0:06

Kwanzaa degrees of misled passengers and will

0:08

pay one hundred and twenty million dollars

0:11

in fines and reparations for customers. Westpac

0:13

announced as a slump in profits and

0:15

it isn't looking promising for movie land

0:17

with Cinema State sales. Why below pray

0:20

covered and know Blockbuster on the horizon

0:22

to help the industry. Welcome to fear

0:24

and gray daily business. Nice people who

0:26

make their own decisions. It is Tuesday

0:29

the seventh of May. Twenty Twenty four

0:31

a Michael Thompson and Good Morning Show

0:33

in Iowa. Good. Morning Michael

0:35

shown obviously a very big day today

0:38

because Butt Heads Reserve Bank Day Abbott

0:40

Also it is at Newsletter Eve which

0:42

is the day before the newsletter. The

0:45

Fear and Grade weekly newsletter comes out

0:47

comes out every Wednesday headlong of Fear

0:49

and gray.com.i you put your email address

0:52

scene and you will get the feeling

0:54

great news that away when it comes

0:56

out mid morning Tomorrow isn't it midmorning

0:59

tomorrow? Assuming you do your part in

1:01

I do my part. It'll.

1:04

Go smoothly. What could go wrong? Michael,

1:06

what could go wrong? I just can't

1:08

wait to say what you unleash on

1:11

tomorrow He on planes yes allies I

1:13

unleash it sort of var en that

1:15

an unleash that a guy. Let's face

1:17

it on to get to the newsletter

1:19

ha and all of us other look

1:21

immediately after the show today you have

1:24

an interview coming up with Paul Buddha

1:26

from but a consultancy Yes oh it's

1:28

all about Tell Castro stuck in Nepal

1:30

before he knows the telecommunications sector inside

1:32

out. A lot going on. There we

1:34

talk about Optus, his new boss, about

1:37

the deal between taping Jane Optus to

1:39

provide services in the Bush. What's going

1:41

wrong with Telstra? What's happening? The Telstra

1:43

Three J Network? Plenty enough. Yeah, it

1:45

is a good chat Poll certainly knows

1:47

that space very very well. it's coming

1:50

up after the show. The main story

1:52

though. this morning, Sean Contests has agreed

1:54

to pay one hundred and twenty million

1:56

dollars following a claim brought by the

1:58

Regulator that the National. Harry Assault tickets

2:01

for flights that were already cancel.

2:03

The deal means customers on cancel

2:05

flights will receive up to four

2:07

hundred and fifty dollars in compensation

2:09

After Quantity Admitted admitted it's very

2:11

important word in this, he had

2:14

misled passengers, but the total payout

2:16

is less than initially forecasts. When

2:18

the destroying Competition and Consumer Commission

2:20

launched it's legal action against the

2:22

airline, Quantity reply between two hundred

2:24

and twenty five dollars and four

2:26

hundred and fifty dollars to eighty

2:29

six thousand affected customers. That.

2:31

Cost of about twenty million dollars

2:33

broth Pay one hundred million dollar

2:35

fine. The I too will say

2:37

alleged Kwanzaa sold essays on ice

2:39

Thousand flights. That. It's already knew

2:42

it had cancelled that Quanta Says argued

2:44

it was selling a bundle of rights

2:46

to flights. Rather, Than

2:48

an essay try spying that were

2:51

in the pub does yesterday. It

2:53

agreed the quantities. is it a

2:55

great to the climb of misleading

2:57

conduct? Say I've been, it's a

2:59

Hudson. Apologize for behavior. Those affected

3:01

have already been refunded or booked

3:03

on all Tone flights but will

3:06

still receive additional compensation. Ask the

3:08

alliance said did it filed to

3:10

notify customers of cancellations within an

3:12

adequate time period? Sort of soda

3:14

Good looks is it? For major

3:16

company particular, it's easier. Would say

3:18

one is kind of procedures as consists

3:20

to admit that it did mislaid customers.

3:22

What do you think is behind the

3:24

deal here with the item will say.

3:27

I agree to bad looks, but

3:29

it should end the public relations

3:32

disaster sequences that has pretty much

3:34

continued ever since the so called

3:36

ghost Flights discussion emerged. Maybe hundred

3:38

and twenty million dollars is worth

3:41

it. Numbers. Hudson Course

3:43

is a new Chief Executive Officer.

3:45

She wasn't running the business when

3:47

it all happened so she can

3:49

allow customers and regulators and politicians

3:51

to blame her predecessor, Alan Joyce.

3:53

even of See doesn't others can.

3:55

It's part of her efforts to

3:58

win back customers and favor. A

4:00

part of a strategy which included more

4:02

money for cool thing to the new

4:04

loyalty programs bike about a few weeks

4:06

gas prices when flights delayed and cancelled.

4:09

The deal certainly sends a message to

4:11

other large companies to be wary of

4:13

what they time. I will say kids

4:15

and guess godly. Yesterday it's said the

4:17

deal signals that every large company that

4:20

the I should say will hold them

4:22

accountable to communicate clearly. Accurately.

4:25

And honestly with customers. It's.

4:27

A big wins for the regulator even if the

4:29

didn't quite. Get. What I set out to

4:31

get. I think you're ross shown

4:33

at least this now. Had a leaves

4:35

all that behind as a contest if

4:37

I continue to try and argue that

4:39

point. the she said that are selling

4:41

a bundle of rights to flights rather

4:43

than Fs is just the hell on.

4:45

Just end up looking tricky send doesn't

4:48

us gave that's our problem. It's really

4:50

difficult to explain that and I'm sure

4:52

what by. Saying is

4:54

true and it's all bad management of

4:56

in jail sentence on that. That's yeah,

4:58

that's the path of context. it's certainly

5:00

doesn't or us local markets had it.

5:02

I perform yesterday. This entire six two

5:04

hundred closed up zero point seven percent

5:06

to seven thousand Six hundred ninety two

5:08

points. The property sector leg know I

5:10

followed by utilities and financial. The big

5:12

four banks did well in the back

5:14

of with a half year results more

5:16

that shortly a combo fake and I

5:18

ended ended up more than one percent

5:21

for a few minutes Group jumped to

5:23

point seven. To says while with farmers

5:25

was to global and require drupal did

5:27

well among a lot Staff says it

5:29

didn't do quite so. Will say cel

5:31

transit and bullies Aristocrat Leisure are he

5:33

a cold and Qb Aids based on

5:35

the day with Pathology Group heaviest for

5:38

couldn't group with another strong performer and

5:40

will unfold says Block was worst in

5:42

corporate news and David group has recorded

5:44

increases the south and it's retail and

5:46

hotels divisions. Third quarter retail sales A

5:48

to and point four billion dollars up

5:50

about two and half the cents on

5:53

the corresponding period. Last year and difficile

5:55

price rise Zero point four said yesterday.

5:57

So. Much happening in international markets. Where

6:00

oil studied off the biggest sweetie

6:02

drops in February as Saudi Arabia

6:04

hiked selling prices for some great

6:06

to Asia for the third month

6:08

and arrived. I. Seek lead,

6:11

signal confidence the outlook with the I

6:13

picked pass Cartel cussing supply Gold was

6:15

also slightly hi. I'm on or still

6:17

doing pretty well starting just under one

6:19

hundred and twenty us dollars a ton

6:21

of course we can't from the budget

6:23

that's of great interest to all Australians

6:25

and the other door is buying sixty

6:27

six point two us cents a work

6:29

that as soon as it's just like

6:31

an hour because obviously the iron ore

6:33

process is very important as you as

6:35

he say and of I just kind

6:37

of factor in on an average a

6:39

long term kind of average. A forecasts of

6:41

where it's where it's going in terms of trying

6:43

to figure out the revenues will come into the

6:45

government. Yeah, that's exactly what I do. It used

6:47

to be about sixty dollars. I am going to

6:49

get it wrong, but I think it's like eighty

6:51

or ninety dollars is what the government. Had.

6:54

Forecast for this Funny to me as and

6:56

if it's around that level and is trading

6:58

at one hundred and twenty. And

7:01

obviously the royalties from this. Will.

7:03

The tax hike from that will be greater than

7:05

expected. Or asks. Will be back in a

7:07

moment with the rest of the days business. Nice.

7:17

So. On federal treasure a gym

7:19

Chalmers is starting to suggest that

7:21

next week's budget Mosby expansionary triggering

7:24

a few fears about as impact

7:26

on inflation. Ah, Hours

7:29

after I said Dr. Thomas was impressed

7:31

him decide that next Tuesday's budget would

7:33

not i to inflation yesterday said. Well

7:36

he's been part of the media and

7:38

said of the budget isn't time for

7:41

scorched earth austerity. He. Said when people

7:43

are doing it tough. It. Isn't the time

7:45

to/and burn? He. Went on

7:47

to warn against simplistic claims about the

7:49

budget being expansionary or contraction wreaths saying

7:52

many measures were designed to reduce inflation

7:54

Said to me sounds like a man

7:56

rationalizing why you can spend more than

7:59

he takes it. I. Don't

8:01

know it, It does sound a little bit like

8:03

it and really do need to pay a lot

8:05

of attention to what is said. What is Lake

8:07

Tomatoes like openly declared by the Treasury in the

8:09

late up for the budget eyes And it's a

8:11

fairly kind of clear sign posted what to expect

8:13

and it's quite possible that we're going to budget

8:16

deficit knicks like Math Paypal has brought that will

8:18

get a surplus. Ah, Ah,

8:20

ah yes, I met yesterday and he

8:22

said the front name which is presumably

8:24

the next twelve months will primarily focused

8:27

on inflation and leather used on gross

8:29

so that conflicts that again. so you

8:31

think will if they're focusing on inflation

8:33

next month. Surely. Not

8:35

and have an expense. Three Budget. Her.

8:37

Night at the same press

8:39

conference yesterday. Finance mistake. Katie

8:42

gala her say that next

8:44

week's budget will include significant

8:46

funding of government services to

8:48

address customer backlogs, modernize digital

8:51

infrastructure, and reduce dependency on

8:53

expensive outsourced later. It.

8:56

Out the men's ah the michael and owner

8:58

and I a Prime minister Anthony Albanese was

9:00

impressing that women will be the big winners

9:02

from the July one tax cuts that I'm

9:04

guessing because women as to get paid list

9:06

they for thy will benefit more. That must

9:08

have that something has got about. Not.

9:11

I think sites as shown, Westpac has

9:13

announced a sixteen percent fall and it's

9:15

first half earnings to three point three

9:17

billion dollars as competition in the mortgage

9:19

markets hurts profit margins. The country third

9:21

largest bank also announced i sustained sent

9:23

i say fully frank special dividend on

9:26

top of it's seventy five cents a

9:28

share interim dividend The Bank or sell

9:30

it. did it say a buyback by

9:32

one billion dollars to two and a

9:34

half billion dollars? Now all that demonstrates

9:36

that's the extra dividend, a special dividend,

9:38

The interim David. And to say about.

9:40

I made the west. Pac has got

9:43

plenty cash. And. Is trying to

9:45

get that money back into shareholders hands

9:47

with that special dividend. It's probably got

9:49

excessive franking credits so all shareholders like

9:52

crypt ranking creditsights it spicy leaving the

9:54

money back to shareholders. The cast profit

9:56

with slightly better than expected and reflects

9:59

a drop. It's net interest margin which

10:01

causes different between but it and and

10:03

alone and Python or Deposits authored the

10:05

will. Lower than expected Bad decided to

10:08

cover bit but not as much as

10:10

some people forecasts. The Consumer bank was

10:12

crunched through competition in the mortgage market

10:14

while endings in the business bank growth

10:16

with packed share price close up two

10:18

point seven percent. Yesterday Chief Executive Pay

10:21

King said the economy's on track for

10:23

soft landings. Low interest rates will remain

10:25

high for longer. Know that. Comments came

10:27

as Reserve Bank Board miss. Tude.

10:29

I made in yesterday's that I two

10:31

cities did. I will announce the outcome

10:33

of it's interest rates liberation follow must

10:35

no one. Is expecting a hike.

10:38

Former Governor Syllable I was in

10:40

the media yesterday saying this, no

10:42

guarantee that right, Quite fries Again,

10:44

because there is to as to

10:46

why risk at Telstra has delayed

10:48

the sat down with Three Day

10:50

network amid concerns of may stop

10:52

customers across Australia making emergency calls.

10:54

The national Tokai says it will

10:56

now switch off the network on

10:58

August thirty one two months later

11:00

than planned. To ensure customers have

11:02

upgraded their devices, about four hundred

11:04

thousand devices in Australia affords a.

11:06

Naval but still rely on the

11:09

Three D network to make tripled

11:11

zero Cove Federal Communications Minister Michelle

11:13

Roldan warned customers they divide my

11:15

appear to be operating normally after

11:17

all this. However, East

11:20

I don't upgrade. Customers will find out

11:22

it isn't working or could find added

11:25

is a would probably when they make

11:27

an emergency call you don't that's affected.

11:29

Devices include mobile phones, landline, farm machinery,

11:31

and medical devices. And

11:33

just staying in the Telco sector, the

11:36

boss of the National Broadband Networks Save

11:38

and Rule will take over running Optus.

11:40

hey replaces for us a O'kelly by

11:42

Iran Marin who resigned in November last

11:45

year following criticism of the way she

11:47

handled a national network outage in a

11:49

cyberattack back and Twenty Twenty two of

11:51

the Sir Paul I Solomon said Mr.

11:54

Rees experience in setting up the Digital

11:56

Backbone Australia I'd and and be and

11:58

will benefit the Tone. The great mysteries

12:00

been busted. The ambience is twenty eighteen

12:03

he sam was not due to end

12:05

until like twenty twenty six bad he

12:07

jumped now will jump in November at

12:09

least Chief Financial Officer at the N

12:11

B N Flip Knocks will be the

12:14

acting Ceo until a new Ceo is

12:16

appointed Mr. Room with formerly ambience to

12:18

finance was than previously worked at News

12:20

Corp as well or slow motion jumped

12:23

and isn't as if it's not so

12:25

says like us like a steady lunch

12:27

is lunging towards of this com like

12:29

a three. Day job rather than a

12:31

five digits of a disaster and

12:33

jumped to be perfectly honest illness

12:36

that was very analog jump instead

12:38

of oriental and saw a little

12:40

distracted air. Dry weather conditions have

12:42

triggered a big downgrade, ingrained corpse

12:44

profit outlook and a four percent

12:46

full and a surprise. The. East

12:48

coast grain hand last that a significant

12:50

fallen farm production in Australia and strong

12:52

that global supply of wait an oil

12:55

fields is bob downgrade. Dry conditions cause

12:57

massive with the size weight belt regime

12:59

and problems within. Food. Manufacturing also

13:01

added to the downgrade in the

13:04

outlook. Good harvests in Southern New

13:06

some files Victoria have been offset

13:08

by below average conditions in Queensland.

13:10

Know the nice a while with

13:12

a rebounded wait, Exports from Russia

13:14

despite national sanctions, has kind of

13:16

added to that global supply dynamic.

13:18

Have. This one so on. The

13:20

Iss is inquiring into the sale

13:23

as seventeen point four million dollars

13:25

worth of share options by the

13:27

Chief Executive and Chief Financial Officer

13:29

of kogan.com in early April two

13:32

weeks before the company downgraded it's

13:34

outlook sending a surprise tumbling. Yes,

13:37

Has tightened up com says

13:39

the poor files uptight asta.

13:42

To. Share options with

13:44

souls wasn't material

13:47

now. Once. That uptight

13:49

was given. The surprise actually fell twenty

13:51

seven cents in letters disclosed to invest

13:53

as yesterday I six compliance as he

13:55

says queried the online retailer about the

13:57

salad the options held by Chief Executive

13:59

Rustling Hogan and Chief Financial Officer David

14:02

Safer. I was held back to the

14:04

company on April four According to the

14:06

finance review the options have been issued

14:08

back and twenty twenty now last month

14:10

code and said it would love to

14:12

executives to sell the options back to

14:14

the company the actual price with somewhere

14:17

between the original strike price and and

14:19

ah what the company had been trading

14:21

at I've the previous twenty days at

14:23

the time of the April for of

14:25

since I have the stock thought to

14:27

seven dollars ninety. That's. Because.

14:30

Kogan. Dot Com Tell them bits profit margins

14:32

in earnings with strong. Then.

14:34

Came a few a fighter a very

14:36

poor up. That us

14:39

the To had sold their options and surplus

14:41

fell twenty seven point five percent. That's what

14:43

the I six is looking into wrestling and

14:46

he more about this one. I

14:48

think him up your asked her.

14:50

International news time now and Mexican

14:52

authorities have confirmed that the to

14:54

Australian and one American tourists who

14:56

went missing in Northern Mexico last

14:58

week have died after their bodies

15:00

were identified by their parents. The.

15:03

Bodies of the stallion brothers Callum

15:05

inside Robinson as well as American

15:07

caught a ride with sound of

15:09

the bottom of well in advance

15:11

state of decomposition in Baja California

15:13

State earlier dissuade the three foreigners

15:15

went missing on a vacation. Setting

15:17

the the popular tourist town of

15:19

and Sonata about ninety minutes south

15:21

of the Us. makes get bored

15:23

when the Pacific Coast Baja California

15:25

State Attorney General a line up

15:27

on dried tell the parents and

15:29

diplomatic officials that they was Tesla

15:31

Institutional Q Immense continue. With the

15:33

investigation of eight unfortunate events until was

15:36

responsible receive the full weight of the

15:38

law. A very sad story Michael Yeah,

15:40

very tragic shown a bit of a

15:43

change of pace Frau last sorry. There

15:45

are fears that there won't be a

15:47

truly blockbuster movie this northern summer, one

15:49

that takes aim of one billion us

15:52

dollars or more out with cinema attendance

15:54

about a third of what it was

15:56

pre Kivus. Yes, As

15:58

their fantasies. The past couple

16:00

of years Bobby Oppenheimer Avatar the Why

16:03

of water to really say that. didn't

16:05

say bow the other for that minutes

16:07

Thoroughly above nice. the hasn't been much

16:09

more. Know the lightest hopeful before. Guy

16:11

with Ryan Gosling and Emily Blunt is

16:13

much what with zoomed in Sydney. it

16:16

brought in less than twenty nine million

16:18

us telethon. It's first weekend just passed

16:20

his style film passes one that billion

16:22

us dollars to sell on would be

16:24

the first time that happens in almost

16:26

two decades. Apart from the caves affected

16:28

Twenty Twenty, many experts. Are blaming streaming

16:31

services it's took. I've during covered and

16:33

basically emulate up the cost. Netflix per

16:35

month, for example, is about the same

16:37

as a customer ticket to the Movies

16:39

of the Seas northern Summer releases only

16:41

inside Out to. And. Deadpool

16:43

The Wolverine. Are. Expected

16:46

to be hits. But no,

16:48

One really thinks he can make that one

16:50

billion us Telemark. And

16:52

to the movies on the weekend.

16:54

So uncertain a did because it

16:56

was May The Force which is

16:58

commonly I the Star Wars Day.

17:00

Ah my the Fourth. Yes, this

17:02

the up. So I went along.

17:04

There was a special Twenty fifth

17:06

Anniversary screening of a Star Wars

17:09

Episode One, which was the first

17:11

of the Prequels and it came

17:13

out in Nineteen Ninety Nine. And

17:15

as Twenty Five years later said,

17:17

I was a bunch of screenings.

17:19

so I am. I went

17:21

along to were to say this and

17:23

that is and person has the strength

17:25

The prequels. Of

17:27

the prequels, twenty five years old. They're

17:30

the happened so nice address and of

17:32

a slice issue I see deserving a

17:34

bunch of nerds because that implies that

17:37

there was more than one I am

17:39

couldn't find anyone to go with mates.

17:41

wealth all birds I went on my

17:43

own good on you by to us

17:46

currency didn't look like you're enjoying what

17:48

are this is a thing or was

17:50

going into the screening. I can also

17:53

getting my popcorn everything and I felt

17:55

compelled almost to lie and say i

17:57

am I on what was already in.

18:00

It to the funny thing is you would

18:02

have got in there and they would have

18:04

been a log lot of single plugs single

18:06

millennials there was and the worst part was

18:08

there was a family like i had a

18:10

dad with his two kids going you and

18:13

so i kind of worked as close as

18:15

i could says them that's a star that

18:17

other people in the cinema the were already

18:19

in their didn't say may walking you know

18:21

my own and think of want to lose

18:24

us instead they saw this creepy guy walking

18:26

meme really close to someone elses seeds as

18:28

i think that's actually we're on our. Are

18:30

truly modern family. Markowitz early modern family

18:32

of nine minutes. They didn't even know

18:35

I was. There always is lurking behind.

18:37

Oh God what a cigarette and now

18:39

I creams. Anyway, wasn't my finest moments.

18:41

on up. This is a fearing great

18:43

daily interview. You're speaking today with pulled

18:46

Buddha from bought a consultancy. All.

18:48

About what's going on in the telecommunications

18:50

sector. Time Telstra of this T to

18:52

jail that some stuff. Great interview with

18:55

Pull. It is a really

18:57

good chance it is coming up next interfering.

18:59

Great playlist on your podcast platform or Fear

19:01

and gray.com.i use which is also way you

19:04

guys to sign up for the Fear and

19:06

great newsletter coming out tomorrow morning. Thank you

19:08

very much on Thank you Michael It's Tuesday

19:10

the seventh of May, Twenty twenty fourth I

19:12

say following the podcast and please join us

19:15

on line only seen Instagram s Sick Talking

19:17

Facebook or Michael Thompson and atmosphere and grade

19:19

have a great day.