1 00:00:03,840 --> 00:00:07,280 Speaker 1: It's Friday, the twentieth of September twenty twenty four. Welcome 2 00:00:07,320 --> 00:00:09,760 Speaker 1: to the Fast five Business News by Fear and Greed. 3 00:00:09,760 --> 00:00:11,640 Speaker 1: Will we give you the top five business stories you 4 00:00:11,720 --> 00:00:14,160 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,160 --> 00:00:15,560 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,880 --> 00:00:17,480 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,560 --> 00:00:20,000 Speaker 1: Five stories, five minutes. Let's go storry. Number one is 8 00:00:20,040 --> 00:00:22,760 Speaker 1: a big one. Around forty seven and a half thousand 9 00:00:23,000 --> 00:00:26,840 Speaker 1: new jobs were created last month, mostly part time roles, 10 00:00:26,920 --> 00:00:29,600 Speaker 1: and the unemployment rate came in at four point two percent. 11 00:00:29,760 --> 00:00:33,200 Speaker 1: As the labor market continues to show resilience. 12 00:00:32,880 --> 00:00:34,760 Speaker 2: And that's the main reason we ain't going to see 13 00:00:34,760 --> 00:00:37,080 Speaker 2: an interest rate cut from the Reserve Bank anytime soon. 14 00:00:37,200 --> 00:00:40,600 Speaker 2: Yesterday's labor four stats were good bye any measure. It 15 00:00:40,640 --> 00:00:43,000 Speaker 2: was the fifth month of better than expected figures from 16 00:00:43,080 --> 00:00:45,600 Speaker 2: the Bureau Statistics. Now one of the Reserve Bank thinks 17 00:00:45,600 --> 00:00:48,199 Speaker 2: the labor market is still providing fodder for inflation. Over 18 00:00:48,240 --> 00:00:50,400 Speaker 2: the past year, the total number of people employed has 19 00:00:50,479 --> 00:00:53,360 Speaker 2: risen by two point seven percent, but the unemployment rate 20 00:00:53,400 --> 00:00:56,000 Speaker 2: has also risen up zero point seven percentage points since 21 00:00:56,000 --> 00:00:59,120 Speaker 2: its lab So much going on here, including more people 22 00:00:59,160 --> 00:01:02,600 Speaker 2: looking for work, possibly because of costs of limbit pressures. Also, 23 00:01:02,680 --> 00:01:05,560 Speaker 2: plenty of migration economists say, look at the unemployment rate. 24 00:01:05,720 --> 00:01:08,240 Speaker 2: It's a good way to judge the market. That's trending higher, 25 00:01:08,360 --> 00:01:11,480 Speaker 2: though it's still very low and it's only rising very slowly. 26 00:01:11,760 --> 00:01:14,399 Speaker 2: Jobs growth has been driven by part time work, and 27 00:01:14,440 --> 00:01:18,160 Speaker 2: tadlelows worked across the country not really up that much. 28 00:01:18,480 --> 00:01:21,800 Speaker 2: The level of underemployment is sticking higher. Reserve banks recently 29 00:01:21,800 --> 00:01:23,880 Speaker 2: pushed the idea that the unemployment rate needs to rise 30 00:01:23,920 --> 00:01:27,480 Speaker 2: more before it will consider cutting interest rates. Yesterday's figures 31 00:01:27,480 --> 00:01:28,200 Speaker 2: certainly support that. 32 00:01:28,240 --> 00:01:31,920 Speaker 1: Few now sean just quickly. The unemployment rate wasn't the 33 00:01:31,959 --> 00:01:35,560 Speaker 1: only big economic news yesterday. The US Federal Reserve cut 34 00:01:35,600 --> 00:01:38,280 Speaker 1: the benchmark rate in the world's biggest economy by fifty 35 00:01:38,360 --> 00:01:39,520 Speaker 1: bases points. 36 00:01:39,560 --> 00:01:41,440 Speaker 2: And it said more cuts are on the way, first 37 00:01:41,440 --> 00:01:44,240 Speaker 2: cut in more than four years now. The head of 38 00:01:44,319 --> 00:01:47,400 Speaker 2: the Fed said he's not particularly worried about the US economy. 39 00:01:47,400 --> 00:01:48,960 Speaker 2: He just wants to take out a bit of insurance 40 00:01:49,000 --> 00:01:51,160 Speaker 2: to make sure that it stays in the good place 41 00:01:51,240 --> 00:01:55,320 Speaker 2: that it's in. Breit cuts aren't a preset path, they'll 42 00:01:55,360 --> 00:01:58,800 Speaker 2: certainly fall, but the pace of that decline will depend 43 00:01:58,920 --> 00:02:01,760 Speaker 2: on what's going on in the economy. Certainly that helped 44 00:02:01,840 --> 00:02:05,240 Speaker 2: equity markets. The local marketed record high yesterday, help helped 45 00:02:05,240 --> 00:02:07,360 Speaker 2: the Ausie dollar, which pushed above sixty eight US Since 46 00:02:07,880 --> 00:02:08,360 Speaker 2: all right. 47 00:02:08,400 --> 00:02:10,799 Speaker 1: Moving on to story number two now, and the relationship 48 00:02:10,840 --> 00:02:14,880 Speaker 1: between Australia and the United States remains strong, according to 49 00:02:15,040 --> 00:02:18,400 Speaker 1: Prime Minister Anthony Alberanezi as he heads off or prepares 50 00:02:18,440 --> 00:02:20,720 Speaker 1: to head off to meet US President Joe Biden at 51 00:02:20,760 --> 00:02:21,799 Speaker 1: the Quad Leader's Summit. 52 00:02:22,240 --> 00:02:24,920 Speaker 2: Speaking from Cannes before he leaves for the US, Mister 53 00:02:24,960 --> 00:02:27,200 Speaker 2: Albanez he said the meeting is an opportunity for all 54 00:02:27,240 --> 00:02:30,000 Speaker 2: sides to re engage. He said the relationship between the 55 00:02:30,040 --> 00:02:32,360 Speaker 2: two countries he's based on common values and the alliance 56 00:02:32,360 --> 00:02:34,800 Speaker 2: has remained strong no matter who's President of the US 57 00:02:34,840 --> 00:02:37,560 Speaker 2: and who's Prime Minister of Australia. He said he had 58 00:02:37,600 --> 00:02:40,839 Speaker 2: a very close personal relationship with President Biden, looking forward 59 00:02:40,840 --> 00:02:43,720 Speaker 2: to meeting him. Notwithstanding President Biden, of course, isn't running 60 00:02:43,720 --> 00:02:44,679 Speaker 2: again in November. 61 00:02:45,240 --> 00:02:48,280 Speaker 1: Story number three. The Future Fund SEAN is one of 62 00:02:48,280 --> 00:02:52,000 Speaker 1: the country's biggest investors and has revealed that it voted 63 00:02:52,040 --> 00:02:57,040 Speaker 1: against Woodside's climate change strategy heeping with a fair bit 64 00:02:57,040 --> 00:03:00,400 Speaker 1: more pressure onto the oil and gas giant alone. 65 00:03:00,440 --> 00:03:02,919 Speaker 2: Nearly sixty percent of the register voted against the strategy 66 00:03:02,919 --> 00:03:05,840 Speaker 2: back in April, and the Future Funder publicly adding its 67 00:03:05,919 --> 00:03:08,680 Speaker 2: voice certainly puts pressure on the chair Richard Gouter and 68 00:03:08,720 --> 00:03:12,480 Speaker 2: CEO Meg O'Neil. The Future Fund invests about ten percent 69 00:03:12,520 --> 00:03:15,240 Speaker 2: of its assets around twenty three billion dollars in assie equities. 70 00:03:15,280 --> 00:03:18,800 Speaker 2: Yesterday released its proxy voting record. It shows that the 71 00:03:18,800 --> 00:03:21,600 Speaker 2: Future Fund voted against the executive payment plans at a 72 00:03:21,639 --> 00:03:24,639 Speaker 2: number of major companies, including Fortescue, Midle and Harvey Norman. 73 00:03:24,880 --> 00:03:27,040 Speaker 2: It also voted against the reelection of a number of 74 00:03:27,080 --> 00:03:29,120 Speaker 2: directors at Quantas. I wouldn't say the Future Fund is 75 00:03:29,160 --> 00:03:32,720 Speaker 2: an activist investor, but clearly it is active in throwing 76 00:03:32,800 --> 00:03:36,120 Speaker 2: its weight around when it thinks things should change. 77 00:03:36,400 --> 00:03:40,160 Speaker 1: Yeah, seems that way. Story number four sean pro Kremlin 78 00:03:40,320 --> 00:03:45,160 Speaker 1: websites and social media accounts are pushing the unsubstantiated claim 79 00:03:45,240 --> 00:03:49,400 Speaker 1: that Ukraine orchestrated a potential assassination attempt against Donald Trump. 80 00:03:49,920 --> 00:03:53,840 Speaker 2: Shortly after Ryan Wesley Ruth was identified as the suspect 81 00:03:53,880 --> 00:03:56,160 Speaker 2: believed to have pointed a rifle towards the Florida golf 82 00:03:56,160 --> 00:03:58,800 Speaker 2: course where mister Trump was playing on the weekend. Russian 83 00:03:58,800 --> 00:04:01,360 Speaker 2: state media outlets and the fish on social media suggested 84 00:04:01,400 --> 00:04:03,760 Speaker 2: the fifty eight year old was an agent working on 85 00:04:03,800 --> 00:04:07,720 Speaker 2: behalf of Kiev. According to report in the Washington Post. 86 00:04:07,920 --> 00:04:12,000 Speaker 2: Social media posts show he is a staunch supporter of Ukraine. 87 00:04:12,160 --> 00:04:14,720 Speaker 2: He's traveled there he attempted to join the war effort, 88 00:04:14,760 --> 00:04:17,520 Speaker 2: though the Ukrainian government has denied that he had any 89 00:04:17,560 --> 00:04:21,039 Speaker 2: links to it or the military. The claims were soon 90 00:04:21,120 --> 00:04:25,679 Speaker 2: echoed by conservative commentators across the United States. Just gets 91 00:04:25,680 --> 00:04:26,400 Speaker 2: weirder and weirder. 92 00:04:26,400 --> 00:04:30,400 Speaker 1: Michael certainly does. Last one Sean story number five, the 93 00:04:30,440 --> 00:04:34,920 Speaker 1: company behind Tapperware, the plastic kitchen where the revolutionized food 94 00:04:35,000 --> 00:04:38,560 Speaker 1: storage after World War Two, and really just became part 95 00:04:38,560 --> 00:04:41,359 Speaker 1: of everyday life, didn't it? Nineteen fifties and sixties and 96 00:04:41,440 --> 00:04:44,680 Speaker 1: seventies and beyond. Sean it's filed for bankruptcy. 97 00:04:45,800 --> 00:04:49,080 Speaker 2: Tableware Brands, the consumer goods company that's based in Floridas, 98 00:04:49,080 --> 00:04:53,400 Speaker 2: said it's cheap seeking Chapter eleven bankruptcy protection after struggling 99 00:04:53,400 --> 00:04:56,080 Speaker 2: to revitalize its core business and failing to secure a 100 00:04:56,160 --> 00:04:59,840 Speaker 2: takeover offer. Despite enjoying the same cultural ubiquity as clean 101 00:05:00,160 --> 00:05:03,239 Speaker 2: X and Teflon, Navy, Brevel and all those brands whose 102 00:05:03,279 --> 00:05:08,080 Speaker 2: trademarked names are eponymous with entire product categories. It's really 103 00:05:08,120 --> 00:05:12,479 Speaker 2: suffered from waning sales, rising competition, and the limitations of 104 00:05:12,480 --> 00:05:15,880 Speaker 2: the direct consumer marketing model that once defined its success. 105 00:05:15,960 --> 00:05:18,039 Speaker 2: Remember those type of ware parties I do, my mum 106 00:05:18,080 --> 00:05:20,920 Speaker 2: had them. According to Associated Press, the company said that 107 00:05:21,000 --> 00:05:23,479 Speaker 2: consumers they're shifting away from direct sales. Also, the company 108 00:05:23,520 --> 00:05:27,279 Speaker 2: started growing public health and environmental concerns about plastic internal 109 00:05:27,279 --> 00:05:30,320 Speaker 2: inefficiencies that make it challenging to operate globally, and the 110 00:05:30,480 --> 00:05:33,320 Speaker 2: challenging microeconomic environment of the past several years for its 111 00:05:33,360 --> 00:05:35,080 Speaker 2: financial dire straits. 112 00:05:35,520 --> 00:05:37,680 Speaker 1: All right, there we go the top five business stories 113 00:05:37,680 --> 00:05:40,640 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 114 00:05:40,760 --> 00:05:44,039 Speaker 1: is Friday, the twentieth of September twenty twenty four. Remember 115 00:05:44,040 --> 00:05:46,119 Speaker 1: to hit follow on the podcast, and if five minutes 116 00:05:46,160 --> 00:05:48,760 Speaker 1: isn't enough, you can find our longer daily show called 117 00:05:48,760 --> 00:05:51,440 Speaker 1: Fear and Greed wherever you listen to podcasts. And if 118 00:05:51,440 --> 00:05:54,400 Speaker 1: you're interested in property and real estate, then I would 119 00:05:54,440 --> 00:05:58,880 Speaker 1: suggest checking out our brand new podcast launched yesterday called 120 00:05:58,920 --> 00:06:02,760 Speaker 1: The Property pendulum between Fear and Greed and Domain all 121 00:06:02,800 --> 00:06:06,040 Speaker 1: about which way the property market is swinging and how 122 00:06:06,080 --> 00:06:08,000 Speaker 1: to make the most of it. The first episode is 123 00:06:08,040 --> 00:06:10,919 Speaker 1: the four things that every home buyer needs to know 124 00:06:11,080 --> 00:06:14,000 Speaker 1: before making an offer. I'll put a link in today's 125 00:06:14,000 --> 00:06:16,320 Speaker 1: show notes. I'm Michael Thompson and that was the fast 126 00:06:16,320 --> 00:06:21,160 Speaker 1: fire business news by Fear and Greed. Had a great day.