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Speaker 1: It's Thursday, the third of July twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and 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, Adam Lange. Good morning, Michael, Adam. Five stories,

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Speaker 1: five minutes, Let's go. Story number one is a big

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Speaker 1: one affecting a lot of people. The personal data of

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Speaker 1: more than six million Quantis customers could have been stolen

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Speaker 1: in a cyber attack, with a hacker convincing a staff

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Speaker 1: member from one of the airline's call centers to grant

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Speaker 1: access to its systems. A person impersonating a Quantus employee

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Speaker 1: contacted a call center and was able to gain access

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Speaker 1: to a third party client service platform that it uses.

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Speaker 1: It's really an old fashioned hack where someone opened the

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Speaker 1: door letting the criminals in, rather than a system's breakdown.

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Speaker 1: Credit card details, financial information, and passport details are not

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Speaker 1: in the system. Importantly, the hack is believed to be

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Speaker 1: part of a coordinated attack on airlines globally, according to

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Speaker 1: ME reports.

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Speaker 2: Yes Michael. Earlier this week, the United States Federal Bureau

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Speaker 2: of Investigation warned airlines globally not to pay ransoms to

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Speaker 2: a cyber criminal gang called Scattered Spider, which is thought

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Speaker 2: to be responsible for the attacks. Then days later, just

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Speaker 2: as you said, Michael, this old fashioned hack, Quantus gets hit.

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Speaker 2: The carrier stated that the names, email addresses, phone numbers,

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Speaker 2: birth dates and frequent flyer numbers of six million customers

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Speaker 2: were compromised, although operations and safety remain unaffected. The airline

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Speaker 2: said credit card and payment details were stored separately. Quantus

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Speaker 2: now joins a list of Australian companies targeted by cyber criminals,

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Speaker 2: including Medibank, Optus and Superannuation Industry Funds.

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Speaker 1: A movie on just story number two now Adam. Disappointing

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Speaker 1: retail sales and building approval figures has increased the chance

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Speaker 1: for rate cut and interest rate cut next week, and

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Speaker 1: also bolstered prospects of a bunch of reductions coming later

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Speaker 1: in the year. Retail spending in May was underwhelming at best,

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Speaker 1: rising to zero point two percent, which was much lower

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Speaker 1: than expected.

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Speaker 2: Yes, Michael. According to AMP, the long term average monthly

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Speaker 2: growth rate for retail sales is about zero point five percent,

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Speaker 2: and Australia has trended below this rate since the beginning

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Speaker 2: of the year. Real retail sales per capita, which takes

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Speaker 2: into account inflation, have gone backwards since January, after rebounding

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Speaker 2: through the second half of twenty twenty four. The weather

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Speaker 2: was the big driver of retail results, as consumers bought

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Speaker 2: more winter clothes than usual in May. If you take

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Speaker 2: out clothing, the rise in retail sales was even weaker

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Speaker 2: just quickly.

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Speaker 1: In terms of building approvals, which we mentioned before, they

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Speaker 1: rose as three point two percent over the month. Approvals

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Speaker 1: for detached houses roughly flat units increased nine percent in May,

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Speaker 1: but that came after three consecutive months of falls, including

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Speaker 1: a large eighteen percent drop last month. Okay, story number three.

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Speaker 1: Adam Foreign Minister Pennywong says the Quad leaders have agreed

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Speaker 1: on an initiative to diversify supply chains for critic minerals

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Speaker 1: which are largely controlled by China. Foreign ministers from the

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Speaker 1: Quad countries so that's Australia, India, Japan and the US.

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Speaker 1: They met in Washington and discussed China's grip on the

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Speaker 1: production of rare earths, which has given Beijing leverage in

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Speaker 1: its trade talks with the US and given me plenty

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Speaker 1: to trip over as I got through.

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Speaker 2: That tongue twisters. Yes, there we go alongside them, Michael.

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Speaker 2: Foreign Secretary Marco Rubio stressed after the meeting that the

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Speaker 2: QUAD should play a more prominent role in economic cooperation.

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Speaker 2: Senator Wong also said she had very positive talks with

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Speaker 2: the US Foreign Secretary Marco Rubio. She set her talks

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Speaker 2: with Rubio focused more on Orcus than on Australia's defense spending,

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Speaker 2: which is very interesting.

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Speaker 1: Indeed. Story number four. Billionaire businessman Jack Cowen will take

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Speaker 1: on executive duties at Domino's Pizza, where he holds twenty

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Speaker 1: seven percent of shares, after the chief executive of the

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Speaker 1: business quit less than a year after being appointed. Mister Cowen,

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Speaker 1: who is eighty two years old and also the owner

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Speaker 1: of Hungary Jacks, says there's no fundamental problem with the

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Speaker 1: company's strategy.

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Speaker 2: Michael. It has been a rough ride for Dominos, or

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Speaker 2: should I say a rough delivery. Its share price has

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Speaker 2: gone from one hundred and sixty dollars in COVID to

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Speaker 2: around seventeen dollars yesterday after another big drop. Cowen says

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Speaker 2: he has the energy and desire to fix Dominoes. Mister

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Speaker 2: Cowan told The Australian Financial Review, I'm the same age

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Speaker 2: as Joe Biden, and Joe Biden is buggered. But my

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Speaker 2: role models in life at my age of Mick Jagger

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Speaker 2: and Paul McCartney. I've seen them both on stage three

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Speaker 2: hours NonStop performing high energy.

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Speaker 1: That's awesome, all right, last one sorry, number five. King

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Speaker 1: Charles Adam has decided to scrap the Royal train service

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Speaker 1: that dates back to his great great great grandmother, Queen Victoria,

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Speaker 1: because it's no longer cost effective. The first Royal Rail

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Speaker 1: carriages were commissioned in eighteen sixty nine and in twenty

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Speaker 1: twenty five. It's made up of nine carriages that can

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Speaker 1: be coupled to commercial locomotives, but it was used only

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Speaker 1: twice during the past financial with the two journeys together

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Speaker 1: costing almost eighty thousand pounds or about one hundred and

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Speaker 1: sixty hundred and seventy thousand dollars.

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Speaker 2: Yeah, Michael, there's some romance and history in this story.

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Speaker 2: James Charmers, the King's treasurer, said the monarch had now

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Speaker 2: agreed that the train, which critics had long said was

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Speaker 2: a waste of money, would reach the end of the

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Speaker 2: line in twenty twenty seven. Charmers, who is officially known

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Speaker 2: as the Keeper of the Privy Purse, says, in moving forward,

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Speaker 2: we must not be bound by the past. The announcement

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Speaker 2: came as part of the annual Report of the Sovereign Grant,

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Speaker 2: the government handout that covers staffing costs, upkeep of royal

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Speaker 2: palaces and travel expenses. Thanks to a boom in revenue

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Speaker 2: from offshore wind leases, the Crown estates profits are actually soaring,

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Speaker 2: meaning royal funds will leap from eighty six point three

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Speaker 2: million pounds to one hundred and thirty two million pounds

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Speaker 2: for the next two years.

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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 Adam, Thank you Michael. It

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Speaker 1: is Thursday, the third of July twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast and five minutes isn't enough.

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Speaker 1: You can find our longer daily show called Fear and

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Speaker 1: Greed wherever you listen to podcasts. I'm Michael Thompson and

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Speaker 1: that was the past five business news by Fear and Greed.

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Speaker 2: Have a great day.