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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. I'm Michael Thompson and Hello Sean.

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Speaker 2: Aylmer, Hello Michael Sewan.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. But on the weekend

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Speaker 1: we are still going to keep it to five minutes.

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Speaker 1: But we're going to pick out the biggest business story

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Speaker 1: of the week. I will nominate a couple of remarkable stories.

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

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Speaker 1: business related story gets a bit loose by the end

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Speaker 1: of it. What was your biggest story this week, Sean?

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Speaker 2: One story this week, Michael, Well, from my point of view,

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Speaker 2: interest rates. We've got an interest rate cut, second of

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Speaker 2: the year. People are now pricing in two more cuts

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Speaker 2: later in the year. The Reserve being bored, met Michelle,

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Speaker 2: and Bullock the governor spoke afterwards. Just sounds a little

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Speaker 2: less worried about inflation, more worried about economic growth. Hence

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Speaker 2: the interest rate cut.

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Speaker 1: Big story, Yeah, massive story. The other big story was

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Speaker 1: in politics, completely out of the blue. The coalition blew

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Speaker 1: itself up right. You had the Libs and the Nats

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Speaker 1: well looking like they were about to split for just

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Speaker 1: the third time in eighty years. It didn't. In the end,

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Speaker 1: they suddenly paused and had more talks, and everyone knows

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Speaker 1: that a deal was going to kind of be done

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Speaker 1: out of this, but it was over kind of key

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Speaker 1: policy areas like energy policy, nuclear net zero, the powers

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Speaker 1: to split up supermarkets. All of these kinds of things

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Speaker 1: became a big issue and they could not kind of

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Speaker 1: reach an agreement. They now are moving towards a place

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Speaker 1: where there will be a coalition moving forward. But honestly,

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Speaker 1: there has been a lot of damage done this week

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Speaker 1: to the coalition.

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Speaker 2: I think that's right. Tommy Michael, what's your most remarkable story?

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Speaker 1: Look, I'm going to the global stage for my most

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Speaker 1: remarkable story. It is remarkable the way it appears that

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Speaker 1: the US and Donald Trump has abandoned Ukraine, left Ukraine

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Speaker 1: in the lurch. This week. It started strong with Donald

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Speaker 1: Trump making phone calls to Vladimir Putin and Vladimir Zelenski,

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Speaker 1: the leaders of Russia and Ukraine, and laying the groundwork

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Speaker 1: for peace talks. And he said that yes, they are

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Speaker 1: going to start negotiations towards the ceasefire and more importantly,

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Speaker 1: an end to the or it wasn't as definite from

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Speaker 1: Russia's perspective. There was a lot lot more loose on

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Speaker 1: the way that was going to be done. The thing is, though,

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Speaker 1: then that Donald Trump said to reporters that I think

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Speaker 1: something's going to happen, but if it doesn't, I'll just

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Speaker 1: back away and they'll have to keep going. This was

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Speaker 1: a European situation, it should have remained a European situation.

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Speaker 1: And Ukraine has said, hey, if the US isn't involved,

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Speaker 1: the only one that's going to benefit out of this

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Speaker 1: is Russia. And it is a long way from the

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Speaker 1: promises that Donald Trump had made about ending the war

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Speaker 1: in a single day.

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Speaker 2: Pretty remarkable action by that man. The most remarkable story

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Speaker 2: for mine is just how well some of the big

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Speaker 2: stocks on the share market are doing, notwithstanding all that

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Speaker 2: geopolitical uncertainty. Come off Bank share price hit a new

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Speaker 2: high this week. It continues to defy gravity. Where's Farmers

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Speaker 2: is sitting around a record high, in large part thanks

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Speaker 2: to Bunnings and Kmart. Cole's group will and truly outperformed Woollies.

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Speaker 2: It's a record high. Another couple qbe Telstra They're around

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Speaker 2: eight ten year highs. Just quite remarkable how well some

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Speaker 2: of these big companies with strong management, good strategies are

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Speaker 2: doing at the moment.

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Speaker 1: Yeah, very quickly. Our mystery category this week is quite narrow.

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Speaker 1: It is leaders, business leaders who are starting to sound

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Speaker 1: a little bit like the US President. What did you

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Speaker 1: find well?

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Speaker 2: I loved Force Few Metals bossor Andrew Forest this week

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Speaker 2: talking at a fin Review mining conference, basically warning that

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Speaker 2: China was going to start buying African and Brazilian iron

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Speaker 2: ore because of the gratings of it. I quote Andrew

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Speaker 2: forrest Rio tinto BHP. They talk a big game, but

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Speaker 2: everyone is going down now. The choice is getting made now,

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Speaker 2: and we don't have any time to lose. Going down

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Speaker 2: very trump eski and he then talked about He went

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Speaker 2: on to say, they're going to shut down the old fashioned,

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Speaker 2: two century old technology of burning sticks and logs, putting

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Speaker 2: in coal, putting in iron, or burning it all and

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Speaker 2: sending up masses of pollution into the atmosphere and producing steel.

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Speaker 2: Someone who didn't like it, former Federal Resources Minister Ian McFarland.

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Speaker 2: He's now on the woodside board. He his quote. I

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Speaker 2: sat up the back of the room this morning and

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Speaker 2: I texted someone and said I'm about to vomit. He

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Speaker 2: sounded a bit like Donald Trump as well. Forrest returned

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Speaker 2: in a statement, it's sad to see an old fossil

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Speaker 2: fuel guy lose his marbles with fictitious quotes and stories.

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Speaker 2: Very trump esk from both of them.

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Speaker 1: Very trump esque. A lot of theater there. Elon Musk

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Speaker 1: as well, sewn selling to sound a little bit like

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Speaker 1: Donald Trump. They do spend a lot of time together,

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Speaker 1: so it's probably inevitable. But this week he said that

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Speaker 1: he's committed to still leading Tesla five years from now.

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Speaker 1: He was talking to Bloomberg. He criticized a whole bunch

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Speaker 1: of people, including the judge who ruled against his Tesla paypackage,

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Speaker 1: which is something that Donald Trump has been known to do,

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Speaker 1: somewhat critical of the judicial system at times. He also

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Speaker 1: said that protesters against Tesla are on the wrong side

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Speaker 1: of history and that they've committed quote massive violence against

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Speaker 1: his company, which is straight out of the Trump playble.

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Speaker 1: He's also right, the violence against that company has been horrific,

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Speaker 1: but it does sound a little bit trump esque.

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Speaker 2: Does your favorite story of the week, Michael favorite story?

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Speaker 1: Very very quick one Ancho the great Australian success story.

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Speaker 1: It is going global now. Wes Farmers obviously owns Kmart

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Speaker 1: and Kmart is home to the Anco home brand, and

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Speaker 1: I reckon you would be struggling to find a single

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Speaker 1: home in this country that does not have at least

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Speaker 1: one Ancho product in it, anything from kind of kettles

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Speaker 1: and your toasis to clothes and toys. They are just everywhere.

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Speaker 1: Eighty five percent of the products that are now sold

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Speaker 1: in Kmart are Ancho products and they are going global.

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Speaker 1: This is the thing that this week we heard more

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Speaker 1: about the fact that this is a massive, massive global push.

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Speaker 1: They think it is going to resonate elsewhere. They're already

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Speaker 1: seeing it in the US and in Canada. So Anko

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Speaker 1: watch this space, going big.

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Speaker 2: Going big. The estimate is ninety percent of Australians have

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Speaker 2: an Enco product. It's amazing, isn't it amazing? Just a

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Speaker 2: quick shout out to the fact that a faint, water

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Speaker 2: stained manuscript in the library of Harvard Law School, bought

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Speaker 2: just after World War Two for about twenty seven bucks. Well,

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Speaker 2: it's actually not a copy of the original Magne Krta.

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Speaker 2: It is the original Magne Carta in fact, it's the

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Speaker 2: seventh known version of it. A couple of British academics

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Speaker 2: came upon it. They had a look. They said, Harvard

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Speaker 2: Law School, you haven't got a copy, you got a

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Speaker 2: real version. Great story.

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Speaker 1: Love that you gave a shout out to the Magna Carta.

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Speaker 1: I reckon, I really appreciated it. All Right, there we go,

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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.

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Speaker 2: Thank you Sean, Thank you 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: and join us online on Instagram, TikTok, LinkedIn, Facebook and

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

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Speaker 1: news by Fear and Great