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Speaker 1: It's Friday, the nineteenth of July twenty twenty four. 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 Julian King, and good morning,

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Speaker 1: Sean Ailmer.

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Speaker 2: Good morning, Julian.

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Speaker 1: Story number one. The economy added fifty thousand new jobs

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Speaker 1: last month, well above expectations but triggering fears of an

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Speaker 1: interest rate height next month.

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Speaker 2: Yes, two hundred people found work last month, mostly in

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Speaker 2: full time jobs, according to the Australian Bureau Statistics, but

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Speaker 2: that didn't stop the unemployment rate rising to four point

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Speaker 2: one percent from four percent in May. With the ongoing

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Speaker 2: surge in foreign arrivals pushing more people into the labor market,

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Speaker 2: the participation rate the propraortion of people working or looking

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Speaker 2: for a job, jumped to a near record higher sixty

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Speaker 2: six point nine percent. The number of ours worked raised

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Speaker 2: by nearly one percent in June, but the Bureau said

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Speaker 2: more people than usual were unwell during the month, though

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Speaker 2: that was somewhat offset by fewer people taking on your leave.

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Speaker 2: Economists tend to talk a lot about the number of

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Speaker 2: jobs in the few days after the release, but then

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Speaker 2: the focus is on the unemployment rate. That's a pretty

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Speaker 2: good indicator of what's happening in the jobs market. While

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Speaker 2: it's now back up to the level of January this year,

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Speaker 2: it is still world below the five percent plus levels

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Speaker 2: of the pre COVID period. The labor market is probably

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Speaker 2: listening up a bit, but it still remains pretty tight.

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Speaker 1: And what does that mean shorn for interest rates?

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Speaker 2: Well, bond investors immediately priced in a greater chance of

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Speaker 2: a rate rise in August from the Reserve Bank Board

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Speaker 2: next meet. They reckon there's about a one in five

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Speaker 2: chance of that happening. The data yesterday was a bit confusing,

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Speaker 2: not least because there was a big jump in jobs

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Speaker 2: as well as a lift in the unemployment rate. The

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Speaker 2: leading indicators of the labor market stuff like job vacancy's,

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Speaker 2: job advertisements, business hiring intentions. They've been sloming since late

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Speaker 2: twenty twenty two. That's continuing, but it just hasn't quite

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Speaker 2: translated into the unemployment rate. Most economists still think the

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Speaker 2: job's market is softening a bit. Yesterday's figures give no

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Speaker 2: reason for the Reserve Bank to think it shouldn't high

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Speaker 2: grades if inflation continues to come in higher than it

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Speaker 2: wants it to. Okay to story number two, the ACTU

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Speaker 2: Senates staff home fearing for their safety after it announced

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Speaker 2: that it would suspend the CFMU from the peak body

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Speaker 2: until it can show that it's free of criminal elements.

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Speaker 2: Media reports say that the ACTU management was concerned about

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Speaker 2: the safety risk the staff if the headquarters were picketed

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Speaker 2: by CFMEMEU construction workers angry at the suspension. In New

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Speaker 2: South Wales's Premier Chris Means launched an investigation into wage

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Speaker 2: deals that state CFMEU boss Darren Greenfield signed off on

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Speaker 2: for major government projects. Came as a leader of the

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Speaker 2: CFMU Queensland branch doubled down on his attacks on the

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Speaker 2: Prime Minister Anthony Albernizi. We also had Labour's national executives

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Speaker 2: saying it will sabtize with the CFMU, following similar moves

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Speaker 2: by several state governments.

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Speaker 1: Story number three. Domino's share price fell eight percent yesterday,

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Speaker 1: the worst of the top two hundred said it will

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Speaker 1: close stores in France and Japan as a downgraded earnings guidance.

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Speaker 2: The Pizza group will closed nearly ten percent of stores

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Speaker 2: in the two countries and yesterday, it said its long

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Speaker 2: term target of seventy one hundred stores globally by twenty

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Speaker 2: thirty three won't be achieved. Currently it operates in twelve

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Speaker 2: markets more than thirty eight hundred stores. Dominos has always

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Speaker 2: had a very aggressive expansion plan, initially in Australia and

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Speaker 2: then internationally, and while the company says it still plans

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Speaker 2: to double its number of stores, managements now more focused

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Speaker 2: on profitability and sustainable organic growth. Domino's has just over

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Speaker 2: one thousand stores in Japan's going to close eighty of those.

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Speaker 2: In France, it has four hundred and eighty two outlets

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Speaker 2: it will close about thirty of those to.

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Speaker 1: Story number four. Billionaire Andrew Forrest has dumped ambitious green

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Speaker 1: hydrogen targets, restructuring his company ford Escue, with seven hundred

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Speaker 1: job set to go.

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Speaker 2: Doctor Forrest and Fortescue have been talking up hydrogen power

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Speaker 2: for about six years, and the about face could well

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Speaker 2: hinder Australia's efforts to reduce carbon emissions. Doctor Forest's pulled

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Speaker 2: back from the company's goal for using fifteen million tons

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Speaker 2: of green hydrogen by the year twenty thirty as part

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Speaker 2: of the redundancy round. He announced some senior managers are

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Speaker 2: expected to depart, including from within the group's iron ore division.

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Speaker 2: Doctor Forrest said low carbon green hydrogen still has a

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Speaker 2: bright future, but his immediate focus will shift to renewable electricity.

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Speaker 2: The decision by doctor Forest hurts the Federal government's emissions

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Speaker 2: transition planned, with Canberra providing eight billion dollars in investment

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Speaker 2: in support for hydrogen production. For excu's share price fell

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Speaker 2: one and a half percent yesterday.

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Speaker 1: And the story number five. Ken Griffin, the founder of

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Speaker 1: the massive Citadel Hedge Fund, has paid US forty four

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Speaker 1: point six million dollars for one hundred and fifty million

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Speaker 1: year old Stegosaurus known as Apex, making it the most

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Speaker 1: valuable fossil ever sold at auction.

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Speaker 2: Apex is three point three five meters tall eight point

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Speaker 2: two meters long. The price that passed its pre sale

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Speaker 2: low estimate by about eleven times, according to Sotheby's. Now

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Speaker 2: The Financial Times is reporting that mister Griffin plans to

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Speaker 2: put Apex on display at a US museum. Mister Griffin

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Speaker 2: is a bit of a dinosaur lover. In twenty eighteen,

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Speaker 2: he gave sixteen and a half million US dollars to

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Speaker 2: the Field Museum in Chicago to fund the display of

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Speaker 2: a cast of the biggest dinosaur ever discovered. That was

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Speaker 2: an Argentinian herbivore. It's known as a titanosaw. The specimen

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Speaker 2: sold this week was discovered in a town called Dinosaur

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Speaker 2: Believe it or not, in Colorado. It's mostly intact. The

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Speaker 2: stegosaurus is believed to have lived to an advanced age.

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Speaker 2: Why do we know that because it actually displays signs

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Speaker 2: of arthriderscrerible story.

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Speaker 1: Yeah, what a great story. That's it the top five

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Speaker 1: business stories in five minutes. Thank you, Sewan, Thank you

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Speaker 1: very much.

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Speaker 2: Julian.

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Speaker 1: It's Friday, the nineteenth of July twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast Andy. Five minutes isn't enough,

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Speaker 1: Then find our longer podcast called Fear and Greed on

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Speaker 1: your podcast platform. I'm Julian King and that was the

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Speaker 1: fast five by Fear and Greed. Have a great date.