1 00:00:00,040 --> 00:00:02,719 Speaker 1: Welcome to the Fast five Business News by Fear and Greed. 2 00:00:02,720 --> 00:00:04,680 Speaker 1: Will we give you the top five business stories you 3 00:00:04,720 --> 00:00:06,920 Speaker 1: need to know in just five minutes. I'm Michael Thompson 4 00:00:06,920 --> 00:00:08,200 Speaker 1: and good morning, Sean. 5 00:00:07,960 --> 00:00:09,400 Speaker 2: Ayle My, Good morning, Michael. 6 00:00:09,480 --> 00:00:12,280 Speaker 1: Five massive stories to race through in just five minutes, Sean, 7 00:00:12,360 --> 00:00:14,600 Speaker 1: so we better get going. Story number one. Prime Minister 8 00:00:14,680 --> 00:00:18,520 Speaker 1: Anthony Alberanzi returned to work yesterday, having given himself Sunday off, 9 00:00:19,040 --> 00:00:21,680 Speaker 1: and he started the day with a conversation with US 10 00:00:21,760 --> 00:00:22,760 Speaker 1: President Donald Trump. 11 00:00:22,880 --> 00:00:25,400 Speaker 2: He described the chat as warm and positive, and Donald Trump, 12 00:00:25,480 --> 00:00:27,920 Speaker 2: when asked by a reporter, said mister Alberanzi had been 13 00:00:28,040 --> 00:00:30,920 Speaker 2: very very nice to me, very respectful. The Prime Minister 14 00:00:30,960 --> 00:00:33,040 Speaker 2: said the two discussed orcus and tarras and he hopes 15 00:00:33,080 --> 00:00:35,199 Speaker 2: to engage with the President face to face sometime in 16 00:00:35,240 --> 00:00:39,120 Speaker 2: the future. Mister Albanesi also said Canadian PM Mark Carney 17 00:00:39,159 --> 00:00:41,560 Speaker 2: had invited him to join the G seven meeting in June, 18 00:00:41,560 --> 00:00:44,320 Speaker 2: which he'll go to. Albanzi spoke to the leaders of 19 00:00:44,360 --> 00:00:47,720 Speaker 2: p and G, Indonesia, Ukraine and uk All the heads 20 00:00:47,720 --> 00:00:49,840 Speaker 2: of Thailand and India are lined up for a call today. 21 00:00:50,000 --> 00:00:52,400 Speaker 2: Just interesting that that's the order They came in one 22 00:00:52,440 --> 00:00:55,040 Speaker 2: of the first items on the agenda of the new government, 23 00:00:55,080 --> 00:00:58,360 Speaker 2: cutting student debt by twenty percent. As promised, The leadership 24 00:00:58,440 --> 00:01:01,960 Speaker 2: team met yesterday. Now we won't get the new leadership 25 00:01:01,960 --> 00:01:05,280 Speaker 2: team until the vote is finalized, but media is reporting 26 00:01:05,280 --> 00:01:07,960 Speaker 2: that Rebecca Whier form of Tasmanian Opposition leader, who won 27 00:01:08,000 --> 00:01:10,600 Speaker 2: the seat of Lines on Saturday, could be elevated to 28 00:01:10,640 --> 00:01:11,479 Speaker 2: the front bench. 29 00:01:11,720 --> 00:01:14,600 Speaker 1: How about the Coalition and minor parties Seawan, there's already 30 00:01:14,600 --> 00:01:17,360 Speaker 1: an internal fight about who's going to replace Peter Dutton. 31 00:01:17,440 --> 00:01:21,680 Speaker 2: So leading candidate is Angus Taylor, Shadow Treasurer, although yesterday 32 00:01:21,720 --> 00:01:24,640 Speaker 2: Liberal Senator Holly Hughes said he was incapable of leadership 33 00:01:24,640 --> 00:01:26,520 Speaker 2: and he failed to sell an economic narrative for the 34 00:01:26,560 --> 00:01:30,399 Speaker 2: party out the other two leader leading candidates at this 35 00:01:30,440 --> 00:01:33,880 Speaker 2: stage of season late and Dan Tian Green's leader Adam 36 00:01:33,920 --> 00:01:37,120 Speaker 2: Bant is fighting for his seat. He hopes to continue 37 00:01:37,120 --> 00:01:40,560 Speaker 2: to lead that party. Latest counting ALP eighty seven seats, Coalition, 38 00:01:40,640 --> 00:01:44,600 Speaker 2: thirty nine, Independence, eight Greens, one two others plus thirteen 39 00:01:44,640 --> 00:01:45,679 Speaker 2: seats too close to core. 40 00:01:45,840 --> 00:01:48,520 Speaker 1: All Right, moving on to story number two. Now Westpac 41 00:01:48,640 --> 00:01:51,720 Speaker 1: has reported a slightly disappointing half year profit of three 42 00:01:51,720 --> 00:01:54,400 Speaker 1: point three billion dollars, slightly lower than a year ago, 43 00:01:55,000 --> 00:01:58,720 Speaker 1: with strong business lending offsetting a disappointing result on the 44 00:01:58,720 --> 00:01:59,639 Speaker 1: home landing market. 45 00:01:59,720 --> 00:02:02,120 Speaker 2: Yes, it's in the home landing market. Growth was five percent, 46 00:02:02,160 --> 00:02:04,520 Speaker 2: but that was slightly below the market, while business loans 47 00:02:04,560 --> 00:02:07,200 Speaker 2: jumped an impress of fourteen percent, one of the key 48 00:02:07,240 --> 00:02:09,600 Speaker 2: metrics we always talk about. With the bank's net interest 49 00:02:09,680 --> 00:02:14,440 Speaker 2: margin basically it's profit margin down slightly, operating expenses were up. 50 00:02:14,520 --> 00:02:16,639 Speaker 2: Now Westpac at the main was bringing together a bunch 51 00:02:16,639 --> 00:02:20,320 Speaker 2: of legacy tech systems. It's needed given that Westpac is 52 00:02:20,360 --> 00:02:22,720 Speaker 2: actually the amalgamation of a bunch of banks, but a 53 00:02:22,760 --> 00:02:24,560 Speaker 2: cost of money, a lot of money to do that. 54 00:02:25,200 --> 00:02:28,559 Speaker 2: Good news is that fewer customers are struggling to make repayments. 55 00:02:28,560 --> 00:02:31,000 Speaker 2: On the economy, CEO Anthony Miller says he backs his 56 00:02:31,040 --> 00:02:34,000 Speaker 2: economics team, which is forecasting a rate cut on twenty May. 57 00:02:34,200 --> 00:02:36,760 Speaker 2: He also said the weekend's election result was a good 58 00:02:36,800 --> 00:02:39,920 Speaker 2: thing for the economy because it creates certainty, making Australia 59 00:02:39,960 --> 00:02:42,000 Speaker 2: a good place to invest. Westpac share price fell three 60 00:02:42,040 --> 00:02:43,200 Speaker 2: percent yesterday. 61 00:02:42,880 --> 00:02:46,240 Speaker 1: Staring uther three. Gold Road Resources has agreed to a 62 00:02:46,320 --> 00:02:49,240 Speaker 1: sweetened three point seven billion dollar bid from a South 63 00:02:49,280 --> 00:02:51,799 Speaker 1: African group, ending a public spat between the two groups. 64 00:02:51,800 --> 00:02:53,800 Speaker 1: This should be straightforward, Sean, but it's not. 65 00:02:54,120 --> 00:02:56,919 Speaker 2: No, So gold Fields will pay a forty three percent 66 00:02:56,960 --> 00:02:59,560 Speaker 2: premium to gold Roads share price before the initial bid 67 00:02:59,840 --> 00:03:03,320 Speaker 2: was main gold Field South African gold Road Australian. The 68 00:03:03,320 --> 00:03:06,400 Speaker 2: agreement will see gold Fields take full ownership of the 69 00:03:06,480 --> 00:03:10,080 Speaker 2: lucrative gray Year gold mine in Western Australia. Now at 70 00:03:10,120 --> 00:03:13,040 Speaker 2: the moment, gray Year is a joint venture between the 71 00:03:13,080 --> 00:03:17,200 Speaker 2: two companies, gold Fields and gold Roads. The buyout was 72 00:03:17,200 --> 00:03:20,600 Speaker 2: complicated by gold roads seventeen percent stake in de Gray Mining, 73 00:03:20,639 --> 00:03:24,120 Speaker 2: another Oussie company, which itself is target of a six 74 00:03:24,200 --> 00:03:28,960 Speaker 2: billion dollar takeover by yet another gold miner, Northern Star. Anyway, 75 00:03:29,000 --> 00:03:31,079 Speaker 2: the board of gold Road recommended the bid yesterday. A 76 00:03:31,160 --> 00:03:33,880 Speaker 2: out of shareholders will be held in September. Gold Roads 77 00:03:33,919 --> 00:03:35,200 Speaker 2: share price jump ten percent. 78 00:03:35,560 --> 00:03:40,760 Speaker 1: All Right story number four. The price of oil fell 79 00:03:40,800 --> 00:03:44,160 Speaker 1: below sixty US dollars a barrel for the first time 80 00:03:44,320 --> 00:03:47,360 Speaker 1: in more than four years after Opek plus countries agreed 81 00:03:47,400 --> 00:03:48,120 Speaker 1: to lift production. 82 00:03:48,920 --> 00:03:51,400 Speaker 2: There are concerns about a glut of oil, and by 83 00:03:51,440 --> 00:03:55,800 Speaker 2: November there are forecasts off two point two billion barrels 84 00:03:55,840 --> 00:04:00,880 Speaker 2: a day being produced astounding numbers. Oil important because it 85 00:04:00,960 --> 00:04:03,080 Speaker 2: is still the largest energy source in the world and 86 00:04:03,080 --> 00:04:05,960 Speaker 2: about one third of primary energy comes from crude. Lower 87 00:04:05,960 --> 00:04:08,720 Speaker 2: oil prices feeds through to our everyday lives. Think petrol. 88 00:04:08,760 --> 00:04:11,240 Speaker 2: Think you know the cost of deliveries or plane travel 89 00:04:11,280 --> 00:04:15,080 Speaker 2: that type of stuff. Lower prices doesn't. Lower oil prices 90 00:04:15,120 --> 00:04:17,320 Speaker 2: doesn't do a lot for renewable energy because it becomes 91 00:04:17,360 --> 00:04:20,680 Speaker 2: relatively more expensive green energy does. It does affect a 92 00:04:20,720 --> 00:04:23,039 Speaker 2: bunch of local stocks. Quant As a share price, for example, 93 00:04:23,160 --> 00:04:25,640 Speaker 2: just more than two percent yesterday, while Woodside and Santos 94 00:04:25,680 --> 00:04:26,359 Speaker 2: went backwards. 95 00:04:26,720 --> 00:04:31,640 Speaker 1: Final story number five. Donald Trump's latest tariff salvo is 96 00:04:31,680 --> 00:04:35,600 Speaker 1: to impose one hundred percent tariffs on films produced overseas, 97 00:04:35,600 --> 00:04:38,599 Speaker 1: saying that foreign productions are a national security threat because 98 00:04:38,640 --> 00:04:42,440 Speaker 1: Sean they are being used for messaging and propaganda. 99 00:04:42,040 --> 00:04:44,360 Speaker 2: Not the ones I'm watching. The announcement came out that 100 00:04:44,400 --> 00:04:46,920 Speaker 2: Trump met with actor John Voitt and his manager at 101 00:04:46,960 --> 00:04:51,200 Speaker 2: Marilago Club. According to media reports. Earlier this year, Trump 102 00:04:51,240 --> 00:04:55,520 Speaker 2: appointed Vot, along with Mel Gibson and Sylvester st Alone 103 00:04:55,680 --> 00:04:58,960 Speaker 2: as Special Ambassadors to Hollywood. Not really clear how a 104 00:04:59,080 --> 00:05:02,880 Speaker 2: tariff on foreign productions would work. Many Hollywood films involve 105 00:05:02,920 --> 00:05:06,600 Speaker 2: global production, including shoots in foreign countries, post production work 106 00:05:06,640 --> 00:05:09,200 Speaker 2: that pretty much can be done anywhere in the world. Also, 107 00:05:09,320 --> 00:05:13,120 Speaker 2: American producers like overseas locations, so a Hollywood Reporter survey 108 00:05:13,160 --> 00:05:17,240 Speaker 2: recently said the top five preferred filming locations tour in Canada, 109 00:05:17,320 --> 00:05:20,640 Speaker 2: the UK, Central Europe, and Australia. 110 00:05:21,080 --> 00:05:23,040 Speaker 1: All right, there we go, the top five business stories 111 00:05:23,080 --> 00:05:25,120 Speaker 1: in five minutes. Thank you very much, Sean, Thank you Michael. 112 00:05:25,200 --> 00:05:27,599 Speaker 1: This Tuesday, the sixth of May twenty twenty five. Remember 113 00:05:27,600 --> 00:05:29,520 Speaker 1: to hit follow on the podcast, and if five minutes 114 00:05:29,560 --> 00:05:31,760 Speaker 1: isn't enough, you can find our longer daily show called 115 00:05:31,800 --> 00:05:34,799 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 116 00:05:34,839 --> 00:05:37,280 Speaker 1: Thompson and that was the fast five business news by 117 00:05:37,279 --> 00:05:38,960 Speaker 1: Fear and Greed. Have a great day.