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Speaker 1: It's Friday, the twenty third of August twenty twenty four.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed.

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Speaker 1: Whill we give you the top five business stories you

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Speaker 1: need to know when just's five minutes. A'm 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. Later today,

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Speaker 1: Kamala Harris will officially accept the Democratic nomination to run

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Speaker 1: for president against Donald Trump and what's going to be

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Speaker 1: a fight between ideologies and ages, as well as conservatives

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Speaker 1: and liberals.

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Speaker 2: Day four of the convention is underway, and the Democrats

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Speaker 2: have been able to rely on some major star power

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Speaker 2: over the past couple of days, with Oprah Winfrey addressing

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Speaker 2: delegates yesterday in her hometown of Chicago, along with Bill

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Speaker 2: Clinton and Vice presidential nominee Tim Waltz. Earlier in the convention,

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Speaker 2: speakers included Brack and Michelle Obama. I reckon Oprah probably

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Speaker 2: out on all of them yesterday. She really matters because

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Speaker 2: she's a registered independent, so her appeal straddles parties. Bill

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Speaker 2: Clinton he said that KRMLA Harris had the joy to

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Speaker 2: get something done The one person who hasn't yet come

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Speaker 2: out and endorsed Carmla Harris, who the Democrats want more

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Speaker 2: than anyone, is Taylor Swift. She hasn't endorsed Tonald Trump either,

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Speaker 2: but she is the influencer to end all influencers and

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Speaker 2: previously has been successful entering the political fray by encouraging

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Speaker 2: people to vote. The Democrats would love to have her

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Speaker 2: stamp of approval, Sean.

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Speaker 1: So, now the nominees have been endorsed by their parties,

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Speaker 1: what's the election going to be fought over? And does

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Speaker 1: it matter to Australia.

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Speaker 2: Well, Trump's talking about lwering the corporate tax rate while

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Speaker 2: Harris wants to lift it. Trump's also talking about pushing

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Speaker 2: up tariffs across the board. That wouldn't be good for Australia.

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Speaker 2: The Biden administration has been against across the board increases.

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Speaker 2: The general view in financial markets is that Trump would

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Speaker 2: be better for shares. Harris is pushing more government handouts,

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Speaker 2: likely to run a much more sympathetic social policy, including

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Speaker 2: around housing. She wants to supports for education. Trump doesn't.

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Speaker 2: Immigration is a tough issue. Trump continues to take a

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Speaker 2: hard line on that. People like that Trump isn't a

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Speaker 2: fan of organizations like NATO and other alliances Biden's administration is.

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Speaker 2: That's probably a better one for Australia if Harris is there.

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Speaker 2: The current administration has put climate change front and center,

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Speaker 2: whereas Trump wants to relax environmental regulations. Also big differences

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Speaker 2: around abortion and crime.

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Speaker 1: All right, moving on to story number two now Sean

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Speaker 1: and the boss of the ABC has quit the job

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Speaker 1: just fourteen months into his second five year term.

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Speaker 2: David Anderson yesterday email staff said he'd quit as managing

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Speaker 2: director of the National broadcaster and will leave when new

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Speaker 2: management is found. It comes less than six months since

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Speaker 2: former News Corp and Foxtel boss Kim Williams took over

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Speaker 2: from EIE Butto's as the chair of the ABC. In

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Speaker 2: an email, mister Anderson told staff, I'm grateful to Kim

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Speaker 2: Williams and the board for their support and their efforts

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Speaker 2: to persuade me to stay on for my full second term.

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Speaker 2: I'm confident the timing is right for both me and

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Speaker 2: the Abcumber.

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Speaker 1: Three super Retail Group, owner of Rebel Sport and Super

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Speaker 1: teap Auto, posted record sales of three point nine billion

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Speaker 1: dollars last financial year, with the automotive category being the standout.

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Speaker 2: Yeah also BCF and outdoor, where brand Macpack Reporter At

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Speaker 2: improved training but Rebels turnover fell. Earnings fell nine percent

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Speaker 2: last financial year, reflecting higher operating costs, but in that

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Speaker 2: group announced a special dividend. More promising was in the

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Speaker 2: first seven weeks of this financial year all the brands

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Speaker 2: achieved sales growth. Chief executive Anthony Herety said the consumer

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Speaker 2: remains uncertain, but super Retail's proposition, brands and its loyalty

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Speaker 2: base positioned well against the backdrop where shoppers are carefully

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Speaker 2: managing their spending. Super Retails share price for raise more

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Speaker 2: than six percent Yesterday.

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Speaker 1: Story number four. This is a really interesting one shown.

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Speaker 1: Japanese giant Nippon Steele says the Queensland government's coal royalties

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Speaker 1: grab influenced its decision to spend a billion dollars buying

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Speaker 1: a stake in Whitehaven's Blackwater Cocin coal mine, a mid

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Speaker 1: rising concerns over the security of supply.

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Speaker 2: Nipon Steel and Japanese company JF Steel collectively bought thirty

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Speaker 2: percent of Blackwater, giving the owner white Haven Coal one

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Speaker 2: point one billion US dollars. According to a report, in

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Speaker 2: the AFI Now. Nipon Steel doesn't speak publicly very much,

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Speaker 2: but it said the Queensland government's decision to raise coal

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Speaker 2: royalty rates in twenty twenty two would certainly decrease the

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Speaker 2: supply of cocin coal long term by disincentivizing investment in

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Speaker 2: new minds. The steel makers said fears of a future

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Speaker 2: supply shortage had given it a strong sense of urgency

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Speaker 2: to own more of the coal mines that feed its mills.

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Speaker 2: It came as white Haven reported a seventy two percent

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Speaker 2: drop in underlying profit due to lower coal prices. Its

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Speaker 2: share price rose seven percent yesterday on the Nippon deal.

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Speaker 1: Last one shown story number five. Ford Motor is downsizing

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Speaker 1: its electric vehicle plans, canceling a large electric sport utility vehicle,

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Speaker 1: saying it'll take a one point nine billion US dollar

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Speaker 1: hit in writing down the EV business.

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Speaker 2: So dumping plans for a three row EV sports utility vehicle,

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Speaker 2: signing tough pricing pressure as auto makers resort to aggressive

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Speaker 2: discounts to move their evs. Ford instead will offer hybrid

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Speaker 2: gas versions. We're talking things like the Explorer of the Expedition,

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Speaker 2: those types of cars. According to Dow Jones. The company's

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Speaker 2: moves to the latest example of automaker's unwinding EV investment

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Speaker 2: plans that they made years ago. General Motors last month

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Speaker 2: pushed back the timeline on the opening of a suburban

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Speaker 2: Detroit factory. For example. Ford has said it's EV business

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Speaker 2: is on pace to lose about five billion dollars this year.

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Speaker 2: In the three month period ended in June, the auto

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Speaker 2: maker lost about forty four thousand US dollars on every

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Speaker 2: single electric vehicle that it's sold.

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Speaker 1: That is quite extraordinary. There we go the top five

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Speaker 1: business stories in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Friday, the twenty third of August twenty twenty four.

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Speaker 1: Remember to hit follow on the podcast and in five minutes,

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Speaker 1: forget as well to check out our sister podcast, How

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Speaker 1: Do They Afford? That comes out every week. This week's

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Speaker 1: episode is six side hustles you might not have considered.

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Speaker 1: I'll put a link in today's show notes. I'm Michael Thompson,

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Speaker 1: and that was the fast five business news. But Fear

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Speaker 1: and greed, have a great day,