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Speaker 1: It's Friday, the twelfth of July twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fearing Greed. Will

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

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Speaker 1: to know in just five minutes. O'm Michael Thompson. Good morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: Five big stories to get through in five minutes. Let's

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Speaker 1: go story number one. Commonwealth Bank led the Australian share

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Speaker 1: market high yesterday, with the BOSS close to a record

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Speaker 1: on the back of surging equity markets overseas.

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Speaker 2: The Benchmarques and PASX two hundred closed up nearly one

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Speaker 2: percent to eight hundred and ninety points. That is just

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Speaker 2: seven points shy of its all time record in late

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Speaker 2: March this year. The all time high for the BOSS

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Speaker 2: is seven nine one zero point five points that was

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Speaker 2: hit back on to April. Yesterday peaked at just under

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Speaker 2: seventy nine hundred points. Come off banks to standout, It's

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Speaker 2: share price pushed through one hundred and thirty dollars for

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Speaker 2: the first time, hit one hundred and thirty dollars thirty

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Speaker 2: before closing a bit lower. The bank's will now worth

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Speaker 2: two hundred and seventeen billion dollars, just shy of BHP's

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Speaker 2: two hundred and twenty one billion dollars. Plenty of people

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Speaker 2: having a good time yesterday, a bunch of companies hitting

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Speaker 2: multi year highs or record highs that included JB High Fi,

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Speaker 2: the retailer, Bendigo Bank, Online property Group, Aria, Insurance, break

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Speaker 2: A Steadfast software outfit, Technology One, online accounting software company zero.

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Speaker 2: The three other major banks are trading close to multi

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Speaker 2: year highs as well. Now. The strong session reflects the

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Speaker 2: fact that people don't think well. There's an increased confidence

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Speaker 2: that the Reserve Bank won't lift interest rates when it

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Speaker 2: next meets in August.

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Speaker 1: Sean. This isn't just an Australian story, though, is it.

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Speaker 1: It is a global story.

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Speaker 2: That's right, Investors globally have priced in the goldilocks outcome

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Speaker 2: of no recession and easing inflation, according to GFSN market

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Speaker 2: strategist Stephen Miller, but he warns plenty can still go wrong.

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Speaker 2: The moves in the local market yesterday came after the

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Speaker 2: S and P five hundred close above fifty six hundred

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Speaker 2: points for the first time. Apple's wear three point five

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Speaker 2: seven trillion US dollars this month. There's only been twelve

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Speaker 2: days this month, its share prices up ten percent. In

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Speaker 2: those ten days, its value has jumped three hundred and

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Speaker 2: forty billion US dollars, which is actually more than the

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Speaker 2: total value of BHP and CBA combined. Quite incredible. The

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Speaker 2: top six stocks on the US market, which is Apple,

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Speaker 2: Microsoft and Vidia, Alphabet, Amazon, and Meta, they're worth sixteen

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Speaker 2: point two trillion US dollars about twenty four trillion Ossie dollars.

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Speaker 2: Pretty phenomenal.

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Speaker 1: That is staggering. Under story number two Sean, the Competition

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Speaker 1: Watchdog is suing The Good Guys, alleging the retailer made

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Speaker 1: misleading representations about it store credit and store cash promotions.

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Speaker 2: The Australian Competition and Consumer Commission claims that The Good

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Speaker 2: Guys ran one hundred and sixteen promotions between July twenty

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Speaker 2: nineteen and August twenty three in which it oftened consumers

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Speaker 2: a store credit or store cash if they spent a

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Speaker 2: certain amount of money on qualifying products. The watchdog alleges

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Speaker 2: that the Good Guys said that the only requirement to

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Speaker 2: receive the store credit was to make a qualifying purchase.

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Speaker 2: However that wasn't the case. Consumers were also required to

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Speaker 2: opt in to receive marketing communications that actually we'll see

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Speaker 2: also alleges that the good guys represented that store credit

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Speaker 2: or store cash would not expire or would expire after

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Speaker 2: a reasonable period, but in fact, the majority informations it

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Speaker 2: had only lasted about ten days.

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Speaker 1: Story number three, Shawn. The number of millionaires in Australia

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Speaker 1: will jump by at least twenty percent in the next

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Speaker 1: four years thanks to higher home values, superannuation balances, and

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Speaker 1: gifts and inheritance.

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Speaker 2: That's according to the UBS Global Wealth Report. It says

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Speaker 2: Australian's wealth grew by nearly ten percent last year, twice

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Speaker 2: the average rate of the other fifty six countries studied

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Speaker 2: in the report. The median wealth per adult in Australia

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Speaker 2: is almost four hundred thousand dollars. That's sitting only behind Luxembourg.

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Speaker 2: Australia is now home to one point nine million US

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Speaker 2: dollar millionaires. That's actually about one and a half million

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Speaker 2: dollars dollars, but one point nine million US dollar millionaires.

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Speaker 2: Total wealth about eight trillion dollars. That one point nine

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Speaker 2: is expected to go to two point three million by

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Speaker 2: twenty twenty eight. Why well, housing, we know that story superannuation.

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Speaker 2: We know that story, but the intergenerational wealth transfer is

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Speaker 2: particularly interesting, Ubs says. The eldest the baby boomers are

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Speaker 2: dying and the youngest are retiring. The population bowls will

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Speaker 2: lead to great transfer of wealth to children, either through

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Speaker 2: inheritance or the bank of Mum and Dad.

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Speaker 1: This next one's pretty remarkable. Sean story number four. Elon

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Speaker 1: Musk's brain computer startup, Neuralink, aims to implant its device

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Speaker 1: into a second human patient in a week or so

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Speaker 1: and hopes to have devices in patients numbering in the

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Speaker 1: high single digits by the end of the year.

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Speaker 2: In a wide ranging discussion on x, mister Musk and

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Speaker 2: several key Newer Link staffers describe the current devices, capabilities

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Speaker 2: and future possibilities, such as repairing paralysis and memory loss.

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Speaker 2: In fact, mister Musk said that newer Link would give

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Speaker 2: people superpowers in the shorter term. The company aims to

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Speaker 2: help patients with brain injury and spinal injuries by enabling

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Speaker 2: them to control phones and computers with their minds. It

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Speaker 2: does that by implanting to the scullar device that it

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Speaker 2: calls telepathy around disc with electrode threads attached to it

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Speaker 2: that insert into the brain tissue when people think, it responds,

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Speaker 2: and the idea at least is that they'll be able

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Speaker 2: to control phones and computers. Sean.

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Speaker 1: Last one story number five, Samsung is taking on Apple

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Speaker 1: in wearables by launching a smart ring and releasing a

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Speaker 1: new high end watch with a quite a similar look

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Speaker 1: and similar features as the Apple Watch Ultra.

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Speaker 2: And it's unpacked event in Paris. The company said its

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Speaker 2: long anticipated Galaxy Ring will cost four hundred US dollars

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Speaker 2: and monitor aware is fitness and sleep. The ring will

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Speaker 2: have senses for skin temperature, track women's menstrual cycle, and

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Speaker 2: last up to a week on a single charge, according

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Speaker 2: to a report in Bloomberg. Samsung's other major new debut

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Speaker 2: was a Galaxy Watch Ultra, a six hundred and fifty

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Speaker 2: US dollar wearable made of titanium with sleep, apme detection, today,

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Speaker 2: battery life. The Galaxy Ring will be available in nine sizes.

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Speaker 2: Samsung will also have people around helping fit the ring.

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Speaker 2: The company also said the device won't require a subscription,

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Speaker 2: distinguishing it from other new wearables.

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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 Sean, Thank you Michael It

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Speaker 1: is Friday, the twelfth of July twenty twenty four. Remember

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

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Speaker 1: isn't enough. You can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts, and don't

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Speaker 1: forget to check out the new episode of How Do

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Speaker 1: They Afford That? Our sister podcast all about making your

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Speaker 1: money work harder for you. This week we look at

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Speaker 1: a few different options of what to do with your

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Speaker 1: tax cut. I'm Michael Thompson and that was the Fast

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Speaker 1: five Business News by Fear and Greed. Have a great date,