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

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Speaker 1: The competition watchdog allegers in federal court that Coles has

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Speaker 1: used promotions to disguise big price rises. JB High Fi

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Speaker 1: surgeres as shoppers stock up on electronics, and new Liberal

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Speaker 1: boss Angus Taylor outlines his vision. Plus steelmaker Blue Scope

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Speaker 1: becomes Santa Claus for shareholders, and Shari Blair gives a

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Speaker 1: very frank interview about her husband, former British PM Tony Blam.

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Speaker 1: It is Tuesday, the seventeenth of February twenty twenty six.

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Speaker 1: I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: The voice is coming back, Seawan. You were a little

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Speaker 1: bit horse yesterday. We are getting better every day. The

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Speaker 1: main story this morning show and the competition Regulator's case

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Speaker 1: against supermarket giant Coles, kicked off yesterday in the Federal

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Speaker 1: court in a landmark legal action which will really test

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Speaker 1: what is actually a discount from retailers. The agable Sea's

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Speaker 1: alleging that Coal's deliberately used promotions to disguise big price

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Speaker 1: rises in a bid to maintain returns. The actions meant

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Speaker 1: that shoppers got the impression that hundreds of products were

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Speaker 1: getting cheaper when the opposite was the case, are actually

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Speaker 1: becoming more expensive.

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Speaker 2: Yeah, not so much downdown as up up maybe.

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Speaker 1: Yeah.

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Speaker 2: The watchdog's alleging that Coal's misled shoppers. It was day

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Speaker 2: one of ten days of hearings, or the media is

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Speaker 2: covering it. The case has major ramifications for Coals, for Woolies,

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Speaker 2: for Aldi, for all sorts of shoppers, and of course

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Speaker 2: for the Australian Competition and Consumer Commission, which has claimed

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Speaker 2: both supermarket giants misled customers. Now this is the Coal's case.

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Speaker 2: The Woolies one is due to kickoff. I think it's

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Speaker 2: April or May this year.

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Speaker 1: I imagine they would be watching it very very closely

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Speaker 1: to see how it pans out. There was a focus

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Speaker 1: yesterday on dog food, of all things, and it pretty

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Speaker 1: much explained the a Triple C's case. So there was

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Speaker 1: a one point two kilogram of Nature's Gift dog food

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Speaker 1: had been sold for four dollars for two hundred and

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Speaker 1: ninety six days before February seven, twenty twenty three. Right,

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Speaker 1: so four dollars two hundred nine six days. Then for

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Speaker 1: a period of just seven days, this is. According to

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Speaker 1: the ageable C, Coals increased the price of that product

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Speaker 1: by fifty percent to six dollars. On the eighth day,

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Speaker 1: Coals began offering that same product for sale at a

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Speaker 1: price of four dollars fifty But that's still obviously more

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Speaker 1: than what customers had been paying for all but seven

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Speaker 1: of the previous three hundred and three days. Yes, that

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Speaker 1: is really the nub of this whole case. Coals, in

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Speaker 1: documents filed with the court, has argued that the price

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Speaker 1: increases were largely put in place after requests from suppliers,

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Speaker 1: and only after they were satisfied that the producer was

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Speaker 1: grappling with high costs themselves and needed to charge.

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Speaker 2: More not to be out of pocket. Now the LGIBLEC

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Speaker 2: says that same dogford is on sale is misleading. Whatever

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Speaker 2: the circumstances for the price changes, that's actually misleading to

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Speaker 2: the consumer. So the ahable Seed is less worried about

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Speaker 2: the relationship between the supplier and Coals, worried about what

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Speaker 2: customers are seeing.

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Speaker 1: What does this mean, Sean, Given we're all worried obviously

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Speaker 1: about inflation, we're worried about the cost of living, you'd

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Speaker 1: have to think that this case has the potential to

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Speaker 1: be kind of as political as it is economic.

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Speaker 2: Yeah, so when this all came as less than eighty

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Speaker 2: months and now ago, now this all initially was aired

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Speaker 2: and Woolies and Coals they got hammered, and politicians piled in,

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Speaker 2: consumer groups piled in. I actually think they've done a

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Speaker 2: pretty decent job rebuilding their reputations. But it all starts again.

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Speaker 2: I mean, it must be very disappointing to be working

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Speaker 2: at Coals or Woolies and just think, oh, we've got

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Speaker 2: to go through this whole thing again, because you know,

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Speaker 2: like the banks before them, the retailers have become political

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Speaker 2: kicking horse kicking horses. Don't know where that one came

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Speaker 2: from anyway, punching bags about that. I think that's ethical,

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Speaker 2: and you know it's about to start off all over again.

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Speaker 1: Yeah, and especially when you have an example like that

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Speaker 1: dog food.

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Speaker 2: Yeah one we're easy to understand.

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Speaker 1: Yeah, easily illustrated, easily understood, and just doesn't look good anyway.

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Speaker 1: We will watch this play out in court, local markets.

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Speaker 1: How do we go?

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Speaker 2: Yesterday s and pas X two hundred close up a

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Speaker 2: touch to eighty nine and thirty seven points. Really a

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Speaker 2: day for the tech stocks, the index was up nearly

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Speaker 2: six percent. Wise, Tech led the tech stocks up thirteen

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Speaker 2: percent week a day for the miners, Rear and fortes

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Speaker 2: Q Metals both dropped. Banks were mixed.

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Speaker 1: Michael Sean, there are holidays everywhere, it seems in global markets.

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Speaker 1: Maybe we need one here too.

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Speaker 2: So yeah, look, the US was closed overnight for the

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Speaker 2: President's Day holiday. It honors all US presidents, but especially

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Speaker 2: George Washington. Can you imagine a PM holiday in Australia

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Speaker 2: on all our prime ministers. We're gonna have the day off?

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Speaker 1: No, I no, I can't imagine that. I don't. It

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Speaker 1: doesn't feel like there is quite the same amount of

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Speaker 1: reverence for previous previous leaders as there is in the US.

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Speaker 1: I don't know how it kind of fits in with

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Speaker 1: what's currently happening, But maybe let's move on China.

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Speaker 2: Of course, they know how to do it properly. Their

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Speaker 2: markets are closed all week for learn a new year.

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Speaker 2: That's that's a solid break.

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Speaker 1: Yeah yeah, maybe, okay, maybe we need to base it

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Speaker 1: on the Chinese model. And just to be fair, we

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Speaker 1: actually close for six weeks from kind of Christmas until

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Speaker 1: mid February pretty much so we kind of.

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Speaker 2: Wow, we pretend but let me sorry, we pretend to

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Speaker 2: be open at least. Yeah, China, you can't even trade.

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Speaker 1: Yeah, it's official. It's official there, Okay, all right, quick

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Speaker 1: Breakshawan back in a moment with the rest of the

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Speaker 1: day's business news. Sewn JB High Fire's share price jumped

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Speaker 1: seven and a half percent yesterday after the electronics retailer

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Speaker 1: announced a big jump in sales during the December half

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Speaker 1: to more than six billion dollars. There was higher spending

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Speaker 1: in mobile phones, small appliances, games, computers, fitness products. A

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Speaker 1: JB also owns The Good Guys. It's sales were up

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Speaker 1: sharply as well as people were spending money on white

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Speaker 1: goods really and so obviously good Guys would see a

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Speaker 1: jump there. One comment that CEO Nick Wells made was

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Speaker 1: that customers should expect to pay more for smartphones and

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Speaker 1: laptops as the AI led boom pushes up demand and

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Speaker 1: prices for memory storage, which makes sense right it does.

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Speaker 2: Now. Online sales now account for about eighteen percent of

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Speaker 2: total sales at the group. Consumers are getting much smarter

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Speaker 2: about how they spend as well, so JB's best sales

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Speaker 2: periods were around Black Friday, Cyber Monday and immediately after Christmas,

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Speaker 2: so they came in well ahead of the pre Christmas sales.

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Speaker 2: The CEO Welds did sound a cautious that on the outlook,

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Speaker 2: saying tough competition and the potential for higher interest rates

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Speaker 2: could take their toll.

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Speaker 1: Now new Federal Liberal leader Angus Taylor has given his

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Speaker 1: first set speech since taking the top job on Friday,

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Speaker 1: not that long ago. Is that he's focused on improving

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Speaker 1: standards of living, with a focus as part of that

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Speaker 1: on home ownership and expanding childcare outside a universal system.

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Speaker 1: He also threw in higher defense spending and reshaping immigration

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Speaker 1: around Australian values, as well as end I quote strengthening

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Speaker 1: education by focusing on core knowledge not indoctrination. He almost promised.

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Speaker 1: He also promised almost he did so he actually did.

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Speaker 1: This is a commitment, a rolled gold solid commitment here

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Speaker 1: to go to the next election pledging tax cuts.

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Speaker 2: I thought what was interesting. I don't know whether you

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Speaker 2: saw it, but it emerged that Susan Lee had planned

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Speaker 2: to release a migration policy. She had to put it

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Speaker 2: off a couple of times, one because of the Bondai massacre,

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Speaker 2: and then there was another reason, but the whole Liberal

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Speaker 2: plan was to ban immigration from some high risk geographies

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Speaker 2: such as the Southern Philippines, and that was one that

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Speaker 2: Taylor didn't back down from yesterday. It was a set

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Speaker 2: piece at seed of John Howard, of course, the godfather

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Speaker 2: of the Liberal Party. He was watching Angus Taylor yesterday.

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Speaker 2: I got to say, the new leader demonstrated he doesn't

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Speaker 2: mind a bit of rhetoric. We quote him, Australians are

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Speaker 2: seeing a once confident nation set by uncertainty, a nation

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Speaker 2: adrift on a sea of troubles, and a nation not

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Speaker 2: in control of its destiny. End quote good good.

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Speaker 1: I look, you know I have a soft spot for

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Speaker 1: a bit of melodrama. I want that in our politicians.

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Speaker 2: I think what yesterday speecially shows is that, you know,

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Speaker 2: Taylor wants to take the fight to labor on the economy,

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Speaker 2: and that's an area where the conservative Conservatives have generally

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Speaker 2: done pretty well.

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Speaker 1: Yeah okay, Now, Treasury wine Er States has tumbled to

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Speaker 1: a first half loss of six hundred and forty nine

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Speaker 1: million dollars. Has to hurt, right, It's written down the

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Speaker 1: value of its business. The group also scrapped its interim dividend,

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Speaker 1: and its share price fell five percent yesterday.

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Speaker 2: The proverbial sea of red Ink Michael, even the prized

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Speaker 2: Penfold's portfolio suffered from a falling profit, earnings down twenty percent.

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Speaker 2: The US division's earnings tumbled sixty four percent. Now, we

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Speaker 2: did know a lot of this because it had pre announced.

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Speaker 2: New chief executive Sam Fisher said the company was resetting

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Speaker 2: and restructuring to build a more resilient business. They need

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Speaker 2: to I Over the last year, Treasury share price is

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Speaker 2: down fifty five percent.

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Speaker 1: Is that why? Because we've seen companies with major, major

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Speaker 1: moves right, the share price kind of dropping ten twenty,

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Speaker 1: nearly thirty percent over the last week or so, It

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Speaker 1: was because a lot of this had already been telegraphed.

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Speaker 1: It was already known that it didn't take investors by surprise,

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Speaker 1: and therefore it didn't drop as much as perhaps it

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Speaker 1: might have.

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Speaker 2: Yeah. Well, I mean the fact that Treasury went yesterday,

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Speaker 2: I mean dropped another five percent or so, given that

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Speaker 2: most of this bad news had been told. It doesn't

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Speaker 2: augur well for the company, that's sure, because a lot

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Speaker 2: of the I mean, sometimes you will see a company

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Speaker 2: and will come to them in a moment they actually

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Speaker 2: jump even though the result was pretty poor. But that's

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Speaker 2: because it wasn't as bad as the market had been

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Speaker 2: told it was going to be. And you know, it's

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Speaker 2: all about expectations and what the actuals are.

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Speaker 1: Okay, all right, Australia. This biggest steelmaker, blue Scope, which

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Speaker 1: recently rejected a thirteen point two billion dollar takeover bid,

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Speaker 1: has more than doubled its half year dividend and said

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Speaker 1: there'll be higher payouts at the end of the year.

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Speaker 1: The bid from the Stokes Families, SGH and US Group

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Speaker 1: Steel Dynamics has certainly triggered a bit of action at

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Speaker 1: blue Scope, with new chief executive Tanya Archibald saying she

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Speaker 1: is targeting a three dollar per share return to shareholders

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Speaker 1: this calendar year.

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Speaker 2: So best like hearing that, right, I mean, please cope

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Speaker 2: share price is twenty eight bucks, but have a twenty

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Speaker 2: eight bucks so we're talking about a three percent dividend

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Speaker 2: yield if you bought before the takeover bid, twelve percent.

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Speaker 2: That's pretty cool, I reckon.

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Speaker 1: Sean we talked to yesterday about Cube, about a consortium

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Speaker 1: led by Macquarie Asset Management set to buy a list

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Speaker 1: of logistics group Cube it's now been confirmed. That is

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Speaker 1: the plan. That is what's going to happen. Eleven point

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Speaker 1: seven billion dollars as the price, and it will take

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Speaker 1: if everything goes through, it'll take yet another infrastructure asset

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Speaker 1: off the ASX.

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Speaker 2: The list, it.

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Speaker 1: Seems, is getting longer. We had Silk Logistics delisted last

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Speaker 1: year and in recent years we've had other infrastructure companies

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Speaker 1: to go. There was a Simic Group, Sydney Airport, went Osnet,

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Speaker 1: Spark Infrastructure, Vocus Group. The good news, if there is

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Speaker 1: good news here, is that there is Transurban that's still there.

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Speaker 1: APA Group still there, at Las Arteria is still there

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Speaker 1: for the time being. I think you'd say.

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Speaker 2: You are a glass half full man, Michael, No doubt

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Speaker 2: about it. This particular transaction requires regulatory in shareholder approvals.

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Speaker 2: Comes almost three months after Quore Asset Management made the

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Speaker 2: initial bid. Yesterday, Cubes Boards that it had entered into

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Speaker 2: a scheme of arrangement or sorry, scheme implementation deed with

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Speaker 2: mcquarie at the existing price. The deal represents the largest

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Speaker 2: ever bet from Quary Asset Management on Australian infrastructure.

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Speaker 1: Let's rip through some corporate briefs. Shall there's plenty of

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Speaker 1: results around a two. Milk rose after the infant formula

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Speaker 1: and dairy business recorded a better than expected first half

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Speaker 1: and upgraded its full year outlook amid some strong demand

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Speaker 1: in China.

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Speaker 2: Horizon surged there's another infra group for you. I missed

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Speaker 2: them the first more than five percent after announcing a

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Speaker 2: high than expected dividend. It's also abandoned plans to sell

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Speaker 2: a steak in his Queensland rail net work.

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Speaker 1: Ansel jumped nearly did them dirty jumped not dropped nearly

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Speaker 1: five percent, notwithstanding sean that the company that makes medical

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Speaker 1: gloves and protective surgical suits, said that it does not

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Speaker 1: expect any meaningful improvement in subdued trading conditions in the

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Speaker 1: second half. Yet it went up five percent.

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Speaker 2: Ship better. I still saw twenty percent as it rebounded

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Speaker 2: from a twenty three percent drop on Friday. Now. Back then,

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Speaker 2: it was forced to cut its earnings guidance, saying it

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Speaker 2: had overstated a US Navy contract that had double counted.

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Speaker 2: Fell twenty three percent and then up twenty percent today.

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Speaker 1: It's an unfortunate accounting Eraror and bending on Adelaide Bank

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Speaker 1: had a mixed profit result. Cash earnings over lower on

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Speaker 1: the back of weaker lending, but growth in deposits helped

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Speaker 1: the group's profit margin. Its share price fell two percent. Now,

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Speaker 1: turning to International News, sean former UK Prime Minister Tony

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Speaker 1: Blair made a better politician than a husband and has

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Speaker 1: never has never bought his wife, Sharib Blair flowers. That's

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Speaker 1: according to Shari herself, the former PM's wife of forty

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Speaker 1: six years.

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Speaker 2: So that's the former PM, not the former wife of

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Speaker 2: the PM.

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Speaker 1: I should clarify that.

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Speaker 2: Welthough, we're not sure about that today.

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Speaker 1: After this, yes, I said Blair was quote unromantic. This

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Speaker 1: is a Channel four documentary about his time at the top.

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Speaker 1: Asked about their relationship, Chari Blair, who was a human

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Speaker 1: rights lawyer, said he's an amazing politician. As a husband

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Speaker 1: and as a human being, that's a different matter. But

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Speaker 1: that's really but that's really between me and him. I

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Speaker 1: don't think it is anymore.

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Speaker 2: She then doubled down. She goes, Toney's not very romantic.

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Speaker 2: He's never bought me flowers. For example. Now he says, well,

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Speaker 2: if I bought you flowers, you'd be very suspicious, which

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Speaker 2: is probably true. That's the sort of relationship you want

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Speaker 2: to be, you know, get some flowers something to go

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Speaker 2: one wrong.

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Speaker 1: But it's a very low bar for the rest of us,

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Speaker 1: doesn't it. You just need to do better than that,

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Speaker 1: and you're better than a former British PM. That's incredible.

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Speaker 2: The other thing is that this is this documentary that's

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Speaker 2: coming up. We're also revealed that his approach to politics

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Speaker 2: was inspired by watching Schindler's List. That has to be

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Speaker 2: one of the most morbid. I mean it is inspiring.

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Speaker 2: I get that. Yeah, but wow, that's a heavy movie.

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Speaker 1: That certainly is all right, well, that story had everything sean.

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Speaker 1: Up next Fear and Greed Q and A. Your guest today,

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Speaker 1: Lachlan Halloway from morning Star.

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Speaker 2: Yeah. Pretty. I mean we're about what twenty twenty five

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Speaker 2: percent the way through the earning season, So we talked

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Speaker 2: to Lachland about what's going on, what he has picked up,

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Speaker 2: We talk about AI talk about the results. Certainly one

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Speaker 2: for investors.

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Speaker 1: Yeah, sure is it's up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com dot au, which is where you also sign up

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Speaker 1: for the free daily news that I'll put a link

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Speaker 1: in the show notes, so that one as well. Thank

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Speaker 1: you Sean, Thank you Michael. It's Tuesday, the seventeenth of

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Speaker 1: Fair twenty twenty six. Make sure you're following the podcast

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Speaker 1: and join us online on LinkedIn and Instagram. It's a

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Speaker 1: little bit more activity on our Fear and Greed Instagram now, Sean,

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Speaker 1: it's definitely worth checking it out. Fear and Greed podcast

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Speaker 1: My Michael Thompson. That was Fear and Greed had a

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Speaker 1: great day.