1 00:00:03,880 --> 00:00:07,360 Speaker 1: It's Tuesday, the thirteenth of May twenty twenty five. Welcome 2 00:00:07,400 --> 00:00:09,640 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,640 --> 00:00:11,560 Speaker 1: where we give you the top five business stories you 4 00:00:11,640 --> 00:00:13,880 Speaker 1: need to know in just five minutes. O'm Michael Thompson. 5 00:00:13,920 --> 00:00:17,400 Speaker 1: And good morning Sean Aylmer. Good morning, Michael Shawn. Five stories, 6 00:00:17,400 --> 00:00:19,319 Speaker 1: five minutes. Let's go a story number one. Get ready 7 00:00:19,320 --> 00:00:22,639 Speaker 1: for grocery wars with Woolworths announcing that it'll cut the 8 00:00:22,640 --> 00:00:25,759 Speaker 1: price of four hundred products by ten percent, a move 9 00:00:25,840 --> 00:00:29,040 Speaker 1: that is likely to trigger a response from major competitors 10 00:00:29,080 --> 00:00:30,920 Speaker 1: coles IgA and Aldi. 11 00:00:31,240 --> 00:00:34,200 Speaker 2: After several years of underperformance, Woolies will reduce the price 12 00:00:34,240 --> 00:00:35,960 Speaker 2: of many of its home brands in an effort to 13 00:00:35,960 --> 00:00:39,360 Speaker 2: recover lost market share from Cole's Chief executive Amanda Bardwell 14 00:00:39,640 --> 00:00:42,360 Speaker 2: says it's a line in the sand for the supermarket 15 00:00:42,640 --> 00:00:45,960 Speaker 2: and she's sure her competitors will take a very close interest. 16 00:00:46,120 --> 00:00:48,400 Speaker 2: I'm sure they will. Woolies and Coals have almost three 17 00:00:48,479 --> 00:00:50,880 Speaker 2: quarters of the grocery market, Aldi has about ten percent. 18 00:00:51,120 --> 00:00:55,080 Speaker 2: Bardwell says the reductions are not short termmotions. They're about 19 00:00:55,160 --> 00:00:58,760 Speaker 2: reducing shelf prices on popular products in an effort to 20 00:00:58,800 --> 00:01:02,000 Speaker 2: win back loyalty Now, Woolies as a retailer has been 21 00:01:02,040 --> 00:01:05,960 Speaker 2: growing revenue slower than Coal's. As an investment, its share 22 00:01:06,040 --> 00:01:09,240 Speaker 2: prices up seven percent over the past year, compared to 23 00:01:09,319 --> 00:01:12,600 Speaker 2: thirty seven percent for Coals Now. The action announced yesterday 24 00:01:12,680 --> 00:01:15,640 Speaker 2: is an effort to turn around both those issues. As 25 00:01:15,640 --> 00:01:19,000 Speaker 2: a retailers and as an investment. Home brands have done 26 00:01:19,040 --> 00:01:22,399 Speaker 2: well across supermarket change changed since the cost of living 27 00:01:22,440 --> 00:01:26,240 Speaker 2: crisis escalated, and WILLI will invest one hundred million dollars 28 00:01:26,280 --> 00:01:28,040 Speaker 2: over the next twelve months on those brands. 29 00:01:28,240 --> 00:01:29,840 Speaker 1: So is it going to lead to a price wall 30 00:01:29,880 --> 00:01:32,760 Speaker 1: where we kind of all pay less for groceries. 31 00:01:32,400 --> 00:01:35,399 Speaker 2: Let's hope. So it isn't necessarily what bard Will or 32 00:01:35,440 --> 00:01:38,399 Speaker 2: what Coals wants. It's a good public relations exercise and 33 00:01:38,440 --> 00:01:40,600 Speaker 2: the big supermarket chains are in need of that. After 34 00:01:40,600 --> 00:01:43,960 Speaker 2: a rough couple of years, bard Will says until next year, 35 00:01:44,080 --> 00:01:46,360 Speaker 2: a one hundred and fifty dollars shop will be reduced 36 00:01:46,360 --> 00:01:49,480 Speaker 2: by about fifteen bucks, where the Coals responds in kind 37 00:01:49,520 --> 00:01:52,000 Speaker 2: of pens it's hard to think it won't do something, 38 00:01:52,440 --> 00:01:55,160 Speaker 2: but Coals doesn't want to squeeze its margins too much, 39 00:01:55,200 --> 00:01:57,760 Speaker 2: nor does Woolies. For that matter the bottom line though, 40 00:01:57,960 --> 00:02:00,000 Speaker 2: more competition of the market good for customers. 41 00:02:00,840 --> 00:02:02,680 Speaker 1: Okay, Moving on to story number two. Now in Prime 42 00:02:02,720 --> 00:02:06,200 Speaker 1: Minister Anthony Albanizi announced his new cabinet yesterday. 43 00:02:06,680 --> 00:02:09,600 Speaker 2: Most of the top jobs are unchanged. Richard Miles stays 44 00:02:09,639 --> 00:02:13,480 Speaker 2: in Defense, Jim Chalmers's Treasury, Kati gallaher and Finance, Penny 45 00:02:13,480 --> 00:02:16,679 Speaker 2: Wong Foreign Minister, and Mark Butler's stays in Health. He'll 46 00:02:16,680 --> 00:02:19,640 Speaker 2: also oversee the NDIS now that Bill Shorton has retired. 47 00:02:19,800 --> 00:02:22,960 Speaker 2: In terms of changes, Michelle Roland has been appointed Attorney General. 48 00:02:23,200 --> 00:02:26,840 Speaker 2: Tania Plebasek has shifted from environment to Social Services. Senator 49 00:02:26,880 --> 00:02:29,519 Speaker 2: Murray Watt will move to the Environment, and Amanda Richworth 50 00:02:29,919 --> 00:02:33,720 Speaker 2: was Social Services. She's now Industrial Relations. A big promotion 51 00:02:33,919 --> 00:02:36,320 Speaker 2: for Anne Ali. She'll come into the cabinet taking on 52 00:02:36,360 --> 00:02:39,560 Speaker 2: the multicultural affairs role as well as small business. The 53 00:02:39,639 --> 00:02:41,280 Speaker 2: Ministry will be sworn in this morning. 54 00:02:42,080 --> 00:02:45,800 Speaker 1: Story number three, an Australian man has died in Ukraine 55 00:02:45,880 --> 00:02:49,919 Speaker 1: while volunteering with a humanitarian and mind clearance charity. 56 00:02:50,480 --> 00:02:53,480 Speaker 2: Nick Parsons was killed last week in an incident in 57 00:02:53,520 --> 00:02:57,120 Speaker 2: the country's war torn east while working with Prevailed Together, 58 00:02:57,560 --> 00:03:00,880 Speaker 2: a US and UK based group that sends volunteers to Ukraine. 59 00:03:01,160 --> 00:03:04,400 Speaker 2: In a statement, the charity confirmed the incident it's still 60 00:03:04,400 --> 00:03:08,560 Speaker 2: being investigated. It also killed the charity's co founder, Chris Garrett. 61 00:03:08,800 --> 00:03:11,280 Speaker 2: The Department of Foreign Fairs and Trade has confirmed its 62 00:03:11,280 --> 00:03:14,000 Speaker 2: providing consular assistance to the family of an Australian who 63 00:03:14,080 --> 00:03:16,280 Speaker 2: died in Ukraine, according to The Australian. 64 00:03:16,680 --> 00:03:20,440 Speaker 1: Moving on to story number four, now Sean BHP's push 65 00:03:20,680 --> 00:03:24,560 Speaker 1: into Argentinian copper has been boosted by the discovery that 66 00:03:25,400 --> 00:03:29,160 Speaker 1: it's deposit high in the Andes actually contains at least 67 00:03:29,200 --> 00:03:32,400 Speaker 1: five times more of the metal than they initially thought. 68 00:03:32,680 --> 00:03:35,960 Speaker 2: That's hitting the jackpot. BHP acquired fifty percent of Philo 69 00:03:36,120 --> 00:03:39,920 Speaker 2: del Sol Discovery last year for three point two billion dollars. 70 00:03:39,920 --> 00:03:42,920 Speaker 2: The acquisition is part of BHP's long running strategy to 71 00:03:42,960 --> 00:03:47,360 Speaker 2: boost its copper holdings. Its partner, London Mining, has just 72 00:03:47,520 --> 00:03:51,560 Speaker 2: updated the resource estimate, revealing a much deeper section of 73 00:03:51,680 --> 00:03:55,440 Speaker 2: geology contains almost five times more copper than thought. According 74 00:03:55,480 --> 00:03:58,200 Speaker 2: to the Finn Review, the amount of indicated copper across 75 00:03:58,280 --> 00:04:01,760 Speaker 2: all sections at Philo has increased more than fivefold, from 76 00:04:01,760 --> 00:04:06,520 Speaker 2: one point five billion kilograms to about eight billion kilograms 77 00:04:06,800 --> 00:04:09,720 Speaker 2: hitting the jackpot. Bitchp share price jump three percent yesterday. 78 00:04:10,160 --> 00:04:12,920 Speaker 1: Last one story number five automaker This one sean. US 79 00:04:13,000 --> 00:04:17,000 Speaker 1: President Donald Trump is ready to accept a luxury Boeing 80 00:04:17,120 --> 00:04:19,640 Speaker 1: seven four to seven jumbo jet as a gift from 81 00:04:19,680 --> 00:04:22,600 Speaker 1: the ruling family of Qatar during his trip to the 82 00:04:22,640 --> 00:04:23,800 Speaker 1: Middle East this coming week. 83 00:04:24,200 --> 00:04:27,000 Speaker 2: US officials say it could be converted into a potential 84 00:04:27,040 --> 00:04:30,559 Speaker 2: presidential aircraft the Qatari governments at a final decision hasn't 85 00:04:30,600 --> 00:04:34,480 Speaker 2: been made, According to Associated Press, Trump defended the idea. 86 00:04:35,000 --> 00:04:37,880 Speaker 2: What would amount to a president accepting an astonishing valuable 87 00:04:37,920 --> 00:04:40,440 Speaker 2: gift from a foreign government. He said, it's a fiscally 88 00:04:40,480 --> 00:04:43,000 Speaker 2: smart move for the country. I will quote him, and 89 00:04:43,040 --> 00:04:45,320 Speaker 2: I won't actually interrupt with all the lots with the 90 00:04:45,320 --> 00:04:48,080 Speaker 2: caps capital letters, but there's plenty of them. So the 91 00:04:48,120 --> 00:04:50,920 Speaker 2: fact that the Defense Department is getting a gift free 92 00:04:50,920 --> 00:04:53,080 Speaker 2: of charge of a seven four to seven aircraft to 93 00:04:53,120 --> 00:04:56,159 Speaker 2: replace the forty year old Air Force one temporarily in 94 00:04:56,200 --> 00:05:00,600 Speaker 2: a very public and transparent transaction, so bothers the crooked 95 00:05:00,720 --> 00:05:04,839 Speaker 2: Democrats that day insist we pay top dollar for the plane. 96 00:05:05,680 --> 00:05:07,120 Speaker 2: I think you might be missing the point there. 97 00:05:07,480 --> 00:05:09,159 Speaker 1: It may be all right there we go the top 98 00:05:09,160 --> 00:05:11,719 Speaker 1: five business stories in five minutes. Thank you Sean, Thank 99 00:05:11,760 --> 00:05:14,599 Speaker 1: you Michael. It is Tuesday, the thirteenth of May twenty 100 00:05:14,640 --> 00:05:17,080 Speaker 1: twenty five. Remember to hit follow on the podcast, and 101 00:05:17,120 --> 00:05:19,440 Speaker 1: if five minutes isn't enough, you can find our longer 102 00:05:19,520 --> 00:05:23,240 Speaker 1: daily show called Fear and Greed wherever you listen to podcasts. 103 00:05:23,279 --> 00:05:25,560 Speaker 1: I'm Michael Thompson and that was the fast five business 104 00:05:25,560 --> 00:05:30,599 Speaker 1: news by Fear and Greed. Had a great day.