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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 Ale. Hello Michael Sean On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in five minutes.

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

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Speaker 1: but we are going to pick out the biggest business

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Speaker 1: story of the week, the most remarkable story, a mystery category,

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Speaker 1: and then our favorite business related story. Let's get straight

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Speaker 1: into the biggest one, though, what was it for you?

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Speaker 2: For me, it was the bid for Santos by the

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Speaker 2: Abu Derby National Oil Company thirty billion dollars eighty nine

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Speaker 2: a share. Now Santos is training at less than eight

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Speaker 2: dollars a share, which suggests this take over bid has

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Speaker 2: a ways to go. The company, adnok Abu Derby National

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Speaker 2: Oil Company needs approval from the Foreign Investment Review Board

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Speaker 2: and Jim Charmers during this week, I'd say is a

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Speaker 2: bit circumspect about whether he wants that to go through

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Speaker 2: or not. Energy security is a really big one. Do

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Speaker 2: we want a Middle Eastern company owning one of Australia's

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Speaker 2: biggest oil and gas companies? Notwithstanding that the biggest bid

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Speaker 2: for a company on the IX since after Pay a

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Speaker 2: few years back. Big deal.

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Speaker 1: Yeah, it certainly was the other big story this week,

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Speaker 1: obviously Sean aside from everything that has been unfolding in

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Speaker 1: the Middle East, which continues to develop, we had Anthony

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Speaker 1: Aberanzi under a bit of pressure and he was a

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Speaker 1: guest at the G seven in Canada. He was meeting

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Speaker 1: a bunch of people who met the Canadian Prime Minister

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Speaker 1: Mark Carney. But the big meeting, the meeting he was

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Speaker 1: really there to have, was with Donald Trump and it

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Speaker 1: didn't happen. It was going to reason with him, that

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Speaker 1: was his word, over tariffs, over orcus, but the President

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Speaker 1: left early, he went home to deal with the response

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Speaker 1: to the Middle East crisis, and he left Anthony Aberzi

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Speaker 1: basically stranded. And it really piles the pressure on the

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Speaker 1: Prime Minister at the moment deciding whether or not to

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Speaker 1: go to Europe next week to meet him on the

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Speaker 1: sidelines of a NATO meeting, which will be a tough

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Speaker 1: one for him if he does, because everyone in NATO

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Speaker 1: is under pressure as well to increase their defense spending

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Speaker 1: and that's something that the Prime Minister doesn't really want

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Speaker 1: to do, but the pressure is on the PM two

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Speaker 1: actually have that face to face contact with the President

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Speaker 1: to talk tariffs, to talk UCUS, a whole lot of

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Speaker 1: other stuff, and it's just not happening cantally.

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Speaker 2: My most remarkable story just how strong the local employment

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Speaker 2: market is. The unemployment rate remains at four point one percent.

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Speaker 2: There are a few job losses last month, though in

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Speaker 2: April there was a stack of job gains. For five

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Speaker 2: months now we've had a four point one percent unemployment rate. Notwithstanding,

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Speaker 2: the economy is growing at less than two percent per

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Speaker 2: put through reserve Bank. In a bit of a tricky situation,

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Speaker 2: what's to dore in interest rates? Normally, when you've got

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Speaker 2: that low and unemployment rate, that you wouldn't cut interest rates,

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Speaker 2: But I think the stay down in growth is more important,

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Speaker 2: so they probably will in the next couple of months.

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Speaker 2: But quite remarkable that this labor market, the unemployment rate

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Speaker 2: can be at four point one percent. Still.

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Speaker 1: The other remarkable story I thought, Sean, is what's going

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Speaker 1: on with our super funds. They're closing in on another

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Speaker 1: strong financial year. It's not long to go now. It's

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Speaker 1: the Media and Growth Fund set to return around nine percent,

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Speaker 1: which is amazing. And what's more amazing, I'd make three

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Speaker 1: years in a row of outsize returns, three years in

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Speaker 1: a row of nine percent. That's way, way, way above Tiger.

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Speaker 1: Great news for anyone with a superfund.

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Speaker 2: Really, the third category this week is stories that really

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Speaker 2: matter but sometimes people ignore. For me, way to put

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Speaker 2: it for me, it was the figures from the Australian

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Speaker 2: Council of Superannuation Investors came out that every year they

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Speaker 2: look at the CEO pay. What was really interesting we

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Speaker 2: had the normal people at the top, Robert Thompson from

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Speaker 2: News Corps. We had Lavisa's CEO, Victor Herrero at number two,

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Speaker 2: Mcquarie's Shamara Wickram and I Yak and number three I

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Speaker 2: thought was interesting is that the CEO pay as a

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Speaker 2: multiple of average pays now fifty five times. The ten

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Speaker 2: years ago was seventy seven times. Believe it or not,

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Speaker 2: they're getting paid a lot of money, but CEO pay

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Speaker 2: is actually not growing anywhere near as fast as average

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Speaker 2: worker pay. I think that's a good thing.

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Speaker 1: Michael, Yeah, indeed. You know, though, when you say important

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Speaker 1: stories that people just tend to ignore a little bit.

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Speaker 1: I think tax reform fits very neatly into that category.

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Speaker 1: I say that and you just hear eyes glazing over

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Speaker 1: all around the country. But Treasurer Jim Chalmers this week

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Speaker 1: was talking about the necessity of an overhaul of the

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Speaker 1: tax system. He used his first major speech post election.

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Speaker 1: He was at the National Press Club and he was

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Speaker 1: talking about the fact that the government is likely to

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Speaker 1: take on tax reform using its mandate focus on lifting

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Speaker 1: productivity an investment. There's a bunch of things that could

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Speaker 1: come up through this and potentially proposed by Treasury, things

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Speaker 1: like higher taxes on family trusts and electric vehicle drivers,

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Speaker 1: winding back the fifty percent discount on capital gains. A

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Speaker 1: lot of bits and pieces in all of this, but

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Speaker 1: the one thing that the Treasurer was pretty lukewarm on

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Speaker 1: was including GST in this discussion and the potential to

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Speaker 1: increase the GST. So it is one of those things. Yes, Sean,

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Speaker 1: it is a worthy story, it's an important story, but

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Speaker 1: it's probably not getting the attention that it deserves at

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Speaker 1: the moment.

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Speaker 2: Can I give you my favorite story very quickly, please,

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Speaker 2: group called Region Cell by Science Holdings, listed on Nasdaq.

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Speaker 2: Share price in the last year has gone up forty

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Speaker 2: six thousand, thousand percent. It did a thirty eight for

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Speaker 2: one stock split one on Monday and it's share price

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Speaker 2: raise two hundred and eighty three percent. Now you would

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Speaker 2: think you must have massive earnings if that's the case,

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Speaker 2: massive revenue, massive earnings. Ah, no revenue, no earnings. One

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Speaker 2: big shareholder who's now very rich, a Chinese gentleman. Not

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Speaker 2: sure what's going on, but forty six thousand percent with

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Speaker 2: no news. Hmmm, me smells something funny there.

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Speaker 1: It's a little unusual. My favorite story this week short

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Speaker 1: if somebody walked in to the studio today and said, hey, Michael,

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Speaker 1: if you come and work for my business news podcast,

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Speaker 1: I will give you a one hundred million dollar sign

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Speaker 1: on bonus, you would not see me for dust. There

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Speaker 1: would actually be a little flame marks, just like on

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Speaker 1: Back to the Future. You remember when the when the

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Speaker 1: Doloreum goes back in time, and it's just those trailers

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Speaker 1: that would be me out the door heading off for

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Speaker 1: one hundred million dollar sign on bonus. That is apparently

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Speaker 1: what's being offered to employees of open Ai. You know,

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Speaker 1: the makers of chatchpt to go to meta Platforms, which

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Speaker 1: is the maker of obviously a Facebook owner of Facebook

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Speaker 1: and owner of Instagram, Sam Molten and the owner of

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Speaker 1: the Boss of Open Ai, says that his employees are

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Speaker 1: being offered one hundred million US dollars sign on bonuses,

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Speaker 1: compensation packages roughly equivalent. So we're looking at two hundred

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Speaker 1: million US dollars just in the first year. Sure, not necessarily, Actually,

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Speaker 1: what's happening. It's a claim made on a podcast, but

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Speaker 1: pretty incredible. It shows the amount of money just swirling

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Speaker 1: around in AI at the moment.

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Speaker 2: Yep.

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Speaker 1: Incredible story anyway. Sure, and that's five minutes and pretty

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

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Speaker 1: Thank you very much. We'll be back on Monday morning

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Speaker 1: with the top five business stories in five minutes. Don't

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Speaker 1: forget to hit follow and join us online on Instagram, TikTok, Facebook,

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Speaker 1: LinkedIn and X. Are Michael Thompson and this is the

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Speaker 1: Fast five business news by Fear and Greed