1 00:00:03,840 --> 00:00:07,280 Speaker 1: It's Tuesday, the second of September twenty twenty five. Welcome 2 00:00:07,320 --> 00:00:09,639 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,680 --> 00:00:11,480 Speaker 1: where we give you the top five business stories you 4 00:00:11,560 --> 00:00:13,960 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,960 --> 00:00:17,520 Speaker 1: and Good Morning, Natalie McDonald. Good morning Michael, Natalie. Five 6 00:00:17,720 --> 00:00:19,880 Speaker 1: big stories to get through in five minutes. Let's go 7 00:00:20,079 --> 00:00:24,080 Speaker 1: with story number one. Local gold stocks have soared as 8 00:00:24,120 --> 00:00:27,480 Speaker 1: investors flood into the precious metal amid concerns over the 9 00:00:27,680 --> 00:00:30,360 Speaker 1: FED in the US, the Central Bank, the fed's independence, 10 00:00:30,480 --> 00:00:34,960 Speaker 1: and potential policy shifts from the US President. Now, keep 11 00:00:34,960 --> 00:00:37,200 Speaker 1: in mind this is a long weekend in the US. 12 00:00:37,320 --> 00:00:40,000 Speaker 1: Wall Street is closed for the Labor Day holiday, But 13 00:00:40,080 --> 00:00:42,360 Speaker 1: even so the President has managed to stir things up. 14 00:00:42,720 --> 00:00:46,680 Speaker 2: Taking to his true social network, Trump said, prices are 15 00:00:47,120 --> 00:00:49,760 Speaker 2: this is in capslock way down in the USA, with 16 00:00:49,840 --> 00:00:53,720 Speaker 2: virtually no inflation, with the exception of ridiculous, corrupt, politician 17 00:00:53,760 --> 00:00:56,600 Speaker 2: approved windmills which are killing every station in country that 18 00:00:56,720 --> 00:01:00,400 Speaker 2: uses them. Energy prices are falling big time. Gas is 19 00:01:00,400 --> 00:01:03,720 Speaker 2: at many year lows. All of this despite magnificent tariffs 20 00:01:03,720 --> 00:01:06,080 Speaker 2: which are bringing in trillions of dollars from countries that 21 00:01:06,120 --> 00:01:09,279 Speaker 2: took total advantage of US for decades and are making 22 00:01:09,360 --> 00:01:13,000 Speaker 2: America strong and respected again. Also in capslock, I should 23 00:01:13,000 --> 00:01:16,280 Speaker 2: add this seemed to rattle investors and plenty of money 24 00:01:16,319 --> 00:01:18,520 Speaker 2: went looking for a safe haven and they found it 25 00:01:18,560 --> 00:01:21,559 Speaker 2: as they often do in gold. The comments sending gold 26 00:01:21,600 --> 00:01:24,640 Speaker 2: to Hovard just below three thy five hundred US dollars 27 00:01:24,680 --> 00:01:27,720 Speaker 2: an ounce that's near April's record. We also saw it 28 00:01:27,760 --> 00:01:30,160 Speaker 2: flowing through to the local market then as well, with 29 00:01:30,280 --> 00:01:32,000 Speaker 2: Gold company's share price rising. 30 00:01:32,240 --> 00:01:35,120 Speaker 1: And just to add to some of the geopolitical complexities 31 00:01:35,160 --> 00:01:38,800 Speaker 1: and uncertainty at the moment, God Australia's former finance minister 32 00:01:38,959 --> 00:01:41,319 Speaker 1: and now the boss of the OACD so in a 33 00:01:41,360 --> 00:01:45,560 Speaker 1: significant position globally, Mattias Corman. He's taken the aim at 34 00:01:45,640 --> 00:01:50,120 Speaker 1: China's industrial subsidies and he's given Donald Trump's trade antiques 35 00:01:50,640 --> 00:01:51,360 Speaker 1: side eye. 36 00:01:51,640 --> 00:01:55,200 Speaker 2: Speaking in Melbourne, he warned that global trade trust is slipping, 37 00:01:55,320 --> 00:01:59,240 Speaker 2: with Chinese firms grabbing market share and steel, solar, semiconductors 38 00:01:59,240 --> 00:02:03,320 Speaker 2: and more the expense of Australian businesses. He also implied 39 00:02:03,320 --> 00:02:06,400 Speaker 2: a rebuke of Donald Trump's tariffs, warning that global trade 40 00:02:06,400 --> 00:02:09,040 Speaker 2: faces lost trust and unfair practices. 41 00:02:09,480 --> 00:02:11,760 Speaker 1: Okay, moving on to story number two, now and A 42 00:02:11,919 --> 00:02:15,800 Speaker 1: and Z will cut thousands of jobs as new chief 43 00:02:15,800 --> 00:02:20,840 Speaker 1: executive new Nomatos accelerates a radical restructure aimed at simplifying 44 00:02:20,919 --> 00:02:24,480 Speaker 1: operations and removing duplication. According to the Financial. 45 00:02:24,120 --> 00:02:27,560 Speaker 2: Review, the move follows last week's shock redundancies, when senior 46 00:02:27,600 --> 00:02:32,160 Speaker 2: managers received automated emails directing them to return laptops, alongside 47 00:02:32,240 --> 00:02:35,360 Speaker 2: warnings that failing to attend the office could reduce bonuses. 48 00:02:35,440 --> 00:02:38,000 Speaker 2: So they say, buses come in threes, and this is 49 00:02:38,000 --> 00:02:40,360 Speaker 2: looking like the third one. While the total number of 50 00:02:40,400 --> 00:02:43,160 Speaker 2: cuts has not been finalized, the bank is reviewing its 51 00:02:43,200 --> 00:02:46,359 Speaker 2: retail division, with more changes possible ahead of an October 52 00:02:46,400 --> 00:02:50,160 Speaker 2: strategy update, and aan ZED spokesperson said the changes would 53 00:02:50,200 --> 00:02:54,440 Speaker 2: reduce complexity, improve efficiency and strength and risk management while 54 00:02:54,440 --> 00:02:55,760 Speaker 2: focusing on customer needs. 55 00:02:56,040 --> 00:02:59,519 Speaker 1: Story number three, The A Triple C has launched federal 56 00:02:59,639 --> 00:03:03,960 Speaker 1: quarter action against four major vegetable suppliers, alleging they ran 57 00:03:04,000 --> 00:03:07,480 Speaker 1: a cartel to fix prices of household staples sold in 58 00:03:07,600 --> 00:03:11,440 Speaker 1: ALDI stores across New South Wales, Victoria and Queensland from 59 00:03:11,440 --> 00:03:14,600 Speaker 1: twenty eighteen to twenty twenty four. So this is allegedly 60 00:03:14,680 --> 00:03:15,600 Speaker 1: quite long running. 61 00:03:15,960 --> 00:03:20,200 Speaker 2: The case centers on agile pricing agreements, where suppliers allegedly 62 00:03:20,240 --> 00:03:25,679 Speaker 2: coordinated weekly quotes for vegetables including broccoli, cauliflower, iceberg, lettuce, cucumbers, 63 00:03:25,720 --> 00:03:29,839 Speaker 2: Brussels sprouts and zucchini. So quite thereafter of vegetables there 64 00:03:30,040 --> 00:03:33,239 Speaker 2: the Atria will see alleges twenty eight price fixing arrangements 65 00:03:33,240 --> 00:03:36,680 Speaker 2: and forty eight coordinated submissions to Aldi. Aldi is not 66 00:03:36,760 --> 00:03:39,360 Speaker 2: accused of wrongdoing, I should add the case comes amid 67 00:03:39,360 --> 00:03:43,000 Speaker 2: broader scrutiny of supermarket pricing practices, with Colson Wolworths also 68 00:03:43,080 --> 00:03:44,040 Speaker 2: facing legal action. 69 00:03:44,840 --> 00:03:48,280 Speaker 1: Story number four, Brace Yourself. Tesla is preparing to launch 70 00:03:48,320 --> 00:03:52,120 Speaker 1: its full self driving feature in Australia. As the company says, 71 00:03:52,160 --> 00:03:55,440 Speaker 1: the feature is quote very close to being made available 72 00:03:55,480 --> 00:03:57,960 Speaker 1: on right hand drive cars, which is obviously what we 73 00:03:58,000 --> 00:03:58,400 Speaker 1: have here. 74 00:03:58,760 --> 00:04:02,320 Speaker 2: The rollout comes despite counting lawsuits and safety concerns overseas, 75 00:04:02,360 --> 00:04:05,160 Speaker 2: including a three hundred and seventy five million dollar payout 76 00:04:05,200 --> 00:04:09,040 Speaker 2: following a fatal autopilot crash in Florida back in twenty nineteen. 77 00:04:09,440 --> 00:04:13,320 Speaker 2: Critics argue Tesler and CEO Elon Musk overstated the safety 78 00:04:13,320 --> 00:04:17,080 Speaker 2: of autopilot, leading drivers to over rely on the technology 79 00:04:17,440 --> 00:04:20,560 Speaker 2: leached documents and lawsuits of revealed thousands of complaints and 80 00:04:20,640 --> 00:04:25,000 Speaker 2: raised concerns about misleading shareholders. While Tesla insist that systems 81 00:04:25,120 --> 00:04:30,559 Speaker 2: require driver supervision, accidents suggests safeguards haven't always worked. Early 82 00:04:30,560 --> 00:04:33,800 Speaker 2: Australian tests have shown mixed results, with vehicles hesitating at 83 00:04:33,839 --> 00:04:36,440 Speaker 2: intersections and nearly colliding with a motorcycle. 84 00:04:37,120 --> 00:04:40,720 Speaker 1: Finally, story number five, a wagu heifer has sold at 85 00:04:40,800 --> 00:04:44,520 Speaker 1: auction for three hundred and fifty thousand dollars, making it 86 00:04:44,560 --> 00:04:51,200 Speaker 1: the third most expensive cow in Australia amid a bullish outlook. 87 00:04:51,440 --> 00:04:54,120 Speaker 2: The thirteen month old was purchased by cattle IVF company 88 00:04:54,200 --> 00:04:57,160 Speaker 2: gene Flow, which plans to collect embryos and produce up 89 00:04:57,160 --> 00:05:00,800 Speaker 2: to thirty calves annually. Cattle prices are up thirty three 90 00:05:00,839 --> 00:05:04,880 Speaker 2: percent on last year. Australia is exporting record beef volumes, 91 00:05:04,880 --> 00:05:07,440 Speaker 2: with the US it's biggest customer, buying two hundred and 92 00:05:07,520 --> 00:05:10,080 Speaker 2: forty six thousand tons so far this year. That's up 93 00:05:10,120 --> 00:05:13,680 Speaker 2: twenty seven percent. A shortage of lean beef for hamburgers 94 00:05:13,720 --> 00:05:16,800 Speaker 2: and trade restrictions with Mexico and Brazil have driven US 95 00:05:16,880 --> 00:05:20,680 Speaker 2: reliance on Australian beef fetching a record eleven dollars twenty 96 00:05:20,720 --> 00:05:21,520 Speaker 2: four per kilo. 97 00:05:21,839 --> 00:05:23,919 Speaker 1: All right, there we go, the top five business stories 98 00:05:23,920 --> 00:05:26,240 Speaker 1: in five minutes. Thank you Natalie, Thank you Michael. It 99 00:05:26,320 --> 00:05:29,119 Speaker 1: is Tuesday, the second of September twenty twenty five. Remember 100 00:05:29,160 --> 00:05:31,360 Speaker 1: to hit follow on the podcast and if five minutes 101 00:05:31,440 --> 00:05:33,680 Speaker 1: isn't enough, you're going to find our longer daily show 102 00:05:33,720 --> 00:05:36,320 Speaker 1: called Fear and Greed wherever you listen to podcasts, and 103 00:05:36,360 --> 00:05:38,360 Speaker 1: head alo to Fearangreed dot com dot au as well 104 00:05:38,360 --> 00:05:41,200 Speaker 1: and sign up for our free daily newsletter. I'm Michael Thompson. 105 00:05:41,200 --> 00:05:43,080 Speaker 1: And that was the fast five business news by Fear 106 00:05:43,120 --> 00:05:44,479 Speaker 1: and Greed. Have a great day.