1 00:00:03,840 --> 00:00:07,040 Speaker 1: It's Wednesday, the twentieth of August twenty twenty five. Welcome 2 00:00:07,080 --> 00:00:09,479 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,480 --> 00:00:11,360 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:13,720 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,720 --> 00:00:15,240 Speaker 1: and Good Morning Natalie McDonald. 6 00:00:15,480 --> 00:00:17,360 Speaker 2: Good Morning Michael, Natalie. 7 00:00:17,440 --> 00:00:20,040 Speaker 1: Five stories in five minutes. Let's get cracking with story 8 00:00:20,120 --> 00:00:23,080 Speaker 1: number one. After six consecutive days of record high as 9 00:00:23,120 --> 00:00:26,440 Speaker 1: the local share market slumped yesterday, led by a massive 10 00:00:26,640 --> 00:00:31,280 Speaker 1: fall in the boss's third largest company, shares in CSL 11 00:00:31,640 --> 00:00:35,440 Speaker 1: experienced their biggest one day fall ever as the biotech 12 00:00:35,520 --> 00:00:37,400 Speaker 1: giant announced some major changes. 13 00:00:37,840 --> 00:00:40,000 Speaker 2: It's a big shake up for CSL, which is set 14 00:00:40,040 --> 00:00:43,320 Speaker 2: to cut almost three thousand staff globally, that's about fifteen 15 00:00:43,320 --> 00:00:45,839 Speaker 2: percent of its workforce in a bid to slash costs 16 00:00:45,840 --> 00:00:50,479 Speaker 2: and offset challenges the company faces from competition and geopolitical upheaval. 17 00:00:50,960 --> 00:00:53,680 Speaker 2: As part of the restructure, CSL will spin off its 18 00:00:53,720 --> 00:00:58,200 Speaker 2: influenza vaccine business into a separate AIRSX listed company this year, 19 00:00:58,480 --> 00:01:01,440 Speaker 2: along with changes to its core blood plasma and iron 20 00:01:01,480 --> 00:01:05,040 Speaker 2: deficiency businesses, announcing it had closed seven percent of its 21 00:01:05,080 --> 00:01:08,520 Speaker 2: blood plasma collection centers in the US all up, the 22 00:01:08,520 --> 00:01:11,760 Speaker 2: restructure is expected to deliver cost savings of five hundred 23 00:01:11,800 --> 00:01:15,240 Speaker 2: and fifteen million dollars annually over the next three years. 24 00:01:15,760 --> 00:01:19,600 Speaker 2: This side, CSL posted a fourteen percent increase in underlying 25 00:01:19,600 --> 00:01:22,240 Speaker 2: net profit to three point three billion US dollars for 26 00:01:22,280 --> 00:01:25,000 Speaker 2: the twelve months to June thirty from two point nine 27 00:01:25,120 --> 00:01:28,440 Speaker 2: one billion a year earlier, but its revenue came in 28 00:01:28,520 --> 00:01:33,399 Speaker 2: below expectations. Shares tumbled almost seventeen percent, wiping twenty two 29 00:01:33,520 --> 00:01:35,559 Speaker 2: billion dollars off its market cap. 30 00:01:36,240 --> 00:01:39,520 Speaker 1: I'll just storry number two now, and really it's fifty cuffs. 31 00:01:39,959 --> 00:01:43,200 Speaker 1: It was on day one of the economic roundtable, which 32 00:01:43,240 --> 00:01:44,920 Speaker 1: is not what you would expect, is it. But I 33 00:01:44,959 --> 00:01:47,120 Speaker 1: suppose if you put union leaders and business in the 34 00:01:47,120 --> 00:01:49,440 Speaker 1: same room, there's always the potential for a bit of conflict. 35 00:01:49,680 --> 00:01:51,880 Speaker 1: The union leaders were pushing for a new tax on 36 00:01:52,040 --> 00:01:56,680 Speaker 1: business to fund worker training, with one employer labeling the 37 00:01:56,760 --> 00:02:00,400 Speaker 1: proposal and I quote with apologies to children listening, a 38 00:02:00,480 --> 00:02:01,120 Speaker 1: crock of shit. 39 00:02:02,040 --> 00:02:06,040 Speaker 2: While there was agreement on cutting nuisance tariffs, better industry 40 00:02:06,080 --> 00:02:11,240 Speaker 2: training coordination, and improved career guidance, employer groups rejected a levee, 41 00:02:11,280 --> 00:02:15,480 Speaker 2: calling it ineffective. Instead, business Council of Australia CEO Bran 42 00:02:15,560 --> 00:02:18,920 Speaker 2: Black and Australian industry groups in as. Willix said government 43 00:02:18,960 --> 00:02:23,440 Speaker 2: funded incentives, not extra taxes, and needed to support apprenticeships. 44 00:02:23,760 --> 00:02:26,320 Speaker 2: Willik saying they tried to do this in the nineteen 45 00:02:26,400 --> 00:02:30,160 Speaker 2: nineties and it didn't work. The Productivity Commission also did 46 00:02:30,200 --> 00:02:32,720 Speaker 2: work on this and they said it didn't work. Nobody 47 00:02:32,800 --> 00:02:35,360 Speaker 2: saw whether money went Story Number three. 48 00:02:35,400 --> 00:02:39,120 Speaker 1: Australian consumer sentiments surged in August to its highest level 49 00:02:39,160 --> 00:02:41,760 Speaker 1: in over three years, lifted by a series of right 50 00:02:41,840 --> 00:02:43,960 Speaker 1: cuts and easing cost of living pressures. 51 00:02:44,480 --> 00:02:47,800 Speaker 2: The Westpac Melbourne Institute survey showed the main consumer Sentiment 52 00:02:47,840 --> 00:02:51,000 Speaker 2: index jump five point seven percent to ninety eight point five, 53 00:02:51,160 --> 00:02:55,240 Speaker 2: its highest level since early twenty twenty two. While readings 54 00:02:55,320 --> 00:02:59,240 Speaker 2: below one hundred still reflect more pessimists than optimists, the 55 00:02:59,320 --> 00:03:03,200 Speaker 2: improvement suggests households of feeling more positive about finances and 56 00:03:03,280 --> 00:03:07,480 Speaker 2: the economy. Drilling down into the why, gains were broad based, 57 00:03:07,520 --> 00:03:11,359 Speaker 2: benefiting both mortgage holders and renters. As falling interest rates 58 00:03:11,400 --> 00:03:15,959 Speaker 2: eased mortgage stress and tariff related uncertainty, households reported less 59 00:03:16,000 --> 00:03:20,079 Speaker 2: anxiety about finances and greater confidence in the economy. Over 60 00:03:20,120 --> 00:03:23,680 Speaker 2: the next year. Westpac forecast the Reserve Bank will maintain 61 00:03:23,800 --> 00:03:27,639 Speaker 2: current rates at its September meeting for a potential twenty 62 00:03:27,639 --> 00:03:29,520 Speaker 2: five basis point cut in November. 63 00:03:30,200 --> 00:03:34,160 Speaker 1: Storing number four, Woolworths is stepping up the supermarket price war, 64 00:03:34,240 --> 00:03:38,000 Speaker 1: expanding its lower shelf Price campaign to nearly seven hundred 65 00:03:38,080 --> 00:03:39,040 Speaker 1: grocery items. 66 00:03:39,360 --> 00:03:41,920 Speaker 2: The move comes as household's face cost of living pressures 67 00:03:41,960 --> 00:03:45,279 Speaker 2: and as Coals and Aldi sharpen their own discount strategies. 68 00:03:45,560 --> 00:03:48,360 Speaker 2: We'll worst say shoppers have saved about fifty million dollars 69 00:03:48,440 --> 00:03:51,240 Speaker 2: since the program began in May, and the latest cuts 70 00:03:51,240 --> 00:03:53,520 Speaker 2: could shave as much as one hundred and ten dollars 71 00:03:53,560 --> 00:03:56,520 Speaker 2: off a family's weekly shop, with items on the list 72 00:03:56,600 --> 00:04:00,240 Speaker 2: ranging from rice, pasta, source newsly and baby wipes. It's 73 00:04:00,280 --> 00:04:03,280 Speaker 2: the latest move in a fierce contest with Coles and Aldi, 74 00:04:03,400 --> 00:04:06,880 Speaker 2: as all three chains battle for cost conscious shoppers under 75 00:04:06,960 --> 00:04:10,640 Speaker 2: mounting political and consumer pressure. Will Wors and Coals are 76 00:04:10,720 --> 00:04:13,560 Speaker 2: due to report full year earnings next week. It'll be 77 00:04:13,600 --> 00:04:17,479 Speaker 2: interesting to see whether aggressive discounting boosts customer loyalty or 78 00:04:17,560 --> 00:04:18,800 Speaker 2: cuts into margins. 79 00:04:19,480 --> 00:04:24,800 Speaker 1: Finally, story number five Australian dialing Canvas its valuation has 80 00:04:24,839 --> 00:04:28,840 Speaker 1: been given a multi billion dollar lift after venture capital 81 00:04:28,920 --> 00:04:33,479 Speaker 1: firm Blackbird revalued at stake following the blockbuster IPO of 82 00:04:33,640 --> 00:04:36,360 Speaker 1: Canvas rival in the US Figma. 83 00:04:37,120 --> 00:04:40,440 Speaker 2: Blackbird told investors it had marked up canvasworth by fourteen 84 00:04:40,440 --> 00:04:43,040 Speaker 2: and a half percent on its June figure, adding about 85 00:04:43,040 --> 00:04:46,880 Speaker 2: seven point one billion dollars. That takes the design platform's 86 00:04:46,960 --> 00:04:50,720 Speaker 2: implied valuation to just over fifty six billion dollars, up 87 00:04:50,720 --> 00:04:54,799 Speaker 2: from forty nine billion last October. The decision was prompted, 88 00:04:54,800 --> 00:04:57,760 Speaker 2: as you say, by Figma's NASDAK debut earlier this month, 89 00:04:57,800 --> 00:05:00,560 Speaker 2: where shares soared from thirty three US dollars to one 90 00:05:00,640 --> 00:05:04,200 Speaker 2: hundred and fifteen, more than doubling its market valued thirty 91 00:05:04,279 --> 00:05:08,560 Speaker 2: eight billion US dollars. Blackbirds saying the rally justified a 92 00:05:08,640 --> 00:05:12,400 Speaker 2: reassessment of Canva, although don't get excited, also saying that 93 00:05:12,440 --> 00:05:16,440 Speaker 2: this shouldn't set a president for regular reevaluations found in 94 00:05:16,440 --> 00:05:20,520 Speaker 2: twenty thirteen. Canva has long been touted as an IPO target, 95 00:05:20,600 --> 00:05:23,680 Speaker 2: but insiders have been quick to reaffirm that the unicorn 96 00:05:23,800 --> 00:05:25,880 Speaker 2: will do things in its own time. 97 00:05:26,560 --> 00:05:28,920 Speaker 1: All right, there we go, the top five business stories 98 00:05:28,960 --> 00:05:31,560 Speaker 1: in five minutes. Thank you very much, Natalie Thank you, Michael. 99 00:05:31,839 --> 00:05:35,240 Speaker 1: It is Wednesday, the twentieth of August twenty twenty five. 100 00:05:35,279 --> 00:05:37,680 Speaker 1: Remember hit follow on the podcast Andy five minutes. This 101 00:05:37,880 --> 00:05:39,919 Speaker 1: isn't long enough for you. You can find our longer 102 00:05:40,000 --> 00:05:42,760 Speaker 1: daily show called Fear and Greed where if you listen 103 00:05:42,760 --> 00:05:45,200 Speaker 1: to podcasts, I'm Michael Thompson and there was the Fast 104 00:05:45,200 --> 00:05:50,800 Speaker 1: five Business news by Fear and Greed. Have a great day.