1 00:00:03,840 --> 00:00:07,080 Speaker 1: It's Tuesday, the twod of December twenty twenty five. Welcome 2 00:00:07,120 --> 00:00:09,480 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,480 --> 00:00:11,320 Speaker 1: where we give you the top five business stories you 4 00:00:11,360 --> 00:00:13,680 Speaker 1: need to know in just five minutes. Oh Michael Thompson, 5 00:00:13,720 --> 00:00:15,120 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,360 --> 00:00:16,920 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,120 --> 00:00:20,320 Speaker 1: Five stories, five minutes. Let's go a story number one. 8 00:00:20,400 --> 00:00:24,079 Speaker 1: The federal government will create an independent agency to manage 9 00:00:24,120 --> 00:00:28,639 Speaker 1: defense projects in what it's described as the biggest overhaul 10 00:00:28,720 --> 00:00:30,880 Speaker 1: of the department in half a century. 11 00:00:31,160 --> 00:00:34,680 Speaker 2: In in fact, the Department of Defense will be downsized considerably, 12 00:00:34,720 --> 00:00:36,839 Speaker 2: losing about forty percent of its budget, one quarter of 13 00:00:36,880 --> 00:00:41,080 Speaker 2: its employees, and responsibility for delivering major defense projects. Three 14 00:00:41,120 --> 00:00:44,839 Speaker 2: existing divisions of Defense will shift into a newly created 15 00:00:45,080 --> 00:00:49,040 Speaker 2: Defense Delivery Agency operational from the middle of next year, 16 00:00:49,120 --> 00:00:52,160 Speaker 2: independent from July twenty twenty seven. It's been a bunch 17 00:00:52,240 --> 00:00:55,600 Speaker 2: of review reviews about this and the idea of an 18 00:00:55,640 --> 00:00:59,440 Speaker 2: independent project management agency for defense. It is coming to 19 00:00:59,600 --> 00:01:03,960 Speaker 2: fruition yesterday, Acting PM and Defense Minister Richard Miles. He's acting, 20 00:01:03,960 --> 00:01:07,039 Speaker 2: of course, because Elbow's on his honeymoon. Miles said the 21 00:01:07,080 --> 00:01:10,080 Speaker 2: changes will greatly improve the quality of the defense spend. 22 00:01:10,200 --> 00:01:11,760 Speaker 2: He said it was one of the biggest changes to 23 00:01:11,800 --> 00:01:16,560 Speaker 2: the defense ever. It also will theoretically provide better oversight 24 00:01:16,600 --> 00:01:19,160 Speaker 2: on the defense budget, which is worth fifty six billion 25 00:01:19,200 --> 00:01:21,399 Speaker 2: dollars at the moment, scheduled to get to about one 26 00:01:21,480 --> 00:01:23,520 Speaker 2: hundred billion dollars by twenty thirty four. 27 00:01:23,920 --> 00:01:26,080 Speaker 1: Yeah, it sounds like a lot of money, but Australia's 28 00:01:26,120 --> 00:01:30,480 Speaker 1: defense budget as a percent of GDP is relatively small. 29 00:01:30,200 --> 00:01:32,560 Speaker 2: Isn't it. Yes, even after the Burston spending over the 30 00:01:32,560 --> 00:01:34,720 Speaker 2: next eight years or so, it will still be well 31 00:01:34,760 --> 00:01:37,560 Speaker 2: short of what Donald Trump reckons regional ally should spend. 32 00:01:37,560 --> 00:01:40,240 Speaker 2: That's that's three point five percent of GDP. Mind you, 33 00:01:40,280 --> 00:01:42,959 Speaker 2: Trump reckons at the European ally should spend five percent 34 00:01:43,280 --> 00:01:47,440 Speaker 2: of GDP. Undoubtedly, there's been a surge in defense related 35 00:01:47,520 --> 00:01:52,440 Speaker 2: spending recently around the globe. Sometimes that includes infrastructure as well. 36 00:01:52,640 --> 00:01:55,040 Speaker 2: Just before we leave this topic, Richard Miles yesterday said 37 00:01:55,040 --> 00:01:58,920 Speaker 2: that Australia's monitoring and naval flotilla that's traveling through the 38 00:01:58,960 --> 00:02:04,080 Speaker 2: Philippine Sea north of PNG with an unknown destination. The 39 00:02:04,120 --> 00:02:06,520 Speaker 2: government's keeping a close watch on it now. Of course. 40 00:02:06,560 --> 00:02:09,679 Speaker 2: In February this year, a Chinese flet circumnavigated Australia or 41 00:02:09,680 --> 00:02:12,359 Speaker 2: an act not considered friendly by Canberra. 42 00:02:12,600 --> 00:02:16,120 Speaker 1: On destorying number two. Now, Sean and Australia's medicines regulator 43 00:02:16,240 --> 00:02:19,359 Speaker 1: has issued a safety warning over the risk of suicidal 44 00:02:19,400 --> 00:02:23,359 Speaker 1: thoughts and behavior linked to drugs known as GLP one 45 00:02:23,480 --> 00:02:25,320 Speaker 1: receptor agonists, including a zenpic. 46 00:02:25,639 --> 00:02:28,480 Speaker 2: The Therapeutic Goods Administration also set a link between some 47 00:02:28,680 --> 00:02:33,240 Speaker 2: GOLP drugs and reduced effectiveness of oral contraception could not 48 00:02:33,600 --> 00:02:36,920 Speaker 2: be ruled out. In a safety alert issued yesterday, the 49 00:02:36,960 --> 00:02:39,680 Speaker 2: TGA said it had updated warnings for the high profile 50 00:02:39,760 --> 00:02:43,280 Speaker 2: drugs used to treat type two diabetes and obesity. So 51 00:02:43,320 --> 00:02:48,680 Speaker 2: that's zeenpic, WGOVI, Saxender, Trilicity, and Manjaro. The alert read 52 00:02:48,880 --> 00:02:52,480 Speaker 2: patients taking these medicines should tell their health professional if 53 00:02:52,520 --> 00:02:56,840 Speaker 2: they are experiencing new or worsening depression, suicidal thoughts, or 54 00:02:56,880 --> 00:03:00,960 Speaker 2: any unusual changes in mood or behavior. The GOLP one 55 00:03:01,000 --> 00:03:03,640 Speaker 2: drugs of a short track record, some medical professionals have 56 00:03:03,800 --> 00:03:06,280 Speaker 2: warned of unknown longer term side effects. 57 00:03:07,240 --> 00:03:11,560 Speaker 1: Story number three. The ASX suffered an outage yesterday morning 58 00:03:11,560 --> 00:03:14,679 Speaker 1: that meant around eighty companies couldn't put out announcements, which 59 00:03:14,760 --> 00:03:17,120 Speaker 1: frustrated companies and investors alike. 60 00:03:17,360 --> 00:03:21,000 Speaker 2: The incident occurred just before nine am, lasted about three hours. Now. 61 00:03:21,040 --> 00:03:23,840 Speaker 2: Shares did start trading without any hiccups. It's just that 62 00:03:23,880 --> 00:03:27,200 Speaker 2: they couldn't trade on information because the announcements weren't there. 63 00:03:27,440 --> 00:03:30,000 Speaker 2: Met Cash, the grocery wholesaler, was forced to place its 64 00:03:30,000 --> 00:03:32,560 Speaker 2: shares into a trading halt after being unable to release 65 00:03:32,639 --> 00:03:36,440 Speaker 2: a presentation dealing its first half results. It's been a 66 00:03:36,480 --> 00:03:39,920 Speaker 2: tumultuous few years at ASX Limited, from a filed upgrade 67 00:03:39,920 --> 00:03:43,600 Speaker 2: of its settlement systems to a damaging trading settlements outage. Also, 68 00:03:43,640 --> 00:03:46,120 Speaker 2: at one point it released information on TPG the company, 69 00:03:46,120 --> 00:03:49,120 Speaker 2: which was actually about TPG Capital Asia, the private equity group. 70 00:03:49,520 --> 00:03:51,560 Speaker 2: It's had some major stuff ups. Yeah. 71 00:03:51,640 --> 00:03:54,600 Speaker 1: Indeed, story number four is linked to that one because 72 00:03:54,640 --> 00:03:57,800 Speaker 1: met Cash management might have been unhappy about the outage, 73 00:03:57,800 --> 00:04:00,680 Speaker 1: but I suspect sewing that they were even more unhappy 74 00:04:00,680 --> 00:04:03,880 Speaker 1: about the reaction to their half year results. Once share 75 00:04:03,960 --> 00:04:08,560 Speaker 1: trading began again, matt Cash closed down nine point two 76 00:04:08,680 --> 00:04:09,720 Speaker 1: percent for the day. 77 00:04:10,320 --> 00:04:13,840 Speaker 2: Ouch the grocery holes I'm best known for supplying IgA stores, 78 00:04:13,880 --> 00:04:16,719 Speaker 2: posted a small increase in half year revenue. But the 79 00:04:16,800 --> 00:04:19,719 Speaker 2: big news it lost more than three hundred and forty 80 00:04:19,720 --> 00:04:23,960 Speaker 2: million dollars in revenue in tobacco sales. That's because the 81 00:04:24,000 --> 00:04:28,680 Speaker 2: illegal trade in cigarettes is so huge. The black market 82 00:04:28,760 --> 00:04:31,400 Speaker 2: has hit coals, it's hit Woollies, it's hit Viva Energy, 83 00:04:31,560 --> 00:04:35,400 Speaker 2: Shell branded service stations, its head ampole. Now it's hit 84 00:04:35,640 --> 00:04:38,760 Speaker 2: met cash. The government has increased tobacko excise by more 85 00:04:38,800 --> 00:04:41,279 Speaker 2: than two hundred and eighty percent since twenty thirteen, pushing 86 00:04:41,320 --> 00:04:43,240 Speaker 2: the cost of a twenty five pack of cigarettes to 87 00:04:43,320 --> 00:04:46,039 Speaker 2: about fifty bucks thirty four dollars of which goes to 88 00:04:46,080 --> 00:04:51,080 Speaker 2: the government. But people aren't buying from shops. They are 89 00:04:51,120 --> 00:04:52,360 Speaker 2: buying from the black market. 90 00:04:53,200 --> 00:04:57,599 Speaker 1: Last one storing number five Global consultancy Accenture has taken 91 00:04:57,760 --> 00:05:01,640 Speaker 1: corporate jargon to a whole new level. Sean It's eight 92 00:05:01,720 --> 00:05:07,400 Speaker 1: hundred thousand staff have gone from employees to reinventors and 93 00:05:08,279 --> 00:05:11,920 Speaker 1: part of what the company now calls it's reinvention services. 94 00:05:11,400 --> 00:05:15,680 Speaker 2: Business and it wants to be clients reinvention partner of choice. 95 00:05:15,800 --> 00:05:18,919 Speaker 2: Now that's the future. According to chief executive at Julie Sweet, 96 00:05:19,320 --> 00:05:22,800 Speaker 2: she was an inventor of reinventor as it applies to 97 00:05:22,839 --> 00:05:26,640 Speaker 2: Accentua back in June, after the group united its strategy, consulting, 98 00:05:26,720 --> 00:05:30,960 Speaker 2: creative technology, and operation units into a signal business called 99 00:05:31,080 --> 00:05:33,240 Speaker 2: Reinvention Services. I don't even know what I'm talking about. 100 00:05:33,360 --> 00:05:36,080 Speaker 2: There's too much jargon in this. The consultancy wants to 101 00:05:36,120 --> 00:05:38,599 Speaker 2: adapt to the explosion of AI, wants to advise companies 102 00:05:38,640 --> 00:05:42,320 Speaker 2: and adopting the technology. According to report in the ft, 103 00:05:42,560 --> 00:05:45,599 Speaker 2: you might smirk, Michael, but etc. On on their own. 104 00:05:45,720 --> 00:05:52,680 Speaker 2: Remember Disney, their employees are imagineers. Amazon's got ninja coders. 105 00:05:52,440 --> 00:05:55,080 Speaker 2: It's spreading, Michael. It's spreading. 106 00:05:55,600 --> 00:05:57,880 Speaker 1: It is contagious. Who knows what we will end up 107 00:05:58,200 --> 00:06:01,240 Speaker 1: as Here at Fear and Greed, Sean something too. Maybe 108 00:06:01,279 --> 00:06:08,880 Speaker 1: we should look at that in a committee. It feels like, say, feeders, Yeah, feeders, Well, 109 00:06:08,920 --> 00:06:11,360 Speaker 1: you know what, we might need to workshop that one 110 00:06:11,400 --> 00:06:13,560 Speaker 1: just a little bit longer. There we go, the top 111 00:06:13,600 --> 00:06:17,159 Speaker 1: five business business stories in five minutes. Thank you, Sean, 112 00:06:17,360 --> 00:06:20,719 Speaker 1: Thank you Michael. It's Tuesday, the second of December twenty 113 00:06:20,760 --> 00:06:23,800 Speaker 1: twenty five. Remember to hit follow on the podcast, and 114 00:06:23,839 --> 00:06:26,000 Speaker 1: if five minutes isn't enough, you can find our longer 115 00:06:26,080 --> 00:06:29,599 Speaker 1: daily show called Fear and Greed wherever you listen to podcasts. 116 00:06:29,680 --> 00:06:31,760 Speaker 1: I'm Michael Thompson and that was the Fast five Business 117 00:06:31,800 --> 00:06:36,440 Speaker 1: news by fear and greed. Have a great day.