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Speaker 1: It's Monday, the fifth of August twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where 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 Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories, five minutes. Let's go.

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Speaker 2: Sorry.

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Speaker 1: Number one's a big one. Global markets are teetering on

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Speaker 1: the edge of a major selloff as investors become worried

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Speaker 1: about a recession in the United States, and the fears

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Speaker 1: are set to push the local ASX down in coming sessions.

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Speaker 2: Yeah, there's been some data over the past couple of

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Speaker 2: days in the US that suggests the world's biggest economy

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Speaker 2: could be heading towards that recession. The labor market isn't

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Speaker 2: anywhere near as strong as they thought, and figures around

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Speaker 2: the manufacturing sector also suggest it is falling towards contractionary territory.

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Speaker 2: Put all that together, people are starting to worry that

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Speaker 2: the FED has acted too slowly on cutting interest rates.

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Speaker 2: Not helping has been some of the techtok results Apple

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Speaker 2: it announced to five percent jump in revenue in the

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Speaker 2: gyn quarter. Good in terms of its services business and

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Speaker 2: a surgeon iPad sales, but iPhone sales, the heart of

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Speaker 2: the business, continue to decline, particularly in China. Intel, once

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Speaker 2: the master of the chip universe, well that's no longer

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Speaker 2: the case. Late last week it revealed plans to cut

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Speaker 2: fifteen thousand jobs and reduce capital spending closer to home.

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Speaker 2: At lassion, it's had to promise investors it will start

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Speaker 2: winning more business soon, off the world's biggest companies after

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Speaker 2: its share price tumbled seventeen percent after a huge earnings miss.

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Speaker 1: Okay, so this is all on the global stage. What

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Speaker 1: does it mean for Australia.

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Speaker 2: The local share market film more than two percent on Friday,

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Speaker 2: worst one day fall in sixteen months. That, of course,

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Speaker 2: is after hitting a new high on Thursday. The selloff

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Speaker 2: was across the energy stocks, the banks, the miners, some

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Speaker 2: of the retailers, some of the tech stocks. Futures trading

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Speaker 2: suggests that's going to continue again today. What's going on

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Speaker 2: in markets is that it's very highly valued the market

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Speaker 2: at the moment, it's been pushed up a lot of

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Speaker 2: greed people trying to get into that market. Suddenly there's

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Speaker 2: been a slip up or two. The tech stocks the

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Speaker 2: macro environment. People are selling down the fear. It's a

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Speaker 2: greed and fear market.

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Speaker 1: Michael Onto story number two now sean no, this is curious.

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Speaker 1: The Albanezi government is in negotiations with the Commonwealth Bank

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Speaker 1: to set up shop in Naru to help counter China's

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Speaker 1: growing influence in the South Pacific and among Australia's closest neighbors.

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Speaker 2: I fin Review is reporting at the talks progressing, and

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Speaker 2: a critical point is how much taxpayer support is warranted

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Speaker 2: simply because it's probably got not a lot of commercial

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Speaker 2: appeal for the Comnwealth Bank this one. Naru was once

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Speaker 2: a popular banking destination. It cracked down in the early

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Speaker 2: two thousands, canceled hundreds of licenses, closed the Bank of

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Speaker 2: Niru in two thousand and six, basically became a cash

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Speaker 2: economy that in twenty fifteen Bandigo and Adelaide Bank came

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Speaker 2: in to provide limited financial services. Last year, Bendigo said

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Speaker 2: it would exit Nuru to reduce complexity and simplify its business.

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Speaker 2: That was spaced to happen by the end of this year.

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Speaker 2: It's been pushed through to due next year. After the

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Speaker 2: Naru and government signed a memorandum of understanding with the

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Speaker 2: Bank of China to explore a succession plan. Now canber

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Speaker 2: wants the Comwealth Bank to help out to pap counter

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Speaker 2: China's influence.

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Speaker 1: Story number three. Prime Minister Anthony Albernezi has stopped short

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Speaker 1: of saying Australia is a more reconciled and united country

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Speaker 1: after the failed Indigenous Voice to Parliament referendum, instead declaring, quote,

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Speaker 1: there has to be the objective to achieve that.

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Speaker 2: He said, we need to be optimistic about how we

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Speaker 2: look forward. Speaking on the ABC Insiders program, Mister Albernesi,

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Speaker 2: who's spoken very little about the failed referendum, said there's

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Speaker 2: considerable hurt from both the outcome and the way the

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Speaker 2: campaign was conducted. He added that reconciliation as a process

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Speaker 2: people need to walk together. He said Australia as a

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Speaker 2: nation will benefit from being more united and from being

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Speaker 2: more reconciled with our history.

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Speaker 1: Story number four. Researchers have uncovered a secret ingredient for

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Speaker 1: well being and retirement, being able to choose when you

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Speaker 1: want to retire.

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Speaker 2: And it's not all about the money, Michael. A new

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Speaker 2: study by Macquarie University and Challenges found that seniors who

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Speaker 2: are able to choose the timing of their retirement have

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Speaker 2: much less stress after leaving work. Ten percent of Australia's

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Speaker 2: population is set to retire in the next Decadeinancial security

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Speaker 2: also plays a key role, of course, in giving senior's

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Speaker 2: freedom and empowerment. The study of one thousand people aged

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Speaker 2: over sixty found having a clear purpose is also vital

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Speaker 2: for a positive retirement, and that seniors receiving a guaranteed

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Speaker 2: income reported higher levels of mental health and better social connections.

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Speaker 2: This is according to report in The Australian. These findings

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Speaker 2: Michael have a slight floor, though not everyone can choose

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Speaker 2: when to retire. Separate research earlier this year from a

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Speaker 2: where Suber found two in five Australians are being forced

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Speaker 2: into retirement years earlier than planned. Might be health issues

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Speaker 2: might be redundancy, might be burnout. Anyway, moral of this

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Speaker 2: story it's not just about the money.

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Speaker 1: Indeed, last one story number five. We often talked about

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Speaker 1: Warren Buffett, the greatest investor of his generation. Now mister

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Speaker 1: Buffett's Berkshire Hathaway has sold half its holding of Apple shares.

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Speaker 2: Yeah, three hundred and ninety million Apple shares in the

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Speaker 2: second quarter. That's a dune quarter one hundred and fifteen

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Speaker 2: million in the March quarter. That says Apple's stock price rose.

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Speaker 2: It still hands about four hundred million shares worth eighty

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Speaker 2: four billion US dollars, but it means they've probably sold

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Speaker 2: about one hundred billion US dollars in recent weeks. Burkshere

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Speaker 2: has also been selling down its holdings of Bank of America,

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Speaker 2: So it looks like Burkshe're and Warren Buffett not as

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Speaker 2: fast on tech stocks nor banks at the moment. Apple

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Speaker 2: has been one of Burkshey's most important equity investments in

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Speaker 2: recent years. Burkshey kind of missed some of the tech boom.

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Speaker 2: It got burnt with IBM in the noughties and missed

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Speaker 2: out on Google. Apple's been a great playfroup. But now

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Speaker 2: Warren Buffett is selling down.

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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.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Monday, the fifth of August twenty twenty four,

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Speaker 1: remembered hit follow on the podcast. If five minutes isn't enough,

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Speaker 1: you can find our longer daily show called Fear and

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Speaker 1: Greed wherever you listen to podcasts or at Fearangreed dot

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Speaker 1: com dot au, which is also where you can sign

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Speaker 1: up for our free weekly newsletter. I'm Michael Thompson and

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Speaker 1: that was the fast five business news by Fear and Greed.

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Speaker 1: Have a great day.