1 00:00:06,040 --> 00:00:09,680 Michael Thompson: Today on Fear and Greed. Inflation falls, sparking hopes of 2 00:00:09,680 --> 00:00:13,217 Michael Thompson: an interest rate cut in the coming months, Australia's biggest super 3 00:00:13,217 --> 00:00:17,720 Michael Thompson: fund dumps WiseTech Global on governance concerns, and Tuesday Night's 4 00:00:17,720 --> 00:00:21,920 Michael Thompson: budget gets political. Plus another local retailer falls into administration, 5 00:00:22,120 --> 00:00:26,040 Michael Thompson: and US Vice President JD Vance heads to Greenland even 6 00:00:26,079 --> 00:00:29,040 Michael Thompson: though Greenlanders don't really want him to. Welcome to Fear 7 00:00:29,080 --> 00:00:31,200 Michael Thompson: and Greed. Daily business news for people who make their 8 00:00:31,200 --> 00:00:34,800 Michael Thompson: own decisions. It is Thursday, the twenty seventh of March 9 00:00:34,840 --> 00:00:38,120 Michael Thompson: twenty twenty five. I'm Michael Thompson and Good Morning, Sean Aylmer. 10 00:00:38,240 --> 00:00:39,280 Sean Aylmer: Good morning, Michael. 11 00:00:39,760 --> 00:00:43,120 Michael Thompson: Plenty on today Sean. The main story this morning. Underlying 12 00:00:43,159 --> 00:00:47,159 Michael Thompson: inflation has fallen to its lowest level since late twenty 13 00:00:47,240 --> 00:00:50,400 Michael Thompson: twenty one as price pressures come out of the housing market, 14 00:00:50,479 --> 00:00:54,960 Michael Thompson: sparking a few hopes of another cut in interest rates 15 00:00:54,960 --> 00:00:56,440 Michael Thompson: in coming months. Wouldn't that be good? 16 00:00:57,120 --> 00:01:00,160 Sean Aylmer: It would be. Price pressures in the housing market receded, 17 00:01:00,400 --> 00:01:03,280 Sean Aylmer: pushing the underlying level of inflation to two point seven 18 00:01:03,320 --> 00:01:06,400 Sean Aylmer: percent and the headline rate to two point four percent 19 00:01:06,520 --> 00:01:09,479 Sean Aylmer: four the month of February. According to the Australian Bureau 20 00:01:09,480 --> 00:01:13,280 Sean Aylmer: of Statistics, The headline rate is lower because it includes 21 00:01:13,319 --> 00:01:15,839 Sean Aylmer: the impact of the government seventy five dollars a quarter 22 00:01:16,040 --> 00:01:19,880 Sean Aylmer: energy rebate, but the Reserve Bank is far more interested in 23 00:01:19,920 --> 00:01:22,679 Sean Aylmer: the underlying rate effectively the rate that takes out all 24 00:01:22,680 --> 00:01:26,720 Sean Aylmer: those volatile items like the rebate and gives the trend rate. 25 00:01:26,800 --> 00:01:29,960 Sean Aylmer: It's a truer reading of what's really happening. The downward 26 00:01:30,000 --> 00:01:33,160 Sean Aylmer: pressure on the inflation rate came from rents, which grew 27 00:01:33,240 --> 00:01:36,679 Sean Aylmer: at a much slower pace. We're seeing that in the 28 00:01:36,760 --> 00:01:40,520 Sean Aylmer: high rental vacancy rates. As a result, we're seeing rent 29 00:01:40,640 --> 00:01:43,920 Sean Aylmer: levels not rising anywhere near as much as they were. Also, 30 00:01:44,000 --> 00:01:46,800 Sean Aylmer: the pace of growth of the cost of building a 31 00:01:46,840 --> 00:01:49,800 Sean Aylmer: new home fell to just one point six percent. That's 32 00:01:49,840 --> 00:01:53,080 Sean Aylmer: the lowest level in more than four and a half years. 33 00:01:53,080 --> 00:01:56,040 Sean Aylmer: So prices are still rising, but at a really slow 34 00:01:56,320 --> 00:01:59,960 Sean Aylmer: pace. Not really a surprise given the slump at the construction set 35 00:02:00,200 --> 00:02:02,280 Sean Aylmer: we've seen over the last six to twelve months. The 36 00:02:02,320 --> 00:02:05,280 Sean Aylmer: monthly measure isn't as broad as a quarterly measure, and 37 00:02:05,320 --> 00:02:08,040 Sean Aylmer: it can be volatile, but Michael, for three months now 38 00:02:08,080 --> 00:02:10,639 Sean Aylmer: the underlying rate has been within the Reserve banks preferred 39 00:02:10,720 --> 00:02:14,200 Sean Aylmer: two to three percent target. The data points to the 40 00:02:14,240 --> 00:02:18,680 Sean Aylmer: March quarter underlying rate falling into that target band as well. 41 00:02:18,880 --> 00:02:20,799 Sean Aylmer: Now the headline rate's been in the band for seven 42 00:02:20,960 --> 00:02:22,880 Sean Aylmer: months now, all very exciting. 43 00:02:24,200 --> 00:02:26,680 Michael Thompson: What does it mean then for interest rates? Because we 44 00:02:26,680 --> 00:02:29,760 Michael Thompson: obviously we had a cut in February. There's an RBA 45 00:02:29,840 --> 00:02:33,400 Michael Thompson: board meeting next week. Are we a chance, Sean of 46 00:02:33,440 --> 00:02:35,760 Michael Thompson: getting a second cup on April Fool's Day? 47 00:02:36,480 --> 00:02:39,520 Sean Aylmer: There's always a chance, but you might be a fool 48 00:02:39,639 --> 00:02:43,640 Sean Aylmer: to believe it, I think. Market economists that want a cut point 49 00:02:43,680 --> 00:02:45,959 Sean Aylmer: out that the pace of inflation is still falling, saying 50 00:02:46,000 --> 00:02:48,040 Sean Aylmer: the Reserve Bank can afford to drop the official rate, 51 00:02:48,240 --> 00:02:52,200 Sean Aylmer: particularly given the weakish economy. Those arguing against a rate 52 00:02:52,280 --> 00:02:54,520 Sean Aylmer: cut point out that this is just a monthly figure 53 00:02:54,520 --> 00:02:57,040 Sean Aylmer: and underlying inflation is not yet at the midpoint of 54 00:02:57,080 --> 00:02:59,639 Sean Aylmer: the target band that'd be two point five percent. They 55 00:02:59,760 --> 00:03:03,200 Sean Aylmer: argue that services inflation remains too high, coming in around 56 00:03:03,240 --> 00:03:05,800 Sean Aylmer: three point six percent, So really you can take your pick. 57 00:03:06,560 --> 00:03:10,280 Sean Aylmer: Where I think we'll land: inflation is definitely trending lower. 58 00:03:10,600 --> 00:03:13,760 Sean Aylmer: The Reserve Bank will be very mindful of the potential 59 00:03:13,960 --> 00:03:17,880 Sean Aylmer: negative impacts of the growing global trade war. It will 60 00:03:17,880 --> 00:03:21,080 Sean Aylmer: also be worried about the inflationary impact of that growing 61 00:03:21,240 --> 00:03:24,000 Sean Aylmer: global trade war. So I doubt there'll be a rate 62 00:03:24,080 --> 00:03:28,200 Sean Aylmer: cut next week. But next month we find out about 63 00:03:28,320 --> 00:03:32,200 Sean Aylmer: tariffs and quarterly inflation. The Reserve Bank meets in May, 64 00:03:32,919 --> 00:03:35,680 Sean Aylmer: they'll have a much better indication of what's going on 65 00:03:35,760 --> 00:03:40,920 Sean Aylmer: locally with inflation, global with tariffs. That's when we'll know 66 00:03:41,120 --> 00:03:42,960 Sean Aylmer: whether or not they're going to cut rates again. 67 00:03:43,440 --> 00:03:46,240 Michael Thompson: Okay, so next week is still up in the air. 68 00:03:46,240 --> 00:03:48,560 Sean Aylmer: There's always a chance, Michael, always a chance. 69 00:03:49,280 --> 00:03:51,000 Michael Thompson: If I cross my fingers, is that going to help? 70 00:03:52,520 --> 00:03:52,730 Sean Aylmer: Er, maybe. 71 00:03:52,730 --> 00:03:57,240 Michael Thompson: Probably not. Yesterday, local markets, how did they respond to the 72 00:03:57,240 --> 00:03:58,160 Michael Thompson: inflation figures? 73 00:03:58,320 --> 00:04:02,080 Sean Aylmer: Ppositively. The good news on inflation, alongside the stronger economic growth 74 00:04:02,120 --> 00:04:05,520 Sean Aylmer: forecasts in Tuesday nights budget helped push the local market higher. 75 00:04:05,880 --> 00:04:08,800 Sean Aylmer: It finished up zero point seven percent to seven nine 76 00:04:09,200 --> 00:04:12,240 Sean Aylmer: and ninety nine points, so close. It did actually push 77 00:04:12,280 --> 00:04:14,720 Sean Aylmer: above eight thousand points for the first time in a 78 00:04:14,720 --> 00:04:17,400 Sean Aylmer: couple of weeks. The banks did it well, particularly ANZ. 79 00:04:17,800 --> 00:04:20,520 Sean Aylmer: The miners, energy companies, they all did pretty well. So 80 00:04:20,600 --> 00:04:24,240 Sean Aylmer: to retailers, healthcare stocks. Not so good, Michael. 81 00:04:24,880 --> 00:04:27,359 Michael Thompson: Sean, before we go to the break, we've got to 82 00:04:27,360 --> 00:04:31,560 Michael Thompson: talk about this story. The country's largest superannuation fund, AustralianSuper 83 00:04:31,960 --> 00:04:35,800 Michael Thompson: has sold about five hundred and eighty million dollars worth 84 00:04:35,839 --> 00:04:40,400 Michael Thompson: of WiseTech Global stock, saying the group's governance fell short 85 00:04:40,520 --> 00:04:43,039 Michael Thompson: of expectations, which may even be a bit of an 86 00:04:43,120 --> 00:04:44,239 Michael Thompson: understatement really. 87 00:04:43,760 --> 00:04:47,320 Sean Aylmer: It might, but it's good to see a large super 88 00:04:47,360 --> 00:04:51,640 Sean Aylmer: fund actually doing something about governance and kind of putting 89 00:04:51,680 --> 00:04:53,960 Sean Aylmer: its money where its mouth is. So I Aussie Super has been 90 00:04:54,000 --> 00:04:56,440 Sean Aylmer: an investor in Wisetech since twenty sixteen, it would have 91 00:04:56,440 --> 00:04:59,200 Sean Aylmer: made a lot of money in that period. Over the 92 00:04:59,200 --> 00:05:01,800 Sean Aylmer: past twelve months or so, there have been allegations swirling 93 00:05:01,839 --> 00:05:05,400 Sean Aylmer: around founder, major shareholder and CEO Richard White, about relationships 94 00:05:05,440 --> 00:05:09,080 Sean Aylmer: with staff and other women. It came to a head 95 00:05:09,360 --> 00:05:12,520 Sean Aylmer: earlier this month when three independent directors quit the company, 96 00:05:12,520 --> 00:05:16,320 Sean Aylmer: including its chair. White then installed himself as executive chair. 97 00:05:16,640 --> 00:05:19,440 Sean Aylmer: Now ASIC,the regulator has said it's taking a look at 98 00:05:19,440 --> 00:05:22,560 Sean Aylmer: what's going on. Aussie Super yesterday came out said it 99 00:05:22,600 --> 00:05:25,520 Sean Aylmer: had been a strong supporter of the business, but that 100 00:05:25,600 --> 00:05:30,320 Sean Aylmer: good governance was essential to delivering value. I quote; As 101 00:05:30,360 --> 00:05:33,239 Sean Aylmer: a long term active manager, our role is to allocate 102 00:05:33,279 --> 00:05:37,039 Sean Aylmer: members retirement savings so the companies we think are most 103 00:05:37,160 --> 00:05:40,360 Sean Aylmer: likely to create value over the years to come. The 104 00:05:40,400 --> 00:05:43,320 Sean Aylmer: inference in this, at least in AussieSuper's mind, is that 105 00:05:43,400 --> 00:05:48,080 Sean Aylmer: poor governance leads to poor results. Now, other large super 106 00:05:48,160 --> 00:05:53,120 Sean Aylmer: funds are invested in Wisetech, so AwareSuper, REST, Insignia Financial, Hesta. They're 107 00:05:53,240 --> 00:05:55,360 Sean Aylmer: likely to come and under pressure now to sell down. 108 00:05:55,760 --> 00:05:58,800 Michael Thompson: All right, big story, big day. A lot more still 109 00:05:58,839 --> 00:06:00,400 Michael Thompson: to come. We'll be back in a moment with the 110 00:06:00,400 --> 00:06:02,080 Michael Thompson: rest of the day's business news. 111 00:06:08,279 --> 00:06:12,240 Michael Thompson: Sean, the day after the budget was mostly, perhaps unsurprisingly 112 00:06:12,279 --> 00:06:16,200 Michael Thompson: about politics not economics, with the government pushing to legislate 113 00:06:16,240 --> 00:06:18,440 Michael Thompson: its budget tax cuts this week. 114 00:06:18,720 --> 00:06:22,080 Sean Aylmer: The legislation for the seventeen point one billion dollar income 115 00:06:22,160 --> 00:06:24,600 Sean Aylmer: tax cut, which is about ten bucks a week when 116 00:06:24,600 --> 00:06:28,000 Sean Aylmer: fully implemented, passed the Lower House yesterday with the support 117 00:06:28,040 --> 00:06:31,920 Sean Aylmer: of the Greens and the Independents. The Coalition voted against 118 00:06:32,240 --> 00:06:35,840 Sean Aylmer: the bill, calling it a cruel hoax, and now Opposition 119 00:06:35,920 --> 00:06:38,120 Sean Aylmer: leader Peter Dutton is in the position where he looks 120 00:06:38,160 --> 00:06:41,240 Sean Aylmer: like he's opposing a tax cut. The legislation was due 121 00:06:41,279 --> 00:06:43,039 Sean Aylmer: to go to the Upper House last night. If it 122 00:06:43,120 --> 00:06:47,320 Sean Aylmer: passes then Anthony Albanese will probably call an election and 123 00:06:47,440 --> 00:06:49,280 Sean Aylmer: one of the first things he'll say is Peter Dutton 124 00:06:49,320 --> 00:06:53,680 Sean Aylmer: doesn't want to cut taxes. Now Federal Treasurer Jim Chalmers 125 00:06:53,680 --> 00:06:55,400 Sean Aylmer: has made the most of it yesterday, saying to vote 126 00:06:55,400 --> 00:06:57,839 Sean Aylmer: against the legislation is to stand against the cost of 127 00:06:57,880 --> 00:07:01,960 Sean Aylmer: living relief. Peter Dutton gives his budget response tonight and 128 00:07:02,040 --> 00:07:04,760 Sean Aylmer: could well announce his own tax cuts if the Coalition 129 00:07:05,000 --> 00:07:07,440 Sean Aylmer: is elected. Certainly he's likely to focus on energy policy 130 00:07:07,440 --> 00:07:10,200 Sean Aylmer: and other cost of living relief. But the Government has 131 00:07:10,240 --> 00:07:13,200 Sean Aylmer: done a really good job in wedging Peter Dutton on 132 00:07:13,280 --> 00:07:16,000 Sean Aylmer: this issue. Some of the other cost of living issues 133 00:07:16,280 --> 00:07:19,040 Sean Aylmer: that they've spoken about as soon as they're announced it, 134 00:07:19,080 --> 00:07:21,680 Sean Aylmer: Peter Dutton has come out and said yep, we'll support that. 135 00:07:21,760 --> 00:07:24,400 Sean Aylmer: So their reduction in the cost of scripts, for example, 136 00:07:24,680 --> 00:07:27,960 Sean Aylmer: the money to improve bulk billing or increase the amount 137 00:07:28,000 --> 00:07:30,800 Sean Aylmer: of bulk billing by GPS, the Coalition immediately came out 138 00:07:30,840 --> 00:07:32,840 Sean Aylmer: and supported it. In this one, it hasn't because it 139 00:07:32,880 --> 00:07:35,800 Sean Aylmer: actually thinks budget repair is more important than very small 140 00:07:35,840 --> 00:07:39,080 Sean Aylmer: tax cuts. But bad look for the opposition. 141 00:07:39,760 --> 00:07:42,880 Michael Thompson: Yeah, and I imagine question time yesterday would have been 142 00:07:42,920 --> 00:07:44,200 Michael Thompson: largely focused on the budget. 143 00:07:44,280 --> 00:07:47,960 Sean Aylmer: Yeah, it was a tax cuts, instant asset write off legislation. 144 00:07:48,120 --> 00:07:50,520 Sean Aylmer: There was also stuff around work from home. This is 145 00:07:50,520 --> 00:07:52,600 Sean Aylmer: the last week of the Parliament ahead of the election. 146 00:07:53,280 --> 00:07:56,200 Sean Aylmer: I thought the highlight yesterday was in the Senate. Greens 147 00:07:56,320 --> 00:08:01,200 Sean Aylmer: Senator Sarah Hanson Young came in wielding a large fish. Salmon, 148 00:08:01,280 --> 00:08:04,280 Sean Aylmer: I think, not one hundred percent sure. She was protesting 149 00:08:04,320 --> 00:08:08,000 Sean Aylmer: what she calls a gutting, pardon the pun of environmental 150 00:08:08,080 --> 00:08:11,600 Sean Aylmer: laws by the Albanese government. I thought the Speaker of 151 00:08:11,600 --> 00:08:13,960 Sean Aylmer: the House did a good job in saying ejecting the 152 00:08:13,960 --> 00:08:17,880 Sean Aylmer: fish effectively, which is kind of funny. Meanwhile, the Prime 153 00:08:17,880 --> 00:08:21,000 Sean Aylmer: Minister flagged further election announcements to help tradies and blue 154 00:08:21,000 --> 00:08:22,600 Sean Aylmer: collar workers during the campaign. 155 00:08:23,920 --> 00:08:26,200 Michael Thompson: It's been a while since we've had a prop taken 156 00:08:26,200 --> 00:08:29,400 Michael Thompson: into Parliament because I remember we've had Scott Morrison had a 157 00:08:29,440 --> 00:08:33,000 Michael Thompson: big chunk of coal. I think, I yes, remember that. 158 00:08:33,000 --> 00:08:35,480 Michael Thompson: I'm pretty sure Scott Morrison. But yes, this was a 159 00:08:35,520 --> 00:08:39,080 Michael Thompson: salmon and it was bagged, so it wasn't it wasn't 160 00:08:39,120 --> 00:08:42,160 Michael Thompson: going to kind of get kind of salmon water all over 161 00:08:42,200 --> 00:08:45,600 Michael Thompson: the place. But still props are not allowed in Parliament, even 162 00:08:45,640 --> 00:08:48,959 Michael Thompson: as kind of creative as this one was. Sean, one 163 00:08:48,960 --> 00:08:51,520 Michael Thompson: of the rights of passage as a political journalist is 164 00:08:51,600 --> 00:08:55,000 Michael Thompson: to cover a federal election campaign. Most of the access 165 00:08:55,080 --> 00:08:57,440 Michael Thompson: has always been given to the Canberra Press Gallery, but 166 00:08:57,640 --> 00:09:01,600 Michael Thompson: membership of the gallery will no longer be a prerequisite 167 00:09:01,760 --> 00:09:04,559 Michael Thompson: to catch the labor media buses around the country. This 168 00:09:04,600 --> 00:09:08,080 Michael Thompson: is really interesting. It seems to be a big shift 169 00:09:08,360 --> 00:09:09,360 Michael Thompson: away from tradition. 170 00:09:09,920 --> 00:09:13,160 Sean Aylmer: So content creators whatever that means, will be able to 171 00:09:13,240 --> 00:09:16,600 Sean Aylmer: join the trail for a single day at a time, 172 00:09:17,080 --> 00:09:20,560 Sean Aylmer: acording to the AFR. I'm not one hundred percent sure here, 173 00:09:20,600 --> 00:09:24,360 Sean Aylmer: but I actually think that potentially the ALP will pay 174 00:09:24,520 --> 00:09:28,080 Sean Aylmer: for their travel to join for the day. The idea 175 00:09:28,240 --> 00:09:31,040 Sean Aylmer: is that their ALP wants to push its campaigning to 176 00:09:31,120 --> 00:09:34,079 Sean Aylmer: audiences that don't follow the news closely. Now, already we've 177 00:09:34,120 --> 00:09:36,200 Sean Aylmer: seen a bit of that. Anthony Albanese and Peter Dutton, 178 00:09:36,240 --> 00:09:39,280 Sean Aylmer: for that matter, have been on podcasts much more than 179 00:09:39,320 --> 00:09:44,760 Sean Aylmer: their predecessors. Social media influencers and finance content creators have 180 00:09:44,840 --> 00:09:47,600 Sean Aylmer: been invited, well, they will be invited on their campaign. 181 00:09:47,600 --> 00:09:50,560 Sean Aylmer: They're actually invited into the media lock up for Tuesday's budget. 182 00:09:50,600 --> 00:09:54,079 Sean Aylmer: That's the first time that's happened. I think the more 183 00:09:54,120 --> 00:09:56,319 Sean Aylmer: people spreading the message is a good thing, so it's 184 00:09:56,320 --> 00:09:59,719 Sean Aylmer: hard to argue against that. The point which is a 185 00:09:59,800 --> 00:10:02,160 Sean Aylmer: bit tricky, I mean, it costs media companies hundreds of 186 00:10:02,160 --> 00:10:04,320 Sean Aylmer: thousands of dollars to send reporters on the road with 187 00:10:04,360 --> 00:10:10,000 Sean Aylmer: political parties. If influencers and content creators are kind of 188 00:10:10,000 --> 00:10:13,440 Sean Aylmer: getting a free ride on that, it's important that they're independent. 189 00:10:13,559 --> 00:10:16,520 Sean Aylmer: It's important that they're just not being paid and write 190 00:10:17,320 --> 00:10:19,800 Sean Aylmer: good stuff about the ALP because what we want is 191 00:10:19,840 --> 00:10:24,040 Sean Aylmer: a robust debate. So I'm not against it. I mean, 192 00:10:24,080 --> 00:10:26,640 Sean Aylmer: I love the idea that you know, they have a big, 193 00:10:26,679 --> 00:10:28,960 Sean Aylmer: big audience. That's important. But so long as they're responsible 194 00:10:28,960 --> 00:10:29,360 Sean Aylmer: about it. 195 00:10:29,720 --> 00:10:33,360 Michael Thompson: Yeah, more voices is a good thing. More independent voices 196 00:10:33,440 --> 00:10:34,120 Michael Thompson: is a great thing. 197 00:10:34,320 --> 00:10:34,400 Sean Aylmer: Yes. 198 00:10:34,840 --> 00:10:38,679 Michael Thompson: Sean steelmakers need coal to burn in their blast furnaces, 199 00:10:38,720 --> 00:10:42,240 Michael Thompson: and administrators of Whyalla Steel Works have scrambled to buy 200 00:10:42,320 --> 00:10:45,760 Michael Thompson: coking coal from competitor Bluescope as well as China and 201 00:10:45,800 --> 00:10:49,640 Michael Thompson: Indonesia after finding that they had just three days of 202 00:10:49,640 --> 00:10:50,439 Michael Thompson: supply left. 203 00:10:51,000 --> 00:10:54,559 Speaker 3: So when an administrators KordaMentha arrived there were just three 204 00:10:54,679 --> 00:11:00,599 Speaker 3: days of supply. The previous owner, Sanjiv Gupta basically run down stockpiles. 205 00:11:00,600 --> 00:11:04,320 Speaker 3: As a result, KordaMentha scurried around and spent sixty million dollars 206 00:11:04,520 --> 00:11:07,400 Speaker 3: in what they called an unexpected cost to buy coal. 207 00:11:08,559 --> 00:11:13,040 Speaker 3: KordaMentha also said yesterday Bluescope is among twelve interested parties 208 00:11:13,080 --> 00:11:16,480 Speaker 3: in acquiring the steel works. That's good news for all 209 00:11:16,559 --> 00:11:19,760 Speaker 3: the workers down there in Whyalla. The steel works was 210 00:11:19,800 --> 00:11:22,840 Speaker 3: forced into administration by the South Australian government in mid February, 211 00:11:22,880 --> 00:11:25,360 Speaker 3: owing about one point three five billion dollars. 212 00:11:26,120 --> 00:11:29,880 Michael Thompson: The parent company of retailer Jeans West has gone into 213 00:11:29,960 --> 00:11:33,760 Michael Thompson: voluntary administration and plans to close stores, putting six hundred 214 00:11:33,800 --> 00:11:34,480 Michael Thompson: jobs at risk. 215 00:11:34,800 --> 00:11:39,000 Sean Aylmer: It's second time Hong Kong owner Harbor Guidance Proprietary Limited 216 00:11:39,080 --> 00:11:41,840 Sean Aylmer: has put Jeans West into administration. It happened five years 217 00:11:41,840 --> 00:11:44,760 Sean Aylmer: ago and then Harbor Guidance brought it back. Now it's 218 00:11:44,760 --> 00:11:47,880 Sean Aylmer: put back into administration. The fifty three year old chain 219 00:11:48,000 --> 00:11:50,679 Sean Aylmer: was founded in Perth. It focuses pretty much on cheap 220 00:11:50,800 --> 00:11:53,199 Sean Aylmer: jeans and T shirts. Grew to about one hundred and 221 00:11:53,240 --> 00:11:56,720 Sean Aylmer: fifty stores now it operates around ninety. Its main competitors, 222 00:11:56,800 --> 00:12:02,440 Sean Aylmer: Just Jeans and JJ's were recently sold to It basically 223 00:12:02,520 --> 00:12:05,240 Sean Aylmer: adds to the list of brands that have failed Katies, 224 00:12:05,280 --> 00:12:09,640 Sean Aylmer: Noni B rivers, Rockman's, Miller's, Jean's West, a lot of them. 225 00:12:09,880 --> 00:12:10,800 Sean Aylmer: Yeah, there certainly is. 226 00:12:10,840 --> 00:12:12,960 Michael Thompson: And finally Sean, before we get to the international news, 227 00:12:12,960 --> 00:12:16,600 Michael Thompson: bottle shops First Choice and Vintage Sellers will be rebranded 228 00:12:16,640 --> 00:12:19,720 Michael Thompson: Liquorland as part of owner Coles's efforts to take on 229 00:12:20,440 --> 00:12:22,520 Michael Thompson: the juggernaut that is Dan Murphy's. 230 00:12:22,720 --> 00:12:25,920 Speaker 3: The juggernaut. Endeavour owns Dan Murphy's. It used to be owned 231 00:12:25,920 --> 00:12:29,480 Speaker 3: by Woolies. Dan's has been the market leader for a 232 00:12:29,520 --> 00:12:32,319 Speaker 3: long time, and as part of Coles effort to gain 233 00:12:32,480 --> 00:12:35,480 Speaker 3: some ground, all nine hundred and eighty four of its 234 00:12:35,480 --> 00:12:38,920 Speaker 3: stores will become Liquorland stores. It wants to build a 235 00:12:39,000 --> 00:12:43,240 Speaker 3: national brand and reinvigorate its price matching campaign. Starting next month. 236 00:12:43,240 --> 00:12:46,360 Speaker 3: The national rollout will see all Coles liquor stores, whatever 237 00:12:46,400 --> 00:12:50,960 Speaker 3: their name, unified under three banners Liquorland, Liquorland Cellars or 238 00:12:51,080 --> 00:12:55,200 Speaker 3: Liquorland Warehouse. The program will increase Liquoraland's footprint by twenty 239 00:12:55,240 --> 00:12:57,200 Speaker 3: five percent. Many of the stores will be located near 240 00:12:57,320 --> 00:12:59,040 Speaker 3: or adjacent to a Coles supermarket. 241 00:13:00,080 --> 00:13:03,920 Michael Thompson: Okay, turning to international news now, this story is really quite something. 242 00:13:04,080 --> 00:13:08,360 Michael Thompson: US Vice President JD Vance is heading to Greenland this week, 243 00:13:08,679 --> 00:13:11,760 Michael Thompson: taking over a controversial visit that officials in Greenland have 244 00:13:11,840 --> 00:13:15,160 Michael Thompson: actually made very very clear that they don't want at all. 245 00:13:15,400 --> 00:13:18,240 Sean Aylmer: So this week the Trump administration said that Usha Vance, 246 00:13:18,480 --> 00:13:21,640 Sean Aylmer: the Second Lady, and Michael Waltz, the National Security Advisor, 247 00:13:21,960 --> 00:13:24,640 Sean Aylmer: were traveling to Greenland to promote ties with the semi 248 00:13:24,679 --> 00:13:27,959 Sean Aylmer: autonomous territory of Denmark that President Donald Trump wants for 249 00:13:28,000 --> 00:13:31,160 Sean Aylmer: the United States. Now, officials from Denmark and Greenland immediately 250 00:13:31,160 --> 00:13:34,960 Sean Aylmer: branded the trip as aggressive. So this is the Second Lady, 251 00:13:35,360 --> 00:13:39,319 Sean Aylmer: not the VP. They called it aggressive and part of 252 00:13:39,360 --> 00:13:41,360 Sean Aylmer: the President's plan to get the island, according to The 253 00:13:41,360 --> 00:13:43,719 Sean Aylmer: New York Times. Now there's been a change of those 254 00:13:43,760 --> 00:13:47,600 Sean Aylmer: planes and the VP's going. On X Vance said he 255 00:13:47,679 --> 00:13:49,679 Sean Aylmer: would and I quote: Just check out what's going on 256 00:13:49,760 --> 00:13:53,760 Sean Aylmer: with the security there of Greenland. He also accused Denmark 257 00:13:53,760 --> 00:13:56,760 Sean Aylmer: of ignoring the island, which he said was bad for 258 00:13:56,800 --> 00:14:02,800 Sean Aylmer: the security of the entire world. Somewhat condescending. 259 00:14:03,000 --> 00:14:05,080 Michael Thompson: That line, "just check out what's going on with the 260 00:14:05,160 --> 00:14:08,559 Michael Thompson: security there." Just what? Just walk around, poke around a 261 00:14:08,559 --> 00:14:10,400 Michael Thompson: little bit, see what's kind of ... 262 00:14:10,400 --> 00:14:13,360 Sean Aylmer: And actually it's yeah, it's incredible that. A quick update 263 00:14:13,360 --> 00:14:15,240 Sean Aylmer: of the story. The story we had yesterday about the 264 00:14:15,320 --> 00:14:19,920 Sean Aylmer: leaking of the Signal chat group to the editor in 265 00:14:19,960 --> 00:14:23,360 Sean Aylmer: chief of the Atlantic. So basically, the journalists knew the 266 00:14:23,400 --> 00:14:26,760 Sean Aylmer: attack on Yemen was coming well before it happened. The 267 00:14:26,800 --> 00:14:30,440 Sean Aylmer: administration including Donald Trump just basically said, oh, look, mistakes happened. 268 00:14:32,200 --> 00:14:32,640 Sean Aylmer: That's it. 269 00:14:34,680 --> 00:14:37,600 Michael Thompson: So but that was after denying it first and denying 270 00:14:37,640 --> 00:14:39,520 Michael Thompson: that all of the like. It went through kind of 271 00:14:39,600 --> 00:14:41,360 Michael Thompson: multiple stages and in the end they've just come out 272 00:14:41,360 --> 00:14:45,520 Michael Thompson: and said, oh, yep, it happens anyway. Fascinating story, Sean. 273 00:14:45,600 --> 00:14:47,960 Michael Thompson: Immediately after the show, stay listening. We've got an interview 274 00:14:48,000 --> 00:14:50,960 Michael Thompson: coming up today, something a little bit different. Dave Ward, 275 00:14:51,240 --> 00:14:57,640 Michael Thompson: managing director International at Ring. Ring Doorbells. These are amazing things. 276 00:14:57,640 --> 00:15:01,000 Sean Aylmer: Ring door bells. They are great. They've video door bells, 277 00:15:01,000 --> 00:15:04,840 Sean Aylmer: and we talked to him about, well, the growth in 278 00:15:05,120 --> 00:15:08,640 Sean Aylmer: these video door bells, but what their uses for. I mean, 279 00:15:08,760 --> 00:15:11,520 Sean Aylmer: you know you'd use them obviously for people at the 280 00:15:11,520 --> 00:15:13,800 Sean Aylmer: front door, but they have many, many more uses. And 281 00:15:13,840 --> 00:15:17,120 Sean Aylmer: like we've been doing so much economics and politics and investing, 282 00:15:17,280 --> 00:15:19,000 Sean Aylmer: we thought we'd just have a total change of pace 283 00:15:19,400 --> 00:15:21,800 Sean Aylmer: and kind of something that affects us all. And so 284 00:15:21,920 --> 00:15:25,120 Sean Aylmer: Dave's a great advocate for these products, and it's just 285 00:15:25,160 --> 00:15:28,320 Sean Aylmer: really interesting to hear his take on where it's going, 286 00:15:28,440 --> 00:15:31,160 Sean Aylmer: how they're used, where we're going to get to and 287 00:15:31,440 --> 00:15:36,000 Sean Aylmer: particularly how Ring is using AI such that you don't 288 00:15:36,000 --> 00:15:38,960 Sean Aylmer: have to search for things that happen during the day. 289 00:15:39,040 --> 00:15:41,720 Sean Aylmer: You can basically, you know, type in want to know 290 00:15:42,240 --> 00:15:45,480 Sean Aylmer: who run over the garden and the video will come 291 00:15:45,560 --> 00:15:48,440 Sean Aylmer: up because the AI can interpret what you're asking. 292 00:15:49,000 --> 00:15:51,160 Michael Thompson: Yeah, it's actually really cool. It is coming up next to 293 00:15:51,200 --> 00:15:53,520 Michael Thompson: the Fear and Greed playlist on your podcast platform or 294 00:15:53,560 --> 00:15:55,600 Michael Thompson: at Fearangreed dot com dot au, which is where you 295 00:15:55,640 --> 00:15:58,000 Michael Thompson: sign up for the Fear and Greed newsletter as well. 296 00:15:58,040 --> 00:15:59,000 Michael Thompson: Thank you very much, Sean. 297 00:15:59,160 --> 00:15:59,840 Sean Aylmer: Thank you, Michael. 298 00:16:00,200 --> 00:16:03,160 Michael Thompson: It is Thursday, the twenty seventh of March twenty twenty five. 299 00:16:03,240 --> 00:16:05,600 Michael Thompson: Make sure you're following the podcast and please join us 300 00:16:05,600 --> 00:16:09,480 Michael Thompson: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael 301 00:16:09,520 --> 00:16:14,239 Michael Thompson: Thompson and that was Fear and Greed. Have a great day.