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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello

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Speaker 1: Sean Alma, Hello Michael Shawan. On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in just

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Speaker 1: five minutes. On the weekend, we still keep it to

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Speaker 1: five minutes, of course, but we're going to pick out

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Speaker 1: the biggest business story of the week, the most remarkable story,

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Speaker 1: a mystery category that we change every week just to

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Speaker 1: keep things exciting, and then our favorite business related story.

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Speaker 1: What was the biggest story you reckon this week?

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Speaker 2: I think it was about Donald Trump and his administration

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Speaker 2: backing down on onerous tariffs against China, softening the language

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Speaker 2: on the Federal Reserve chair Jerome Powell. Earlier in the

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Speaker 2: week he called them the loser. By the end of

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Speaker 2: it is he wasn't going to sack him. And of

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Speaker 2: course the fact that chief cost cutter Elon Musk will

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Speaker 2: now spend more time working his day job at he's

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Speaker 2: struggling Tesla company unless in the White House. Financial markets

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Speaker 2: reacted immediately. Shares jumped, gold fell, the safe haven asset fell, bitcoin, cryptos,

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Speaker 2: they all jumped up. Pretty good week. For markets all

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Speaker 2: in all, because there's just a sense that the Trump

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Speaker 2: administration is being a little bit more rational sensible than

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Speaker 2: they were a week ago.

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Speaker 1: That is a big story. The other big story happening

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Speaker 1: at the same time domestically is the federal election campaign.

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Speaker 1: We are nearing the end of this what feels like

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Speaker 1: a very very long time Sean. We only got another

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Speaker 1: week to go. We had campaign that I actually paused

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Speaker 1: at the beginning of the week when the Pope passed away.

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Speaker 1: The third debate did go ahead. It was a much

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Speaker 1: more spicy affair. You would think that Peter Dutton, I

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Speaker 1: would say, best performance yet. We've had new policies announced

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Speaker 1: this week. We had Opposition leader Peter Dutton saying that

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Speaker 1: he will fund a proposed twenty one billion dollar increase

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Speaker 1: in defense spending through higher income taxes rather than spending cuts.

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Speaker 1: We had Labour announcing a critical minerals reserve. The big

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Speaker 1: thing here, though, is seawn that people are already voting.

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Speaker 1: Early voting prepole voting opened this week. Five hundred thousand

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Speaker 1: people voted on the first day on Tuesday. That is huge,

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Speaker 1: seventy percent up on what happened three years ago. People

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Speaker 1: have already decided, and the polls suggest at this stage

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Speaker 1: that it is elbows to lose.

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Speaker 2: I think, so, look, can't tell you about my most

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Speaker 2: remarkable story because I'm still stunned by this. Mcquarie Group

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Speaker 2: is selling out of its entire North American and European

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Speaker 2: public asset management business. So I think fixed income thinks,

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Speaker 2: international equities, multi asset investments. They oversee two hundred and

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Speaker 2: eighty five billion dollars in assets in those places and

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Speaker 2: they're getting out. Basically, the margin in public investments just

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Speaker 2: isn't there anymore. Groups like black Rock, Vanguard, these huge

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Speaker 2: low fee funds they're coming in. They invest passively, so

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Speaker 2: it's actually cheaper for them to invest rather than stockpicking,

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Speaker 2: which is what McQuary does. They will still be the

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Speaker 2: group within McQuary's called mccurey Asset Management, will still operate

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Speaker 2: within Australia. Instead, mcquarie will take the resources it had

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Speaker 2: in North American and European public sector markets put it

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Speaker 2: into private market investing. It just shows how important that

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Speaker 2: sector of the market is nowadays.

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Speaker 1: Very quick, that is a massive story, Sean, A very

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Speaker 1: quick mention of another story that's kind of remarkable is

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Speaker 1: the rise and rise of the Chinese fast fashion group Shean,

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Speaker 1: which we learned this week that they've had one point

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Speaker 1: two five billion dollars of sales in the last year,

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Speaker 1: which is just huge, the amount of people that are

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Speaker 1: now buying clothes through this organization. But you talk about

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Speaker 1: kind of skinny profit margins, they only made it about

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Speaker 1: what fifteen million dollars in profit from that, which is

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Speaker 1: just extraordinary. Let's move on to our mystery category, the

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Speaker 1: best science fiction story. Go for it, because we had

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Speaker 1: a couple of good ones. Life on another planet.

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Speaker 2: Oh, that's good one.

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Speaker 1: It is very it's hard to beat. Really now we're

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Speaker 1: talking about life here. Sean. K two one eight B

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Speaker 1: is a planet eight point six times bigger than Earth.

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Speaker 1: It's orbiting a red dwarf star. It is one hundred

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Speaker 1: and twenty four light years away. That's the boring stuff, Sean.

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Speaker 1: The exciting stuff is the fact that in its atmosphere

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Speaker 1: organic molecules the kind of molecules that can be found

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Speaker 1: here on Earth, and the key to it is that

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Speaker 1: they are only produced by living organisms. Scientists at Cambridge

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Speaker 1: University say this week that a planet with an ocean

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Speaker 1: teeming with life is the most likely scenario here. I

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Speaker 1: find that exciting. It's like something out of Star Wars,

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Speaker 1: except it's real.

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Speaker 2: Yes, fascinating. My favorite science fiction story of the week

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Speaker 2: was the half marathon race. Twelve thousand Australians, so twelve

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Speaker 2: thousand humans twenty one robots competing. Unfortunately, only six of

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Speaker 2: the robots made it. Some didn't actually get off the

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Speaker 2: starting lines, others had their heads falling off, others just collapsed.

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Speaker 2: It was pretty funny. The best finishing robot did it

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Speaker 2: in three hours forty minutes. The best finishing human did

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Speaker 2: it in one hour two minutes.

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Speaker 1: A favorite story Sean, I just love that. I just

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Speaker 1: love this image of the heads falling off the robots

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Speaker 1: that's falling over. Okay, but favorite story evs Ye were

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Speaker 1: talking about EV's for a sec massive week for electric vehicles.

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Speaker 1: We had Tesla obviously reporting a seventy one percent drop

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Speaker 1: in first quarter profit. Elon Musk kind of stepping back

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Speaker 1: from doge to kind of get back into Tesla and

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Speaker 1: help build the company back up again. Hybrids a lot

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Speaker 1: of hybrids have been selling in Australia, but some research

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Speaker 1: this week shows that some of them actually use more

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Speaker 1: fuel than internal combustion engine, so a bit of a

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Speaker 1: blow to reputation there. Then huge news to finish off

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Speaker 1: the week from Chinese battery maker CATL. They make batteries

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Speaker 1: for Tesla and Volvo and a bunch of other companies.

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Speaker 1: The new EV battery that claims to be capable of

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Speaker 1: making of one thousand kilometers of range from a single

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Speaker 1: charge and you can do five hundred and twenty k's

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Speaker 1: of range in just five minutes of charging. Massive developments

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Speaker 1: in EV's this week.

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Speaker 2: Sean, absolutely, I'm with you on that. My favorite story

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Speaker 2: of the week.

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Speaker 1: Two and Sean, that's five minutes and pretty much everything

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Speaker 1: you need to know in the world of business. Thank

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Speaker 1: you very much, Thank you, Michael. We'll be back on

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Speaker 1: Monday morning with the top five business stories in five minutes.

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Speaker 1: Don't forget to hit follow and join us online on Instagram, TikTok, LinkedIn,

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Speaker 1: Facebook and X. I'm Michael Thompson and this is the

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Speaker 1: fast five business news by Fear and Greed