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Speaker 1: It's Tuesday, the twenty eighth of May twenty twenty four.

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Speaker 1: Welcome to the Fast five Business News by Fearing Greed.

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Speaker 1: Will we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean.

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Speaker 2: Aylmer, Good morning Michael.

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Speaker 1: Saw and five stories in five minutes. Let's go a story.

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Speaker 1: Number one. Property giant lend Lease will write down nearly

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Speaker 1: one point five billion dollars in investments in its overseas

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Speaker 1: construction and development business and unwind its international strategy to

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Speaker 1: focus on growth here at home.

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Speaker 2: Yep, it'll all be about the Australian business. It will

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Speaker 2: also keep its international investment platform. For many years, len

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Speaker 2: Lisa has been trying to make it overseas, but as

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Speaker 2: demonstrated by share price tumbling in recent months to about

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Speaker 2: a quarter of its pre COVID high, chief executive Tony

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Speaker 2: Lombardo has been forced to change strategy. Len Lisa's international

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Speaker 2: works include unfinished developments in Malaysia, the US, Italy and UK.

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Speaker 2: Basically started with interest rates below property prices of erup

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Speaker 2: cycle term, len lease gets stuck with unprofitable or hard

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Speaker 2: to fund developments the company has already seld down some

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Speaker 2: assets in the US and here in Australia. Mister Lombardo

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Speaker 2: yesterday said the new strategy will be less complex and

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Speaker 2: then the lease will be more fit for purpose. It

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Speaker 2: wants to say about one hundred and twenty five million

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Speaker 2: dollars a year and do a five hundred million dollar

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Speaker 2: share buy back. Shareholders liked yesterday the price of its

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Speaker 2: shares eight percent sewn.

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Speaker 1: We now have two kind of one time blue chip companies,

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Speaker 1: land Lease and BHP, still land Lease and BHP taking

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Speaker 1: very different tacks on overseas expansion. BHP, which of course

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Speaker 1: remains a blue chap, is full steam ahead. Land Lease

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Speaker 1: is the opposite.

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Speaker 2: In recent years, a track record of ossie companies buying

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Speaker 2: overseas is mixed at best, though often these deals take

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Speaker 2: many years to play out. CSL spent seventeen billion dollars

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Speaker 2: buying Swiss based wife A pharmacy almost two years ago,

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Speaker 2: pushing it into iron deficiency in kidney products. That deals

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Speaker 2: probably yet to pay dividends. The big banks have had

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Speaker 2: a go going global that really hasn't worked. Mostly they're

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Speaker 2: now selling offshore assets. Goodman Group has tended to favor

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Speaker 2: partnerships with offshore players. Whistet Global has been a serial

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Speaker 2: acquirer and given its share prices up thirty percent over

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Speaker 2: the past year three hunder percent over five years, must

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Speaker 2: be doing something right. Dominas Pizza is another one long

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Speaker 2: way from being the best performing company on the exchange,

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Speaker 2: but it has expanded into Japan and Europe pretty successfully.

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Speaker 2: But BHP is just a monster at least when it

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Speaker 2: comes to Ozzie acquirers that operates in North and South America,

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Speaker 2: Southern Africa, Europe, Asia, Australia. It's probably the exception to

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Speaker 2: the rule in that it has been able to make

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Speaker 2: it work all right.

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Speaker 1: On to story number two. This is an interesting one

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Speaker 1: showing Australia would be among the biggest losers if a

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Speaker 1: trade war between the US and its allies and China escalated.

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Speaker 1: According to the OECD.

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Speaker 2: Thee CD says Australia's economic output would for by about

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Speaker 2: thirty billion dollars if there was a ten percent reduction

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Speaker 2: in bilateral grids and services trade flows between major economies.

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Speaker 2: Only South Korea would be worse off. Australia's ranking reflects

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Speaker 2: the fact that we have a heavy dependence on China

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Speaker 2: buying our commodities. About eighty percent of our mining exports

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Speaker 2: goate of China. Also, Australians by billions of dollars worth

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Speaker 2: of Chinese manufactured goods each year. The warning from the

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Speaker 2: OECD comes as US presidential candidates Joe Biden and Donald

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Speaker 2: Trump talk very tough on tariffs and bands on products

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Speaker 2: to China, things like EVS technology, et cetera. Another area

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Speaker 2: of susceptibility for Australia is the education sector that's worth

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Speaker 2: about forty eight billion dollars to us. Very important that

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Speaker 2: we get that one right, Michael.

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Speaker 1: Indeed now sturing. Number three Deputy Prime Minister Richard Miles

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Speaker 1: says Friday's landslide in Papua New Guinese Highlands as an

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Speaker 1: absolute tragedy and the Australian government will provide assistance to

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Speaker 1: local authorities as the search and rescue effort progresses.

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Speaker 2: Miles told Radio National that Australia could provide airlift capabilities

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Speaker 2: to rescuers who are navigating a remote and rugged environment

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Speaker 2: and of course the danger of further landslides. More than

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Speaker 2: six hundred and seventy people have died in the landslide

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Speaker 2: and more than twelve hundred and fifty have been displaced.

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Speaker 2: The International Organization for Migration set over the weekend around

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Speaker 2: one hundred and fifty houses and their residences in a

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Speaker 2: village called Yambali, the foot of a mountain in remote

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Speaker 2: Anger Province are submerged. Hopes of finding survivors are failing.

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Speaker 1: Story number four sean the Star entertainment story has just

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Speaker 1: been going and going and going, and there's another update today.

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Speaker 1: A consortium that put an informal proposal to the gaming group.

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Speaker 1: We spoke about this last week. It claims it does

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Speaker 1: have a longstanding commercial relationship with hard Rock International, and.

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Speaker 2: It reckons it kept the fire in a based group

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Speaker 2: in the loop on discussions now. Last week hard Rock

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Speaker 2: International said it had not had discussions with Star, nor

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Speaker 2: had it licensed its name for any such discussions. Yesterday, too,

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Speaker 2: local companies confirmed that they approached Star in March with

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Speaker 2: a strategy to turn around its assets in New South

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Speaker 2: Wales and Queensland. According to the fin Review, the two

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Speaker 2: companies said they had submitted an indicative non binding proposal

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Speaker 2: to acquire the Sydney assets and had held the right

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Speaker 2: to use the hard Rock brand across designated territories including

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Speaker 2: Australia for more than thirty years. Who knows what's true

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Speaker 2: with that? One?

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Speaker 1: Yeah, indeed one story. Number five Dating apps Sean such

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Speaker 1: as Tinder and Bumble are exploring extra features and new

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Speaker 1: branding to attract more gen z women. In response to

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Speaker 1: warnings that female users are suffering burnout on matchmaking platforms.

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Speaker 2: Match Group, which is more than forty dating brands including

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Speaker 2: Tinder and Hinge, and Bumble have both said they plan

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Speaker 2: to boost content moderation and introduce other tools to improve

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Speaker 2: women's experiences. Surveys have consistently shown a gender disparity among

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Speaker 2: dating app users, according to The Financial Times, a recent

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Speaker 2: poll by market research firm Mintel found that forty seven

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Speaker 2: percent of men aged between eighteen and thirty four in

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Speaker 2: the UK had used a dating website or app in

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Speaker 2: the year to December, just twenty five percent of women.

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Speaker 2: In terms of females, millennials are most likely to use

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Speaker 2: dating apps, gen zs appear much more hesitant. Not helping

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Speaker 2: is that some women have reported concerns about receiving unsolicited

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Speaker 2: material and violent threats while using the services. The share

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Speaker 2: prices of both match Group and Bumble have fallen more

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Speaker 2: than eighty percent from their highs on the back of

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Speaker 2: the slowdown in use.

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Speaker 1: All right, there we go, the top five business stories

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Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It

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Speaker 1: is Tuesday, the twenty eighth of May twenty twenty four,

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Speaker 1: remembered hit follow on the podcast. And if five minutes

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Speaker 1: isn't enough, you can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. O'm Michael

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Speaker 1: Thompson and that was the fast five business news by

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Speaker 1: Fear and Greed. Have a great day.