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Speaker 1: Welcome to the weekend edition of The Fast Five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson and hello Sean.

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Speaker 2: Aylmer, Hello Michael Sewan.

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Speaker 1: On weekdays, it's all about the Fast five, the top

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Speaker 1: five business stories in five minutes. On the weekend, we

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Speaker 1: still keep it to five minutes, but we're going to

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Speaker 1: pick out the biggest business story of the week, the

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Speaker 1: most remarkable business story, a sleeper story, one that's flying

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Speaker 1: under the radar a little bit, and our favorite story.

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Speaker 1: Let's jump into it. Can I nominate what I thought

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Speaker 1: was the biggest story this week? Seawan?

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Speaker 2: Please do look I reckon.

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Speaker 1: It happened right at the beginning of the week, really

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Speaker 1: and it kind of set the tone for the rest

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Speaker 1: of the week. It was, of course, US politics, Joe

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Speaker 1: Biden withdrawing from the race. He's been under enormous pressure

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Speaker 1: to do so, and when it happened, he was gracious

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Speaker 1: about it. But he endorsed Vice President Kamala Harris as

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Speaker 1: the Democrats candidate, and she hit the ground running. She

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Speaker 1: really went into this with some force. In the first

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Speaker 1: twenty four hours, her campaign raised a record eighty one

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Speaker 1: million US dollars. She secured the backing of all of

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Speaker 1: her potential rivals. Key figures within the party all back

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Speaker 1: to her. She locked in enough pledged delegates so that

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Speaker 1: the official nomination will be her. It reinvigorated the party,

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Speaker 1: for sure, but is it actually going to be enough

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Speaker 1: Because Donald Trump is still in front. He's taking a

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Speaker 1: lot of momentum into the final few months of the

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Speaker 1: campaign united his party behind him, survived in assassination attempt

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Speaker 1: knock Joe Biden out of the race. Really, sean, what

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Speaker 1: we are in for between now and November when the

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Speaker 1: election is held is a whole lot of drama.

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Speaker 2: We sure are, Michael. Look, my biggest story of the

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Speaker 2: week is about the tech stocks on Wall Streem. In

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Speaker 2: one session this week, the value of the big seven

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Speaker 2: tech stocks Microsoft, Apple and Video, Amazon, Meta, and Alphabet

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Speaker 2: fell one trillion dollars. That's like wiping out the big

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Speaker 2: banks BHPCS, Film or Corey Group and Goodman all in

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Speaker 2: one session. Is the tech boom over? A brave person

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Speaker 2: to say that, but certainly there's a reality check happening.

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Speaker 2: One day this week, Tesla's share price dropped twelve percent

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Speaker 2: after it said earnings was down forty five percent. Alphabet

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Speaker 2: came out and said, and it's actually better than we thought.

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Speaker 2: Its share price dropped five percent. What's happening at the

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Speaker 2: moment that's different is interest rates are falling, or they

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Speaker 2: look like falling in many economies. Also, that unbridled enthusiasm

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Speaker 2: for anything AI seems to have been tempered just a bit.

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Speaker 2: It's going to be very interesting to watch these textoks

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Speaker 2: the next couple of months.

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Speaker 1: Yeah, certainly will be onto the most remarkable story. What

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Speaker 1: do you reckon?

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Speaker 2: I love the Crown of States report that came out

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Speaker 2: this week. We're talking the windsors here now under King

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Speaker 2: Charles the Third, the windsors get just twelve percent of

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Speaker 2: profit from Crown Estates. It used to be twenty five percent,

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Speaker 2: now twelve percent. That's about one hundred and thirty two

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Speaker 2: million dollars plenty of interesting stuff out of the Crown

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Speaker 2: of States Annual Report. The big jump in profit is

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Speaker 2: basically because since nineteen sixty four, the Crown Estate has

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Speaker 2: laid claim to the UK's entire continental shelf, reaching hundreds

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Speaker 2: of kilometers into the sea, and with the right to

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Speaker 2: grant permission to build offshore wind turbines. They've been doing

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Speaker 2: that and raking in the cash ever since. The annual

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Speaker 2: report also said the number of visitors to Buckingham Palace

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Speaker 2: and Windsor Castle are back to almost pre COVID levels.

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Speaker 2: Twenty three hundred engagements by family members last year. Incredible.

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Speaker 2: Keep in mind the King and Princess Captaine of Wales

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Speaker 2: run will during that period too. They ended up with

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Speaker 2: more than twenty seven thousand get will messages. Also bucking

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Speaker 2: In Pallas said they're making progress on the goals to

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Speaker 2: recruit a more diverse workforce eleven point four percent. Their

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Speaker 2: objective is fourteen percent. Doesn't seem overly like a stretch target, Michael,

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Speaker 2: It's quite remarkable the finances of Crown estates.

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Speaker 1: Those numbers are just staggering. Sean sleeper story one that's

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Speaker 1: kind of flying under the radar a little bit. It

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Speaker 1: was a big week, you know, this week for the

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Speaker 1: regulators and ACIC in particular. I reckon because ACIK was

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Speaker 1: starting to bear its teeth pump and dump schemes really

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Speaker 1: in its targets. At the moment, a telegram group called

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Speaker 1: ASEX Pump and Dump Group ACIC is going after it.

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Speaker 1: Four alleged ring leaders of the scheme have been charged

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Speaker 1: with a number of offenses. But Assex says, there are

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Speaker 1: hundreds of members of this group attempting to manipulate the

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Speaker 1: share prices of ASEX listed small caps, try to put

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Speaker 1: up the price hype or misleading statements, then sell for

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Speaker 1: a profit. But what we are seeing this week is

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Speaker 1: as showing that it's got teeth. They're also targeting insider trading,

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Speaker 1: setting up a new team to see cases from investigation

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Speaker 1: through to prosecution and then John if you have a

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Speaker 1: quick look then as well at the Fair Work Commission,

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Speaker 1: it is doing a review of part time employment rules

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Speaker 1: to established a standard model in awards. And then for

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Speaker 1: the ahriable c with Mergers, Treasurer Jim Chalmers has put

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Speaker 1: forward draft merger reform legislation which he hopes is going

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Speaker 1: to basically overhaul the entire merger approval system. Bit of

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Speaker 1: a sleeper story really that there was a lot happening

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Speaker 1: in that space.

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Speaker 2: Big week for regulators. Let me tell you my favorite

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Speaker 2: story of the week, No surprises here. It's about Quantus

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Speaker 2: cutting prices six times this year, Virgin Australia, averaging at

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Speaker 2: least one fair sale a month. That's according to Flight

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Speaker 2: Center International affairs globally fell six percent. In Australia they

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Speaker 2: were down thirteen percent, including an eighteen percent full in

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Speaker 2: flights to Indo i e. Balley Flight. Senate Cea James

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Speaker 2: Cabna reckons it's going to continue because people are much

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Speaker 2: more cost conscious. There's also a lot more planes in

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Speaker 2: the sky, and of course all the carriers they want

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Speaker 2: to fill their seats, so if you book early, you

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Speaker 2: can end up getting a great deal. In fact, mister

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Speaker 2: Kavna mentioned a ten day tour to China, including fights

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Speaker 2: and accommodation for less than a thousand bucks. Definitely my

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Speaker 2: favorite story, Michael.

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Speaker 1: Yeah, that's a great one. Just a quick mention, Sean

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Speaker 1: of my favorite story Optus giving people the chance to

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Speaker 1: test out the Optus network for a week before they

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Speaker 1: actually commit, and you don't need to hand over any money.

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Speaker 1: I just think it's a good move considering Optus has

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Speaker 1: so much work to do to repair its reputation after

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Speaker 1: a cyber attack and a massive system outage in November

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Speaker 1: last year. So that's why that's my favorite story of

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Speaker 1: the week. Five minutes and pretty much everything you need

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Speaker 1: to know in the world of business.

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Speaker 2: Thank you, Sean, Thank you Michael.

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Speaker 1: We'll be back on Monday morning with the top five

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Speaker 1: business stories in five minutes. Don't forget to hit follow

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Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X.

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Speaker 1: Are Michael Thompson and This is the Fast by Business

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Speaker 1: News by Fear and Greet