1
00:00:03,920 --> 00:00:07,200
Speaker 1: It's Friday, the nineteenth of September twenty twenty five. Welcome

2
00:00:07,240 --> 00:00:09,440
Speaker 1: to the Fast five Business News by Fear and Greed,

3
00:00:09,440 --> 00:00:11,200
Speaker 1: where we give you the top five business stories you

4
00:00:11,240 --> 00:00:13,440
Speaker 1: need to know in just five minutes. I'm Michael Thompson

5
00:00:13,480 --> 00:00:14,840
Speaker 1: and good morning Sean Aylmer.

6
00:00:14,960 --> 00:00:16,319
Speaker 2: Good morning, Michael Shawn.

7
00:00:16,400 --> 00:00:19,600
Speaker 1: Five stories, five minutes, Five massive stories. Basically to get

8
00:00:19,640 --> 00:00:21,400
Speaker 1: through in just five minutes, so we better get going.

9
00:00:21,440 --> 00:00:24,640
Speaker 1: Story number one. The federal government has committed to cutting

10
00:00:24,760 --> 00:00:28,560
Speaker 1: Australia's carbon emissions by between sixty two percent and seventy

11
00:00:28,560 --> 00:00:31,560
Speaker 1: percent by twenty thirty five from two thousand and five levels.

12
00:00:31,720 --> 00:00:33,879
Speaker 1: It's part of a new plan to reduce emissions from

13
00:00:33,920 --> 00:00:35,960
Speaker 1: all parts of the Australian economy.

14
00:00:36,040 --> 00:00:38,159
Speaker 2: The new target range is based on advice from the

15
00:00:38,200 --> 00:00:41,280
Speaker 2: Climate Change Authority. It's lower than the original range of

16
00:00:41,320 --> 00:00:44,640
Speaker 2: sixty five to seventy five percent. The PM, Anthony abernez

17
00:00:44,680 --> 00:00:46,640
Speaker 2: He said reaching the upper limits of the target would

18
00:00:46,680 --> 00:00:49,839
Speaker 2: require commitment by all levels of government and the private sector.

19
00:00:50,320 --> 00:00:54,240
Speaker 2: It's got five priority areas. The Government's looking at renewable energy,

20
00:00:54,320 --> 00:00:58,080
Speaker 2: electrication of transport and households, expanding the use of clean fuel,

21
00:00:58,280 --> 00:01:02,240
Speaker 2: boosting new technologies and increase in carbon removals from land use.

22
00:01:02,480 --> 00:01:05,640
Speaker 2: It's also adding lots of new money, in fact seven

23
00:01:05,640 --> 00:01:09,040
Speaker 2: billion dollars into the Clean Energy Finance Corporation and National

24
00:01:09,080 --> 00:01:13,200
Speaker 2: Reconstruction Fund. It's part of Australia's obligations as a signatory

25
00:01:13,280 --> 00:01:16,920
Speaker 2: to the twenty fifteen Paris Climate Agreement. It needs new policy,

26
00:01:17,000 --> 00:01:21,360
Speaker 2: particularly around industrial transport and electricity. The government also released

27
00:01:21,360 --> 00:01:24,520
Speaker 2: a net zero Plan, six individual sector plans, the Climate

28
00:01:24,560 --> 00:01:28,679
Speaker 2: Change Authorities Advice and Treasury modeling of the economic costs

29
00:01:28,680 --> 00:01:30,920
Speaker 2: and benefits of a sixty five percent target.

30
00:01:31,400 --> 00:01:34,880
Speaker 1: This is a reduction in the potential target. Is it

31
00:01:34,920 --> 00:01:37,720
Speaker 1: a surprise that it's been reduced? And how I suppose

32
00:01:37,720 --> 00:01:39,040
Speaker 1: this it's going to play out politically?

33
00:01:39,640 --> 00:01:41,240
Speaker 2: I think this is a bit of a surprise. Climate

34
00:01:41,280 --> 00:01:43,480
Speaker 2: Change and Energy Minister Chris Bowen said a target of

35
00:01:43,480 --> 00:01:46,679
Speaker 2: more than seventy percent wasn't achievable. Now the government wants

36
00:01:46,680 --> 00:01:48,560
Speaker 2: to legislate this. The problem for them is that the

37
00:01:48,560 --> 00:01:52,000
Speaker 2: Greens wants that target much higher, the Coalition want it

38
00:01:52,040 --> 00:01:54,800
Speaker 2: much lower. Government's already struggling to meet its commitment to

39
00:01:54,800 --> 00:01:58,160
Speaker 2: reduce emissions by forty three percent by twenty thirty at

40
00:01:58,200 --> 00:02:01,280
Speaker 2: the moment. By twenty thirty five, I've expected to get

41
00:02:01,320 --> 00:02:04,920
Speaker 2: to just under fifty percent, so there's a ways to go. Big.

42
00:02:04,960 --> 00:02:07,200
Speaker 2: Part of the problem, of course, isn't just you know,

43
00:02:07,480 --> 00:02:11,480
Speaker 2: new solum wind plants. It's actually the infrastructure needed to

44
00:02:11,560 --> 00:02:12,400
Speaker 2: transmit the power.

45
00:02:12,440 --> 00:02:14,640
Speaker 1: Michael Okay, moving on to story number two. Now, the

46
00:02:14,680 --> 00:02:17,680
Speaker 1: US Federal Reserve cut interest rates yesterday morning by twenty

47
00:02:17,680 --> 00:02:20,800
Speaker 1: five basis points, but was cautious, so tad cautious about

48
00:02:20,800 --> 00:02:23,560
Speaker 1: future rate cuts. While the Fed is more worried about

49
00:02:23,600 --> 00:02:26,400
Speaker 1: the labor market in the world's biggest economy, it's also

50
00:02:26,480 --> 00:02:28,120
Speaker 1: concerned about tariff's chairs.

51
00:02:28,160 --> 00:02:31,360
Speaker 2: Your own Powell express concerns about tariff driven inflation pressures,

52
00:02:31,360 --> 00:02:33,280
Speaker 2: saying the Central Bank was in a meeting by meeting

53
00:02:33,320 --> 00:02:37,440
Speaker 2: situation Federal Open Market Committee. It voted to lower the

54
00:02:37,440 --> 00:02:40,520
Speaker 2: benchmark interest rate by a quarter of percentage point. Rate

55
00:02:40,600 --> 00:02:44,360
Speaker 2: projections suggest two more rate cuts this year, one more

56
00:02:44,800 --> 00:02:47,560
Speaker 2: next year. An interesting side note to this one, FED

57
00:02:47,560 --> 00:02:50,519
Speaker 2: Governor Stephen Mirn, a favorite of Donald Trump who joined

58
00:02:50,560 --> 00:02:53,320
Speaker 2: the board last week, faded against a twenty five basis

59
00:02:53,320 --> 00:02:56,240
Speaker 2: point cut in favor of a fifty basis point cut.

60
00:02:56,280 --> 00:02:57,600
Speaker 2: But of course he didn't get his way.

61
00:02:57,919 --> 00:03:01,200
Speaker 1: Story number three the local jobs market softening Sean with

62
00:03:01,360 --> 00:03:05,359
Speaker 1: figures showing four hundred people lost work in August, adding

63
00:03:05,400 --> 00:03:07,680
Speaker 1: to the argument that the Reserve Bank should cut interest

64
00:03:07,720 --> 00:03:08,680
Speaker 1: rates in coming months.

65
00:03:08,760 --> 00:03:12,360
Speaker 2: Economists expected again of twenty one thousand jobs. Didn't get it.

66
00:03:12,680 --> 00:03:15,560
Speaker 2: There was a big fall in full time workers. Almost

67
00:03:15,600 --> 00:03:18,560
Speaker 2: forty one thousand work full time workers lost their job,

68
00:03:18,639 --> 00:03:21,320
Speaker 2: offset by an increase in part time work. The unemployment

69
00:03:21,400 --> 00:03:23,120
Speaker 2: rate was steady at four point two percent after the

70
00:03:23,160 --> 00:03:27,440
Speaker 2: participation rate fell. There's definitely been a downturn in the

71
00:03:27,520 --> 00:03:29,360
Speaker 2: labor market. The first four months of this year, the

72
00:03:29,360 --> 00:03:32,919
Speaker 2: economy added eighty thousand jobs, next four months just twenty

73
00:03:32,960 --> 00:03:36,600
Speaker 2: four thousand jobs. The Reserve Bank is now going to

74
00:03:36,640 --> 00:03:39,280
Speaker 2: focus more on the jobs market. We found that out

75
00:03:39,280 --> 00:03:42,160
Speaker 2: from the Bank's chief economists Sarah Hunter earlier this week.

76
00:03:42,400 --> 00:03:45,000
Speaker 2: Traders are pricing in a ninety percent chance of another

77
00:03:45,080 --> 00:03:47,960
Speaker 2: rate cut at the Reserve Bank Board's meeting in November.

78
00:03:48,000 --> 00:03:52,160
Speaker 1: Michael storing Up A four Macquarie Group reportedly held talks

79
00:03:52,200 --> 00:03:55,280
Speaker 1: to merge with private equity giant Carlisle Group, though the

80
00:03:55,320 --> 00:03:56,920
Speaker 1: discussions ended up going nowhere.

81
00:03:57,280 --> 00:04:00,240
Speaker 2: Such a merger would have created a global investment our

82
00:04:00,240 --> 00:04:03,200
Speaker 2: house with one trillion dollars in combined assets. A US

83
00:04:03,320 --> 00:04:06,360
Speaker 2: group Semi four reported the news that the two companies

84
00:04:06,400 --> 00:04:11,280
Speaker 2: had held merger talks. Mcquarie wasn't commenting yesterday. Mcquarie broadly

85
00:04:11,280 --> 00:04:14,080
Speaker 2: has been shifting away from public assets towards private assets,

86
00:04:14,080 --> 00:04:16,400
Speaker 2: so last year or sorry, earlier this year at April

87
00:04:16,520 --> 00:04:20,359
Speaker 2: its oldest North American and European public asset management unit.

88
00:04:20,720 --> 00:04:25,000
Speaker 2: What's interesting here is Mcquarie's thinking of more radical ways

89
00:04:25,040 --> 00:04:27,919
Speaker 2: to add value to shareholders. Long the king maker of

90
00:04:27,920 --> 00:04:31,159
Speaker 2: investment banking in Australia, times are tougher for that sector

91
00:04:31,200 --> 00:04:33,400
Speaker 2: as a whole and for Mcquarie.

92
00:04:33,000 --> 00:04:35,400
Speaker 1: Last one story number five a big one to finish

93
00:04:35,440 --> 00:04:39,160
Speaker 1: on and what critics are labeling as a severe impingement

94
00:04:39,279 --> 00:04:42,680
Speaker 1: on the freedom of the press. US network ABC has

95
00:04:42,760 --> 00:04:47,159
Speaker 1: pulled late night host Jimmy Kimmel off air indefinitely over

96
00:04:47,240 --> 00:04:49,080
Speaker 1: comments that he made about the shooting of right wing

97
00:04:49,080 --> 00:04:53,080
Speaker 1: influencer Charlie Kirk. It came after a Trump appointee responsible

98
00:04:53,120 --> 00:04:56,480
Speaker 1: for free to our licenses was very critical of Kimmel's comments.

99
00:04:56,680 --> 00:04:58,919
Speaker 2: So in a monologue earlier this week, Kimmel said, I

100
00:04:58,960 --> 00:05:01,960
Speaker 2: quote the Maga gang, make America great again, gain the

101
00:05:02,000 --> 00:05:05,480
Speaker 2: Mega gain, desperately trying to characterize this kid who murdered

102
00:05:05,560 --> 00:05:09,000
Speaker 2: Charlie Kirk as anything other than one of them, and

103
00:05:09,080 --> 00:05:11,640
Speaker 2: doing everything they can to score political points from it.

104
00:05:11,839 --> 00:05:15,120
Speaker 2: He then criticized Donald Trump. He mocked his reaction to

105
00:05:15,160 --> 00:05:17,800
Speaker 2: the shooting. I quote, this is not how an adult

106
00:05:17,800 --> 00:05:20,480
Speaker 2: grieves the murder of someone he calls a friend. This

107
00:05:20,520 --> 00:05:23,839
Speaker 2: is how four year old mourns a goldfish end quote. Now,

108
00:05:23,880 --> 00:05:26,480
Speaker 2: the head of the US Communications Regulator, a guy called

109
00:05:26,480 --> 00:05:30,159
Speaker 2: Brendan Carr, Trump appointee, said the ABC host had shown

110
00:05:30,440 --> 00:05:34,880
Speaker 2: the sickest conduct possible. He urged Disney to take action.

111
00:05:35,400 --> 00:05:38,320
Speaker 2: He then said an apology would be a very reasonable,

112
00:05:38,600 --> 00:05:44,040
Speaker 2: minimal step. Disney did take action, the effectively sacked Jimmy Kimmel.

113
00:05:44,720 --> 00:05:48,120
Speaker 2: Donald Trump, in response, came out, I quote him, great

114
00:05:48,160 --> 00:05:52,320
Speaker 2: news for America. The ratings challenged, Jimmy Kimmel's show is canceled.

115
00:05:52,360 --> 00:05:56,040
Speaker 2: Congratulations to ABC for having for finally having the courage

116
00:05:56,080 --> 00:05:58,360
Speaker 2: to do what had to be done. He then went

117
00:05:58,400 --> 00:06:02,560
Speaker 2: and criticized Jimmy Fallon and mys from NBC. Of course,

118
00:06:02,560 --> 00:06:05,719
Speaker 2: all these guys are always making jokes about Donald Trump

119
00:06:05,800 --> 00:06:09,440
Speaker 2: not something he likes. The decision triggered a blast of criticism,

120
00:06:09,520 --> 00:06:12,560
Speaker 2: with politicians and media experts saying Kimmel is being censored.

121
00:06:13,080 --> 00:06:15,640
Speaker 2: It's all against the freedom of the press. It is

122
00:06:15,720 --> 00:06:20,520
Speaker 2: quite disturbing the influence that the Trump administration is having

123
00:06:20,600 --> 00:06:22,520
Speaker 2: on the media generally.

124
00:06:22,680 --> 00:06:24,120
Speaker 1: Yeah, an extraordinary story.

125
00:06:24,200 --> 00:06:24,520
Speaker 2: That's it.

126
00:06:24,560 --> 00:06:26,200
Speaker 1: The top five business stories in five minutes.

127
00:06:26,240 --> 00:06:27,599
Speaker 2: Thank you Sean, Thank you Michael.

128
00:06:27,720 --> 00:06:30,440
Speaker 1: It is Friday, the nineteenth of September twenty twenty five.

129
00:06:30,520 --> 00:06:32,919
Speaker 1: Remember to hit follow on the podcast. If five minutes

130
00:06:32,960 --> 00:06:35,640
Speaker 1: isn't enough, you can find our longer daily show called

131
00:06:35,680 --> 00:06:38,440
Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael

132
00:06:38,440 --> 00:06:40,880
Speaker 1: Thompson and how was the past five business news by

133
00:06:40,880 --> 00:06:42,320
Speaker 1: Fear and Greed. Have a great date.