1 00:00:03,840 --> 00:00:06,760 Speaker 1: It's Monday, the fourteenth of July twenty twenty five. Welcome 2 00:00:06,800 --> 00:00:09,040 Speaker 1: to the Fast five by Fearing Greed, where we give 3 00:00:09,080 --> 00:00:10,959 Speaker 1: you the top five business stories you need to know 4 00:00:11,280 --> 00:00:12,320 Speaker 1: in just five minutes. 5 00:00:12,360 --> 00:00:14,800 Speaker 2: I'm Adam Lang and good morning, Sean Aylmer. 6 00:00:15,160 --> 00:00:17,560 Speaker 3: Good morning, Adam, Sean. 7 00:00:17,440 --> 00:00:18,320 Speaker 2: Story number one. 8 00:00:18,480 --> 00:00:21,239 Speaker 1: Prime Minister Anthony Albanesi is in China and he's set 9 00:00:21,239 --> 00:00:24,120 Speaker 1: to meet President Jijingping later in the week, with US 10 00:00:24,200 --> 00:00:28,120 Speaker 1: trade policy, Taiwan, iron Ore and tourism heading the list 11 00:00:28,120 --> 00:00:29,400 Speaker 1: of topics to be discussed. 12 00:00:29,800 --> 00:00:32,839 Speaker 3: Perhaps the toughest topic is Taiwan. The Trump administration is 13 00:00:32,880 --> 00:00:35,519 Speaker 3: pushing Australia in Japan to make clear what role they 14 00:00:35,560 --> 00:00:37,960 Speaker 3: would play if the US and China went to war 15 00:00:38,000 --> 00:00:40,800 Speaker 3: over Taiwan. Now, it's not a question the government really 16 00:00:40,840 --> 00:00:44,199 Speaker 3: wants to answer. Yesterday in Shanghai, mister Alberinez he said 17 00:00:44,240 --> 00:00:48,519 Speaker 3: Australia does not support any unilateral action on Taiwan, and 18 00:00:48,600 --> 00:00:51,559 Speaker 3: that's spending on both defense and aid is about advancing 19 00:00:51,560 --> 00:00:54,280 Speaker 3: peace and security in our region. In other words, he 20 00:00:54,320 --> 00:00:57,240 Speaker 3: didn't really answer the question. Australia operates under the One 21 00:00:57,320 --> 00:01:01,240 Speaker 3: China Policy. It does not recognize Taiwan as a sovereign state, 22 00:01:01,320 --> 00:01:04,720 Speaker 3: although like many countries it engages with Taiwan and formally 23 00:01:05,120 --> 00:01:07,840 Speaker 3: through non government channels. The shadow of Donald Trump and 24 00:01:07,920 --> 00:01:11,319 Speaker 3: US tariff policy sits over the Albanisi she meeting over 25 00:01:11,360 --> 00:01:14,440 Speaker 3: the weekend. The White House book tariffs on Europe and 26 00:01:14,640 --> 00:01:17,559 Speaker 3: Mexico as well as Canada. With a PM in China 27 00:01:17,600 --> 00:01:21,360 Speaker 3: this week are representatives from the business community, including execs 28 00:01:21,360 --> 00:01:24,279 Speaker 3: from BHP, Rio Tinto and Forest. You now those companies 29 00:01:24,360 --> 00:01:26,640 Speaker 3: need the favor of Beijing to keep selling iron or 30 00:01:27,040 --> 00:01:30,040 Speaker 3: maybe tourism is the easiest topic to discuss. Mister Albinezi 31 00:01:30,040 --> 00:01:34,200 Speaker 3: will sprout tourism and sporting ties, hoping to law thousands 32 00:01:34,200 --> 00:01:36,720 Speaker 3: of travelers back to Australia. Our visitors numbers from China 33 00:01:36,920 --> 00:01:39,360 Speaker 3: they haven't fully recovered from the pandemics. I think that's 34 00:01:39,400 --> 00:01:43,920 Speaker 3: what that's about. There'll also be other issues discussed, more 35 00:01:44,000 --> 00:01:48,000 Speaker 3: difficult issues. I suspect, things like the circumnavigation of the 36 00:01:48,000 --> 00:01:51,200 Speaker 3: Australian mainland earlier this year by flotilla of Chinese warships. 37 00:01:51,320 --> 00:01:52,680 Speaker 3: Also human rights abuses. 38 00:01:53,160 --> 00:01:54,640 Speaker 2: Short, it's such a busy agenda. 39 00:01:54,800 --> 00:01:56,920 Speaker 1: What do you think the PM wants out of this 40 00:01:56,960 --> 00:01:58,600 Speaker 1: trip to China? 41 00:01:59,080 --> 00:02:02,919 Speaker 3: Good question. He wants chief close trade ties without irritating 42 00:02:03,000 --> 00:02:05,840 Speaker 3: the Trump administration. Defense is the elephant in the room. 43 00:02:05,920 --> 00:02:08,040 Speaker 3: Albanezi will have to be at his diplomatic best. 44 00:02:08,320 --> 00:02:11,519 Speaker 1: Story number two, Donald Trump has whacked on thirty five 45 00:02:11,520 --> 00:02:14,880 Speaker 1: percent tariff on Canadian goods and thirty percent for Mexican 46 00:02:14,919 --> 00:02:18,040 Speaker 1: and the European Union product Sean tell us about yes. 47 00:02:18,240 --> 00:02:20,000 Speaker 3: So in the case of Mexico, he said the country 48 00:02:20,040 --> 00:02:22,799 Speaker 3: had failed to stop cartel, saying it hasn't done enough 49 00:02:22,800 --> 00:02:25,600 Speaker 3: to stop the flow of fentanyl into the US it 50 00:02:25,639 --> 00:02:30,280 Speaker 3: got hit with that tariff. The European Commission President Ursula 51 00:02:30,320 --> 00:02:33,160 Speaker 3: Vonda Lane said the thirty percent tariffs will disrupt essential 52 00:02:33,200 --> 00:02:38,359 Speaker 3: transatlantic supply chains to the detriment of businesses, consumers and patients. 53 00:02:38,400 --> 00:02:41,360 Speaker 3: Of course, pharmaceuticals was caught up. That'll hit both sides 54 00:02:41,400 --> 00:02:45,480 Speaker 3: the Atlantic. The European Commission president said Trump's also eyeing 55 00:02:45,560 --> 00:02:49,040 Speaker 3: fifteen to twenty percent blanket tariffs for other countries, which 56 00:02:49,120 --> 00:02:50,799 Speaker 3: presumably would include Australia. 57 00:02:51,320 --> 00:02:52,519 Speaker 2: Sean. Story number three. 58 00:02:52,520 --> 00:02:54,840 Speaker 1: We might not have gotten an interest rate cut last week, 59 00:02:54,880 --> 00:02:57,200 Speaker 1: but that didn't stop home buyers over the weekend with 60 00:02:57,280 --> 00:03:01,160 Speaker 1: preliminary auction clearance rates across the country, Stone solid at 61 00:03:01,200 --> 00:03:02,959 Speaker 1: just under seventy three percent. 62 00:03:03,080 --> 00:03:05,640 Speaker 3: So the national rate was just under seventy three percent. 63 00:03:05,639 --> 00:03:08,040 Speaker 3: Perhaps the fact that Reserve Bank Governor Michelle Bullock made 64 00:03:08,040 --> 00:03:09,959 Speaker 3: it clear that rates will fall in coming months. A 65 00:03:10,040 --> 00:03:13,320 Speaker 3: laid by a concern clearance rate's now been above seventy 66 00:03:13,320 --> 00:03:16,160 Speaker 3: percent for about five weeks or thereabouts. Moven was the 67 00:03:16,200 --> 00:03:19,639 Speaker 3: busiest market, albeit slower than the last few weeks. We're 68 00:03:19,639 --> 00:03:21,800 Speaker 3: in the middle of school holidays. Of course, its clearance 69 00:03:21,880 --> 00:03:24,639 Speaker 3: rate fell somewhat to just over seventy percent. Sidney with 70 00:03:24,680 --> 00:03:27,520 Speaker 3: seventy six point two percent that's actually its equal highest 71 00:03:27,639 --> 00:03:30,359 Speaker 3: for the year. Adelaide was the best the smaller capitals 72 00:03:30,360 --> 00:03:32,400 Speaker 3: clear and straight of seventy six percent, Canbra was at 73 00:03:32,400 --> 00:03:35,480 Speaker 3: sixty eight percent and Brisbane at sixty one percent. 74 00:03:35,880 --> 00:03:36,760 Speaker 2: Story number four. 75 00:03:36,840 --> 00:03:40,480 Speaker 1: Almost every large solar farm in australia Southeastern States will 76 00:03:40,520 --> 00:03:42,640 Speaker 1: be forced to switch off at least one third of 77 00:03:42,640 --> 00:03:45,480 Speaker 1: the power they generate by twenty twenty seven on the 78 00:03:45,480 --> 00:03:48,520 Speaker 1: back of delays to new poles and wires projects that 79 00:03:48,560 --> 00:03:50,559 Speaker 1: are needed to transmit the electricity. 80 00:03:51,080 --> 00:03:55,200 Speaker 3: Australian Energy Market Operator analysis shows that the slow rollout 81 00:03:55,200 --> 00:03:58,720 Speaker 3: of key poles and wire projects in Victoria will limit 82 00:03:58,760 --> 00:04:01,960 Speaker 3: the amount of power bigger dowable projects can produce. According 83 00:04:01,960 --> 00:04:04,200 Speaker 3: to a story in the fin Review, major solo farms 84 00:04:04,200 --> 00:04:07,000 Speaker 3: in Victoria and South Australia are forecast to have shut 85 00:04:07,000 --> 00:04:09,720 Speaker 3: off rates of more than thirty five percent by twenty 86 00:04:09,760 --> 00:04:12,360 Speaker 3: twenty seven. Several major projects are likely to be forced 87 00:04:12,400 --> 00:04:14,360 Speaker 3: to shed more than sixty five per cent of their power, 88 00:04:14,360 --> 00:04:18,800 Speaker 3: the analysis shows. IEMO said Victorian and South Australian shut 89 00:04:18,800 --> 00:04:21,560 Speaker 3: off rates are forecast to be particularly high as a 90 00:04:21,560 --> 00:04:25,480 Speaker 3: big growth of new renewable energy projects has not been 91 00:04:25,520 --> 00:04:28,000 Speaker 3: matched with equivalent growth in the capacity of the big 92 00:04:28,000 --> 00:04:31,000 Speaker 3: electricity cables required to connect them to the grid. In 93 00:04:31,040 --> 00:04:33,280 Speaker 3: other words, we need to spend more on infrastructure. 94 00:04:33,839 --> 00:04:34,760 Speaker 2: Story number five. 95 00:04:34,920 --> 00:04:37,520 Speaker 1: The jet engines on Air India Flight one seven to 96 00:04:37,520 --> 00:04:41,440 Speaker 1: one briefly cut off seconds after takeoff. A preliminary report 97 00:04:41,440 --> 00:04:43,599 Speaker 1: into the jets fatal crash last month has. 98 00:04:43,480 --> 00:04:47,480 Speaker 3: Found India's Air Accident Investigation Bureau said in its report 99 00:04:47,560 --> 00:04:50,120 Speaker 3: released over the weekend that the aircraft reached the necessary 100 00:04:50,120 --> 00:04:53,640 Speaker 3: speed to lift off, but that seconds later, switches that 101 00:04:53,680 --> 00:04:56,240 Speaker 3: control the flow of fuel to the jets two engines 102 00:04:56,279 --> 00:04:59,920 Speaker 3: transitioned from run to cut off position in the cock 103 00:05:00,080 --> 00:05:02,600 Speaker 3: pitt voiced recording. One of the pilots is heard asking 104 00:05:02,640 --> 00:05:04,479 Speaker 3: the other, why did you cut off, to which the 105 00:05:04,520 --> 00:05:07,680 Speaker 3: other responded that he did not do so. According to 106 00:05:07,680 --> 00:05:10,160 Speaker 3: the report, although the two switches transitioned back to the 107 00:05:10,240 --> 00:05:12,679 Speaker 3: run position between ten and fourteen seconds later, the engines 108 00:05:12,720 --> 00:05:15,760 Speaker 3: had been starved of fuel and lost thrust, According to report, 109 00:05:16,080 --> 00:05:18,640 Speaker 3: in the ft that led to one pilot to declare 110 00:05:18,680 --> 00:05:21,960 Speaker 3: may day, may day, may day. Aviation experts said it 111 00:05:22,080 --> 00:05:25,640 Speaker 3: is difficult for pilots to inadvertently move the fuel switches. 112 00:05:25,920 --> 00:05:28,560 Speaker 3: The crash occurred on June twelve, last month. It killed 113 00:05:28,560 --> 00:05:31,239 Speaker 3: two hundred and forty one people on board, another twenty 114 00:05:31,360 --> 00:05:34,039 Speaker 3: nine on the ground where the Dreamliner crashed into a 115 00:05:34,040 --> 00:05:35,320 Speaker 3: medical college near the airport. 116 00:05:35,720 --> 00:05:37,880 Speaker 1: That's it, the top five business stories you need to 117 00:05:37,880 --> 00:05:38,960 Speaker 1: know in just five minutes. 118 00:05:39,080 --> 00:05:39,719 Speaker 2: Thank you, Sean. 119 00:05:39,920 --> 00:05:40,839 Speaker 3: Thank you very much. Adam. 120 00:05:40,960 --> 00:05:43,159 Speaker 2: It's Monday, the fourteenth of July twenty twenty five. 121 00:05:43,200 --> 00:05:45,280 Speaker 1: Remember to hit follow on the podcast, and if five 122 00:05:45,320 --> 00:05:48,320 Speaker 1: minutes isn't enough, then find our longer podcast called Fear 123 00:05:48,360 --> 00:05:51,599 Speaker 1: and Greed on your favorite podcast platform. I'm Adam Lang 124 00:05:51,640 --> 00:05:53,599 Speaker 1: and that was the Fast five by Fear and greed 125 00:05:53,760 --> 00:05:57,359 Speaker 1: have a great day.