1 00:00:03,800 --> 00:00:06,600 Speaker 1: It's Thursday, the tenth of July twenty twenty five. Welcome 2 00:00:06,680 --> 00:00:08,880 Speaker 1: to the Fast five by Fear and Greed, where we 3 00:00:08,920 --> 00:00:10,840 Speaker 1: give you the top five business stories you need to 4 00:00:10,840 --> 00:00:13,960 Speaker 1: know in just five minutes. I'm Adam Lang and good morning, 5 00:00:14,000 --> 00:00:14,600 Speaker 1: Sean Almer. 6 00:00:14,680 --> 00:00:16,000 Speaker 2: Good morning, Adam Lang. 7 00:00:16,280 --> 00:00:19,639 Speaker 1: Sean story number one. BHP and Rio Tinto are set 8 00:00:19,680 --> 00:00:22,960 Speaker 1: to be hit by huge new copper tariffs imposed by 9 00:00:22,960 --> 00:00:26,680 Speaker 1: the Trump White House, while local pharmaceutical companies are set 10 00:00:26,720 --> 00:00:28,800 Speaker 1: to be smacked with two hundred percent imposts. 11 00:00:28,840 --> 00:00:31,080 Speaker 2: The announcement by Donald Trump sent the share prices of 12 00:00:31,120 --> 00:00:35,360 Speaker 2: local copper producers like Sandfire Resources, Capstane and Evolution Mining tumbling. 13 00:00:35,760 --> 00:00:38,280 Speaker 2: BHP and Roo actually held up pretty well. Coppers considered 14 00:00:38,360 --> 00:00:40,720 Speaker 2: the benchmark commodity. The US imports about half of what 15 00:00:40,760 --> 00:00:43,040 Speaker 2: it needs, but Trump wants to produce more of it 16 00:00:43,400 --> 00:00:46,920 Speaker 2: at home, hence the fifty percent tariff. BHP and Rio 17 00:00:47,040 --> 00:00:49,160 Speaker 2: are two of the biggest copper producers in the world. 18 00:00:49,240 --> 00:00:52,479 Speaker 2: Rio is focused on Mongolia Chile in the US, BHP 19 00:00:52,600 --> 00:00:55,640 Speaker 2: on Chile, Peru and South Australia. Much of the copper 20 00:00:55,760 --> 00:00:58,480 Speaker 2: mind lend up in the US, therefore hit by tariffs. 21 00:00:58,480 --> 00:01:01,560 Speaker 2: That's the bad news. The good news being own possibly 22 00:01:01,600 --> 00:01:04,160 Speaker 2: the largest copper mine in the US. It's a JV 23 00:01:04,920 --> 00:01:07,480 Speaker 2: Resolution Corporates called that could supply about one quarter of 24 00:01:07,480 --> 00:01:11,399 Speaker 2: the USS needs. It could benefit massively from the Tariff's 25 00:01:11,400 --> 00:01:14,360 Speaker 2: problem so far is that BHP in Rare really hasn't 26 00:01:14,400 --> 00:01:16,480 Speaker 2: been able to make it work due to native title 27 00:01:16,520 --> 00:01:20,160 Speaker 2: and environmental disputes. Trump's announcement, as is usual, came with 28 00:01:20,200 --> 00:01:23,360 Speaker 2: few details, so both mining giants are mum at the 29 00:01:23,360 --> 00:01:24,360 Speaker 2: moment on what's going on. 30 00:01:24,600 --> 00:01:27,080 Speaker 1: Sure. Shifting to the drug sector, Donald Trump said he 31 00:01:27,120 --> 00:01:30,640 Speaker 1: planned to introduce tariffs on imported pharmaceuticals, which could reach 32 00:01:30,840 --> 00:01:34,080 Speaker 1: two hundred percent, and that will hit local producers. 33 00:01:34,200 --> 00:01:36,040 Speaker 2: Yes, so, the president says he will give drug companies 34 00:01:36,040 --> 00:01:38,160 Speaker 2: about a year to get their act together. The US 35 00:01:38,240 --> 00:01:41,640 Speaker 2: is the biggest richest market for pharmaceuticals. Really matters for 36 00:01:41,959 --> 00:01:44,959 Speaker 2: all drug makers, including those in Australia. We sell about 37 00:01:44,959 --> 00:01:48,200 Speaker 2: two billion dollars of drugs into the US. CSL is 38 00:01:48,200 --> 00:01:51,040 Speaker 2: an example there. The tricky part here is the Pharmaceutical 39 00:01:51,040 --> 00:01:54,280 Speaker 2: Benefit Scheme, which subsidizes the cost of medicines in part 40 00:01:54,320 --> 00:01:57,160 Speaker 2: by purchasing them in bulk. It's a nearly eighteen billion 41 00:01:57,160 --> 00:01:59,520 Speaker 2: dollar scheme providing nine hundred and thirty different medicines at 42 00:01:59,560 --> 00:02:02,960 Speaker 2: a universe discount rate. You could call that protectionist Sean. 43 00:02:03,000 --> 00:02:05,680 Speaker 1: The tariff debate is causing a headache for the federal government, 44 00:02:05,720 --> 00:02:08,880 Speaker 1: with Treasurer Jim Charmers avoiding questions about where the camera 45 00:02:08,960 --> 00:02:12,399 Speaker 1: can still trust the US, particularly if allies like South 46 00:02:12,480 --> 00:02:14,240 Speaker 1: Korea can be hit with big tariffs. 47 00:02:14,360 --> 00:02:17,480 Speaker 2: Charmers says a tariffs posed a threat to global trade 48 00:02:17,480 --> 00:02:20,760 Speaker 2: growth and progress. He says Trump's comments are very concerning, 49 00:02:20,800 --> 00:02:24,560 Speaker 2: particularly for the pharmaceutical companies. He added that negotiations over 50 00:02:24,600 --> 00:02:26,560 Speaker 2: the PBS are off the table. 51 00:02:26,919 --> 00:02:29,640 Speaker 1: Sean story number two. Quantus says it is yet to 52 00:02:29,680 --> 00:02:32,000 Speaker 1: see any of the personal data hacked from the airline 53 00:02:32,040 --> 00:02:35,240 Speaker 1: in the public domain and has warned frequent flyer customers 54 00:02:35,280 --> 00:02:38,560 Speaker 1: to not provide information to anyone calling them purporting to 55 00:02:38,600 --> 00:02:39,480 Speaker 1: be from Quantus. 56 00:02:39,520 --> 00:02:43,160 Speaker 2: So there were five point seven million customer details hacked. 57 00:02:43,480 --> 00:02:46,480 Speaker 2: Two point eight million included frequent flyer numbers, names and 58 00:02:46,480 --> 00:02:50,280 Speaker 2: email addresses, also details about status, tis credits and points. 59 00:02:50,400 --> 00:02:52,959 Speaker 2: Another one point two million was only names and email addresses, 60 00:02:53,360 --> 00:02:56,760 Speaker 2: remaining one point seven million combination of things addresses, birthdates, 61 00:02:56,760 --> 00:02:59,639 Speaker 2: phone numbers, gender and meal preferences. The breach occurred on 62 00:02:59,720 --> 00:03:02,720 Speaker 2: June thirty one. Aquanus call center operator was tricked into 63 00:03:02,800 --> 00:03:06,520 Speaker 2: opening access to a third party system, allowing hackers to 64 00:03:06,639 --> 00:03:10,760 Speaker 2: steal customer information. The airline urged customers not to provide 65 00:03:10,840 --> 00:03:14,600 Speaker 2: passwords or any personal or financial information if contacted by 66 00:03:14,720 --> 00:03:17,240 Speaker 2: anyone purporting to be from quantas. 67 00:03:16,960 --> 00:03:19,960 Speaker 1: Sean story number three. Almost half of all payouts from 68 00:03:20,000 --> 00:03:23,959 Speaker 1: life insurance are linked to mental health, and industry leaders 69 00:03:23,960 --> 00:03:26,840 Speaker 1: expect the growing crisis to worsen as more young people 70 00:03:26,840 --> 00:03:31,239 Speaker 1: claim they are unable to work due to severe anxiety, depression, 71 00:03:31,600 --> 00:03:33,280 Speaker 1: and post traumatic stress disorder. 72 00:03:33,480 --> 00:03:35,839 Speaker 2: Life insurance companies paid out a record two point two 73 00:03:35,840 --> 00:03:38,960 Speaker 2: billion dollars in claims related to mental illness last year, 74 00:03:39,040 --> 00:03:41,520 Speaker 2: up from one point two billion five years ago. Stress 75 00:03:41,560 --> 00:03:44,240 Speaker 2: burnout and bullying at work among the leading reasons claimants 76 00:03:44,240 --> 00:03:47,160 Speaker 2: give for being unable to return to the workforce, along 77 00:03:47,240 --> 00:03:52,160 Speaker 2: with divorce, financial strife, traumatic experience and experiences, and mood disorders. 78 00:03:52,520 --> 00:03:55,240 Speaker 2: According to a report in the fin Review, one study 79 00:03:55,240 --> 00:03:58,280 Speaker 2: shows permanent disability claims by those in their thirties a 80 00:03:58,360 --> 00:04:01,400 Speaker 2: permanent disability by those in their fad thirties increase more 81 00:04:01,400 --> 00:04:03,920 Speaker 2: than seven hundred percent now comprises more than third of 82 00:04:03,960 --> 00:04:06,800 Speaker 2: all such claims, very worrying. Of the five point five 83 00:04:06,840 --> 00:04:09,160 Speaker 2: million dollars in payouts last year, forty four percent were 84 00:04:09,160 --> 00:04:12,840 Speaker 2: linked to mental health mental ill health rather than physical 85 00:04:12,840 --> 00:04:16,680 Speaker 2: condition or injury, according to the Council of Australian Life Insurers. 86 00:04:16,880 --> 00:04:20,520 Speaker 1: Sean story number four. The business banking sector, traditionally dominated 87 00:04:20,520 --> 00:04:23,719 Speaker 1: by National Australia Bank, is getting crowded, with Commonwealth Bank 88 00:04:23,760 --> 00:04:27,240 Speaker 1: and Westpact pushing hard into the sector, along with mcquarie Bank, 89 00:04:27,520 --> 00:04:31,560 Speaker 1: AMP Bank and now accounting software provider Myob. 90 00:04:31,440 --> 00:04:34,480 Speaker 2: Miob set to launch transaction accounts for sole traders, quating 91 00:04:34,560 --> 00:04:37,080 Speaker 2: figures that show three quarters of Australia's one point six 92 00:04:37,120 --> 00:04:40,279 Speaker 2: million sole traders don't have a business account. In the 93 00:04:40,320 --> 00:04:43,479 Speaker 2: banking sector, business lending can be more profitable than mortgage lending, 94 00:04:43,760 --> 00:04:47,280 Speaker 2: prompting pushes into the sector over the past month by CBA, Commonwealth, 95 00:04:47,440 --> 00:04:49,840 Speaker 2: As you mentioned mcquari and AMP is. From all this, 96 00:04:50,160 --> 00:04:53,000 Speaker 2: adams should be customers, more competition, better deals. 97 00:04:52,720 --> 00:04:56,160 Speaker 1: Hooray for customers. Sewann's story number five. The embroidered work 98 00:04:56,160 --> 00:04:59,799 Speaker 1: of medieval art known as the Bayu tampestry, a masterp 99 00:05:00,160 --> 00:05:03,159 Speaker 1: that depicts the Norman conquest of England in ten sixty 100 00:05:03,200 --> 00:05:06,200 Speaker 1: six will return to Britain for the first time in centuries, 101 00:05:06,200 --> 00:05:09,200 Speaker 1: according to the British Museum, where it will be displayed 102 00:05:09,279 --> 00:05:12,479 Speaker 1: in London starting next year. This is big, big, big 103 00:05:12,640 --> 00:05:13,320 Speaker 1: history writing. 104 00:05:13,440 --> 00:05:16,039 Speaker 2: The Bayu Tapestry is the world's most famous piece of 105 00:05:16,160 --> 00:05:19,479 Speaker 2: medieval art. The loone, announced this week is part of 106 00:05:19,480 --> 00:05:22,880 Speaker 2: a state visit by President Emanuel mccronoff France to the UK. 107 00:05:23,279 --> 00:05:25,120 Speaker 2: It masks the first time the tapestry will be in 108 00:05:25,160 --> 00:05:27,560 Speaker 2: Britain since its creation more than nine hundred years ago, 109 00:05:27,640 --> 00:05:30,440 Speaker 2: according to The New York Times, the roughly seventy meter 110 00:05:30,520 --> 00:05:32,400 Speaker 2: long art work, which was made in the years after 111 00:05:32,440 --> 00:05:35,479 Speaker 2: the conquest, depicts the Norman invasion of England and the 112 00:05:35,480 --> 00:05:38,080 Speaker 2: Battle of Hastings. The conflict allowed William the Conqueror to 113 00:05:38,120 --> 00:05:41,440 Speaker 2: take the throne from Harold Godwinson to become the first 114 00:05:41,480 --> 00:05:45,080 Speaker 2: Norman King of England and effectively unite the country. The 115 00:05:45,120 --> 00:05:47,320 Speaker 2: tapestry is widely believed to have been made in England 116 00:05:47,360 --> 00:05:51,320 Speaker 2: the eleventh century, likely commissioned by William's half brother Sean. 117 00:05:51,440 --> 00:05:54,000 Speaker 1: That's it. The top five business stories in five minutes 118 00:05:54,200 --> 00:05:55,000 Speaker 1: Thank you very much. 119 00:05:55,080 --> 00:05:55,719 Speaker 2: Thank you, Adam. 120 00:05:55,960 --> 00:05:58,560 Speaker 1: It's Thursday, the tenth of July twenty twenty five. Remembered 121 00:05:58,560 --> 00:06:00,960 Speaker 1: to hit follow on the podcast and five minutes is 122 00:06:01,000 --> 00:06:03,800 Speaker 1: not enough and find our longer podcast called Fear and 123 00:06:03,839 --> 00:06:07,200 Speaker 1: Greed on your favorite podcast platform. I'm Adam Lane and 124 00:06:07,279 --> 00:06:09,520 Speaker 1: that was the Fast five by Fear and Greed. Have 125 00:06:09,600 --> 00:06:12,839 Speaker 1: a great day.