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Speaker 1: It's Wednesday, the seventh of August twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fearing Greed. Will

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Speaker 1: we give you the top five business stories you need

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Speaker 1: to know when us five minutes. I'm Michael Thompson and

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Speaker 1: good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five big stories to get through today in five minutes,

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Speaker 1: so we better get cracking. Story number one. The Reserve

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Speaker 1: Bank has dashed hopes for a rate cut anytime soon.

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Speaker 1: Worried that inflation is falling slower than it previously thought.

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Speaker 2: The Central Bank yesterday left the benchmark cash rate at

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Speaker 2: four point three five percent, the level it's been for

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Speaker 2: nine months, saying inflation is still somewhere above the midpoint

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Speaker 2: of its two to three percent target range. Governor Michelle

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Speaker 2: Bullock said only two options were considered at the bank's

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Speaker 2: board meeting, raise rates or hold and hold for a while.

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Speaker 2: She said a new term reduction in the cash rate

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Speaker 2: doesn't align with the board's current thinking. Pouring cold water

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Speaker 2: in hopes rates would four before the end of this year,

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Speaker 2: the Bank's pushed out to the middle of twenty twenty six,

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Speaker 2: when it thinks inflation will return to around two and

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Speaker 2: a half percent. That's because he had kind is growing

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Speaker 2: a bit faster than the Reserve Bank expected, and there

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Speaker 2: isn't enough capacity to meet that high demand. But there's

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Speaker 2: still plenty of uncertainty in all this. The Bank says

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Speaker 2: there are still upside risks to inflation, especially services inflation,

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Speaker 2: also wages growth has peaked, but it's still too high.

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Speaker 2: On the other hand, momentum and economic activity has been weak.

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Speaker 2: There's also uncertainty around how long monetary policy takes to

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Speaker 2: work and what's going on overseas. At the end of

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Speaker 2: the day, though the Reserve Bank set it's mostly worried

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Speaker 2: about returning inflation to target. That's its priority.

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Speaker 1: What was the response to the announcement Sean and also

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Speaker 1: to Governor Michelle Bullet's press conference afterwards.

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Speaker 2: Well, there wasn't a lot from equities. We expected rates

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Speaker 2: to be on hold. There wasn't a lot from the dollar,

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Speaker 2: though it did jump a bit. It's trading around sixty

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Speaker 2: five yuos sense. When asked about the turmoil and financial

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Speaker 2: markets in recent days, the Governor basically said it didn't

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Speaker 2: play a role in the board's deliberations. She also said

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Speaker 2: it's important to resist peer pressure, reflecting that many other

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Speaker 2: economies have started lowering rates. In fact, the Reserve Bank

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Speaker 2: is now looking decidedly hawkish compared to its central bank

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Speaker 2: brethren Bank of England, European Central Bank, Bank of Canada.

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Speaker 2: They're all cut rates. US is likely to do so soon,

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Speaker 2: all right.

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Speaker 1: Moving on to story number two. Now, after the big

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Speaker 1: sell off on Friday last week and then on Monday

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Speaker 1: as well this week, how did the ASX two hundred

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Speaker 1: perform yesterday?

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Speaker 2: Well, given there was a sell off on Wall Street

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Speaker 2: on Monday night as well, yesterday's performance was pretty encouraging.

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Speaker 2: This INPASEX two hundred closed up nearly half percent to

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Speaker 2: seven six hundred and ninety one points, and that's after

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Speaker 2: the previous two sessions combined sent the boors down five

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Speaker 2: and a half percent. Generally, was interestraight sensitive stocks that

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Speaker 2: did best yesterday always work. Looking at the banks, well,

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Speaker 2: the Commonwealth Bank jumped two point four percent yesterday, West

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Speaker 2: Pack and NA were up round one percent. Ain Z

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Speaker 2: dropped slightly. All the banks are still some way below

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Speaker 2: their recent peaks. Now, those recent peaks were only a

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Speaker 2: week ago. The big four banks represent four of the

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Speaker 2: six largest companies on the bors keep that in mind,

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Speaker 2: Nabs off nine percent of the last week, Commonwealth Bank

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Speaker 2: eight percent, West Pack and ains D seven percent, a

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Speaker 2: lot of value lost in the market there.

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Speaker 1: Ye story number three. Universities are warning that fourteen thousand

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Speaker 1: jobs could go as the government pushes ahead with its

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Speaker 1: plan to cap international student numbers, a policy that institutions

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Speaker 1: say will have a catastrophic effect on the sector.

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Speaker 2: University's Australian Chief executive, Luke she He, told the Parliamentary

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Speaker 2: Inquiry the government was using students as canon fighter and

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Speaker 2: unfairly blaming them for the housing crisis. He said proposed

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Speaker 2: legislation the cap international student numbers was pole driven and

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Speaker 2: a political smoke screen as a labor government tries to

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Speaker 2: gain an upper hand in the migration battle ahead of

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Speaker 2: the next election. She said that even without the proposed

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Speaker 2: student caps, the government had already taken a sledgehammer to

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Speaker 2: the international education sector, with visa grant rates down twenty

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Speaker 2: three percent or almost sixty thousand students over the past year.

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Speaker 2: He said that represents four point three billion dollars or

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Speaker 2: a four point three billion dollars hit to the economy

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Speaker 2: at least and could cost the university sector alone over

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Speaker 2: fourteen thousand jobs.

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Speaker 1: Michael the story number four shown thousands of Australian travelers

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Speaker 1: will be granted express entry into the United States from

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Speaker 1: late next year after Australia was given access to the

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Speaker 1: US Global Entry Program.

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Speaker 2: In the first phase of the deal, about a thousand

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Speaker 2: Australians who have traveled to the US five or more

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Speaker 2: times in the past felve months, where we granted expedited

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Speaker 2: entring to America. A second phase, which requires laws to

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Speaker 2: be passed in parliament here, will allow an unlimited number

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Speaker 2: of Australians quick entry. According to a report in the

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Speaker 2: fin Review, Australia joins a list of other nations, including

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Speaker 2: the UK and Singapore, that are taking part in the program,

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Speaker 2: in which time sensitive transit information has shared quickly with

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Speaker 2: the US. Australia's participation in the Global Entry Program was

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Speaker 2: announced in twenty eighteen. Hit barriers during COVID. Finally it's

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Speaker 2: off the ground.

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Speaker 1: All right, last one story number five. This is a

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Speaker 1: big one too. Sean A judge has ruled that Google

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Speaker 1: so Ubiquit, a search engine, has been illegally exploiting its

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Speaker 1: dominance to squash competition and stifle innovation in a major

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Speaker 1: decision that has the potential to shake up the Internet

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Speaker 1: and really hobble one of the world's best known companies.

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Speaker 2: The highly anticipated decision, issued by the US District Court

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Speaker 2: comes nearly a year after the start of a trial

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Speaker 2: that pitted the US Justice Department against Google. After reviewing

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Speaker 2: reams of evidence that included testimony from top executives at Google, Microsoft,

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Speaker 2: and Apple, the judge Emmett Meta concluded that Google is

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Speaker 2: a monopolist and has acted as one to maintain its monopoly.

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Speaker 2: He said Google's dominance and the search market is evidence

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Speaker 2: of its monopoly. According to report on ap Google enjoys

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Speaker 2: an eighty to nine percent share of the market for

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Speaker 2: general search services. It's ninety five percent on mobiles. According

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Speaker 2: to the ruling, it represents a major setback for Google

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Speaker 2: and its parent Alphabet, which argued its popularities steamed it

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Speaker 2: from consumers overwhelming desire to use the search engine so

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Speaker 2: good at what it does that it has become synonymous

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Speaker 2: with looking things up online, But eight point five billion

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Speaker 2: queries go through per day. Google intends to appeal the findings.

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Speaker 1: That is staggering. All right, there we go. The top

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Speaker 1: five business stories in five minutes. Thank you Sean, Thank

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Speaker 1: you Michael. It is Wednesday, the seventh of August twenty

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Speaker 1: twenty four. Remember to hit follow on the podcast and

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Speaker 1: comes out later this morning. So jump onto that one

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Speaker 1: straight away. I'm Michael Thompson and that was the Fast

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Speaker 1: five Business News by Fear and Greed. Had a great day,