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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. A'm Michael Thompson and Hello

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Speaker 1: Sean Alma, Hello Michael sewn. 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 still keep it to five minutes,

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Speaker 1: but we are going to pick out the biggest business

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Speaker 1: story of the week, the most remarkable story, a mystery category,

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Speaker 1: and then our favorite story that jumps straight into the

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

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Speaker 2: Well, the banks are starting to each their cost basis.

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Speaker 2: We had a bunch of job losses announced this week.

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Speaker 2: Ains Z's going to get rid of thirty five hundred

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Speaker 2: staff over the next twelve months, and National Australia Bank

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Speaker 2: are losing four hundred tech people plus some consultants Adelaide

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Speaker 2: and Bendigobank they're going to lose more than one hundred people.

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Speaker 2: Basically the sort of d day for the banks or

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Speaker 2: something like that. The competition the home and business lending

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Speaker 2: market is ferocious, the deposit market is hot. There's a

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Speaker 2: private credit going on left, right and center, so it's

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Speaker 2: becoming much tougher for the banks. To through the bottom line. Now,

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Speaker 2: remember they have run up hard in the share price,

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Speaker 2: so they really need to perform. How do you do

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Speaker 2: that when the short term you cut costs that means

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Speaker 2: cutting staff, and that's what we saw this week. Can

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Speaker 2: be really interesting to see how it turns out over

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Speaker 2: the next three, six, twelve months.

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Speaker 1: Yeah, certainly.

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Speaker 2: Well.

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Speaker 1: The other big story I thought was Coles and Woolies.

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Speaker 1: They could be on the hook for up to a

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Speaker 1: billion dollars in back pay on top of the half

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Speaker 1: billion they've already shelled out. The federal court is basically

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Speaker 1: ruled that it all balances out in the end. Approach

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Speaker 1: to paying managers just isn't working where they're or it's

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Speaker 1: not appropriate essentially where they paid above the award to

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Speaker 1: offset any overtime they might do. The problem here is

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Speaker 1: that retail has got almost too many different pay rates

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Speaker 1: as a thousand of them on nine hundred and ninety

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Speaker 1: four of them, and it is a system that's getting

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Speaker 1: so messy that even the two bigger supermarkets can't get

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Speaker 1: it right. And so what hope of any kind of

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Speaker 1: smaller retailers got so big story? Big story this week sean.

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Speaker 2: Definitely very big story Michael. Most remarkable story.

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Speaker 1: Most remarkable is one. Look it issm It is watching

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Speaker 1: the media, but it's a big story. This is exciting.

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Speaker 1: The Murdoch succession war is over. The winner is Lachlan Murdoch.

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Speaker 1: Reportedly a five billion dollar deal with Rupert and Lachlan Murdock,

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Speaker 1: effectively buying out the other siblings and cementing Lachland's control

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Speaker 1: over NewsCorp and Fox. Lachlan's going to run the empire.

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Speaker 1: This is a big empire. Wall Street Journal, The Times, HarperCollins,

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Speaker 1: a Rea Fox, so much, there is so much more

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Speaker 1: in this. The Murdoch family trust has gone new structures

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Speaker 1: in place to give Lachland the power. It's just remarkable

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Speaker 1: because what Rupert Murdoch has built over what's seventy years

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Speaker 1: is a It is a remarkable empire. And it's remarkable

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Speaker 1: the length that he's had to go to to ensure

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Speaker 1: that the conservative approach that has defined that business and

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Speaker 1: that he sees as key to the ongoing commercial success

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Speaker 1: of the business is going to continue after he passes away.

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Speaker 1: Remarkable for you, Sean.

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Speaker 2: Well, I mean it's hard to go past that.

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Speaker 1: Remarkable.

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Speaker 2: They finally settled it. Just a very quick shout out

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Speaker 2: to what's going on in We had a major merge

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Speaker 2: between Anglo American and Canadian based tech resources that hit BHP,

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Speaker 2: fortes Kew Metals and reared Tinto. We had the world's

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Speaker 2: biggest lithium producer for batteries coming back online that our

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Speaker 2: lithium companies golded a new record after a bit of

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Speaker 2: a startup the local gold stocks surge. Investing in mining

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Speaker 2: is not for the faint hearted, Michael, No.

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Speaker 1: Certainly not. Now our mystery category, Sean this week is

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Speaker 1: the story behind the story? Really, when the story isn't

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Speaker 1: the story where there's more to the story than what

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Speaker 1: you think. What did you like here?

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Speaker 2: Well, the federal govern announced it will spend one point

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Speaker 2: seven billion dollars building a fleet of AI controlled underwater drones,

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Speaker 2: aptly named the Ghost Shark Program. Defense Minister Richard Miles

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Speaker 2: came out and said, we're not doing it to suck

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Speaker 2: up to the Trump administration. Now, Trump administration want us

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Speaker 2: to spend three point five percent of our budget, three

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Speaker 2: point five percent of GDP on defense. We're only going

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Speaker 2: to do two percent. So mar said, no, this is

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Speaker 2: just independent of that. Moments later, well hours later, the

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Speaker 2: Prime Minister, Anthony Alberanezi certainly sounded like he was sucking

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Speaker 2: up to the US. He was touring Pacific nations. He

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Speaker 2: went out of his way to point out how much

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Speaker 2: money Australia's spending in the US. There's that deal. There's

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Speaker 2: one point six billion dollar contribution to enhance the production

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Speaker 2: of subs in the US. We've got Ossie's training in Hawaii.

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Speaker 2: We've got a commitment to upgrade the Henderson Naval Base

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Speaker 2: in Western Australia. We've also got the rotation of US

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Speaker 2: marines and aircraft through Darwin dog whistle politics. Don't actually

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Speaker 2: think it's a bad strategy when it comes to Donald Trump.

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Speaker 2: It means sort of we're speaking to him without talking.

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Speaker 1: Yeah, no, it might have merit. Now the Liberal Party

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Speaker 1: in politics, here we go, Sean a bit of a

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Speaker 1: messy week. Senator just center number Jim for Price has look.

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Speaker 1: She suggested Labor was favoring Indian migrants to boost votes.

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Speaker 1: She refused to apologize, Then she refused to back her

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Speaker 1: own leader. Susan Lee, the Liberal Party leader, had to

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Speaker 1: sack her from the front bench. The problem here, the

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Speaker 1: story behind the story here is what is going on

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Speaker 1: within the Liberal Party, the fact that there are already

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Speaker 1: these kind of tensions within the party, or only a

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Speaker 1: couple of months after the election where the Liberal Party

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Speaker 1: copped an absolute she lacking and doesn't know what it

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Speaker 1: stands for anymore, and it needs to get it to

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Speaker 1: act together. It needs to figure out what it values,

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Speaker 1: who it is representing, who it is targeting, and things

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Speaker 1: like this where we've got Susan Lee now having to

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Speaker 1: insist that her leadership is not under threat already. It

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Speaker 1: is not good. It is not good for party unity,

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Speaker 1: and really it's not good for the country overall. A

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Speaker 1: quick little sermon their favorite story.

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Speaker 2: Very quickly, Larry Ellison from Oracle briefly pipped in On

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Speaker 2: Musk for the title of the world's richest person. As

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Speaker 2: we go to air, Musk is on three hundred and

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Speaker 2: eighty four billion US dollars. Ellison's come back a bit.

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Speaker 2: He's three hundred and eighty three billion US dollars according

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Speaker 2: to the Bloomberg Billionaires Index. Most of Ellison's money's in Oracle.

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Speaker 2: Its share price is more than doubled in the past

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Speaker 2: six months. Tesla's up as well. Nothing like that, I

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Speaker 2: reckon in the next week or so, we're going to

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Speaker 2: have a new number one, and that will be Larry Ellison.

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Speaker 1: My favorite story new iPhones, thinnest iPhone ever five point

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Speaker 1: six millimeters is the iPhone heir two two dollar coin

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Speaker 1: stacked on top of each other. That'll do. What do

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Speaker 1: you reckon?

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Speaker 2: Yeah? Good story?

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Speaker 1: How brief was that?

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Speaker 2: All right?

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

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Speaker 1: in the world of business. Thank you, Sean, 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 hit follow

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Speaker 1: on the podcast and head to Fearangreed dot com doda

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

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

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Speaker 1: by Fear and Greed