1 00:00:03,840 --> 00:00:07,080 Speaker 1: It's Friday, the second of August twenty twenty four. Welcome 2 00:00:07,080 --> 00:00:09,360 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,400 --> 00:00:11,280 Speaker 1: where we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,920 Speaker 1: need to know when just five minutes. I'm Michael Thompson 5 00:00:14,000 --> 00:00:15,480 Speaker 1: in Good morning, Sean Aylmer. 6 00:00:15,760 --> 00:00:17,280 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,360 --> 00:00:18,600 Speaker 1: Five stories, five minutes. 8 00:00:18,680 --> 00:00:19,040 Speaker 2: Let's go. 9 00:00:19,120 --> 00:00:21,440 Speaker 1: Story number one's a big one. The local share market 10 00:00:21,600 --> 00:00:24,840 Speaker 1: hit a new record high yesterday as the US Central 11 00:00:24,880 --> 00:00:27,600 Speaker 1: Bank confirmed a rate cut is on the way and 12 00:00:27,720 --> 00:00:30,480 Speaker 1: odds for a reduction in local rates by the end 13 00:00:30,520 --> 00:00:31,400 Speaker 1: of the year shortened. 14 00:00:31,840 --> 00:00:34,400 Speaker 2: There's plenty of excitement in the market at the moment. Yesterday, 15 00:00:34,400 --> 00:00:36,920 Speaker 2: the SMPA six two hundred pushed through eighty one hundred 16 00:00:36,960 --> 00:00:39,200 Speaker 2: points for the first time, hit as much as eighty 17 00:00:39,200 --> 00:00:42,120 Speaker 2: one forty five points before finishing at eighty one fifteen. 18 00:00:42,440 --> 00:00:45,320 Speaker 2: It follows the inflation that data on Wednesday that showed 19 00:00:45,400 --> 00:00:48,280 Speaker 2: underlying inflation that's the one that the Reserve Bank likes, 20 00:00:48,640 --> 00:00:51,120 Speaker 2: shows that that is slowing. That trigger to rethink of 21 00:00:51,120 --> 00:00:53,599 Speaker 2: what's next for interest rates locally. Those that thought there 22 00:00:53,640 --> 00:00:56,080 Speaker 2: was another hike in the offering have backtracked. Some other 23 00:00:56,160 --> 00:00:59,600 Speaker 2: high profile economists, notably from Commwealth Bank and Westpac reckon 24 00:00:59,640 --> 00:01:02,400 Speaker 2: the first cut might actually occur this year. In fact, 25 00:01:02,400 --> 00:01:05,399 Speaker 2: bond markets are now priced in a cut by February 26 00:01:05,440 --> 00:01:08,280 Speaker 2: next year. Meanwhile, the Federal Reserves said it could start 27 00:01:08,319 --> 00:01:12,319 Speaker 2: lowering interest rates as soon as September. Very exciting. There 28 00:01:12,440 --> 00:01:14,520 Speaker 2: we are on the way to lower rates, Michael. 29 00:01:15,120 --> 00:01:16,959 Speaker 1: Yeah, so a rate cut in the US and here 30 00:01:17,000 --> 00:01:20,280 Speaker 1: should help corporate earnings. Hence the rally beyond markets that 31 00:01:20,360 --> 00:01:23,240 Speaker 1: no doubt has some political implications as well. 32 00:01:23,880 --> 00:01:26,840 Speaker 2: Yes, definitely. I guarantee that Prime Minister Anthony Abernezi is 33 00:01:26,840 --> 00:01:29,920 Speaker 2: hoping for a rate cut ahead of announcing any federal poll, 34 00:01:29,959 --> 00:01:31,920 Speaker 2: which must be held by May next year. The cost 35 00:01:31,920 --> 00:01:34,920 Speaker 2: of living crisis is hurting every day Australians. It's also 36 00:01:35,000 --> 00:01:37,520 Speaker 2: hurting voters view of the government. So a rate cut 37 00:01:37,560 --> 00:01:39,960 Speaker 2: would be welcomed by labor. Same deal in the US, 38 00:01:40,080 --> 00:01:41,880 Speaker 2: no doubt. Carmala Harris would love a rate cut in 39 00:01:41,920 --> 00:01:46,120 Speaker 2: the world's biggest economy before November. The thing is, a 40 00:01:46,200 --> 00:01:49,560 Speaker 2: rate cut doesn't necessarily mean that the market will keep rising. 41 00:01:50,120 --> 00:01:52,640 Speaker 2: What we've seen previously when there's been a bunch of 42 00:01:52,800 --> 00:01:55,400 Speaker 2: rate cuts is that share markets ten to four. That's 43 00:01:55,440 --> 00:01:58,960 Speaker 2: often because economies are slowing sharply. That's bad for earnings. 44 00:01:59,080 --> 00:02:01,640 Speaker 2: Also at the moment of geopolitical risk around a place, 45 00:02:01,720 --> 00:02:04,880 Speaker 2: especially in the Middle East, growing skepticism about short term 46 00:02:04,880 --> 00:02:08,720 Speaker 2: returns from artificial intelligence and already highly valued markets. 47 00:02:09,280 --> 00:02:11,200 Speaker 1: All right, moving on to story number two. Now Sewan, 48 00:02:11,400 --> 00:02:15,240 Speaker 1: only five out of nineteen closing the gap targets are 49 00:02:15,280 --> 00:02:19,079 Speaker 1: on track, according to the Productivity Commission, prompting Prime Minister 50 00:02:19,160 --> 00:02:24,280 Speaker 1: Anthony Alberesi to say generational inequality for Indigenous Australians won't 51 00:02:24,320 --> 00:02:25,440 Speaker 1: be solved overnight. 52 00:02:26,040 --> 00:02:28,680 Speaker 2: Mister Albinesi said the government was still committed to closing 53 00:02:28,720 --> 00:02:32,120 Speaker 2: the gap targets, but change wouldn't be immediate. Advocates say 54 00:02:32,160 --> 00:02:36,320 Speaker 2: Indigenous Australians somewhere between disappointed and frustrated at the lack 55 00:02:36,360 --> 00:02:39,320 Speaker 2: of what's going on now. The Productivity Commission's annual data 56 00:02:39,400 --> 00:02:43,960 Speaker 2: Compilation report, released yesterday's shows efforts to reduce rates of incarceration, 57 00:02:44,200 --> 00:02:47,160 Speaker 2: out of home care and suicide are not on track 58 00:02:47,440 --> 00:02:51,480 Speaker 2: to hit targets. The most recent data shows suicide is 59 00:02:51,520 --> 00:02:54,400 Speaker 2: the leading cause of death for Aboriginal and Torrestraate Island. 60 00:02:54,400 --> 00:02:57,919 Speaker 2: The people aged between fifteen and thirty nine years as well. 61 00:02:57,960 --> 00:03:00,880 Speaker 2: The Commission oted the life expectancy of averagegal and torrestrated 62 00:03:00,919 --> 00:03:04,080 Speaker 2: Islanders about ten years less for men and the same 63 00:03:04,120 --> 00:03:08,320 Speaker 2: amount for women. However, targets for healthy birth weights, preschool 64 00:03:08,400 --> 00:03:12,000 Speaker 2: enrollments and Indigenous employment are heading towards fulfillment by twenty 65 00:03:12,040 --> 00:03:14,079 Speaker 2: thirty one. 66 00:03:13,240 --> 00:03:17,160 Speaker 1: Sewan storing. Number three Federal Treasurer Jim Chalmers has hinted 67 00:03:17,200 --> 00:03:21,200 Speaker 1: that the government is at least considering injecting equity into 68 00:03:21,200 --> 00:03:22,760 Speaker 1: the failed REX airline. 69 00:03:23,160 --> 00:03:26,799 Speaker 2: Essentially, Doctor Chalmers wouldn't rule out intervening in REX Regional 70 00:03:26,840 --> 00:03:29,840 Speaker 2: Express after it went into administration on Tuesday night. When 71 00:03:29,880 --> 00:03:32,639 Speaker 2: asked in ABC's Radio National whether the government would take 72 00:03:32,639 --> 00:03:36,920 Speaker 2: an equity stake in the embattled regional airline, Doctor Chalmers 73 00:03:37,080 --> 00:03:39,640 Speaker 2: said the government was having serious conversations about all of 74 00:03:39,680 --> 00:03:42,160 Speaker 2: our options. Later in the day, the Prime Minister Anthony 75 00:03:42,160 --> 00:03:44,760 Speaker 2: Alberanezi suggested a reason for Rex's failure was due to 76 00:03:44,800 --> 00:03:47,440 Speaker 2: its attempt to break into the competitive Sydney Melbourne route. 77 00:03:47,480 --> 00:03:50,280 Speaker 2: It also emerged that REX had asked e why the 78 00:03:50,320 --> 00:03:53,440 Speaker 2: financial services firm to conduct a review of its strategy 79 00:03:53,520 --> 00:03:54,480 Speaker 2: a couple of months ago. 80 00:03:54,880 --> 00:03:58,040 Speaker 1: Story number four Weight loss drug supplies in Australia are 81 00:03:58,040 --> 00:04:01,680 Speaker 1: set to improve dramatically as the company behind a zempic 82 00:04:01,920 --> 00:04:05,120 Speaker 1: prepares to provide its version of the medication that's specifically 83 00:04:05,200 --> 00:04:08,480 Speaker 1: designed for patients seeking to shed kilograms. 84 00:04:09,120 --> 00:04:12,160 Speaker 2: Drug maker Novo nor Disk's decision to finally launch its 85 00:04:12,200 --> 00:04:16,839 Speaker 2: powerfulgovy medication in Australia resolves the prospect of supply shortages 86 00:04:16,960 --> 00:04:20,960 Speaker 2: in October, when chemists made versions of ozepik were scheduled 87 00:04:21,000 --> 00:04:23,400 Speaker 2: to be banned. Until now, Australians have only been able 88 00:04:23,440 --> 00:04:27,400 Speaker 2: to buy limited supplies of ozepik, which is officially licensed 89 00:04:27,440 --> 00:04:30,120 Speaker 2: as a diabetes treatment, not a weight loss treatment. The 90 00:04:30,200 --> 00:04:32,440 Speaker 2: fin Review is saying that Nava nor Disk is planning 91 00:04:32,440 --> 00:04:35,320 Speaker 2: to begin offering its weight loss drug Wegovi in Australia 92 00:04:35,360 --> 00:04:38,200 Speaker 2: this month. Patients will need a prescription from their doctor 93 00:04:38,240 --> 00:04:41,479 Speaker 2: and the drug won't beyond the subsidized Pharmaceutical Benefit scheme. 94 00:04:41,560 --> 00:04:44,080 Speaker 2: Not sure how much it's going to cost. Wegovy comes 95 00:04:44,120 --> 00:04:46,360 Speaker 2: in higher doses than a zepic that makes it more 96 00:04:46,360 --> 00:04:49,039 Speaker 2: effective for weight loss. It's been approved by the Therapeutic 97 00:04:49,040 --> 00:04:51,960 Speaker 2: Goods Administration since twenty twenty two, but never available. 98 00:04:52,400 --> 00:04:55,040 Speaker 1: Last one sean story number five very serious one to 99 00:04:55,040 --> 00:04:58,120 Speaker 1: finish on. The alleged mastermind of the September eleven, two 100 00:04:58,120 --> 00:05:01,000 Speaker 1: thousand and one attacks on the US will be spared 101 00:05:01,040 --> 00:05:03,440 Speaker 1: the death penalty as part of a play agreement that 102 00:05:03,480 --> 00:05:06,720 Speaker 1: aims to end years of legal wrangling over his treatment 103 00:05:06,760 --> 00:05:11,120 Speaker 1: by the CIA and interrogation under torture in Guantanamo Bay. 104 00:05:11,640 --> 00:05:14,479 Speaker 2: Fifty nine year old khla Sheik Muhammad, who is accused 105 00:05:14,480 --> 00:05:17,320 Speaker 2: of plotting with the late Al Khayed have founder Osama 106 00:05:17,400 --> 00:05:19,520 Speaker 2: bin Laden to hijack planes and fly them into the 107 00:05:19,520 --> 00:05:22,320 Speaker 2: World Trade Center in Pentagon, will now receive a minimum 108 00:05:22,360 --> 00:05:25,440 Speaker 2: sentence of two nine hundred and seventy six years in 109 00:05:25,480 --> 00:05:29,520 Speaker 2: a military tribunal. According to the Financial Times, The Pedagon, 110 00:05:29,560 --> 00:05:32,080 Speaker 2: which announced plea deal, said it had also reached agreements 111 00:05:32,120 --> 00:05:35,400 Speaker 2: with two other defendants who were first charged alongside Muhammed 112 00:05:35,640 --> 00:05:38,880 Speaker 2: sixteen years ago. Exact terms aren't known, but the trio 113 00:05:38,960 --> 00:05:41,320 Speaker 2: are expected to plead guilty in a void a full trial. 114 00:05:41,520 --> 00:05:43,839 Speaker 2: Muhammad was captured in two thousand and three in Pakistan, 115 00:05:43,920 --> 00:05:47,440 Speaker 2: held in CIA prisons before being sent to Guantanamo Bay. 116 00:05:47,720 --> 00:05:50,479 Speaker 2: The agency has since been found to have subjected him 117 00:05:50,760 --> 00:05:53,279 Speaker 2: to water boarding, a form of torture. At least one 118 00:05:53,320 --> 00:05:54,640 Speaker 2: hundred and eighty three times. 119 00:05:54,800 --> 00:05:56,480 Speaker 1: All right, there we go to the top five business 120 00:05:56,480 --> 00:05:59,280 Speaker 1: stories in five minutes. Thank you Sean, Thank you Michael. 121 00:05:59,520 --> 00:06:02,080 Speaker 1: It's fry Day, the second of August twenty twenty four. 122 00:06:02,160 --> 00:06:04,159 Speaker 1: Remember to hit follow on the podcast and in five 123 00:06:04,160 --> 00:06:06,480 Speaker 1: minutes sasn't enough. You can find our longer daily show 124 00:06:06,560 --> 00:06:09,080 Speaker 1: called Fear and Greed wherever you listen to podcasts, or 125 00:06:09,120 --> 00:06:11,880 Speaker 1: at Fearangreed dot com dot au, which is also where 126 00:06:11,880 --> 00:06:14,599 Speaker 1: you can sign up for our free weekly newsletter. I'm 127 00:06:14,600 --> 00:06:16,880 Speaker 1: Michael Thompson and that was the past five business news 128 00:06:16,960 --> 00:06:18,800 Speaker 1: by Fear and Greed. Have a great day.