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

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Speaker 1: Comwealth Banks share price surges on a strong profit, while

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Speaker 1: CSL tumbles after its CEO was forced out the door.

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Speaker 1: The Department of Treasury confirms it's been doing work on

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Speaker 1: potential changes to capital gains, tax concessions, and the local

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Speaker 1: share market nearest record highs plus Angus Taylor resigns from

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Speaker 1: the Shadow front bench and is set to challenge Susan

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Speaker 1: Lee and the story of a crockery company booming in

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Speaker 1: an ai world. It is Thursday, the twelfth of February

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Speaker 1: twenty twenty six. I'm Michael Thompson and good morning Sean Ailmer.

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Speaker 1: Good morning, Michael Sewn. The main story this morning is

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Speaker 1: a big one. Record growth in loans and deposits has

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Speaker 1: pushed Conwealth Banks half year profit to five point four

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Speaker 1: billion dollars, triggering a whopping seven percent jump in at

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Speaker 1: share price.

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Speaker 2: Yes, well, it was a strong result, beat market expectations

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Speaker 2: that the bank's share price had its best day since

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Speaker 2: twenty twenty, regained a stack of ground that it's lost

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Speaker 2: over the past six or eight months or so. It

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Speaker 2: is once again the largest company on the bourse about

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Speaker 2: ten percent bigger than BHP. Now the other big four

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Speaker 2: banks which don't report half yearly numbers, so we're talking

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Speaker 2: about Westpac National Australian Bank aims it they benefited from

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Speaker 2: Comwealth Bank's result. Their share price has jumped as well.

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Speaker 2: The country's biggest bank grew share in business lending including

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Speaker 2: small business in credit cards, maintains its share of the

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Speaker 2: home lending market, which given the competition from Macquarie, pretty good.

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Speaker 2: Pretty well done by comwal Bank. The main negative for

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Speaker 2: shareholders at least is that competition is tough. Profit margins

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Speaker 2: being squeezed, it is bank reporting seasons, so we talk

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Speaker 2: about something called net interest margins, basically the difference between

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Speaker 2: what a bank earns on its loans and what it

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Speaker 2: pays out on its deposits. Well, that shrinks slightly to

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Speaker 2: two point four percent bit of inflation in there as well.

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Speaker 2: Commonwealth Bank up its interim dividend. Those so plenty shareholders

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Speaker 2: will be happy about that one.

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Speaker 1: The results themselves are fascinating, but what is also particularly

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Speaker 1: interesting is the commentary around it when it comes to Combank,

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Speaker 1: because I tapped into really what Australians are spending, what

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Speaker 1: we're borrowing, how the economy broadly is faring. What did

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Speaker 1: Boss Matt Common.

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Speaker 2: Have to say, Well, he reckons things are going pretty well.

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Speaker 2: Spending on essentials across all age groups was higher. Younger

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Speaker 2: people are actually spending more on discretionary items.

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Speaker 1: Pretty good.

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Speaker 2: Credit quality remains good. That means the bank doesn't have

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Speaker 2: to put aside as much money for poor or potentially

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Speaker 2: poor loans. The bad news from all that when you've

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Speaker 2: got an economy doing pretty well but inflation still rising well,

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Speaker 2: that means more interest rates. Matt Common reckons there'll be

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Speaker 2: another couple of interest rate hikes this year.

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Speaker 1: We've got a great chat coming up with Matt Common

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Speaker 1: straight after the show. Fear and Greed. Q and A

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Speaker 1: Today features an interview with the Combank CEO, and that's

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Speaker 1: courtesy of our friends at Osby's check out osbiz dot

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Speaker 1: com dot au. While Commonwealth Bank was having a say

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Speaker 1: pretty good time, yesterday, Shawan CSL share price tumbled five

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Speaker 1: and a half percent after announcing a poor half year result.

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Speaker 1: I was a result which actually led to the downfall

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Speaker 1: of CEO Paul McKenzie.

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Speaker 2: So late on Tuesday night, mackenzie was let go effective immediately,

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Speaker 2: very very unusual in asx Land, especially for such a

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Speaker 2: big company like CSL. Yesterday we found out why CSL,

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Speaker 2: one of the bluest of blue chip companies, has had

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Speaker 2: a horror a few years. Yesterday it said it will

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Speaker 2: write down the value of two of its three divisions

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Speaker 2: by one point six billion dollars. That's a lot of money.

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Speaker 2: So the two a group called CSLVIFA, which is the

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Speaker 2: iron deficiency products. It bought that Swiss based business about

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Speaker 2: three and a half years ago, spent about nineteen billion

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Speaker 2: dollars on It just hasn't worked well. It mean sorry,

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Speaker 2: it hasn't fallen over anything. It's just not working anywhere

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Speaker 2: near well enough. And so it's had to write that

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Speaker 2: one down. There are these vaccines business that's been hit

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Speaker 2: with all the US regis tree stuff, slowing demand, I

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Speaker 2: mean a lot of that's about the Trump White House

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Speaker 2: and the Department of Health leader over there, Kennedy, So

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Speaker 2: that too had to be written down. CSL's December half

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Speaker 2: profit fell by eighty one percent thanks to those structuring costs.

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Speaker 2: Mackenzie was let go because, as chair and former CEO

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Speaker 2: Brian mcnabe put it, investors are just getting fed up.

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Speaker 2: It was in the job for less than two years.

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Speaker 2: He didn't buy the Swiss business. It was his predecessor

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Speaker 2: that did that. Since the middle of twenty twenty four,

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Speaker 2: cs SOL share process tanked more than forty percent, and

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Speaker 2: that was before yesterday's tumble. Bad bad day for CSL.

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Speaker 1: Yeah, indeed, so we had combink soaring, CSL tumbling. You

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Speaker 1: put it all into the AX mix master Sean Boyne, Yes, blender, Yeah,

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Speaker 1: what was the eventual outcome for the mark.

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Speaker 2: Now, CBA, of course is more important than CSL, so

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Speaker 2: not surprisingly yes, and PAX two hundred climbed. In fact,

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Speaker 2: was that one point seven percent to more than nine

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Speaker 2: thousand points. It's just one percent off its all time

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Speaker 2: high set in October last year. Eight of the eleven

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Speaker 2: sectors of training higher. Not surprisingly, financials did best, so

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Speaker 2: too utilities and materials. So the big minus did pretty well.

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Speaker 2: Healthcare index again not surprisingly given Ceesel's part of that,

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Speaker 2: it did worse. Meanwhile, the Aussie dollar, gay you a

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Speaker 2: good thing above seventy one US sense?

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Speaker 1: Yes, keep going all right, big day Sean back in

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Speaker 1: a moment with the rest of the day's business news.

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Speaker 1: Sean in Canberra, the head of Treasury Jenny Wilkinson has

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Speaker 1: pretty much confirmed that her department provided the government advice

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Speaker 1: over changes to the fifty percent capital gains tax deduction

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Speaker 1: for investors.

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Speaker 2: Yeah, so insanded estimates. Wilkinson said she couldn't provide details

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Speaker 2: of what her department had done because it could inhibit

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Speaker 2: subsequent policy decisions. She about under fire Jenny Wilkinson yesterday.

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Speaker 2: She's always so asked about the Australian Office of Financial Management.

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Speaker 2: That's the part of the government that oversees about a

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Speaker 2: trillion dollars in debt, right, so it's kind of important.

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Speaker 2: It's lost almost half its staff in the last twelve months,

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Speaker 2: according to the Friend and Review. A bit of a

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Speaker 2: problem when you know you're looking after trillion dollars of

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Speaker 2: government debt, which is kind of our debt, and you

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Speaker 2: can't keep your staff. Wilkinson sid a review had been

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Speaker 2: ordered and confirmed that former Deputy Reserve Bank Governor Guy

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Speaker 2: de Bell will review THEAOFM structure, governance and capabilities.

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Speaker 1: And while we're in Canberra, Shawn a Conservative Liberal Party

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Speaker 1: MP and Shadow Defense Minister Angus Taylor last night quit

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Speaker 1: the front bench and he is set now to challenge

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Speaker 1: Susan Lee for the top job.

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Speaker 2: He said the Opposition was in its worst position since

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Speaker 2: nineteen forty four and he did not believe Lee could

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Speaker 2: turn things around. Taylor said his supporters would also quit

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Speaker 2: the front bench. Probably more on that today. Taylor met

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Speaker 2: Lee at about seven o'clock last night. He informed her

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Speaker 2: of his decision to quit the front bench, but no

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Speaker 2: more well. Tyler's back has told media outlets he had

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Speaker 2: the numbers to topple Lee, though it isn't quite clear

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Speaker 2: when the challenge will come. A little logistic issue. We

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Speaker 2: mentioned it earlier in the week. Senate estimates are holding

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Speaker 2: hearings at the moment, but the Senate isn't sitting, so

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Speaker 2: not all Liberal Party senators are in Canberra, and that's

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Speaker 2: a bit of a challenge logistically for Lee and for Taylor.

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Speaker 1: Sean Federal and Victor this story takes a bit okay

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Speaker 1: this next one. Federal and Victorian labor are under pressure

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Speaker 1: about basically who knew what and when about the CFMEMEU.

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Speaker 1: An official appointed by the Albaneze government to clean up

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Speaker 1: the CFMEU directed the lead investigator to wipe sections of

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Speaker 1: a report that found the Victorian state governments and Dan

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Speaker 1: Andrews and Center Allen knew about corruption and criminality on

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Speaker 1: Victoria's big build sites but failed to act, costing taxpayers

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Speaker 1: and estimated fifteen billion dollars.

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Speaker 2: So that's what the investigator found and then it wasn't

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Speaker 2: released when the report came out. Now, yesterday, the previously

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Speaker 2: redacted chapters were released and that's after questions were put

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Speaker 2: to the administrator, a guy called Mark Irving KC. The

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Speaker 2: question was whether the material damage material damaging to labor

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Speaker 2: had been withheld. He kind of said, well, yeah, we

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Speaker 2: will release the sections. But the actual investigator, Jeffrey Watson

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Speaker 2: sc He was very critical of what he had done.

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Speaker 2: So for his part, Jeffrey Watson revealed he was directed

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Speaker 2: by mister Irving to remove damning findings critical of the

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Speaker 2: Victorian governments in action. And there's many parts to this

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Speaker 2: and it's really hard because basically Mark Irving Case and

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Speaker 2: Jeffrey Watson sc are at odds. Now, these are great

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Speaker 2: legal minds. You would like to think that maybe they

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Speaker 2: would agree. The revelations have certainly put fresh pressure on

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Speaker 2: Victorian premieres Center Alan on Anthony Abanezi.

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Speaker 1: Now, Sean, we talked before about the CSL boss out

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Speaker 1: the door. Another CEO to lose her job over the

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Speaker 1: past forty eight hours is ASX Limited's boss, Helen Lofthouse.

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Speaker 2: Who'd want the corner office, Michael, who'd want the corner

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Speaker 2: office at it's higher risk? Right?

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Speaker 1: Yeah?

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Speaker 2: AX Limited is not an easy gig. It's suffered from

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Speaker 2: all sorts of performance challenges. It's come under the scrutiny

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Speaker 2: of regulators as well. Know. In December last year, a

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Speaker 2: failure in its publishing system meant several stocks couldn't trade

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Speaker 2: for most of one session. A year earlier, another outage

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Speaker 2: held up clearing the settlement of trades for several days.

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Speaker 2: Helen Lofthouse, she has resigned. No obvious replacement. Ass X's

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Speaker 2: share price fell two percent yesterday.

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Speaker 1: Anyone who takes that job on is going to have

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Speaker 1: a very big job to do. AGL Energy announced a

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Speaker 1: forty two percent drop in half year net profit yesterday,

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Speaker 1: but upped its guidance for full year earnings, and that

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Speaker 1: sent its share price up eleven percent.

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Speaker 2: Yeah, one of the best on the day. Excluding one

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Speaker 2: off items, profit was down about six percent. The bottom

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Speaker 2: line was hit by losses on the value of energy

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Speaker 2: derivative products. Please do not ask me to explain it.

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Speaker 1: In anything going to as I don't know.

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Speaker 2: Moving on, Chief executive Nick said profit margins, will hire

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Speaker 2: batteries business had grown. Basically the core electricity and gash

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Speaker 2: retailing business done pretty well. A GL will also sell

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Speaker 2: its telco business. It's about three hundred and fifty thousand

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Speaker 2: broadbanded mobile connections. They're selling it to Ossie Broadband. That

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Speaker 2: helped Oussie Broadband share price jump fourteen percent. So all

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Speaker 2: in oil. Everyone seemed to be happy with AGL Energy yesterday.

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Speaker 2: Of course, most happy given the eleven percent share price jump,

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Speaker 2: would be Mike cannon Brooks, whose Grock Ventures is the

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Speaker 2: biggest shareholder in the company.

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Speaker 1: Of course, it is earning season, no surprise, We've talked

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Speaker 1: about it for most of the show today, Sean. So

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Speaker 1: there is plenty of corporate news around. So we're going

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Speaker 1: to take a slightly different approach to get you across

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Speaker 1: it all. We're going to run a brief section of

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Speaker 1: the show starting today. I shall kick us off. Domino's

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Speaker 1: Pizza share price yesterday fell half a percent after it

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Speaker 1: appointed a senior McDonald's executive Andrew Gregory. He'll take over

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Speaker 1: a CEO later in the year now. Gregory is an Australian.

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Speaker 1: He's actually started behind the counter at Macas in nineteen

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Speaker 1: ninety one, but he's gone on to run global franchising

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Speaker 1: for the world's biggest fast food groups. I'm very experienced Individualank.

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Speaker 2: Good luck to him. Evolution Mining one of the top

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Speaker 2: twenty stocks on the BURS. It's profit doubled year on

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Speaker 2: year amid the surge in the price of gold. Seven

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Speaker 2: hundred and eighty five million dollar underlying profit not bad.

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Speaker 2: It's shareprice jumped eight percent.

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Speaker 1: James Hardy, which was one of the big loser's last

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Speaker 1: reporting season Sean It reported a thirty percent jump in

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Speaker 1: third quarter net sales and increased profit margins, and announced

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Speaker 1: it was a head of schedule on cost synergies as

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Speaker 1: it merges with a US decking group AZX. Slightly controversial

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Speaker 1: move that one, but at share price was up eleven percent. Yesterday,

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Speaker 1: Sean industrial conglomerate SG Hay, which controlled by the Stakes family,

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Speaker 1: slightly increased its profit up to its dividend on the

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Speaker 1: back of a good result from cement and ashphalt business

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Speaker 1: Borrel Ashphalt Ashfeld. I never know how to say that word.

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Speaker 1: Asph alt Ashfeldt. I always say Ashfeldt, but I mean

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Speaker 1: I say the trick is Shawn. You just say it quickly.

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Speaker 2: Borrel that makes cement and stuff.

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Speaker 1: Yeah, cement and stuff. I like that one more quick one.

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Speaker 1: Southern Cross Media share price rose slightly after results from

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Speaker 1: its newly acquired seven West Media business came in line

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Speaker 1: with expectations. So that wraps us up for our brief section.

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Speaker 1: Moving to international news now Sean and it's a story

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Speaker 1: really that proves that not all high flying AI companies

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Speaker 1: have to be making data centers or making microchips. The

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Speaker 1: share price of Wall Street listed Corning, So like corningwear right,

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Speaker 1: this is glass. They made pyre X in the nineteen seventies.

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Speaker 1: I think every kitchen in this country has a Corning

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Speaker 1: where as a dish of some kind. But the share

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Speaker 1: price of Corning has hit an all time high because

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Speaker 1: it has created super strong glass.

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Speaker 2: So this is a really cool company. One hundred and

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Speaker 2: seventy five years old. Share price hit an all time

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Speaker 2: high over the weekend, up about one hundred and thirty

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Speaker 2: percent over the past year. Because it's done what it's

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Speaker 2: always done best, reinvent itself. Going to say makes glass

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Speaker 2: well too, it sort of did. In twenty eight ene

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Speaker 2: Corning focused on making thinner, tougher glass cables that perform

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Speaker 2: especially well in data centers. Now, the AI boom hit

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Speaker 2: company was perfectly positioned to help out in the infrastructure,

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Speaker 2: according to the infrastructure for the AI boom. According to

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Speaker 2: the Morning Brew newslet up, last month, it signed a

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Speaker 2: six billion usll a fiber optic cable contract with Meta.

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Speaker 2: A few months earlier, it did a two and a

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Speaker 2: half billion dollar deal to manufacture all the cover glass

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Speaker 2: for iPhones and Apple watches. So this is Corning. It

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Speaker 2: produced Edison's first light bulb, right, that's where he got famous.

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Speaker 2: Then they had the Corning where in the nineteen seventies

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Speaker 2: the unbreakable crockery slight problem with that business strategy is

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Speaker 2: when you're making unbreakable crockery and your sales rely on

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Speaker 2: crockery sales. Well, you know that one didn't go so

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Speaker 2: well because it was too successful. But then they went

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Speaker 2: into pyrex. All that sort of stuff pushed into fiber

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Speaker 2: optic cables, that, of course is the infrastructure of the

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Speaker 2: digital age. This is a very traditional manufacturer booming in

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Speaker 2: an AI world. I love that story.

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Speaker 1: What a CV to say that you built Edison's first

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Speaker 1: light bulbs. Yeah, that is a story of great evolution

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Speaker 1: of a company. Up next is Fear and Greed Q

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Speaker 1: and A with Commonwealth Bank boss Matt Common courtesy of

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Speaker 1: our friends at Osby's head osbiz dot com dot au.

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Speaker 1: To check out videos that's come up next to the

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Speaker 1: Fear and Greed playlist on your podcast platform, and Sean,

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Speaker 1: a reminder, the Fear and Greed Daily newsletter is out

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Speaker 1: every day, every morning by six am. It is a

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Speaker 1: cracking read every single day. Guarantee. Why are you laughing

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Speaker 1: because I put it together. Yeah, a cracking read. Michael,

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Speaker 1: You're right, it is a stellar read. If you haven't

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Speaker 1: signed up Fearangreed dot com dot au or a click

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Speaker 1: on the link in today's show notes, Thank you very.

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Speaker 2: Much, Sean, thank you, Michael.

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Speaker 1: It's Thursday, the twelfth of feb twenty twenty six. Like

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Speaker 1: that little abbreviation, keeping things casual. To finish the show,

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

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Speaker 1: on LinkedIn and Instagram. Oh, Michael Bumpson, that was Fear

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Speaker 1: and Greed. Have a great day.