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Speaker 1: Welcome to the weekend edition of the Fast five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and Hello

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Speaker 1: Sean Aylmer, Oho Michael shan On weekdays, it's all about

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Speaker 1: the Fast five over the top five business stories in

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Speaker 1: five minutes. On the weekend, we still keep it to

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Speaker 1: five minutes, of course, but we're going to pick out

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Speaker 1: the biggest business story of the week, the most remarkable story,

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Speaker 1: a mystery category that changes every week, and then our

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Speaker 1: favorite story. Let's jump into it. What was the biggest

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Speaker 1: business story of the week? No brainer?

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Speaker 2: Really. Tariff implementation. Quite an incredible week. They began. They

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Speaker 2: kicked in all sorts of tariffs somewhere between ten percent

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Speaker 2: and forty nine percent. No one quite knows that. Well,

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Speaker 2: we know how that was worked out, but no one

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Speaker 2: thinks it makes much sense that they were put at

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Speaker 2: those rates. We had Donald Trump coming out increasing tariffs

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Speaker 2: on China. China retaliated, Donald Trump retaliated again. Bye, Well

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Speaker 2: is that only really for about twelve hours or so?

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Speaker 2: We had these tariff's in place that sent equities absolutely tumbling.

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Speaker 2: Bond markets were sold off, a total crisis in financial markets.

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Speaker 2: Things like the ozidollar, felblo sixty cents, gold at a

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Speaker 2: new record high, a total restructure of the world trade

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Speaker 2: order briefly, and total crisis in financial markets.

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Speaker 1: Yeah, and the other extraordinary part of this then was

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Speaker 1: the backflip because early Thursday morning, Donald Trump announced the

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Speaker 1: pause appause on most of those reciprocal tariffs, kind of

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Speaker 1: ninety days of breathing space for countries like Cambodia and Vietnam,

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Speaker 1: and within the EU and Japan, everyone with big tariffs

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Speaker 1: reduced to just the ten percent rate that has been

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Speaker 1: imposed on good friends like Australia. Markets took off Wall

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Speaker 1: Street up more than kind of ten percent, best days

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Speaker 1: since the gfc ASX best day in five years. China

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Speaker 1: unfortunately didn't show enough respect and as a result, they

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Speaker 1: first had tariffs of one hundred and twenty five percent,

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Speaker 1: then the bit of a recalculation by the White House

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Speaker 1: and they realized it was actually one hundred and forty

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Speaker 1: five percent, and there was an invitation for countries to

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Speaker 1: negotiate those baseline tariffs down below the ten percent. But

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Speaker 1: really we now end the week with more uncertainty, having

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Speaker 1: had a backflip, a temporary reprieve. Markets tumbling, then soaring,

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Speaker 1: then tumbling again, the trade war, continuing, uncertainty reigns supreme

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Speaker 1: shown crazy.

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Speaker 2: What's the most remarkable story for you?

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Speaker 1: Just quickly? The federal election campaign, which again has just

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Speaker 1: been drowned out by everything else that's going on. But

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Speaker 1: we are getting inching closer to the election. We're actually

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Speaker 1: getting some real policies now. It's quite remarkable, isn't it.

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Speaker 1: The coalition had policies on gas and energy and a

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Speaker 1: twenty billion dollar future fund for the Bush Labour had

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Speaker 1: a two point three billion dollar home battery program, of

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Speaker 1: billion dollars in mental health spending, a lot of other

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Speaker 1: bits and pieces. The headline was probably the debate, which

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Speaker 1: I mean for a headline, was a fairly lackluster affair,

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Speaker 1: wasn't it? Fairly flat, fairly kind of humorless, fairly steady,

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Speaker 1: which I don't actually think a bad thing for our

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Speaker 1: political leaders? Love was most remarkable for you?

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Speaker 2: I thought the fact that James Hardy's chair An Lloyd,

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Speaker 2: had to meet with institutional investors over this backlash to

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Speaker 2: the merger with a US company called Aaseek. Five billion

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Speaker 2: dollars has been stripped from James Hardy's company since the announcement.

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Speaker 2: Now some of that is market volatilities, so it can't

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Speaker 2: just be the deal with AASEEK. But essentially, what's going

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Speaker 2: to happen James Hardy, it'll move its listing to the

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Speaker 2: New York Stock Exchange, takeover AASEEC, and local institutional shareholders

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Speaker 2: do not like it. It's a fourteen billion dollar merger,

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Speaker 2: but they don't get a vote on it. The aaseex

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Speaker 2: shareholders do. I think it's remarkable just how poorly institutional

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Speaker 2: shareholders have taken this particular deal. And maybe the remarkable

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Speaker 2: part is that James Hardy didn't realize ahead of time.

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Speaker 1: Yeah. Indeed, the mystery category this week, Sean is kind

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Speaker 1: of worthy stories that probably aren't getting enough attention. Yes,

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Speaker 1: so let's give them a little bit of attention. What

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Speaker 1: did you like?

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Speaker 2: I like the one where km off Back and Westpac

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Speaker 2: considering removing the sixteen digit numbers from their credit indibit

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Speaker 2: cards and move master card argues will reduce fraud by

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Speaker 2: preventing criminal hackers from stealing card details. In short, no

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Speaker 2: numbs on cards means people actually, if you lose your card,

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Speaker 2: people can't use those cards to rip you off it's

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Speaker 2: still some way away. It probably needs to be replaced

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Speaker 2: by something they call click to play, and while online

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Speaker 2: payments using an email address and biometric data rather than

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Speaker 2: a card number a bit to play out on this one, Michael,

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Speaker 2: but I think it's really fascinating the.

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Speaker 1: Other one, which is in a similar space. Sean comments

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Speaker 1: by Australia's National Cybersecurity Coordinator, Lieutenant General Michelle McGinness about

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Speaker 1: the fact that we need to be vigilant about our

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Speaker 1: passwords because, as she said that cyber criminals often take

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Speaker 1: advantage of uncertainty, and there are certainly a lot of

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Speaker 1: uncertainty out there at the moment. We need to be

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Speaker 1: using password managers. We need different complex phrases to gain

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Speaker 1: access to every single account, which I think would probably

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Speaker 1: come as a shock to everyone who uses just variations

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Speaker 1: of one kind of single thing. And you need to

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Speaker 1: have two fact or multi factor authentication as well set

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Speaker 1: up as well. Again, it is a worthy worthy story

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Speaker 1: needs to get more attention to try and protect people's details.

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Speaker 2: I agree. What was your favorite story for the week?

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Speaker 1: Favorite story? Jamie Diamond, who is the boss of JP Morgan,

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Speaker 1: biggest bank in the US, just telling it like it

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Speaker 1: is this week having a crack of people checking their

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Speaker 1: phones and emails in meetings, saying he always gives one

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Speaker 1: hundred percent of his attention to whatever meeting he's in.

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Speaker 1: It's time for others in the organization to do the same. Sean,

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Speaker 1: this is the beginning I suspect of an etiquette revolution.

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Speaker 2: I hope so I can't argue with that. They'll go

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Speaker 2: with that one too.

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Speaker 1: All right, there we go five minutes and pretty much

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Speaker 1: everything you need to know in the world of business.

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Speaker 2: Thank you very much, Sewan, Thank you, Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: x and head along to Fearangreed dot com Today you

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Speaker 1: and sign up for our free daily newsletter. I'm Michael

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Speaker 1: Thompson and this is the fast five business news by

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Speaker 1: Fear and Greed.