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Speaker 1: It's Wednesday, at the twenty third of July twenty twenty five.

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

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

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmak.

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Speaker 2: Good morning, Michael Big.

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Speaker 1: Twenty four hours Sean, let's go story number one. Twenty

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Speaker 1: four hours after Insignia Financial told shareholders there was no

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Speaker 1: guarantee that CC Capital's three point three billion dollar bid

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Speaker 1: for the company would go ahead. Well it went ahead,

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Speaker 1: and yesterday Insignia said it had entered into a deal

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Speaker 1: under which CC would acquire the group for four dollars

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Speaker 1: eighty a share.

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Speaker 2: There's a bid in this yes, and the announcement on

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Speaker 2: Monday sent Insignia's share price down six percent, So no

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Speaker 2: doubt there'll be a few angry investors who sold out

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Speaker 2: on the back of that one. The bit of price

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Speaker 2: from yesterday is more than fifty percent higher than December

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Speaker 2: last year, which was before a number of companies showed

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Speaker 2: interest in Insignia. It's a storied company in Australia, founded

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Speaker 2: in eighteen forty six as the Independent Order of Odd Fellows,

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Speaker 2: previously known as IF. That's probably what most people know

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Speaker 2: it as very large financial advice company in Australia as

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Speaker 2: well as superation, superannuation and wealth management in the financial

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Speaker 2: advisory world. It's a big deal. Three hundred and thirty

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Speaker 2: billion dollars in funds under management and administration. The Insignia

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Speaker 2: Board has unanimously recommended the scheme. Still needs to get

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Speaker 2: to some regulatory and shareholder approvals.

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Speaker 1: There's been quite a few deals in recent Montagnet they're

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Speaker 1: kind of reversing some of the sluggishness of the past

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Speaker 1: few years.

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Speaker 2: Yeah, So the big one is Santos, a Middle Eastern

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Speaker 2: consortium has made a thirty six point four billion dollar bid.

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Speaker 2: That group, led by the Abu Dhabi National Oil Co,

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Speaker 2: is in the middle of due diligence. Who are waiting

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Speaker 2: on that one. Bunch In the resources sector, particularly around gold,

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Speaker 2: Soul Pats is bidding for brick works and a two

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Speaker 2: and a half billion dollar merger. US property group co

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Speaker 2: sign is still to finalize its purchase of domain. It'll

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Speaker 2: get there. Yesterday Actually, dollar Rama acquired the reject Shop,

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Speaker 2: so plenty going on.

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Speaker 1: Michael, Yeah, that certainly is okay. Moving on to story

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Speaker 1: number two. Now, Sean and the Reserve Bank opted to

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Speaker 1: keep interest rates on hold two weeks ago because of

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Speaker 1: signs of inflation in monthly data, a resilient jobs market,

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Speaker 1: and a slight pickup in spending.

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Speaker 2: The indust rate decision after the last board meeting shocked

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Speaker 2: most people. The good news is that rates will fall

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Speaker 2: on The Board believes current settings are mildly restrictive. In fact,

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Speaker 2: the minutes say I quote, all members agreed that, based

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Speaker 2: on the information currently available, the outlook was for underlying

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Speaker 2: inflation to decline further in the year ended terms, warranting

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Speaker 2: some additional reduction in interest rates over time. The Bank

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Speaker 2: said the global uncertainty weight on its thinking, and the

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Speaker 2: Board judged it could afford to wait for a quarterly

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Speaker 2: inflation report, unemployment figures, and evidence as to the direction

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Speaker 2: of global economy.

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Speaker 1: Story number three. Federal Parliament kicked off yesterday, starting with

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Speaker 1: a church service attended by Prime Minister Anthony Albernezi and

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Speaker 1: Opposition leader Susan Lee. There was a welcome to country.

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Speaker 1: Then Lower House MPs were sworn in by High Court

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Speaker 1: Justice Michelle Gordon and then sewn the forty eighth Parliament

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Speaker 1: was declared open.

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Speaker 2: And so it began very much a day of Sarah only.

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Speaker 2: Governor General Sam Moston said productivity boosting infrastructure projects will

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Speaker 2: be a priority for the federal government, particularly those that

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Speaker 2: focus on decarbonization. Labour Member for Oxley and former House

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Speaker 2: Speaker Milton Dick has returned as Speaker. In a nice

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Speaker 2: bit of bipartisanship. The seconder of the motion was the

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Speaker 2: Nationals Michael McCormack. Green's leader Larissa Waters said that she's

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Speaker 2: excited about the party's opportunities in this parliament given they'll

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Speaker 2: hold the balance of power in the Senate. But really

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Speaker 2: today the battle kicks off.

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Speaker 1: Indeed, staring up before Chinese car brands how about this

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Speaker 1: are set to comprise almost half of new vehicles sold

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Speaker 1: in Australia within a decade, which would be the biggest

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Speaker 1: shakeup in the sector since Japanese manufacturers overtook Holden as

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Speaker 1: the country's most popular cars.

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Speaker 2: By twenty thirty five, forty three percent of cars imported

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Speaker 2: in the country will come from China, according to the

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Speaker 2: Center for International Economics, they currently make up about seventeen

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Speaker 2: percent of sales. This is all in report in the

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Speaker 2: fin review ten years ago, no cars were inputed from China.

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Speaker 2: I think they'll get to forty three percent in ten

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Speaker 2: years time. Pretty amazing. Japan it's at thirty two percent today,

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Speaker 2: forecast to fall to twenty two percent. Importantly, Chinese carmakers

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Speaker 2: that are at the forefront of the shift towards electric vehicles,

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Speaker 2: led by manufacturers like byd Geely Cherry. Chinese car makers

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Speaker 2: are expanding pretty aggressively really, not only in Australia, Europe

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Speaker 2: US as well. In fact, at least twenty three Chinese

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Speaker 2: brands that are already for sale in Australia all have

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Speaker 2: confirmed launch plans.

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Speaker 1: Last one story number five. Donald Trump's presidency SEAN is

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Speaker 1: six months old, and voter's opinion of him is sliding,

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Speaker 1: it seems, with an average of polls tracked by The

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Speaker 1: New York Times showing his approval rating has gone from

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Speaker 1: fifty two percent at the time of his inauguration in

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Speaker 1: January to forty four percent today.

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Speaker 2: In July twenty CBSU gave poll, for example, had Trump's

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Speaker 2: approval rating at forty two percent, down from forty five

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Speaker 2: in June forty seven. In April, Trump celebrated his six

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Speaker 2: months in office over the weekend, posting clips of people

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Speaker 2: praising him in a sort of odds loow motion video

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Speaker 2: montage of him. His critics are gaining momentum, though on

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Speaker 2: the back of the Jeffrey Epstein saga. Now he's base.

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Speaker 2: The magers want him to release more information about the

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Speaker 2: disgraced financier. Trump's a great distractor, trying to get people

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Speaker 2: to think about things away from the main game. With

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Speaker 2: the Epstein saga gaining momentum, he pushed out what appears

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Speaker 2: to be an artificial intelligence produced video of Barack Obama

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Speaker 2: being arrested by by agents in the Oval Office in

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Speaker 2: twenty sixteen. As he Trump his successor grins. He also

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Speaker 2: called on professional baseball and football teams to revert to

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Speaker 2: their previous nicknames, which are generally now considered racial slurs.

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Speaker 2: For example, the Washington Commanders building a new stadium, Trump said,

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Speaker 2: we won't give you money for that unless you go

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Speaker 2: back to being the Washington Redskins. Anyway, he's certainly trying

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Speaker 2: to distract from the Jeffrey Epstein affair.

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Speaker 1: Okay, there we go, the top five business stories in

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Speaker 1: five minutes. Thank you very much, Sean, Thank you Michael.

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Speaker 1: It is Wednesday, the twenty third of July twenty twenty five.

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Speaker 1: Remember to hit follow on the podcast and 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 Beer and Greed. Had a great day, m