1 00:00:04,200 --> 00:00:06,800 Speaker 1: Welcome to the weekend edition of the Fast Five Business 2 00:00:06,800 --> 00:00:09,320 Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello 3 00:00:09,360 --> 00:00:12,560 Speaker 1: Adam Lang. Hello Michael Adam. On weekdays, it's all about 4 00:00:12,560 --> 00:00:14,920 Speaker 1: the Fast Five for top five business stories in five minutes. 5 00:00:14,960 --> 00:00:17,240 Speaker 1: On the weekend, we obviously still keep it the five minutes, 6 00:00:17,239 --> 00:00:19,640 Speaker 1: but we are going to pick out the biggest business 7 00:00:19,640 --> 00:00:22,960 Speaker 1: story of the week, the most remarkable business story, a 8 00:00:23,040 --> 00:00:26,480 Speaker 1: bit of a mystery category, and then our favorite business 9 00:00:26,600 --> 00:00:29,640 Speaker 1: related story. Let's jump straight into the biggest story, though, 10 00:00:29,720 --> 00:00:31,800 Speaker 1: what did you think it was this week? 11 00:00:32,080 --> 00:00:34,600 Speaker 2: Alr Michael. The most important business story this week for 12 00:00:34,640 --> 00:00:37,040 Speaker 2: me is hidden in plain sight. It's the Australian Bureau 13 00:00:37,080 --> 00:00:41,080 Speaker 2: of Statistics and their release of the May retail trade data, 14 00:00:41,159 --> 00:00:44,159 Speaker 2: which showed a seasonally adjusted and very bashful rise of 15 00:00:44,280 --> 00:00:47,040 Speaker 2: just zero point two percent for the month of May 16 00:00:47,440 --> 00:00:50,400 Speaker 2: and three point three percent for the year. The modest 17 00:00:50,479 --> 00:00:53,120 Speaker 2: rise in May was largely driven by colder than usual weather, 18 00:00:53,320 --> 00:00:56,800 Speaker 2: which led to higher sales in clothing, footwear and personal accessories. 19 00:00:57,120 --> 00:00:59,840 Speaker 2: If you take that out, the underlying retail growth was 20 00:01:00,040 --> 00:01:04,640 Speaker 2: even weaker. Discretionary categories remain soft, and essential spending is 21 00:01:04,720 --> 00:01:09,759 Speaker 2: actually flat. Meanwhile, building approvals also fell sharply in May, 22 00:01:10,000 --> 00:01:13,880 Speaker 2: highlighting a broader economic slowdown. All of this strengthens the 23 00:01:13,920 --> 00:01:16,520 Speaker 2: case for the Reserve Bank of Australia to cut rates, 24 00:01:16,760 --> 00:01:20,680 Speaker 2: potentially as early as next Tuesday, with more reductions expected 25 00:01:20,880 --> 00:01:21,759 Speaker 2: later in the year. 26 00:01:22,240 --> 00:01:24,560 Speaker 1: The other big story this week was the performance of 27 00:01:24,600 --> 00:01:27,560 Speaker 1: the local share market. Two highlights really from this week, 28 00:01:27,600 --> 00:01:29,440 Speaker 1: the first being the end of the financial year, after 29 00:01:29,440 --> 00:01:32,119 Speaker 1: which we can say quite incredibly that local Boss has 30 00:01:32,240 --> 00:01:35,640 Speaker 1: had a stellar year last year, up nearly ten percent 31 00:01:35,680 --> 00:01:39,040 Speaker 1: in a year that's been really defined by chaos and volatility. 32 00:01:39,080 --> 00:01:41,120 Speaker 1: And I think that's pretty remarkable and great news obviously 33 00:01:41,120 --> 00:01:43,080 Speaker 1: for investors, anyone with a super fund. A whole lot 34 00:01:43,080 --> 00:01:46,200 Speaker 1: of people happy about that. The ASX, though this week 35 00:01:46,400 --> 00:01:51,840 Speaker 1: recorded yet another win, it's set another closing record high. 36 00:01:51,960 --> 00:01:53,800 Speaker 1: All the economic news, the hopes of that rate cut 37 00:01:53,800 --> 00:01:57,240 Speaker 1: that you're talking about, Adam, that encouraged investors, a lot 38 00:01:57,240 --> 00:01:59,920 Speaker 1: of optimism out there. So much happening on the local 39 00:02:00,080 --> 00:02:02,440 Speaker 1: Boss at the moment, and a big, big story this 40 00:02:02,480 --> 00:02:03,280 Speaker 1: week Adam. 41 00:02:03,120 --> 00:02:04,040 Speaker 2: Certainly wanted to watch. 42 00:02:04,080 --> 00:02:06,800 Speaker 1: Yeah. Indeed, Okay, let's move on to most remarkable. My 43 00:02:06,880 --> 00:02:10,800 Speaker 1: nomination for most Remarkable story Adam, is the massive cyber 44 00:02:10,840 --> 00:02:13,959 Speaker 1: attack on Quantus. The details of as many as six 45 00:02:14,120 --> 00:02:17,120 Speaker 1: million customers might have been stolen here. Luckily no credit 46 00:02:17,120 --> 00:02:20,120 Speaker 1: card details, no passport details, but still a lot of 47 00:02:20,120 --> 00:02:23,600 Speaker 1: people have their address, name, all that kind of thing 48 00:02:23,960 --> 00:02:26,280 Speaker 1: within that system. Even if you had a flight kind 49 00:02:26,280 --> 00:02:28,320 Speaker 1: of five ten years ago, chances are it still in there. 50 00:02:29,440 --> 00:02:31,440 Speaker 1: The other thing that was remarkable about this, it's not 51 00:02:31,480 --> 00:02:33,240 Speaker 1: just the scale. It's the fact that it was an 52 00:02:33,280 --> 00:02:37,240 Speaker 1: old fashioned hack that the hackers impersonated a Quantus employee, 53 00:02:37,520 --> 00:02:42,320 Speaker 1: convincing a call center operator based in the Philippines to 54 00:02:42,360 --> 00:02:45,240 Speaker 1: basically give them access to the system. It was that easy, 55 00:02:45,720 --> 00:02:47,840 Speaker 1: and it appears to be part of a global effort 56 00:02:47,840 --> 00:02:50,440 Speaker 1: targeting airlines. With the FBI warning of this a few 57 00:02:50,520 --> 00:02:53,600 Speaker 1: days prior, massive scale, massive breach, a lot of people 58 00:02:53,600 --> 00:02:55,720 Speaker 1: getting those emails from Quantas saying that they might have 59 00:02:55,800 --> 00:02:56,600 Speaker 1: been exposed. 60 00:02:56,880 --> 00:02:57,440 Speaker 2: Incredible. 61 00:02:57,520 --> 00:02:59,919 Speaker 1: Yeah, certainly was What was your most remarkable story, Adam, 62 00:03:00,080 --> 00:03:00,400 Speaker 1: It was. 63 00:03:00,360 --> 00:03:04,240 Speaker 2: Donald Trump's big, beautiful bill passing its final hurdle and 64 00:03:04,280 --> 00:03:08,560 Speaker 2: getting congressional approval and delivering a president a massive political win. 65 00:03:08,840 --> 00:03:11,799 Speaker 2: What's remarkable about this is the scale of the act 66 00:03:11,919 --> 00:03:15,760 Speaker 2: expanding tax breaks for families and businesses, further funding his 67 00:03:15,800 --> 00:03:20,680 Speaker 2: immigration agenda, slashing spending on social programs like Medicaid, and 68 00:03:20,720 --> 00:03:24,000 Speaker 2: removing a stack of green energy subsidies. But the biggest 69 00:03:24,000 --> 00:03:27,080 Speaker 2: thing here is the price tag. It's expected to add 70 00:03:27,240 --> 00:03:30,160 Speaker 2: three point four trillion US dollars to the US dead 71 00:03:30,200 --> 00:03:33,360 Speaker 2: over the next decade. The President is expected to sign 72 00:03:33,400 --> 00:03:36,400 Speaker 2: the bill this morning, and then it's a done deal. 73 00:03:36,880 --> 00:03:41,160 Speaker 1: Mystery category this week, couple of great billionaire stories around Adam, 74 00:03:41,280 --> 00:03:43,160 Speaker 1: So let's go into two of them. What was your 75 00:03:43,200 --> 00:03:44,640 Speaker 1: favorite billionaire story? 76 00:03:44,880 --> 00:03:47,160 Speaker 2: All right, Michael, My pick for the best billionaire story 77 00:03:47,160 --> 00:03:50,360 Speaker 2: of the week was the Burger King taking on pizza, 78 00:03:50,520 --> 00:03:53,960 Speaker 2: or rather the Hungry Jack Jack Cowen taking on the 79 00:03:54,000 --> 00:03:57,880 Speaker 2: CEO role of Domino's Pizza. Jack Cowen's story is incredible. 80 00:03:57,920 --> 00:04:00,600 Speaker 2: The eighty two year old founder of Hungry Jack is 81 00:04:00,640 --> 00:04:03,800 Speaker 2: going to step in to run Domino's Pizza after that 82 00:04:04,000 --> 00:04:06,920 Speaker 2: CEO resigned just seven months into the job. Now, as 83 00:04:06,960 --> 00:04:10,520 Speaker 2: an investor, Cowen owns twenty seven percent of the company. 84 00:04:10,720 --> 00:04:12,800 Speaker 2: The share price has dropped from a covid era a 85 00:04:12,880 --> 00:04:15,320 Speaker 2: high over one hundred and sixty dollars to now around 86 00:04:15,520 --> 00:04:19,039 Speaker 2: seventeen dollars. In response. Jack Cowen has given us one 87 00:04:19,080 --> 00:04:20,960 Speaker 2: of the quotes of the year. I'm the same age 88 00:04:20,960 --> 00:04:23,839 Speaker 2: as Joe Biden, and Joe Biden has buggered. But my 89 00:04:24,000 --> 00:04:26,400 Speaker 2: role models are Mick Jagger and Paul McCartney. I've seen 90 00:04:26,440 --> 00:04:29,360 Speaker 2: both of them on stage three hours non stop performing 91 00:04:29,680 --> 00:04:33,280 Speaker 2: high energy. End of quote. Good luck at Domino's, mister 92 00:04:33,360 --> 00:04:35,480 Speaker 2: Jack Cowan, and yours, Michael now Well. 93 00:04:35,520 --> 00:04:39,839 Speaker 1: From a homegrown billionaire to a global titan of business, 94 00:04:40,279 --> 00:04:44,960 Speaker 1: international billionaire having the most indulgent, most flashy wedding you 95 00:04:45,000 --> 00:04:47,960 Speaker 1: can imagine. Jeff Bezos, the founder of Amazon, worth around 96 00:04:47,960 --> 00:04:49,960 Speaker 1: what two hundred and forty billion US dollars. He got 97 00:04:50,000 --> 00:04:52,920 Speaker 1: married to Lauren Sanchez this week in Venice with two 98 00:04:52,960 --> 00:04:56,120 Speaker 1: hundred guests, mostly celebrities, mostly uber rich, all that kind 99 00:04:56,160 --> 00:04:58,880 Speaker 1: of thing. The thing is, though the cost of the 100 00:04:58,920 --> 00:05:01,960 Speaker 1: wedding was around fifty million US dollars or more. It's 101 00:05:01,960 --> 00:05:04,320 Speaker 1: a bit kind of hazy as to what it actually costs, 102 00:05:04,320 --> 00:05:07,760 Speaker 1: but I just love some of the individual expenses. Right. 103 00:05:07,800 --> 00:05:11,000 Speaker 1: There was reserved marina spots for guests arriving by yachts, 104 00:05:11,120 --> 00:05:14,039 Speaker 1: nine million dollars, in private jet parking and security six 105 00:05:14,080 --> 00:05:16,600 Speaker 1: million dollars one point six million dollars on flowers, two 106 00:05:16,680 --> 00:05:20,839 Speaker 1: million dollars on wine. It was just no expense was spared. 107 00:05:21,120 --> 00:05:23,320 Speaker 1: I suppose if he's got two hundred and forty billion dollars, 108 00:05:23,560 --> 00:05:28,280 Speaker 1: what's spending fifty million on a wedding. I love that. 109 00:05:28,400 --> 00:05:31,520 Speaker 2: Between jets and yachts, it was fifteen million US in 110 00:05:31,600 --> 00:05:32,560 Speaker 2: parking feece. 111 00:05:32,400 --> 00:05:34,200 Speaker 1: Yeah, that's just the parking. It doesn't actually cover the 112 00:05:34,240 --> 00:05:36,680 Speaker 1: cost of getting there in the jet. It's just to 113 00:05:36,680 --> 00:05:40,520 Speaker 1: park the thing. Anyway, Favorite story, Adam, can I nominate 114 00:05:40,560 --> 00:05:44,320 Speaker 1: one for this? It's it's about trains. I love planes, 115 00:05:44,360 --> 00:05:46,359 Speaker 1: I love trains, I love boats, you know, so this 116 00:05:46,400 --> 00:05:50,640 Speaker 1: one fits right into that category. The Royal Train being decommissioned. 117 00:05:51,040 --> 00:05:53,599 Speaker 1: King Charles has made the decision, got to save a 118 00:05:53,640 --> 00:05:56,000 Speaker 1: bit of cash. It's a nine carriage train. There's been 119 00:05:56,040 --> 00:05:58,880 Speaker 1: a Royal train since Queen Victoria back in eighteen sixty nine, 120 00:05:59,480 --> 00:06:01,760 Speaker 1: but this one costing a lot now they're not using 121 00:06:01,800 --> 00:06:04,039 Speaker 1: it much, only did two trips in the last year. 122 00:06:04,080 --> 00:06:06,360 Speaker 1: One of those trips cost forty four thousand pounds over 123 00:06:06,400 --> 00:06:08,800 Speaker 1: two days. So it's going to make one final trip 124 00:06:08,800 --> 00:06:12,120 Speaker 1: around the UK before being potentially placed on public despay, 125 00:06:12,200 --> 00:06:14,240 Speaker 1: which is great a couple of interesting facts. I've got 126 00:06:14,279 --> 00:06:16,040 Speaker 1: to do you this. It was a state secret this 127 00:06:16,120 --> 00:06:19,359 Speaker 1: train until nineteen forty six. That's cool. The Royal Train 128 00:06:19,520 --> 00:06:22,280 Speaker 1: travels around seventy miles per hour. Other trains travel much 129 00:06:22,279 --> 00:06:24,200 Speaker 1: faster than that, so they have a dedicated staff member 130 00:06:24,200 --> 00:06:27,159 Speaker 1: making sure the other trains go around the Royal Train, 131 00:06:27,520 --> 00:06:31,320 Speaker 1: and finally that it consistently arrives within fifteen seconds of 132 00:06:31,360 --> 00:06:33,920 Speaker 1: its projected arrival time. It is very punctual. 133 00:06:33,960 --> 00:06:37,240 Speaker 2: Atam, Michael, I have to agree that Royal Train is 134 00:06:37,279 --> 00:06:38,360 Speaker 2: my favorite story too. 135 00:06:38,440 --> 00:06:40,440 Speaker 1: All right, there we go five minutes and pretty much 136 00:06:40,440 --> 00:06:42,040 Speaker 1: everything you need to know in the world of business. 137 00:06:42,040 --> 00:06:44,200 Speaker 1: Thank you, Adam, Thank you Michael. We'll be back on 138 00:06:44,240 --> 00:06:46,800 Speaker 1: Monday morning with the top five business stories in five minutes. 139 00:06:46,800 --> 00:06:50,080 Speaker 1: Don't forget to hit follow and join us online on Instagram, TikTok, LinkedIn, 140 00:06:50,120 --> 00:06:52,200 Speaker 1: Facebook and x A'm Michael Thompson and this is the 141 00:06:52,240 --> 00:06:54,120 Speaker 1: fast five business news by Fear and Greed.