1 00:00:03,840 --> 00:00:06,680 Speaker 1: It's Tuesday, the twenty eighth of October twenty twenty five. 2 00:00:06,800 --> 00:00:09,559 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,600 --> 00:00:11,360 Speaker 1: where we give you the top five business stories you 4 00:00:11,400 --> 00:00:13,720 Speaker 1: need to know and just five minutes. Oh Michael Thompson 5 00:00:13,760 --> 00:00:15,160 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,440 --> 00:00:17,200 Speaker 2: Good morning Michael, Sean. 7 00:00:17,239 --> 00:00:20,159 Speaker 1: Five stories, five minutes, let's go. Story number one. The 8 00:00:20,160 --> 00:00:24,160 Speaker 1: Competition watchdog is suing Microsoft, claiming it misled millions of 9 00:00:24,200 --> 00:00:28,680 Speaker 1: customers into paying more for its artificial intelligence assistant co 10 00:00:28,840 --> 00:00:30,360 Speaker 1: Pilot when they didn't have to. 11 00:00:30,760 --> 00:00:34,040 Speaker 2: The Australian Competition and Consumer Commission alleges that Microsoft has 12 00:00:34,080 --> 00:00:36,760 Speaker 2: made false all misleading statements to about two point seven 13 00:00:36,800 --> 00:00:40,080 Speaker 2: million Australians since October last year, when it up the 14 00:00:40,120 --> 00:00:43,520 Speaker 2: cost of a personalscription to its office suite by forty 15 00:00:43,560 --> 00:00:46,320 Speaker 2: five percent increased the family pain by almost thirty percent. 16 00:00:46,680 --> 00:00:50,919 Speaker 2: Subscribers on automatic renewal agreements in Place had two options 17 00:00:50,960 --> 00:00:54,960 Speaker 2: pay more or cancel, and the HBC chair Gena Cascodley 18 00:00:55,120 --> 00:00:58,760 Speaker 2: claimed that Microsoft had deliberately concealed a third option to 19 00:00:58,800 --> 00:01:02,320 Speaker 2: move to a less expensive subscription that didn't have Copilot, 20 00:01:02,400 --> 00:01:05,679 Speaker 2: only when customers attempted to cancel their plans. Did Microsoft 21 00:01:05,760 --> 00:01:08,240 Speaker 2: push that option? The atri will See received more than 22 00:01:08,280 --> 00:01:11,600 Speaker 2: one hundred complaints. Casc Gottlieb said she wasn't arguing about 23 00:01:11,640 --> 00:01:14,760 Speaker 2: higher subscription costs, but tech giants need to be upfront 24 00:01:14,800 --> 00:01:17,920 Speaker 2: and frank about their options. She claims many Aussies would 25 00:01:17,920 --> 00:01:20,640 Speaker 2: have stuck with a cheap eruption if they'd known about it. 26 00:01:20,720 --> 00:01:24,880 Speaker 2: She said, the entire tech industry is now unnotice Sean. 27 00:01:24,920 --> 00:01:27,960 Speaker 1: Isn't Microsoft really just doing what all the big tech 28 00:01:28,000 --> 00:01:30,600 Speaker 1: companies do to kind of introduce new features and then 29 00:01:30,760 --> 00:01:32,280 Speaker 1: up the price for subscriptions. 30 00:01:32,680 --> 00:01:34,800 Speaker 2: Yes, and that's why it's such a big story. Google, 31 00:01:34,840 --> 00:01:37,119 Speaker 2: for example, I've spent billions of dollars in recent years 32 00:01:37,160 --> 00:01:39,800 Speaker 2: and betting AI features on the assumption that users, probably 33 00:01:39,800 --> 00:01:42,720 Speaker 2: all users, will bear the cost. But cast Godlip is 34 00:01:42,760 --> 00:01:46,400 Speaker 2: saying just hold on, you need to give customers options. 35 00:01:46,760 --> 00:01:48,800 Speaker 2: If you take a step back. The share price of 36 00:01:48,840 --> 00:01:51,840 Speaker 2: companies like Microsoft, Amazon, Google run very hard on the 37 00:01:51,880 --> 00:01:55,280 Speaker 2: basis that all this spend they'll get back probably from 38 00:01:55,280 --> 00:01:59,800 Speaker 2: week consumers. Regulatory intervention isn't part of that strategy. Strategy. 39 00:02:00,080 --> 00:02:02,440 Speaker 2: The action by the Ageable See will be closely watched 40 00:02:02,480 --> 00:02:03,240 Speaker 2: around the world. 41 00:02:03,440 --> 00:02:05,640 Speaker 1: Okay. Moving on to story number two now and the 42 00:02:05,680 --> 00:02:09,200 Speaker 1: Fair Work Commission has launched hearings into the union movement's 43 00:02:09,280 --> 00:02:12,119 Speaker 1: bid to scrap junior pay rates for more than five 44 00:02:12,200 --> 00:02:16,200 Speaker 1: hundred thousand workers aged eighteen and older across the retail, 45 00:02:16,320 --> 00:02:17,959 Speaker 1: fast food and pharmacy sectors. 46 00:02:18,240 --> 00:02:20,160 Speaker 2: Workers under the age of twenty one are currently paid 47 00:02:20,160 --> 00:02:22,480 Speaker 2: a percentage of the adult rates seventy percent for an 48 00:02:22,520 --> 00:02:24,359 Speaker 2: eighteen year old, eighty percent for a nine year old, 49 00:02:24,440 --> 00:02:26,720 Speaker 2: ninety percent for a twenty year old. This is fast 50 00:02:26,760 --> 00:02:30,120 Speaker 2: food and pharmacy workers. The union application seeks to lift 51 00:02:30,120 --> 00:02:32,480 Speaker 2: the rate across these age groups to one hundred percent 52 00:02:32,800 --> 00:02:35,360 Speaker 2: of the adult rate, while also increasing rates for seventeen 53 00:02:35,400 --> 00:02:38,519 Speaker 2: year olds from sixty to seventy five percent under sixteens 54 00:02:38,520 --> 00:02:40,960 Speaker 2: from forty five to fifty percent. According to the Australian 55 00:02:41,120 --> 00:02:44,640 Speaker 2: Employees Poser claim warning it would deter business from taking 56 00:02:44,720 --> 00:02:45,680 Speaker 2: on younger workers. 57 00:02:46,080 --> 00:02:50,720 Speaker 1: Story number three. Prime Minister Anthony Albernizi has told Chinese 58 00:02:50,760 --> 00:02:55,120 Speaker 1: Premier Li Chung that Australia wants a region where transparency 59 00:02:55,160 --> 00:02:58,400 Speaker 1: and rules are respected, and both canber and Beijing wish 60 00:02:58,480 --> 00:03:01,960 Speaker 1: to see a more mature, stayble and constructive engagement between 61 00:03:02,000 --> 00:03:02,600 Speaker 1: their nations. 62 00:03:02,960 --> 00:03:05,840 Speaker 2: Analyst said the comments were availed swipe at Beijing for 63 00:03:05,919 --> 00:03:09,240 Speaker 2: firing flares near a in Australian surveillance aircraft flying above 64 00:03:09,240 --> 00:03:11,840 Speaker 2: the South China Sea last week. Speaking in Malaysia, the 65 00:03:11,880 --> 00:03:15,239 Speaker 2: Prime Minister said the two countries have much shared interestingly trade, 66 00:03:15,240 --> 00:03:18,079 Speaker 2: climate change, people to people or relations. Mister Lee said 67 00:03:18,120 --> 00:03:20,760 Speaker 2: China was seeing an upward momentum in our relationship, which 68 00:03:20,760 --> 00:03:24,160 Speaker 2: he welcomed. Albanize he also met China of Japan's new 69 00:03:24,160 --> 00:03:28,680 Speaker 2: Prime Minister, Sma Tukichi. Miss Takichi told the Prime Minister 70 00:03:28,760 --> 00:03:31,800 Speaker 2: that Japan and Australia would spearhead efforts to create a 71 00:03:31,880 --> 00:03:35,280 Speaker 2: fear and open Indo Pacific. Japan's first female leader said 72 00:03:35,360 --> 00:03:38,280 Speaker 2: she would like to promote strategic cooperation with Australia in 73 00:03:38,280 --> 00:03:40,520 Speaker 2: addition to the existing quad collaboration. 74 00:03:41,040 --> 00:03:44,440 Speaker 1: Story number four. US President Donald Trump and Defense Secretary 75 00:03:44,440 --> 00:03:46,720 Speaker 1: Pete Hegsath are in Asia for the APEX Summit and 76 00:03:46,720 --> 00:03:50,320 Speaker 1: bilateral meetings, But Sean things are not going so well 77 00:03:50,400 --> 00:03:54,360 Speaker 1: for the aircraft carrier USS and emits with two aircraft 78 00:03:54,760 --> 00:03:57,400 Speaker 1: crashing within thirty minutes of each other. 79 00:03:58,240 --> 00:04:01,040 Speaker 2: According to the US Navy, the carrier was conducting routine 80 00:04:01,040 --> 00:04:04,560 Speaker 2: operations in the South China Sea. First accident two forty 81 00:04:04,560 --> 00:04:08,200 Speaker 2: five pm Sunday local time involved a Seahawk helicopter that 82 00:04:08,240 --> 00:04:11,640 Speaker 2: went down. All three crew members were rescued by search 83 00:04:11,640 --> 00:04:15,160 Speaker 2: and rescue teams. The helicopters worth about thirty forty million dollars. 84 00:04:15,600 --> 00:04:19,599 Speaker 2: Thirty minutes later, three fifteen on Sunday local time, a 85 00:04:19,720 --> 00:04:22,400 Speaker 2: Super Hornet fighter jet with about one hundred million dollars 86 00:04:22,640 --> 00:04:26,880 Speaker 2: crashed the South China Sea while conducting routine operations. I'd 87 00:04:26,920 --> 00:04:29,600 Speaker 2: hate to see what non routine operations were like anyway, 88 00:04:29,600 --> 00:04:32,640 Speaker 2: the Navy statement said. Both crew members aboard it ejected themselves. 89 00:04:32,839 --> 00:04:35,200 Speaker 2: Everyone is safe and sound a little bit tricky, of course. 90 00:04:35,240 --> 00:04:37,680 Speaker 2: Beijing opposed as the US military presence in the South 91 00:04:37,800 --> 00:04:41,360 Speaker 2: China Sea, saying it destabilizes the region. China claims need 92 00:04:41,400 --> 00:04:44,720 Speaker 2: the entire area, but Vietnam, Philippines, Brunei, Malaysia, Taiwan and 93 00:04:44,800 --> 00:04:47,360 Speaker 2: Japan all claimed parts of the area. 94 00:04:47,839 --> 00:04:51,080 Speaker 1: Finally, sean story number five body maker this one. Tens 95 00:04:51,080 --> 00:04:54,600 Speaker 1: of millions of Red crabs have begun their annual migration 96 00:04:54,800 --> 00:04:58,480 Speaker 1: on Christmas Island, moving from their homes down to beaches 97 00:04:58,720 --> 00:05:00,240 Speaker 1: on the island to lay their eggs. 98 00:05:00,600 --> 00:05:02,400 Speaker 2: You've got to look at the video. It's worth at 99 00:05:02,400 --> 00:05:05,480 Speaker 2: about fifty million of them are on the move. Roads 100 00:05:05,480 --> 00:05:08,599 Speaker 2: and fields have turned into a moving red mass. Happens 101 00:05:08,640 --> 00:05:10,520 Speaker 2: every year off the north of the mainland near the 102 00:05:10,560 --> 00:05:14,040 Speaker 2: Indonesian island of Java. Special crab bridges have been built 103 00:05:14,080 --> 00:05:15,880 Speaker 2: on the island to help the crabs get around tricky 104 00:05:15,880 --> 00:05:19,039 Speaker 2: obstacles things like roads and that local radio stations are 105 00:05:19,040 --> 00:05:21,800 Speaker 2: providing people with updates on the movements. The migration will 106 00:05:21,800 --> 00:05:25,800 Speaker 2: culminate in a major spawning event around mid November, followed 107 00:05:25,800 --> 00:05:28,800 Speaker 2: by second spawning one month later. According to Parks Australia. 108 00:05:28,920 --> 00:05:31,599 Speaker 2: Baby crabs then will return to share in the new year. 109 00:05:32,400 --> 00:05:35,400 Speaker 1: There we go, the top five business stories in five minutes. 110 00:05:35,760 --> 00:05:38,719 Speaker 1: Thank you Sean, Thank you Michael. It's Tuesday, the twenty 111 00:05:38,720 --> 00:05:41,559 Speaker 1: eighth of October twenty twenty five. Remember to hit follow 112 00:05:41,600 --> 00:05:44,000 Speaker 1: on the podcast and five minutes isn't enough. You can 113 00:05:44,080 --> 00:05:46,920 Speaker 1: find our longer daily show called Fear and Greed where 114 00:05:47,000 --> 00:05:49,520 Speaker 1: ever you listen to podcasts, or headlong to Fearangreed dot 115 00:05:49,520 --> 00:05:51,840 Speaker 1: com dot au, which is also we sign up for 116 00:05:51,880 --> 00:05:53,919 Speaker 1: our free daily news thatt. 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