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Speaker 1: Welcome to the weekend edition of the Fast Five. Business

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Speaker 1: News by Fear and Greed. Are Michael Thompson and Hello

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Speaker 1: Sean Aylmer. Hello Michael Seawan. On weekdays, it's all about

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Speaker 1: the Fast Five, the top five business stories in five minutes.

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Speaker 1: On the weekend, we see we still keep it, of course,

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Speaker 1: to five minutes, but we are going to pick out

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Speaker 1: the biggest business story of the week, the most remarkable

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Speaker 1: story and mystery category changes every week, and then our

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Speaker 1: favorite business related story. Let's jump straight into it. What

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Speaker 1: was the biggest story of the week for you?

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Speaker 2: For me, it was the economy. We had the US

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Speaker 2: cutting interest rates for the first time in six months.

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Speaker 2: We had Sarah Hunter, the chief economist of the Reserve Bank,

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Speaker 2: coming out saying that inflation has been pretty much defeated.

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Speaker 2: Now it's never fully defeated, because it'll come and rise

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Speaker 2: back if Reserve Bank doesn't do its job. But she said,

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Speaker 2: the economy is looking pretty good. The worst of the

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Speaker 2: cost of living crisis is over. Then we had labor

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Speaker 2: market figures showed the unemployment rate at forty two or

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Speaker 2: four point two percent, though jobs growth went backwards. Now

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Speaker 2: in the first four months of this year, eighty thousand

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Speaker 2: jobs were created. The next four months, twenty four thousand

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Speaker 2: jobs were created. The labor market has definitely slowed down.

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Speaker 2: You put all that together and it just looks like

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Speaker 2: we'll get an interest rate cut in November when the

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Speaker 2: Reserve Bank Board meets. Yeah. Big one.

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Speaker 1: The other big story this week was one from politics,

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Speaker 1: where the Albanesi government has put a number on emissions

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Speaker 1: for by twenty thirty five, or sixty two to seventy

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Speaker 1: percent cut in emissions by then. It is ambitious, not

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Speaker 1: too ambitious, a bit of a balancing act between the

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Speaker 1: climate change authority pushing for more got business groups who

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Speaker 1: would like less, the Coalition saying the debt against it,

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Speaker 1: the Green saying it's nowhere near enough. The government says

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Speaker 1: it's responsible, practical and achievable with proven tech, and that

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Speaker 1: anything higher was just going to be unachievable because now

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Speaker 1: we are realizing just how hard and how expensive the

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Speaker 1: transition to greener energy and greener economy is actually going

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Speaker 1: to be. There's a seven billion dollar funding boost and

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Speaker 1: a plan for renewables evs and carbon renewals removals, carbon removals.

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Speaker 1: There Sean I was going so well I had to

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Speaker 1: stumble it is a big story, though regardless most remarkable.

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Speaker 1: I think this is high risk me trying to go

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Speaker 1: straight into the most remarkable when I'm clearly tongue tied.

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Speaker 1: But I'm going to do it anyway. Super Retail this

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Speaker 1: week sacked at CEO Anthony Herety because he allegedly misled

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Speaker 1: the board about a reported relationship with his HR chief. Now,

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Speaker 1: the story has been going on for a while. It's

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Speaker 1: been a bit of a sagaret. It started last year

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Speaker 1: when Super Retail announced it was expecting legal action from

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Speaker 1: two other staff as whistleblowers. There was an internal investigation,

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Speaker 1: but it appears not everything was disclosed, and he was

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Speaker 1: let go this week because he disclosed new information to

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Speaker 1: the board. And the thing that I think is remarkable

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Speaker 1: about this is almost the way. It is becoming a

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Speaker 1: pattern of CEOs not disclosing everything that they need to disclose.

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Speaker 1: We've seen it at wires Tech, Richard White's alleged relationship

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Speaker 1: with women at the company, Mineral Resources, Chris Ellison's alleged

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Speaker 1: involvement in a tax evasion scheme. Just CEOs not being

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Speaker 1: completely open when transparency is absolutely vital.

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Speaker 2: Sean my most remarkable story Michael ayin ZED will pay

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Speaker 2: a record fine of two hundred and forty million dollars

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Speaker 2: to settle a case brought by the corporate regulator Assek.

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Speaker 2: There's a bunch in this. The bank admitted to incorrectly

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Speaker 2: reporting bond trading to the federal government. That's one. We

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Speaker 2: kind of knew a lot about that. But there was

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Speaker 2: a bunch of others in its retail division while and

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Speaker 2: it failed to refund fees charged to thousands of dead customers.

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Speaker 2: It didn't respond to family members dealing with deceased estates

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Speaker 2: in a timely manner. It was fine for making fulsome

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Speaker 2: misleading statements on savings interest rates. Basically, didn't pay the

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Speaker 2: correct rate to tens of thousands of customers. It didn't

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Speaker 2: respond to hundreds of customers hardship notices in some cases

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Speaker 2: for more than two years. The bank has agreed to

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Speaker 2: pay the fine. What worries me is I thought we'd

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Speaker 2: gotten rid of all this behavior after the Banking Royal Commission.

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Speaker 2: I think it's quite remarkable that we're having one of

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Speaker 2: the four major banks A and ZED coming out getting

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Speaker 2: hit with fines this sort of behavior.

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Speaker 1: Yeah, absolutely, Okay, our mystery category this week, Sean is

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Speaker 1: basically the story that wasn't a story, the story that

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Speaker 1: kind of went away, but there's a big story behind it. Essentially,

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Speaker 1: what was it for you? Oh?

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Speaker 2: Look? Mcquarie Group reportedly, according to an overseas news organization,

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Speaker 2: held talks to merge with the private equity giant Carlisle Group.

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Speaker 2: The discussions didn't really go anywhere. If they were to merge,

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Speaker 2: you'd end up with his investment powerhouse with a trillion

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Speaker 2: dollars in combined assets. Mcquarie wasn't talking about it broadly.

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Speaker 2: It's been shifting away from investing in public assets, at

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Speaker 2: least outside Australia, more towards private assets, which is more

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Speaker 2: Carlile's baliwick. What's interesting about the dealer is that Mcquarie's

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Speaker 2: thinking of more radical ways to add value to shareholders.

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Speaker 2: Long the king maker of investment banks in Australia, times

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Speaker 2: are much tougher for the sector as a whole, including Mcquarie,

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Speaker 2: and it's getting much more creative about how to create

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Speaker 2: value for shareholders, Sean.

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Speaker 1: The other big one this week was the thirty billion

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Speaker 1: dollar takeover of oil and gas giants Santos just went

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Speaker 1: away for months that looked like Abu Dhabi's ad Knock

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Speaker 1: was about to pull off one of the biggest cash deals,

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Speaker 1: if not the biggest in ASX history. I did eleven

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Speaker 1: weeks of due diligence, and then the bitter just walked

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Speaker 1: away two days before the deadline, apparently didn't like what

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Speaker 1: it found, and Santos couldn't get enough protections in place

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Speaker 1: for shareholders, and so the deal just collapsed. And so

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Speaker 1: what was looking pretty exciting is now no more. Sean,

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Speaker 1: So I think it fits squarely into this category our

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Speaker 1: favorite stories of the week. I'll make a very quick mention.

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Speaker 1: They're both Trump related stories this week. Two very different

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Speaker 1: stories though. One was the President's visit to the UK

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Speaker 1: and this speech that King Charles made at a state

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Speaker 1: banquet at Windsor Castle where King Charles just reminded Donald

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Speaker 1: Trump of Britain and America's alliances, the importance of helping Ukraine,

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Speaker 1: and then crucially for Australia, he mentioned Orcus and the

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Speaker 1: importance of the submarine partnership with Australia. Maybe maybe the

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Speaker 1: King just saved the Orchest deal, which is under review

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Speaker 1: in the US.

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Speaker 2: Will see, Sean, we will see my favorite story, Michael's

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Speaker 2: actually my least favorite story. US network ABC canceled late

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Speaker 2: night host Jimmy Kimmel's show indefinitely over comments he made

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Speaker 2: about the shooting of right wing influencer Charlie Kirk. He

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Speaker 2: came after a Trump appointee responsible for freewoware licenses was

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Speaker 2: very critical of Kimmell's comments. He said, it's the sickest

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Speaker 2: conduct possible. And now Jimmy Kimble was pretty harsh in

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Speaker 2: what he said, very critical of Donald Trump. But to

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Speaker 2: actually have your show canceled is pretty outrageous. ABC reported

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Speaker 2: John Lyons this week was rebuked by Donald Trump over

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Speaker 2: a question he asked. Trump actually suggested he might complain

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Speaker 2: to Anthony Abernezy about it. And of course, New York

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Speaker 2: Times was sued for fifteen billion dollars for allegedly being

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Speaker 2: a democratic mouthpiece. According to Donald Trump, when freedom of

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Speaker 2: the press is in pinged, you really have to worry

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Speaker 2: about democracy.

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Speaker 1: Michael, Yeah, absolutely, All right, there we go, Sean five

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Speaker 1: minutes and pretty much everything you need to know in

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Speaker 1: the world of business. Thank you very much.

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Speaker 2: Thanks Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to follow on

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Speaker 1: the podcast and head to Fearangreed dot com Today you

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Speaker 1: to sign up for our free daily newsletter. I'm Michael

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Speaker 1: Thompson and this is the fast five business news by

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Speaker 1: Fear and Free