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

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Speaker 1: An alleged Chinese spy has been arrested in Canberra, just

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Speaker 1: as Prime Minister Anthony Albanezi wrestles with the crisis in

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Speaker 1: the Middle East, resignations at the very top of Endeavor Group,

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Speaker 1: owner of Dan Murphy's, leaves the group rudderless according to investors,

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Speaker 1: and the crisis in the world of butter, plus a

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Speaker 1: record payout for sexual harassments in the workplace, and the

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Speaker 1: country's biggest publishers promise five more years of print. It

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Speaker 1: is Tuesday, the fifth of August twenty twenty five. I'm

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Speaker 1: Michael Thompson and good morning. Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: The main story this morning, a Chinese woman has been

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Speaker 1: arrested in Canberra and charged with foreign interference, just the

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Speaker 1: third time that that charge has been laid as foreign

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Speaker 1: spies target Australians working on projects such as August and

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Speaker 1: ASIO calls on public servants not to disclose too much

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Speaker 1: on social media.

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Speaker 2: The Australian Federal Police said the arrest was made by

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Speaker 2: the Counter Foreign Interference Task Force on The woman faced

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Speaker 2: Canberra Magistrates Court yesterday after the AFP recovered electronic devices

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Speaker 2: from her home. Should she be found guilty, she faces

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Speaker 2: up to fifteen years in prison. The investigation, named Operation

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Speaker 2: Autumn Shield, has been underway since March. It was launched

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Speaker 2: after the AFP received information from ASIO. According to The Australian,

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Speaker 2: the AFP will allege the woman, who is also an

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Speaker 2: Australian permanent resident, was tasked by the Public Security Bureau

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Speaker 2: of China to covertly gather information about the Canber branch

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Speaker 2: of a Buddhist Association. AJA Director General Mike Burgess said

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Speaker 2: foreign interference of the kind being alleged was, and I

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Speaker 2: quote him, an appalling assault on Australian values, freedoms and sovereignty.

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Speaker 2: It follows mister Burgess revealing foreign spies with targeting Australians

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Speaker 2: working on projects like AUCUST. He also urged public servants

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Speaker 2: not to disclose too much about their work, particularly on

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Speaker 2: site like LinkedIn.

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Speaker 1: So that to stop people like me kind of zooming

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Speaker 1: in on the background of photos. Because I'm a bit

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Speaker 1: of a sticky beek. Anyone posts anything in the workplace,

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Speaker 1: I'm like, oh, what are you working on in the

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Speaker 1: background there? What's on the whiteboard? Staying in geopolitics, Sean

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Speaker 1: Prime Minister Anthony Alberzi is pursuing a call with Israeli

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Speaker 1: Prime Minister Benjamin netnia Who as pressure grows for the

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Speaker 1: government to recognize a Palestinian state. He said that any

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Speaker 1: future call with the Israeli Prime Minister will be on

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Speaker 1: the basis of pursuing that two state solution.

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Speaker 2: That's right, Albanzi said some of netanya Who's actions have

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Speaker 2: been inconsistent with that notion, adding that Australia has been

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Speaker 2: critical of some of Israel's actions. The Prime Minister added

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Speaker 2: that it was positive to see protesters peacefully marching across

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Speaker 2: the Harbor Bridge on the weekend and said it wasn't

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Speaker 2: surprising that some ninety thousand people were involved.

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Speaker 1: And Prime Minister Albanzi has downplayed expectations for the upcoming

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Speaker 1: economic round Table, saying it is no more than a.

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Speaker 2: Round I'm disappointing. There's been a lot of build I mean,

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Speaker 2: expectations have been growing here. We've had some pretty high

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Speaker 2: profile submissions. I think a lot of people are hoping

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Speaker 2: that we're going to get some policy initiatives from this

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Speaker 2: round table, but the PM pretty much doubts that. I

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Speaker 2: mean We've had the unions demanding tax increases on high

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Speaker 2: income earners, family trust, gas, export as, miners and property investors.

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Speaker 2: We basically had business calling for cuts to corporate taxes.

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Speaker 2: We had to come off bank out there a few

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Speaker 2: weeks back talking about wealth and superannuation taxes. I think

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Speaker 2: the expectations are getting a bit much. And the PM

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Speaker 2: just came out yesterday. I went, it's just a round table.

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Speaker 1: Well, that is pretty bloody disappointing. If I absolutely, we

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Speaker 1: were hoping for some We were talking just yesterday about

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Speaker 1: the fact that this is an opportunity for something exciting

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Speaker 1: to come on.

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Speaker 2: Yes, yes, exactly.

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Speaker 1: Ah God. Anyway, local markets, how do they perform?

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Speaker 2: Yesterday the S and PASX two hundred closed up just

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Speaker 2: to touch two points to eighty six hundred and sixty

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Speaker 2: four points best with the gold stocks on the back

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Speaker 2: of a rise the price of the precious metal Big

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Speaker 2: minus did well, so too. Wills in Cole's Banks will lower,

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Speaker 2: so to wood Sign and QBE in corporate news logistics

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Speaker 2: software giant Wistech Global completed its largest acquisition to date,

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Speaker 2: finalizing a deal to buy Texas based e to Open

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Speaker 2: for two point one billion dollars. That's a deal. It

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Speaker 2: was announced back in May, and two independent experts assessing

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Speaker 2: the fourteen billion dollar merger between Soul Pats and Brick

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Speaker 2: Work set all okay, go for it, so the company

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Speaker 2: shareholders will vote on the deal on ten September. That's

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Speaker 2: not quite how a.

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Speaker 1: Puss I was going to say. Is that their official

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Speaker 1: report stamp all okay, go go for it. That's it,

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Speaker 1: yeap sean. A quick mention of today's newsletter, the Fear

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Speaker 1: and Greed Daily Newsletter. If you haven't signed up already,

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Speaker 1: head along to Fearangreed dot com dodaty. You'll put a

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Speaker 1: link in today's show notes. It's about three to four

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Speaker 1: minutes to read, and it's everything you need to know

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Speaker 1: for the day. Would you say that's fair?

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Speaker 2: I think that's fair. I mean some people might want

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Speaker 2: to study it for a bit longer, give them the

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Speaker 2: if we put in, I'd love you to go five minutes,

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Speaker 2: but three to four is probably about fair.

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Speaker 1: Check the link in the show notes, sign up, and

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Speaker 1: it's entirely free in your inbox every morning by six am. Okay,

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Speaker 1: quick break. We'll be back in a moment with the

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Speaker 1: rest of the day's business news sewn the executive chairman

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Speaker 1: of the owner of Dan Murphy's liquor chain, Endeavor, has resigned,

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Speaker 1: effective immediately, meaning the company has no permanent chair, no

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Speaker 1: permanent CEO or no permanent CFO.

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Speaker 2: Yes, not good is it?

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Speaker 1: Who is there?

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Speaker 2: Who left? This is the group that former boss of

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Speaker 2: Virgin Australia, Jane Hrdlicker is joining next year as CEO.

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Speaker 2: The decision announced yesterday by executive chair Ari Murvis, came

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Speaker 2: out of the blue and in a statement he cited

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Speaker 2: a disagreement with the board. Most big investors were at

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Speaker 2: a loss to why the chair stepped down, particularly given

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Speaker 2: the new CEO hasn't even arrived yet. In a conference call,

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Speaker 2: one investor suggested the AX listed group is now rudderless.

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Speaker 2: In fact, he suggested it's been rudderless for a little while,

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Speaker 2: but been a tough time for Endeavor, which owns Dan

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Speaker 2: Murphy's BWS, a bunch of pubs, among other things. Its

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Speaker 2: share prices down twenty one percent over the past year,

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Speaker 2: though did jump more than three percent yesterday.

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Speaker 1: Now sewan a really serious story. An employee of Mexican

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Speaker 1: fast food chain Mad Mex has received a record payout

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Speaker 1: after a court found her manager sexually harassed her by

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Speaker 1: showing her pornographic videos, brushing sex toys against her thigh,

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Speaker 1: and making sexualized comments.

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Speaker 2: Federal Court Justice Robert Bromage awarded a young female employee

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Speaker 2: of a mad Mes franchise in Sydney's Hills District one

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Speaker 2: hundred and sixty thousand dollars in general damages, a record

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Speaker 2: for a sexual harassment case. According to the fin Review.

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Speaker 2: Bromige also awarded aggravated damages, taking her title to three

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Speaker 2: hundred and five thousand, in large part due to the

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Speaker 2: way her manager and mad Mes franchise owner Sonny Kahn,

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Speaker 2: ran his case and he's threatening her with defamation. The

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Speaker 2: court rule cahn't sexually harass the woman, revolving around incidents

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Speaker 2: in his car between January and February twenty twenty three.

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Speaker 1: Australia's largest steelmaker, Bluescope, has formed a consortium with companies

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Speaker 1: from Japan, South Korea and India to bid for the

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Speaker 1: ailing Wyala manufacturing plant, which received a two point four

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Speaker 1: billion dollar government bailout package earlier this year.

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Speaker 2: Bluescope's been working on the Wyala steel Works bid with

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Speaker 2: South Korean steel maker Psco, Japan's Nippon Steel in India's

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Speaker 2: JSW Steel Conglomerate. According to the finn the consultingum lodged

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Speaker 2: an indicative expression of interest in the first stage of

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Speaker 2: the sale process, which closed last Friday, being handled by

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Speaker 2: Cordamenta the administrators. The state government forced the Whaler plant

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Speaker 2: into administration after months of unpaid bills and financial strife

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Speaker 2: under its former owner, British Industrial Sun chief Gupta ran

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Speaker 2: up billions of dollars of debts during his seven years

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Speaker 2: in charge of the asset, and the Albanese government has

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Speaker 2: vowed to spend billions ensuring its future, including a five

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Speaker 2: hundred million dollar investment in upgrading the mill. New buyer

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Speaker 2: is found sewn.

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Speaker 1: This next one is very close to your heart. The

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Speaker 1: printed newspaper is not dead. The major two major publishers,

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Speaker 1: News Corporate nine, along with Australian Community Media, have signed

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Speaker 1: a deal to consolidate print sites, saving millions of dollars.

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Speaker 2: I must say this is something that we actually tried

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Speaker 2: to do turn twelve years ago and didn't never get

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Speaker 2: off the board. So it just shows where prints up

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Speaker 2: to the fact that these arch enemies News Corporate Nine

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Speaker 2: the old Fairfax are working together. Mastheads from both major

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Speaker 2: organizations are reporting that this new contract is for another

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Speaker 2: five years. Who knows after that? I mean Rupert Murdock

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Speaker 2: asked you. Didn't he come out and say, with a

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Speaker 2: lot of luck newspapers had fifteen years left. I'd be

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Speaker 2: very surprised through newspapers around fifteen years. The deal represents

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Speaker 2: the vast majority of Australia's biggest newspapers. Nine publishers the

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Speaker 2: Australian Financial Review, the Sydney Morning Herald, the Age News

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Speaker 2: Corp owns The Australian Daily, Telly Herald's Son, Career Mail,

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Speaker 2: Adelaide Advertiser. They still exist. That's really the questions about newspapers,

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Speaker 2: and the answer is basically some advertisers like them. So

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Speaker 2: I think travel and homework categories now, Party Norman right,

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Speaker 2: Harvey Norman. Yeah, yep.

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Speaker 1: Luck open a newspaper without finding a page or two

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Speaker 1: of Harvey normand.

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Speaker 2: That's exactly right. Print accountant for forty percent of nine's

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Speaker 2: publishing revenue last financial year. Now, I don't know that's

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Speaker 2: a reflection on print or reflection on nine's revenue, but

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Speaker 2: it does show how important it is to the big

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Speaker 2: mast heads that print keeps going if possible.

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Speaker 1: And while we're talking media businesses, online property group Domain

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Speaker 1: will leave the ASX on Thursday this week after shareholders

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Speaker 1: voted overwhelmingly in favor of selling the business to US

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Speaker 1: Giant Costar.

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Speaker 2: Been a long time coming, this one. The deal needs

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Speaker 2: court approval tomorrow, which will be its final day of trading.

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Speaker 2: Six percent on nine Entertainment then gets a really big check.

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Speaker 2: The question is what it does with that check, particularly

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Speaker 2: since there's a lot of speculation around at the moment

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Speaker 2: that the group wants to offload it's radio stations. If

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Speaker 2: it does that, it might have a lot of money

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Speaker 2: just been somewhere.

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Speaker 1: Yeah. Indeed, turning to International News Now and Israeli Prime

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Speaker 1: Minister Benjamin Netania, who has likened the treatment of Israeli

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Speaker 1: hostages by Hamas in Gaza to the way Nazis starved

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Speaker 1: Jews during the Holocaust.

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Speaker 2: Netanya who said he shared the horror of Israelis after

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Speaker 2: watching videos of two emaciated hostages published by Hamas. The

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Speaker 2: video portrays both hostages as starving in close to death.

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Speaker 2: On X, the Netna who said, quoting I'm quoting him.

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Speaker 2: Here you see them languishing in a dungeon, but the

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Speaker 2: monsters of Hamas surrounding them. They have thick, fleshy arms,

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Speaker 2: They have everything they need to eat. They are starving them,

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Speaker 2: just as the Nazis starved the Jews. End quote Netanya

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Speaker 2: who said he had asked the Red Cross to give

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Speaker 2: humanitarian assistance to the hostages.

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Speaker 1: Finally, Sean mentioned this one at the top of the show.

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Speaker 1: There is a growing crisis in the world world of butter,

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Speaker 1: not particularly a high stakes world. I thought I was wrong.

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Speaker 2: You were wrong.

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Speaker 1: I was wrong because New Zealand, right accounts for nearly

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Speaker 1: half the world's butter exports, and prices are up forty

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Speaker 1: seven percent in the six months to the end of

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Speaker 1: June in that country, while the global price is trading

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Speaker 1: at a twenty five year high. If that's not a crisis,

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Speaker 1: I don't know what.

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Speaker 2: Is it is at And now behind all this the

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Speaker 2: reasons increased global demand, reduced production of dairy products in

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Speaker 2: some regions, and much higher cost for dairy farmers. So

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Speaker 2: that's kind of the background. That's the context. The French

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Speaker 2: they're up in arms. I mean, I think the Cross

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Speaker 2: ONTs the cost of the cross sis. They're worried about

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Speaker 2: butter shortages on the back of what's going on in

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Speaker 2: New Zealand. Prices in the UK are at the highest

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Speaker 2: in twelve years, according to Bloomberg. In fact, restaurants in

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Speaker 2: London are substituting olive oil for butter. I know, look

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Speaker 2: at your face, shockscurely not it is quite the political

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Speaker 2: crisis in New Zealand. The Prime Minister, Christopher Luxton has

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Speaker 2: clashed with reporters over the issue. The largest producer, Fonterra,

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Speaker 2: which is listed here as well as in z has argued,

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Speaker 2: well this I actually came out and said high prices

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Speaker 2: for butter is actually good for the country. Didn't go

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Speaker 2: down real well. That one. The thing is New Zealand

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Speaker 2: produces far more dairy than it consumes, like ninety five

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Speaker 2: percent of the country's milk and dairy products including butter,

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Speaker 2: are exported. Problem with that is exports then determine prices.

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Speaker 2: So whatever you're paying in New Zealand is the global price.

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Speaker 2: And they've gone through the roof so crisis in New Zealand,

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Speaker 2: crisis in France, crisis in the UK, crisis in the

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Speaker 2: world of butter.

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Speaker 1: Michael that is extraordinary. I hope it doesn't spread.

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Speaker 2: I was waiting for you to come up with one

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Speaker 2: of those sorts of comments. Couldn't help yourself.

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Speaker 1: I was going to come out with something really quickly,

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Speaker 1: but I was worried that it might go passed your eyes. Ah,

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Speaker 1: I don't know. That felt a little bit, a little

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Speaker 1: bit forced.

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Speaker 2: Do you know what I think about butter? When I

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Speaker 2: was growing up and you've got to burn, my mum

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Speaker 2: and my grandmother really would put butter on the burn,

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Speaker 2: really throw an egon cook it.

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Speaker 1: I have never heard of. Is it just like is

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Speaker 1: it supposed to cool it to sue it?

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Speaker 2: Or is it just maybe getting a burn and having

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Speaker 2: butter put on it?

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Speaker 1: That is? I have never heard of that, and I

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Speaker 1: wonder whether anyone else has ever done that, or whether

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Speaker 1: it's just a very very kind of specific orange thing

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Speaker 1: in the central west of New South Wales. Will we

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Speaker 1: will do some additional research Sean Up next is Fear

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Speaker 1: and Greed Q and A, where we ask the CEO

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Speaker 1: of Luxury Escapes, Adam Schwab, why Victorian Premier just Into

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Speaker 1: Allen's plan to legislate two days a week work from

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Speaker 1: home is flawed and he does not hold back, does he?

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Speaker 2: He does not hold back. He does not like the idea.

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Speaker 2: I think that's fair to say, but it's not about

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Speaker 2: the business. It's actually about the opportunities for young employees.

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Speaker 2: And so yeah, I mean we just say, why don't

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Speaker 2: you like the idea of legislating work from home? And

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Speaker 2: bang off he goes. At the end, I also do

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Speaker 2: ask him about the travel industry and how that's going.

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Speaker 1: Yeah, it's coming up next to the Fear and Greed

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

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Speaker 1: dot au. Thank you Sean, Thank you Michael. It is Tuesday,

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Speaker 1: the fifth of August twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. I'm Michael Thompson And that was

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Speaker 1: Fear and Greed. Have a great date.