1 00:00:03,800 --> 00:00:07,200 Speaker 1: It's Wednesday, the nineteenth of February twenty twenty five. Welcome 2 00:00:07,240 --> 00:00:09,639 Speaker 1: to the Fast five Business News by Fear and Agreed, 3 00:00:09,640 --> 00:00:11,480 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:13,840 Speaker 1: need to know in just five minutes. A'm Michael Thompson 5 00:00:13,840 --> 00:00:15,240 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,320 --> 00:00:16,480 Speaker 2: Good morning, Michael Shawn. 7 00:00:16,520 --> 00:00:18,760 Speaker 1: Five massive stories to get through in five minutes. Let's 8 00:00:18,760 --> 00:00:21,000 Speaker 1: go a story number one. The Reserve Bank has cut 9 00:00:21,120 --> 00:00:24,760 Speaker 1: interest rates, but Governor Michelle Bullock made it clear there 10 00:00:24,840 --> 00:00:28,000 Speaker 1: is not necessarily another cut on the way. She also 11 00:00:28,080 --> 00:00:30,000 Speaker 1: defended the bank from the claims that the decision to 12 00:00:30,080 --> 00:00:33,200 Speaker 1: drop the official cash rate by twenty five basis points 13 00:00:33,479 --> 00:00:37,520 Speaker 1: was political, and said inflation risks remain alive and well 14 00:00:37,600 --> 00:00:38,400 Speaker 1: in the economy. 15 00:00:38,479 --> 00:00:40,519 Speaker 2: In the official statement, the bank said it would be 16 00:00:40,520 --> 00:00:43,400 Speaker 2: cautious about further rate cuts, not exactly a ringing endorsement 17 00:00:43,440 --> 00:00:46,200 Speaker 2: of more cuts. Then, in the media conference, Ms Bullock 18 00:00:46,280 --> 00:00:49,239 Speaker 2: was quite strident. She rammed home the point, saying the 19 00:00:49,280 --> 00:00:52,400 Speaker 2: decision to cut rates wasn't a lay down masire yesterday, 20 00:00:52,720 --> 00:00:55,040 Speaker 2: Dan expect another one. It all depends on the data. 21 00:00:55,160 --> 00:00:58,680 Speaker 2: The Board's decision does reflect falling inflation in the economy. 22 00:00:58,680 --> 00:01:01,200 Speaker 2: First reduction of more than four year years, though Montree 23 00:01:01,200 --> 00:01:03,680 Speaker 2: policy is still restrictive. That means that it's actually taking 24 00:01:03,920 --> 00:01:07,240 Speaker 2: away from the economy rather than putting into the economy. 25 00:01:07,520 --> 00:01:10,000 Speaker 2: A bunch of our names going on, you are tariff policy, 26 00:01:10,680 --> 00:01:12,960 Speaker 2: just how fast the economy is growing, whether or not 27 00:01:13,000 --> 00:01:15,880 Speaker 2: we can sply supply all the goods and services to it. 28 00:01:16,160 --> 00:01:18,959 Speaker 2: She's also not that confident that priced pressures have left 29 00:01:19,000 --> 00:01:21,960 Speaker 2: the housing sector worried about the services sector. Plenty of 30 00:01:22,000 --> 00:01:25,000 Speaker 2: our names out there, so she said this might be 31 00:01:25,040 --> 00:01:25,600 Speaker 2: a one off. 32 00:01:26,160 --> 00:01:28,040 Speaker 1: So what was the response to this? No doubt anyone 33 00:01:28,080 --> 00:01:30,360 Speaker 1: with a mortgage would be happy, but the federal government, 34 00:01:30,360 --> 00:01:31,720 Speaker 1: I would imagine'd be pretty happy to. 35 00:01:31,920 --> 00:01:34,280 Speaker 2: Election a few months away. Treasured Jim Chalmers said it 36 00:01:34,319 --> 00:01:37,679 Speaker 2: was a rate cut Australians need and deserve. The tone 37 00:01:37,760 --> 00:01:40,440 Speaker 2: of the Reserve Bank, you know, is a bit downbeat, 38 00:01:40,480 --> 00:01:43,760 Speaker 2: so maybe financial markets weren't as happy. Within minutes of 39 00:01:43,800 --> 00:01:47,080 Speaker 2: the decision, the major banks had announced that lower mortgage rates, 40 00:01:47,319 --> 00:01:49,640 Speaker 2: cutting about one thousand bucks a year from a half 41 00:01:49,720 --> 00:01:50,680 Speaker 2: million dollar home loan. 42 00:01:50,920 --> 00:01:53,160 Speaker 1: All right on to story number two now and BHP 43 00:01:53,480 --> 00:01:56,960 Speaker 1: has turned in a disappointing underlying profit of eight billion 44 00:01:57,000 --> 00:01:59,160 Speaker 1: dollars for the second half of last year and cut 45 00:01:59,160 --> 00:02:01,880 Speaker 1: its dividend to its lowest level in eight years. 46 00:02:01,960 --> 00:02:05,840 Speaker 2: Weak demand for steel out of China hurt the value, 47 00:02:06,120 --> 00:02:09,320 Speaker 2: rather than the volume. The value of BHP's ion or exports. 48 00:02:09,560 --> 00:02:11,800 Speaker 2: The underlying result was twenty three percent lower than a 49 00:02:11,880 --> 00:02:15,079 Speaker 2: year earlier. Cold prices were also softer. Now Boss Mike 50 00:02:15,120 --> 00:02:18,360 Speaker 2: Henry said he's seeing tentative signs of recovery in China. 51 00:02:18,720 --> 00:02:21,760 Speaker 2: The reason for lower dividend is so BHP can invest 52 00:02:21,800 --> 00:02:25,240 Speaker 2: in other commodities, especially copper. In the last couple of years, 53 00:02:25,400 --> 00:02:29,160 Speaker 2: BHP has spent thirteen billion dollars buying copper mines, including 54 00:02:29,160 --> 00:02:32,240 Speaker 2: Oz Minerals, which was listed on the AX. It tried 55 00:02:32,280 --> 00:02:34,760 Speaker 2: to buy Anglo American for seventy five billion dollars, got 56 00:02:34,840 --> 00:02:37,360 Speaker 2: knocked back. Mike Henry yesterday said, probably won't have another 57 00:02:37,400 --> 00:02:40,160 Speaker 2: go at that. Certainly, when you listen to BHP, they 58 00:02:40,200 --> 00:02:43,320 Speaker 2: talk copper and then copper and then copper iron all 59 00:02:43,400 --> 00:02:46,720 Speaker 2: they still sell plenty of it, but copper is the future. 60 00:02:46,919 --> 00:02:50,320 Speaker 2: When I asked about global trade tensions, he really said 61 00:02:50,360 --> 00:02:52,600 Speaker 2: he didn't know where things will land. This is Mike Henry, 62 00:02:52,600 --> 00:02:55,880 Speaker 2: the CEO bhp' share price dropped initially but ended the 63 00:02:55,919 --> 00:02:57,359 Speaker 2: day up slightly under. 64 00:02:57,360 --> 00:03:00,920 Speaker 1: Story number three. Virgin Australia's plans to reassume long haul 65 00:03:01,040 --> 00:03:04,280 Speaker 1: flights using Katar planes has been given the green light 66 00:03:04,360 --> 00:03:05,520 Speaker 1: by the competition watchdog. 67 00:03:05,639 --> 00:03:08,560 Speaker 2: The Australian Competition and Consumer Commission's draft decisions said the 68 00:03:08,600 --> 00:03:10,960 Speaker 2: tie up between the two carriers will be good for travelers. 69 00:03:11,280 --> 00:03:15,280 Speaker 2: Talked about enhanced products and services for air travelers, better 70 00:03:15,400 --> 00:03:19,680 Speaker 2: choice of international flights, better connectivity, convenience, loyalty programs, all 71 00:03:19,720 --> 00:03:21,640 Speaker 2: that sort of stuff. Now, we just need the Foreign 72 00:03:21,680 --> 00:03:24,600 Speaker 2: Investment Review Board to approve Guitar's bid to buy twenty 73 00:03:24,600 --> 00:03:27,680 Speaker 2: five percent of Virgin and hopefully this all comes to 74 00:03:27,840 --> 00:03:32,440 Speaker 2: fruition now. Yesterday, data from the competition watchdog on domestic 75 00:03:32,480 --> 00:03:37,800 Speaker 2: travel was also released. What was really interesting, Rex obviously 76 00:03:37,920 --> 00:03:41,040 Speaker 2: went into voluntary administration. Virgin has picked up most of 77 00:03:41,080 --> 00:03:43,240 Speaker 2: the market share, so in December they had thirty five 78 00:03:43,280 --> 00:03:46,960 Speaker 2: percent market share of the domestic market, ahead of Quantas 79 00:03:47,000 --> 00:03:49,360 Speaker 2: at thirty four point six jets Star at twenty nine percent. 80 00:03:49,480 --> 00:03:53,400 Speaker 1: That's incredible. Story number four of the Times Higher Education 81 00:03:53,640 --> 00:03:56,880 Speaker 1: Reputation rankings, it is among the most recognized. Yes great name, 82 00:03:56,960 --> 00:04:00,880 Speaker 1: isn't it Among the most recognized rankings of golobal universities 83 00:04:00,880 --> 00:04:03,600 Speaker 1: and the latest list here's some good news, includes ten 84 00:04:03,720 --> 00:04:05,920 Speaker 1: Ossie institutions in the top three hundred. 85 00:04:05,840 --> 00:04:09,240 Speaker 2: So at survey's fifty five thousand academic experts. Melbourne UNI, 86 00:04:09,440 --> 00:04:12,480 Speaker 2: amongst the Australians, came in top at forty seven, University 87 00:04:12,520 --> 00:04:15,240 Speaker 2: of Sydney at sixty minus at sixty three. Also in 88 00:04:15,280 --> 00:04:18,599 Speaker 2: that top one hundred University of Queensland, Australian National University, 89 00:04:18,640 --> 00:04:22,159 Speaker 2: and the University of New South Wales. Internationally, Harvard in 90 00:04:22,240 --> 00:04:25,520 Speaker 2: Boston came in at number one, mit in Oxford University 91 00:04:25,520 --> 00:04:28,000 Speaker 2: of Box in the UK they came in equal second. 92 00:04:28,320 --> 00:04:31,120 Speaker 2: Across that three hundred seventy one were in the US, 93 00:04:31,200 --> 00:04:33,400 Speaker 2: thirty nine in the UK. Germany was twenty seven. Then 94 00:04:33,400 --> 00:04:35,760 Speaker 2: there was a gap to a bunch of countries which 95 00:04:35,800 --> 00:04:39,040 Speaker 2: included Australia, which does suggest we're doing pretty well in 96 00:04:39,080 --> 00:04:40,360 Speaker 2: the higher education stakes. 97 00:04:40,520 --> 00:04:42,679 Speaker 1: Last one story number five. This is a cracker middle 98 00:04:42,720 --> 00:04:45,400 Speaker 1: management Sean doesn't have the sex appeal that it used 99 00:04:45,440 --> 00:04:48,160 Speaker 1: to have, according to a new survey, with younger employees, 100 00:04:48,480 --> 00:04:52,120 Speaker 1: especially jen Z, seeing it as a thankless slog while 101 00:04:52,200 --> 00:04:55,080 Speaker 1: Wall Street's most senior banker has let fly at work 102 00:04:55,120 --> 00:04:56,000 Speaker 1: from home. 103 00:04:55,920 --> 00:04:59,360 Speaker 2: Survey first two thousand white collar professionals by recruiter Robert Walters. 104 00:04:59,440 --> 00:05:03,080 Speaker 2: Eight of those with jen z employees. Half of those 105 00:05:03,320 --> 00:05:05,599 Speaker 2: didn't want to be middle managers at all. They said 106 00:05:05,640 --> 00:05:08,880 Speaker 2: high stress, lay reward, long hours, endless fire fighting, tediers, 107 00:05:08,920 --> 00:05:12,640 Speaker 2: personnel management. According to an FT report, if you don't 108 00:05:12,640 --> 00:05:14,200 Speaker 2: have middle managers, I don't know how you gave from 109 00:05:14,240 --> 00:05:18,240 Speaker 2: low management to high management anyway. Even better, Jamie Diamond, 110 00:05:18,240 --> 00:05:21,360 Speaker 2: boss of JP Morgan, he teed off at jen Zetta's 111 00:05:21,480 --> 00:05:24,360 Speaker 2: otherwise known as Zoomers in elite report to The Wall 112 00:05:24,360 --> 00:05:27,479 Speaker 2: Street Journal. He complained of slow decision making, phone calls 113 00:05:27,480 --> 00:05:29,880 Speaker 2: going on and said that young recruits being left behind 114 00:05:30,000 --> 00:05:32,520 Speaker 2: due to work from home. He criticized that zoomers for 115 00:05:32,560 --> 00:05:36,760 Speaker 2: spending all their time on the video app Zoom instead 116 00:05:36,800 --> 00:05:39,960 Speaker 2: of physical officers. And I quote, don't give me this 117 00:05:40,000 --> 00:05:42,600 Speaker 2: shit that work from home Friday's works. I call a 118 00:05:42,640 --> 00:05:44,880 Speaker 2: lot of people on Fridays and there's not a goddamn 119 00:05:44,880 --> 00:05:47,200 Speaker 2: person you can get ahold of. End of quote. 120 00:05:47,279 --> 00:05:48,919 Speaker 1: All right, there we go to the top five business 121 00:05:48,960 --> 00:05:51,520 Speaker 1: stories in five minutes. Thank you, Sean Thank you, Michael. 122 00:05:51,560 --> 00:05:53,880 Speaker 1: It is Wednesday, the nineteenth of February twenty twenty five. 123 00:05:53,920 --> 00:05:56,279 Speaker 1: Remember hit follow on the podcast and if five minutes 124 00:05:56,320 --> 00:05:58,240 Speaker 1: isn't enough, you're going to find our longer daily show 125 00:05:58,279 --> 00:06:00,919 Speaker 1: called Fear and Greed where you listen to podcasts. So 126 00:06:00,960 --> 00:06:03,520 Speaker 1: headlong g Fearangreed dot com dot au to sign up 127 00:06:03,520 --> 00:06:06,080 Speaker 1: for our free weekly newsletter it comes out today. I'm 128 00:06:06,080 --> 00:06:08,240 Speaker 1: Michael Thompson and that was the Fast by Business News 129 00:06:08,240 --> 00:06:12,720 Speaker 1: by Fear and Greed. Have a great day.