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Speaker 1: It's Thursday, the eighth of May 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 in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Sewn.

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Speaker 1: Five stories, five minutes. Let's go a story. Number one.

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Speaker 1: National Australia Bank has announced a one percent jump in

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Speaker 1: half year profit, with the bank showing resilience in the

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Speaker 1: face of very competitive mortgage and lending markets.

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Speaker 2: National Australia Bank announced cash earnings of three point six

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Speaker 2: billion dollars for the six months to the end of March,

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Speaker 2: a little bit than expected, and its share price finished

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Speaker 2: up a couple of percent yesterday. Nabs performance, alongside Westpac's

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Speaker 2: recent slide, means that the Melbourne based bank is once

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Speaker 2: again the country's second largest financial institution, pushing Westpac to

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Speaker 2: number three. NAB's profit margins were touch smaller, and CEO

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Speaker 2: Andrew Irvine said it reflects competition for deposits and mortgages

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Speaker 2: on the economy. Irvine said the heightened global tensions are

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Speaker 2: a risk to the outlook, though the local economy is sound.

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Speaker 2: NABS tipping six interra straight cuts over the next twelve months.

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Speaker 1: That is a lot. That's more than anyone else, really,

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Speaker 1: isn't it pretty much?

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Speaker 2: It certainly Nabs on the more optimistic side of the

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Speaker 2: rate to cut debate. Maybe it's pessimistic. I'm not sure.

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Speaker 2: It would take the cash rate from four point one

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Speaker 2: percent to two point six percent, meaning mortgages would fall

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Speaker 2: sort of four point something five points something. It's on

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Speaker 2: the back of underlying inflation continuing to drop, global headwinds

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Speaker 2: from Donald Trump's tariffs thing. It would be very, very interesting, Michael, all.

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Speaker 1: Right, Moving on to story number two. Now, Sean and

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Speaker 1: counting in the federal election continues with about eighty percent completed. Labour,

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Speaker 1: which obviously has a massive majority, is struggling in three

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Speaker 1: so called safe seats, while the Teal challenge to the

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Speaker 1: Liberals is actually fading somewhat.

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Speaker 2: So depending where you look, the ALP seems to have

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Speaker 2: eighty nine to ninety seats, Coalition forty seats, the Teals

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Speaker 2: about eight seats plus two to others. The Greens are

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Speaker 2: not assured of having any seats. In fact, last night,

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Speaker 2: the media or some media outlets, we're calling that Adam

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Speaker 2: Bandt had lost the seat of Melbourne. Perhaps the most

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Speaker 2: poignant moment yesterday was Peter Dutton landing in Canberra, where

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Speaker 2: he was met by his personal staff. He said he

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Speaker 2: won't comment on who should be the Liberal leader. Instead

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Speaker 2: will maintain a graceful silence. He said he's got plenty

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Speaker 2: of things to do outside of politics. Shifting to the

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Speaker 2: National Party, the other part of the coalition, it pretty

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Speaker 2: much held on to most of its seats. In fact,

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Speaker 2: it didn't do too badly. That hasn't stopped Queensland NAT's

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Speaker 2: MP Colin Boyce calling for party leader David Little Proud

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Speaker 2: to stand down, calling him arrogant when it comes to

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Speaker 2: what happened in the election.

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Speaker 1: Story. Number three Tabcorp has gained regulatory approval to trial

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Speaker 1: live betting on its apps in pubs and clubs, a

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Speaker 1: move that CEO Gillan McGlaughlin says is the future of wagering.

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Speaker 2: So the trial will take place from today in two

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Speaker 2: New South Wales pubs. Punners can use the app to

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Speaker 2: place a bet during an event while in the pub.

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Speaker 2: Until now, betting during live events has been cumbersome. You've

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Speaker 2: actually got to call someone no longer. Only about four

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Speaker 2: percent of tab corps turnover comes from in play betting.

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Speaker 2: In the US it's more than fifty percent. Tab Corp

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Speaker 2: has access to thirty seven hundred pubs in clubs under

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Speaker 2: a retail license agreement. Then New South Wales, Victoria, South Astralia,

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Speaker 2: Queensland and Northern Territory always been sort of as a

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Speaker 2: bit of a millstone. This is a creative way to

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Speaker 2: actually use those licenses to encourage people to live bet.

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Speaker 1: Story number four. This is pretty extraordinary on A law

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Speaker 1: firm has been fined more than fifty thousand dollars for

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Speaker 1: forcing a junior lawyer to work up to twenty four

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Speaker 1: hour days and even watch an ice hockey movie at

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Speaker 1: one am so that you could understand her boss's philosophical position.

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Speaker 2: Melbourne's Magistrate Court ruled law firm Eurodite Legal breached workplace

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Speaker 2: laws through its degregious all nighters seventy nine hour work weeks,

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Speaker 2: forcing a first time lawyer to work two lots of

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Speaker 2: twenty four hours. It actually exacts ad her medical condition now,

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Speaker 2: according to a report in the fin Review Magistrate castroin Force,

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Speaker 2: it found Eurodite required her to work days ranging from

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Speaker 2: twelve to eighteen hours in her first week. She worked

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Speaker 2: one Saturday from twelve pm to twelve pm. The next day.

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Speaker 2: She was then told she'd have to stay in a

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Speaker 2: hotel room where she'd continue working. The following day. She

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Speaker 2: was forced to share a bed with an office manager.

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Speaker 2: While working, The court heard her boss lectured her about classics, history, philosophy,

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Speaker 2: world religion, management style, and his superior like you. After

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Speaker 2: she finished working one fourteen hour Saturday, she was told

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Speaker 2: to watch the two hour film Miracle, in which Kurt

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Speaker 2: Russell plays a coach leading the US Olympic ice hockey

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Speaker 2: team to victory in nineteen eighty or because that was

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Speaker 2: the boss's management style. Unfortunately for her, the junior lawyer

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Speaker 2: of the law firm has been de registered, so she

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Speaker 2: probably won't see any money from the action.

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Speaker 1: Just extraordinary. Last one story number five, India conducted targeted

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Speaker 1: military strikes against pack Kistan, which said it shot down

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Speaker 1: five Indian jets in retaliation. These are tit for tap blows.

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Speaker 1: After a militant attack last month in Kashmir that killed

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Speaker 1: twenty six.

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Speaker 2: People, India yesterday said it had conducted a precise and

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Speaker 2: restrained response that was designed to not escalate the situation.

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Speaker 2: According to Bloomberg, it said that it only targeted known

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Speaker 2: terror camps, hit no Pakistani civilian, economic, or military targets. Now,

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Speaker 2: Pakistan disputes that its defense minutes that said his country's

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Speaker 2: military shot down five Indian jets and took an unknown

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Speaker 2: number of Indian soldiers prisoner. The skirmish isn't really a

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Speaker 2: surprise and lests have been expecting response from India to

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Speaker 2: those killings in Kashmi.

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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 Thursday, the eighth of May twenty twenty five, remembered

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Speaker 1: hit follow on the podcast and if five minutes isn't enough,

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Speaker 1: you can find our longer daily show called Fear and

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Speaker 1: Greed wherever you listen to podcasts. I'm Michael Thompson and

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

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Speaker 1: Have a great day.