1 00:00:06,400 --> 00:00:10,399 Speaker 1: Property giants lend Lease abandons its international strategy in an 2 00:00:10,400 --> 00:00:14,320 Speaker 1: attempt to resurrect the one time blue chip Australia would 3 00:00:14,320 --> 00:00:16,960 Speaker 1: be among the biggest losers if a trade war erupts 4 00:00:17,000 --> 00:00:20,960 Speaker 1: between China and the US, and women are abandoning dating apps, 5 00:00:21,000 --> 00:00:22,840 Speaker 1: causing a bit of a headache for the owners of 6 00:00:22,880 --> 00:00:25,600 Speaker 1: the apps. Welcome to Fear and Greed. Daily business news 7 00:00:25,600 --> 00:00:28,120 Speaker 1: for people who make their own decisions. It is Tuesday, 8 00:00:28,160 --> 00:00:31,120 Speaker 1: the twenty eighth of May twenty twenty four. Are Michael 9 00:00:31,160 --> 00:00:34,960 Speaker 1: Thompson and good morning, Sean Aylmer. Good morning Michael, Sean. 10 00:00:35,000 --> 00:00:37,239 Speaker 1: I'll mention our interview in a moment, but let's get 11 00:00:37,280 --> 00:00:39,640 Speaker 1: straight to the main story. This morning, property giant lend 12 00:00:39,720 --> 00:00:43,720 Speaker 1: Lease will write down nearly one point five billion dollars 13 00:00:43,720 --> 00:00:47,839 Speaker 1: in investments in its overseas construction and development business and 14 00:00:48,120 --> 00:00:51,960 Speaker 1: unwind its international strategy to focus on growth here at home. 15 00:00:52,320 --> 00:00:55,120 Speaker 1: It will be all about the Australian business and its 16 00:00:55,160 --> 00:01:00,000 Speaker 1: international investment platform, but not its international construction and developed 17 00:01:00,120 --> 00:01:02,480 Speaker 1: and business. For many years, len Liise has been trying 18 00:01:02,520 --> 00:01:04,759 Speaker 1: to make it overseas, but as demonstrated by its share 19 00:01:04,760 --> 00:01:07,800 Speaker 1: price tumbling in recent months to about a quarter of 20 00:01:07,840 --> 00:01:11,920 Speaker 1: its pre COVID high. Chief executive Tony Lombardo has been 21 00:01:11,920 --> 00:01:16,959 Speaker 1: forced to change strategy. Len Liss's international work includes unfinished 22 00:01:16,959 --> 00:01:20,440 Speaker 1: developments in Malaysia, the US, Italy in the UK. Mostly 23 00:01:20,480 --> 00:01:22,800 Speaker 1: they were started when interest rates were low and property 24 00:01:22,800 --> 00:01:25,959 Speaker 1: prices high. As the cycle turned, Lenleisse was stuck with 25 00:01:26,160 --> 00:01:29,800 Speaker 1: unprofitable or hard to fund developments. The company has already 26 00:01:29,800 --> 00:01:32,039 Speaker 1: sold down its stake in the military housing scheme in 27 00:01:32,040 --> 00:01:36,360 Speaker 1: the US, also its Master Planned communities business. It sold 28 00:01:36,360 --> 00:01:38,560 Speaker 1: that to Stockland late last year for one point three 29 00:01:38,600 --> 00:01:41,640 Speaker 1: billion dollars. That was here in Australia, mister Lombardo. Yes, 30 00:01:41,720 --> 00:01:44,480 Speaker 1: they said the new strategy will be less complex and 31 00:01:44,520 --> 00:01:47,640 Speaker 1: then lease will be more fit for purpose. It's targeting 32 00:01:47,680 --> 00:01:50,240 Speaker 1: one hundred and twenty five million dollars in annual savings 33 00:01:50,440 --> 00:01:53,080 Speaker 1: within twelve months and intends to return about half a 34 00:01:53,120 --> 00:01:56,560 Speaker 1: billion dollars to shareholders through an non market share buy back. 35 00:01:56,640 --> 00:01:59,600 Speaker 1: Its share price as a result of this jump nearly 36 00:01:59,600 --> 00:02:03,200 Speaker 1: eight percent yesterday. Shaw. We now have two companies that 37 00:02:03,240 --> 00:02:06,640 Speaker 1: have been kind of considered blue chip land Lease and BHP, 38 00:02:06,960 --> 00:02:11,320 Speaker 1: taking very different tax on overseas expansion. BHP, which remained 39 00:02:11,480 --> 00:02:14,160 Speaker 1: a blue Chip is full steam ahead. Land lease is 40 00:02:14,160 --> 00:02:14,880 Speaker 1: the opposite. 41 00:02:15,280 --> 00:02:17,880 Speaker 2: Yeah, so in recent years that the track record around 42 00:02:17,919 --> 00:02:23,320 Speaker 2: ossie companies buying overseas assets is mixed at best, shall 43 00:02:23,320 --> 00:02:25,800 Speaker 2: we say. Now, often these big deals take many years 44 00:02:25,800 --> 00:02:28,880 Speaker 2: to play out, so we probably don't really know the results. 45 00:02:29,440 --> 00:02:32,440 Speaker 2: One case in point is CSL. It's spent seventeen billion 46 00:02:32,480 --> 00:02:36,600 Speaker 2: dollars buying a Swiss based viifer pharmacy almost two years ago. 47 00:02:37,000 --> 00:02:40,080 Speaker 2: It pushed into iron deficiency in kidney products. Now that 48 00:02:40,160 --> 00:02:43,560 Speaker 2: deal really hasn't paid dividends yet. In fact, it's probably 49 00:02:43,600 --> 00:02:46,400 Speaker 2: gone the other way though I'm sure CSL would say 50 00:02:46,440 --> 00:02:48,880 Speaker 2: well yet, but you know, give us some time and 51 00:02:48,919 --> 00:02:51,520 Speaker 2: it will pay dividends. The big banks have tried to 52 00:02:51,560 --> 00:02:54,000 Speaker 2: go global, notably a Z a few years back wanted 53 00:02:54,040 --> 00:02:56,800 Speaker 2: to become an Asian bank. That hasn't really worked, and 54 00:02:56,840 --> 00:02:59,880 Speaker 2: mostly they've been selling offshore assets. In more recent times, 55 00:03:00,080 --> 00:03:03,280 Speaker 2: Goodman Group has tended to favor partnerships with offshore players. 56 00:03:03,280 --> 00:03:05,600 Speaker 2: A bit of a different strategy. Whistet Global has been 57 00:03:05,600 --> 00:03:08,600 Speaker 2: a serial acquirer and given its share prices up thirty 58 00:03:08,600 --> 00:03:11,120 Speaker 2: percent over the past year three hundred percent over five years, 59 00:03:11,280 --> 00:03:15,000 Speaker 2: it must be doing something right. QBE is another organization 60 00:03:15,080 --> 00:03:17,639 Speaker 2: which was a big acchoir, though it has pulled back. Now. 61 00:03:17,919 --> 00:03:20,960 Speaker 2: Another really interesting one is actually Domino's Pizza. It's a 62 00:03:20,960 --> 00:03:23,360 Speaker 2: long way from the best performing company on the Exchange. 63 00:03:23,400 --> 00:03:25,040 Speaker 2: In fact, it's down more than twenty percent over the 64 00:03:25,080 --> 00:03:28,079 Speaker 2: past year, but it has done a good job expanding 65 00:03:28,120 --> 00:03:29,720 Speaker 2: into Japan and Europe. 66 00:03:29,919 --> 00:03:30,079 Speaker 1: Now. 67 00:03:30,160 --> 00:03:34,400 Speaker 2: BHP is the monster of the Aussie acquirers. It operates 68 00:03:34,440 --> 00:03:38,680 Speaker 2: in North and South America, Southern Africa, Europe, Asia and Australia. 69 00:03:38,880 --> 00:03:42,200 Speaker 2: It is probably the exception to the rule in that 70 00:03:42,280 --> 00:03:45,880 Speaker 2: it has generally been able to acquire businesses over many 71 00:03:45,960 --> 00:03:50,280 Speaker 2: years and make them work. But really most Australian companies 72 00:03:50,360 --> 00:03:52,640 Speaker 2: haven't got a great track record of doing that. 73 00:03:53,200 --> 00:03:56,160 Speaker 1: And Sean, that brings me very neatly to our interview 74 00:03:56,280 --> 00:03:58,680 Speaker 1: for today to mention what you've got coming up after 75 00:03:58,760 --> 00:04:02,840 Speaker 1: the show. Back in twenty twenty, you conducted an interview 76 00:04:02,880 --> 00:04:06,000 Speaker 1: and it's a fascinating interview, this one with Don May, 77 00:04:06,280 --> 00:04:08,520 Speaker 1: the CEO of Dominoes, and we were just talking about 78 00:04:08,520 --> 00:04:13,040 Speaker 1: Dominoes and Don was actually in quarantine when you spoke 79 00:04:13,080 --> 00:04:16,200 Speaker 1: to him. This is a great chat, Yeah, it sure is. 80 00:04:16,560 --> 00:04:18,920 Speaker 2: We talk about the history of Dominoes and his own 81 00:04:18,960 --> 00:04:21,479 Speaker 2: personal history and how he ended up in this role. 82 00:04:21,760 --> 00:04:25,880 Speaker 2: He is in the value equation with making a pizza. 83 00:04:25,960 --> 00:04:28,880 Speaker 2: It sounds easy, but the need for speed is everything. 84 00:04:28,920 --> 00:04:31,359 Speaker 2: And the idea is if you can get someone's pizza 85 00:04:31,440 --> 00:04:35,080 Speaker 2: to the front door really quickly and hot, then you've 86 00:04:35,080 --> 00:04:37,760 Speaker 2: got a much much better business. We also talk about 87 00:04:37,800 --> 00:04:42,880 Speaker 2: international expansion and Dominoes has aggressively pushed into places like 88 00:04:43,000 --> 00:04:46,680 Speaker 2: Japan and Germany and France and Luxembourg, the Netherlands, and 89 00:04:47,040 --> 00:04:50,040 Speaker 2: we talked to Don about why they've done that and 90 00:04:50,080 --> 00:04:52,440 Speaker 2: the potential for the future. Now it was a couple 91 00:04:52,480 --> 00:04:54,560 Speaker 2: of years ago, so things have changed for Dominoes. But 92 00:04:54,600 --> 00:04:58,160 Speaker 2: it's a really interesting look into Don May's mindset. 93 00:04:58,320 --> 00:05:00,560 Speaker 1: Yeah, it certainly is. It is well worth a listen. 94 00:05:00,600 --> 00:05:02,520 Speaker 1: It's a great one. It's coming up after the show, 95 00:05:02,600 --> 00:05:05,560 Speaker 1: so I'm going to say, look, Sean, even though this 96 00:05:05,920 --> 00:05:08,240 Speaker 1: is a bit of a snapshot, this is out of 97 00:05:08,240 --> 00:05:10,560 Speaker 1: the Fear and Green Vault. It's a must listen. 98 00:05:10,680 --> 00:05:12,320 Speaker 2: Oh, it's a must listen. I'm with you. 99 00:05:12,760 --> 00:05:15,080 Speaker 1: It's unanimous. Now, local markets, how do they go? 100 00:05:15,160 --> 00:05:17,720 Speaker 2: Yesterday the S and p ASX two hundred closed up 101 00:05:17,760 --> 00:05:20,920 Speaker 2: almost one percent yesterday to seven hundred and eighty points, 102 00:05:20,960 --> 00:05:23,719 Speaker 2: with about three quarters of the stocks ending higher. The 103 00:05:23,760 --> 00:05:26,080 Speaker 2: property companies led the way, with Goodman Group jumping two 104 00:05:26,120 --> 00:05:28,960 Speaker 2: point three percent. Telcos also did well. TILSA was also 105 00:05:29,080 --> 00:05:32,280 Speaker 2: up two point three percent. Retailers performed pretty strongly, while 106 00:05:32,320 --> 00:05:36,520 Speaker 2: the energy stocks were the laggards Among the large caps, HP, 107 00:05:36,720 --> 00:05:39,920 Speaker 2: Commonwealth Bank, A and Z West Farmers, Woollies, Coals, resmet 108 00:05:40,000 --> 00:05:43,560 Speaker 2: and Zero all jumped more than one percent. Fortescue Metals 109 00:05:43,640 --> 00:05:46,080 Speaker 2: was the worst performer of the large caps. It was 110 00:05:46,120 --> 00:05:50,440 Speaker 2: down over one percent, while Woodside, Rio, Aristocrat Leisure and 111 00:05:50,600 --> 00:05:54,359 Speaker 2: CSL all went backwards. In corporate news, Australian Vintage, the 112 00:05:54,400 --> 00:05:56,960 Speaker 2: owner of wine brands Mcgwigan and Tempest Too, is pursuing 113 00:05:57,000 --> 00:06:02,359 Speaker 2: a capital raise after larger rival CLAYD Wines temporarily ended 114 00:06:02,560 --> 00:06:05,480 Speaker 2: merger talks. It was in a training hall yesterday. Online 115 00:06:05,560 --> 00:06:08,480 Speaker 2: luxury platform set I had jumped nearly eleven percent after 116 00:06:08,520 --> 00:06:12,159 Speaker 2: it rejected allegations in the media that customers purchased counterfeit 117 00:06:12,200 --> 00:06:15,800 Speaker 2: products from its site You Were In. Pharmaceuticals rallied sixteen 118 00:06:15,800 --> 00:06:19,760 Speaker 2: percent after revealing positive trial results for its proposed treatment 119 00:06:19,800 --> 00:06:24,120 Speaker 2: of pitt Hopkins Syndrome and Megaport chair Bevan Slattery has 120 00:06:24,120 --> 00:06:27,320 Speaker 2: sold about sixteen million dollars worth of shares in the 121 00:06:27,360 --> 00:06:29,880 Speaker 2: tech company he founded. The stock price fell about two 122 00:06:29,880 --> 00:06:31,920 Speaker 2: and a half per cent yesterday and just before we 123 00:06:32,000 --> 00:06:35,000 Speaker 2: leave markets. It's not listed, but bonds administrators have won 124 00:06:35,040 --> 00:06:36,960 Speaker 2: two more months to try and find a buyer for 125 00:06:37,000 --> 00:06:40,280 Speaker 2: the budget carrier after the federal court granted an application 126 00:06:40,360 --> 00:06:41,120 Speaker 2: for the extension. 127 00:06:41,600 --> 00:06:45,160 Speaker 1: It's quite an exciting day overall. Really incorporate news. Let 128 00:06:45,200 --> 00:06:47,400 Speaker 1: me think about it. You've got wine and luxury kind 129 00:06:47,440 --> 00:06:53,080 Speaker 1: of fashion and biotech airlines we can throw in that. Yeah, yeah, definitely. 130 00:06:53,200 --> 00:06:56,240 Speaker 1: Goodness mate, It's god, I sound old, don't I? 131 00:06:56,640 --> 00:06:57,120 Speaker 2: Sometimes? 132 00:06:57,160 --> 00:07:01,240 Speaker 1: Goodness me my word, Sean. This is exciting international markets. 133 00:07:01,240 --> 00:07:01,800 Speaker 1: What's happening? 134 00:07:01,839 --> 00:07:04,799 Speaker 2: Oil prices are close to three month lows. Brent Cruz 135 00:07:04,839 --> 00:07:07,200 Speaker 2: trading around eighty two US dollars a barrel as Opec 136 00:07:07,279 --> 00:07:12,480 Speaker 2: plus meet on supply arrangements. Gold is trading around twenty 137 00:07:12,520 --> 00:07:16,240 Speaker 2: three forty US dollars announced. Copper prices remain elevated, not 138 00:07:16,320 --> 00:07:18,000 Speaker 2: quite as high as they were a week or two ago, 139 00:07:18,080 --> 00:07:21,720 Speaker 2: but they're still pretty high. Cryptocurrency is arising, particularly ether 140 00:07:22,080 --> 00:07:24,160 Speaker 2: after the news that it is a stepped closer to 141 00:07:24,240 --> 00:07:28,680 Speaker 2: being included in ETFs after a green light or a 142 00:07:28,680 --> 00:07:31,440 Speaker 2: partial green light from the Securities and Exchange Commission in 143 00:07:31,480 --> 00:07:33,840 Speaker 2: the US, and the Aussie dollar is buying sixty six 144 00:07:33,880 --> 00:07:36,920 Speaker 2: point four US cents. Also worth And mentioned, the European 145 00:07:36,960 --> 00:07:40,400 Speaker 2: Central Bank is on track to start cutting interest rates 146 00:07:40,520 --> 00:07:43,200 Speaker 2: next month, but it will need to keep policy in 147 00:07:43,240 --> 00:07:46,840 Speaker 2: restrictive territories through twenty twenty four. That's according to the 148 00:07:46,840 --> 00:07:51,720 Speaker 2: ECB Chief economist Philip Lane. Interesting the idea that they 149 00:07:51,760 --> 00:07:56,840 Speaker 2: can cut rates although they still will remain relatively high, 150 00:07:57,120 --> 00:08:00,000 Speaker 2: which is probably exactly the same as Australia in the US. 151 00:08:00,040 --> 00:08:02,200 Speaker 1: Yes, all right, we've got a lot to get through. 152 00:08:02,240 --> 00:08:03,600 Speaker 1: We'll be back in a moment with the rest of 153 00:08:03,640 --> 00:08:13,800 Speaker 1: the day's business news. Sean Australia would be among the 154 00:08:13,840 --> 00:08:17,080 Speaker 1: biggest losers if a trade war between the US and 155 00:08:17,120 --> 00:08:20,600 Speaker 1: its allies and China escalated, according to the OECD. 156 00:08:20,960 --> 00:08:24,880 Speaker 2: The OECD says Australia's economic output would four by thirty 157 00:08:24,920 --> 00:08:27,680 Speaker 2: billion dollars if there was a ten percent reduction bilateral 158 00:08:27,720 --> 00:08:31,800 Speaker 2: goods and services trade flows between major economies. Only South 159 00:08:31,880 --> 00:08:34,840 Speaker 2: Korea would be worse off. Now The ranking reflects Australia's 160 00:08:34,880 --> 00:08:38,480 Speaker 2: heavy dependence on China to buy commodities. About eight percent 161 00:08:38,480 --> 00:08:41,880 Speaker 2: of our mining exports actually go to China. Also, Australians 162 00:08:41,920 --> 00:08:45,560 Speaker 2: buy billions of dollars worth of Chinese manufactured goods every year. 163 00:08:45,880 --> 00:08:49,120 Speaker 2: The warning from the OECD comes as US presidential candidates 164 00:08:49,200 --> 00:08:53,400 Speaker 2: Joe Biden and Donald Trump ramp up the rhetoric against China. 165 00:08:53,920 --> 00:08:56,840 Speaker 2: They've also talked about all Joe Biden has done. Donald 166 00:08:56,840 --> 00:08:59,679 Speaker 2: Trump's spoken about imposing tariffs and bands on products from 167 00:08:59,679 --> 00:09:05,120 Speaker 2: elect vehicles to technology. Another area of susceptibility for Australia 168 00:09:05,160 --> 00:09:08,640 Speaker 2: at least is the education sector now that recently hit 169 00:09:08,679 --> 00:09:11,680 Speaker 2: an all time high value of forty eight billion dollars 170 00:09:11,720 --> 00:09:13,680 Speaker 2: a major major exporter. 171 00:09:13,760 --> 00:09:16,800 Speaker 1: And on that topic Sewn Chinese Premier Le Chung is 172 00:09:17,120 --> 00:09:21,240 Speaker 1: likely to raise Labour's crackdown on foreign students in high 173 00:09:21,320 --> 00:09:23,720 Speaker 1: level talks with Prime Minister Anthony Alberaneesi next month. 174 00:09:23,960 --> 00:09:26,480 Speaker 2: It's the first visit to Australia by a Chinese political 175 00:09:26,520 --> 00:09:29,200 Speaker 2: leader in seven years. Mister Lee is expected to arrive 176 00:09:29,240 --> 00:09:32,680 Speaker 2: in Canberra on June seventeen. Now, almost two dozen Chinese 177 00:09:32,760 --> 00:09:35,560 Speaker 2: university chiefs will arrive in Australia this week in a 178 00:09:35,559 --> 00:09:40,280 Speaker 2: precursor to mister Lee's visit. International education is Australia's fourth 179 00:09:40,400 --> 00:09:42,800 Speaker 2: biggest export industry. There are more than one hundred and 180 00:09:42,840 --> 00:09:46,280 Speaker 2: forty eight thousand Chinese students studying here, the largest cohort, 181 00:09:46,480 --> 00:09:49,839 Speaker 2: about twenty two percent of the total foreign students. Both 182 00:09:49,840 --> 00:09:52,800 Speaker 2: the government and the opposition has been talking about cutting 183 00:09:53,200 --> 00:09:56,440 Speaker 2: those numbers, so no doubt that will be high on 184 00:09:56,520 --> 00:09:59,480 Speaker 2: the agenda for the talks between mister Lee and mister Albanezi. 185 00:10:00,280 --> 00:10:05,080 Speaker 1: Now Deputy Prime Minister Richard Miles said Friday's landslide in 186 00:10:05,120 --> 00:10:08,920 Speaker 1: Papua New Guinea's highlands is an absolute tragedy and the 187 00:10:08,960 --> 00:10:12,440 Speaker 1: Australian government will provide assistance to local authorities as the 188 00:10:12,520 --> 00:10:16,520 Speaker 1: search and rescue efforts progressed on this. The scale of this, 189 00:10:16,520 --> 00:10:19,280 Speaker 1: this is truly awful, yeah, it sure is. 190 00:10:19,360 --> 00:10:23,040 Speaker 2: Mister Miles told Radio National that Australia could provide airlift 191 00:10:23,120 --> 00:10:26,319 Speaker 2: capabilities to rescuers who are navigating a remote and rugged 192 00:10:26,480 --> 00:10:29,640 Speaker 2: environment and the danger of further landslides. More than six 193 00:10:29,800 --> 00:10:32,800 Speaker 2: hundred and seventy people have died in the landslide and 194 00:10:32,800 --> 00:10:35,240 Speaker 2: more than twelve hundred and fifty have been displaced. The 195 00:10:35,280 --> 00:10:39,000 Speaker 2: International Organization for Migration said over the weekend around one 196 00:10:39,080 --> 00:10:41,960 Speaker 2: hundred and fifty houses and their residents in a village 197 00:10:42,000 --> 00:10:46,679 Speaker 2: called Yambali, the foot of a mountain in remote Anger Province, 198 00:10:47,240 --> 00:10:51,280 Speaker 2: are submerged. Now hopes of finding survivors are fading. It 199 00:10:51,360 --> 00:10:54,280 Speaker 2: is a real tragedy, yeah, certainly is now. 200 00:10:54,400 --> 00:10:57,560 Speaker 1: Optus has failed in its efforts to keep secret a 201 00:10:57,600 --> 00:11:00,360 Speaker 1: Deloitte report into the cause of a major cyber attack 202 00:11:00,360 --> 00:11:04,120 Speaker 1: in twenty twenty two, meaning sean class action lawyers Slater 203 00:11:04,160 --> 00:11:05,920 Speaker 1: and Gordon will get access to the document. 204 00:11:06,160 --> 00:11:08,040 Speaker 2: Yes, the decision of the Full Court of the Federal 205 00:11:08,080 --> 00:11:11,280 Speaker 2: Court is a win for Slater and Gordon, the law 206 00:11:11,280 --> 00:11:14,280 Speaker 2: firm pursuing a class action against Optus alleging the company 207 00:11:14,320 --> 00:11:18,360 Speaker 2: failed to protect its customers personal information. The report won't 208 00:11:18,400 --> 00:11:21,400 Speaker 2: be publicly released, though some of its content is likely 209 00:11:21,440 --> 00:11:24,520 Speaker 2: to come out through the class action proceedings. Now remember 210 00:11:24,600 --> 00:11:28,000 Speaker 2: last week the Australian Communications and Media Authority filed its 211 00:11:28,000 --> 00:11:32,400 Speaker 2: own lawsuit that allegius Optis failed to protect the confidentiality 212 00:11:32,720 --> 00:11:38,000 Speaker 2: of personally identifiable information of its customers. Optus is defending 213 00:11:38,080 --> 00:11:41,720 Speaker 2: both the class action and the ACMA lawsuit. 214 00:11:41,600 --> 00:11:45,880 Speaker 1: Pathology group Helius will sell its Loomis imaging business, which 215 00:11:45,920 --> 00:11:49,120 Speaker 1: analysts say could be worth six hundred and fifty million dollars. 216 00:11:49,400 --> 00:11:52,360 Speaker 1: Helius wants to focus on its core pathology business. It 217 00:11:52,440 --> 00:11:55,160 Speaker 1: is the second largest in the country, running two thousand 218 00:11:55,240 --> 00:11:58,559 Speaker 1: collection centers and one hundred testing laboratories. The Loomis business 219 00:11:58,600 --> 00:12:02,160 Speaker 1: provides X rays, ultrasounds, MRI, CT scans and mamigrants that 220 00:12:02,240 --> 00:12:05,880 Speaker 1: type of thing. CEO Paul Anderson said, after considering a 221 00:12:06,000 --> 00:12:08,480 Speaker 1: range of options, a sale was agreed upon to reduce 222 00:12:08,520 --> 00:12:11,800 Speaker 1: complexity in the company's operations. Our shareholders have been very 223 00:12:11,800 --> 00:12:14,000 Speaker 1: critical of the group's strategy for more than a year, 224 00:12:14,040 --> 00:12:16,400 Speaker 1: with the group's share price going for nearly five dollars 225 00:12:16,600 --> 00:12:19,280 Speaker 1: two and a half years ago to around a dollar 226 00:12:19,480 --> 00:12:20,160 Speaker 1: thirty two. 227 00:12:20,600 --> 00:12:23,120 Speaker 2: In March. It's CEO left after just twelve months in 228 00:12:23,160 --> 00:12:26,120 Speaker 2: the job. The chair was outed late last year. Hopefully 229 00:12:26,160 --> 00:12:30,160 Speaker 2: this reset will help Helius and look after it it's 230 00:12:30,640 --> 00:12:32,080 Speaker 2: long suffering shareholders. 231 00:12:32,160 --> 00:12:34,800 Speaker 1: Michael do Reckon when they announced the sale of this 232 00:12:35,160 --> 00:12:37,360 Speaker 1: company that does X rays and things, I said, it's 233 00:12:37,440 --> 00:12:39,960 Speaker 1: just it's just important to be transparent. 234 00:12:40,880 --> 00:12:43,040 Speaker 2: Yes, it was coming. 235 00:12:43,400 --> 00:12:45,800 Speaker 1: That was that was hard work to get to that 236 00:12:45,920 --> 00:12:47,920 Speaker 1: just then, And I really don't think the result. 237 00:12:47,800 --> 00:12:50,320 Speaker 2: Was worth it more than possibly not. 238 00:12:51,200 --> 00:12:54,120 Speaker 1: I think the payoff wasn't there, Sean, we have to 239 00:12:54,120 --> 00:12:58,440 Speaker 1: do this. The Star Entertainment story has yet another update, 240 00:12:59,360 --> 00:13:02,360 Speaker 1: which is really just a regular feature now of the show, 241 00:13:02,440 --> 00:13:05,680 Speaker 1: isn't it? It is what Star Entertainment done today. A 242 00:13:05,760 --> 00:13:09,240 Speaker 1: consortium that put an informal proposal to the Gaming group 243 00:13:09,320 --> 00:13:13,640 Speaker 1: claims that it has a longstanding commercial relationship with hard 244 00:13:13,720 --> 00:13:15,240 Speaker 1: Rock International. 245 00:13:15,000 --> 00:13:17,280 Speaker 2: And it reckons it kept the Florida based group in 246 00:13:17,320 --> 00:13:21,400 Speaker 2: the loop on discussions. Last week, hard Rock International said 247 00:13:21,440 --> 00:13:24,080 Speaker 2: it had not had discussions with Star, nor has it 248 00:13:24,160 --> 00:13:28,240 Speaker 2: licensed its name for any such discussions. But yesterday to 249 00:13:28,440 --> 00:13:32,520 Speaker 2: local companies said that they approached Star in March with 250 00:13:32,559 --> 00:13:34,720 Speaker 2: a strategy to turn around it tassets in New South 251 00:13:34,720 --> 00:13:37,920 Speaker 2: Wales and Queensland. According to the Financial Review, The two 252 00:13:37,960 --> 00:13:41,160 Speaker 2: companies said they had submitted an indicative, non binding proposal 253 00:13:41,440 --> 00:13:44,640 Speaker 2: to acquire the Sydney assets and had held the rights 254 00:13:44,679 --> 00:13:48,800 Speaker 2: to use the hard Rock brand across designated territories including 255 00:13:48,800 --> 00:13:55,079 Speaker 2: Australia for more than thirty years. Who knows at what. 256 00:13:54,920 --> 00:13:57,840 Speaker 1: Point does this now just cross into the face. Oh, 257 00:13:57,920 --> 00:14:01,359 Speaker 1: we might be there barcical territory. Is this is quite ridiculous, 258 00:14:01,400 --> 00:14:01,800 Speaker 1: isn't it. 259 00:14:02,000 --> 00:14:05,120 Speaker 2: We might be there, I mean thirty years do they 260 00:14:05,240 --> 00:14:08,240 Speaker 2: just like dusting off an old contract? Do you remember 261 00:14:08,800 --> 00:14:10,839 Speaker 2: it was in the early nineties. I'm sure we did 262 00:14:10,880 --> 00:14:11,560 Speaker 2: some sort of deal. 263 00:14:11,840 --> 00:14:15,240 Speaker 1: We got that, bro, you know what, let's dust on. 264 00:14:15,840 --> 00:14:18,320 Speaker 1: That is amazing. I love that story and the fact 265 00:14:18,320 --> 00:14:21,000 Speaker 1: that it just keeps on going is really quite incredible. 266 00:14:21,480 --> 00:14:23,760 Speaker 2: I feel a bit sorry for the Star. I mean, 267 00:14:23,840 --> 00:14:26,120 Speaker 2: last week we're very critical of the Star in the 268 00:14:26,160 --> 00:14:28,120 Speaker 2: fact that they didn't do due diligence on the hard 269 00:14:28,200 --> 00:14:32,960 Speaker 2: Rock International the other hard rock But you know, I 270 00:14:33,000 --> 00:14:34,080 Speaker 2: do feel a bit sorry for it. 271 00:14:34,480 --> 00:14:37,160 Speaker 1: Yeah, there may have actually been enough evidence for them 272 00:14:37,200 --> 00:14:40,520 Speaker 1: to roll with that. So ah, you know what, Sean, 273 00:14:40,680 --> 00:14:42,920 Speaker 1: I can't wait to see what tomorrow brings. 274 00:14:43,800 --> 00:14:45,560 Speaker 2: It'll bring something well, of. 275 00:14:45,480 --> 00:14:48,280 Speaker 1: Course, that's the only guarantee here. Turning to international news, 276 00:14:48,320 --> 00:14:51,640 Speaker 1: leaders of South Korea, China, and Japan met yesterday for 277 00:14:51,680 --> 00:14:55,000 Speaker 1: their first trilateral meeting in more than four years as 278 00:14:55,000 --> 00:14:58,240 Speaker 1: they seek to improve long complicated relations that are key 279 00:14:58,320 --> 00:14:59,200 Speaker 1: to regional peace. 280 00:15:00,000 --> 00:15:02,760 Speaker 2: The major breakthrough was expected during the gathering in Seoul, 281 00:15:02,880 --> 00:15:07,680 Speaker 2: but just restarting the country's highest level annual meeting was 282 00:15:07,720 --> 00:15:11,600 Speaker 2: a positive sign for cooperation among the three Northeast Asian neighbors. 283 00:15:11,880 --> 00:15:14,520 Speaker 2: On the end of the meeting, South Korean President Yunsak Eol, 284 00:15:14,680 --> 00:15:18,840 Speaker 2: Chinese Premier Lee Chung, and Japanese Prime Minister Formio Kishita 285 00:15:19,000 --> 00:15:21,800 Speaker 2: had rounds of bilateral meetings among themselves to discuss how 286 00:15:21,840 --> 00:15:26,040 Speaker 2: to boost economic and other cooperation. According to Associated Press, 287 00:15:26,280 --> 00:15:29,520 Speaker 2: some more delicate subjects were also brought up, such as 288 00:15:29,560 --> 00:15:33,040 Speaker 2: North Korea, Taiwan and the South China Sea Seawan. 289 00:15:33,160 --> 00:15:37,040 Speaker 1: AID trucks from Egypt enter the Gaza Strip yesterday Australian 290 00:15:37,080 --> 00:15:40,560 Speaker 1: time under a new US broken agreement to reopen a 291 00:15:40,600 --> 00:15:42,720 Speaker 1: corridor for humanitarian relief. 292 00:15:43,040 --> 00:15:45,960 Speaker 2: Egypt had blocked AID from entering the Enclay vir Its 293 00:15:46,040 --> 00:15:49,760 Speaker 2: territory since israel seizure of the Rafa Crossing, which provides 294 00:15:49,800 --> 00:15:53,000 Speaker 2: access to southern Gaza, in early May. The two sides 295 00:15:53,040 --> 00:15:55,880 Speaker 2: have traded blame over that crossing's closure, even as AID 296 00:15:55,880 --> 00:15:58,320 Speaker 2: has piled up on the Egyptian side. Now, according to 297 00:15:58,320 --> 00:16:01,120 Speaker 2: The New York Times, after US pressure, agreed to DIVERT 298 00:16:01,160 --> 00:16:05,320 Speaker 2: trucks through the Israeli controlled Kerem Shalom Crossing, which is 299 00:16:05,400 --> 00:16:08,800 Speaker 2: roughly three kilometers from the Rafa crossing. As a temporary measure, 300 00:16:09,040 --> 00:16:12,960 Speaker 2: some one hundred and twenty six trucks from Egypt containing food, 301 00:16:13,120 --> 00:16:17,280 Speaker 2: fuel and other necessities then entered the Gaza Strip. It 302 00:16:17,600 --> 00:16:21,240 Speaker 2: comes as dozens of Palestinians. If you're dead or wounded 303 00:16:21,520 --> 00:16:24,240 Speaker 2: after Israeli strikes hit a camp for the displaced in 304 00:16:24,360 --> 00:16:25,760 Speaker 2: northwestern Raffa. 305 00:16:26,320 --> 00:16:30,200 Speaker 1: And finally, Sean, dating apps such as Tinder and Bumble 306 00:16:30,560 --> 00:16:34,280 Speaker 1: are exploring extra features and new branding to attract more 307 00:16:34,400 --> 00:16:38,480 Speaker 1: Generation dead women. In response to warnings that female uses 308 00:16:38,600 --> 00:16:42,000 Speaker 1: are suffering burnout on matchmaking platform Shot, I reckon that 309 00:16:42,040 --> 00:16:44,320 Speaker 1: you and I could be the two least qualified people 310 00:16:44,320 --> 00:16:46,840 Speaker 1: to talk about this having I don't well, of course, 311 00:16:46,920 --> 00:16:48,360 Speaker 1: neither of us are female, but. 312 00:16:48,480 --> 00:16:50,120 Speaker 2: Also that's a start. 313 00:16:50,360 --> 00:16:52,440 Speaker 1: Yes, but either think you either of us have ever 314 00:16:52,600 --> 00:16:54,280 Speaker 1: actually used dating apps? 315 00:16:54,360 --> 00:16:58,840 Speaker 2: Oh Michael, please details details. All I know is that 316 00:16:59,000 --> 00:17:02,120 Speaker 2: match group which has more than forty dating brands, which 317 00:17:02,160 --> 00:17:05,600 Speaker 2: blew me away, including Tinder and Hinge and Bumble. So 318 00:17:05,720 --> 00:17:08,840 Speaker 2: Match and Bumble have both been out there trying to 319 00:17:08,880 --> 00:17:13,080 Speaker 2: boost content moderation and introduce other ways to improve women's experiences. 320 00:17:13,280 --> 00:17:17,320 Speaker 2: Surveys have consistently shown a gender disparity among dating app users. 321 00:17:17,560 --> 00:17:20,080 Speaker 2: According to the Financial Times, a recent poll by market 322 00:17:20,119 --> 00:17:23,400 Speaker 2: research firm Mintel found that forty seven percent of men 323 00:17:23,520 --> 00:17:25,800 Speaker 2: aged between eighteen and thirty four in the UK had 324 00:17:25,880 --> 00:17:28,240 Speaker 2: used a dating website or app in the year to December, 325 00:17:28,680 --> 00:17:32,280 Speaker 2: only twenty five percent of women. Female millennials are most 326 00:17:32,400 --> 00:17:35,960 Speaker 2: likely to use dating apps, while gen zas appear much 327 00:17:36,040 --> 00:17:39,080 Speaker 2: much more hesitant. Not helping, of course, is that some 328 00:17:39,160 --> 00:17:43,240 Speaker 2: women have reported concerns about receiving unsolicited material and violent 329 00:17:43,320 --> 00:17:46,080 Speaker 2: threats while using the services. The share prices of both 330 00:17:46,119 --> 00:17:49,359 Speaker 2: match Group and Bumble are now about eighty percent off 331 00:17:49,680 --> 00:17:52,760 Speaker 2: their highs, and that's on the back of the slowdown 332 00:17:52,840 --> 00:17:56,720 Speaker 2: in use, particularly among women. It just seems that peak 333 00:17:56,880 --> 00:18:02,200 Speaker 2: dating app may have passed. Michael Sean, he came and went, 334 00:18:02,240 --> 00:18:04,919 Speaker 2: Michael without your I even trying it. 335 00:18:04,880 --> 00:18:06,520 Speaker 1: Ever, even being part of it all. 336 00:18:06,640 --> 00:18:06,760 Speaker 2: Right. 337 00:18:07,200 --> 00:18:10,720 Speaker 1: Up next is the Fear and Greed Daily Interview. You 338 00:18:10,800 --> 00:18:13,920 Speaker 1: are speaking today, Well, you spoke with him for nearly 339 00:18:13,920 --> 00:18:16,520 Speaker 1: four years ago, but this is a great interview to revisit. 340 00:18:16,560 --> 00:18:19,119 Speaker 1: Don may ceo of Domino's Pizza Enterprises. 341 00:18:19,600 --> 00:18:23,199 Speaker 2: It's particularly relevant because today we're talking about companies who 342 00:18:23,240 --> 00:18:26,440 Speaker 2: have expanded overseas. Domino's has done a great job pushing 343 00:18:26,480 --> 00:18:28,439 Speaker 2: into parts of Asia and parts of Europe. So we 344 00:18:28,480 --> 00:18:30,800 Speaker 2: talked to Don about that, but it's much broader than that. 345 00:18:30,880 --> 00:18:34,840 Speaker 2: It's also about his story, the Domino's story why getting 346 00:18:34,840 --> 00:18:40,480 Speaker 2: a pizza to the front door hot is absolutely crucial 347 00:18:40,920 --> 00:18:44,040 Speaker 2: to a successful business model that dominoes. It's a fascinating chat. 348 00:18:44,240 --> 00:18:46,040 Speaker 1: Yeah, it's sure is. It is up next in the 349 00:18:46,040 --> 00:18:48,960 Speaker 1: Fear and Greed playlist on your podcast platform or at 350 00:18:48,960 --> 00:18:52,960 Speaker 1: Fearangreed dot com dot au, which is also sean where 351 00:18:53,080 --> 00:18:55,920 Speaker 1: you can sign up for the Fear and Greed newsletter, 352 00:18:55,960 --> 00:18:58,720 Speaker 1: which comes out tomorrow morning and is just going to 353 00:18:58,800 --> 00:19:01,879 Speaker 1: have so many of your opinions and spicy takes on 354 00:19:01,960 --> 00:19:04,720 Speaker 1: all of the big news stories of the week, any 355 00:19:05,160 --> 00:19:07,280 Speaker 1: anything that you've got your eye on at the moment. 356 00:19:07,840 --> 00:19:10,399 Speaker 2: Ah, there's a bit around, there's a bit around. I 357 00:19:10,400 --> 00:19:12,640 Speaker 2: don't want to give mate too much, suggests I haven't 358 00:19:12,680 --> 00:19:14,040 Speaker 2: done a lot of work on it yet, but. 359 00:19:14,119 --> 00:19:19,879 Speaker 1: You know, well, sign up and you will get it 360 00:19:19,920 --> 00:19:22,399 Speaker 1: baked fresh tomorrow morning, much like a Domino's pizza. 361 00:19:22,520 --> 00:19:23,639 Speaker 2: Much like a Domino's pizza. 362 00:19:23,720 --> 00:19:25,800 Speaker 1: Michael, there we go. Thank you, Sean. 363 00:19:26,040 --> 00:19:26,639 Speaker 2: Thanks Michael. 364 00:19:26,880 --> 00:19:29,560 Speaker 1: It's Tuesday, the twenty eighth of May twenty twenty four. 365 00:19:29,600 --> 00:19:31,600 Speaker 1: Make sure you're following the podcast and please join us 366 00:19:31,600 --> 00:19:35,600 Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook. Michael Thompson, 367 00:19:35,640 --> 00:19:40,080 Speaker 1: and that was fear and greed. Have a great day.