1 00:00:04,200 --> 00:00:06,720 Speaker 1: Welcome to the weekend edition of the Fast Five Business 2 00:00:06,760 --> 00:00:09,319 Speaker 1: News by Fear and Greed. O'm Michael Thompson and Hello 3 00:00:09,440 --> 00:00:12,399 Speaker 1: Sean Aylmer, Hi Michael Shawn. On weekdays, it's all about 4 00:00:12,440 --> 00:00:14,800 Speaker 1: the Fast five, the top five business stories in five minutes. 5 00:00:14,840 --> 00:00:16,680 Speaker 1: On the weekend, we still keep it to five minutes, 6 00:00:16,720 --> 00:00:18,720 Speaker 1: but we're going to pick out the biggest business story 7 00:00:18,760 --> 00:00:22,080 Speaker 1: of the week, the most remarkable story, a sleeper story, 8 00:00:22,079 --> 00:00:24,200 Speaker 1: one that's flying under the radar a little bit, and 9 00:00:24,200 --> 00:00:27,840 Speaker 1: then our favorite business story. So let's get going. What's 10 00:00:27,880 --> 00:00:29,480 Speaker 1: the biggest story this week? 11 00:00:29,840 --> 00:00:32,680 Speaker 2: Inflation, interest rates, and markets. Hopes of a rate cut 12 00:00:32,800 --> 00:00:35,519 Speaker 2: rather than a rise pushed the ASX two hundred to 13 00:00:35,520 --> 00:00:39,240 Speaker 2: a new record high this week. Those hopes emerged from 14 00:00:39,320 --> 00:00:43,000 Speaker 2: consumer price index figures, particularly the Reserve banks preferred trimmed 15 00:00:43,200 --> 00:00:47,560 Speaker 2: mean measure, which shows inflation falling from four percent annualized 16 00:00:47,560 --> 00:00:51,319 Speaker 2: to three point nine percent. That put the market on 17 00:00:51,479 --> 00:00:53,960 Speaker 2: a tear. Now that's a touch whiskey because we're heading 18 00:00:54,000 --> 00:00:57,920 Speaker 2: into earning season. What happens if companies disappoint At the moment, 19 00:00:57,960 --> 00:01:01,040 Speaker 2: companies are what they call priced two infection. Any slip 20 00:01:01,120 --> 00:01:04,200 Speaker 2: ups and you could see share prices four in the 21 00:01:04,360 --> 00:01:07,120 Speaker 2: US and Europe. You're actually seeing companies hitting targets, but 22 00:01:07,160 --> 00:01:10,440 Speaker 2: their outlook statements are just a touch week. Also this 23 00:01:10,480 --> 00:01:12,360 Speaker 2: week we had the Federal Reserve in the US coming 24 00:01:12,400 --> 00:01:14,760 Speaker 2: out and saying it could start cutting interest rates as 25 00:01:14,840 --> 00:01:18,399 Speaker 2: soon as September. So put all that together, we're heading 26 00:01:18,400 --> 00:01:22,760 Speaker 2: into profit reporting season. Equity markets in Australia near record levels, 27 00:01:23,480 --> 00:01:27,640 Speaker 2: hopes that interest rates will four. What could possibly go wrong? Yeah. 28 00:01:27,720 --> 00:01:30,160 Speaker 1: Indeed, one other big business story this week Shawing the 29 00:01:30,160 --> 00:01:32,360 Speaker 1: collapse of Recks, the airline that started out as a 30 00:01:32,360 --> 00:01:35,839 Speaker 1: regional operator connecting towns all over the country. Three years ago. 31 00:01:36,200 --> 00:01:38,520 Speaker 1: It made a decision though to take on the Golden 32 00:01:38,560 --> 00:01:42,000 Speaker 1: Triangle Sydney, Melbourne, Brisbane signed a lease on seven three 33 00:01:42,080 --> 00:01:45,840 Speaker 1: seven jets. Has not been a success. There's been angst 34 00:01:45,880 --> 00:01:48,560 Speaker 1: at the board level for weeks now. At last this 35 00:01:48,720 --> 00:01:52,880 Speaker 1: week the administrators were called in. Regional flights are continuing. 36 00:01:52,920 --> 00:01:55,600 Speaker 1: The capital city flights were suspended immediately. Up to six 37 00:01:55,680 --> 00:01:59,080 Speaker 1: hundred people may lose their jobs. Virgin Australia moved very quickly. 38 00:01:59,080 --> 00:02:01,360 Speaker 1: They took over leases for the rex jets, helping to 39 00:02:01,360 --> 00:02:04,480 Speaker 1: offset a global delay and delivery for new aircraft it's 40 00:02:04,480 --> 00:02:07,440 Speaker 1: also helping to fly those people who had Capital City tickets. 41 00:02:07,480 --> 00:02:10,600 Speaker 1: Just quickly a political angle to this story as well, 42 00:02:10,639 --> 00:02:12,720 Speaker 1: because the government's under pressure now to do what it 43 00:02:12,760 --> 00:02:15,040 Speaker 1: needs to do to make sure that services are maintained 44 00:02:15,360 --> 00:02:18,840 Speaker 1: to regional Australia, including even the potential to take a 45 00:02:18,880 --> 00:02:21,639 Speaker 1: stake in the airline. It's a big story, Sean sure was. 46 00:02:21,800 --> 00:02:23,560 Speaker 2: Let me tell you about my most remarkable story. It 47 00:02:23,560 --> 00:02:25,959 Speaker 2: comes from Donald Trump. Maybe we should ban Trump stories, 48 00:02:26,000 --> 00:02:28,040 Speaker 2: but even by his standards, this week's if it was 49 00:02:28,040 --> 00:02:33,200 Speaker 2: truly remarkable. He questioned whether Kamela Harris identified as being black, 50 00:02:33,600 --> 00:02:36,000 Speaker 2: and he was talking to an audience of black journalists. 51 00:02:36,080 --> 00:02:40,080 Speaker 2: He actually suggested Miss Harris had adopted her racial profile 52 00:02:40,120 --> 00:02:43,280 Speaker 2: as a way to gain political advantage. He said, she 53 00:02:43,400 --> 00:02:45,000 Speaker 2: was Indian all the way, and then all of a 54 00:02:45,000 --> 00:02:49,760 Speaker 2: sudden she made a turn and she became a black person. Incredible. 55 00:02:49,800 --> 00:02:53,080 Speaker 2: Her mother's Indian American father Jamaican, always identified as being black. 56 00:02:53,320 --> 00:02:56,359 Speaker 2: I don't have anything else to say to that, Michael, remarkable, 57 00:02:56,400 --> 00:02:57,040 Speaker 2: that man. 58 00:02:57,240 --> 00:03:00,080 Speaker 1: It certainly is an extraordinary story just quickly we received 59 00:03:00,200 --> 00:03:02,959 Speaker 1: this week, Sean, I'd say a pretty remarkable insight into 60 00:03:02,960 --> 00:03:06,560 Speaker 1: the state of Australian business good news First, ACIIC revealed 61 00:03:07,080 --> 00:03:09,919 Speaker 1: that there were three point three eight million businesses registered 62 00:03:09,960 --> 00:03:12,440 Speaker 1: in Australia at the end of June. Twelve years ago, 63 00:03:12,720 --> 00:03:15,400 Speaker 1: there were one point eight eight million businesses, So that 64 00:03:15,440 --> 00:03:17,800 Speaker 1: is pretty spectacular growth from one point eight eight million 65 00:03:17,800 --> 00:03:20,760 Speaker 1: to three point three eight million. Bit of bad news 66 00:03:20,760 --> 00:03:23,679 Speaker 1: in all of these figures though, as well. Last financial year, 67 00:03:23,720 --> 00:03:27,240 Speaker 1: hospitality businesses failed at the fastest rate on record. Rising 68 00:03:27,240 --> 00:03:29,840 Speaker 1: food and energy prices and a reduction in what we're 69 00:03:29,840 --> 00:03:32,399 Speaker 1: all spending to blame for that. The number of collapses 70 00:03:32,400 --> 00:03:35,200 Speaker 1: in the sector jump fifty percent. Total insolvencies were up 71 00:03:35,240 --> 00:03:38,240 Speaker 1: to just over eleven thousand, the record. Yes, but maybe 72 00:03:38,840 --> 00:03:41,280 Speaker 1: really just a normalization after the propping up of so 73 00:03:41,400 --> 00:03:44,600 Speaker 1: many businesses during COVID. I think you might be right then, 74 00:03:45,600 --> 00:03:49,080 Speaker 1: sleeper story, What did you find for us? This is 75 00:03:49,080 --> 00:03:50,000 Speaker 1: an interesting category. 76 00:03:50,000 --> 00:03:52,600 Speaker 2: It's as yeah, look, I think this is going to 77 00:03:52,640 --> 00:03:53,640 Speaker 2: be a big one. 78 00:03:53,800 --> 00:03:53,960 Speaker 1: Wait. 79 00:03:53,960 --> 00:03:56,840 Speaker 2: Lost drug supplies in Australia is set to improve dramatically 80 00:03:56,920 --> 00:04:00,520 Speaker 2: as a company behind Ozenpic prepares to provide its version 81 00:04:00,560 --> 00:04:04,040 Speaker 2: of the medication that is specifically designed for patients seeking 82 00:04:04,080 --> 00:04:07,760 Speaker 2: dishared kilograms. Drug maker Nova nor Disc's decision to finally 83 00:04:07,840 --> 00:04:11,640 Speaker 2: launch its powerful with GOVY medication in Australia resolves the 84 00:04:11,680 --> 00:04:16,680 Speaker 2: prospect of supply shortage in October. Until now, Australians have 85 00:04:16,720 --> 00:04:19,000 Speaker 2: only been able to buy limited supplies of az enpic, 86 00:04:19,320 --> 00:04:22,320 Speaker 2: which is officially licensed as a diabetes treatment rather than 87 00:04:22,320 --> 00:04:24,520 Speaker 2: for weight loss. Now, the fin Review says nova or 88 00:04:24,600 --> 00:04:26,920 Speaker 2: Disc is planning to begin offering its weight loss drug 89 00:04:26,960 --> 00:04:30,040 Speaker 2: wi goov this month. Patients will need a prescription from 90 00:04:30,080 --> 00:04:32,360 Speaker 2: their doctor. The drug won't be subsidized, so it could 91 00:04:32,360 --> 00:04:35,680 Speaker 2: be quite expensive. It comes in higher doses than no 92 00:04:35,839 --> 00:04:38,640 Speaker 2: zenpic that makes it more effective for weight loss. It 93 00:04:38,640 --> 00:04:42,000 Speaker 2: has been approved by Therapeutic Goods Administration since twenty twenty two, 94 00:04:42,320 --> 00:04:44,680 Speaker 2: never sold in Australia. Just the fact that it is 95 00:04:44,720 --> 00:04:47,760 Speaker 2: coming into this country is the beginning of a process 96 00:04:48,200 --> 00:04:52,200 Speaker 2: whereby it's very possible these weight loss drugs will become 97 00:04:52,640 --> 00:04:55,800 Speaker 2: part of the health system, which actually changes everything. 98 00:04:56,279 --> 00:05:00,279 Speaker 1: Big story, Yeah, it certainly is onto the favorite story. 99 00:05:00,080 --> 00:05:00,559 Speaker 2: Of the week. 100 00:05:01,040 --> 00:05:03,680 Speaker 1: There's only one, Michael, there is only one. It is 101 00:05:03,720 --> 00:05:06,960 Speaker 1: the Olympics. I suspect, like many of us, have been 102 00:05:07,000 --> 00:05:10,120 Speaker 1: plenty of households around Australia with a lot of late nights, 103 00:05:10,240 --> 00:05:13,400 Speaker 1: very very early mornings throughout the week, watching the heats 104 00:05:13,440 --> 00:05:15,560 Speaker 1: at night, at the finals in the morning, everything else 105 00:05:15,600 --> 00:05:19,440 Speaker 1: in between. Hasn't it just been brilliant some spectacular performances 106 00:05:19,440 --> 00:05:23,680 Speaker 1: by Australian athletes. The swimmers have been outstanding. But I'm 107 00:05:23,720 --> 00:05:26,840 Speaker 1: sure I'm not alone in getting drawn into sports that 108 00:05:26,880 --> 00:05:30,360 Speaker 1: I've never really kind of considered before, like the BMX 109 00:05:30,360 --> 00:05:33,320 Speaker 1: with its flares and tail whips and the commentary, and 110 00:05:33,360 --> 00:05:37,240 Speaker 1: that is just outstanding. Of course, it does belong in 111 00:05:37,240 --> 00:05:39,599 Speaker 1: a business podcast, Shawn, because it is big business. There's 112 00:05:39,640 --> 00:05:41,640 Speaker 1: a lot of money paid for the TV rights by 113 00:05:41,720 --> 00:05:44,719 Speaker 1: nine three hundred and five million dollars for five games, 114 00:05:45,200 --> 00:05:48,000 Speaker 1: the brands like Woolies and Telstra and contests paying huge 115 00:05:48,000 --> 00:05:50,800 Speaker 1: money to advertise, creativity of those ads, all of that 116 00:05:50,880 --> 00:05:54,760 Speaker 1: kind of stuff. But really it is just an incredible spectacle, 117 00:05:54,880 --> 00:05:58,360 Speaker 1: isn't it? And it has been so enjoyable watching it 118 00:05:58,400 --> 00:06:00,560 Speaker 1: and we still have another week to go. 119 00:06:00,920 --> 00:06:03,000 Speaker 2: Yeah, it's going now. I can't wait. I love the Olympics. 120 00:06:03,360 --> 00:06:06,880 Speaker 1: Yeah, fantastic. Definitely favorite story of the week. There we 121 00:06:06,920 --> 00:06:08,760 Speaker 1: go five minutes and pretty much everything you need to 122 00:06:08,760 --> 00:06:10,440 Speaker 1: know in the world of business. Thank you Sean. 123 00:06:10,760 --> 00:06:11,480 Speaker 2: Thank you, Michael. 124 00:06:11,720 --> 00:06:13,560 Speaker 1: We'll be back on Monday morning with the top five 125 00:06:13,600 --> 00:06:15,960 Speaker 1: business stories in five minutes. Don't forget to hit follow 126 00:06:16,240 --> 00:06:20,680 Speaker 1: and join us please online on Instagram, TikTok, LinkedIn, Facebook 127 00:06:20,680 --> 00:06:22,760 Speaker 1: and X. I'm Michael Thompson and this is the fast 128 00:06:22,760 --> 00:06:24,320 Speaker 1: five business news by Fear and Greed.