1
00:00:06,000 --> 00:00:09,440
Speaker 1: Today on Fear and Greed, Federal Treasurer Jim Chalmers opens

2
00:00:09,480 --> 00:00:11,720
Speaker 1: the way for the Future Fund to be told how

3
00:00:11,760 --> 00:00:15,000
Speaker 1: to invest the year's biggest float, set to hit the

4
00:00:15,040 --> 00:00:18,480
Speaker 1: boss and meet the crypto tycoon who paid six point

5
00:00:18,520 --> 00:00:24,319
Speaker 1: two million US dollars for a banana, Plus plenty of

6
00:00:24,360 --> 00:00:28,520
Speaker 1: markets and bribery allegations against one of the world's richest men.

7
00:00:28,600 --> 00:00:31,000
Speaker 1: Welcome to Fear and Greed, daily business news for people

8
00:00:31,000 --> 00:00:34,080
Speaker 1: who make their own decisions. It is Friday, the twenty

9
00:00:34,159 --> 00:00:38,159
Speaker 1: second of November twenty twenty four. I'm Michael Thompson, and

10
00:00:38,200 --> 00:00:42,160
Speaker 1: good morning, sew Nail, watching your faces. You're going six

11
00:00:42,240 --> 00:00:45,560
Speaker 1: point two million dollars for a banana?

12
00:00:46,200 --> 00:00:47,640
Speaker 2: Was that was priceless?

13
00:00:48,640 --> 00:00:51,239
Speaker 1: There is context to this, like it's not just a

14
00:00:51,240 --> 00:00:53,800
Speaker 1: banana in a supermarket. There there's more to it. But

15
00:00:53,840 --> 00:00:54,600
Speaker 1: it's a good story.

16
00:00:54,640 --> 00:00:55,480
Speaker 2: We'll go a great story.

17
00:00:55,720 --> 00:00:57,920
Speaker 1: We'll get to it a bit later on. So it's

18
00:00:57,960 --> 00:00:59,440
Speaker 1: a lot of money for a piece of fruit. The

19
00:00:59,480 --> 00:01:03,760
Speaker 1: main story this morning, sean fragile. Treasurer Jim Chalmers has

20
00:01:04,040 --> 00:01:09,640
Speaker 1: directed the Future Fund to prioritize investments in housing, renewable energy,

21
00:01:09,680 --> 00:01:12,760
Speaker 1: and infrastructure. It's the first time in the fifteen year

22
00:01:12,880 --> 00:01:17,160
Speaker 1: history of the fund, that the government has actually mandated

23
00:01:17,240 --> 00:01:19,040
Speaker 1: how the Future Fund should invest.

24
00:01:20,160 --> 00:01:24,720
Speaker 2: Quite a change. Michael Jim Car't Jim Krmas Jim Chalmers

25
00:01:24,800 --> 00:01:29,640
Speaker 2: issued a first statement of expectations for the independently managed

26
00:01:30,000 --> 00:01:33,679
Speaker 2: two hundred and thirty billion dollar fund. Focus on the

27
00:01:33,680 --> 00:01:37,600
Speaker 2: word independent, Doctor Chalmers said the new investment mandate wouldn't

28
00:01:37,680 --> 00:01:41,000
Speaker 2: come at the expense of performance. He said he is

29
00:01:41,040 --> 00:01:43,880
Speaker 2: committed to the fund's independence and commercial focus.

30
00:01:44,360 --> 00:01:44,520
Speaker 1: Now.

31
00:01:44,520 --> 00:01:47,480
Speaker 2: The Future Fund was established by the Howard government two

32
00:01:47,480 --> 00:01:50,640
Speaker 2: thousand and six. The whole idea what the original idea

33
00:01:50,720 --> 00:01:54,240
Speaker 2: was to pay for the federal government's employee pensions they

34
00:01:54,240 --> 00:01:57,680
Speaker 2: were growing needed money for that. Took money from surpluses

35
00:01:57,680 --> 00:02:00,920
Speaker 2: that were brought in under the Howard Castilla regime put

36
00:02:00,960 --> 00:02:03,560
Speaker 2: it into the Future Fund. The new mandate says the

37
00:02:03,600 --> 00:02:07,320
Speaker 2: Future Fund must consider Australia's national priorities of increasing the

38
00:02:07,320 --> 00:02:12,600
Speaker 2: supply of residential housing, supporting the energy transition, and delivering

39
00:02:12,639 --> 00:02:17,119
Speaker 2: improved infrastructure when making investment decisions. When it's putting money

40
00:02:17,120 --> 00:02:19,840
Speaker 2: into stuff, it has to think about those things. The

41
00:02:19,880 --> 00:02:22,200
Speaker 2: government said it won't take a dividend from the Future

42
00:02:22,200 --> 00:02:26,480
Speaker 2: Fund until at least twenty thirty three. That means that

43
00:02:26,600 --> 00:02:28,720
Speaker 2: the money that it would have taken as a dividend

44
00:02:28,960 --> 00:02:32,400
Speaker 2: could be directed towards housing, renewables and infrastructure. A bit

45
00:02:32,400 --> 00:02:34,560
Speaker 2: of a furfy. The government has never actually taken a

46
00:02:34,560 --> 00:02:38,200
Speaker 2: dividend from the Future Fund. The government wants super funds

47
00:02:38,680 --> 00:02:41,760
Speaker 2: super funds fortrillion dollars under management. Super funds to invest

48
00:02:41,760 --> 00:02:44,320
Speaker 2: in nation building projects like housing, aged care and the

49
00:02:44,400 --> 00:02:49,120
Speaker 2: energy transition. The problem with superfunds is that they are

50
00:02:49,200 --> 00:02:54,919
Speaker 2: legally obliged to act in members' best financial interests. Where

51
00:02:54,960 --> 00:02:58,040
Speaker 2: does the Future Fund fit into this. It's a sovereign fund,

52
00:02:58,600 --> 00:03:01,639
Speaker 2: so it can actually be directed in certain ways? Or

53
00:03:02,200 --> 00:03:05,400
Speaker 2: should it only have best returns at its heart? Future

54
00:03:05,400 --> 00:03:08,680
Speaker 2: Fund chair Greek Comba, a former labor minister, welcomed the

55
00:03:08,720 --> 00:03:13,840
Speaker 2: new direction yesterday, saying it's aligned with the funds, thinking.

56
00:03:14,919 --> 00:03:18,320
Speaker 1: Can they have both sean like, can the government expect

57
00:03:18,320 --> 00:03:21,919
Speaker 1: the Future Fund to provide strong returns, really strong returns

58
00:03:21,960 --> 00:03:24,440
Speaker 1: and also invest in the areas of focus that it's

59
00:03:24,560 --> 00:03:25,320
Speaker 1: kind of picking out.

60
00:03:25,760 --> 00:03:28,080
Speaker 2: I suppose you can do it, but you have to

61
00:03:28,120 --> 00:03:30,880
Speaker 2: be a bit lucky. Now. Former chair Peter Costello, and

62
00:03:31,000 --> 00:03:33,000
Speaker 2: he stepped down this year. He doesn't think so. He's

63
00:03:33,040 --> 00:03:36,320
Speaker 2: previously urged the government to not direct how the money

64
00:03:36,400 --> 00:03:39,720
Speaker 2: is used. David Murray, the first chair of the Future Fund,

65
00:03:39,800 --> 00:03:43,240
Speaker 2: He said investment returns will be more vulnerable and everyone

66
00:03:43,320 --> 00:03:47,880
Speaker 2: loses in an interventionist world. Shadow treasure Angus Taylor, he

67
00:03:47,920 --> 00:03:50,080
Speaker 2: said the government wants to raid the country's nest egg

68
00:03:50,200 --> 00:03:54,080
Speaker 2: to cover for its economic failures. Anytime you put restrictions

69
00:03:54,080 --> 00:03:59,360
Speaker 2: on investing, it can hurt returns, but sometimes you're prepared

70
00:03:59,360 --> 00:04:01,680
Speaker 2: to put up with that. So if you don't invest

71
00:04:01,680 --> 00:04:03,600
Speaker 2: in if you invest in a fund that doesn't invest

72
00:04:03,600 --> 00:04:06,040
Speaker 2: in a tobacco company, for example, or in gaming groups,

73
00:04:06,480 --> 00:04:10,520
Speaker 2: or there are esg reasons you want to invest in renewables.

74
00:04:10,560 --> 00:04:15,320
Speaker 2: So sometimes it's okay to have restrictions on investing because

75
00:04:15,360 --> 00:04:18,160
Speaker 2: that's what you feel is necessary. It might be worth

76
00:04:18,200 --> 00:04:20,279
Speaker 2: the effort, and that's what it sounds like the government

77
00:04:20,400 --> 00:04:22,599
Speaker 2: is saying. The fund itself has a goal of four

78
00:04:22,600 --> 00:04:25,840
Speaker 2: to five percent above inflation. It's ten year average return

79
00:04:25,920 --> 00:04:27,880
Speaker 2: is eight point three percent, so it's actually done better

80
00:04:28,360 --> 00:04:31,160
Speaker 2: than its goal. It doesn't have members, it just has

81
00:04:31,160 --> 00:04:33,360
Speaker 2: the Australian Government owns it, so that's what it's got

82
00:04:33,360 --> 00:04:38,760
Speaker 2: to answer to So theoretically it's probably okay. But does

83
00:04:38,760 --> 00:04:41,200
Speaker 2: this mean that the Australian Government, which is actually you

84
00:04:41,200 --> 00:04:43,880
Speaker 2: and I that taxpayers, does that mean mean the return

85
00:04:44,000 --> 00:04:46,360
Speaker 2: of the future fund will be lower because of this direction?

86
00:04:47,279 --> 00:04:48,479
Speaker 1: That's a big story, isn't it?

87
00:04:48,720 --> 00:04:52,640
Speaker 2: Massive story? I Michael, I am going to put my

88
00:04:52,680 --> 00:04:56,039
Speaker 2: hand up now because we have the weekend edition in

89
00:04:56,080 --> 00:04:57,839
Speaker 2: twenty four hours. That's my story.

90
00:04:58,160 --> 00:05:01,120
Speaker 1: Ah, yes, that was me test the waters then and

91
00:05:01,120 --> 00:05:02,839
Speaker 1: going that's a big story, isn't it? Just to see

92
00:05:02,880 --> 00:05:04,600
Speaker 1: how you react? And if you said, yes, this is

93
00:05:04,600 --> 00:05:06,440
Speaker 1: the biggest story of the week, I was going to

94
00:05:06,480 --> 00:05:10,320
Speaker 1: be on that like a got so there's nothing I

95
00:05:10,320 --> 00:05:13,200
Speaker 1: can say that's g rated. I would have been all

96
00:05:13,200 --> 00:05:15,400
Speaker 1: over that one. Anyway. You got it first, Well done

97
00:05:15,440 --> 00:05:17,000
Speaker 1: to you. Let's see how it goes tomorrow on the

98
00:05:17,000 --> 00:05:21,000
Speaker 1: weekend edition. Another big one though, Sean, the year's biggest float,

99
00:05:21,400 --> 00:05:23,560
Speaker 1: worth four billion dollars, is set to list on the

100
00:05:23,600 --> 00:05:29,200
Speaker 1: ASX on December twelve. It'll be a portfolio of data centers.

101
00:05:29,640 --> 00:05:32,240
Speaker 2: So this initial public offering IPO has been in the

102
00:05:32,240 --> 00:05:35,840
Speaker 2: offering for quite a while. It's now been fully underwritten

103
00:05:36,040 --> 00:05:38,480
Speaker 2: by investment banks. Therefore it's right to go. It was

104
00:05:38,560 --> 00:05:42,520
Speaker 2: orchestrated by HMC Capital, which is run by a guy

105
00:05:42,560 --> 00:05:45,920
Speaker 2: called David de Pillar. David is a very well known

106
00:05:45,960 --> 00:05:49,919
Speaker 2: investor in the Australian market. Basically it takes advantage of

107
00:05:49,960 --> 00:05:52,839
Speaker 2: some really hot themes, so properly in data centers, definitely

108
00:05:52,880 --> 00:05:57,440
Speaker 2: technology infrastructure. It'll hold thirteen assets in Australia. In the US,

109
00:05:57,680 --> 00:06:01,760
Speaker 2: the biggest IPO for the AX in twenty twenty four.

110
00:06:01,960 --> 00:06:05,120
Speaker 2: In fact, it's the biggest real estate investment trust IPO

111
00:06:05,720 --> 00:06:09,400
Speaker 2: in several years. The whole property sector has been downtrodden

112
00:06:09,760 --> 00:06:12,080
Speaker 2: ever since COVID and this is by far the biggest

113
00:06:12,080 --> 00:06:16,240
Speaker 2: that's been done in that period. Of course, we do

114
00:06:16,320 --> 00:06:18,000
Speaker 2: have a bit of a pre runner to this, say

115
00:06:18,080 --> 00:06:20,080
Speaker 2: not in the public market. So in September this year,

116
00:06:20,120 --> 00:06:22,600
Speaker 2: private equity group Blackstone bought air Trunk. Now that's the

117
00:06:22,680 --> 00:06:25,240
Speaker 2: largest data center group in the region. It's based in

118
00:06:25,279 --> 00:06:28,640
Speaker 2: North Sydney. That's worth about twenty four billion dollars, but

119
00:06:28,640 --> 00:06:32,840
Speaker 2: it wasn't listed. It's fantastic to see an IPO get

120
00:06:32,960 --> 00:06:37,600
Speaker 2: up just before Christmas, in the year which there's been

121
00:06:37,640 --> 00:06:40,279
Speaker 2: a few bit of activity but nothing big. You know.

122
00:06:40,320 --> 00:06:42,400
Speaker 2: Goods Many Gomez I think is the biggest otherwise, so

123
00:06:42,680 --> 00:06:43,800
Speaker 2: it's good to get a big one.

124
00:06:43,960 --> 00:06:47,280
Speaker 1: Yeah, it certainly is, and just quickly Shawing and Economic News.

125
00:06:47,320 --> 00:06:51,120
Speaker 1: Westpac has joined National Australia Bank in pushing back its

126
00:06:51,200 --> 00:06:53,800
Speaker 1: forecast of a rape cut until May.

127
00:06:54,279 --> 00:06:56,960
Speaker 2: Chief economist Lucy Ellis, who used to be at the

128
00:06:57,000 --> 00:07:00,400
Speaker 2: Reserve Bank, said the first cut could be even than

129
00:07:00,440 --> 00:07:02,839
Speaker 2: May eve inflation doesn't fall in line with the Reserve

130
00:07:02,880 --> 00:07:06,640
Speaker 2: Bank's forecasts. Ellis and other economists say the wording of

131
00:07:06,680 --> 00:07:09,800
Speaker 2: the Bored Minutes released this week seem to count out

132
00:07:09,840 --> 00:07:13,640
Speaker 2: any chance of a rate cut before May, unless there's

133
00:07:13,680 --> 00:07:18,240
Speaker 2: an unexpected deterioration in the jobs market. Lucie Ellis does

134
00:07:18,280 --> 00:07:20,640
Speaker 2: expect the benchmark rate to be cut by one hundred

135
00:07:20,720 --> 00:07:23,080
Speaker 2: basis points though, by the end of next year. So

136
00:07:23,160 --> 00:07:27,119
Speaker 2: that suggests once we start going four point three five percent,

137
00:07:27,160 --> 00:07:29,160
Speaker 2: you get a twenty five basis point cut in May

138
00:07:29,360 --> 00:07:32,320
Speaker 2: or a bit afterwards. What she's suggesting is that there'll

139
00:07:32,320 --> 00:07:33,040
Speaker 2: be a bunch of them.

140
00:07:33,720 --> 00:07:35,160
Speaker 1: That's quite a run, isn't it.

141
00:07:35,200 --> 00:07:38,320
Speaker 2: That's quite a forecast, it is it is, I mean,

142
00:07:38,640 --> 00:07:40,800
Speaker 2: very optimistic. I'd say I would.

143
00:07:40,560 --> 00:07:43,960
Speaker 1: Have thought so. Anyway, Sean, we have a lot still

144
00:07:44,000 --> 00:07:47,760
Speaker 1: to cover, including the six million dollar banana. We'll be

145
00:07:47,760 --> 00:07:49,239
Speaker 1: back in a moment with the rest of the day's

146
00:07:49,240 --> 00:08:00,960
Speaker 1: business news. Sean Coldspots. Leah Wackett has told a competition

147
00:08:01,120 --> 00:08:04,760
Speaker 1: inquiry that the supermarket group is always looking to beat

148
00:08:04,800 --> 00:08:08,400
Speaker 1: Woolworths and the number of major competitors has grown and

149
00:08:08,480 --> 00:08:09,640
Speaker 1: now includes Amazon.

150
00:08:10,120 --> 00:08:13,800
Speaker 2: Muswickett also pushed in store experiences, saying a few years back,

151
00:08:13,840 --> 00:08:16,880
Speaker 2: when Coles focused only on value ie price, it actually

152
00:08:16,880 --> 00:08:21,440
Speaker 2: lost market share. The HBC inquiry heard Coals buys about

153
00:08:21,440 --> 00:08:24,400
Speaker 2: fifteen percent of fruit and Begi has grown in Australia.

154
00:08:24,400 --> 00:08:28,040
Speaker 2: Wooz buys up about twenty percent. The two big chains

155
00:08:28,080 --> 00:08:31,520
Speaker 2: control about sixty seven percent of the supermarket market, so

156
00:08:32,000 --> 00:08:36,000
Speaker 2: that supermarket market, I think so. Coles said it monitors Woolies,

157
00:08:36,040 --> 00:08:40,920
Speaker 2: obviously Aldiga, Costco and now Amazon in areas like Nappy's

158
00:08:41,000 --> 00:08:45,480
Speaker 2: washing powder and snacksms Wickett said customers had changed behavior

159
00:08:45,520 --> 00:08:48,760
Speaker 2: in the past eighteen months, trying cheaper brands and house

160
00:08:48,800 --> 00:08:52,280
Speaker 2: brand items. The AHABLEC is inquiring into the supermarket sector,

161
00:08:52,320 --> 00:08:55,280
Speaker 2: including pricing practices of the big serp markets and the

162
00:08:55,360 --> 00:08:56,920
Speaker 2: relationships with supplies.

163
00:08:57,720 --> 00:09:00,960
Speaker 1: How about Commonwealth Bank yesterday on the share price hit

164
00:09:01,000 --> 00:09:04,080
Speaker 1: another new record of more than one hundred and fifty

165
00:09:04,120 --> 00:09:07,560
Speaker 1: seven dollars, but like the market, it did eventually end

166
00:09:07,600 --> 00:09:08,480
Speaker 1: the session lower.

167
00:09:09,160 --> 00:09:12,160
Speaker 2: Yes, so the biggest company on the AX closed down

168
00:09:12,480 --> 00:09:14,880
Speaker 2: at one hundred, just a touchdown early one hundred and

169
00:09:14,920 --> 00:09:19,040
Speaker 2: fifty six dollars and twenty three cents. The SMPA six

170
00:09:19,080 --> 00:09:23,480
Speaker 2: two hundred actually finished flat three hundred and twenty three points. Overall,

171
00:09:23,480 --> 00:09:25,480
Speaker 2: the banks were mixed, though Westpac had a good day.

172
00:09:25,520 --> 00:09:27,719
Speaker 2: The miners were also mixed, though Forscu Metals had a

173
00:09:27,720 --> 00:09:30,800
Speaker 2: good day. Plenty corporate news around web Travel Group, which

174
00:09:30,880 --> 00:09:32,800
Speaker 2: was spun out a Webjet, has been told by it's

175
00:09:32,840 --> 00:09:37,440
Speaker 2: ordered to change its previous financial reporting. As a result,

176
00:09:37,480 --> 00:09:40,800
Speaker 2: its shares fell four percent. Shares in both Sayona Mining

177
00:09:40,840 --> 00:09:45,240
Speaker 2: and Piedmont Liftium fell after Siona did an equity raise.

178
00:09:45,360 --> 00:09:49,240
Speaker 2: Now Siana and Piedmont are merging. They're both liftingum companies,

179
00:09:49,320 --> 00:09:52,120
Speaker 2: so what happens to one hits the others? Lots of

180
00:09:52,160 --> 00:09:55,960
Speaker 2: shares were down, and a good news update on a

181
00:09:56,000 --> 00:09:59,920
Speaker 2: story we've been running. The boss of Resolute Mining, Terry Hollahan.

182
00:10:00,360 --> 00:10:04,240
Speaker 2: He was detained in Marley with two other executives. Anyway,

183
00:10:04,280 --> 00:10:06,640
Speaker 2: the gold miner struck a deal to pay one hundred

184
00:10:06,640 --> 00:10:11,240
Speaker 2: and sixty million US dollars to the Marlean government. Mister

185
00:10:11,280 --> 00:10:14,600
Speaker 2: Hollahan and the other two execs have reportedly been released.

186
00:10:15,120 --> 00:10:17,000
Speaker 1: Oh that is good news for them and for their

187
00:10:17,040 --> 00:10:20,040
Speaker 1: families and for the entire company. Just on the topic

188
00:10:20,080 --> 00:10:23,440
Speaker 1: of markets, Sean, you have an interview coming up after

189
00:10:23,480 --> 00:10:25,880
Speaker 1: the show with Michael McCarthy from Mumoo.

190
00:10:26,559 --> 00:10:29,120
Speaker 2: We do. We've been talking to Michael every Friday for

191
00:10:29,200 --> 00:10:31,560
Speaker 2: five or six weeks now and this wraps it all

192
00:10:31,640 --> 00:10:39,480
Speaker 2: up about using platforms with AI capabilities to It's kind

193
00:10:39,520 --> 00:10:42,440
Speaker 2: of for all investors, so it's for the retail investor,

194
00:10:42,480 --> 00:10:45,080
Speaker 2: it's for the new investor, it's for the experienced investor,

195
00:10:45,679 --> 00:10:50,000
Speaker 2: and broadly what the Mumoo platform can do. It's a

196
00:10:50,000 --> 00:10:52,640
Speaker 2: really good wrap up of everything we've been talking about.

197
00:10:52,880 --> 00:10:55,040
Speaker 1: Yeah, it's coming up after the show. Definitely worth a

198
00:10:55,080 --> 00:10:59,560
Speaker 1: listening today now, Sean. An attempt by an activist investor

199
00:10:59,800 --> 00:11:03,680
Speaker 1: to end the dual class share structure at News Corp

200
00:11:03,800 --> 00:11:07,760
Speaker 1: has been voted down at the company's annual meeting, ensuring

201
00:11:07,920 --> 00:11:11,240
Speaker 1: the Murdoch family continues to control the company.

202
00:11:11,800 --> 00:11:14,440
Speaker 2: So they controlled the Murdoch's controlled about forty one percent

203
00:11:14,440 --> 00:11:19,760
Speaker 2: of voting shares, but they actually own far fewer. Starboard Value,

204
00:11:19,880 --> 00:11:23,600
Speaker 2: the activist investor had argued that this dual structure had

205
00:11:23,600 --> 00:11:27,920
Speaker 2: given the Murdock's outsized influence. Of course, it gives them

206
00:11:27,960 --> 00:11:32,080
Speaker 2: outsize influence. The example they gave was that when Rupert

207
00:11:32,120 --> 00:11:35,720
Speaker 2: stepped down, he put Lachlan Murdoch in charge, as opposed

208
00:11:35,760 --> 00:11:38,040
Speaker 2: to some other sort of process. That's the example Starboard

209
00:11:38,080 --> 00:11:40,520
Speaker 2: Value gave. Now, news Corp has always argued that the

210
00:11:40,600 --> 00:11:43,840
Speaker 2: structure promotes stability, and the company has done well under

211
00:11:43,880 --> 00:11:47,280
Speaker 2: the structure. Anyway, it went to the AGM and didn't

212
00:11:47,280 --> 00:11:49,320
Speaker 2: get the votes to pass. I suppose when forty one

213
00:11:49,360 --> 00:11:53,360
Speaker 2: percent of the votes you're the opposition, you're always going

214
00:11:53,400 --> 00:11:55,440
Speaker 2: to struggle to get it through. Also, just worth a

215
00:11:55,520 --> 00:11:59,600
Speaker 2: mention the case in a Nevada probate court we're waiting

216
00:11:59,640 --> 00:12:01,600
Speaker 2: on a rule. This is the one where Ripert Murdock

217
00:12:01,679 --> 00:12:04,640
Speaker 2: is trying to change the family trust conditions to give

218
00:12:04,840 --> 00:12:07,880
Speaker 2: sole control of News Corp to Lachlan upon his death,

219
00:12:08,280 --> 00:12:11,439
Speaker 2: rather than dividing it among his four older children. It's

220
00:12:11,480 --> 00:12:13,520
Speaker 2: been a colost court, so he probably hasn't got some

221
00:12:13,559 --> 00:12:15,880
Speaker 2: of the headlines that you might expect. Anyway, we're waiting

222
00:12:15,920 --> 00:12:17,280
Speaker 2: on a ruling still.

223
00:12:18,000 --> 00:12:22,480
Speaker 1: Now, Sean. Yesterday we saw one of the most anticipated

224
00:12:22,559 --> 00:12:27,680
Speaker 1: agms of the AGM season, Mineral Resources holding its annual

225
00:12:27,720 --> 00:12:30,720
Speaker 1: general meeting, and there was little sympathy for founder and

226
00:12:30,760 --> 00:12:34,280
Speaker 1: CEO Chris Ellison, who has of course been embroiled great

227
00:12:34,320 --> 00:12:37,680
Speaker 1: word that embroiled in an alleged tax avoidance scheme.

228
00:12:38,440 --> 00:12:42,680
Speaker 2: So Chair James McClements started off the meeting by saying

229
00:12:42,679 --> 00:12:47,240
Speaker 2: that Ellison lacked the judgment and integrity the board expected.

230
00:12:47,480 --> 00:12:50,000
Speaker 2: This is the chair talking about the CEO who is

231
00:12:50,040 --> 00:12:54,720
Speaker 2: sitting next to him. Mister McClements said that Mineral Resources

232
00:12:54,840 --> 00:12:58,000
Speaker 2: have hired Elizabeth Broderick to conduct a report into the

233
00:12:58,040 --> 00:13:01,520
Speaker 2: company's culture. Those who know Broderick know that this week

234
00:13:01,840 --> 00:13:04,920
Speaker 2: she was the author of the report which RIO released

235
00:13:05,040 --> 00:13:08,839
Speaker 2: on its culture. Mister McClements said Mineral Resources will exit

236
00:13:08,920 --> 00:13:12,280
Speaker 2: or unwine business deals with parties related to mister Ellison.

237
00:13:12,320 --> 00:13:15,679
Speaker 2: There's also been well in recent weeks, there's been revelations

238
00:13:15,920 --> 00:13:20,640
Speaker 2: of multiple corporate governance failings at Mineral Resources. Yesterday was

239
00:13:20,679 --> 00:13:24,720
Speaker 2: mister Ellison's first public appearance since the scandal broke. He

240
00:13:24,800 --> 00:13:28,760
Speaker 2: expressed contrition and said, I quote, I can't stress enough

241
00:13:28,800 --> 00:13:30,800
Speaker 2: how much I hate what I've done, and a dark

242
00:13:30,840 --> 00:13:33,120
Speaker 2: cloud in my life that I'll live with forever.

243
00:13:34,040 --> 00:13:38,040
Speaker 1: Turn into international news. Now Wall Street's largest company, chip

244
00:13:38,080 --> 00:13:42,640
Speaker 1: maker and VideA, has posted a slightly disappointing quarterly result,

245
00:13:43,240 --> 00:13:45,480
Speaker 1: mostly because it met expectations.

246
00:13:45,800 --> 00:13:47,959
Speaker 2: Yes, the rise and rise of nd VideA. If you

247
00:13:48,000 --> 00:13:50,400
Speaker 2: don't shoot the lights out, well you're not getting a guernsey.

248
00:13:50,559 --> 00:13:54,199
Speaker 2: People are disappointed. That's pretty much what happened. It met expectations,

249
00:13:54,200 --> 00:13:57,640
Speaker 2: but not more. The outlook statement was maybe slightly disappointing

250
00:13:58,040 --> 00:14:00,959
Speaker 2: after our share training pushed the share price down about

251
00:14:00,960 --> 00:14:04,680
Speaker 2: three percent, though it did improve Before we leave Global Markets,

252
00:14:04,720 --> 00:14:09,560
Speaker 2: World Worth mentioning Bitcoin again new record, pushing through ninety

253
00:14:09,559 --> 00:14:12,640
Speaker 2: seven thousand US dollars unit over the past twenty four hours.

254
00:14:12,880 --> 00:14:14,320
Speaker 1: I mentioned this one at the top of the show.

255
00:14:14,360 --> 00:14:18,320
Speaker 1: Indian billionaire Gottam Adani and his nephew Sagar Adani have

256
00:14:18,520 --> 00:14:21,760
Speaker 1: been indicted in New York over his role in an

257
00:14:21,800 --> 00:14:25,520
Speaker 1: alleged multi billion dollar bribery and fraud scheme.

258
00:14:26,120 --> 00:14:31,360
Speaker 2: Authorities claim Adani and seven other defendants, including Saga, agreed

259
00:14:31,520 --> 00:14:34,600
Speaker 2: to pay about two hundred and sixty five million US

260
00:14:34,680 --> 00:14:38,520
Speaker 2: dollars in bribes to Indian government officials to obtain solar

261
00:14:38,680 --> 00:14:42,080
Speaker 2: energy supply contracts expected to yield about two billion US

262
00:14:42,160 --> 00:14:45,440
Speaker 2: dollars of profit over twenty years. According to Reuters, the

263
00:14:45,520 --> 00:14:48,560
Speaker 2: case involves alleged violations of the Foreign corupt Practices Act,

264
00:14:48,640 --> 00:14:52,520
Speaker 2: a US anti bribery law. According to the indictment, some

265
00:14:52,600 --> 00:14:57,200
Speaker 2: conspirators privately referred to Gotham Adani as Numero Uno or

266
00:14:58,080 --> 00:15:02,240
Speaker 2: the big Man. Now we haven't heard from mister Daney yet,

267
00:15:02,240 --> 00:15:04,080
Speaker 2: but these are just the allegations. Of course, he's well

268
00:15:04,120 --> 00:15:07,240
Speaker 2: known in Australia. He's company acquired the car Michael coal

269
00:15:07,440 --> 00:15:11,800
Speaker 2: mine in central Queensland in twenty ten. It's been very controversial.

270
00:15:11,800 --> 00:15:15,480
Speaker 2: It's faced numerous legal and political challenges during its approvable process,

271
00:15:15,520 --> 00:15:18,280
Speaker 2: though it did begin to export coal in twenty twenty two.

272
00:15:18,840 --> 00:15:22,400
Speaker 2: One local company not benefiting from the chargers is investment

273
00:15:22,440 --> 00:15:25,760
Speaker 2: firm GQG Partners. It has a large stake in the

274
00:15:25,840 --> 00:15:28,400
Speaker 2: Danny Group. Its share price was down twenty percent yesterday.

275
00:15:29,200 --> 00:15:33,320
Speaker 1: It's banana times. Sean'll be waiting for it. Let's talk

276
00:15:33,320 --> 00:15:38,040
Speaker 1: about this. A crypto entrepreneur has paid six point two

277
00:15:38,400 --> 00:15:41,920
Speaker 1: million US dollars for a banana taped to a wall

278
00:15:42,080 --> 00:15:45,240
Speaker 1: at an art auction in New York, more than four

279
00:15:45,280 --> 00:15:48,080
Speaker 1: times it's pre sale estimate. It wasn't just a piece

280
00:15:48,080 --> 00:15:49,440
Speaker 1: of fruit, it was art.

281
00:15:49,800 --> 00:15:58,320
Speaker 2: Sean, it certainly was art. Michael the gentleman's name Justin Son, Chinese,

282
00:15:58,360 --> 00:16:03,560
Speaker 2: founder of crypto platform on tro N. He bought the banana,

283
00:16:04,000 --> 00:16:07,560
Speaker 2: which was stuck to a wall with duct tape. The

284
00:16:07,640 --> 00:16:09,760
Speaker 2: pre sale estimate was up to one and a half

285
00:16:10,000 --> 00:16:14,040
Speaker 2: million US dollars. According to the Financial Times, Sun said

286
00:16:14,200 --> 00:16:19,400
Speaker 2: the piece known as comedian not wrong is I've got

287
00:16:19,400 --> 00:16:22,720
Speaker 2: to quote this, he said, It's not just an artwork.

288
00:16:22,840 --> 00:16:26,960
Speaker 2: It represents a cultural phenomenon that bridges the worlds of

289
00:16:27,160 --> 00:16:32,560
Speaker 2: art memes in the cryptocurrency community. But what I like

290
00:16:32,640 --> 00:16:37,800
Speaker 2: most of all Michael then I wanted to add that

291
00:16:37,840 --> 00:16:39,920
Speaker 2: he plans to eat the banana in the coming days

292
00:16:39,960 --> 00:16:43,440
Speaker 2: as part of this unique artistic experience, honoring its place

293
00:16:43,480 --> 00:16:45,840
Speaker 2: in both art history and popular culture.

294
00:16:47,360 --> 00:16:49,480
Speaker 1: And for that, he paid six point two million dollars

295
00:16:49,680 --> 00:16:54,200
Speaker 1: for a banana that Woolly's hands out free fruit for kids.

296
00:16:55,200 --> 00:16:56,120
Speaker 2: He could have popped in.

297
00:16:56,480 --> 00:16:59,360
Speaker 1: Usually there's bananas in that basket and if they're looking

298
00:16:59,360 --> 00:17:01,360
Speaker 1: particularly all right, No one's going to ask for your

299
00:17:01,400 --> 00:17:03,560
Speaker 1: ID to make sure that you are in fact a child.

300
00:17:03,880 --> 00:17:07,919
Speaker 2: No. No, It's kind of like the ultimate you know,

301
00:17:08,000 --> 00:17:10,119
Speaker 2: the King that wears no clothes. Wasn't that the was

302
00:17:10,200 --> 00:17:12,919
Speaker 2: that little the emperor? The Emperor with no clothes. That's it,

303
00:17:12,960 --> 00:17:15,600
Speaker 2: The Emperor with no clothes. You know, the idea that

304
00:17:15,600 --> 00:17:17,720
Speaker 2: you kind of get beyond yourself, that you think you

305
00:17:17,760 --> 00:17:21,879
Speaker 2: can do this and make a statement, and at the

306
00:17:21,960 --> 00:17:23,359
Speaker 2: end of the day you just look like a dickak.

307
00:17:23,760 --> 00:17:25,520
Speaker 1: This is how I like to finish the show talking

308
00:17:25,560 --> 00:17:27,000
Speaker 1: about nudity and bananas.

309
00:17:28,840 --> 00:17:29,199
Speaker 2: Goodness.

310
00:17:29,320 --> 00:17:33,479
Speaker 1: Mate. Up next is the Fear and Greed Daily Interview.

311
00:17:33,520 --> 00:17:36,640
Speaker 1: Your guest today is Michael McCarthy from MUMU. Definitely worth

312
00:17:36,640 --> 00:17:38,600
Speaker 1: a listen and keep an eye on the playlist as well.

313
00:17:38,760 --> 00:17:41,560
Speaker 1: At around about midday a new episode bonus episode of

314
00:17:41,680 --> 00:17:44,199
Speaker 1: Ask Fear and Greed where we answer listener questions. If

315
00:17:44,240 --> 00:17:46,040
Speaker 1: you've got your own questions, send it on through via

316
00:17:46,119 --> 00:17:49,359
Speaker 1: the website Fearangreed dot com dot au. Thank you very much, Sean,

317
00:17:49,480 --> 00:17:50,120
Speaker 1: Thank you very much.

318
00:17:50,200 --> 00:17:50,560
Speaker 2: Michael.

319
00:17:50,720 --> 00:17:54,200
Speaker 1: It is Friday, the twenty second of November twenty twenty four.

320
00:17:54,280 --> 00:17:56,320
Speaker 1: Make sure you're following the podcast and please join us

321
00:17:56,359 --> 00:18:00,720
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm WelCom Thompson.

322
00:18:00,760 --> 00:18:01,600
Speaker 1: That was fear and great