1 00:00:06,200 --> 00:00:10,280 Speaker 1: Today on Fear and Greed. Global markets, including bitcoin surge 2 00:00:10,360 --> 00:00:14,840 Speaker 1: despite geopolitical tensions heating up, Wise Tech Global boss Richard 3 00:00:14,840 --> 00:00:18,840 Speaker 1: White Bass, angry shareholders, and my French Cognac workers have 4 00:00:18,920 --> 00:00:22,040 Speaker 1: walked off the job. Plus more on how much employers 5 00:00:22,079 --> 00:00:25,279 Speaker 1: pay workers and the first standoff between Donald Trump and 6 00:00:25,320 --> 00:00:28,400 Speaker 1: Elon Musk. Welcome to Fear and Greed, daily business news 7 00:00:28,400 --> 00:00:31,000 Speaker 1: for people who make their own decisions. It is Monday, 8 00:00:31,080 --> 00:00:34,240 Speaker 1: the twenty fifth of November twenty twenty four. I'm Michael 9 00:00:34,240 --> 00:00:36,640 Speaker 1: Thompson and good morning, Adam Lange. 10 00:00:37,000 --> 00:00:38,960 Speaker 2: Good morning, Michael, Adam. 11 00:00:39,080 --> 00:00:41,480 Speaker 1: The main story this morning, rising tensions in the Middle 12 00:00:41,520 --> 00:00:44,519 Speaker 1: East and in Europe have failed to quell a surge 13 00:00:44,520 --> 00:00:49,080 Speaker 1: in global markets, with Wall Street, the ASX, cryptocurrencies and 14 00:00:49,159 --> 00:00:53,760 Speaker 1: the gold price all at or pretty close two record levels. 15 00:00:54,160 --> 00:00:57,680 Speaker 2: Yeah, Michael. Geopolitical tensions have certainly been on the rise. 16 00:00:57,800 --> 00:01:00,760 Speaker 2: NATO is reportedly set to hold in an emergency meeting 17 00:01:00,840 --> 00:01:05,240 Speaker 2: tomorrow with Ukrainian Brussels after Russia used a new experimental 18 00:01:05,240 --> 00:01:09,480 Speaker 2: missile in the conflict. Now that missile, Michael, known as Oorshnik, 19 00:01:09,800 --> 00:01:12,960 Speaker 2: traveled at over eleven times the speed of sound, or 20 00:01:13,000 --> 00:01:16,360 Speaker 2: more than thirteen thousand kilometers per hour before hitting targets 21 00:01:16,360 --> 00:01:20,000 Speaker 2: in a Ukrainian city. That strike followed Ukraine's use of 22 00:01:20,240 --> 00:01:23,560 Speaker 2: US made long range missiles for the first time, allowing 23 00:01:23,600 --> 00:01:27,319 Speaker 2: them to hit targets deeper into Russia. Ukraine also used 24 00:01:27,400 --> 00:01:30,959 Speaker 2: UK made storm shadow missiles inside Russian territory for the 25 00:01:30,959 --> 00:01:33,840 Speaker 2: first time. And all of this, Michael, Who's happening as 26 00:01:33,880 --> 00:01:39,480 Speaker 2: Russian President Vladimir Putin continues to threaten nuclear retaliation. 27 00:01:39,720 --> 00:01:42,039 Speaker 1: Thirteen thousand kilometers per hour? 28 00:01:42,360 --> 00:01:43,640 Speaker 2: Staggering, isn't it? Yeah? 29 00:01:44,200 --> 00:01:48,040 Speaker 1: Truly frightening kind of developments in this and in the 30 00:01:48,080 --> 00:01:51,360 Speaker 1: other main theater of war at the moment Adam. Israel 31 00:01:51,520 --> 00:01:55,120 Speaker 1: conducted more strikes on Lebanon's capital, Bea Route over the weekend, 32 00:01:55,200 --> 00:01:58,360 Speaker 1: the latest in that conflict, and late last week we 33 00:01:58,400 --> 00:02:01,000 Speaker 1: had the International Criminal Court issue an arrest warrant for 34 00:02:01,080 --> 00:02:04,360 Speaker 1: Israeli Prime Minister Benjamin Netanya, who calling him a war criminal. 35 00:02:04,800 --> 00:02:10,200 Speaker 1: The warrant actually obliges the Australian government to arrest Netna 36 00:02:10,280 --> 00:02:12,880 Speaker 1: who should he set foot in Australia. 37 00:02:12,760 --> 00:02:16,639 Speaker 2: Yeah, Michael on. Alongside that, markets and particularly equity markets, 38 00:02:16,720 --> 00:02:19,960 Speaker 2: continue to surge. Wall Street has just about completed its 39 00:02:20,040 --> 00:02:23,160 Speaker 2: third quarter earning season, and more than seventy five percent 40 00:02:23,200 --> 00:02:27,280 Speaker 2: of companies beat their expectations. Earning's growth is running at 41 00:02:27,320 --> 00:02:30,600 Speaker 2: a very strong eight point seven percent. That's a good number. 42 00:02:30,960 --> 00:02:33,240 Speaker 2: The major indices on Wall Street are now trading at 43 00:02:33,240 --> 00:02:37,280 Speaker 2: near record levels. Over the weekend, Bitcoin hit yet another 44 00:02:37,760 --> 00:02:42,600 Speaker 2: record high, just below US ninety nine five hundred, on 45 00:02:42,680 --> 00:02:45,960 Speaker 2: the back of a growing belief the regulations for cryptocurrencies 46 00:02:46,000 --> 00:02:49,400 Speaker 2: in the US will be relatively mild in a Trump administration. 47 00:02:49,840 --> 00:02:52,720 Speaker 2: Gold jumped five percent last week and his back up 48 00:02:52,800 --> 00:02:54,000 Speaker 2: near record levels too. 49 00:02:55,000 --> 00:03:00,640 Speaker 1: That crypto level, that bitcoin level, Yeah, it is flirting 50 00:03:00,960 --> 00:03:03,560 Speaker 1: with the one hundred thousand dollar mark, isn't it? Like 51 00:03:03,720 --> 00:03:05,960 Speaker 1: it is just it just keeps on getting close, and 52 00:03:06,000 --> 00:03:09,840 Speaker 1: it's it's I mean, there's a lot of speculation that 53 00:03:09,880 --> 00:03:12,600 Speaker 1: it may happen quite soon. It would be quite the 54 00:03:12,639 --> 00:03:13,600 Speaker 1: milestone to pass. 55 00:03:13,760 --> 00:03:16,840 Speaker 2: Yeah, it look it feels like it, Michael, even just 56 00:03:16,240 --> 00:03:20,960 Speaker 2: for the sensationalism of hitting the target. But it's such 57 00:03:21,000 --> 00:03:24,560 Speaker 2: a risk knowing which way the legislative environment's going to 58 00:03:24,600 --> 00:03:27,640 Speaker 2: go in the US, because all of this is speculation 59 00:03:27,760 --> 00:03:28,600 Speaker 2: predicated on that. 60 00:03:29,240 --> 00:03:31,800 Speaker 1: Well, Interestingly, we have an interview coming up after the 61 00:03:31,800 --> 00:03:35,760 Speaker 1: show today with Rachel Conlin from Binance, which is the 62 00:03:35,800 --> 00:03:39,920 Speaker 1: biggest crypto exchange in the world, and Rachel was actually 63 00:03:40,000 --> 00:03:43,680 Speaker 1: in Australia over the weekend for the Australian Crypto Convention, 64 00:03:43,720 --> 00:03:47,320 Speaker 1: which is the biggest crypto convention in the Southern Hemisphere. 65 00:03:47,800 --> 00:03:52,200 Speaker 1: And in this conversation between Sean and Rachel, Rachel talks 66 00:03:52,280 --> 00:03:55,000 Speaker 1: about kind of the importance of regulation, of kind of 67 00:03:55,040 --> 00:03:58,640 Speaker 1: knowing what is happening within the industry and the fact 68 00:03:58,640 --> 00:04:02,480 Speaker 1: that that gives a little bit more at certainty obviously 69 00:04:02,640 --> 00:04:07,280 Speaker 1: for investors, and also kind of helps to alleviate some 70 00:04:07,400 --> 00:04:11,800 Speaker 1: concerns of investors who are unsure, investors who might be 71 00:04:11,880 --> 00:04:15,040 Speaker 1: traditional or more conservative, and really how one of the 72 00:04:15,080 --> 00:04:19,640 Speaker 1: big challenges for crypto at the moment is education, trying 73 00:04:19,640 --> 00:04:21,960 Speaker 1: to make sure that people understand this thing, because really 74 00:04:22,040 --> 00:04:23,560 Speaker 1: it is not going away. 75 00:04:23,839 --> 00:04:26,160 Speaker 2: No it's not, Michael, And look, I confess I need 76 00:04:26,240 --> 00:04:28,480 Speaker 2: quite a bit of education when it comes to crypto. 77 00:04:28,760 --> 00:04:32,440 Speaker 2: So I might be paying attention very closely to that interview. 78 00:04:32,600 --> 00:04:34,760 Speaker 1: You certainly should, because it's a great conversation coming up 79 00:04:34,800 --> 00:04:37,960 Speaker 1: after the show. Now we mentioned the local share market. 80 00:04:38,000 --> 00:04:41,640 Speaker 1: It hit a new record high on Friday, again led 81 00:04:41,680 --> 00:04:43,960 Speaker 1: by none other than the Commonwealth Bank. 82 00:04:44,279 --> 00:04:47,719 Speaker 2: Yeah, Michael, Commonwealth Bank keeps giving to investors, closing at 83 00:04:47,760 --> 00:04:49,600 Speaker 2: a record high on Friday of one hundred and fifty 84 00:04:49,680 --> 00:04:52,040 Speaker 2: nine dollars and three cents. It is up more than 85 00:04:52,120 --> 00:04:54,920 Speaker 2: fifty percent over the last year. The S and P 86 00:04:55,040 --> 00:04:58,039 Speaker 2: ASX two hundred came within a whisker of finishing above 87 00:04:58,120 --> 00:05:01,160 Speaker 2: eighty four hundred points for the first time ever, and 88 00:05:01,200 --> 00:05:03,599 Speaker 2: it slipped below that mark in the final few minutes 89 00:05:03,600 --> 00:05:05,760 Speaker 2: of trade to close it eighty three hundred and ninety 90 00:05:05,760 --> 00:05:08,640 Speaker 2: four points. It is of an incredible twenty percent in 91 00:05:08,680 --> 00:05:11,520 Speaker 2: the last year. The story is unchanged. The banks and 92 00:05:11,600 --> 00:05:15,200 Speaker 2: tech stocks keep surging. Even big miners did okay last 93 00:05:15,200 --> 00:05:17,280 Speaker 2: week from a rebound in iron ore prices. 94 00:05:17,800 --> 00:05:21,080 Speaker 1: It was so close to getting past the eight tantalized market, 95 00:05:21,480 --> 00:05:23,200 Speaker 1: and it looked like it was going to It was 96 00:05:23,240 --> 00:05:25,919 Speaker 1: like ten to four or so on Friday afternoon. We 97 00:05:25,920 --> 00:05:28,919 Speaker 1: were watching the clock because I was doing the afternoon 98 00:05:28,960 --> 00:05:32,960 Speaker 1: report on Friday afternoon, and I'm like, yes, yes, come on, 99 00:05:33,600 --> 00:05:35,840 Speaker 1: and then it didn't. I'm like, oh, okay, all right, 100 00:05:36,360 --> 00:05:41,520 Speaker 1: damn close. Anyway, Adam, we've talked about technology obviously being 101 00:05:43,000 --> 00:05:45,560 Speaker 1: the best performing sector all year. It wasn't such a 102 00:05:45,560 --> 00:05:48,799 Speaker 1: good day. On Friday though, for the tech leader. Wise 103 00:05:48,880 --> 00:05:52,719 Speaker 1: Tech's share price fell twelve point four percent after billionaire 104 00:05:52,720 --> 00:05:56,680 Speaker 1: founder Richard White fronted the company's virtual AGM. It was 105 00:05:56,680 --> 00:05:59,440 Speaker 1: a virtual one, so he wasn't there in person for this, 106 00:06:00,279 --> 00:06:03,919 Speaker 1: saying that he deeply regretted the impact that recent media 107 00:06:04,040 --> 00:06:06,600 Speaker 1: attention has had on people around him and of course 108 00:06:06,640 --> 00:06:07,440 Speaker 1: on shareholders. 109 00:06:07,960 --> 00:06:11,520 Speaker 2: Yeah, those comments, smikeel came as Weisstech downgraded its annual 110 00:06:11,560 --> 00:06:14,760 Speaker 2: revenue guidance, sending its share price down close to sixteen 111 00:06:14,839 --> 00:06:18,039 Speaker 2: percent at one point on Friday. Chair and Richard Dammery 112 00:06:18,160 --> 00:06:21,559 Speaker 2: partially blamed the downgrade on the diversion of founder Richard 113 00:06:21,560 --> 00:06:24,320 Speaker 2: White's attention in the lead up to his exit from 114 00:06:24,360 --> 00:06:26,799 Speaker 2: the company, and he said, quote, I need to say 115 00:06:26,880 --> 00:06:29,680 Speaker 2: that the board is disappointed that the diversion of Richard 116 00:06:29,680 --> 00:06:33,400 Speaker 2: White's attention away from product development at a critical juncture 117 00:06:33,640 --> 00:06:36,240 Speaker 2: has impacted the timing of the release of some of 118 00:06:36,279 --> 00:06:40,240 Speaker 2: the three breakthrough products end of quote. Mister White resigned 119 00:06:40,240 --> 00:06:43,360 Speaker 2: from wis Tech's executive and board in late October, and 120 00:06:43,400 --> 00:06:46,240 Speaker 2: that was following a string of allegations about his personal life. 121 00:06:46,320 --> 00:06:49,320 Speaker 2: He has moved into a consulting role, still reporting to 122 00:06:49,360 --> 00:06:52,640 Speaker 2: the board with the title of founder and founding CEO. 123 00:06:53,200 --> 00:06:56,080 Speaker 2: He will maintain his one million dollar a year salary. 124 00:06:56,560 --> 00:06:59,240 Speaker 1: All right, Adam, we have got a lot sil to cover. 125 00:06:59,279 --> 00:07:02,080 Speaker 1: We've got politics, We've got that story about Elon Musk 126 00:07:02,279 --> 00:07:06,480 Speaker 1: and Donald Trump. We've got petrol prices and auctions and everything. 127 00:07:06,520 --> 00:07:08,279 Speaker 1: I don't know why I'm teasing. You're not going anywhere. 128 00:07:08,360 --> 00:07:10,360 Speaker 1: You're stuck in the studio with me. But we will 129 00:07:10,360 --> 00:07:11,840 Speaker 1: take a very quick break and come back in a 130 00:07:11,840 --> 00:07:21,080 Speaker 1: moment with the rest of the day's business news. Adam 131 00:07:21,320 --> 00:07:25,040 Speaker 1: Labor has scrapped its plans to crack down on misinformation 132 00:07:25,200 --> 00:07:28,200 Speaker 1: after failing to get enough support in the Senate for 133 00:07:28,280 --> 00:07:32,840 Speaker 1: its somewhat controversial legislation. The Misinformation Legislation aim to give 134 00:07:33,000 --> 00:07:36,360 Speaker 1: authorities the power to force tech giants to act on 135 00:07:36,480 --> 00:07:40,760 Speaker 1: alerts about incorrect information and really trying and stop them 136 00:07:40,760 --> 00:07:41,440 Speaker 1: from spreading. 137 00:07:41,680 --> 00:07:44,720 Speaker 2: Yeah, that's right, Michael. The Coalition had already voiced concerns 138 00:07:44,760 --> 00:07:46,760 Speaker 2: about the bill, and over the weekend the Greens and 139 00:07:46,800 --> 00:07:50,480 Speaker 2: most of the Senate Crossbench raised their own objections. Yesterday, 140 00:07:50,560 --> 00:07:54,360 Speaker 2: Communications Minister Michelle Roland announced the government would not proceed 141 00:07:54,400 --> 00:07:56,960 Speaker 2: with the legislation, saying it's clear that there is no 142 00:07:57,080 --> 00:08:00,840 Speaker 2: pathway to legislate this proposal through the Senate. But there's 143 00:08:00,880 --> 00:08:03,480 Speaker 2: still plenty on the legislative agenda this week, with the 144 00:08:03,520 --> 00:08:05,560 Speaker 2: government aiming to get a series of bills through the 145 00:08:05,600 --> 00:08:08,840 Speaker 2: Senate on housing, school funding and the creation of an 146 00:08:08,920 --> 00:08:10,680 Speaker 2: Environment Protection Agency. 147 00:08:11,480 --> 00:08:15,320 Speaker 1: Just quickly checking auction clearance rates now, Adam and there 148 00:08:15,320 --> 00:08:19,720 Speaker 1: were two thousand, five hundred and eighty eight auctions held 149 00:08:19,800 --> 00:08:22,360 Speaker 1: last week. That was down from twenty nine hundred or 150 00:08:22,360 --> 00:08:26,440 Speaker 1: thereabouts the week before spring selling season is continuing, it's 151 00:08:26,520 --> 00:08:29,840 Speaker 1: really not. It's not winding down that much yet. 152 00:08:30,080 --> 00:08:32,400 Speaker 2: No, and that's still a lot of auctions. And there 153 00:08:32,400 --> 00:08:34,839 Speaker 2: was a bit of a spike in preliminary clearance rates 154 00:08:34,880 --> 00:08:37,640 Speaker 2: across most capital cities over the weekend. Sydney came in 155 00:08:37,679 --> 00:08:40,720 Speaker 2: at almost seventy two percent. That's put up pretty sharply 156 00:08:40,760 --> 00:08:43,440 Speaker 2: on the previous week, which had been a shocker. Melbourne 157 00:08:43,480 --> 00:08:46,200 Speaker 2: was up to from about sixty five to over sixty 158 00:08:46,200 --> 00:08:49,040 Speaker 2: eight percent. Brisbane and Adelaide were both pretty consistent with 159 00:08:49,080 --> 00:08:51,960 Speaker 2: the previous week, and Perth came in at seventy five percent. 160 00:08:52,040 --> 00:08:55,440 Speaker 2: Preliminary clearance rate, although that's off a very small number 161 00:08:55,440 --> 00:08:57,600 Speaker 2: of auctions in Perth, which is basically their trend. 162 00:08:58,160 --> 00:09:01,440 Speaker 1: Yeah, indeed, mention, that's one at the top of the show, Adam. 163 00:09:01,480 --> 00:09:06,040 Speaker 1: Total wages and salaries paid by employers pushed beyond one 164 00:09:06,120 --> 00:09:08,959 Speaker 1: hundred billion dollars for the month of September. That is 165 00:09:09,000 --> 00:09:12,680 Speaker 1: the first time that remuneration has gone beyond that mark. 166 00:09:12,720 --> 00:09:13,520 Speaker 1: That's kind of cool. 167 00:09:14,040 --> 00:09:17,079 Speaker 2: Yeah, it's a good number, isn't it. During September, employers 168 00:09:17,080 --> 00:09:20,200 Speaker 2: paid one hundred and three point seven billion, And that's 169 00:09:20,200 --> 00:09:23,720 Speaker 2: according to the Australian Bureau Statistics, up thirteen billion on 170 00:09:23,800 --> 00:09:27,839 Speaker 2: two years earlier, and that reflects underlying wage growth, variations 171 00:09:27,880 --> 00:09:31,079 Speaker 2: in hours worked, one off payments like bonuses, back pay, 172 00:09:31,240 --> 00:09:35,720 Speaker 2: and employment growth. Six industries accounted for about sixty percent 173 00:09:35,800 --> 00:09:38,360 Speaker 2: of the increase, Michael, So listen to these numbers and 174 00:09:38,360 --> 00:09:41,320 Speaker 2: see if this feels right to you. Those industries going up, 175 00:09:41,360 --> 00:09:44,880 Speaker 2: financial and insurance services, what do you reckon? Sound about? Right? 176 00:09:45,640 --> 00:09:46,199 Speaker 1: Makes sense? 177 00:09:46,559 --> 00:09:51,520 Speaker 2: Retail trade thought that was interesting, Information media and telcos 178 00:09:53,559 --> 00:09:56,240 Speaker 2: Information media telcos right, So I'd say that there would 179 00:09:56,280 --> 00:09:59,040 Speaker 2: be some who are doing very well, some perhaps not 180 00:09:59,120 --> 00:10:06,560 Speaker 2: in that very affected industry. Mining transport and warehousing, and electricity, gas, 181 00:10:06,720 --> 00:10:11,640 Speaker 2: water and waste services. Immediately after COVID, the accommodation and 182 00:10:11,720 --> 00:10:16,960 Speaker 2: food services industry experienced fastest growing wages, but in September 183 00:10:17,080 --> 00:10:19,840 Speaker 2: it was actually the slowest, So a lot of movement there. 184 00:10:21,240 --> 00:10:23,880 Speaker 1: Gosh, you love going into the detail, don't you. 185 00:10:24,720 --> 00:10:27,160 Speaker 2: I like thinking about how it's affecting different people. 186 00:10:28,120 --> 00:10:30,200 Speaker 1: Normally you just be able to kind of rattle that off, 187 00:10:30,559 --> 00:10:32,000 Speaker 1: but do you just like, you know what, let's have 188 00:10:32,040 --> 00:10:35,480 Speaker 1: a deep dive into some of these stats, and you 189 00:10:35,559 --> 00:10:38,520 Speaker 1: know what, there will be people listening to this going. Yes, yes, 190 00:10:38,600 --> 00:10:41,240 Speaker 1: we love it when Adam's spelling in because the detail 191 00:10:41,440 --> 00:10:47,240 Speaker 1: just gets so detailed. Anyway, Cheering on the data, yeah, yeah, 192 00:10:47,320 --> 00:10:51,480 Speaker 1: bring on more data. There's never enough data out of 193 00:10:51,600 --> 00:10:59,040 Speaker 1: oil prices just starting to rise. But fuel prices across 194 00:10:59,080 --> 00:11:02,079 Speaker 1: the country, if the exception of Perth, are trading at 195 00:11:02,160 --> 00:11:05,000 Speaker 1: cyclical lows. Did you get out and about over the 196 00:11:05,040 --> 00:11:07,840 Speaker 1: weekend and check out any of the petrol stations in 197 00:11:07,880 --> 00:11:08,480 Speaker 1: your area. 198 00:11:08,800 --> 00:11:11,360 Speaker 2: It is very cheap at the moment. Yeah, both cars 199 00:11:11,360 --> 00:11:14,520 Speaker 2: got filled up on the weekend, Michael. According to the ABC, 200 00:11:14,720 --> 00:11:17,920 Speaker 2: petrol prices in Sydney are around Low's last scene a 201 00:11:17,960 --> 00:11:21,520 Speaker 2: month ago. Same in Melbourne, although the Australian Bureau Statistic 202 00:11:21,559 --> 00:11:25,800 Speaker 2: Stater suggests prices may even be heading lower. Both Brisbane 203 00:11:25,800 --> 00:11:28,480 Speaker 2: and Adelaida in the same boat. Generally, over recent months, 204 00:11:28,679 --> 00:11:31,200 Speaker 2: the lowest prices have been available in Adelaide and the 205 00:11:31,280 --> 00:11:35,000 Speaker 2: highest in Brisbane. The outlier in Perth, where prices are 206 00:11:35,000 --> 00:11:38,280 Speaker 2: trading around peaks with an average price close to one 207 00:11:38,320 --> 00:11:41,120 Speaker 2: dollar ninety five. Elter Fashion chain. 208 00:11:41,360 --> 00:11:45,559 Speaker 1: Lavisa's chairman Brett Blundy has reassured investors that the retailer 209 00:11:45,640 --> 00:11:49,920 Speaker 1: is focused on growth after releasing a pretty disappointing sales 210 00:11:50,000 --> 00:11:50,960 Speaker 1: update on Friday. 211 00:11:51,480 --> 00:11:54,160 Speaker 2: Here Michael Laviisa held its annual general meeting and the 212 00:11:54,160 --> 00:11:57,600 Speaker 2: figures it release showed it is falling behind market expectations 213 00:11:57,600 --> 00:12:01,880 Speaker 2: on sales and news store expansion. So currently it operates 214 00:12:01,960 --> 00:12:05,400 Speaker 2: nine hundred and twenty seven stores in forty nine countries 215 00:12:05,440 --> 00:12:09,000 Speaker 2: and mister Blundy owns forty percent of the shares. Investors 216 00:12:09,000 --> 00:12:12,240 Speaker 2: were unperturbed and pushed its share price up three percent 217 00:12:12,280 --> 00:12:15,679 Speaker 2: on Friday, taking the games this year to fifty percent. 218 00:12:16,240 --> 00:12:18,720 Speaker 2: The company said the trading environment is difficult on the 219 00:12:18,720 --> 00:12:21,240 Speaker 2: back of high interest rates. The sales growth for the 220 00:12:21,240 --> 00:12:24,480 Speaker 2: first twenty weeks of this financial year were just one percent, 221 00:12:24,920 --> 00:12:27,439 Speaker 2: and it opened a disappointing number of stores for them, 222 00:12:27,559 --> 00:12:30,320 Speaker 2: just twenty seven in the period. Mind you, there were 223 00:12:30,360 --> 00:12:33,040 Speaker 2: store openings on the Ivory Coasts, the Republic of Congo 224 00:12:33,200 --> 00:12:34,040 Speaker 2: and Panama. 225 00:12:35,600 --> 00:12:37,480 Speaker 1: Stores in the Republic of Congo. 226 00:12:37,679 --> 00:12:41,959 Speaker 2: Yeah, imagine navigating that environment. Pretty interesting, gothic. 227 00:12:41,760 --> 00:12:47,680 Speaker 1: Yeah, extraordinary, Now this is extraordinary. Australia Post ADAM. So 228 00:12:47,920 --> 00:12:50,719 Speaker 1: I've already got my outraged voice on. Let me try 229 00:12:50,760 --> 00:12:55,000 Speaker 1: a hill and get more impartial here. Australia Post ADAM 230 00:12:55,120 --> 00:12:58,600 Speaker 1: has asked the Australian Competition and Consumer Commission for an 231 00:12:58,720 --> 00:13:01,920 Speaker 1: increase in the price of postage stamps as the use 232 00:13:01,960 --> 00:13:06,920 Speaker 1: of snail mail it does continue to decline. Under the proposal, well, 233 00:13:06,960 --> 00:13:09,880 Speaker 1: there we go, slip straight back into outrage back. Under 234 00:13:09,960 --> 00:13:13,679 Speaker 1: the proposal, the cost of an ordinary letter, just her 235 00:13:13,800 --> 00:13:18,560 Speaker 1: humble everyday letter would from one July next year rise 236 00:13:19,000 --> 00:13:23,320 Speaker 1: twenty cents from a dollar fifty to a dollar seventy. 237 00:13:24,400 --> 00:13:24,880 Speaker 2: Wow. 238 00:13:25,280 --> 00:13:27,560 Speaker 1: The prices for letters up to one hundred and twenty 239 00:13:27,600 --> 00:13:30,240 Speaker 1: five grams so slightly larger would increase from three dollars 240 00:13:30,320 --> 00:13:33,120 Speaker 1: to three dollars forty and letters between one hundred and 241 00:13:33,160 --> 00:13:35,800 Speaker 1: twenty five grams and two hundred and fifty grams would 242 00:13:35,800 --> 00:13:39,320 Speaker 1: cost five dollars ten up from the current four dollars fifty. 243 00:13:39,320 --> 00:13:42,280 Speaker 1: You might ask, Adam, why am I so passionate about this? 244 00:13:42,480 --> 00:13:43,520 Speaker 2: Why are you Michael? 245 00:13:44,040 --> 00:13:48,840 Speaker 1: Because we have kids who have just suddenly decided that 246 00:13:48,880 --> 00:13:51,959 Speaker 1: they want to have pen pals, and so I had 247 00:13:51,960 --> 00:13:54,920 Speaker 1: to go and buy a lot of stamps. And these 248 00:13:54,920 --> 00:13:58,720 Speaker 1: stamps are expensive, you know, like kids, we can't afford 249 00:13:58,760 --> 00:13:59,880 Speaker 1: to have pen pals right. 250 00:13:59,800 --> 00:14:00,800 Speaker 2: Now, try email? 251 00:14:01,559 --> 00:14:05,680 Speaker 1: Have you thought about email? Invest in a fax machine anyway? 252 00:14:05,720 --> 00:14:06,000 Speaker 2: Sorry? 253 00:14:06,040 --> 00:14:06,800 Speaker 1: Go on, please Addam? 254 00:14:06,840 --> 00:14:08,719 Speaker 2: All right, Michael, And this hits fear and greed too. 255 00:14:08,760 --> 00:14:12,000 Speaker 2: You know, the MEA mugs they cost eleven dollars to send, 256 00:14:12,679 --> 00:14:15,120 Speaker 2: They take ten dollars to make. It costs more to 257 00:14:15,200 --> 00:14:15,960 Speaker 2: post the things. 258 00:14:17,080 --> 00:14:19,480 Speaker 1: It just shows that there is serious value tied up 259 00:14:19,520 --> 00:14:20,240 Speaker 1: in a MEA mug. 260 00:14:20,400 --> 00:14:23,760 Speaker 2: Well, indeed, yes, but fortunately Michael, Fear and Greed made 261 00:14:23,760 --> 00:14:26,720 Speaker 2: a strategic decision to buy a whole bunch of mail 262 00:14:26,760 --> 00:14:29,480 Speaker 2: bags ready for the MEA Mug mail out, So look 263 00:14:29,560 --> 00:14:32,600 Speaker 2: back to the cost of the normal mail. In response, 264 00:14:32,720 --> 00:14:35,000 Speaker 2: the A Triple C said it would seek feedback from 265 00:14:35,040 --> 00:14:39,120 Speaker 2: the community and assess recovery of efficient costs, including a 266 00:14:39,120 --> 00:14:42,440 Speaker 2: reasonable rate of return, and how the company's common costs 267 00:14:42,520 --> 00:14:48,000 Speaker 2: are allocated to the relevant letter segments. Australia Post studies 268 00:14:48,000 --> 00:14:51,400 Speaker 2: showed letter volume had declined seventy two percent from the 269 00:14:51,440 --> 00:14:54,080 Speaker 2: two thousand and six financial year to this financial year. 270 00:14:54,400 --> 00:14:57,560 Speaker 2: Ossi Post made a pre tax loss of eighty five 271 00:14:57,760 --> 00:15:00,560 Speaker 2: sorry of eighty eight point five million last FI actual year, 272 00:15:00,840 --> 00:15:03,800 Speaker 2: and its letter business is actually losing money, while it's 273 00:15:03,920 --> 00:15:08,760 Speaker 2: parcel business is facing increasing competition from Amazon, Temu and Shine. 274 00:15:09,600 --> 00:15:13,280 Speaker 1: Turning to international news, now, Adam, the first political showdown 275 00:15:13,440 --> 00:15:17,280 Speaker 1: between President elect Donald Trump and his key off cider, 276 00:15:17,480 --> 00:15:20,640 Speaker 1: the world's richest man, Elon Musk, has been I would 277 00:15:20,680 --> 00:15:22,880 Speaker 1: say awarded to Donald Trump. I think he's won this one. 278 00:15:22,920 --> 00:15:24,880 Speaker 1: It's a fascinating story because you kind of get the 279 00:15:24,920 --> 00:15:27,160 Speaker 1: impression that it will not be the last time that 280 00:15:27,200 --> 00:15:29,320 Speaker 1: these two go head to head. 281 00:15:29,680 --> 00:15:32,040 Speaker 2: I wonder if it lasts all the way up to 282 00:15:32,160 --> 00:15:35,120 Speaker 2: next year, you know, when they get inaugurated in January, 283 00:15:35,600 --> 00:15:38,200 Speaker 2: just how long this partnership will last. It'll be a 284 00:15:38,200 --> 00:15:38,560 Speaker 2: good one. 285 00:15:39,040 --> 00:15:40,320 Speaker 1: It's great to watch, though, isn't it. 286 00:15:40,440 --> 00:15:44,160 Speaker 2: Yeah, So this particular item was over the nomination for 287 00:15:44,200 --> 00:15:48,320 Speaker 2: Treasury Secretary. Donald Trump wanted to appoint Scott's Besant, a 288 00:15:48,360 --> 00:15:52,520 Speaker 2: hedge fund manager from South Carolina. Musk disagreed, posting on 289 00:15:52,760 --> 00:15:55,880 Speaker 2: x that the appointment would be business as usual. So 290 00:15:56,000 --> 00:15:59,400 Speaker 2: betting markets then showed Besson's likelihood of getting the job, 291 00:15:59,680 --> 00:16:03,160 Speaker 2: and they fell sharply and the Trump team started looking 292 00:16:03,200 --> 00:16:05,000 Speaker 2: at other candidates, but by the end of the week 293 00:16:05,360 --> 00:16:08,320 Speaker 2: they were back where they started nominating Scott Presant. It 294 00:16:08,440 --> 00:16:10,840 Speaker 2: still needs to be confirmed by the Senate, but it 295 00:16:10,880 --> 00:16:13,640 Speaker 2: could be a sign of future conflict between Donald Trump 296 00:16:13,720 --> 00:16:16,400 Speaker 2: and Elon Musk, who's supposed to head up a key 297 00:16:16,400 --> 00:16:20,200 Speaker 2: department in the new administration focusing on cutting government spending, 298 00:16:20,560 --> 00:16:24,960 Speaker 2: the Department of Government Efficiency or DOGE with pharmaceutical founder 299 00:16:25,120 --> 00:16:26,360 Speaker 2: Vivek Ramaswami. 300 00:16:27,400 --> 00:16:31,240 Speaker 1: Adam McKinsey is close to paying more than six hundred 301 00:16:31,320 --> 00:16:34,720 Speaker 1: million US dollars to settle the criminal investigation into its 302 00:16:34,800 --> 00:16:39,520 Speaker 1: work advising US opioid manufacturers on how to boost sales 303 00:16:39,560 --> 00:16:43,080 Speaker 1: following claims that fueled the country's addiction crisis. 304 00:16:43,480 --> 00:16:48,000 Speaker 2: Yeah, this is an incredibly long and tawdry investigation, Michael. 305 00:16:48,040 --> 00:16:51,560 Speaker 2: The US Department of Justice has been examining whether McKinsey's 306 00:16:51,560 --> 00:16:55,760 Speaker 2: work amounted to a criminal conspiracy against the healthcare system 307 00:16:55,880 --> 00:16:58,680 Speaker 2: and whether it obstructed justice. And this is according to 308 00:16:58,720 --> 00:17:01,480 Speaker 2: a report in the Financial Time Times. A settlement could 309 00:17:01,520 --> 00:17:04,880 Speaker 2: come within weeks and would include a deferred prosecution agreement 310 00:17:05,240 --> 00:17:08,200 Speaker 2: in which the Department of Justice agrees to drop charges 311 00:17:08,240 --> 00:17:10,840 Speaker 2: against the firm after a period of time if the 312 00:17:10,920 --> 00:17:14,600 Speaker 2: conditions are met, along with a settlement of related civil claims. 313 00:17:15,080 --> 00:17:17,720 Speaker 2: A payment of US six hundred million would dramatically increase 314 00:17:17,760 --> 00:17:21,920 Speaker 2: the cost to McKinsey of its historic work for opioid manufacturers, 315 00:17:21,960 --> 00:17:26,560 Speaker 2: including OxyContin maker Perdue Farmer, for whom its consultants promised 316 00:17:26,560 --> 00:17:30,280 Speaker 2: to turbo charge sales. The firm has paid close to 317 00:17:30,520 --> 00:17:34,360 Speaker 2: one billion US since twenty twenty one in litigation over 318 00:17:34,400 --> 00:17:37,399 Speaker 2: its opioid work, and that includes a six hundred and 319 00:17:37,480 --> 00:17:40,360 Speaker 2: forty million settlement with the fifty US States. 320 00:17:41,320 --> 00:17:44,320 Speaker 1: Finally, one quick one to finish off on Adam. Hundreds 321 00:17:44,359 --> 00:17:47,760 Speaker 1: of workers at the Hennessy Cognac factory in France have 322 00:17:48,000 --> 00:17:50,840 Speaker 1: walked off the job, staggered off the job. 323 00:17:50,920 --> 00:17:54,520 Speaker 2: Maybe they drink responsibly, Michael, it's kgnak. 324 00:17:54,800 --> 00:17:58,760 Speaker 1: Okay, sorry they've sipped and then strolled off the job 325 00:17:59,119 --> 00:18:02,200 Speaker 1: protesting plans to move brandy bottling to China. 326 00:18:03,240 --> 00:18:07,280 Speaker 2: Yeah, Michael Hennessy, which is owned by French luxury giant LVMH, 327 00:18:07,480 --> 00:18:11,119 Speaker 2: is looking at the shift after China imposed penalties on 328 00:18:11,200 --> 00:18:15,320 Speaker 2: European brandy imports. Now that followed the European Union voting 329 00:18:15,320 --> 00:18:19,520 Speaker 2: to hit Chinese imported electric vehicles with higher tariffs. So 330 00:18:19,600 --> 00:18:22,359 Speaker 2: France is the home of the luxury spirit that is 331 00:18:22,440 --> 00:18:25,280 Speaker 2: Konnak and the owner of the region, of course, and 332 00:18:25,320 --> 00:18:29,359 Speaker 2: together with Martel, Remi, Martin and Corvoisier, they account for 333 00:18:29,520 --> 00:18:33,200 Speaker 2: most of the world's Kangyak brandy. Producers want President Emmanuel 334 00:18:33,240 --> 00:18:36,840 Speaker 2: Macron to negotiate a diplomatic solution, and that's according to 335 00:18:36,920 --> 00:18:40,720 Speaker 2: The New York Times, kgnac's sales have tumbled since COVID nineteen, 336 00:18:41,119 --> 00:18:45,760 Speaker 2: hurt by falling sales in China and the US. All right, Adam. 337 00:18:46,160 --> 00:18:48,919 Speaker 1: Coming up next in the Fear and Greed playlist is 338 00:18:48,960 --> 00:18:51,760 Speaker 1: Fear and Greed The Weak Ahead, featuring our resident economist 339 00:18:51,840 --> 00:18:54,639 Speaker 1: Stephen kokoulis plenty to talk about today with Stephen and 340 00:18:54,680 --> 00:18:57,040 Speaker 1: following that as the interview that I mentioned earlier, Rachel 341 00:18:57,160 --> 00:18:59,920 Speaker 1: Conlin from Binance both of them well worth a listen. 342 00:19:00,040 --> 00:19:02,040 Speaker 2: Thank you very much, Adam, Thank you Michael. 343 00:19:02,400 --> 00:19:05,200 Speaker 1: It is Monday, the twenty fifth of November twenty twenty four. 344 00:19:05,280 --> 00:19:07,359 Speaker 1: Make sure you're following the podcast and please join us 345 00:19:07,400 --> 00:19:11,480 Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 346 00:19:11,480 --> 00:19:16,480 Speaker 1: Thompson and that was fear and greed. Have a great day.