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Speaker 1: It's Friday, the first of August twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Agreed,

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

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer. Good morning, Michael Show on

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Speaker 1: five stories, five minutes. Let's go Story number one. The

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Speaker 1: Deputy Governor of the Reserve Bank, Andrew Houser, has added

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Speaker 1: to expectations of an interest rate cut in a fortnight's time,

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Speaker 1: welcoming this week's low inflation figures, adding that the Central

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Speaker 1: Bank wants to be predictable for financial markets.

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Speaker 2: That last bit is significant because money markets are pricing

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Speaker 2: in a one hundred percent chance of the Reserve Bank

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Speaker 2: cutting the three point eighty five percent cash rate by

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Speaker 2: quarter of a percentage point in two weeks time. The

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Speaker 2: market's pricing in two to three rate cuts by the

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Speaker 2: Reserve Bank between now and December. On top of the

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Speaker 2: cuts in February, there was one in May as well.

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Speaker 2: Houses said the inflation data with a monthly underlying rate

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Speaker 2: row zero point six percent and your rate two point

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Speaker 2: six percent was his words very well, he said the

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Speaker 2: RBA during normal economic time, wants to be predictable. He

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Speaker 2: doesn't expect the market to be surprised by the Reserve

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Speaker 2: Bank very often in the future. Earlier, this month's Central

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Speaker 2: Bank surprise almost everyone but not cutting rates. Houses response

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Speaker 2: and I quote him, so let's not declare this to

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Speaker 2: be some sort of catastrophe, because there were some very

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Speaker 2: specific challenges.

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Speaker 1: His comments came as Bureau of Statistics figures show a

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Speaker 1: bit of a pickup in both retail sales and building approval.

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Speaker 2: Yes, so what we know about the economy is that

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Speaker 2: economic growth is slow, that it's probably bottomed at this point.

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Speaker 2: The retail and building approval figures support that after four

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Speaker 2: months of underwhelming expectations, spending came in better than thought,

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Speaker 2: rising as sold at one point two percent over the month.

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Speaker 2: You know the main reason, one of the main reason,

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Speaker 2: but a big reason, Michael, the sale of Nintendo Switch

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Speaker 2: to first time in eight years. Our new controller ye.

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Speaker 1: Gets everyone's spending, Sean, that's right.

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Speaker 2: When it comes to dwelling approvals, they posted a solid

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Speaker 2: twelve percent rise following a string of disappointing results for

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Speaker 2: most of this year. Really, it's the highest monthly count

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Speaker 2: of approvals in almost three years, driven very much by

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Speaker 2: unit approvals.

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Speaker 1: Okay. Story number two Microsoft and Meta have announced huge

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Speaker 1: quarterly profits, demonstrating that both companies can make money from

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Speaker 1: the AI revolution.

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Speaker 2: So Microsoft benefits from the AI boom with customers consuming

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Speaker 2: bigger loads of computing power through its Azure cloud computing business,

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Speaker 2: particularly given the AI powered software Microsoft is providing to customers.

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Speaker 2: As Zuo sales surpassed seventy five billion US dollars on

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Speaker 2: an annual basis, capex this year will reach three one

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Speaker 2: hundred and thirty billion dollars US, incredible companies now making

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Speaker 2: about twenty seven billion dollars a year. Investors were even

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Speaker 2: more impressed with Meta, at least judging by its eleven

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Speaker 2: per cent share price rise, which added one hundred and

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Speaker 2: fifty billion US to its market value. Its quarterly revenue

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Speaker 2: almost fifty billion dollars, up more than twenty percent. Meta

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Speaker 2: recently restructured its AI division, calling it beautifully Meta Superintelligence

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Speaker 2: founder Mark Zuckerberg is reportedly paying people tens off and

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Speaker 2: hundreds of million dollars to join the company.

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Speaker 1: Story number three shoon one from global markets the price

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Speaker 1: of copper, which is the Bellweather commodity tumble twenty percent,

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Speaker 1: the biggest intra day fall since nineteen eighty eight, after

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Speaker 1: US President Donald Trump announced that refined copper would not

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Speaker 1: attract a fifty percent levy, though semi finished copper will.

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Speaker 2: And the difference, Michael, is that refined copper is this

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Speaker 2: starting material, while semi finished is at a more advanced

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Speaker 2: stage of processing. Why rods tubes that type of thing.

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Speaker 2: Copper is a pretty fascinating commodity. You know. It starts

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Speaker 2: very deep in the ground, mostly ends up in electronic

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Speaker 2: suppliants as evs one hundred percent recyclable, the recyclable hard word.

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Speaker 2: It can be reused again and again. But even better,

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Speaker 2: it loses none of its physical properties. So a great

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Speaker 2: conductor of electricity copper when you recycle it still remains

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Speaker 2: a great conductor of electricity. More than twenty eight million

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Speaker 2: tons of copper is used annually. More than two thirds

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Speaker 2: is used for electrical and conductivity applications.

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Speaker 1: That's really cool.

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Speaker 2: It is very cool.

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Speaker 1: I think we've all just learned something. Story number four.

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Speaker 1: Virgin Australia is set to allow small dogs and cats

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Speaker 1: to fly in cabins alongside passengers by the Christmas holiday.

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Speaker 2: Chief executive Dave Emerson said the airline had cleared the

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Speaker 2: final regulatory hurdle to put pets on planes, adding that

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Speaker 2: the process had taken longer than expected due to the

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Speaker 2: fact that aircraft are considered restaurants by health authorities. You

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Speaker 2: can't bring pets and restaurants. Therefore they had to get

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Speaker 2: an exemption on this one. Cats and dogs weighing up

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Speaker 2: to eight kilograms will be permitted on board and then

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Speaker 2: only into prep pet friendly designated rows. Carriers will have

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Speaker 2: to fit under the seat in front. Pets will have

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Speaker 2: to remain in the carrier at all times. I think

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Speaker 2: Virgin's going to try these on relatively short flights. I

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Speaker 2: think think Sydney to Melbourne been through a bunch of

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Speaker 2: relegatory hurdles, including from the Civil Asia AVA Safety Authority.

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Speaker 2: But by Christmas, if you've got a small cuttle dog,

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Speaker 2: you can take it on board.

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Speaker 1: Last one story number five. Westpac Sean has done a

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Speaker 1: deal to sponsor Australian cricket for a reported fifty million

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Speaker 1: dollars over four years, taking the rights from arch enemy

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Speaker 1: Commonwealth Bank.

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Speaker 2: The deal includes an ASHES test series against England, limited

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Speaker 2: overs series against India and South Africa and women's matches

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Speaker 2: against India over all three forms of the sport. The

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Speaker 2: summer looms as a crucial time for cricket's financial future.

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Speaker 2: The Westpac deal will help Cricket Australia towards this target

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Speaker 2: of the biggest net profit in a decade. The logo

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Speaker 2: the Westpac logo will be on the shirts of the

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Speaker 2: Australian men's and women's teams for all matches played in

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Speaker 2: Australia across Test one Day in T twenty four mats

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Speaker 2: Australia A and Under nineteen matches, and the bank will

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Speaker 2: also become an official partner of the Men's and Women's BBL.

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Speaker 1: All right, there we go, the top five business stories

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Speaker 1: in five minutes. Thank you very much, Sean.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Friday, the first of August twenty twenty five.

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Speaker 1: Remember to hit follow on the podcast and if five

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Speaker 1: minutes isn't anough, if we can find our longer daily

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Speaker 1: show called Fear and Greed wherever you listen to podcasts.

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Speaker 1: I'm Michael Thompson and that was the fast five business

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Speaker 1: news by Fear and Greed. Have a great day, m