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Speaker 1: The tenth of September twenty twenty five. Welcome to the

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Speaker 1: Fast five Business News 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 Michael Thompson and good

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Speaker 1: morning Sean Aylmer. Good morning Michael, Sean. Five stories in

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Speaker 1: five minutes. Let's go. Story number one. Lachlan Murdoch is

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Speaker 1: buying the family business, so effectively purchasing control of NewsCorp

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Speaker 1: and Fort and Fox of NewsCorp and Fox Corporation off

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Speaker 1: his siblings, ensuring that he stays in charge. His father,

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Speaker 1: ninety four year old It's Wednesday that passes away.

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Speaker 2: Rupert Murdoch agreed to sell billions in chairs and give

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Speaker 2: them to three of his children in exchange for Lachlan

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Speaker 2: Murdoch retaining control. It resolves the high profile, long running

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Speaker 2: battle between Rupert and Lachlan on one side, and Prudence,

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Speaker 2: Elizabeth and James on the other. Now Lachlan will get

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Speaker 2: to run the whole shebang. That's News Corp, which owns

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Speaker 2: book publisher HarperCollins a controlling stake in real estate listing Aria,

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Speaker 2: The Wall Street Journal, The Time of London, The Australian

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Speaker 2: newspaper empire, I think the Australian Melbourne Herald, Son Daily

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Speaker 2: Telly in Sydney. He'll also run Fox Corporation, which is

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Speaker 2: pretty much the cash cow of the family empire. Under

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Speaker 2: It gets a bit technical, but basically, under the terms

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Speaker 2: of the agreement, Lachlan and his two youngest siblings, Grace

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Speaker 2: and Chloe, from Wendy Deng's relationship or marriage to Ripert,

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Speaker 2: they'll have one trust. The other three, Prudence, Elizabeth and

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Speaker 2: James will have their own trusts. They'll all get about

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Speaker 2: one point one billion US dollars that's about one point

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Speaker 2: seven billion Ossie. They'll sell their shares. Lachlan will hold

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Speaker 2: the controlling stake in both Fox and News.

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Speaker 1: The deal is a bit of a shock, but it

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Speaker 1: does solve the succession interest in a somewhat radical way,

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Speaker 1: layering Lachland with debt and ensuring the other three siblings

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Speaker 1: get paid out.

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Speaker 2: Yeah like News Corp. Although that it's an incredible success story.

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Speaker 2: Rippert took the Adelaide Advertiser and built the world's most

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Speaker 2: powerful conservative meet empire over seventy years. Famine finding threatened

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Speaker 2: to destroy that. Rupert and Lochlan last year went to

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Speaker 2: court to force the others to make Lachlan chair of

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Speaker 2: the business. They failed in that This is pretty much

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Speaker 2: planned b under the deal. Lachlan runs News Corbyn, Fox

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Speaker 2: and given the deal done on his fifty fourth birthday

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Speaker 2: and the Murdock genes are long living, he could be

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Speaker 2: doing this for several decades.

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Speaker 1: Okay, moving on to story number two. Now, A and

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Speaker 1: Z will cut three and a half thousand jobs by

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Speaker 1: September next year and cut its use of consultants in

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Speaker 1: a major restructure that new chief executive Nuno Mattos hopes

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Speaker 1: will turn around the country's fourth largest bank.

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Speaker 2: He said the eight percent cut to the bank's workforce

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Speaker 2: was a very tough decision, but he needs to simplify

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Speaker 2: A and Z now he took the top job in May.

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Speaker 2: It's sort of a difficult time for ain Z. It's

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Speaker 2: being investigated by ask over what it's done in the

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Speaker 2: bond market. It's operating in a very competitive lending and

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Speaker 2: deposit market. Mattos said the job cuts weren't about profits,

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Speaker 2: but about reducing complexity complexity. He added that the decision

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Speaker 2: had nothing to do with the increased use of AI

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Speaker 2: or Technology. A in Z's global workforce sits at forty

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Speaker 2: three thousand, which is more than Westpac and National Australian Bank,

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Speaker 2: despite being the smallest of the major four banks. Yesterday,

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Speaker 2: the Finance Sector Union came out and called the decision

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Speaker 2: unhinged and greedy.

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Speaker 1: Story number three. Prime Minister Anthony Albernezi is in Vanuatu

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Speaker 1: at the moment, but there's been a delay in the

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Speaker 1: leaders of the two countries signing the Nakomal Agreement, whereby

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Speaker 1: Australia is expected to invest about half a billion dollars

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Speaker 1: into Vanuatu over the next decade.

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Speaker 2: The money is for key climate, security and economic projects

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Speaker 2: and establishes Australia as the Pacific nation's primary security and

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Speaker 2: development partner. The agreement was initially flagged for sittingcture yesterday.

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Speaker 2: Last minute disagreements have held the process up. On the

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Speaker 2: Vanuatan side, Some MPs said more works needed on this

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Speaker 2: specific wording of any agreement, particularly around critical infrastructure. The

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Speaker 2: fly in the ointment appears to be potential restrictions about

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Speaker 2: doing deals with China. Alberzi said it was a matter

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Speaker 2: of process. He's confident in agreement will be reached.

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Speaker 1: Story number four The fast tracked expansion of the federal

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Speaker 1: government's Home Guarantee scheme, effective from October one, is that

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Speaker 1: to significantly increase the range of suburbs that are available

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Speaker 1: to first home buyers, and in doing so, potentially supercharged prices.

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Speaker 2: So, according to totality, under the old price caps abound,

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Speaker 2: around one a third of markets analyzed nationally had a

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Speaker 2: median value below the respective limits. Under the new rules,

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Speaker 2: which changes those limits, it's jumped to sixty three point

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Speaker 2: one percent. In terms of houses, fifty two percent of

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Speaker 2: markets will fall under the new price caps, Ninety four

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Speaker 2: percent of unit markets will be under the threshold. Now,

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Speaker 2: the scheme allows eligible first home buyers to avoid lenders,

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Speaker 2: mortgage insurance and purchase a home with a five percent deposit.

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Speaker 2: Under the new rules, it removes income and place limits,

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Speaker 2: also raising property price caps. This basically opens the market

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Speaker 2: to a bunch of first home buyers. Good that's good news.

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Speaker 2: Bad news is it's likely to push up prices.

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Speaker 1: One story. Number five US politicians have released a copy

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Speaker 1: of a birthday book given to the late convicted pedophile

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Speaker 1: financier Jeffrey Epstein in two thousand and three, which includes

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Speaker 1: a note allegedly signed by US President Donald Trump, so

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Speaker 1: it was released.

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Speaker 2: The book was released with a bunch of documents that

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Speaker 2: include Epstein's will and personal address book. Contacts include royalty, celebrities, models,

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Speaker 2: and politicians from around the world. It was subpoened from

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Speaker 2: lawyers Epstein's by the House Oversight Committee. The White House

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Speaker 2: has denied that the alleged letter is from Trump. He says,

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Speaker 2: they say it's not authentic. Now it features the drawing

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Speaker 2: of a woman's body. Grubby, I mean it's cartoonish, but grubby,

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Speaker 2: I suppose. The White House says that he did not

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Speaker 2: sign it. The release comes as a president faces growing pressure,

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Speaker 2: including from his own supporters and within his own Republican Party,

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Speaker 2: for more transparency on what investigations into Epstein uncovered. According

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Speaker 2: to the BBC, the two hundred and thirty eight page

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Speaker 2: book was put together for Epstein's fifth fieth birthday by

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Speaker 2: Glene Maxwell. Of course, He's ex girlfriend who was convicted

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Speaker 2: in twenty twenty one of conspiring with him to traffic

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Speaker 2: girls for six.

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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 Wednesday, the tenth of September twenty twenty five. Remember

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Speaker 1: to 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. I'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. Had a great day,