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Speaker 1: It's Tuesday, the twenty fourth of September twenty twenty four.

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Speaker 1: Welcome to the Fast five Business News by Fearing Greed,

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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. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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

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Speaker 1: a big one. The country's corporate regulator is alleging that

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Speaker 1: Woolworths and Coals claimed they were dropping prices on hundreds

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Speaker 1: of products when they were actually increasing them, thereby misleading customers.

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Speaker 2: In a federal court filing, the ABC alleges that Coals

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Speaker 2: and Woolies would increase prices by at least fifteen percent

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Speaker 2: in a short space of time than lower them as

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Speaker 2: promotions are the prices dropped at Woolies or down down

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Speaker 2: at Coals. The reguy says this was misleading because the

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Speaker 2: promotional prices were higher or the same as the prices

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Speaker 2: those products were previously sold for, and the discounts were illusory.

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Speaker 2: Ahable C Chair Gena Cascott Leap said, in times of

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Speaker 2: cost of living pressures, it's critical that all pricing claims

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Speaker 2: and price discounts, accurate Prime ministrands are now but easy,

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Speaker 2: so the allegations, if proven, are completely unacceptable and not

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Speaker 2: in the Australian spirit. He also announced an exposure draft

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Speaker 2: of the mantatory Food and Grocery Code that could end

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Speaker 2: up with the supermarket groups facing huge fines. Basically items

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Speaker 2: affected two hundred and sixty six of them at Woolli's

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Speaker 2: two hundred and forty five at Coals across all types

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Speaker 2: of categories. Coals that will defend itself against the allegations.

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Speaker 2: Woolies said it will review the claims.

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Speaker 1: This is a bad look for the supermarkets, but what

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Speaker 1: did it actually mean for them? Could they be fined?

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Speaker 2: Yes? The Actuablecy wants the Federal Court to force the

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Speaker 2: companies to pay penalties, which could amount to tens of

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Speaker 2: millions of dollars. There's also share price issues. Both Woolies

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Speaker 2: and Coals fill by more than three percent yesterday. Perhaps

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Speaker 2: the big one, though, the big fallout for Woolies and

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Speaker 2: Coals is the public relations disaster, which will encourage shoppers

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Speaker 2: to buy in places like eld costco Ija and other independents. Yesterday,

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Speaker 2: the Prime Minister was talking about the supermarkets actions leading

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Speaker 2: to infasion. That's not the sort of publicity a company

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Speaker 2: needs or wants.

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Speaker 1: No, certainly not right. Moving on to story number two, now,

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Speaker 1: sean plans to create a specialist monetary policy Board at

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Speaker 1: the Reserve Bank look to be dead because the Government

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Speaker 1: said it will not work with the Greens who said

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Speaker 1: they wanted an interest rate cut in exchange for their support.

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Speaker 2: That was never going to fly. In fact, it's a

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Speaker 2: bit ridiculous really, Given we're trying to make the Central

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Speaker 2: Bank more independent, the Reserve banks six current external board

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Speaker 2: members will continue to set rates alongside top management. Now,

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Speaker 2: last year an independent review found that that group of

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Speaker 2: six collectively lacked the expertise to set montree policy. Why

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Speaker 2: they think that, well over ten years they never disagreed

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Speaker 2: with the RBA management. All this comes as the Reserve

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Speaker 2: Bank Board meets in Sydney today. Later on we'll find

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Speaker 2: out what they think on interestratest and reconcile cut rates.

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Speaker 2: There's more interested in what the board says about the

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Speaker 2: potential forrow rate hike. Well, it's not going to happen.

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Speaker 2: The Board is likely to keep it as a live option.

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Speaker 1: Story number three, the cheapest electric vehicles on sale in

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Speaker 1: Australia have fallen below thirty one thousand dollars for the

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Speaker 1: first time, though experts say more expensive evs are coming

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Speaker 1: down in price.

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Speaker 2: MG's lowered the price of electric vehicles in Australia gain

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Speaker 2: cutting the price of its entry level MG four hatchback

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Speaker 2: to th nine and ninety dollars less until the end

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Speaker 2: of October. It's about eight thousand dollars less than what

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Speaker 2: it was charged in August, and it comes to spite

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Speaker 2: strong sales for the vehicle. According to AAP, the price

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Speaker 2: cut makes the MG four Australia's cheapest electric car. Next

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Speaker 2: in line is the MGSDV thirty four thousand and nine

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Speaker 2: ninety DGWM Aura hatchback is thirty five nine ninety The

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Speaker 2: MG Motor Australia Chief Commercial Officer Giles Belcher said it's

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Speaker 2: all about encouraging people who are on the fence about

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Speaker 2: buying an electric car to make that final move. Interestingly,

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Speaker 2: the thirty three percent tax on high end cars is

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Speaker 2: discouraging sales at that very top end.

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Speaker 1: Story Number four. A nuclear reactor at the notorious Three

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Speaker 1: Mile Island site in Pennsylvania is to be activated for

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Speaker 1: the first time in five years after its owners, Constellation Energy,

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Speaker 1: struck a deal to provide power to Microsoft's proliferation artificial

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Speaker 1: intelligence operations.

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Speaker 2: The plant was the location of the most serious nuclear

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Speaker 2: meltdown and radiation leak in US history back in March

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Speaker 2: nineteen seventy nine, when the loss of water coolant through

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Speaker 2: a faulty valve caused the unit to reactor to overheat.

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Speaker 2: More than four decades later, your reactor is still in

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Speaker 2: a decommisioning phase. Constellation closed the adjacent but unconnected Unit

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Speaker 2: one reactor in twenty nineteen for economic reasons. It'll bring

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Speaker 2: it back to life after signing a twenty year power

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Speaker 2: deal with Microsoft. It's the first time a nuclear reactor

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Speaker 2: in the US has been recommissioned after closure.

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Speaker 1: Last one story number five. What do you make of this? One?

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Speaker 1: Sean two men have been charged with stealing two hundred

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Speaker 1: and thirty million US dollars worth of cryptocurrency that they

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Speaker 1: then went on a really subtle spending spree with It

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Speaker 1: involved travel and nightclubs and luxury cars, jewelry, and palatial

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Speaker 1: rental properties in LA and Miami. Really subtle stuff.

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Speaker 2: Yes, So the men Malone, Lamb and Gene deal Serrano

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Speaker 2: canspire last month to steal the crypto funds from a

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Speaker 2: person in Washington, d C. According to the US Attorney

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Speaker 2: Attorney's Office for the District of Columbia, involved one other

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Speaker 2: party who was allegedly robbed of about four thy one

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Speaker 2: hundred Bitcoin. After disguising the theft by spreading the money

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Speaker 2: between several cryptocurrency exchanges and mixing services, the authority said,

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Speaker 2: the men went on their spending spree. According to report

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Speaker 2: in New York Times, mister Lamb, a citizen of Singapore,

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Speaker 2: operated under aliases including Ann Hathaway, mister Serraro. He went

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Speaker 2: by Asachi God. They ended up taking out Airbnb's, getting

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Speaker 2: Lamborghinis all sorts of perhaps not surprisingly. After a few

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Speaker 2: weeks they were arrested by the FBI.

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Speaker 1: Yeah, perhaps not surprisingly at all. There we go the

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

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Speaker 1: Thank you Michael. It is Tuesday, the twenty fourth of

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

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Speaker 1: and if five minutes isn't enough, we can find our

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Speaker 1: longer daily show called Fear and Greed where mab you're

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Speaker 1: listening to podcasts are Michael Thompson and that was the

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Speaker 1: past five business news by few are and great. I

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Speaker 1: have a great die