1 00:00:03,840 --> 00:00:07,360 Speaker 1: It's Wednesday, the thirtieth of October twenty twenty four. Welcome 2 00:00:07,400 --> 00:00:09,800 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,800 --> 00:00:11,719 Speaker 1: where we give you the top five business stories you 4 00:00:11,800 --> 00:00:14,200 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,240 --> 00:00:15,640 Speaker 1: and Good morning Sean Aylmer. 6 00:00:15,840 --> 00:00:17,320 Speaker 2: Good morning Michael, Sean. 7 00:00:17,400 --> 00:00:19,840 Speaker 1: Five stories in five minutes. Let's go sorry. Number one, 8 00:00:19,840 --> 00:00:23,560 Speaker 1: there is a new retail supergroup with Meyer teaming up 9 00:00:23,560 --> 00:00:28,640 Speaker 1: with five apparel brands. They just Jeans, Jjay's, Portman's, Dottie 10 00:00:28,640 --> 00:00:31,280 Speaker 1: and Jackie in a one billion dollar deal. 11 00:00:31,560 --> 00:00:33,640 Speaker 2: The common factor and all that is a guy called 12 00:00:33,800 --> 00:00:37,960 Speaker 2: Solomon Lou, a Melbourne based retailer. Now, the five brands 13 00:00:37,960 --> 00:00:41,600 Speaker 2: are part of Premier Investments, of which Lou owns forty percent. 14 00:00:42,000 --> 00:00:45,320 Speaker 2: Premier itself currently owns thirty one percent of Meyer. Meyer. 15 00:00:45,520 --> 00:00:49,159 Speaker 2: Will it use its script to buy the apparel brand's business, 16 00:00:49,159 --> 00:00:52,000 Speaker 2: but Premiere will contribute eighty two million dollars to help 17 00:00:52,040 --> 00:00:55,560 Speaker 2: fund the integration of the business. Confused many are. 18 00:00:55,640 --> 00:00:56,760 Speaker 1: In the end, Premier. 19 00:00:56,440 --> 00:00:58,440 Speaker 2: Investments will end up with fifty one and a half 20 00:00:58,440 --> 00:01:00,640 Speaker 2: percent of Maya. That means Solomon Lou learn about twenty 21 00:01:00,640 --> 00:01:02,960 Speaker 2: seven percent of Maya and take a board seat. He's 22 00:01:03,000 --> 00:01:05,760 Speaker 2: among the country's best retailers over a very very long 23 00:01:05,800 --> 00:01:08,559 Speaker 2: period of time. Pretty much, a vote for the deal 24 00:01:08,680 --> 00:01:10,639 Speaker 2: is a vote of confidence in Solomon Lou. 25 00:01:10,959 --> 00:01:13,920 Speaker 1: Sean Meyer was of course, it was once an iconic brand, 26 00:01:14,000 --> 00:01:17,479 Speaker 1: though it's value tumbled during COVID. Why does it need 27 00:01:17,520 --> 00:01:18,360 Speaker 1: to do this deal? 28 00:01:18,760 --> 00:01:20,680 Speaker 2: Well, my share price has done really well over the 29 00:01:20,720 --> 00:01:23,440 Speaker 2: past year, up eighty eight percent, including twenty five percent 30 00:01:23,560 --> 00:01:26,959 Speaker 2: since this deal surfaced a few weeks back. But it's 31 00:01:27,000 --> 00:01:30,360 Speaker 2: got some big problems, low profit margins, poor online store, 32 00:01:30,880 --> 00:01:33,759 Speaker 2: it's old. You know, we think about parents using Mayer 33 00:01:34,360 --> 00:01:37,760 Speaker 2: and it's been cutting costs and space. Big big benefit. 34 00:01:37,760 --> 00:01:40,360 Speaker 2: It has a massive Maya one loyalty based ten and 35 00:01:40,360 --> 00:01:43,440 Speaker 2: a half million members. It's executive chair, a woman called 36 00:01:43,440 --> 00:01:46,880 Speaker 2: Olivia Worth, used to run Quantus's Frequent Flyer program. She 37 00:01:47,040 --> 00:01:51,040 Speaker 2: knows the deal when it comes to loyalty cards apparel brands, well, 38 00:01:51,240 --> 00:01:54,080 Speaker 2: they're pretty good at getting stuff to market fast. They've 39 00:01:54,080 --> 00:01:57,320 Speaker 2: also got Solomon Lou Perhaps part of that magic we'll 40 00:01:57,400 --> 00:02:01,120 Speaker 2: rub off on Tomaya. Certainly, Premier's shareholders were happy. It's 41 00:02:01,120 --> 00:02:02,720 Speaker 2: share price m ten percent yesterday. 42 00:02:03,200 --> 00:02:06,440 Speaker 1: I'm destory number two now Shawn. Another big one. Australians 43 00:02:06,520 --> 00:02:09,840 Speaker 1: have lost trust in government and the health system as 44 00:02:09,880 --> 00:02:13,079 Speaker 1: a result of the COVID pandemic and the massive spending 45 00:02:13,160 --> 00:02:16,639 Speaker 1: during the period is still being felt through today's inflation rate. 46 00:02:16,960 --> 00:02:20,720 Speaker 2: That's the broad findings the first wide ranging inquiry into 47 00:02:20,720 --> 00:02:23,640 Speaker 2: the national response to the virus. Trust in government's been 48 00:02:23,720 --> 00:02:28,679 Speaker 2: errated by heavy handed, inconsistent and unjustified restrictions plus a 49 00:02:28,800 --> 00:02:31,520 Speaker 2: lack of compassion, according to the report. It also said 50 00:02:31,560 --> 00:02:35,520 Speaker 2: the Morrison the government's delay in procuring vaccines cost lives. 51 00:02:35,880 --> 00:02:38,960 Speaker 2: The inflation pressures that we are feeling today comes from 52 00:02:39,000 --> 00:02:41,560 Speaker 2: the hundreds of millions of dollars in spending by governments 53 00:02:41,800 --> 00:02:44,359 Speaker 2: federal and state, as well as a reserve being cutting 54 00:02:44,400 --> 00:02:46,400 Speaker 2: interest rates too hard. 55 00:02:46,600 --> 00:02:50,160 Speaker 1: And beyond the economic impact, Shawn, the report looked very 56 00:02:50,160 --> 00:02:52,200 Speaker 1: closely at the ongoing social impacts. 57 00:02:52,560 --> 00:02:58,040 Speaker 2: Yeah, some tragic stories. Kids are still suffering mental health problems. 58 00:02:58,080 --> 00:03:02,640 Speaker 2: There's academic consequences from skis closures, families experienced a higher 59 00:03:02,680 --> 00:03:06,800 Speaker 2: level of domestic violence, the still elective surgery backlogs in 60 00:03:06,840 --> 00:03:09,160 Speaker 2: the health system now. The eighte hundred and sixty eight 61 00:03:09,200 --> 00:03:13,840 Speaker 2: page document was done by senior Public Servant Robin Crook, 62 00:03:14,160 --> 00:03:19,800 Speaker 2: economist Angela Jackson and infectious disease expert Catherine Bennett. Basically, 63 00:03:19,840 --> 00:03:22,320 Speaker 2: they concluded that Australia did pretty well during the pandemic, 64 00:03:22,560 --> 00:03:25,480 Speaker 2: but there could have been less collateral damage. After its release, 65 00:03:25,520 --> 00:03:28,920 Speaker 2: Prime Minister Anthony Alberzi said a new Australian Center for 66 00:03:29,040 --> 00:03:32,080 Speaker 2: Disease Control will be operating by twenty twenty six. 67 00:03:32,639 --> 00:03:35,400 Speaker 1: All right on de story number three. Prime Minister Anthony 68 00:03:35,400 --> 00:03:38,200 Speaker 1: Alberesi has come out fighting against the author of a 69 00:03:38,200 --> 00:03:42,480 Speaker 1: book that suggests his relationship with former Quantus boss Alan 70 00:03:42,560 --> 00:03:46,480 Speaker 1: Joyce was too close, saying the author previously worked for 71 00:03:46,560 --> 00:03:48,960 Speaker 1: Quantus and also for the Liberal Party. 72 00:03:49,200 --> 00:03:51,640 Speaker 2: He said Joe Aston, a former finn Review columnist, was 73 00:03:51,720 --> 00:03:53,680 Speaker 2: just trying to sell a book. The claims in the 74 00:03:53,720 --> 00:03:57,280 Speaker 2: book suggests mister Albanese, mister Alberesi, you rang mister Joyce 75 00:03:57,320 --> 00:04:00,600 Speaker 2: and asked ruckgrades while he was shadow trans Sport Minister 76 00:04:00,640 --> 00:04:03,320 Speaker 2: and then Transport Minister. The book says mister Albanez he 77 00:04:03,400 --> 00:04:06,200 Speaker 2: was upgraded twenty two times by Quantas. The PM said, 78 00:04:06,200 --> 00:04:09,600 Speaker 2: the only discussion here recalls mister Joyce was the first 79 00:04:09,600 --> 00:04:12,920 Speaker 2: flight from Australia to Dubai in an A three eighty. 80 00:04:13,360 --> 00:04:16,000 Speaker 2: He then went on to talk about opposition leader Peter Dunton. 81 00:04:16,200 --> 00:04:18,520 Speaker 2: He said he had questions to answer over flights on 82 00:04:18,600 --> 00:04:21,960 Speaker 2: Gina Reinhart's private jed. He also talked about MP's using 83 00:04:22,000 --> 00:04:26,440 Speaker 2: trusts and hiding secret income. He said they should be 84 00:04:26,440 --> 00:04:29,880 Speaker 2: facing questions about that. Joe Aston's definitely trying to sell 85 00:04:29,880 --> 00:04:31,800 Speaker 2: a book, but this could open up Pandora's box. 86 00:04:31,880 --> 00:04:35,159 Speaker 1: Michael, Yeah, it could indeed. Story number four. The boss 87 00:04:35,160 --> 00:04:38,640 Speaker 1: of buy Now, Pay Later group Zipco, says the business 88 00:04:38,760 --> 00:04:41,880 Speaker 1: is performing better than expected in the US and that 89 00:04:42,040 --> 00:04:44,480 Speaker 1: interest rate cuts will help boost earnings. 90 00:04:44,960 --> 00:04:48,240 Speaker 2: Zip Co's the best performing top two hundred stock over 91 00:04:48,279 --> 00:04:51,920 Speaker 2: the past twelve months. It's was worth about thirty cents 92 00:04:52,040 --> 00:04:54,880 Speaker 2: a year ago. It's now worth more than three dollars 93 00:04:55,080 --> 00:04:57,440 Speaker 2: so had Cynthia Scott told the fin Review the group 94 00:04:57,440 --> 00:04:59,560 Speaker 2: had a strong September quarter, with prospects in the US 95 00:04:59,560 --> 00:05:03,120 Speaker 2: particularly strong. That's because US consumers are resilient employments high 96 00:05:03,200 --> 00:05:06,760 Speaker 2: rates are starting to fall in that country. Zip was 97 00:05:06,920 --> 00:05:10,000 Speaker 2: used by about four million people last quarter. In the US, 98 00:05:10,040 --> 00:05:12,800 Speaker 2: transactions are up by forty three percent. It's having a 99 00:05:12,800 --> 00:05:13,200 Speaker 2: good run. 100 00:05:13,520 --> 00:05:16,719 Speaker 1: Yeah, it certainly is. Last one story number five Shine, 101 00:05:16,960 --> 00:05:21,880 Speaker 1: Volkswagen is considering closing three factories in Germany and laying 102 00:05:21,880 --> 00:05:25,120 Speaker 1: off tens of thousands of workers amid a slump in 103 00:05:25,240 --> 00:05:28,120 Speaker 1: sales and increased competition from China. 104 00:05:28,560 --> 00:05:31,320 Speaker 2: It would be the first factory closure in eighty seven years. 105 00:05:31,400 --> 00:05:34,520 Speaker 2: That's its full history. It could also the cuts could 106 00:05:34,520 --> 00:05:39,400 Speaker 2: also include reductions in pay and redundancies outside the three factories. 107 00:05:40,080 --> 00:05:43,880 Speaker 2: This all comes from comments made by a top employee representative. 108 00:05:44,320 --> 00:05:49,919 Speaker 2: What's significant about this Volkswagen is Germany's largest employer. It 109 00:05:49,960 --> 00:05:54,240 Speaker 2: includes Audi and Porsche. It's an iconic company associated with 110 00:05:54,240 --> 00:05:56,800 Speaker 2: the rise of Germany post World War Two. Now the 111 00:05:56,839 --> 00:06:00,840 Speaker 2: auto industry in Germany is its biggest contributes one trillion 112 00:06:00,839 --> 00:06:04,039 Speaker 2: Aussie dollars to the economy each year. It depends a 113 00:06:04,040 --> 00:06:06,960 Speaker 2: lot on exports places like Chinum that's not doing so 114 00:06:07,120 --> 00:06:09,680 Speaker 2: well and as a result, VW's in trouble. 115 00:06:09,880 --> 00:06:12,000 Speaker 1: All Right, there we go the top five business stories 116 00:06:12,000 --> 00:06:14,440 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 117 00:06:14,600 --> 00:06:17,640 Speaker 1: is Wednesday, the thirtieth of October twenty twenty four. Remember 118 00:06:17,640 --> 00:06:19,760 Speaker 1: to hit follow on the podcast, and if five minutes 119 00:06:19,800 --> 00:06:22,039 Speaker 1: isn't enough, you can find our longer daily show called 120 00:06:22,080 --> 00:06:25,119 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 121 00:06:25,120 --> 00:06:27,240 Speaker 1: Thompson and that was the past five business news by 122 00:06:27,240 --> 00:06:31,360 Speaker 1: Fear and Greed. Have a great day.