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Speaker 1: It's Friday, the seventh of June twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fearing Greed, where

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Speaker 1: we give you the top five business stories you need

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Speaker 1: to know in just five minutes. I'm Michael Thompson and

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Speaker 1: good morning Sean Aylmer.

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Speaker 2: Good morning Michael the Shawn.

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Speaker 1: We have five big stories to race through in five minutes,

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Speaker 1: so let's get cracking. Story number one. The banking sector

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Speaker 1: is booming, with the Commonwealth Bank hitting a new all

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Speaker 1: time high yesterday at share price reaching one hundred and

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Speaker 1: twenty five dollars and ninety seven cents.

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Speaker 2: It's now to do with thirty percent over the past year,

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Speaker 2: and Commonwealth Bank isn't even the best performer of the

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Speaker 2: big four banks over the last twelve months. National Australia

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Speaker 2: Bank's up thirty eight percent, it's training close to nine

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Speaker 2: year highs, West Packs up thirty five percent, it isn't

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Speaker 2: far off five year highs, and a Ands up twenty

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Speaker 2: eight percent near seven year highs. That's despite net interest margins,

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Speaker 2: which is a proxy for profit margins, the difference between

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Speaker 2: what a bank receives on loans and plays out on

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Speaker 2: deposits getting smaller It also comes as loner is customers

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Speaker 2: who are falling behind in payments. They're rising slightly, comes

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Speaker 2: as the banks on a historical perspective are already very

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Speaker 2: very expensive, and it comes as the economy slows, which

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Speaker 2: should affect business and personal lending. In fact, banking analysts

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Speaker 2: have sell recommendations on the major banks and have had

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Speaker 2: for a while. They keep performing Sewan.

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Speaker 1: You're just giving us a bunch of reasons as to

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Speaker 1: why this shouldn't happen. So why is it happening.

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Speaker 2: It's not really clear, is the short answer. All sorts

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Speaker 2: of theories around the place. All the banks, particularly Commonwealth

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Speaker 2: Bank with its nine hundred thousand shareholders, have many retail investors.

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Speaker 2: They like the dividends, they don't want to sell in

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Speaker 2: case they get hit with a big capital gain. There's

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Speaker 2: also been buying of bank stocks from offshore investors, such

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Speaker 2: as pension funds. If they're passive investors, then they need

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Speaker 2: to buy all the bank shares so that they can

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Speaker 2: keep up with the ax. Also, money in Asia fleeing

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Speaker 2: China could end up in Australia. That's likely to have

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Speaker 2: helped Commonwealth Bank in particular. In Shure, there's no great

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Speaker 2: answer to why the banks are still doing so well.

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Speaker 1: They just are under Story number two now Sean and

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Speaker 1: Vidia's share price surge yesterday and the chip maker is

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Speaker 1: now worth three point zero one trillion US dollars, surpassing

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Speaker 1: Apple as the second largest company on Wall Street YEP.

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Speaker 2: Apple also rallied It's worth three trillion US dollars. Microsoft

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Speaker 2: is the largest company, worth three point one five trillion

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Speaker 2: US dollars. Hard to get your mind around these numbers.

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Speaker 2: The last time in video was worth more than Apple

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Speaker 2: was two thousand and two, five years before the first

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Speaker 2: iPhone was released. According to Bloomberg, at the time, both

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Speaker 2: companies were worth less than ten billion US dollars each.

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Speaker 2: Where we were now talking three trillion US dollars and

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Speaker 2: video stock has jumped nearly two hundred percent since late

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Speaker 2: last year. One person really happy about is CEO Jensen Huang.

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Speaker 2: He adds a bunch of stock. It's worth about one

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Speaker 2: hundred and seven billion dollars now.

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Speaker 1: Story number three Seawan. The Retail and Fast Food Workers

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Speaker 1: Union has launched a landmark case to abolish junior rates

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Speaker 1: for more than half a million workers aged eighteen years

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Speaker 1: and older. The shop Distributive and Allied Employees Association has

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Speaker 1: filed the Fair Work Commission case to ensure workers eighteen

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Speaker 1: in and over in retail, fast food and pharmacy are

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Speaker 1: paid the full twenty one year old rate. The case,

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Speaker 1: invoking war objectives to maintain the living standards of the

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Speaker 1: low paid and work value reasons, is expected to be

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Speaker 1: very hotly contested by employers who argue that increasing junior

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Speaker 1: rates will simply to hiring under the retail, fast food

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Speaker 1: and pharmacy rates, and eighteen year old is paid seventy

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Speaker 1: percent of the adult wage, nine year old gets eighty

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Speaker 1: percent now, the union says it just doesn't make sense.

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Speaker 1: It also is arguing that young people in Australia face

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Speaker 1: the same cost of living precious as others in the country,

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Speaker 1: but they're discriminated against when it comes to their wages.

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Speaker 1: For workers younger than eighteen, the Shop Distributive and Allied

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Speaker 1: Employees Association wants to raise their rates. Sixteen year olds

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Speaker 1: should get fifty percent rather than forty five percent of

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Speaker 1: the full adult rate. Seventeen year olds should go from

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Speaker 1: sixty to seventy five percent. It's going to be great

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Speaker 1: fun watching this one absoltainly will Story number four. The

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Speaker 1: administrators of collapsed low cost carrier Bondser have considered the

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Speaker 1: hopes of finding a buyer for the airline are fading

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Speaker 1: ahead of today's deadline to sell the business.

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Speaker 2: Instead, they're more likely to pursue a claim against Bonza's insurers.

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Speaker 2: Haul Chadwick's Richard Albaron told the confidential meeting of creditors

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Speaker 2: yesterday that he now considered a sale unlikely. He expects

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Speaker 2: the jobs of Aline staff are likely to be permanently

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Speaker 2: terminated early next week after being suspended in late April,

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Speaker 2: according to the finn Review. Early last month, Haul Chadwick

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Speaker 2: said parties that expressed interest in buying Bonza telling a

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Speaker 2: medium of creditors that the budget carry out as more

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Speaker 2: than one hundred million dollars last one.

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Speaker 1: Story number five. How about this Sewan? Former US President

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Speaker 1: Donald Trump posted his first video to TikTok on the weekend,

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Speaker 1: and he has already amassed more followers and more likes

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Speaker 1: than President Joe Biden's campaign account.

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Speaker 2: Ouch. No politician has used social media better than Donald

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Speaker 2: Trump and his first post, which showed him standing next

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Speaker 2: to Ultimate Fighting Championship chief executive officer Danna White has

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Speaker 2: guarded five point nine million likes and his account has

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Speaker 2: five point six million followers after four days. Biden's campaign account,

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Speaker 2: which has been going for quite a few months now

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Speaker 2: it's got three hundred and sixty one thousand followers and

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Speaker 2: four point seven million likes. Trump tried to ban TikTok

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Speaker 2: while in office, but has since come out in support

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Speaker 2: of it. Now. TikTok still faces a possible band in

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Speaker 2: the US if it's Chinese parent company, Byte Dance, doesn't

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Speaker 2: divest its ownership stake by the beginning of next year

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Speaker 2: or by January nineteen next year. Anyway, Donald Trump knows

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Speaker 2: how to use social media.

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Speaker 1: He certainly does. There we go to the top five

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Speaker 1: business stories in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Friday, the seventh of June twenty twenty four.

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Speaker 1: Remember to hit follow on the podcast and five minutes

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Speaker 1: Michael Thompson And that was the past five by Fear

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Speaker 1: and Greed. Have a great day.