1 00:00:03,960 --> 00:00:06,920 Speaker 1: It's Thursday, the twenty seventh of June twenty twenty four. 2 00:00:07,160 --> 00:00:09,720 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,760 --> 00:00:11,479 Speaker 1: where we give you the top five business stories you 4 00:00:11,560 --> 00:00:14,360 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,440 --> 00:00:15,840 Speaker 1: and good morning Sean Ailmer. 6 00:00:16,040 --> 00:00:17,800 Speaker 2: Good morning Michael sewn. 7 00:00:17,880 --> 00:00:19,720 Speaker 1: Five big stories to get through today, so I bet 8 00:00:19,800 --> 00:00:22,520 Speaker 1: you get going story Number one. Inflation for the twelve 9 00:00:22,520 --> 00:00:25,280 Speaker 1: months to the end of May jumped to four percent, 10 00:00:25,520 --> 00:00:28,800 Speaker 1: way above the Reserve Bank's target band, and it's pushed 11 00:00:28,800 --> 00:00:33,480 Speaker 1: out expectations of an interest rate cut this year, and worryingly, 12 00:00:33,720 --> 00:00:36,080 Speaker 1: it's even triggered discussion of a hike in rates. 13 00:00:36,400 --> 00:00:39,040 Speaker 2: Certainly, those hoping for a reduction in mortgage and credit 14 00:00:39,040 --> 00:00:41,360 Speaker 2: card rates will be disappointed with the zero point four 15 00:00:41,360 --> 00:00:45,000 Speaker 2: percentage point increased last month. The Bureau of Statistics said there 16 00:00:45,000 --> 00:00:47,720 Speaker 2: were a number of significant contributors to the annual rise. 17 00:00:47,960 --> 00:00:51,520 Speaker 2: Housing was one, Electricity was another. Fruit and veggies. In fact, 18 00:00:51,520 --> 00:00:55,160 Speaker 2: things like grape strawberries, blueberries, tomatoes, capskins. They're at their 19 00:00:55,200 --> 00:00:56,880 Speaker 2: highest level in more than a year. At least. The 20 00:00:56,880 --> 00:01:00,520 Speaker 2: growth was cost of all holidays also contributed. Today final 21 00:01:00,560 --> 00:01:03,480 Speaker 2: figure petrol prices across the year, We're up nine percent, 22 00:01:03,560 --> 00:01:05,840 Speaker 2: though the good news is they're actually lower. In the 23 00:01:05,880 --> 00:01:08,000 Speaker 2: month of May, the Bureau said, if you remove the 24 00:01:08,040 --> 00:01:11,440 Speaker 2: more volatile items from the inflation reading, underlying inflation for 25 00:01:11,480 --> 00:01:14,440 Speaker 2: the twelve months was four percent. Not too bad. Problem me. 26 00:01:14,560 --> 00:01:17,840 Speaker 2: The Reserve Bank like something called trimmed mean inflation. It 27 00:01:18,040 --> 00:01:21,040 Speaker 2: was up four point four percent. No good news there. 28 00:01:21,360 --> 00:01:23,959 Speaker 1: Right, What was the response from markets and economists? What 29 00:01:24,000 --> 00:01:27,040 Speaker 1: are they saying now, Sean? About interest rates? 30 00:01:27,160 --> 00:01:29,880 Speaker 2: Well ahead of the release, the overwhelming consensus was that 31 00:01:29,880 --> 00:01:31,800 Speaker 2: the next move in interest rates was down. That will 32 00:01:31,800 --> 00:01:35,440 Speaker 2: happen either late this year or early next year after 33 00:01:35,520 --> 00:01:39,280 Speaker 2: yesterday's figures. Hmm. Well, at the earliest, they might be 34 00:01:39,280 --> 00:01:42,080 Speaker 2: cut in twenty twenty five. But bond markets have now 35 00:01:42,120 --> 00:01:44,720 Speaker 2: priced in a more than fifty percent chance of a 36 00:01:44,800 --> 00:01:49,560 Speaker 2: rate hike this year about September. I believe that there 37 00:01:49,600 --> 00:01:53,480 Speaker 2: are now a few market economists also expecting another rate rise, 38 00:01:53,720 --> 00:01:55,920 Speaker 2: though most doi think the next move will be down. 39 00:01:56,080 --> 00:01:58,640 Speaker 2: The Reserve Bank will have more inflation data before they 40 00:01:58,640 --> 00:01:59,720 Speaker 2: have to make that decision. 41 00:01:59,760 --> 00:02:02,200 Speaker 1: My Sean onto story number two. 42 00:02:02,240 --> 00:02:02,400 Speaker 2: Now. 43 00:02:02,480 --> 00:02:05,760 Speaker 1: Julian assanj is a free man. He arrived in Australia 44 00:02:05,840 --> 00:02:09,240 Speaker 1: last night after pleading guilty in a US courtroom to 45 00:02:09,320 --> 00:02:11,000 Speaker 1: publishing military secrets. 46 00:02:11,320 --> 00:02:13,320 Speaker 2: It ends a fourteen year saga for the founder of 47 00:02:13,320 --> 00:02:16,120 Speaker 2: Wiki Leaks, one that included seven years in the Ecuadorian 48 00:02:16,200 --> 00:02:19,360 Speaker 2: embassy in London in five years and a maximum security 49 00:02:19,360 --> 00:02:23,320 Speaker 2: prison in the UK. US Ambassador to Australia, Caroline Kennedy, 50 00:02:23,320 --> 00:02:26,560 Speaker 2: thanked the Australian governments for its cooperation and bringing Dulian 51 00:02:26,600 --> 00:02:30,200 Speaker 2: Assage just difficult legal saga to a Resolutionion Prime Minister 52 00:02:30,280 --> 00:02:32,919 Speaker 2: Anthony Albernez he said the case dragone for too long. 53 00:02:33,000 --> 00:02:34,880 Speaker 2: No matter what you thought of him, there was nothing 54 00:02:34,919 --> 00:02:37,440 Speaker 2: to be gained from his continued incarceration. 55 00:02:38,120 --> 00:02:40,720 Speaker 1: Story number three, the former boss of lend Lease and 56 00:02:40,800 --> 00:02:43,600 Speaker 1: Crowned Resorts has signed up to be chief executive of 57 00:02:43,680 --> 00:02:47,360 Speaker 1: Star Entertainment and he could be paid very handsomely for 58 00:02:47,400 --> 00:02:47,760 Speaker 1: doing so. 59 00:02:48,200 --> 00:02:51,160 Speaker 2: Steve McCann will receive a sign on bonus of two 60 00:02:51,200 --> 00:02:53,560 Speaker 2: and a half million dollars and could earn four times 61 00:02:53,560 --> 00:02:56,359 Speaker 2: that if he can overhaul the company's culture and immediately 62 00:02:56,440 --> 00:02:59,520 Speaker 2: implement a remediation program for the gaming group in a 63 00:02:59,520 --> 00:03:03,000 Speaker 2: poor mark it's their Star's share prices flat yesterday. Mister 64 00:03:03,080 --> 00:03:05,960 Speaker 2: McCann ran crowned from June twenty twenty one. He's considered 65 00:03:06,040 --> 00:03:09,080 Speaker 2: an architect of the deal with private equity group Blackstone, 66 00:03:09,120 --> 00:03:11,799 Speaker 2: which eventually bought Crown for eight point nine billion dollars. 67 00:03:12,000 --> 00:03:14,720 Speaker 2: It was previously chief executive of len Lease, a role 68 00:03:14,800 --> 00:03:18,600 Speaker 2: he held for nearly thirteen years. His pay packet is very, 69 00:03:18,680 --> 00:03:21,000 Speaker 2: very large for a one point five billion dollar company, 70 00:03:21,200 --> 00:03:24,760 Speaker 2: but the Sydney based gaming group is pretty desperate. Good 71 00:03:24,840 --> 00:03:25,520 Speaker 2: luck to him. 72 00:03:25,800 --> 00:03:28,640 Speaker 1: Indeed, Story number four. How about this one sewn Lunar 73 00:03:28,680 --> 00:03:32,440 Speaker 1: Park in North Sydney, an iconic landmark for the Emerald City, 74 00:03:32,760 --> 00:03:36,120 Speaker 1: is up for sale for at least seventy million dollars. 75 00:03:36,440 --> 00:03:38,800 Speaker 2: That is what you call prime real estate. Fronting the 76 00:03:38,840 --> 00:03:42,240 Speaker 2: water at Kiribilly, looking across towards the Harbor Bridge Opera 77 00:03:42,320 --> 00:03:45,080 Speaker 2: House in City. The amusement park was opened in nineteen 78 00:03:45,200 --> 00:03:48,120 Speaker 2: thirty five and has had many ups and downs, the 79 00:03:48,160 --> 00:03:50,960 Speaker 2: worst down being a fire in the Ghost Train ride 80 00:03:51,000 --> 00:03:53,600 Speaker 2: in nineteen seventy nine that killed seven people. The site 81 00:03:53,640 --> 00:03:57,520 Speaker 2: is Heritage listed. Its status as an amusement park is 82 00:03:57,560 --> 00:04:01,680 Speaker 2: protected by government legislation. Currently has seventeen amusement rides to 83 00:04:01,720 --> 00:04:04,560 Speaker 2: Coney Island building seven thousand square meters of building floor 84 00:04:04,560 --> 00:04:07,560 Speaker 2: space and a three hundred and eighty nine space car park. 85 00:04:07,800 --> 00:04:11,480 Speaker 2: Canadian manager Brookfield owns Lunar Park it because it's spent 86 00:04:11,560 --> 00:04:14,200 Speaker 2: forty million dollars in the past four years to improve 87 00:04:14,240 --> 00:04:15,960 Speaker 2: the site. Now it's offloading it. 88 00:04:16,760 --> 00:04:20,440 Speaker 1: Last one story number five. European Union regulators have charged 89 00:04:20,560 --> 00:04:25,599 Speaker 1: Microsoft with breaking antitrust rules by bundling its Teams video 90 00:04:25,600 --> 00:04:29,480 Speaker 1: conferencing and collaboration software with a whole suite of other 91 00:04:29,880 --> 00:04:32,960 Speaker 1: productivity tools, giving it what they say is an unfair 92 00:04:33,000 --> 00:04:34,279 Speaker 1: advantage over rivals. 93 00:04:34,600 --> 00:04:38,160 Speaker 2: Regulators said Microsoft's packaging of Teams with other well established 94 00:04:38,200 --> 00:04:40,840 Speaker 2: software tools and Office three sixty five and Microsoft three 95 00:04:40,880 --> 00:04:44,679 Speaker 2: sixty five, which includes programs like word, Excel, PowerPoint and Outlook, 96 00:04:44,839 --> 00:04:47,919 Speaker 2: amounted to an illegal abuse of market dominance that rival 97 00:04:47,960 --> 00:04:50,880 Speaker 2: companies like Zoom and Slack can't match. According to report 98 00:04:50,960 --> 00:04:54,240 Speaker 2: The New York Times, regulator said businesses essentially had little 99 00:04:54,279 --> 00:04:56,560 Speaker 2: choice but to take Teams if they wanted other software 100 00:04:56,560 --> 00:04:59,120 Speaker 2: made by Microsoft. The charges are the latest in a 101 00:04:59,120 --> 00:05:02,400 Speaker 2: barrage of announcements by the European Union in recent months 102 00:05:02,440 --> 00:05:04,440 Speaker 2: in its effort to crack down on the world's largest 103 00:05:04,480 --> 00:05:08,440 Speaker 2: tech platforms. On Monday, regulators accused Apple of violating competition 104 00:05:08,520 --> 00:05:12,039 Speaker 2: rules because of its app store policies. Amazon, Google, Meta, 105 00:05:12,120 --> 00:05:15,440 Speaker 2: TikTok X. They're all facing investigations relating to their business 106 00:05:15,440 --> 00:05:18,520 Speaker 2: practices and services. Microsoft's now part of that crowd. 107 00:05:18,839 --> 00:05:20,840 Speaker 1: All right, there we go the top five business stories 108 00:05:20,839 --> 00:05:21,520 Speaker 1: in five minutes. 109 00:05:21,600 --> 00:05:23,200 Speaker 2: Thank you Sean, Thank you Michael. 110 00:05:23,400 --> 00:05:26,360 Speaker 1: It's Thursday, the twenty seventh of June twenty twenty four. 111 00:05:26,640 --> 00:05:28,920 Speaker 1: Remember to hit follow on the podcast. If five minutes 112 00:05:29,000 --> 00:05:31,200 Speaker 1: isn't enough, you can find our longer daily show called 113 00:05:31,240 --> 00:05:33,960 Speaker 1: Fear and Greed wherever you listen to podcasts, and check 114 00:05:34,000 --> 00:05:36,760 Speaker 1: out this week's new episode of How Do They Afford That? 115 00:05:36,800 --> 00:05:40,360 Speaker 1: Our sister podcast all about personal finance. This week we're 116 00:05:40,400 --> 00:05:43,280 Speaker 1: looking at investor clubs. Is it worth in joining one, 117 00:05:43,320 --> 00:05:45,520 Speaker 1: pulling your money with other people and deciding on what 118 00:05:45,600 --> 00:05:48,480 Speaker 1: to invest in as a group. You'll find that where 119 00:05:48,520 --> 00:05:50,080 Speaker 1: you listen to podcasts, and I'll put a link into 120 00:05:50,080 --> 00:05:52,320 Speaker 1: those show notes as well. I'm Michael Thompson and that 121 00:05:52,440 --> 00:05:54,520 Speaker 1: was the past five business news by Fear and Greed. 122 00:05:54,760 --> 00:05:55,400 Speaker 1: Have a great day.