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Speaker 1: It's Thursday, the seventeenth of July twenty twenty five. Welcome

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Speaker 1: to the Fast five by Fear and Greed, where we

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Speaker 1: give you the top five business stories you need to

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Speaker 1: know in just five minutes. I'm Adam Lang, and good morning,

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Adam.

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Speaker 1: Sean's story Number one. Prime Minister Anthony Alberzi says the

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Speaker 1: talks he has held with China's leadership have been really

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Speaker 1: constructive and the treatment he is receiving is a sign

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Speaker 1: of respect.

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Speaker 2: The Prime Minister is in China for a six day visit,

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Speaker 2: and perhaps the most notable sign of respect, as Albinizi

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Speaker 2: puts it, is that Primijijing Ping spent two hours with

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Speaker 2: him talking through policies. The PM defended Australia's case by

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Speaker 2: case assessment of foreign investment into Australia. China's Premier League

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Speaker 2: Quang had complained that businesses were being treated unfairly because

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Speaker 2: of foreign investment restrictions. Alberizi said the Darwin Ports sale

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Speaker 2: had not come up in discussions, but it's pretty clear

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Speaker 2: that's not what Li Kwang is talking about. The PM

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Speaker 2: reiterated that the government continues to support a one China

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Speaker 2: policy and by definition it doesn't support any lateral action

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Speaker 2: on Taiwan. When asked about the business roundtable held by

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Speaker 2: Alberanzi in Shanghai on Tuesday, he said it came up

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Speaker 2: with practical initiatives to aid the decarbonization of China steel industry.

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Speaker 1: Shawn. Beyond the serious business of international relations, Albanize had

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Speaker 1: time to stroll the Great Wall of China alongside his

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Speaker 1: fiancee Jody Hayden, and thanked the band at the previous

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Speaker 1: night's dinner for playing Midnight Oil and Paul kelly songs.

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Speaker 2: Prime Minister also paid homage to Gough Whitlam, who visited

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Speaker 2: China in nineteen seventy one as leader of the Labour

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Speaker 2: Party while in opposition. The next year after being elected PM,

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Speaker 2: Whitlam recognized the People's Republic of China in the way

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Speaker 2: to the trade relationship we have today, Alberizi said, Whitlam

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Speaker 2: expanded Australia's horizons. He said the State dinner on Tuesday

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Speaker 2: night was a wonderful event. He thanked the band for

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Speaker 2: learning and playing Paul Kelly's to Her Door, Midnight Ear's

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Speaker 2: Power and the Passion had a bunch of other Australian

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Speaker 2: favorites terrific.

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Speaker 1: Seawn's story number two. The good news on the local

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Speaker 1: sheare market did not last long, with the S and

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Speaker 1: P ASX two hundred yesterday having its worst one day

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Speaker 1: loss since May on the back of inflation fears in

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Speaker 1: the US.

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Speaker 2: The SMPA SX two hundred closed down nearly one percent.

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Speaker 2: The financials really struggled most the gold companies were also

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Speaker 2: sold off, while tech stocks did well. It came after

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Speaker 2: inflation in the US rose last month to its highest

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Speaker 2: level in February as the impact of tariffs start to

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Speaker 2: push up consumer prices. That pushed Wall Street lower and

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Speaker 2: we followed significantly. The price rises in the US came

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Speaker 2: mostly in products from overseas starting to be hit by tariff,

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Speaker 2: so stuff like furniture, clothing, large appliances. While it's only

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Speaker 2: one month's reading, economists said the outlook for inflation in

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Speaker 2: the world's biggest economy has deteriorated and the likelihood of

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Speaker 2: a rate cut in the US this year are now receiving.

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Speaker 1: Sean story number three. The CEO of National Australia Bank,

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Speaker 1: Andrew Irvine, is under scrutiny for his management style and

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Speaker 1: drinking at client events, with media reports saying investors have

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Speaker 1: raised the issue with the bank's board.

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Speaker 2: The bank's chairman Phil Chronicn continues to support mister Irvine,

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Speaker 2: and National Australian Bank spokespersons said yesterday. The AFR stories

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Speaker 2: say at least two large investors have questioned Irvine's behavior

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Speaker 2: after a lunch in Sydney last month. There's also disquiet

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Speaker 2: about the loss of National Australia Bank CFO Nathan Goonan

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Speaker 2: back in March. Now, I have no idea about the

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Speaker 2: rascity of the story. I'm even hesitant to talk about it,

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Speaker 2: but it's coming from a reput third party, the AFR.

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Speaker 2: It's also in the public realm now and the bank

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Speaker 2: may have to do something about it. Yesterday, National Australia

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Speaker 2: Bank was the worst performing major bank. It's share price

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Speaker 2: dropped three percent. So it is the story out there now.

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Speaker 1: Story number four. Rio Tinto has appointed its head of

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Speaker 1: iron or Simon Trott as the company's next chief executive,

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Speaker 1: and he will be busy with the global miners first

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Speaker 1: half iron ore exports falling to their lowest level in

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Speaker 1: a decade.

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Speaker 2: Trot will replace the beautifully named Yakubstause home next month,

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Speaker 2: who stepped down in May, reportedly following strains between him

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Speaker 2: and the board. Rihea has got four main pillars, iron or, copper,

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Speaker 2: aluminium and lithium. Notwithstanding yesterday's production report for the last

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Speaker 2: half year, iron Ore has really done best of the life.

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Speaker 2: The reason for the week numbers last half year with

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Speaker 2: big storms there were four cyclones. In fact, investors are

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Speaker 2: hoping Trot can shift his operational success in iron Ore

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Speaker 2: to other parts of RIO. The fifty year old was

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Speaker 2: born in the West Australian farming town of wikipin southeast

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Speaker 2: of Perth. He spent more than twenty years at Rio

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Speaker 2: before running the iron Ore division, was the company's chief

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Speaker 2: commercial officer. Rio's share price was fat yesterday. It's down

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Speaker 2: about six percent over the past year, which pretty much

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Speaker 2: reflects commodity prices.

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Speaker 1: Story number five and Larry Ellison is the world's second

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Speaker 1: wealthiest person for the first time ever, and this is

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Speaker 1: according to the Bloomberg Billionaires Index. As a rally in

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Speaker 1: Oracles share price pushes his net worth to US two

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Speaker 1: one hundred and fifty one billion dollars, overtaking Metaboss Mark Zuckerberg.

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Speaker 2: Oracle's been a key winner as investors have pulled into

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Speaker 2: artificial intelligence stocks. The company's shares have almost tripled since

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Speaker 2: chat GPT was released to the public in November twenty

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Speaker 2: twenty two, but the big rises the last three months

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Speaker 2: almost doubled since them. Oracle shares jumped yesterday on news

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Speaker 2: at the US government will allow chip makers, including end

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Speaker 2: Video and Advanced micro Devices, to export some semiconductors to China,

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Speaker 2: reversing Biden era restrictions that pushed Ellison ahead of Zuckerberg

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Speaker 2: on Bloomberg's Wealth Index. Elon Musk still number one, three

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Speaker 2: hundred and fifty eight billion US dollars just as an assign.

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Speaker 2: The news and the chips being exported to China pushed

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Speaker 2: up Nvidia's share price. It's now worth four point two

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Speaker 2: trillion US dollars, about a third bigger than Apple.

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Speaker 1: That's it the top five business stories you need to

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Speaker 1: know in just five minutes. Thank you Sean, Thank you Adam.

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Speaker 1: It's Thursday, the seventeenth of July twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: is not enough, then find our longer podcast called Fear

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Speaker 1: and Greed on your favorite podcast platform. I'm Adam Lang

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Speaker 1: and that was the Fast five by Fear and Greed.

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Speaker 1: Have a great day.