1 00:00:06,240 --> 00:00:09,840 Speaker 1: Today on Fear and Greed. The International Monetary Fund warns 2 00:00:09,920 --> 00:00:13,040 Speaker 1: of a global growth slowdown and says Australia is just 3 00:00:13,080 --> 00:00:16,400 Speaker 1: one of two major nations that hasn't got inflation below 4 00:00:16,480 --> 00:00:19,840 Speaker 1: three percent. Bulworths and Cole's hit back at allegations of 5 00:00:19,880 --> 00:00:23,599 Speaker 1: sham discounts and Ossie Investors move their focus from Wall 6 00:00:23,640 --> 00:00:27,200 Speaker 1: Street Tech Titans to China. Plus more on wiz Tech 7 00:00:27,240 --> 00:00:30,640 Speaker 1: Global CEO Richard White and the corporate regulator suing one 8 00:00:30,680 --> 00:00:33,240 Speaker 1: of the countries bigin sure as Welcome to Fear and Greed. 9 00:00:33,360 --> 00:00:35,720 Speaker 1: Daily business news for people who make their own decisions. 10 00:00:36,080 --> 00:00:39,360 Speaker 1: It's Thursday, the twenty fourth of October twenty twenty four. 11 00:00:39,520 --> 00:00:41,760 Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer. 12 00:00:42,000 --> 00:00:45,400 Speaker 2: Good morning, Michael Plenty. Going on today, very very busy show. 13 00:00:45,800 --> 00:00:48,240 Speaker 1: Yeah, big show. Indeed the main story this morning, Seawan. 14 00:00:48,320 --> 00:00:52,640 Speaker 1: The IMF has lowered its global growth forecast for next 15 00:00:52,720 --> 00:00:57,000 Speaker 1: year and warned of accelerating risks all kinds of things, 16 00:00:57,280 --> 00:00:59,040 Speaker 1: from wars to trade protectionism. 17 00:01:00,400 --> 00:01:04,600 Speaker 2: It has forecast global output at three point two percent 18 00:01:04,680 --> 00:01:07,280 Speaker 2: next year. Now it's only down in touch, but anything 19 00:01:07,360 --> 00:01:11,040 Speaker 2: lower isn't good news for countries that are big trading companies, 20 00:01:11,080 --> 00:01:16,120 Speaker 2: lot countries, big trading countries like Australia. The IMF says 21 00:01:16,160 --> 00:01:19,000 Speaker 2: inflation globally will slow to four point three percent next 22 00:01:19,080 --> 00:01:21,440 Speaker 2: year from five point eight percent. That's good news, but 23 00:01:21,440 --> 00:01:25,720 Speaker 2: Australia's only one of two major economies with inflation expected 24 00:01:26,040 --> 00:01:30,440 Speaker 2: above three percent. So if you think of the UK, US, 25 00:01:30,600 --> 00:01:33,679 Speaker 2: Canada and many of those European countries, inflation there will 26 00:01:33,680 --> 00:01:37,080 Speaker 2: all be under three percent. Here the IMF is forecasting 27 00:01:37,120 --> 00:01:39,680 Speaker 2: it for three point six percent next year. Only Slovakia 28 00:01:39,800 --> 00:01:43,720 Speaker 2: is the other major economy or major developed economy which 29 00:01:43,800 --> 00:01:45,839 Speaker 2: is going to have higher inflation at four point eight percent. 30 00:01:46,200 --> 00:01:49,280 Speaker 2: It triggered a bunch of criticism from the federal position yesterday, 31 00:01:49,320 --> 00:01:51,760 Speaker 2: as you could imagine. It also helps explain why we 32 00:01:51,840 --> 00:01:55,720 Speaker 2: haven't seen interest rates falling yet. The IMF downgraded the 33 00:01:55,760 --> 00:01:58,600 Speaker 2: growth outlook for Australia also to one point two percent 34 00:01:58,640 --> 00:02:01,480 Speaker 2: this year from one point five sent. It said global 35 00:02:01,600 --> 00:02:05,040 Speaker 2: risks are building to the downside, that's the bad news, 36 00:02:05,440 --> 00:02:08,960 Speaker 2: and the big uncertainty really is around tariff's and trade. 37 00:02:09,160 --> 00:02:12,320 Speaker 2: That's if you park the disputes in the Middle East, 38 00:02:12,320 --> 00:02:15,720 Speaker 2: et cetera, tariffs and trade the major uncertainty. Think US election, 39 00:02:16,840 --> 00:02:19,000 Speaker 2: now the IMF. I kind of thought i'd better throw 40 00:02:19,040 --> 00:02:21,080 Speaker 2: in exactly what the IMF is, because it was a 41 00:02:21,080 --> 00:02:24,480 Speaker 2: big moment this week for the IMF. Lichtenstein, the principle 42 00:02:24,520 --> 00:02:29,480 Speaker 2: of Lichtenstein, became the IMF one hundred and ninety first member. 43 00:02:29,960 --> 00:02:34,720 Speaker 2: It's kind of like the parents of global economies. It 44 00:02:34,760 --> 00:02:38,200 Speaker 2: aims to achieve growth and prosperity for everyone. It's looking 45 00:02:38,240 --> 00:02:39,600 Speaker 2: after all the kids. And who are one hundred and 46 00:02:39,639 --> 00:02:41,160 Speaker 2: ninety one kids, including Lichtenstein. 47 00:02:42,560 --> 00:02:44,760 Speaker 1: That is momentous, isn't it. I don't think we've ever 48 00:02:44,800 --> 00:02:47,760 Speaker 1: mentioned Lichtenstein on Fear and Greed before, so it's momentous 49 00:02:47,800 --> 00:02:49,480 Speaker 1: for us too, Shan, And we. 50 00:02:49,440 --> 00:02:51,640 Speaker 2: Don't think we've ever mentioned Slovakiare are this there? You go? 51 00:02:52,560 --> 00:02:55,880 Speaker 1: That's two and one now. The figures were released ahead 52 00:02:55,880 --> 00:02:59,680 Speaker 1: of Federal Treasurer Jim Chalmers heading off to Washington for 53 00:03:00,120 --> 00:03:06,240 Speaker 1: G twenty, IMF and World Bank meetings. Surely, surely Washington 54 00:03:06,320 --> 00:03:08,680 Speaker 1: is not the best place to be holding these kind 55 00:03:08,720 --> 00:03:11,639 Speaker 1: of big things, right, What are we week and a 56 00:03:11,680 --> 00:03:14,880 Speaker 1: half out now from the election'd be pretty tense, you're 57 00:03:14,919 --> 00:03:20,880 Speaker 1: imagine ahead of the US election. Yeah, have it in Lichtenstein. 58 00:03:20,960 --> 00:03:23,480 Speaker 2: I don't know, have it in Lichtenstein or Slovakia for 59 00:03:23,520 --> 00:03:25,919 Speaker 2: that matter, but its economy stated, I don't know. I 60 00:03:25,919 --> 00:03:28,000 Speaker 2: think a lot of these international organizations they s to 61 00:03:28,040 --> 00:03:29,959 Speaker 2: be based in either Washington or Paris, one or the other. 62 00:03:30,680 --> 00:03:33,920 Speaker 2: This one is in Washington. A lot of the conversation 63 00:03:34,040 --> 00:03:37,080 Speaker 2: really will be about what's going to happen in US politics. 64 00:03:37,520 --> 00:03:41,400 Speaker 2: Both sides will spend up boosting the US deficit. Donald Trump, 65 00:03:42,160 --> 00:03:44,080 Speaker 2: at least on what his promised so far, is more 66 00:03:44,160 --> 00:03:47,200 Speaker 2: likely to blow out the deficit more. Trump of course, 67 00:03:47,280 --> 00:03:51,160 Speaker 2: is talking about twenty percent tariffs on everything now. That 68 00:03:51,240 --> 00:03:54,840 Speaker 2: will cause some consternation at these meetings. Australia experts about 69 00:03:54,840 --> 00:03:58,560 Speaker 2: sixteen billion dollars worth of ossie goods each year. All 70 00:03:58,600 --> 00:04:01,360 Speaker 2: of those will be affected. Trump can be taken out 71 00:04:01,400 --> 00:04:04,160 Speaker 2: his word the other things that the local resource companies 72 00:04:04,160 --> 00:04:09,120 Speaker 2: have benefited from the Biden Administration's Inflation Reduction Act. That's 73 00:04:09,160 --> 00:04:12,360 Speaker 2: really spending on green energy that could well be watered 74 00:04:12,360 --> 00:04:15,120 Speaker 2: down under Trump. That'd be something else that I'm sure 75 00:04:15,200 --> 00:04:17,920 Speaker 2: Jim Chalmers will be talking about. Orcus, of course, will 76 00:04:17,920 --> 00:04:19,800 Speaker 2: always be front and center of all our talks with 77 00:04:20,000 --> 00:04:23,159 Speaker 2: the US charmers will be pushing Australia's wears, but of 78 00:04:23,200 --> 00:04:25,760 Speaker 2: course much really does depend on that presidential poll in 79 00:04:25,920 --> 00:04:26,719 Speaker 2: under two weeks. 80 00:04:27,160 --> 00:04:31,520 Speaker 1: Indeed, all right, moving on, details of the alleged misleading 81 00:04:31,600 --> 00:04:34,479 Speaker 1: conduct from Woolworths and Coals have been filed in the 82 00:04:34,480 --> 00:04:37,880 Speaker 1: Federal Court and shown there are hundreds of examples, but 83 00:04:38,160 --> 00:04:41,720 Speaker 1: the big grocery change are claiming that it's really it's 84 00:04:41,720 --> 00:04:44,919 Speaker 1: not them, it's their suppliers that are driving the price changes. 85 00:04:45,279 --> 00:04:48,240 Speaker 2: So example one, a bottle of debt Hole foam hand 86 00:04:48,360 --> 00:04:52,359 Speaker 2: wash refill at Cole's was discounted but was still on 87 00:04:52,400 --> 00:04:55,800 Speaker 2: the shelves for thirty five percent more than its regional price. 88 00:04:56,320 --> 00:04:59,440 Speaker 2: Example two, a bottle of sprite lemonade at Woolly's had 89 00:04:59,440 --> 00:05:02,640 Speaker 2: a discount price of three dollars fifteen, which was thirty 90 00:05:02,640 --> 00:05:06,599 Speaker 2: four percent higher than the original shelf price. Of course, 91 00:05:06,640 --> 00:05:09,000 Speaker 2: the Hriable C has accused the big two grocery chains 92 00:05:09,040 --> 00:05:12,000 Speaker 2: of offering discount of prices on goods that had been 93 00:05:12,080 --> 00:05:16,600 Speaker 2: previously marked up from their original shelf price. That's the allegations. 94 00:05:16,640 --> 00:05:19,880 Speaker 2: Colls and Woollies hit back. They were both filing into 95 00:05:19,920 --> 00:05:23,160 Speaker 2: the Federal Court over the past twenty four hours they 96 00:05:23,279 --> 00:05:25,560 Speaker 2: had the same argument. They basically said that nearly in 97 00:05:25,600 --> 00:05:30,880 Speaker 2: every case, just about it reflected suppliers asking the big 98 00:05:30,920 --> 00:05:36,040 Speaker 2: supermarkets to lift prices meet a sudden outbreak of high inflation. 99 00:05:36,640 --> 00:05:38,840 Speaker 2: Now I don't know whether they're right or wrong. Still 100 00:05:38,839 --> 00:05:41,520 Speaker 2: has to be tested, but it's a good argument. They're 101 00:05:41,520 --> 00:05:44,039 Speaker 2: saying that the supplies because the thing was costing the 102 00:05:44,040 --> 00:05:48,320 Speaker 2: supplies more because we know inflation was rampant, then they 103 00:05:48,360 --> 00:05:50,520 Speaker 2: pushed it through to the supermarket chains. 104 00:05:51,000 --> 00:05:52,960 Speaker 1: It's going to be a fascinating case to watch. We 105 00:05:53,080 --> 00:05:55,200 Speaker 1: have a lot to get through this morning, Sean. We'll 106 00:05:55,200 --> 00:05:56,480 Speaker 1: be back in a moment with the rest of the 107 00:05:56,520 --> 00:06:07,040 Speaker 1: day's business news, Sean. The corporate regulator has sued Ensure 108 00:06:07,080 --> 00:06:10,320 Speaker 1: a QBE, alleging it failed to deliver on pricing promises 109 00:06:10,360 --> 00:06:13,479 Speaker 1: made to more than five hundred thousand customers over a 110 00:06:13,520 --> 00:06:14,440 Speaker 1: five year period. 111 00:06:14,800 --> 00:06:18,799 Speaker 2: The Australian Securities Investments Commission alleges the pricing methodology QB 112 00:06:19,560 --> 00:06:24,000 Speaker 2: used to calculate premiums eroded the discounts that were promised, 113 00:06:24,000 --> 00:06:26,680 Speaker 2: For example, loyalty discounts that were promised or promoted at 114 00:06:26,760 --> 00:06:30,159 Speaker 2: least they weren't provided. According to the allegations they were. 115 00:06:30,160 --> 00:06:34,400 Speaker 2: In a statement to the AX yesterday, QB apologized for 116 00:06:34,560 --> 00:06:38,400 Speaker 2: inconsistencies in how discounts were applied. That's not an admission 117 00:06:38,400 --> 00:06:40,560 Speaker 2: of guilt, but certainly when it put that out, it 118 00:06:40,640 --> 00:06:44,520 Speaker 2: shows that sometimes these discounts were not uniform. QB share 119 00:06:44,560 --> 00:06:47,080 Speaker 2: price felt slightly yesterday, mind you, it's up sixteen percent 120 00:06:47,120 --> 00:06:49,920 Speaker 2: in twenty twenty four. Been a good investment for some investors. 121 00:06:50,480 --> 00:06:54,719 Speaker 1: Indeed, the Fair Work Ombudsman Sean recovered nearly four hundred 122 00:06:54,760 --> 00:06:58,160 Speaker 1: and seventy three million dollars for nearly one hundred and 123 00:06:58,200 --> 00:07:01,680 Speaker 1: sixty thousand underpaid workers last financial year, with more than 124 00:07:01,760 --> 00:07:05,080 Speaker 1: half of the back payments made by large corporate employers. 125 00:07:05,360 --> 00:07:07,960 Speaker 2: Now that means over the last three years, the Fairwork 126 00:07:08,000 --> 00:07:12,080 Speaker 2: Onbodsman has recovered about one and a half billion dollars. Now. 127 00:07:12,080 --> 00:07:15,680 Speaker 2: It put out its annual report yesterday, it said the 128 00:07:15,760 --> 00:07:18,840 Speaker 2: Fairwork Onmbardsmen said that litigations led to twenty one point 129 00:07:18,960 --> 00:07:23,560 Speaker 2: two million dollars in court ordered penalties. Big business remains 130 00:07:23,560 --> 00:07:25,680 Speaker 2: a focus for the Onmbardsmen, though more than three thousand 131 00:07:25,760 --> 00:07:29,760 Speaker 2: small businesses received written advice on pay and entitlements. They're 132 00:07:29,760 --> 00:07:33,840 Speaker 2: also fifteen forcible undertakings, mostly around back pay. A bunch 133 00:07:33,840 --> 00:07:37,520 Speaker 2: of companies have involved in those ones, Best and Less, Starbucks, Optus, iag, 134 00:07:37,760 --> 00:07:40,840 Speaker 2: Eagers Automotive, and world Vision Australia, just to name a few. 135 00:07:41,200 --> 00:07:43,400 Speaker 1: And we've talked about this before, haven't we, The fact 136 00:07:43,400 --> 00:07:45,760 Speaker 1: that these are not kind of deliberate mistakes or anything. 137 00:07:45,800 --> 00:07:48,400 Speaker 1: But in the past, like the a lot of the 138 00:07:48,440 --> 00:07:51,480 Speaker 1: awards have been so complicated and so kind of confusing 139 00:07:51,560 --> 00:07:55,560 Speaker 1: that that inadvertently people can be mispaid or underpaid over 140 00:07:55,640 --> 00:07:56,920 Speaker 1: quite a long period of time. 141 00:07:57,520 --> 00:08:00,000 Speaker 2: Yes, I don't know that one hundred percent are in adverse. 142 00:08:00,320 --> 00:08:03,880 Speaker 2: I would imagine some are quite the opposite. But for 143 00:08:03,960 --> 00:08:06,440 Speaker 2: a lot of big companies, I'm sure that many of 144 00:08:06,480 --> 00:08:08,560 Speaker 2: these are inadvertent. But you know, if you're a big company, 145 00:08:08,600 --> 00:08:10,440 Speaker 2: should have the resources to make sure you get it right. 146 00:08:11,160 --> 00:08:14,600 Speaker 1: I love that we should call our show the Idealist 147 00:08:14,640 --> 00:08:17,440 Speaker 1: and the cynic. I'm the idealist, you're the cny. 148 00:08:17,640 --> 00:08:19,520 Speaker 2: And it just depends on what day, Who's who? 149 00:08:19,880 --> 00:08:23,200 Speaker 1: Yeah, exactly we swap now. Tab Corps Management is under 150 00:08:23,200 --> 00:08:26,080 Speaker 1: pressure to cut shop fronts as part of its cost 151 00:08:26,080 --> 00:08:26,800 Speaker 1: cutting regime. 152 00:08:27,080 --> 00:08:29,640 Speaker 2: The Gaming Group, with its new chief executive officer Gil 153 00:08:29,720 --> 00:08:33,720 Speaker 2: McGlocklin fronted investors at its annual general meeting yesterday in Sydney. 154 00:08:33,960 --> 00:08:37,080 Speaker 2: It has been an awful year. That's probably just it. 155 00:08:37,120 --> 00:08:40,040 Speaker 2: Twenty twenty four share price down forty three percent, last 156 00:08:40,040 --> 00:08:42,400 Speaker 2: financially one point three six billion dollar loss on the 157 00:08:42,400 --> 00:08:45,959 Speaker 2: back of right downs on wagering assets in South Australia 158 00:08:46,040 --> 00:08:49,360 Speaker 2: and New South Wales. Gil mcglockwin, former AFL boss, a 159 00:08:49,440 --> 00:08:52,080 Speaker 2: relatively new CEO to the company. Now we're in the 160 00:08:52,120 --> 00:08:54,720 Speaker 2: middle of the spring racing season. Everyone should be happy 161 00:08:54,800 --> 00:08:58,199 Speaker 2: about it. Well, the news yesterday if you work there, 162 00:08:58,240 --> 00:09:02,640 Speaker 2: wasn't so good. Mister mcglocklan wants to cut costs, he said. 163 00:09:02,720 --> 00:09:05,920 Speaker 2: He wants a more cost effective company, a more agile company, 164 00:09:06,280 --> 00:09:09,080 Speaker 2: and he wants to unlock the opportunities within the asset base, 165 00:09:09,640 --> 00:09:11,959 Speaker 2: which kind of makes a gaming company really boring when 166 00:09:12,000 --> 00:09:14,920 Speaker 2: you start using that corporate speed, wouldn't you agree? 167 00:09:15,760 --> 00:09:17,880 Speaker 1: I think you should be using horse racing and out. 168 00:09:18,040 --> 00:09:19,959 Speaker 2: Or something like that. Yeah, football or something. 169 00:09:20,080 --> 00:09:22,360 Speaker 1: Yeah, we want to be first past the post. We've 170 00:09:22,360 --> 00:09:24,920 Speaker 1: got to get quicker off the blocks. I don't know, 171 00:09:25,000 --> 00:09:25,760 Speaker 1: out of the gate. 172 00:09:26,400 --> 00:09:28,720 Speaker 2: Out of the gate, that's it. One chair held that 173 00:09:28,880 --> 00:09:30,760 Speaker 2: was there is a guy called David Kingston. David's been 174 00:09:30,760 --> 00:09:33,440 Speaker 2: around for a while, being an investor for many many years. 175 00:09:33,800 --> 00:09:37,360 Speaker 2: He spoke. He said he was angry really that Tabcorp 176 00:09:37,440 --> 00:09:40,640 Speaker 2: isn't competing with online competitors like sports Bet and lad Brogues. 177 00:09:40,840 --> 00:09:44,600 Speaker 2: He called for the closure of a bunch of retail outlets, 178 00:09:45,400 --> 00:09:48,880 Speaker 2: which I must say, those retail outlets, I mean, it's 179 00:09:48,880 --> 00:09:51,280 Speaker 2: part of my childhood. Was walking past the TAB in 180 00:09:51,320 --> 00:09:53,480 Speaker 2: Orange and I was kind of scared of them because 181 00:09:53,480 --> 00:09:56,840 Speaker 2: there were these men hanging around smoking, and I kind 182 00:09:56,840 --> 00:09:59,000 Speaker 2: of think. You go into the TAB and you see 183 00:09:59,040 --> 00:10:03,160 Speaker 2: all walks of life, but they are probably anachronistic. 184 00:10:04,679 --> 00:10:07,479 Speaker 1: It's a good place if you need to steal a pencil. 185 00:10:07,520 --> 00:10:09,680 Speaker 2: Sure, that's true. 186 00:10:10,480 --> 00:10:14,600 Speaker 1: You're a practiable person, so you can always find one. 187 00:10:14,600 --> 00:10:17,920 Speaker 1: They're usually about three inches long, easy to fit into 188 00:10:17,920 --> 00:10:22,960 Speaker 1: the pocket anyway. The longtime boss of Domain, Jason Pellegrino, 189 00:10:23,040 --> 00:10:26,400 Speaker 1: will depart after six years running the online real estate business. 190 00:10:26,520 --> 00:10:30,200 Speaker 2: Mister Pellegrino came out of Google Australia and he led 191 00:10:30,320 --> 00:10:33,840 Speaker 2: a domain through thirteen inches straight rises, a pandemic and 192 00:10:33,960 --> 00:10:37,480 Speaker 2: against a very very tough competitor in Aria. Domain is 193 00:10:37,520 --> 00:10:41,000 Speaker 2: sixty percent owned by Night Entertainment. In other share market news, yesterday, 194 00:10:41,000 --> 00:10:43,240 Speaker 2: the gold miners did well in the price of goals 195 00:10:43,280 --> 00:10:46,760 Speaker 2: near record levels. Hence companies like Bellvue, Goald, Genesis Minerals, 196 00:10:46,800 --> 00:10:50,000 Speaker 2: and Perseus Mining are doing pretty well. Best on the 197 00:10:50,200 --> 00:10:53,400 Speaker 2: day yesterday, at least among the top two hundred was Quantus. 198 00:10:53,920 --> 00:10:56,640 Speaker 2: It received an upgrade from a couple of investment analysts. 199 00:10:56,960 --> 00:10:59,679 Speaker 2: Its share prices up about sixty five percent over the 200 00:10:59,679 --> 00:11:02,800 Speaker 2: past twelve months. Mineral Resources share price was down five 201 00:11:02,800 --> 00:11:05,520 Speaker 2: percent yesterday, twenty eight percent out of the last week. 202 00:11:05,559 --> 00:11:09,560 Speaker 2: Assek is reportedly interested in revelations that managing director and 203 00:11:09,559 --> 00:11:13,240 Speaker 2: founder Chris Ellison allegedly ran a tax evation scheme for 204 00:11:13,280 --> 00:11:16,559 Speaker 2: a decade. Jueli and Michael Hill good Day reported four 205 00:11:16,600 --> 00:11:18,480 Speaker 2: percent year on year sales growth for the first forty 206 00:11:18,559 --> 00:11:22,240 Speaker 2: weeks the financial year. Copper Group twenty nine medals not 207 00:11:22,320 --> 00:11:25,959 Speaker 2: so good after reporting steep fall and cash reserves All up. 208 00:11:26,080 --> 00:11:28,880 Speaker 2: With all those ups and downs, the SNPA six two 209 00:11:28,960 --> 00:11:32,800 Speaker 2: hundred ended about flat at eight two hundred and sixteen points. 210 00:11:33,160 --> 00:11:36,560 Speaker 1: As Sean, we mentioned Domain and we partner with Domain 211 00:11:36,640 --> 00:11:38,960 Speaker 1: and after the show today you'll hear the new episode 212 00:11:39,120 --> 00:11:41,840 Speaker 1: of the Property Pendulum brought to you by Domain and 213 00:11:41,880 --> 00:11:45,280 Speaker 1: Fear and Greed, and the topic today is basically the 214 00:11:45,360 --> 00:11:48,520 Speaker 1: seven things to remove from your home before listing. Kind 215 00:11:48,520 --> 00:11:50,080 Speaker 1: of at a time when when some of the heat 216 00:11:50,120 --> 00:11:52,800 Speaker 1: is coming out of the market, there's more supply on 217 00:11:52,880 --> 00:11:54,959 Speaker 1: the market, sellers need to be doing everything they can 218 00:11:55,080 --> 00:11:58,840 Speaker 1: to try and create that emotional connection between a potential 219 00:11:58,840 --> 00:12:01,520 Speaker 1: buyer and the other. The interesting thing is Alic Staltz, 220 00:12:01,559 --> 00:12:04,320 Speaker 1: the National Property editor at Damain. Just her insights into 221 00:12:04,360 --> 00:12:06,840 Speaker 1: the property market and what is going on always interesting, 222 00:12:06,880 --> 00:12:08,360 Speaker 1: So I'll put a link in today's show notes for 223 00:12:08,360 --> 00:12:11,480 Speaker 1: that one. Why is tech Global share price fell one 224 00:12:11,520 --> 00:12:18,040 Speaker 1: point four percent yesterday SAWAN after yet another revelation involving 225 00:12:18,080 --> 00:12:21,240 Speaker 1: the personal life of founder and CEO Richard White. 226 00:12:21,800 --> 00:12:25,480 Speaker 2: Nine medium is reporting that mister White had a lengthy 227 00:12:25,520 --> 00:12:29,760 Speaker 2: relationship with an employee called Christine Kontos Na. Miss Kontos 228 00:12:29,960 --> 00:12:33,240 Speaker 2: was recruited by mister White after the start of their 229 00:12:33,280 --> 00:12:38,160 Speaker 2: relationship in twenty sixteen. At the end of their relationship, apparently, 230 00:12:38,240 --> 00:12:41,000 Speaker 2: the allegation is he gave her a luxury waterfront mansion 231 00:12:41,000 --> 00:12:45,240 Speaker 2: worth seven million dollars in Melbourne's Docklands. It's the third 232 00:12:45,320 --> 00:12:50,280 Speaker 2: property that mister White has purchased, and allegedly done so 233 00:12:50,480 --> 00:12:53,319 Speaker 2: for a woman he has had a relationship with. In 234 00:12:53,360 --> 00:12:55,600 Speaker 2: a statement, mister White said he had told the board 235 00:12:55,600 --> 00:12:59,040 Speaker 2: about the relationship, though he hadn't told the board about 236 00:12:59,160 --> 00:12:59,959 Speaker 2: the property purchase. 237 00:13:00,679 --> 00:13:04,080 Speaker 1: This story just keeps on going. Now. Australian investors are 238 00:13:04,160 --> 00:13:07,080 Speaker 1: shifting away from putting their money into the Wall Street 239 00:13:07,120 --> 00:13:11,720 Speaker 1: tech titan companies like Apple, Nvidio and Microsoft. 240 00:13:12,280 --> 00:13:14,520 Speaker 2: They sure are so. In the first nine months of 241 00:13:14,520 --> 00:13:17,040 Speaker 2: this year, OZZY investors put more than one billion dollars 242 00:13:17,040 --> 00:13:20,600 Speaker 2: into black Rocks primary US equity exchange traded fund, and 243 00:13:20,640 --> 00:13:22,959 Speaker 2: that ETF has done well in the back of a 244 00:13:23,040 --> 00:13:25,120 Speaker 2: twenty one percent return for the S and P five 245 00:13:25,200 --> 00:13:28,280 Speaker 2: hundred so far in twenty twenty four. But according to 246 00:13:28,280 --> 00:13:32,720 Speaker 2: Blackrock and other fund managers reported in the AFR, OZ, 247 00:13:32,800 --> 00:13:36,840 Speaker 2: investors are now wary what would a Trump presidency look like. 248 00:13:36,960 --> 00:13:40,319 Speaker 2: For example, a Trump presidency would probably be more focused 249 00:13:40,320 --> 00:13:43,280 Speaker 2: on US industries like banks and energy. That might not 250 00:13:43,320 --> 00:13:46,839 Speaker 2: help the tech companies, mind you, Hlon musk Tesla has 251 00:13:46,880 --> 00:13:50,360 Speaker 2: done a lot of lobbying ahead of the pole. Of course, 252 00:13:51,240 --> 00:13:54,960 Speaker 2: apparently Australian investors are thinking more about China as Beijing 253 00:13:55,000 --> 00:13:58,160 Speaker 2: stimulates the economy. There's also greater demand for small caps, 254 00:13:58,400 --> 00:14:02,840 Speaker 2: both in the US and Alia that plays also gaining traction. 255 00:14:03,280 --> 00:14:05,880 Speaker 2: He basically means the investors are looking beyond the big 256 00:14:05,920 --> 00:14:08,560 Speaker 2: tech names and some of them are selling out of those, 257 00:14:08,679 --> 00:14:10,480 Speaker 2: taking their profits and investing elsewhere. 258 00:14:11,160 --> 00:14:15,720 Speaker 1: Turning to international news now sean Bitcoin is appreciating and 259 00:14:15,800 --> 00:14:18,920 Speaker 1: investors put it down to the Trump trade, the idea 260 00:14:18,920 --> 00:14:21,800 Speaker 1: that if Donald Trump becomes president of the United States, 261 00:14:22,200 --> 00:14:24,000 Speaker 1: it'll be good for the cryptocurrency. 262 00:14:24,200 --> 00:14:26,320 Speaker 2: Financial markets are full of this Trump trade at the moment. 263 00:14:26,440 --> 00:14:30,360 Speaker 2: So bitcoin's heading towards seventy thousand US dollars a units, 264 00:14:30,440 --> 00:14:33,000 Speaker 2: up about six percent. This year's record is seven three 265 00:14:33,160 --> 00:14:36,280 Speaker 2: seven ninety seven US dollars a unit, so it's less 266 00:14:36,280 --> 00:14:40,000 Speaker 2: than five percent from that. Trump has said that if 267 00:14:40,000 --> 00:14:43,920 Speaker 2: he wins, he'll make the US the crypto capital of 268 00:14:43,960 --> 00:14:46,920 Speaker 2: the planet. Sounds like souperman, doesn't it. Crypto capital of 269 00:14:46,960 --> 00:14:47,400 Speaker 2: the planet. 270 00:14:49,080 --> 00:14:51,680 Speaker 1: He feels like you're turning into me. Now, I'm just 271 00:14:51,720 --> 00:14:54,320 Speaker 1: kind of finding these obscure things to comment on as 272 00:14:54,320 --> 00:14:56,000 Speaker 1: you go through. Sure, and that's my job. 273 00:14:56,320 --> 00:15:00,680 Speaker 2: Yeah, sorry, even if he doesn't win. Karmalahara's wins, she's 274 00:15:00,720 --> 00:15:04,320 Speaker 2: certainly softer on cryptocurrencies than what Joe Biden has been, 275 00:15:04,720 --> 00:15:07,920 Speaker 2: so all in all, the environment for crypto's looks positive 276 00:15:07,960 --> 00:15:11,520 Speaker 2: no matter who wins the election. Hence bitcoin is running otherwise. 277 00:15:11,560 --> 00:15:14,280 Speaker 2: In international markets, oil fell towards seventy one US dollars 278 00:15:14,280 --> 00:15:16,120 Speaker 2: a barrel. That's on the back of a rise in 279 00:15:16,120 --> 00:15:19,360 Speaker 2: infantry levels in the US. Sean bought petrol for one 280 00:15:19,400 --> 00:15:22,880 Speaker 2: hundred and fifty dollars fifty eight elitter just yesterday, very 281 00:15:22,880 --> 00:15:26,240 Speaker 2: happy about that, and US bond neils a rising fast 282 00:15:26,360 --> 00:15:30,200 Speaker 2: as investors rethink chances of another rate cut in that economy. 283 00:15:30,680 --> 00:15:33,640 Speaker 2: I mean, you think that's bad, but in a sense 284 00:15:33,680 --> 00:15:35,960 Speaker 2: it shows that there's a reduced risk of a recession, 285 00:15:35,960 --> 00:15:37,840 Speaker 2: so maybe it's good. Not as good news as a 286 00:15:37,840 --> 00:15:39,280 Speaker 2: dollar fifty eight alder petrol. 287 00:15:39,800 --> 00:15:42,360 Speaker 1: It passed by so quickly. But you did just refer 288 00:15:42,400 --> 00:15:43,600 Speaker 1: to yourself as the third person. 289 00:15:43,640 --> 00:15:45,600 Speaker 2: I did I did? I did I apologize? 290 00:15:46,400 --> 00:15:54,880 Speaker 1: No, No, diet it suits you, the podcaster, the ego, 291 00:15:55,120 --> 00:15:56,720 Speaker 1: the man, the myth, the legend. 292 00:15:56,880 --> 00:15:59,880 Speaker 2: Yes, sure, yes, oh it's extra. 293 00:16:00,000 --> 00:16:04,560 Speaker 1: I hadn't said, oh no, it's stuck. Now, I'm going 294 00:16:04,600 --> 00:16:06,720 Speaker 1: to be just dining out on this one for a while. 295 00:16:07,680 --> 00:16:10,160 Speaker 1: Not a good segue into the next story, actually sean 296 00:16:10,360 --> 00:16:14,720 Speaker 1: dining out. McDonald's share price fell ten percent after US 297 00:16:14,800 --> 00:16:19,080 Speaker 1: authorities linked a fatal E Coli outbreak to the fast 298 00:16:19,080 --> 00:16:20,800 Speaker 1: food group's quarter pounder burghers. 299 00:16:21,280 --> 00:16:25,240 Speaker 2: Yes, ten states have been affected, forty nine people have 300 00:16:25,560 --> 00:16:29,560 Speaker 2: contracted E coli, ten went to hospital, and one elderly 301 00:16:29,720 --> 00:16:34,600 Speaker 2: person died as a result, all eight at McDonald's before 302 00:16:34,840 --> 00:16:39,040 Speaker 2: falling ill. The Centers for Disease Control and Prevention said 303 00:16:39,200 --> 00:16:43,440 Speaker 2: it appears connected to the consumption of quarter pounders, and 304 00:16:43,480 --> 00:16:46,560 Speaker 2: the focus from the center is on the fresh sliverd 305 00:16:46,640 --> 00:16:51,960 Speaker 2: onions and the beef patties provided by McDonald's. Now. The 306 00:16:52,040 --> 00:16:56,720 Speaker 2: worst hit states are Colorado and Nebraska. It is the 307 00:16:56,840 --> 00:17:00,800 Speaker 2: last thing a fast food organization needs, particularly given it's 308 00:17:00,800 --> 00:17:03,600 Speaker 2: across a couple of states, and in after I was training. 309 00:17:03,800 --> 00:17:07,280 Speaker 2: McDonald's share price fell ten percent. McDonald's, of course, is 310 00:17:07,320 --> 00:17:10,640 Speaker 2: the biggest fast food restaurant in the US, or quick 311 00:17:10,640 --> 00:17:14,160 Speaker 2: service restaurant qs R. It's the official term in the US. 312 00:17:14,359 --> 00:17:18,520 Speaker 2: Thirteen thousand stores, twenty six billion dollars in worldwide sales, 313 00:17:18,640 --> 00:17:20,120 Speaker 2: not the biggest in Australia. 314 00:17:19,720 --> 00:17:25,640 Speaker 1: Though, it's not, is it. It's in Australia. Oh, it 315 00:17:25,680 --> 00:17:26,800 Speaker 1: is something unexpected. 316 00:17:27,200 --> 00:17:30,280 Speaker 2: Yes, subway, subway, well done. 317 00:17:30,080 --> 00:17:34,439 Speaker 1: Subway got there eventually. One last one, Sean, very serious 318 00:17:34,440 --> 00:17:37,200 Speaker 1: one to finish on. The former boss of Abercrombie and Fitch. 319 00:17:37,359 --> 00:17:41,280 Speaker 1: The fashion brand has been accused of running a global 320 00:17:41,520 --> 00:17:42,960 Speaker 1: sex trafficking operation. 321 00:17:43,800 --> 00:17:48,320 Speaker 2: US prosecutors allege that the CEO lord dozens of young 322 00:17:48,440 --> 00:17:52,119 Speaker 2: male models to New York City to engage in sex acts, 323 00:17:52,119 --> 00:17:55,760 Speaker 2: sometimes without consent. Mike Jeffries ran the brand from nineteen 324 00:17:55,840 --> 00:17:59,080 Speaker 2: ninety two to twenty fourteen. The indictment says the now 325 00:17:59,160 --> 00:18:01,320 Speaker 2: eighty year old used his power, his wealth, and his 326 00:18:01,440 --> 00:18:05,639 Speaker 2: influence to traffic men for his own sexual pleasure. We 327 00:18:05,680 --> 00:18:08,880 Speaker 2: haven't heard from mister Jefferies yet, but certainly very serious allegation. 328 00:18:09,320 --> 00:18:13,360 Speaker 1: Indeed, it is all right. Up next is the property pendulum, 329 00:18:13,359 --> 00:18:15,439 Speaker 1: brought to you by Fear and Greed and domain. It 330 00:18:15,480 --> 00:18:17,280 Speaker 1: is coming up in the Fear and Greed playlist on 331 00:18:17,320 --> 00:18:20,919 Speaker 1: your podcast platform or wherever you listen to podcasts, or 332 00:18:20,960 --> 00:18:23,000 Speaker 1: get it at Fearangreed dot com dot dot you. Thank 333 00:18:23,040 --> 00:18:26,000 Speaker 1: you very much, Sean, Thank you Michael, It's Thursday, the 334 00:18:26,080 --> 00:18:28,800 Speaker 1: twenty fourth of October twenty twenty four. Make sure you're 335 00:18:28,800 --> 00:18:32,399 Speaker 1: following the podcast and please join us online on LinkedIn, Instagram, 336 00:18:32,680 --> 00:18:35,560 Speaker 1: x TikTok, and Facebook. Michael Thompson, and that was fear 337 00:18:35,600 --> 00:18:39,280 Speaker 1: and greed. Have a great day.