Latest / What the Flux / ASIC takes on HSBC scam | Peter Alexander's sleepy UK start | TikTok's US ban

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ASIC takes on HSBC scam | Peter Alexander's sleepy UK start | TikTok's US ban · What the Flux

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  Speaker 1: This is what the Flux. I'm Brettan, I Justin and
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  Speaker 1: it's Wednesday, the eighteenth of December. Josey Boy.
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  Speaker 2: Ossie's are seemingly pulling back on their Christmas spend despite
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  Speaker 2: Westbac talking about confidence coming into the market. According to Finder,
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  Speaker 2: the average Ossie plan to spend over thirteen hundred bucks
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  Speaker 2: on Christmas this year, which is actually an eight percent
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  Speaker 2: decrease on spend from last year.
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  Speaker 1: Interesting day man, now, flex dam. We've loved being with
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  Speaker 1: you in your ears every single week while you're making
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  Speaker 1: a coffee, jumping on the train, even pumping some iron.
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  Speaker 1: Just a quick reminder, this will be our last week
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  Speaker 1: of the pod for twenty twenty four, but don't you worry.
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  Speaker 1: We'll be fit and firing back on January twentieth, twenty
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  Speaker 1: twenty five. So if you're looking for some financings, bow
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  Speaker 1: over the summer break and make sure to check out
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  Speaker 1: the Flux app. Your badgeting needs, your subscription tracking, and
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  Speaker 1: especially a whole lot of content. Make sure to download
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  Speaker 1: the Flux app and check it all out.
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  Speaker 2: Three revolutionary stories today, Juzzy Boy, let's do it for
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  Speaker 2: our first our sick is suing HSBC the global banking
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  Speaker 2: giant after it alleged that HSBC Isustralia failed to protect
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  Speaker 2: its customers from long running scam.
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  Speaker 1: Really telling HSBC, who's bossyv Man? So tell me more.
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  Speaker 2: Well, HSBC is the British based financial services group that
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  Speaker 2: was founded in eighteen sixty five, and.
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  Speaker 1: Be man, it's actually the largest europe based bank by
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  Speaker 1: total assets with more than get this two point nine
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  Speaker 1: trillion US dollars now.
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  Speaker 2: Back in nineteen eighty six, HSBC was granted an Australian
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  Speaker 2: banking license and be man, who did.
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  Speaker 1: Some digging And we don't know how many customers they
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  Speaker 1: have in Australia, but.
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  Speaker 2: They have been ranked as the best international bank in
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  Speaker 2: Australia for ten years.
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  Speaker 1: In a row. But maybe not so much lately.
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  Speaker 2: Now you see jazy boy Asik the corporate watchdog, he's
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  Speaker 2: a barking hard at HSBC.
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  Speaker 1: Yep, they're claiming that HSBC didn't respond quick enough to
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  Speaker 1: customer complaints about scamsp.
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  Speaker 2: It's believed that nine hundred and fifty HSBC customers last
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  Speaker 2: about twenty three million bucks as a result of these
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  Speaker 2: spoofing scams, and as part of this campaign, the fraudsters
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  Speaker 2: disguise their phone number so that it appeared in the
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  Speaker 2: same text chain as legitimate HSBC messages. And assek alleges
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  Speaker 2: that it took HSBC one hundred and forty five days
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  Speaker 2: to investigate some of these reports, and.
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  Speaker 1: They manned this is big news because the first time
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  Speaker 1: that ask has held a financial institution to account over
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  Speaker 1: these scams. Wow. So what is the key learning here?
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  Speaker 1: The responsibility of preventing scams might finally shift away from
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  Speaker 1: individuals to financial institutions and does boy this could result
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  Speaker 1: in an enormous shift in priorities for banks. Yeah. According
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  Speaker 1: to the hriple c, Australians lost two point seventy four
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  Speaker 1: billion dollars to scams in twenty twenty three.
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  Speaker 2: Wowwe But Asse's lawsuit against HSBC argues that financial institutions
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  Speaker 2: should take more responsibility for protecting their customers.
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  Speaker 1: Even when scams involve customer errors like sharing their own
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  Speaker 1: personal details.
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  Speaker 2: So jazyboy. If ACSEC wins, it could set a new
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  Speaker 2: precedent in the financial services space.
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  Speaker 1: And they man, you can be sure that if banks
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  Speaker 1: are required to cover these costs, it will definitely change
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  Speaker 1: the investment that they put into solvent. So this case
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  Speaker 1: has a lot riding on it, not just for HSBC,
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  Speaker 1: not just for HSBC customers, but for all banks and
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  Speaker 1: all customers across the state.
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  Speaker 2: For our second story, Premier Investments, the owner of Peter
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  Speaker 2: Alexander and Smiggle, recently launched its retailers in the UK,
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  Speaker 2: but is struggling to hit the mark so far.
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  Speaker 1: Big News feels like Premier Investments is one of the
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  Speaker 1: only retailers that actually performs year in. You're out, so
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  Speaker 1: tell me more so, Juzzy Boy.
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  Speaker 2: Premier Investments is the as existed retailer that launched back
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  Speaker 2: in nineteen eighty seven.
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  Speaker 1: It's the owner of some major Australian brands like you JJ's,
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  Speaker 1: You're Just Jeans, You're Portland's your Dotty, the Juzeboy.
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  Speaker 2: The duel in the crown is Smiggle, the stationary store,
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  Speaker 2: and also Peter Alexander.
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  Speaker 1: The retailer that made sleep wear fashion.
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  Speaker 2: And Premier also owns chunks of Brevel and Mayer.
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  Speaker 1: Now be Man. A few months ago, Premier made the
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  Speaker 1: big bolt move to expand both Smigle and Peter Alexander
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  Speaker 1: to the UK, but it.
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  Speaker 2: Hasn't been the best of starts. According to the Australian
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  Speaker 2: which got access to leaked documents.
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  Speaker 1: According to these docks, its first three Peter Alexander stores
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  Speaker 1: in the UK and more than sixty one percent below
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  Speaker 1: four Car Shack.
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  Speaker 2: On top of that, Smiggle is also nearly nineteen percent
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  Speaker 2: behind four Car and be Man.
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  Speaker 1: Well, it's still early days for premier investments. It is
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  Speaker 1: a sobering reminder for retailers who try to expand overseas.
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  Speaker 1: Ooh interesting call.
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  Speaker 2: So what is the key learning here?
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  Speaker 1: International retail expansion is not for the fainthearted retailer, particularly.
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  Speaker 2: When you're coming from over the ditch in Australia.
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  Speaker 1: We know that expanding overseas requires a lot of time
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  Speaker 1: and a significant investment. There's rebuilding a brand, There's training
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  Speaker 1: up a whole new set of sales stuff who aren't
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  Speaker 1: necessarily familiar with the brand. There's also finding the right
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  Speaker 1: location to hat your target demographic. They man many Aussie
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  Speaker 1: retailers have attempted to expand overseas but come back with
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  Speaker 1: their tails between their legs.
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  Speaker 2: Your country Road who launched in the US but retreated
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  Speaker 2: and that was in two thousand and two after they
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  Speaker 2: struggled to make a profit.
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  Speaker 1: And what our Bunnings. We felled dismally when they opened
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  Speaker 1: in the UK yep in twenty eighteen.
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  Speaker 2: They lost about one hundred and sixty five million bucks
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  Speaker 2: in just six months.
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  Speaker 1: And then they retreated from the UK, which cost them
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  Speaker 1: another four hundred.
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  Speaker 2: Mil So Jesse Boyd Premier will be hoping that it's
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  Speaker 2: fortunes in the UK turn rapidly and the poppies.
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  Speaker 1: Realize that they need to look fashionable while sleeping.
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  Speaker 2: For our third and final story, TikTok has got go
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  Speaker 2: on to the U s Supreme Court to appeal its
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  Speaker 2: potential ban in the US, which is planned to take
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  Speaker 2: place on January nineteen.
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  Speaker 1: D Day is coming for TikTok being man scary times
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  Speaker 1: for all those TikTok addicts in the US. Yeah, so
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  Speaker 1: tell me more.
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  Speaker 2: Well, we know that TikTok has absolutely taken over the
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  Speaker 2: universe in the past few years.
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  Speaker 1: It's enabled sounds like give Me My Money and the
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  Speaker 1: Apple Dance to take over.
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  Speaker 2: It's created new cultural icons like the little Hippo mood Deng.
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  Speaker 1: It's even shaped language, with demure becoming dictionary dot COM's
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  Speaker 1: word of the year.
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  Speaker 2: Because of why, the US government has been concerned about
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  Speaker 2: the impact of TikTok's owner, Byteedance on its national security
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  Speaker 2: for quite a while.
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  Speaker 1: So earlier this year, the Biden administration warned by Dance
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  Speaker 1: to either sell TikTok in the US or else, or
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  Speaker 1: else they would be banned.
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  Speaker 2: On January nineteenth, twenty twenty five, not a broad summer
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  Speaker 2: for TikTok now. TikTok appealed this legislation to the US
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  Speaker 2: Court of Appeal, claiming it was unconstitutional. After failing in
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  Speaker 2: the Court of Appeal, TikTok has appealed in the Supreme Court, the.
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  Speaker 1: Highest court in the land. But if this is unsuccessful,
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  Speaker 1: it would mean it's all over red rover for TikTok
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  Speaker 1: in the US in early January, and not.
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  Speaker 2: Only would this crush TikTok's business, but also the livelihoods
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  Speaker 2: of millions of its creators.
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  Speaker 1: So true, So what is the key learning here?
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  Speaker 2: Many creators are not only questioning the future of the
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  Speaker 2: TikTok platform, but the future of their businesses overall.
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  Speaker 1: That's because after spending years building an audience, editing videos,
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  Speaker 1: and creating a community, it can all be taken away
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  Speaker 1: in one thousand.
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  Speaker 2: In fact, it's estimated that small businesses and content creators
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  Speaker 2: could lose one point three billion US dollars in just
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  Speaker 2: one month.
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  Speaker 1: That's according to TikTok, and.
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  Speaker 2: I also reckon this would increase each and every month.
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  Speaker 1: Of the band. But be man, it's fair to say
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  Speaker 1: that this band would absolutely ruin Byte down, who will
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  Speaker 1: lose twenty nine percent of their targeted global ad revenue
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  Speaker 1: for twenty twenty five. Blux Mam, we'd absolutely loved being
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  Speaker 1: injuries a recover coffee on the train throughout the whole
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  Speaker 1: of twenty twenty four and will be back bitten firing
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  Speaker 1: in twenty twenty five January twentieth, to be precise, one
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  Speaker 1: day after TikTok might be dad.
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  Speaker 2: Thanks for listening and we'll see you on for Friday