1 00:00:04,160 --> 00:00:06,560 Speaker 1: Welcome to the weekend edition of the Fast Five Business 2 00:00:06,600 --> 00:00:09,240 Speaker 1: News by Fear and Greed. O'm Michael Thompson and Hello 3 00:00:09,360 --> 00:00:12,760 Speaker 1: Sean Aylmer, Hello Michael Sewan. On weekdays, it's all about 4 00:00:12,760 --> 00:00:15,080 Speaker 1: the Fast five, the top five business stories in five 5 00:00:15,080 --> 00:00:16,720 Speaker 1: minutes on the weekend, though we still keep it to 6 00:00:16,760 --> 00:00:18,279 Speaker 1: five minutes. But we are going to pick out the 7 00:00:18,280 --> 00:00:21,600 Speaker 1: biggest business story of the week, the most remarkable business story, 8 00:00:21,640 --> 00:00:24,080 Speaker 1: a mystery category that we change every week, and then 9 00:00:24,079 --> 00:00:27,120 Speaker 1: our favorite business related story. Let's jump straight into the 10 00:00:27,120 --> 00:00:29,080 Speaker 1: biggest one, though, What was it for you? 11 00:00:29,360 --> 00:00:32,120 Speaker 2: September quarter inflation came in at a whopping one point 12 00:00:32,159 --> 00:00:34,400 Speaker 2: three percent, thanks in part to the end of government 13 00:00:34,440 --> 00:00:38,360 Speaker 2: electricity rebates. More importantly, the underlying rate came in at 14 00:00:38,600 --> 00:00:41,760 Speaker 2: one percent, way above the Reserve Banks forecast of zero 15 00:00:41,840 --> 00:00:45,640 Speaker 2: point six percent. We've got annual inflation now running at 16 00:00:45,680 --> 00:00:49,120 Speaker 2: about three point two percent, the trim mean inflation at 17 00:00:49,159 --> 00:00:52,879 Speaker 2: three percent. Normally you have a yes but moment with 18 00:00:53,200 --> 00:00:56,440 Speaker 2: economists and data. Not this time around. Nothing good about 19 00:00:56,440 --> 00:01:00,000 Speaker 2: the number. Services inflation rose, goods inflation rose, price increases 20 00:01:00,120 --> 00:01:02,200 Speaker 2: across the board. What's it all mean? No more rate 21 00:01:02,240 --> 00:01:03,000 Speaker 2: cuts this year? 22 00:01:04,000 --> 00:01:07,039 Speaker 1: That is a big story. The other big one more 23 00:01:07,160 --> 00:01:10,759 Speaker 1: from a global perspective, Sean, because the easing of the tensions, 24 00:01:10,840 --> 00:01:13,959 Speaker 1: the trade tensions just slightly easing between China and the US, 25 00:01:14,120 --> 00:01:16,559 Speaker 1: headlined though by the meeting in South Korea between Donald 26 00:01:16,600 --> 00:01:19,640 Speaker 1: Trump and Jesian Ping, which is the first face to 27 00:01:19,680 --> 00:01:23,280 Speaker 1: face meeting in six years. Apparently it was a good one. 28 00:01:23,319 --> 00:01:25,160 Speaker 1: Donald Trump declared it to be at twelve out of ten, 29 00:01:25,200 --> 00:01:27,959 Speaker 1: so that sounds pretty good. There was a talk of 30 00:01:28,040 --> 00:01:31,920 Speaker 1: kind of producing some tariffs and fentanyl crackdowns and rare 31 00:01:31,920 --> 00:01:35,319 Speaker 1: earths and things like that. Significantly though, Trump is now 32 00:01:35,400 --> 00:01:38,080 Speaker 1: going to visit China in April of next year. President 33 00:01:38,200 --> 00:01:42,520 Speaker 1: she will visit the US after that. This is, although 34 00:01:42,840 --> 00:01:46,000 Speaker 1: happening in the context of a greater kind of geopolitical 35 00:01:46,280 --> 00:01:49,600 Speaker 1: concerns when you've got the US announcing that they will 36 00:01:49,640 --> 00:01:53,160 Speaker 1: resume nuclear testing on an equal basis to its rivals 37 00:01:53,200 --> 00:01:56,200 Speaker 1: after what more than thirty years since they last tested 38 00:01:56,200 --> 00:02:00,360 Speaker 1: a nuclear weapon. Just a big week on the global stage, Sean, Sure. 39 00:02:00,240 --> 00:02:03,800 Speaker 2: I was. Can I tell you my most remarkable story, Yes, please, 40 00:02:04,760 --> 00:02:06,840 Speaker 2: I will. It was the fact that the chair and 41 00:02:06,880 --> 00:02:09,680 Speaker 2: two directors of James Hardy got what I think they 42 00:02:09,760 --> 00:02:13,520 Speaker 2: deserved ousted from the building materials company. It came after 43 00:02:13,600 --> 00:02:15,800 Speaker 2: James Hardy did ay fourteen billion dollar merger with a 44 00:02:15,919 --> 00:02:19,280 Speaker 2: US building group called AZ without a shareholder vote. Since 45 00:02:19,320 --> 00:02:22,200 Speaker 2: the announcement, the share price is down fifteen percent over 46 00:02:22,200 --> 00:02:24,720 Speaker 2: the past nine months. James Hardy's share price is off 47 00:02:24,800 --> 00:02:28,359 Speaker 2: thirty five percent. Listen on the ASEX Domosolden Island where 48 00:02:28,400 --> 00:02:31,400 Speaker 2: the AGM was this week, most of its business in 49 00:02:31,440 --> 00:02:35,960 Speaker 2: the US. Basically, shareholders kicked out Lloyd the chair and 50 00:02:36,040 --> 00:02:39,639 Speaker 2: two other directors after proxy firms said they should go. 51 00:02:40,200 --> 00:02:43,160 Speaker 2: Plenty of things there that you've sort of concerned about, 52 00:02:43,480 --> 00:02:45,960 Speaker 2: not only the merger without going to a shareholder vote. 53 00:02:45,960 --> 00:02:49,760 Speaker 2: It also downgraded earning subsequent to the deal. Three days 54 00:02:49,800 --> 00:02:53,040 Speaker 2: after that or three days ahead of that downgrade, the 55 00:02:53,160 --> 00:02:56,600 Speaker 2: CEO's long term incentive was cashed out. That wasn't a 56 00:02:56,680 --> 00:02:59,760 Speaker 2: very good look. Essentially, James Hardy didn't listen to the shareholders. 57 00:03:00,000 --> 00:03:02,160 Speaker 2: A members of the board got shafted. In my view, 58 00:03:02,280 --> 00:03:03,320 Speaker 2: that's probably fair enough. 59 00:03:04,480 --> 00:03:06,720 Speaker 1: That is a cracker of a story. The other one 60 00:03:06,760 --> 00:03:08,919 Speaker 1: and I'll do this as quickly as I can. Sewan 61 00:03:09,160 --> 00:03:12,320 Speaker 1: Wise tech Global being raided by AFP and ASEK in 62 00:03:12,360 --> 00:03:16,640 Speaker 1: relation to alleged trading by founder Richard White and three employees. 63 00:03:16,840 --> 00:03:19,840 Speaker 1: They seize documents linked to share trades made between December 64 00:03:19,880 --> 00:03:22,240 Speaker 1: and February of this year in a blackout period before 65 00:03:22,240 --> 00:03:25,480 Speaker 1: the company's results were released. It is important to note 66 00:03:25,480 --> 00:03:27,480 Speaker 1: that wise Tech told the ASX that there are no 67 00:03:27,560 --> 00:03:31,000 Speaker 1: allegations against the company itself and that no charges had 68 00:03:31,080 --> 00:03:36,240 Speaker 1: been laid. White sold at one point eight seven million 69 00:03:36,280 --> 00:03:38,520 Speaker 1: shares worth around two hundred and thirty million dollars during 70 00:03:38,520 --> 00:03:41,320 Speaker 1: that time. He had left the CEO role and the 71 00:03:41,360 --> 00:03:45,920 Speaker 1: board in October last year, so technically he wasn't CEO 72 00:03:46,160 --> 00:03:47,800 Speaker 1: or on the board at the time, and he did 73 00:03:47,880 --> 00:03:50,200 Speaker 1: have legal advice to that effect, but he was still 74 00:03:50,240 --> 00:03:54,920 Speaker 1: consulting to the company later returned as executive chair. There's 75 00:03:54,960 --> 00:03:56,680 Speaker 1: not a huge amount that we can say on this one, 76 00:03:56,720 --> 00:03:59,559 Speaker 1: but it is just a bad look all around, particularly 77 00:03:59,560 --> 00:04:02,160 Speaker 1: when you can considered that the wystex share price has 78 00:04:02,240 --> 00:04:05,560 Speaker 1: dropped significantly on that news breaking. It's now down nearly 79 00:04:05,640 --> 00:04:08,400 Speaker 1: forty percent since July. It's a remarkable story. 80 00:04:08,600 --> 00:04:12,600 Speaker 2: Mister Kagary. This week, a favorite SICKA fan story of 81 00:04:12,600 --> 00:04:15,760 Speaker 2: the week of Auson involves Donald Trump. For me, it 82 00:04:15,800 --> 00:04:18,040 Speaker 2: was the Apeak meeting in South Korea, they didn't have 83 00:04:18,080 --> 00:04:20,160 Speaker 2: a leader's a meeting. They had a special dinner in 84 00:04:20,240 --> 00:04:24,159 Speaker 2: honor of President Donald J. Trump. They had Donald Trump chardonnay. 85 00:04:24,480 --> 00:04:29,480 Speaker 2: They had Donald Trump Cabinet savignon. Now Anthony Albanezi got 86 00:04:29,480 --> 00:04:31,279 Speaker 2: to sit on the right hand side of Donald Trump. 87 00:04:31,320 --> 00:04:35,120 Speaker 2: Apparently that's actually a good thing. But you know what 88 00:04:35,240 --> 00:04:37,840 Speaker 2: went on, the sucking up to the US president quite 89 00:04:37,839 --> 00:04:40,720 Speaker 2: phenomenal South career actually gave him a gold crown this week, 90 00:04:40,920 --> 00:04:43,479 Speaker 2: believe it or not at that dinner. Apart from Trump 91 00:04:43,520 --> 00:04:46,359 Speaker 2: and now our leaders of South Korean, New Zealand, Singapore, Tityland, Vietnam, 92 00:04:46,400 --> 00:04:49,000 Speaker 2: and Canada. Ah, I don't I want to make of 93 00:04:49,080 --> 00:04:52,080 Speaker 2: all this carry on with Donald Trump, Michael, your SICKA 94 00:04:52,120 --> 00:04:53,120 Speaker 2: fan story of the week. 95 00:04:53,560 --> 00:04:55,440 Speaker 1: Maybe everyone got a crown. Maybe it's just like a 96 00:04:55,440 --> 00:04:57,440 Speaker 1: party bag kind of thing, you know when you go to. 97 00:04:57,360 --> 00:04:59,039 Speaker 2: An av crown. 98 00:04:59,720 --> 00:05:02,360 Speaker 1: But look, my favorite though, was the meeting between Donald 99 00:05:02,400 --> 00:05:06,400 Speaker 1: Trump and Japan's freshly minted Prime Minister Sena taka Ichi. 100 00:05:08,080 --> 00:05:10,960 Speaker 1: Before they met, Trump was saying that he'd heard phenomenal 101 00:05:11,000 --> 00:05:12,960 Speaker 1: things about her. By the time they actually met, he said, 102 00:05:12,960 --> 00:05:14,920 Speaker 1: and this is a great quote, I want to just 103 00:05:15,000 --> 00:05:17,599 Speaker 1: let you know anytime you have any question, any doubt, 104 00:05:17,640 --> 00:05:20,280 Speaker 1: anything you want, any favors you need, anything I can 105 00:05:20,320 --> 00:05:22,320 Speaker 1: do to help Japan, we will be there. We are 106 00:05:22,320 --> 00:05:24,159 Speaker 1: an ally at the strongest level. So this is a 107 00:05:24,240 --> 00:05:27,400 Speaker 1: mutual admiration society. It is going both ways. But taka 108 00:05:27,400 --> 00:05:31,960 Speaker 1: Ichi played this so so well. She praised Trump's peace deals, 109 00:05:32,440 --> 00:05:34,839 Speaker 1: said that she was so impressed and inspired by him, 110 00:05:35,000 --> 00:05:38,480 Speaker 1: said she'd nominated him for the Nobel Peace Prize. Though, 111 00:05:38,839 --> 00:05:42,320 Speaker 1: the best part was floating a plan to buy a 112 00:05:42,400 --> 00:05:46,160 Speaker 1: fleet of Ford F one fifties that are huge trucks. 113 00:05:46,240 --> 00:05:49,839 Speaker 1: They are too big for Japan's streets, but they parked 114 00:05:49,839 --> 00:05:53,920 Speaker 1: them outside the palace before the meeting. What a spectacular move. 115 00:05:54,360 --> 00:05:55,000 Speaker 1: Well played. 116 00:05:55,080 --> 00:05:57,720 Speaker 2: I love it totally, Michael. I think you and I 117 00:05:57,760 --> 00:06:01,000 Speaker 2: agree on the favorite business story of the week. Yeah. 118 00:06:01,040 --> 00:06:04,200 Speaker 1: It is the competition watchdog going after Microsoft, accusing it 119 00:06:04,240 --> 00:06:07,400 Speaker 1: of misleading two point seven million Australians into paying more 120 00:06:07,440 --> 00:06:12,240 Speaker 1: for its AI tool a co pilot. Basically, Microsoft increased 121 00:06:12,440 --> 00:06:16,080 Speaker 1: Office three six five prices forty five percent high for 122 00:06:16,160 --> 00:06:18,719 Speaker 1: personal plans, thirty percent for family So these were big 123 00:06:18,800 --> 00:06:22,440 Speaker 1: jumps in the subscription prices, but customers were basically told 124 00:06:22,440 --> 00:06:24,240 Speaker 1: they could be the pay more or canceled, but the 125 00:06:24,279 --> 00:06:26,240 Speaker 1: A Triple C says there was a third option that 126 00:06:26,279 --> 00:06:29,640 Speaker 1: Microsoft kind of forgot to mention a cheaper plan without 127 00:06:29,720 --> 00:06:34,080 Speaker 1: copilot hidden behind the cancelation page. The A Triple C 128 00:06:34,520 --> 00:06:36,520 Speaker 1: is cracking down on this, saying this, it's not about 129 00:06:36,560 --> 00:06:38,680 Speaker 1: the price rise, it is about transparency. You've got to 130 00:06:38,720 --> 00:06:41,840 Speaker 1: give customers options. And considering all the tech companies are 131 00:06:41,839 --> 00:06:44,080 Speaker 1: spending of fortune, they need to make money now out 132 00:06:44,120 --> 00:06:47,279 Speaker 1: of their investments in AI. This one could set a precedent. 133 00:06:47,320 --> 00:06:49,360 Speaker 1: This action by the A Triple C could well make 134 00:06:49,400 --> 00:06:50,480 Speaker 1: waves in Silicon Valley. 135 00:06:50,480 --> 00:06:52,560 Speaker 2: Sean, you sure could, Mihel. 136 00:06:53,120 --> 00:06:55,479 Speaker 1: Sorry if I did I bore you there, Sean, I 137 00:06:55,560 --> 00:07:00,320 Speaker 1: caught you mid yawn, five minutes and pretty much everything 138 00:07:00,360 --> 00:07:01,880 Speaker 1: you need to know in the world of business. Thank 139 00:07:01,920 --> 00:07:04,760 Speaker 1: you very much. Thanks Michael, and make sure you're following 140 00:07:04,760 --> 00:07:07,560 Speaker 1: the podcast and head to Fearangreed dot com dot au 141 00:07:07,600 --> 00:07:09,040 Speaker 1: to sign up for our free daily newsletter. 142 00:07:09,080 --> 00:07:09,880 Speaker 2: I'm Michael Thompson. 143 00:07:10,080 --> 00:07:11,920 Speaker 1: And that was the past five business news by Fear 144 00:07:11,960 --> 00:07:13,239 Speaker 1: and Greed. Have a great weekend.