1 00:00:03,840 --> 00:00:06,840 Speaker 1: It's Friday, the thirty first of October twenty twenty five. 2 00:00:06,960 --> 00:00:09,760 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,800 --> 00:00:11,560 Speaker 1: where we give you the top five business stories you 4 00:00:11,600 --> 00:00:14,040 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,080 --> 00:00:15,200 Speaker 1: and good morning Sean Ale. 6 00:00:15,280 --> 00:00:16,800 Speaker 2: My good morning, Michael Shawan. 7 00:00:17,040 --> 00:00:19,680 Speaker 1: Five massive stories to get through today in just five minutes, 8 00:00:19,720 --> 00:00:22,000 Speaker 1: so we better get going. Sorry. Number one, the chair 9 00:00:22,040 --> 00:00:25,800 Speaker 1: of James Hardy and Lloyd has been dumped by shareholders 10 00:00:25,800 --> 00:00:28,960 Speaker 1: of the building materials company paying the price for the 11 00:00:29,080 --> 00:00:33,680 Speaker 1: controversial fourteen billion dollar merger with US group AZEK, which 12 00:00:33,720 --> 00:00:35,960 Speaker 1: went ahead without an investor vote. 13 00:00:36,080 --> 00:00:38,959 Speaker 2: Seldom does a chair get dumped like Lloyd did yesterday, 14 00:00:38,960 --> 00:00:41,519 Speaker 2: but she was defined until the end, saying the Hardy's 15 00:00:41,520 --> 00:00:44,199 Speaker 2: AAZAC deal will build long term value for shareholders. Now 16 00:00:44,240 --> 00:00:47,160 Speaker 2: quick recap. James Hardy merged with Aazac without a shareholder vote. 17 00:00:47,240 --> 00:00:49,120 Speaker 2: Since the announcement of the deal, the share price is 18 00:00:49,120 --> 00:00:53,239 Speaker 2: down fifteen percent Since a week before the deal was announced, 19 00:00:53,240 --> 00:00:56,120 Speaker 2: it's off thirty five percent. James Hardy is listed on 20 00:00:56,160 --> 00:00:59,320 Speaker 2: the ASEX but domicold in Ireland, which is where yesterday's 21 00:00:59,320 --> 00:01:02,600 Speaker 2: seventeen minute AGM was held, Lloyd and two other directors 22 00:01:02,600 --> 00:01:05,839 Speaker 2: were voted out by shareholders. All four major proxy firms 23 00:01:05,840 --> 00:01:08,880 Speaker 2: who cover James Hardy called for Lloyd to be dumped. 24 00:01:09,120 --> 00:01:12,000 Speaker 2: They got their wish. The Australian Council of Superannuation Investors, 25 00:01:12,000 --> 00:01:14,000 Speaker 2: which represents some of the biggest players in the industry, 26 00:01:14,080 --> 00:01:16,480 Speaker 2: said the result was a clear signal of the need 27 00:01:16,520 --> 00:01:17,920 Speaker 2: for change at James Hardy. 28 00:01:18,080 --> 00:01:19,960 Speaker 1: I know this story is about James Hardy, but surely 29 00:01:20,000 --> 00:01:22,520 Speaker 1: there's a broader message here for chairs and boards that 30 00:01:22,800 --> 00:01:25,759 Speaker 1: if your treat share holders poorly, you're going to feel 31 00:01:25,760 --> 00:01:26,160 Speaker 1: their wrath. 32 00:01:26,400 --> 00:01:29,920 Speaker 2: Exactly, especially when share prices have tumbled this AGM season, 33 00:01:30,160 --> 00:01:33,240 Speaker 2: shareholders are being heard. CSL was hit with a second 34 00:01:33,280 --> 00:01:36,160 Speaker 2: strike earlier in the week that's against its remuneration report. 35 00:01:36,560 --> 00:01:39,280 Speaker 2: Mcquarie Group, at its AGM in July, received its first 36 00:01:39,280 --> 00:01:42,240 Speaker 2: strike against executive pay in its fifty six year history. 37 00:01:42,240 --> 00:01:44,800 Speaker 2: Looking forward to Domino's AGM in a couple of weeks time. 38 00:01:45,319 --> 00:01:48,120 Speaker 2: Having said all about James Hardy is a particularly egregious 39 00:01:48,120 --> 00:01:51,240 Speaker 2: example of ignoring shareholders. Not only did they do the 40 00:01:51,280 --> 00:01:55,480 Speaker 2: merger without a shareholder vote, also downgraded earnings just after 41 00:01:55,520 --> 00:01:59,360 Speaker 2: the CEO's long and long term incentive plan was cashed out. 42 00:02:00,160 --> 00:02:03,040 Speaker 2: That was worth about one point one million dollars US 43 00:02:03,080 --> 00:02:06,040 Speaker 2: two that shareholder. So all in all, James Hardy not 44 00:02:06,160 --> 00:02:07,160 Speaker 2: well liked at the moment. 45 00:02:07,600 --> 00:02:10,360 Speaker 1: No under story number two now in US President Donald 46 00:02:10,360 --> 00:02:13,360 Speaker 1: Trump and Chinese President Jiji Ping faced off at a 47 00:02:13,440 --> 00:02:17,640 Speaker 1: South Korean military facility yesterday afternoon Australian time. In a 48 00:02:17,720 --> 00:02:18,960 Speaker 1: one hundred minute meeting. 49 00:02:19,160 --> 00:02:22,560 Speaker 2: They shook hands. Trump dominated the early conversation ahead of 50 00:02:22,600 --> 00:02:25,079 Speaker 2: going into the meeting. He spoke about the prospects of 51 00:02:25,080 --> 00:02:27,519 Speaker 2: a trade deal. She said it was normal for two 52 00:02:27,560 --> 00:02:30,079 Speaker 2: leading economies to have frictions. He praised Trump's efforts to 53 00:02:30,080 --> 00:02:34,000 Speaker 2: resolve global conflicts, including Gaza. Now. The meeting, according to Trump, 54 00:02:34,000 --> 00:02:37,360 Speaker 2: has reported in The New York Times, was his word amazing. 55 00:02:37,919 --> 00:02:41,079 Speaker 2: Trump praised she as a great leader of a very powerful, 56 00:02:41,160 --> 00:02:43,760 Speaker 2: very strong country. He said the pair reached an outstanding 57 00:02:43,840 --> 00:02:47,200 Speaker 2: group of decisions. China agreed to increase efforts to curb 58 00:02:47,200 --> 00:02:50,520 Speaker 2: the export of precursor chemicals used to manufacture fentanyl, while 59 00:02:50,560 --> 00:02:53,239 Speaker 2: the US will cut fentanyl related tariffs and post earlier 60 00:02:53,280 --> 00:02:56,160 Speaker 2: this year from twenty to ten percent. China's also paused 61 00:02:56,200 --> 00:02:58,959 Speaker 2: a rare Earth's licensing regime for at least a year now. 62 00:02:58,960 --> 00:03:01,400 Speaker 2: Donald Trump said he'd visit China and April she will 63 00:03:01,440 --> 00:03:04,040 Speaker 2: visit the US after that. Interesting to see if that happens. 64 00:03:04,240 --> 00:03:06,959 Speaker 2: Ahead of the meeting, Trump took to truth Social to 65 00:03:07,000 --> 00:03:09,760 Speaker 2: announce he has instructed the US Department of War to 66 00:03:09,880 --> 00:03:13,720 Speaker 2: accelerate its nuclear weapons testing on an equal basis. 67 00:03:14,520 --> 00:03:17,359 Speaker 1: Story number three, We need to talk about supermarket. Sean 68 00:03:17,440 --> 00:03:20,840 Speaker 1: Coles has recorded a much bigger jump in sales than 69 00:03:20,960 --> 00:03:24,280 Speaker 1: art Trival Woolies, saying supermarket revenue was up four point 70 00:03:24,320 --> 00:03:27,760 Speaker 1: eight percent to nearly ten billion dollars in the September quarter. 71 00:03:27,680 --> 00:03:29,600 Speaker 2: And on Wednesday we found out Woolies was up two 72 00:03:29,639 --> 00:03:31,880 Speaker 2: point one to fifteen billion dollars. So Cole's has a 73 00:03:31,880 --> 00:03:35,480 Speaker 2: growth momentum while Woolies has the size. Cole's Group, which 74 00:03:35,520 --> 00:03:38,160 Speaker 2: includes the supermarkets as well as liquor Land bottle shops, 75 00:03:38,600 --> 00:03:41,160 Speaker 2: its sales were up nearly four percent. Online growth is 76 00:03:41,240 --> 00:03:44,400 Speaker 2: very strong across the business. Alcohol growth was weak. Tobacco 77 00:03:44,560 --> 00:03:48,160 Speaker 2: sales have slumped just like a Woollies'. Cole's boss Leah 78 00:03:48,160 --> 00:03:51,920 Speaker 2: Weckertt said supermarket sales were growing at a similar pace 79 00:03:52,080 --> 00:03:55,400 Speaker 2: In the first few weeks of this current quarter, coal 80 00:03:55,440 --> 00:03:58,000 Speaker 2: sales were boosted by the rollout of new distribution centers 81 00:03:58,000 --> 00:04:00,720 Speaker 2: that particularly helped in Melbourne. Having said all that, Coal's 82 00:04:00,720 --> 00:04:04,160 Speaker 2: share price fell yesterday, Woolies was up nearly three percent. 83 00:04:04,320 --> 00:04:06,600 Speaker 2: In the past couple of days. There's been a noticeable 84 00:04:06,640 --> 00:04:10,840 Speaker 2: shift in investment momentum towards Woolies away from Coals, reversing 85 00:04:10,880 --> 00:04:12,880 Speaker 2: what we've seen over the last twelve months. May not last, 86 00:04:13,080 --> 00:04:14,000 Speaker 2: but that's what's happened. 87 00:04:14,240 --> 00:04:17,440 Speaker 1: Story numberfore. I find this one really quite alarming. Staff 88 00:04:17,480 --> 00:04:21,400 Speaker 1: across Wes Farmer's retail outlets Bunning's office works came out 89 00:04:21,480 --> 00:04:26,880 Speaker 1: Priceline Pharmacies experienced more than thirteen thousand, five hundred threatening 90 00:04:26,960 --> 00:04:28,920 Speaker 1: incidents from customers in the past year. 91 00:04:29,120 --> 00:04:34,440 Speaker 2: Extraordinary. It includes one thousand physical assaults, so punching, pushing 92 00:04:34,480 --> 00:04:37,159 Speaker 2: that type of thing, a thousand physical assaults and several 93 00:04:37,279 --> 00:04:40,119 Speaker 2: hundred threats of serious harm. It very much puts pressure 94 00:04:40,160 --> 00:04:42,599 Speaker 2: on state governments to roll out tougher retail crime laws. 95 00:04:42,600 --> 00:04:44,440 Speaker 2: I think they should. At Bunning's a number of incidents 96 00:04:44,520 --> 00:04:47,240 Speaker 2: jumped sixty six percent. It came out up twenty nine percent. 97 00:04:47,480 --> 00:04:52,320 Speaker 2: The figures also included incidents at Priceline and office work, 98 00:04:52,400 --> 00:04:55,240 Speaker 2: so they weren't as much as as other two In 99 00:04:55,279 --> 00:04:57,960 Speaker 2: its training outlook, West Farmer's chief executive Rob Scott said 100 00:04:57,960 --> 00:05:01,360 Speaker 2: while consumer demand has remained positive, there were persistent cost 101 00:05:01,400 --> 00:05:04,920 Speaker 2: of living pressures which led to subdued sales growth. As 102 00:05:04,920 --> 00:05:08,159 Speaker 2: a result, wes Farm's share price fell seven percent yesterday, 103 00:05:08,160 --> 00:05:09,240 Speaker 2: the worst of the ASEX two. 104 00:05:09,160 --> 00:05:12,039 Speaker 1: Hundred last one story number five. The US Federal Reserve 105 00:05:12,120 --> 00:05:14,559 Speaker 1: cut interest rates yesterday morning, but the news was somewhat 106 00:05:14,600 --> 00:05:18,320 Speaker 1: overshadowed by profit results from Meta, Microsoft and Alphabet, and 107 00:05:18,360 --> 00:05:22,000 Speaker 1: the fact that chip maker in VideA became the world's 108 00:05:22,279 --> 00:05:26,400 Speaker 1: first company to have a market capitalization of five trillion 109 00:05:26,560 --> 00:05:29,120 Speaker 1: US dollars or about seven point seven trillion Aussie. 110 00:05:29,200 --> 00:05:31,320 Speaker 2: It's now twenty five percent bigger than the number two 111 00:05:31,320 --> 00:05:35,080 Speaker 2: company Microsoft. Phenomenal growth in terms of those profit results. 112 00:05:35,200 --> 00:05:38,839 Speaker 2: Microsoft as Microsoft as your Cloud business doing really well. 113 00:05:39,400 --> 00:05:42,800 Speaker 2: Tech giant beat revenue and profit expectations. Alphabet pairent of Google, 114 00:05:42,839 --> 00:05:46,000 Speaker 2: also delivered big rises in revenue and earnings. Metas Revenue 115 00:05:46,000 --> 00:05:48,599 Speaker 2: beat expectations, but earnings were hit by one off tax 116 00:05:49,360 --> 00:05:52,320 Speaker 2: that resulted in its share price falling nine percent in 117 00:05:52,360 --> 00:05:55,440 Speaker 2: after hours trading. The other thing is Metas said, it's 118 00:05:55,440 --> 00:05:57,880 Speaker 2: got to spend a lot of money. We're talking tens 119 00:05:57,880 --> 00:06:00,000 Speaker 2: of billions of dollars this year, next year, the following year. 120 00:06:00,440 --> 00:06:03,000 Speaker 2: As it pushes to get computing power. It needs to 121 00:06:03,000 --> 00:06:04,880 Speaker 2: push AI through its business. 122 00:06:05,040 --> 00:06:06,960 Speaker 1: All right, there we go, the top five business stories 123 00:06:06,960 --> 00:06:07,560 Speaker 1: in five minutes. 124 00:06:07,600 --> 00:06:08,760 Speaker 2: Thank you Sean, Thank you Michael. 125 00:06:08,800 --> 00:06:11,480 Speaker 1: It's Friday, the thirty first of October twenty twenty five. 126 00:06:11,560 --> 00:06:14,120 Speaker 1: Remember to hit follow on the podcast. And if five 127 00:06:14,160 --> 00:06:16,680 Speaker 1: minutes isn't enough, you can find our longer daily show 128 00:06:16,760 --> 00:06:19,080 Speaker 1: called Fear and Greed where if you listen to podcasts, 129 00:06:19,120 --> 00:06:21,400 Speaker 1: I'm Michael Thompson and that was the fast five business 130 00:06:21,480 --> 00:06:26,240 Speaker 1: news by Fear and Greed. Have a great day.