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Speaker 1: Today on Fear and Greed. Quantas reports a sharp jump

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Speaker 1: in profit thanks to Jetstar, as the government green lights

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Speaker 1: Katar's investment in Virgin Cole's out does Woolworths when it

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Speaker 1: comes to sales growth, and BP dumps its plans to

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Speaker 1: become green, Plus a warning from the RBA, and Snowy

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Speaker 1: Hydro runs into trouble. Welcome to Fear and Greed. Daily

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Speaker 1: business news for people who make their own decisions. It

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Speaker 1: is Friday, the twenty eighth of February twenty twenty five.

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

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Speaker 2: Good morning, Michael. Last day of earning season, always a

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Speaker 2: moment to savor. When the market closes four pm today,

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Speaker 2: that's it. A few stragglers will come out on Monday,

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Speaker 2: but it's over.

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Speaker 1: You can breathe a sigh of relief. Then you can't

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Speaker 1: hear it. It's been a heck of a reporting season

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Speaker 1: and it saved a good one towards the end. Really,

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Speaker 1: haven't we the main story this morning? Quantus has reported

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Speaker 1: a jump in its half year profit and paid a

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Speaker 1: dividend to share for the first time since COVID. Here

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Speaker 1: we go, just as Treasurer Jim Chalmers gives the go

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Speaker 1: ahead to the Virgin Katar tie up. A lot happening

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Speaker 1: in aviation.

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Speaker 2: Sean sure is quantus A share price just six percent

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Speaker 2: yesterday on the back of increasing confidence that CEO Vanessa

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Speaker 2: Hudson's turnaround plan is working. In fact, there's been a

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Speaker 2: bit of confidence for a while. Quantas A share price

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Speaker 2: is up about eighty percent over the past year. The

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Speaker 2: highlight of the performance that we heard yesterday was jet Star.

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Speaker 2: For these six months to the end of December, the

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Speaker 2: underlying domestic earnings from Jetstar were up fifty four percent.

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Speaker 2: Now that was held by eight new aircraft, including new

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Speaker 2: Airbus planes. Basically that expanded Jetstar's capacity. It made more money.

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Speaker 2: We also heard the project Sunrise, that's the Sydney Melbourne

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Speaker 2: to London New York NonStop still due to start next year.

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Speaker 2: The underlying profit for Quantas was up eleven percent to

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Speaker 2: about one point four billion dollars. The problem though Quantas

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Speaker 2: is the lack of investment over many years in planes,

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Speaker 2: so it's flying a bunch of aging Boeing seven to

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Speaker 2: three sevens, and Hudson said there are delays on the

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Speaker 2: delivery of new aircraft. As a result, Quantus will refit

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Speaker 2: more than half. It's seven three sevens. That means more seats,

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Speaker 2: more leg room, and all important more overhead locker space problem.

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Speaker 2: Of course, old planes just cost more to run. They

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Speaker 2: generally have lower capacity, So this is a makeshift solution,

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Speaker 2: but really it is a decade of under investing in

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Speaker 2: planes coming back to bite Quantas.

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Speaker 1: I'm amazed that the Project Sunrise project is on track.

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Speaker 1: It's because it's one of those things that's been talked

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Speaker 1: about for so so long, and you always expect that

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Speaker 1: these things will get pushed back a little bit as

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Speaker 1: we as we get closer. But it has been a

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Speaker 1: big ticket item for Quantas, hasn't it for some time,

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Speaker 1: And they've merely been putting a lot into making sure

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Speaker 1: that they can achieve this. And there's a long, long flow.

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Speaker 1: It's like twenty two hours in the sky.

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Speaker 2: So the thing that Vanessa Hudson is confident about is

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Speaker 2: demand for those flights, because at the moment there's quite

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Speaker 2: a bit of demand for business class flights. More so,

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Speaker 2: the growth in business class demand is higher than in economy,

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Speaker 2: and you would think some of those aircraft will be

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Speaker 2: used by businesses taking twenty two hour flights cheap as

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Speaker 2: like you and I, we don't mind having a little

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Speaker 2: break in La or San Francisco or Dellasa somewhere maybe Singapore.

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Speaker 2: Fat poor, yep, yep. But you would imagine business. So

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Speaker 2: I'm hazarding a guess there's going to be a lot

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Speaker 2: of business class seats on those flights.

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Speaker 1: Yeah, you would imagine so, because you would if you

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Speaker 1: were going to be spending twenty two hours in the sky,

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Speaker 1: you would want to be lying.

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Speaker 2: Flat, you would. Yeah.

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Speaker 1: So qantas Sean is on the app, just as Virgin

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Speaker 1: gets a new twenty five percent stakeholder in Qatar and

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Speaker 1: becomes really a much tougher competitor in the Internet national market.

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Speaker 2: Irunic timing. I wonder whether Jim Charmers, the treasurer, did

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Speaker 2: it deliberately.

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Speaker 1: It's howfully coincidental, doesn't it.

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Speaker 2: Yeah, it's only about an hour between the two announcements anyway.

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Speaker 2: Jim Chalmers will allow Guitar to buy twenty five percent

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Speaker 2: of Virgin from private equity owner by Capital. That allows

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Speaker 2: Virgin to offer flights to Doha and beyond using Guitar aircraft.

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Speaker 2: What's that mean? Well, much more competition in international flights

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Speaker 2: out of Australia. We're in that, Michael, customers.

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Speaker 1: It's us, even the chiapos that need to stop off

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Speaker 1: somewhere along the way. Local markets, how do they perform? Yesterday?

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Speaker 2: Sean s andp ASX two hundred closed up zero point

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Speaker 2: three percent of eighty two hundred and sixty eight points.

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Speaker 2: Consumer staples did best, healthcare stocks, technology stocks not so good.

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Speaker 2: A bit of corporate news around, as you would imagine,

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Speaker 2: just the highlights, not an earnings result. But Ramsey Healthcare

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Speaker 2: Australia is like private hospital operator. Its share price jumped

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Speaker 2: seven percent after it appointed an investment bank to advise

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Speaker 2: and a potential sale of its controlling stake in the

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Speaker 2: European business IDP Education. One time darling in the market

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Speaker 2: has really struggled on the back of regulatory change over

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Speaker 2: the past year or so. It was down nine percent

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Speaker 2: after its earnings tumbled forty percent. Not good Perpetual the

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Speaker 2: fund manager. Its profit fell sixty five percent, triggering a

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Speaker 2: nine percent drop in its share price. Manibank Private went

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Speaker 2: the other way, up ten percent after lifting its interim

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Speaker 2: profit and notwithstanding some kind of well problematic views on

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Speaker 2: what's going to happen over the next twelve months. At Lasteria,

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Speaker 2: the Tolerad group did well and Neurine Pharmaceuticals rallied nine

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Speaker 2: percent after putting and nearly doubling in sales for its

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Speaker 2: ret syndrome treatment debut.

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Speaker 1: Shown in international markets. It was the biggest profit announcement

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Speaker 1: of the current Wall Street earning season and result for

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Speaker 1: the three months to the end of January, and the

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Speaker 1: world's biggest chip maker. It didn't disappoint.

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Speaker 2: We were waiting for it to disappoint, but it didn't

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Speaker 2: for the three months to the end of January. So

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Speaker 2: the earning season is to the end of December on

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Speaker 2: Wall Street, and Video has a slightly different calendar, so

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Speaker 2: it's till the end of January. Sales are up seventy

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Speaker 2: eight percent, so three months to thirty nine point three

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Speaker 2: billion US dollars. So I'm in my head, what's that

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Speaker 2: sixty billion Bussie dollars in three months, So twenty billion

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Speaker 2: dollars worth of sales of chips, which are actually quite

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Speaker 2: small things every month, pretty phenomenal. Basically, there's a rush

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Speaker 2: to build AI infrastructure and everyone needs chips to do that,

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Speaker 2: and video it certainly has been, let's say, twenty twenty three,

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Speaker 2: twenty twenty four, the real stock market powerhouse. Though it

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Speaker 2: did come off the boil this year, particularly when Deep

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Speaker 2: Seek out of China was introduced. Its share price has

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Speaker 2: come back some and in after hours training yesterday it

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Speaker 2: was up four percent. The boss, Jensen Huang, talked about

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Speaker 2: deep seats and it's actually a good thing to have

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Speaker 2: more people in the market. He also said that the

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Speaker 2: big unknown for the company remains the impact of Donald

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Speaker 2: Trump's tariffs. Now away from stocks, oil prices are trading

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Speaker 2: close to their lowest level this year. That's over concerns

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Speaker 2: about those tariffs. Good news for people buying petrol in

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Speaker 2: the next couple of weeks. One commodity benefiting from all

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Speaker 2: the US stuff is gold. It continues to trade near

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Speaker 2: record high as Bitcoin keeps going backwards or at least lower,

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Speaker 2: trading around eighty five thousand US dollars a unit, and

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Speaker 2: the Aussie dollar is buying just under sixty three US cents.

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Speaker 1: You got to love a boss coming out and saying

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Speaker 1: they welcome competition. Yes, yes, don't you.

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Speaker 2: A little yeah yeah yeah yeah yeah yeah.

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Speaker 1: Sean after the show today, we have an interview coming

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Speaker 1: up with Kylie Green from Reward Gateway. Something a little

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Speaker 1: bit different today.

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Speaker 2: It is, so we thought we'd have a break from

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Speaker 2: because we've had so many of them. So we thought

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Speaker 2: that we talk about people, real people. Now. What Reward

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Speaker 2: Gateway has done is it's done a very big survey

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Speaker 2: of HR professionals employees across the country and found things

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Speaker 2: like people are valuing non monetary rewards as much as

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Speaker 2: monetary rewards increasingly, and there's a demographic view on that

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Speaker 2: as well. It's the first time ever that we're about

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Speaker 2: to hit a five generation kind of group at cohorts,

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Speaker 2: five cohorts of generations in the workforce. What that means

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Speaker 2: we talk about productivity. It's a really really interesting interview.

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Speaker 1: Yeah, it certainly is, as you say, just about people

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Speaker 1: and about the workforce and about really these changing priorities

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Speaker 1: within the workplace. So definitely worth a lesson. Stick around

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Speaker 1: for that one. Also, stick around. We've got plenty more

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Speaker 1: to come. We're talking about coals just inching ahead of

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Speaker 1: woolies and sales BP dumping plans to go and Sean,

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Speaker 1: we're going to talk about the price of eggs. Excellent,

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Speaker 1: say excellent.

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Speaker 2: Ah, no, I didn't. I recrrected myself and did so.

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Speaker 2: I apologize.

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Speaker 1: That's all right, missed opportunity. We'll be back in a

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Speaker 1: moment with the rest of the day's business news. Sean

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Speaker 1: sales growth at Cole's is exceeding arch rival Woolworth's, though

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Speaker 1: the group's half year profit fell slightly so.

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Speaker 2: Cole's benefited from the industrial action at Woolli's distribution centers

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Speaker 2: late last year. It said it gained about one hundred

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Speaker 2: and twenty million dollars in sales that pushed up its

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Speaker 2: pre tax earnings. That the net profit was down a bit,

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Speaker 2: it was better than expecting. The share price was up

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Speaker 2: three and a half percent. What's really interesting, sales at

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Speaker 2: Cole's was up three point seven percent across the business,

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Speaker 2: four point three percent in supermarkets. Woolies in supermarkets were

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Speaker 2: two point seven percent. That's a big difference when people

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Speaker 2: are shifting to coals now. The boss of Coals at

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Speaker 2: Leah Wickett, said he understands that it probably might be

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Speaker 2: slightly temporary because woolies didn't have stock and coals could

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Speaker 2: shove stuff on their shelves and people about fifty percent

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Speaker 2: of purchases. She said, they are based on location. That's

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Speaker 2: why you go to the supermarket because it's close to you.

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Speaker 2: But still it's a very good side for Coals, which

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Speaker 2: is the number two supermarket behind Woolies, when their sales

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Speaker 2: growth is so much higher.

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Speaker 1: Yeah, and I know that people do go to the

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Speaker 1: supermarket closest to them, but it's surely a good experience

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Speaker 1: or a good exercise for Coals and exposing customers to

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Speaker 1: their range to other things, so you can see they

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Speaker 1: would be looking at, hopefully some longer term benefits. The

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Speaker 1: Deputy Governor of the Reserve Bank, Andrew Hauser, yesterday told

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Speaker 1: Senate estimates that if the cash rate held steady at

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Speaker 1: four point three five percent for a period, inflation would

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Speaker 1: be too low.

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Speaker 2: Reserve Bank forecasts show underlying inflation will hit and stick

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Speaker 2: at two point seven percent throughout next year based on

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Speaker 2: market pricing, so the market's priced in two or three

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Speaker 2: rate cuts. The Reserve Bank said, if that's what happened,

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Speaker 2: we reckon, we'll get to two point seven percent. Hawser

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Speaker 2: said he didn't believe there would be that many rate

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Speaker 2: cuts three or four. Didn't believe there would be that

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Speaker 2: many rate cuts, essentially because the reserve beat wants to

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Speaker 2: get underlying inflation lower to two point five percent. He

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Speaker 2: also said that monetree conditions were still tight iye, detracting

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Speaker 2: from growth, and that the less aggressive interest rate heights

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Speaker 2: in Australia in recent years helped ensure extraordinary strong employment outcomes.

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Speaker 2: All that is true, you read between the lines and

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Speaker 2: all that. We've had one interest rate cut from four

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Speaker 2: point three five to four point one percent for the

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Speaker 2: official rate. There just sounds to be another one coming

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Speaker 2: in coming months.

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Speaker 1: Just staying in the economics world for a moment, Sean

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Speaker 1: business investment remains relatively weak, which doesn't augit too well

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Speaker 1: for future economic growth.

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Speaker 2: No, so there are pockets are very strong investment think

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Speaker 2: data centers, but mining investment, investment and construction, accommodation, rental

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Speaker 2: and real estate sectors ain't so good. That'll feed into

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Speaker 2: next week's economic growth figures That look like during twenty

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Speaker 2: twenty four, the economy grew by between about one to

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Speaker 2: one and a half percent. The fact that businesses aren't investing, though,

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Speaker 2: isn't good for the economic growth outlook.

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Speaker 1: An interesting results out yesterday Australia's largest car dealership Eagers

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Speaker 1: Automotive jumped twenty percent after the group said that it

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Speaker 1: had outperformed the market.

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Speaker 2: And that came despite a twenty five percent slide inprofit.

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Speaker 2: Not bad. Billionaire Nick Poliites holds a twenty eight percent

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Speaker 2: stake in the company. He got richer yesterday. It has

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Speaker 2: two hundred show rooms across Australia and New Zealand. Where

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Speaker 2: it's doing really well is it's got a second hand

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Speaker 2: auto business that delivered a record profit.

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Speaker 1: And as quickly. Snowy Hydro says it will require changes

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Speaker 1: in the leadership by the main contractor on its troubled

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Speaker 1: twelve billion dollar Snowy two point zero project after a

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Speaker 1: quote serious safety incident that brought underground drilling work to

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Speaker 1: a very sudden halt.

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Speaker 2: So on Monday there's a failure of an underground fan

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Speaker 2: which lost part of its blade sent shrapnel flying through

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Speaker 2: the year. The Australian Workers' Union said only she luck

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Speaker 2: prevented anyone from being injured. Snowy, which is owned by

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Speaker 2: the Commwealth Government, said that following the incident, it will

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Speaker 2: seek an immediate independent review and audit. According to the

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Speaker 2: Finn Review, it will also require changes to principal contractor

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Speaker 2: Future Generation joint venture leadership on the project. Basically, it

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Speaker 2: wants new people at the.

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Speaker 1: Top, turn into international news now and global energy giant.

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Speaker 1: BP has dumped all premise of shifting to a green

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Speaker 1: energy company, abandoning its five year attempt to reinvent itself

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Speaker 1: and going back to what it does best, oil and gas.

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Speaker 2: The company will be spending on oil and gas by

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Speaker 2: twenty percent to around ten billion US dollars a year.

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Speaker 2: It'll cut spending on renewables by about seventy percent. The

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Speaker 2: chief executive said it was a fundamental reset of BP strategy.

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Speaker 2: It ditched targets to cut fossil fuel production and develop

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Speaker 2: fifty gigawatts of renewable power. The green strategy was launched

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Speaker 2: by the former CEO, never really one ay of investors.

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Speaker 2: BP's also going to put up a bunch of assets

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Speaker 2: up for sale, one being cast Castro, you know, the

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Speaker 2: lubricant arm business. Yeah. I didn't rise BP and them.

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Speaker 1: No, that is a massive about face, isn't it.

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Speaker 2: Just for the title, just saying that we can't get there,

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Speaker 2: not doing it?

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Speaker 1: Oh wow. Sean Negotiations to merge Nisson Motorco and Honda

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Speaker 1: Motorco have collapsed, prompting the resignation of nis And CEO

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Speaker 1: following a dismal earnings report.

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Speaker 2: Makato Yucheedah nine months ago said NIS and will make

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Speaker 2: about two point five billion US dollars net profit for

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Speaker 2: the year ending March. Yesterday, he said it'd be a

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Speaker 2: loss of about five hundred and forty million dollars. This's

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Speaker 2: credit rating has been cut to junk status. It's done

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Speaker 2: a I mean, I've had done a tentative deal to

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Speaker 2: merge with Honda, according to Bloomberg, but that's off the

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Speaker 2: shelf now. Nissan and Honda will continue to work the

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Speaker 2: midst of Bishi Motors to collaborate on electric vehicle batteries

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Speaker 2: and software development.

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Speaker 1: And finally sean. There's plenty going on in the USA

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Speaker 1: at a political level, obviously, but around the breakfast table,

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Speaker 1: the discussion is increasingly about the crazy price of eggs.

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Speaker 1: It's about US eight dollars a dozen or right, I

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Speaker 1: WASI dollar terms. That's about a dollar an egg, isn't it.

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Speaker 2: We're complaining here? Think of those poor homes in the US.

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Speaker 2: The US Agricultural Department reckons that the price of eggs

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Speaker 2: will jump about forty percent. This year'sa it'd be about

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Speaker 2: buck forty for one egg. Millions of birds have been

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Speaker 2: killed since December as the outbreak of bird flu hit

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Speaker 2: egg laying farms across the country Iowa, California, North Carolina.

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Speaker 2: Like in Australia, supermarkets of limited purchases and restaurants are

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Speaker 2: adding egg surcharges. I don't think I've seen an egg

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Speaker 2: surcharge here yet, but apparently it's quite popular in the US.

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Speaker 2: At the moment. The Department of agg wants to import

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Speaker 2: seventy to one hundred million eggs over the next month

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Speaker 2: or two. Now, I don't know how the tariffs will

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Speaker 2: work on that. Does that mean you're add a twenty

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Speaker 2: five percent tariff on h don't know. But anyway, one

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Speaker 2: hundred million egg imports.

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Speaker 1: Well there you got got a story, and it end

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Speaker 1: up being a dollar forty in egg.

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Speaker 2: So by the end of the year you had a

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Speaker 2: tariff on that of let's say twenty percent. Be generous,

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Speaker 2: be say night nice, that's another twenty eight cents. So

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Speaker 2: that's a dollar sixty eight Wow for an egg.

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Speaker 1: That's a lot of money. All right, there we go.

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Speaker 1: Up next is the fear and Greed Daily interview Kylie

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Speaker 1: Green from Reward Gateway and as well stick around check

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Speaker 1: the playlist at about midday when our latest episode, our

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Speaker 1: bonus podcast of Ask, Fear and Greed goes live.

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Speaker 2: I'm not sure that it's a burnus episode because it

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Speaker 2: is a great question. You were about to say, what

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Speaker 2: the question was? I just don't think we've got yeah,

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Speaker 2: I don' think got the answer really.

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Speaker 1: Yeah, But it's fun listening to search for the answer

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Speaker 1: live as we're discussing it, because I often spring these

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Speaker 1: questions on you and you don't know what's coming and

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Speaker 1: you and you generally know the answer, and it isn't

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Speaker 1: my best effort, but we got to an answer.

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Speaker 2: We did. It was to an answer that's true.

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Speaker 1: It was just a journey. It was a journey to

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Speaker 1: get there. It's a great question from Joe all about ETFs.

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Speaker 1: So have a listened to that one at about midday today.

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Speaker 1: Thank you very much, Sean, Thank you, Michael. It is Friday,

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Speaker 1: the twenty eighth of February twenty twenty five. Make sure

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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 day.