1 00:00:03,880 --> 00:00:06,640 Speaker 1: It's Thursday, the twenty third of May twenty twenty four. 2 00:00:06,880 --> 00:00:09,600 Speaker 1: Welcome to the Fast five Business News by Fear and Greed. 3 00:00:09,600 --> 00:00:11,440 Speaker 1: Will we give you the top five business stories you 4 00:00:11,480 --> 00:00:13,960 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,000 --> 00:00:15,480 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:15,760 --> 00:00:16,800 Speaker 2: Good Morning Michael. 7 00:00:17,120 --> 00:00:20,160 Speaker 1: Shown five stories in five minutes, Let's go. Story number 8 00:00:20,160 --> 00:00:22,800 Speaker 1: one experts a warning of more incidents like the one 9 00:00:22,800 --> 00:00:26,440 Speaker 1: on Tuesday night, when severe turbulence on a Singapore Airlines 10 00:00:26,480 --> 00:00:29,640 Speaker 1: flight killed one person and injured seventy others. 11 00:00:30,000 --> 00:00:33,200 Speaker 2: Researchers expect turbulence to worsen because of changes to weather 12 00:00:33,280 --> 00:00:36,240 Speaker 2: patterns caused by climate change. Series the studies has failed 13 00:00:36,240 --> 00:00:39,520 Speaker 2: to pinpoint the exact relationship between climate change and turbulence 14 00:00:39,520 --> 00:00:42,080 Speaker 2: on any given flight, but they do show that climate 15 00:00:42,159 --> 00:00:45,400 Speaker 2: change will or has made turbulence worse according to Reuter's. 16 00:00:45,800 --> 00:00:47,919 Speaker 2: While the exact cause of the turbulence on the Singapore 17 00:00:47,920 --> 00:00:51,360 Speaker 2: Airlines flight is not yet known, severe turbulence can be 18 00:00:51,479 --> 00:00:55,520 Speaker 2: highly disruptive. The US Weather Service defines extreme turbulence is 19 00:00:55,600 --> 00:01:00,000 Speaker 2: leaving an aircraft practically impossible to control and is rare. 20 00:01:00,000 --> 00:01:03,440 Speaker 2: It almost never endangers aircraft. It is the leading cause 21 00:01:03,440 --> 00:01:06,240 Speaker 2: of non fatal injuries to passengers and crew, according to 22 00:01:06,240 --> 00:01:09,760 Speaker 2: the International Air Transport Association. The fifty six Australians were 23 00:01:09,760 --> 00:01:12,560 Speaker 2: among the two hundred and eleven passengers and eighteen crew 24 00:01:12,880 --> 00:01:16,080 Speaker 2: aboard the Boeing seven seven seven London to Singapore flight 25 00:01:16,080 --> 00:01:19,600 Speaker 2: which hit severe turbulence over the Irrawaddy Basin in Myanmar. 26 00:01:19,920 --> 00:01:22,199 Speaker 2: One passenger died from a heart attack seven the others 27 00:01:22,200 --> 00:01:25,280 Speaker 2: were injured, including eight Australians. The aircraft was cruising at 28 00:01:25,280 --> 00:01:27,800 Speaker 2: five hundred knots at a height of thirty seven thousand feet. 29 00:01:28,000 --> 00:01:30,640 Speaker 2: It encountered the turbulence, climbed about four hundred feet, then 30 00:01:30,680 --> 00:01:33,440 Speaker 2: dropped four hundred feet very quickly. It then descended to 31 00:01:33,440 --> 00:01:36,760 Speaker 2: six thousand feet in about five minutes before diverting to 32 00:01:36,880 --> 00:01:37,959 Speaker 2: land in Bangkok. 33 00:01:38,040 --> 00:01:40,959 Speaker 1: Michael all Right under story number two, Sean wall Street 34 00:01:41,240 --> 00:01:44,279 Speaker 1: continues its strong run with a new record high. 35 00:01:44,840 --> 00:01:46,840 Speaker 2: Yes, Michael, it's a twenty fourth this year for the 36 00:01:46,880 --> 00:01:50,040 Speaker 2: broad based SMP five hundred. The tech heavy NASAK also 37 00:01:50,120 --> 00:01:51,800 Speaker 2: hit a new record. It's a fourth time in the 38 00:01:51,800 --> 00:01:55,080 Speaker 2: past six sessions. Driving the rise has once again been 39 00:01:55,120 --> 00:01:58,480 Speaker 2: the tech docs. The Magnificent Seven haven't been so magnificent 40 00:01:58,480 --> 00:02:01,000 Speaker 2: for most of this year and professional and as sort 41 00:02:01,000 --> 00:02:02,960 Speaker 2: of some event suggesting people get out. But in the 42 00:02:03,000 --> 00:02:06,640 Speaker 2: past month, Microsoft's up seven percent, Apple sixteen percent, and 43 00:02:06,800 --> 00:02:10,480 Speaker 2: Vidia is up twenty percent, Alphabets fourteen percent higher. In Tesla, 44 00:02:10,919 --> 00:02:14,240 Speaker 2: which has really underperformed well, has jumped thirty one percent 45 00:02:14,720 --> 00:02:19,160 Speaker 2: over the past month. The layguards have been Amazon and Meta. Anyway, 46 00:02:19,160 --> 00:02:20,959 Speaker 2: interesting to see that these textocs are back. 47 00:02:21,600 --> 00:02:25,160 Speaker 1: Yeah, indeed, story number three. Telstra's share price fell another 48 00:02:25,240 --> 00:02:29,400 Speaker 1: four percent yesterday, following Tuesday's near three percent decline. The 49 00:02:29,440 --> 00:02:33,000 Speaker 1: country's largest telco said it well sheared twenty eight hundred jobs, 50 00:02:33,040 --> 00:02:36,880 Speaker 1: but investors are wary about the earnings outlook across its business. 51 00:02:37,440 --> 00:02:40,000 Speaker 2: Yes, we talked yesterday about the group's enterprise division and 52 00:02:40,000 --> 00:02:43,200 Speaker 2: its consumer and business divisions, all facing headwinds. It's doing 53 00:02:43,200 --> 00:02:46,280 Speaker 2: pretty well in mobile, mind you, and on Tuesday, the 54 00:02:46,360 --> 00:02:49,680 Speaker 2: telco announced plans to make changes in how it charges 55 00:02:49,720 --> 00:02:52,639 Speaker 2: customers in that area. Now, following the announcement of the 56 00:02:52,720 --> 00:02:56,639 Speaker 2: job cuts on Tuesday and rules around mobiles, investment analysts 57 00:02:56,680 --> 00:03:00,560 Speaker 2: have started downgrading their outlook for Telstra. The challenge of 58 00:03:00,600 --> 00:03:03,160 Speaker 2: the group has increased competition from the one point six 59 00:03:03,200 --> 00:03:06,560 Speaker 2: billion dollar network sharing deal between Optus and TPG, which 60 00:03:06,560 --> 00:03:11,080 Speaker 2: will increase competition, particularly outside the major cities. Chilster's share 61 00:03:11,120 --> 00:03:12,640 Speaker 2: price is now at a three year low and the 62 00:03:12,639 --> 00:03:14,560 Speaker 2: company doesn't have too many friends at the moment. 63 00:03:15,440 --> 00:03:18,120 Speaker 1: How about this one Sewan Story Number four. Travel group 64 00:03:18,200 --> 00:03:23,000 Speaker 1: Webjet is considering splitting its consumer and business facing operations 65 00:03:23,040 --> 00:03:26,720 Speaker 1: into two standalone ASX listed companies. That sent its share 66 00:03:26,760 --> 00:03:28,240 Speaker 1: price up eight percent yesterday. 67 00:03:28,720 --> 00:03:31,840 Speaker 2: The announcement came after Webjet unveiled a record underlying profit 68 00:03:31,880 --> 00:03:33,280 Speaker 2: for the year to the end of March, which was 69 00:03:33,360 --> 00:03:36,360 Speaker 2: nearly double the previous financial year, thanks mostly to an 70 00:03:36,400 --> 00:03:39,560 Speaker 2: expansion of its business. The business unit. Chief executive John 71 00:03:39,560 --> 00:03:43,360 Speaker 2: Gissicks said the travel sector remains very healthy, with most 72 00:03:43,360 --> 00:03:46,040 Speaker 2: of the world back to pre pandemic levels. Webjet is 73 00:03:46,040 --> 00:03:50,960 Speaker 2: Australia's biggest online travel agency, but its web beeds business, 74 00:03:51,000 --> 00:03:54,120 Speaker 2: a B to B hotels wholesaler, makes three times as 75 00:03:54,200 --> 00:03:57,120 Speaker 2: much funding as a travel agency and only five percent 76 00:03:57,160 --> 00:04:00,160 Speaker 2: of webbeds bookings are actually out of Australia. It's a 77 00:04:00,160 --> 00:04:01,880 Speaker 2: bit of a hidden gem in that business. 78 00:04:02,400 --> 00:04:06,040 Speaker 1: Yeah, that's fascinating. Last one story number five Sean New 79 00:04:06,120 --> 00:04:09,120 Speaker 1: York and London are the best cities in the world 80 00:04:09,120 --> 00:04:12,520 Speaker 1: to live in, while Melbourne as ninth best, Sydney is sixteenth, 81 00:04:12,520 --> 00:04:15,320 Speaker 1: and Perth is twenty third out of the world's one 82 00:04:15,360 --> 00:04:18,040 Speaker 1: thousand largest urban economies. 83 00:04:18,800 --> 00:04:22,400 Speaker 2: And that's according to Oxford Economics and Allurll Global Cities Index. 84 00:04:22,480 --> 00:04:26,320 Speaker 2: It looked at twenty seven indicators using five broad categories economics, 85 00:04:26,440 --> 00:04:29,159 Speaker 2: human capital, quality of life, environment and governance, with the 86 00:04:29,200 --> 00:04:33,320 Speaker 2: heaviest waiting on economics. US and European cities dominate the 87 00:04:33,320 --> 00:04:36,680 Speaker 2: top fifty spots. According to a report on Bloomberg, New 88 00:04:36,760 --> 00:04:39,680 Speaker 2: York was number one, then London, San Jose and California 89 00:04:39,720 --> 00:04:43,440 Speaker 2: takeo than San Francisco. The group provided breakdowns for the 90 00:04:43,440 --> 00:04:46,200 Speaker 2: best cities in the different categories as five categories. When 91 00:04:46,240 --> 00:04:48,520 Speaker 2: it comes to quality of life, Canberra comes in at 92 00:04:48,560 --> 00:04:52,040 Speaker 2: number three of the thousand cities. Pretty good. Some of 93 00:04:52,080 --> 00:04:54,880 Speaker 2: the worst cities to live in are in Nigeria and India, 94 00:04:54,960 --> 00:04:55,920 Speaker 2: according to Otsford. 95 00:04:56,279 --> 00:04:58,200 Speaker 1: All right, there we go the top five business stories 96 00:04:58,200 --> 00:04:58,839 Speaker 1: in five minutes. 97 00:04:58,839 --> 00:05:00,680 Speaker 2: Thank you Sean, Thank you Michael. 98 00:05:01,120 --> 00:05:03,800 Speaker 1: It's Thursday, the twenty third of May twenty twenty four. 99 00:05:03,880 --> 00:05:05,760 Speaker 1: Remember to hit follow on the podcast and in five 100 00:05:05,760 --> 00:05:07,880 Speaker 1: minutes isn't enough. You can find our longer daily show 101 00:05:07,920 --> 00:05:10,920 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 102 00:05:10,960 --> 00:05:13,200 Speaker 1: Michael Thompson and that was the Fast five Business news 103 00:05:13,240 --> 00:05:16,920 Speaker 1: by Fear and Greed. Have a great day.