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Speaker 1: It's Thursday, the twelfth of June 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 when 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.

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Speaker 1: Sean Five stories five minutes. Let's go with story number one.

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Speaker 1: Quantus is closing its Asia subsidiary, Virgin is rushing to

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Speaker 1: list in less than a fortnight, and a potential buyer

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Speaker 1: of the failed Rex airline is promising to keep planes

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Speaker 1: in the air on regional routes. It has been a

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Speaker 1: massive twenty four hours in the airline industry.

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Speaker 2: Sure has starting with Quantus, the national carrier will close

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Speaker 2: down jet Stars Singapore based Intra Asia subsidiary Jetstar Asia,

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Speaker 2: ending a fairly consistent drain on the parent company's profit.

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Speaker 2: It won't affect Jetstar International's operations or Jetstar Japan Quanta see.

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Speaker 2: Vanessa Hudson says rising supply costs, higher airport and security fees,

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Speaker 2: and intense competition have made life much harder in the

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Speaker 2: past few years. In fact, twenty years of operations, jets

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Speaker 2: Star Asia has lost money fourteen. In fourteen of those years,

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Speaker 2: the group's got thirteen planes, some of which will find

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Speaker 2: their way into Quantus's broader fleet moving on to Regional

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Speaker 2: Express or A REX, a potential buyer and Ascence infrastructure.

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Speaker 2: According to the finn review says if its bid for

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Speaker 2: RECKS is successful, it will repay the federal governments one

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Speaker 2: hundred and thirty million dollars it invested, and other creditors

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Speaker 2: will become shareholders. Mind you, REX watchers say the bid

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Speaker 2: is a long way from being accepted. REX collapsed eleven

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Speaker 2: months ago and Virgin full thritle I like that listing

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Speaker 2: on Tuesday twenty four June less than two weeks Michael.

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Speaker 2: Assuming its successful current owners, Vain will end up with

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Speaker 2: forty percent Katar twenty five percent. Its proposed share price

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Speaker 2: of two dollars ninety when it hits the BOSS is

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Speaker 2: actually much cheaper than Quantus.

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Speaker 1: Just before we leave aviation altogether, Sean Prime Minister Anthony

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Speaker 1: Albernezi yesterday unveiled Western Sydney International Airport's terminal precinct, only

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Speaker 1: the second to be built in the past fifty years.

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Speaker 2: Second behind to Woomba, Chief executive of Western Sydney. Simon

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Speaker 2: Hickey were singing its praises, saying the bad system is

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Speaker 2: more like an Amazon sortation system. Sortation, there's a word

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Speaker 2: for him. The airport will also be able to use

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Speaker 2: biometrics like facial recognition to speed up immigration processes. Western

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Speaker 2: Sydney has been built to accommodate ten million passengers per year.

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Speaker 2: Initially that's about Adelaide Airport, Eventually eighty million, which is

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Speaker 2: about JFKA and New York and other good news for

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Speaker 2: the airport in New Zealand has done a deal to

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Speaker 2: use Western Sydney International from mid twenty twenty seven, joining Quantas,

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Speaker 2: Jetstar and Singapore Airlines.

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Speaker 1: On destory number two now. The local share market hit

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Speaker 1: a new record high yesterday as talks between China and

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Speaker 1: the US progressed, providing a bit of confidence to investors.

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Speaker 2: S and PASX two hundred hit a new intra day high.

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Speaker 2: That's an all time high of eighty six hundred and

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Speaker 2: thirty nine point one points. By the close, the market

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Speaker 2: had dropped back, finished up just five points, a bit

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Speaker 2: of a disappointing end really. For the past month, it's

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Speaker 2: up four percent, more than five percent, and twenty twenty

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Speaker 2: five eleven percent in the past twelve months. The impetus

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Speaker 2: yesterday was encouraging news from London, where the US and

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Speaker 2: Chinese officials are talking a trade. True, let's hope so.

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Speaker 2: Best of the top two hundred yesterday, the real estate

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Speaker 2: and energy companies worst, probably the tech stocks.

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Speaker 1: Story number three, Buy now, pay later group Zipco is

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Speaker 1: on a tear right now, jumping sixteen percent yesterday after

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Speaker 1: upgrading its trading performance, saying growth in the US is

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Speaker 1: up forty percent.

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Speaker 2: It's been an amazing stock to watch. In early twenty

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Speaker 2: twenty one, Zipco was worth twelve bucks a share, got

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Speaker 2: to twenty six cents in late twenty twenty three, back

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Speaker 2: to three forty two late last year, and fell by

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Speaker 2: sixty percent. Now up thirty six percent in the past

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Speaker 2: few days, including sixteen percent yesterday. That's either a roller

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Speaker 2: coaster road or buying opportunity or good way to lose money,

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Speaker 2: something like that. Yesterday, zip said the US operations were

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Speaker 2: performing better than forecasts. Importantly, credit losses aren't rising.

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Speaker 1: Story number four. There's plenty going on at the ABC

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Speaker 1: right now, including job cuts and the acting of one

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Speaker 1: of its highest profile programs.

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Speaker 2: After five hundred episodes. Q and A is going to

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Speaker 2: be cut. It went on break in May and just

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Speaker 2: won't come back. The ABC says it needs to keep

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Speaker 2: innovating and renewing and in the two decads since Q

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Speaker 2: and A began, the world has changed. Also yesterday afternoon,

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Speaker 2: staff were being called into meetings to discuss a restructure

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Speaker 2: of the organization, the first under new CEO Hugh Marx.

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Speaker 2: People expect there to be job losses involved in that.

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Speaker 1: Okay, last one story number five Sean. Nintendo sold three

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Speaker 1: point five million plus units of the Switch Too in

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Speaker 1: just four days, a record breaking staff for the company's

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Speaker 1: first new console in eight years. I'm very excited about this,

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Speaker 1: you are.

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Speaker 2: The numbers bode well for its target to sell fifteen

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Speaker 2: million units by March next year. They also reinforced analyst

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Speaker 2: projections that Nintendo may be able to sell far more

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Speaker 2: if it can keep up its supply. Games from Toake

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Speaker 2: Out to San Francisco lineup for hours last week to

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Speaker 2: get the hands on one of the most highly anticipated

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Speaker 2: gadgets of the year. According to Bloomberg, it's the long

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Speaker 2: awaited Switch to succeeds a global hit in the original Switch,

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Speaker 2: which pioneered a hybrid design that allows play both at

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Speaker 2: home on a TV and on the move. You never

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Speaker 2: have to put it down.

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Speaker 1: Michael went into JB Hi Fi on the weekend, Sean

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Speaker 1: switched to sold out. Really wow, Okay, there we go.

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Speaker 1: Five stories in five minutes.

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Speaker 2: Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It is Thursday, the twelfth of June twenty twenty five,

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Speaker 1: remembered hit follow on the podcast and if five minutes

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Speaker 1: isn't enough, you're going to find our longer daily show

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Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm

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Speaker 1: Michael Thompson and that was the Fast five Business News

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Speaker 1: by Fear and Greed. Have a great date.