21,000
Speaker 1: be on your payroll.

487
00:26:20,600 --> 00:26:23,720
Speaker 2: Because he really did the gift of the crown. Yeah.

488
00:26:23,760 --> 00:26:26,040
Speaker 1: Anyway, it's a but thank you Eddie.

489
00:26:25,920 --> 00:26:28,399
Speaker 2: For Thank you Eddie from me from Michael.

490
00:26:28,760 --> 00:26:30,680
Speaker 1: Mine was a very look for Heckling was fun.

491
00:26:31,760 --> 00:26:33,639
Speaker 3: The live crowd. I think we've got to encourage that.

492
00:26:34,320 --> 00:26:37,080
Speaker 1: Yeah, yeah, there's a complete lack of heckling in here. Okay.

493
00:26:37,160 --> 00:26:41,480
Speaker 1: Favorite story of the week. I went first in that one.

494
00:26:41,520 --> 00:26:44,880
Speaker 1: Just then you go first, now, Sean Right, it's.

495
00:26:44,680 --> 00:26:48,080
Speaker 2: My favorite story just because it kind of shows where

496
00:26:48,240 --> 00:26:51,399
Speaker 2: US politics have gotten to in a very tangible effect.

497
00:26:51,440 --> 00:26:55,480
Speaker 2: So a United States Senator was dragged out of a

498
00:26:55,560 --> 00:26:59,960
Speaker 2: room handcuffed after after interrupting a news conference on the

499
00:27:00,040 --> 00:27:06,160
Speaker 2: Trump administration's immigration raids. Basically he was in la. The Senator,

500
00:27:06,240 --> 00:27:10,480
Speaker 2: Alex Padilla, was forcibly removed from a news conference being

501
00:27:10,520 --> 00:27:15,520
Speaker 2: held by Homeland Security Secretary Christi Nom. He was only

502
00:27:15,560 --> 00:27:18,720
Speaker 2: briefly detained to let go. He was filmed being man

503
00:27:18,760 --> 00:27:21,240
Speaker 2: held and pushed out of the room by Secret Service

504
00:27:21,320 --> 00:27:24,560
Speaker 2: agents after he began to interrupt, saying he had questions

505
00:27:24,640 --> 00:27:29,000
Speaker 2: for the secretary. Now, the Democratic governor of California, Gavin Newsom,

506
00:27:29,040 --> 00:27:31,600
Speaker 2: posted footage of the incident on social media. He said,

507
00:27:31,680 --> 00:27:34,639
Speaker 2: this is outrageous, dictatorial, shameful. Trump and his shot troops

508
00:27:34,680 --> 00:27:36,800
Speaker 2: are out of control. If they can handcover a US

509
00:27:36,840 --> 00:27:39,360
Speaker 2: senator for asking a question, imagine what they will do

510
00:27:39,480 --> 00:27:42,879
Speaker 2: to you Republicans. They portrayed the incident as a public

511
00:27:42,960 --> 00:27:46,760
Speaker 2: city stunt by Padilla. Noames said his conduct was inappropriate

512
00:27:46,800 --> 00:27:50,280
Speaker 2: and unbecoming of a senator. She told Fox News, who

513
00:27:50,320 --> 00:27:54,160
Speaker 2: sometimes supports the Trump administration, he burst into the room,

514
00:27:54,320 --> 00:27:57,960
Speaker 2: lunged towards the podium without identifying himself, and began to interrupt.

515
00:27:58,000 --> 00:28:00,960
Speaker 2: Perhaps he wanted a scene. Actual footage shows that he

516
00:28:01,000 --> 00:28:04,760
Speaker 2: did actually say who he was, and the reason I

517
00:28:04,760 --> 00:28:07,520
Speaker 2: think putting this is my favorite story. It's kind of

518
00:28:07,600 --> 00:28:12,600
Speaker 2: sad that where we've gotten to in US politics is this,

519
00:28:13,280 --> 00:28:17,640
Speaker 2: and it is so partisan. There is no give on it.

520
00:28:18,000 --> 00:28:20,040
Speaker 2: And I'm not saying he was right or wrong, or

521
00:28:20,080 --> 00:28:24,120
Speaker 2: she was right or wrong, but what a horrendous look

522
00:28:24,160 --> 00:28:28,840
Speaker 2: for democracy when you're getting a senator handcuffed for interrupting

523
00:28:30,200 --> 00:28:33,080
Speaker 2: a press conference. The fact that he says, he argues

524
00:28:33,119 --> 00:28:37,000
Speaker 2: that he has tried to ask questions, no one's given

525
00:28:37,080 --> 00:28:39,600
Speaker 2: him answers, so that's how why he was doing it.

526
00:28:39,600 --> 00:28:42,600
Speaker 2: It's just a horrendous look. I mean, favorite story, maybe

527
00:28:42,640 --> 00:28:44,800
Speaker 2: it's the least favorite story, but it just sort of

528
00:28:44,840 --> 00:28:49,120
Speaker 2: typifies what's going on. Michael wake up feels like.

529
00:28:49,080 --> 00:28:51,600
Speaker 1: It No, it's like part two of the Trump Report

530
00:28:51,720 --> 00:28:52,440
Speaker 1: really wasn't it?

531
00:28:52,680 --> 00:28:54,840
Speaker 2: No, no, is that Trump report was like four to

532
00:28:55,040 --> 00:29:00,840
Speaker 2: five stories. I just gave an anecdote.

533
00:29:01,200 --> 00:29:04,640
Speaker 1: I tell you what. I'll tell you what, Adam. This

534
00:29:04,720 --> 00:29:06,840
Speaker 1: story is a cracker and it is a story that

535
00:29:06,880 --> 00:29:07,680
Speaker 1: has potential.

536
00:29:08,240 --> 00:29:11,120
Speaker 2: What the other ones you've said all day go on?

537
00:29:11,680 --> 00:29:14,480
Speaker 1: The rest have been great, but this one is even better.

538
00:29:14,960 --> 00:29:20,800
Speaker 1: So growth in sales of e cigarettes is faltering North America, Europe.

539
00:29:20,840 --> 00:29:24,960
Speaker 1: This is a worldwide trend. Well, Northern hemisphere trend likely

540
00:29:25,000 --> 00:29:28,880
Speaker 1: to also flow through it likely to flow through to

541
00:29:29,000 --> 00:29:34,960
Speaker 1: Australia because of the well, okay, Northern hemisphere up. Gravity

542
00:29:35,000 --> 00:29:41,080
Speaker 1: will pull it down. Oh okay, obviously look at a

543
00:29:41,160 --> 00:29:45,920
Speaker 1: map anyway. British American Tobacco says it expects sales if

544
00:29:45,920 --> 00:29:49,640
Speaker 1: its vaping devices to fall by a mid teens percentage

545
00:29:49,760 --> 00:29:54,920
Speaker 1: wait for it, wait for it globally globally. Australia, as

546
00:29:54,920 --> 00:29:57,640
Speaker 1: I just mentioned with my references to the map, is

547
00:29:57,720 --> 00:29:58,600
Speaker 1: part of the globe.

548
00:29:59,160 --> 00:30:03,600
Speaker 2: Therefore globally affects.

549
00:30:02,280 --> 00:30:04,880
Speaker 1: US in the first half of the year. In the US,

550
00:30:04,960 --> 00:30:07,840
Speaker 1: which is of course the world's largest vaping market, year

551
00:30:07,920 --> 00:30:12,120
Speaker 1: on year, sales of devices have fallen almost every month

552
00:30:12,520 --> 00:30:16,760
Speaker 1: during the past two years. These cigarettes, they boomed. They've

553
00:30:16,840 --> 00:30:19,360
Speaker 1: boomed in the last decade or so in the US

554
00:30:19,480 --> 00:30:22,000
Speaker 1: and the UK and then Australia too. You see them everywhere.

555
00:30:22,080 --> 00:30:25,720
Speaker 1: But but what we are seeing now, No.

556
00:30:25,880 --> 00:30:28,920
Speaker 2: No tuberl or quadruple butter there.

557
00:30:29,560 --> 00:30:39,960
Speaker 1: But ah, however, and however the tide has turned. What

558
00:30:40,000 --> 00:30:44,360
Speaker 1: does this mean for big tobacco. I don't know. It

559
00:30:44,520 --> 00:30:47,440
Speaker 1: is not good, but you know who it is good for.

560
00:30:47,760 --> 00:30:49,800
Speaker 1: It is good for me, It is good for you.

561
00:30:50,040 --> 00:30:52,280
Speaker 1: It is good for everybody because it is good for

562
00:30:52,320 --> 00:30:54,840
Speaker 1: public health. I don't mean to be a wowser. Actually,

563
00:30:54,920 --> 00:30:58,040
Speaker 1: you know what I do. The faster these things are gone,

564
00:30:58,240 --> 00:31:01,760
Speaker 1: the faster every cigarette has gone on. This is for

565
00:31:01,880 --> 00:31:07,080
Speaker 1: the people, the people's health, and the people need a champion.

566
00:31:07,320 --> 00:31:12,640
Speaker 1: They need a spokesperson and for the world. So I

567
00:31:12,680 --> 00:31:14,720
Speaker 1: will be that spokesperson.

568
00:31:15,080 --> 00:31:18,360
Speaker 2: I hope Rosanna, I hope Roisannah got the fact that

569
00:31:18,400 --> 00:31:23,320
Speaker 2: the judge was actually handing, putting up signs.

570
00:31:23,040 --> 00:31:25,440
Speaker 1: Feeding a line. He was reminding me of who I'm

571
00:31:25,440 --> 00:31:26,000
Speaker 1: speaking for.

572
00:31:27,000 --> 00:31:28,720
Speaker 2: All I'm going to say is if you win this,

573
00:31:29,200 --> 00:31:34,800
Speaker 2: it is absolutely it's a win without any merit. It

574
00:31:34,880 --> 00:31:37,280
Speaker 2: is a win for judge wanted for you to go on.

575
00:31:37,360 --> 00:31:40,360
Speaker 1: It's a win. It's a win for planet Earth basically,

576
00:31:40,520 --> 00:31:42,880
Speaker 1: and for the people of Earth because I represent every single.

577
00:31:42,640 --> 00:31:44,640
Speaker 2: Way to remember what was mine was I don't remember?

578
00:31:45,440 --> 00:31:47,480
Speaker 2: Oh yeah, go.

579
00:31:47,560 --> 00:31:52,000
Speaker 3: On, Okay, it's a pretty easy one. Sean wins.

580
00:31:52,360 --> 00:31:52,640
Speaker 1: Now.

581
00:31:52,920 --> 00:31:56,920
Speaker 3: I am all for the reduction in tobacco consumption. But

582
00:31:57,520 --> 00:32:02,720
Speaker 3: Alex Padilla, the senator in the US who wasn't arrested,

583
00:32:02,760 --> 00:32:03,840
Speaker 3: I think it's detained.

584
00:32:04,120 --> 00:32:06,920
Speaker 2: Detained. Yeah, handcuffed, handcuffed.

585
00:32:06,440 --> 00:32:10,400
Speaker 3: Handcuffed, and you know, for a country that was born

586
00:32:10,840 --> 00:32:15,680
Speaker 3: of free speech, and to see that happening, oh that's awful.

587
00:32:16,120 --> 00:32:17,080
Speaker 3: It's just awful.

588
00:32:17,200 --> 00:32:18,800
Speaker 1: And so I think that one.

589
00:32:18,720 --> 00:32:20,880
Speaker 3: Of the curiosities I'm seeing coming out of this is

590
00:32:21,040 --> 00:32:24,560
Speaker 3: newsome v. Trump slash vance in three and a half

591
00:32:24,600 --> 00:32:27,959
Speaker 3: years time as in governor of California. Maybe this is

592
00:32:28,400 --> 00:32:30,600
Speaker 3: a springboard that he can go. Actually, I've got a

593
00:32:30,600 --> 00:32:33,520
Speaker 3: different way of thinking about America, not just for California.

594
00:32:34,040 --> 00:32:35,960
Speaker 3: So I saw a lot of significance in that story

595
00:32:35,960 --> 00:32:38,720
Speaker 3: as well. Sean, I think it is significant. E Cigarettes

596
00:32:38,920 --> 00:32:41,440
Speaker 3: and depressing sales is good, you know, as in that's

597
00:32:41,440 --> 00:32:43,400
Speaker 3: a it's a good thing that sales and tobacco and

598
00:32:43,520 --> 00:32:47,120
Speaker 3: cigarettes are going down. But but Sean has to win

599
00:32:47,120 --> 00:32:47,400
Speaker 3: that game.

600
00:32:47,400 --> 00:32:51,160
Speaker 1: Why do you hate the world, Adam? What do I hate?

601
00:32:51,160 --> 00:32:55,440
Speaker 1: The people? I hate all of us? Okay, understood? Ah,

602
00:32:55,640 --> 00:32:57,959
Speaker 1: so three one three one, still win this on points

603
00:32:58,120 --> 00:33:00,440
Speaker 1: you could, you could likely what.

604
00:33:00,640 --> 00:33:05,080
Speaker 3: Was like, it's statistically possible and did not happen. Sean

605
00:33:05,200 --> 00:33:08,160
Speaker 3: ninety two, Michael eighty nine.

606
00:33:08,520 --> 00:33:11,560
Speaker 2: Landslide not even close. Not in Adam's book.

607
00:33:11,680 --> 00:33:15,720
Speaker 1: That's ridiculous. All right, thank you very much, Adam, Thank you, Michael.

608
00:33:15,760 --> 00:33:17,680
Speaker 2: Thank you, Sean, Thank you Adam, thank you Michael.

609
00:33:17,760 --> 00:33:20,080
Speaker 1: Good work. Sean makes sure you following the podcast. Join

610
00:33:20,160 --> 00:33:23,920
Speaker 1: us online on LinkedIn, Instagram, TikTok, Facebook, and X Michael Thompson.

611
00:33:23,960 --> 00:33:25,840
Speaker 1: That was fear and Greed. Have a great weekend.