1 00:00:03,840 --> 00:00:07,280 Speaker 1: It's Friday, the twentieth of December twenty twenty four. Welcome 2 00:00:07,320 --> 00:00:09,600 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,600 --> 00:00:11,520 Speaker 1: where we give you the top five business stories you 4 00:00:11,560 --> 00:00:14,000 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,040 --> 00:00:17,919 Speaker 1: and Good Morning, Sean Aylmer. Good morning Michael, Sean. Five 6 00:00:17,960 --> 00:00:20,360 Speaker 1: big stories to get through in just five minutes. Story 7 00:00:20,440 --> 00:00:23,520 Speaker 1: number one. The ASX tumbled by as much as two 8 00:00:23,600 --> 00:00:28,160 Speaker 1: percent yesterday following Wall Street after the US FED downplayed 9 00:00:28,280 --> 00:00:30,880 Speaker 1: the chances of several rate cuts in the world's most 10 00:00:30,920 --> 00:00:32,000 Speaker 1: important economy. 11 00:00:32,320 --> 00:00:34,360 Speaker 2: It was a rough day all round. Eleven the eleventh 12 00:00:34,400 --> 00:00:37,199 Speaker 2: sub indices ended lower. The tech stocks we hit hardest 13 00:00:37,200 --> 00:00:39,280 Speaker 2: to begin on Wall Street when the US Federal Reserve 14 00:00:39,360 --> 00:00:41,639 Speaker 2: cut the official interest rate by zero point twenty five 15 00:00:41,640 --> 00:00:45,160 Speaker 2: percentage points but said two further cuts rather than four 16 00:00:45,720 --> 00:00:48,159 Speaker 2: are likely next year. Chairs your own pals, and the 17 00:00:48,200 --> 00:00:50,559 Speaker 2: Fed was going to be more cautious in the future. 18 00:00:50,840 --> 00:00:53,320 Speaker 2: That sent if the S and P five hundred tumbling 19 00:00:53,360 --> 00:00:57,000 Speaker 2: three percent. The point here, maybe inflation hasn't quite been 20 00:00:57,040 --> 00:01:01,200 Speaker 2: slayd as we thought. The reaction locally was swift. US 21 00:01:01,200 --> 00:01:05,600 Speaker 2: focused companies got hit hardest. That includes James Hardy, Promedicus, 22 00:01:05,760 --> 00:01:09,760 Speaker 2: Zipco Quantas they all dropped markedly. By the close, the 23 00:01:09,800 --> 00:01:12,360 Speaker 2: market was down one point seven percent to eighty one 24 00:01:12,400 --> 00:01:13,720 Speaker 2: hundred and sixty eight points. 25 00:01:13,920 --> 00:01:16,880 Speaker 1: And wasn't just equity markets that got hit? Was it 26 00:01:17,000 --> 00:01:18,600 Speaker 1: was pretty widespread? Yeah. 27 00:01:18,640 --> 00:01:21,080 Speaker 2: The Aussie dollars certainly felt a tumbling to just below 28 00:01:21,160 --> 00:01:24,120 Speaker 2: sixty two US cents at one point. Its most recent 29 00:01:24,200 --> 00:01:28,320 Speaker 2: low is sixty one point sixty nine US cents during COVID. 30 00:01:29,120 --> 00:01:31,800 Speaker 2: Bitcoin also fell back towards one hundred thousand US dollars 31 00:01:31,840 --> 00:01:34,479 Speaker 2: a unit iron. All futures were lower, gold was lower. 32 00:01:34,520 --> 00:01:37,760 Speaker 2: The Bank of England came out and made similar comments, 33 00:01:37,840 --> 00:01:40,400 Speaker 2: dousing expectations of a big rate cut in that economy. 34 00:01:40,880 --> 00:01:43,520 Speaker 2: You know, he's looking pretty good, the Reserve Bank. They've 35 00:01:43,520 --> 00:01:46,520 Speaker 2: been criticized for not cutting rates, but maybe they knew 36 00:01:46,520 --> 00:01:47,600 Speaker 2: something everyone else didn't. 37 00:01:48,240 --> 00:01:52,920 Speaker 1: Sean story number two. One company that didn't fall yesterday 38 00:01:53,440 --> 00:01:56,880 Speaker 1: certainly didn't fall was miso Blast. Its share price went 39 00:01:56,920 --> 00:02:00,040 Speaker 1: the other way. It jumped more than fifty percent. 40 00:01:59,760 --> 00:02:04,080 Speaker 2: In by the close, fifty four percent. The US Federal 41 00:02:04,160 --> 00:02:07,960 Speaker 2: Drug Administration gave the green light to misoblasts sell therapy 42 00:02:08,080 --> 00:02:11,200 Speaker 2: treatment Riich and sill it will be used to treat 43 00:02:11,320 --> 00:02:14,160 Speaker 2: children for a life threatening complication that it can occur 44 00:02:14,320 --> 00:02:17,280 Speaker 2: during bone marrow transplants. There hasn't been a treatment for 45 00:02:17,320 --> 00:02:21,240 Speaker 2: the complications previously, and around fifteen hundred children receive a 46 00:02:21,280 --> 00:02:24,720 Speaker 2: bone marrow transplant each year in the US, Many of 47 00:02:24,720 --> 00:02:27,640 Speaker 2: those are at high risk to this. In January, the 48 00:02:27,680 --> 00:02:32,919 Speaker 2: FDA recognized Miso blast sell therapy River score that one 49 00:02:32,960 --> 00:02:35,480 Speaker 2: treats heart disease in newborn babies. The companies up nearly 50 00:02:35,560 --> 00:02:39,040 Speaker 2: nine hundred percent over the past year. It's now worth 51 00:02:39,040 --> 00:02:42,239 Speaker 2: three point two billion dollars after those two drugs came 52 00:02:42,280 --> 00:02:43,160 Speaker 2: online this year. 53 00:02:43,400 --> 00:02:47,000 Speaker 1: Yeah, staggering, all right. Story number three. International student numbers 54 00:02:47,040 --> 00:02:49,800 Speaker 1: will be cut after budget figures released earlier in the 55 00:02:49,800 --> 00:02:52,120 Speaker 1: week show that the government is failing to meet its 56 00:02:52,160 --> 00:02:54,520 Speaker 1: goal of lower migration Homer Fairs. 57 00:02:54,520 --> 00:02:58,280 Speaker 2: Minister Tony Burke will sign a new Ministerial Direction allowing 58 00:02:58,320 --> 00:03:00,799 Speaker 2: the government to slow visa process and limit the number 59 00:03:00,800 --> 00:03:04,079 Speaker 2: of international students a university can enroll. The order would 60 00:03:04,120 --> 00:03:08,280 Speaker 2: replace the existing Ministerial Direction one oh seven and effectively 61 00:03:08,320 --> 00:03:11,520 Speaker 2: introduces measures that would have been legislated had the Coalition 62 00:03:11,600 --> 00:03:15,040 Speaker 2: not opposed the bill in Parliament, which capital was aimed 63 00:03:15,280 --> 00:03:18,880 Speaker 2: at capping international students. Education Minister Jason Claire yesterday said 64 00:03:18,880 --> 00:03:21,359 Speaker 2: the new direction would be fairer for regional and out 65 00:03:21,360 --> 00:03:25,400 Speaker 2: of metropolitan universities as well as tapes. Under Ministerial Direction 66 00:03:25,440 --> 00:03:28,280 Speaker 2: one oh seven, lower risk universities, including the major Group 67 00:03:28,320 --> 00:03:31,239 Speaker 2: of eight institutions, were given priority in a bid to 68 00:03:31,280 --> 00:03:34,440 Speaker 2: weed out less ethical providers and education agents looking to 69 00:03:34,520 --> 00:03:37,600 Speaker 2: lure students who were unable to support themselves. 70 00:03:38,520 --> 00:03:42,520 Speaker 1: Story number four sean. The aviation route between Sydney and 71 00:03:42,600 --> 00:03:46,520 Speaker 1: Melbourne is once more the fifth busiest in the world 72 00:03:46,720 --> 00:03:48,800 Speaker 1: according to data group OAG. 73 00:03:49,360 --> 00:03:52,560 Speaker 2: And it's a profitable route according to AAG. Because of 74 00:03:52,600 --> 00:03:56,400 Speaker 2: these strong corporate demand from flights between Australia's two big cities. 75 00:03:56,720 --> 00:03:59,200 Speaker 2: There are nine point two million seats on the Sydney 76 00:03:59,240 --> 00:04:03,560 Speaker 2: Melbourne route in twenty twenty four. The top performing city 77 00:04:03,600 --> 00:04:07,520 Speaker 2: pair was in Korea, Jju to Seoul, that had fourteen 78 00:04:07,560 --> 00:04:10,960 Speaker 2: point two million seats according to almost thirty nine thousand 79 00:04:11,040 --> 00:04:14,240 Speaker 2: daily seats. According to reporting The Australian, only two of 80 00:04:14,320 --> 00:04:17,240 Speaker 2: the top ten roots in the world were outside of Asia, 81 00:04:17,320 --> 00:04:21,240 Speaker 2: being Sydney Melbourne and Jedda, Read which ranked as the 82 00:04:21,360 --> 00:04:23,680 Speaker 2: sixth busiest. Three of the top ten roots were in 83 00:04:23,760 --> 00:04:27,520 Speaker 2: JAPANAG expects demand for air travel to remain strong. Now 84 00:04:27,560 --> 00:04:31,720 Speaker 2: corporate travel demand will gradually recover. That's compensating from any 85 00:04:31,760 --> 00:04:35,080 Speaker 2: loss driven by revenge spend travelers. You know, we all 86 00:04:35,160 --> 00:04:37,960 Speaker 2: traveled when we came out of COVID. That's slowing down, 87 00:04:38,080 --> 00:04:39,480 Speaker 2: but corporate travel's picking up. 88 00:04:40,480 --> 00:04:43,640 Speaker 1: Final story story number five. Prawns and oiss shown a 89 00:04:43,839 --> 00:04:46,160 Speaker 1: pretty standard fare at Christmas, but there is a new 90 00:04:46,240 --> 00:04:50,120 Speaker 1: style of seafood expected on tables next week. Sashimi. 91 00:04:50,800 --> 00:04:53,520 Speaker 2: Yes, so there are big sales at the moment of kingfish, 92 00:04:53,640 --> 00:04:58,080 Speaker 2: tuna and Atlantic salmon, fish that often feature in traditional 93 00:04:58,160 --> 00:05:02,640 Speaker 2: Japanese raw seafood platus. They're in hot demand and retailers 94 00:05:02,640 --> 00:05:05,680 Speaker 2: say it's all about sashimi. A report in the fin 95 00:05:05,800 --> 00:05:08,520 Speaker 2: Review says the Sydney fish market, the largest in the country, 96 00:05:08,800 --> 00:05:11,559 Speaker 2: expects to sell more than three hundred and fifty tons 97 00:05:11,640 --> 00:05:14,200 Speaker 2: of seafood that's the equivalent of about three and a 98 00:05:14,240 --> 00:05:18,120 Speaker 2: half blue whales in thirty six hours of round the 99 00:05:18,120 --> 00:05:21,920 Speaker 2: clock trading before Christmas morning. Includes one hundred and twenty 100 00:05:21,960 --> 00:05:26,159 Speaker 2: tons of prawn of prawn's and close to seventy thousand 101 00:05:26,480 --> 00:05:31,279 Speaker 2: dozen oysters, another one, Michael, before we leave, David Jones 102 00:05:31,320 --> 00:05:34,320 Speaker 2: is reporting big sales of the Christmas pudding, so that's 103 00:05:34,320 --> 00:05:34,920 Speaker 2: back as well. 104 00:05:35,400 --> 00:05:37,640 Speaker 1: Sean. I used to work next to the Sydney Fish 105 00:05:37,680 --> 00:05:43,680 Speaker 1: markets and I can vouch for the extraordinary traffic jams 106 00:05:43,720 --> 00:05:46,200 Speaker 1: you had encounter heading into the Sydney Fish Markets and 107 00:05:46,240 --> 00:05:49,159 Speaker 1: the lead into Christmas, so I do not doubt these figures. 108 00:05:49,200 --> 00:05:51,360 Speaker 1: Though I've never seen somebody trying cart away three and 109 00:05:51,400 --> 00:05:55,640 Speaker 1: a half blue whales. It's quite an intriguing image. All right, 110 00:05:55,680 --> 00:05:57,680 Speaker 1: there we go, the top five business stories in five minutes. 111 00:05:57,680 --> 00:05:58,520 Speaker 1: Thank you very much, Sean. 112 00:05:58,920 --> 00:05:59,560 Speaker 2: Thanks Michael. 113 00:06:00,160 --> 00:06:02,760 Speaker 1: It is Friday, the twentieth of December twenty twenty four. 114 00:06:02,880 --> 00:06:05,640 Speaker 1: Remember to hit follow on the podcast DY five minutes, 115 00:06:05,720 --> 00:06:07,599 Speaker 1: isn't it enough? You can find our longer daily show 116 00:06:07,640 --> 00:06:10,480 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 117 00:06:10,520 --> 00:06:12,760 Speaker 1: Michael Thompson and that was the fast five business news 118 00:06:12,760 --> 00:06:16,839 Speaker 1: by Fear and Greed. Have a great day.