1 00:00:03,800 --> 00:00:06,960 Speaker 1: It's Wednesday, the fourth of December twenty twenty four. Welcome 2 00:00:06,960 --> 00:00:09,240 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,240 --> 00:00:11,119 Speaker 1: where we give you the top five business stories you 4 00:00:11,200 --> 00:00:13,720 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,760 --> 00:00:15,280 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,560 --> 00:00:16,920 Speaker 2: Good morning Michael, Sean. 7 00:00:16,960 --> 00:00:19,080 Speaker 1: We have five stories to get through in five minutes, 8 00:00:19,079 --> 00:00:21,599 Speaker 1: so let's get going. Story number one. It's actually a 9 00:00:21,680 --> 00:00:24,560 Speaker 1: big one, isn't it. The Australians share market has topped 10 00:00:24,600 --> 00:00:28,080 Speaker 1: eighty five hundred points for the first time, taking full 11 00:00:28,160 --> 00:00:32,200 Speaker 1: year gains to more than eleven percent. Confidence that Australia's 12 00:00:32,200 --> 00:00:35,120 Speaker 1: economy will avoid a recession and continue to grow, hope 13 00:00:35,159 --> 00:00:37,199 Speaker 1: that interest rates will fall next year, and a relatively 14 00:00:37,200 --> 00:00:40,440 Speaker 1: optimistic outlook for the global economy is pushing the market 15 00:00:40,479 --> 00:00:42,760 Speaker 1: to new highs. By the close yesterday was just a 16 00:00:42,920 --> 00:00:45,720 Speaker 1: touch under that eighty five hundred points. There's a bunch 17 00:00:45,760 --> 00:00:48,920 Speaker 1: of companies training at or new record levels. Nine of 18 00:00:48,960 --> 00:00:51,760 Speaker 1: the top twenty five are doing so from a broad 19 00:00:51,840 --> 00:00:55,400 Speaker 1: range of sectors. Goodman Group, which is the property company, Macquarie, 20 00:00:55,400 --> 00:00:59,760 Speaker 1: Aristocrat Leisure, the gaming machine Maker, Wise Tech, Globalria, Zero 21 00:01:00,040 --> 00:01:02,720 Speaker 1: Ambels and Paramedica CBA, of course, the biggest stock on 22 00:01:02,760 --> 00:01:05,959 Speaker 1: the market, now worth two hundred and sixty five billion dollars, 23 00:01:06,080 --> 00:01:09,080 Speaker 1: nearly thirty percent more than BHP. The only real disappointment 24 00:01:09,120 --> 00:01:11,080 Speaker 1: over the past year or so have been the big 25 00:01:11,080 --> 00:01:14,039 Speaker 1: miners and energy companies. That's in the back of commodity prices. 26 00:01:14,160 --> 00:01:17,880 Speaker 1: There's also been some really good performances from one time 27 00:01:17,880 --> 00:01:20,840 Speaker 1: blue chip companies, so Amps up seventy percent of the 28 00:01:20,920 --> 00:01:23,800 Speaker 1: last year jb high, FI nine percent, Quantus trading at 29 00:01:23,800 --> 00:01:27,000 Speaker 1: a record high, up sixty five percent this year. Sean, 30 00:01:27,040 --> 00:01:29,039 Speaker 1: you've taught me over a long period of time now 31 00:01:29,080 --> 00:01:32,520 Speaker 1: that equities are traded on future earning, So basically a 32 00:01:32,560 --> 00:01:35,360 Speaker 1: share price reflects what investors think is going to happen. 33 00:01:36,080 --> 00:01:38,840 Speaker 1: If you take that, then it seems like investors are 34 00:01:38,840 --> 00:01:41,640 Speaker 1: confident about the future own There seems to be a 35 00:01:41,680 --> 00:01:42,080 Speaker 1: sense that. 36 00:01:42,000 --> 00:01:44,600 Speaker 2: The economy has bottomed, even though rates are still at 37 00:01:44,600 --> 00:01:46,640 Speaker 2: twelve year highs. We'll find out more about that today 38 00:01:46,640 --> 00:01:48,760 Speaker 2: with the release of the economic growth figures for the 39 00:01:48,800 --> 00:01:52,720 Speaker 2: September quarter. Economists are expecting on zero point three point 40 00:01:52,760 --> 00:01:54,920 Speaker 2: four point five percent rise compared to the zero point 41 00:01:54,920 --> 00:01:57,760 Speaker 2: two percent rise in the June quarter, still be in 42 00:01:57,800 --> 00:02:00,440 Speaker 2: a per capita procession, which is probably why feels like 43 00:02:00,480 --> 00:02:03,640 Speaker 2: times are tough, But market makers investors are confident that 44 00:02:03,680 --> 00:02:05,400 Speaker 2: the worst seems to be over. 45 00:02:05,440 --> 00:02:07,800 Speaker 1: All right, Moving on to story number two, now, Sean 46 00:02:07,920 --> 00:02:11,280 Speaker 1: and Quantas obviously hit a record share price. Yes, so 47 00:02:11,320 --> 00:02:14,799 Speaker 1: we've just talked about markets. One broker, though, reckons that 48 00:02:14,840 --> 00:02:16,800 Speaker 1: it's only going to get better, and it's thanks to 49 00:02:16,840 --> 00:02:18,200 Speaker 1: traveling baby boomers. 50 00:02:18,600 --> 00:02:21,400 Speaker 2: Yes, that's according to investment bank Morgan Stanley, who reckons 51 00:02:21,480 --> 00:02:24,919 Speaker 2: Quantas and Delta Airlines are two global carriers benefiting from 52 00:02:24,919 --> 00:02:28,560 Speaker 2: a pivot in luxury spending way from luxury goods handbags, 53 00:02:28,600 --> 00:02:33,600 Speaker 2: clothing to premium travel. That's the switch. Global luxury companies 54 00:02:33,600 --> 00:02:38,680 Speaker 2: like Kerrying, Montclair and LVMH have boomed post COVID in 55 00:02:38,760 --> 00:02:41,280 Speaker 2: part though due to a slow down in Chinese demand. 56 00:02:41,280 --> 00:02:44,240 Speaker 2: In more recent times, they're now struggling. There seems to 57 00:02:44,240 --> 00:02:47,680 Speaker 2: be a shift, according to man Morgan Stanley, to luxury travel. 58 00:02:47,960 --> 00:02:51,560 Speaker 2: The baby boomers will only encourage it. Countesson, Delta set 59 00:02:51,680 --> 00:02:54,320 Speaker 2: to ride that next wave. Quantas to share price closed 60 00:02:54,360 --> 00:02:56,760 Speaker 2: up two percent yesterday to nine dollars and three It's worse. 61 00:02:56,840 --> 00:03:00,320 Speaker 2: During COVID was trading at about twenty five percent two 62 00:03:00,360 --> 00:03:04,200 Speaker 2: dollars thirty two dollars forty compared to yesterday's nine dollars 63 00:03:04,200 --> 00:03:04,519 Speaker 2: and three. 64 00:03:04,800 --> 00:03:09,600 Speaker 1: Yeah, that's a staggering recovery. Sean story number three. Bulworths 65 00:03:09,760 --> 00:03:13,120 Speaker 1: says this strike by warehouse workers in Victoria and New 66 00:03:13,120 --> 00:03:16,560 Speaker 1: South Wales has cut fifty million dollars already in sales 67 00:03:16,600 --> 00:03:17,920 Speaker 1: from its supermarket business. 68 00:03:18,520 --> 00:03:21,720 Speaker 2: Yes, and they're still counting. It's a big problem for Woolies, 69 00:03:21,800 --> 00:03:26,200 Speaker 2: which is struggling to keep stock on shelves. Dan Murphison BWS, 70 00:03:26,280 --> 00:03:28,560 Speaker 2: nowadays owned by Endeavor, used to be owned by Woolies. 71 00:03:28,800 --> 00:03:32,680 Speaker 2: They're got the same problem because they used the same warehouses. Yesterday, 72 00:03:32,680 --> 00:03:35,120 Speaker 2: Willies applied for an urgent order to ensure access to 73 00:03:35,200 --> 00:03:39,160 Speaker 2: distribution sites in the two States. Woollies said it's been 74 00:03:39,200 --> 00:03:41,680 Speaker 2: gay stating with the United Workers Union for four months 75 00:03:41,720 --> 00:03:43,560 Speaker 2: and workers won a pay increase of well over twenty 76 00:03:43,560 --> 00:03:46,720 Speaker 2: five percent over three years, above inflation. Obviously, the union 77 00:03:46,760 --> 00:03:49,320 Speaker 2: also wants Woollies to scrap new rules which would discipline 78 00:03:49,400 --> 00:03:53,040 Speaker 2: workers for not operating fast enough. This is coming as 79 00:03:53,080 --> 00:03:55,360 Speaker 2: a company's under pressure to keep prices low. We've got 80 00:03:55,360 --> 00:03:58,480 Speaker 2: the competition watchdog, the HBC keeping a very close eye 81 00:03:58,480 --> 00:04:02,720 Speaker 2: on woolies and coals. And in December, busiest time of 82 00:04:02,760 --> 00:04:06,160 Speaker 2: the year, you need to build inventory ahead of Christmas. 83 00:04:06,200 --> 00:04:08,520 Speaker 2: Problems for woollies, Yeah, Sean. 84 00:04:08,680 --> 00:04:13,320 Speaker 1: Story number four the foud I love this one, right, 85 00:04:13,360 --> 00:04:17,279 Speaker 1: It's just it feels me, it inspires me. Sean, the 86 00:04:17,360 --> 00:04:20,320 Speaker 1: founder of Buying Now Pay Later group Zipco, has resigned, 87 00:04:20,680 --> 00:04:24,240 Speaker 1: cashing in one hundred million dollars worth of shares and 88 00:04:24,279 --> 00:04:26,920 Speaker 1: he's going to set up his own family office investing business. 89 00:04:27,160 --> 00:04:29,840 Speaker 2: Why not, I say, why not. The guy's name is 90 00:04:29,920 --> 00:04:33,239 Speaker 2: Larry Diamond. He resigned on Monday, sold thirty million chairs 91 00:04:33,480 --> 00:04:36,279 Speaker 2: at three dollars thirty five yesterday morning. According to the 92 00:04:36,360 --> 00:04:38,880 Speaker 2: Finn Review, he's still got twenty five million chairs, but 93 00:04:38,880 --> 00:04:41,239 Speaker 2: he's got about a hundred million of dollars of cash now. 94 00:04:41,480 --> 00:04:44,200 Speaker 2: He founded the business in twenty thirteen with Peter Gray, 95 00:04:44,320 --> 00:04:46,599 Speaker 2: floated in twenty sixteen. It got to his highest tour 96 00:04:46,600 --> 00:04:49,000 Speaker 2: bucks a share in early COVID days, then tumbled to 97 00:04:49,080 --> 00:04:52,720 Speaker 2: as low as twenty six cents late last year. It's 98 00:04:52,800 --> 00:04:55,840 Speaker 2: up seven hundred percent since then. Good luck to him. 99 00:04:55,920 --> 00:04:58,440 Speaker 1: Yeah, indeed, all right? Last one, Story number five, A 100 00:04:58,560 --> 00:05:03,120 Speaker 1: judge in Delaware has knocked back Tesla's attempt to revive 101 00:05:03,480 --> 00:05:07,159 Speaker 1: a fifty six billion US dollar pay package for Elon Musk. 102 00:05:07,160 --> 00:05:10,960 Speaker 1: That's fifty six B for billion. They basically, the judge 103 00:05:11,000 --> 00:05:15,800 Speaker 1: said that the shareholder's overwhelming reapproval wasn't enough to override 104 00:05:15,880 --> 00:05:17,800 Speaker 1: her previous rejection of the package. 105 00:05:18,160 --> 00:05:22,479 Speaker 2: Judge Kathleen McCormick concluded that Tesla's unprecedented effort to push 106 00:05:22,480 --> 00:05:25,640 Speaker 2: the twenty eighteen pay package through a second time, four 107 00:05:25,640 --> 00:05:29,200 Speaker 2: months after she first avoided it was creative, but the 108 00:05:29,200 --> 00:05:32,280 Speaker 2: board had no ground to overturn her original outcome. According 109 00:05:32,320 --> 00:05:34,799 Speaker 2: to a story in the FT, Tesla vow to appeal 110 00:05:34,839 --> 00:05:40,160 Speaker 2: against the decision. Musk's response on X was simply absolute corruption. 111 00:05:41,200 --> 00:05:43,960 Speaker 2: Tesla stock has surged forty four percent this year, much 112 00:05:43,960 --> 00:05:46,400 Speaker 2: of that coming after Donald Trump's election victory. That means 113 00:05:46,640 --> 00:05:50,080 Speaker 2: Musk's stock options have jumped in value from fifty six 114 00:05:50,279 --> 00:05:52,560 Speaker 2: billion with a B as you put at Michael, to 115 00:05:52,640 --> 00:05:56,520 Speaker 2: one hundred billion, now helping push his overall wealth to 116 00:05:56,680 --> 00:05:59,480 Speaker 2: three hundred and forty three billion dollars. That of course 117 00:05:59,520 --> 00:06:04,240 Speaker 2: includes stakes in SpaceX social media platforms, and XAI. If 118 00:06:04,320 --> 00:06:08,080 Speaker 2: ultimately granted, it means musks would own about twenty percent 119 00:06:08,120 --> 00:06:08,640 Speaker 2: of Tesla. 120 00:06:09,200 --> 00:06:10,880 Speaker 1: That's big. All right, there we go the top five 121 00:06:10,920 --> 00:06:12,320 Speaker 1: business stories in five minutes. 122 00:06:12,400 --> 00:06:14,280 Speaker 2: Thank you Sean, Thank you Michael. 123 00:06:14,480 --> 00:06:17,039 Speaker 1: It is Wednesday, the fourth of December twenty twenty four. 124 00:06:17,160 --> 00:06:19,800 Speaker 1: Remember to hit follow on the podcast, and if five 125 00:06:19,800 --> 00:06:22,760 Speaker 1: minutes isn't enough, you can find our longer daily show 126 00:06:22,880 --> 00:06:25,880 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 127 00:06:25,880 --> 00:06:28,160 Speaker 1: Michael Thompson and that was the fast five business news 128 00:06:28,160 --> 00:06:30,520 Speaker 1: by Fear and Greed. Have a great day.