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Speaker 1: It's Wednesday, the twenty seventh of November twenty twenty four.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed,

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

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

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories, five minutes, let's go. Story number one is

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Speaker 1: a big one. Donald Trump has upended global trade rules

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Speaker 1: even before taking office, saying he will impose a twenty

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Speaker 1: five percent tariff on all products from Mexico and Canada

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Speaker 1: on his first day in office, and another ten percent

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Speaker 1: on goods from China.

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Speaker 2: Very aggressive comments aimed at the US's neighbors and in Canada,

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Speaker 2: his closest ally. Donald Trump cided concerns over illegal immigration

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Speaker 2: in the case of Mexico and illicit drugs in the

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Speaker 2: case of Canada and China. He said he'll sign the

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Speaker 2: first executive order on all products coming into the US.

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Speaker 2: He put that on truth Social his media platform, He's

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Speaker 2: social media platform, and of course he put caps on

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Speaker 2: all products. Tariffs remain until the country's clamped down on drugs,

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Speaker 2: especially faginal and migrants stopped crossing the border illegally. Mister

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Speaker 2: Trump said Fagtional is a synthetic opioid that's claimed the

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Speaker 2: lives of about seventy five thousand Americans each year. He

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Speaker 2: attacked China for not carrying out the death penalty for

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Speaker 2: people dealing infentanel. Now, while some say Donald Trump's tweets

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Speaker 2: are part of a negotia heating position he's establishing ahead

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Speaker 2: of becoming president, they're certainly very aggressive, aggressive enough to

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Speaker 2: scare investors. The US dollar surged, pushing the Aussie dollar

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Speaker 2: back towards sixty four US cents. That's the weakest level

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Speaker 2: in four years, so it did rebound a bit yesterday.

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Speaker 2: Copper and based metals, which tend to rise and fall

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Speaker 2: in line with expected food sure in economic growth, they

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Speaker 2: all fell. Slaping tariffs will push up inflation. Therefore, bon

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Speaker 2: neils jumped, higher interest rates, The Canadian dollar had its

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Speaker 2: lowest level since twenty twenty. The Mexican pay so tumbled.

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Speaker 2: Even bitcoin went backwards, down six percent three sessions. Now

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Speaker 2: they're still worth more than ninety four thousand USL's a unit.

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Speaker 2: Gold prices bounced.

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Speaker 1: And just as an example of how Australia is being

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Speaker 1: drawn into this sewn in Australia. We had China's ambassador

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Speaker 1: in canberrash Our Chain, speaking after the Trump tweet, and

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Speaker 1: he was saying that the US trade policy is an

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Speaker 1: important element in Australia's relationship with the US.

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Speaker 2: It just shows the wide ranging gramifications what Donald Trump

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Speaker 2: is proposing. Treasure Jim Chalmers urged carm saying the incoming

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Speaker 2: US administration will bring different policies. His confidence Australia can

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Speaker 2: navigate those changes. We'll see, Michael, We'll see.

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Speaker 1: Indeed, we will.

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Speaker 2: All right.

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Speaker 1: Moving on to story number two. Parliament is in full swing,

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Speaker 1: but one bill that's unlikely to be passed this week

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Speaker 1: and possibly not actually even before the next election is

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Speaker 1: legislation to increase the earnings tax on superannuation accounts worth

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Speaker 1: more than three million dollars.

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Speaker 2: Finance Minister Katie Gallaher conceded it was a big ask,

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Speaker 2: doesn't have the support of the opposition of the cross benches,

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Speaker 2: a very big ask. She said. It still remains labor

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Speaker 2: policy even though the government hasn't been able to negotiate

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Speaker 2: it through the cross benches. The social media ban legislation

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Speaker 2: will pass, although a couple of Nats yesterday spoke against

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Speaker 2: it as some independence laws funding public schools about sixteen

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Speaker 2: billion dollars worth. There three point six billion dollars for

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Speaker 2: wage increases for childcare workers that they were set to pass,

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Speaker 2: and the Greens back down in their fight against the

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Speaker 2: governments helped to buy and build to rent housing schemes.

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Speaker 2: Big win for the government, both pieces of legislation which

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Speaker 2: were election promises past the Senate yesterday.

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Speaker 1: Story number three. Tech giant Google has backed Australia Connect,

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Speaker 1: which is a connectivity project that will build two new

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Speaker 1: subsea cables between mainland capital cities and Christmas Island.

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Speaker 2: The first cable will run between Darwin and Christmas Island,

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Speaker 2: while a second one will link Melbourne to Perth and

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Speaker 2: onto Christmas Island and Singapore. According to The Sydney Morning Herald,

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Speaker 2: see cable technology is deployed across thousands of klometers of

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Speaker 2: ocean floor carries most of the world's Internet traffic. Google

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Speaker 2: has formed a consortium to build the project. It includes

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Speaker 2: data center provider next DC Focus, the Telco Group, State governments,

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Speaker 2: a few others. Communications Minister Michelle Roland yesterday said the

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Speaker 2: cables will expand in strength, not just digital connectivity inside

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Speaker 2: of Australia, but in the civic as well. Really important

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Speaker 2: this infrastructure. Remember last week we're talking about a twelve

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Speaker 2: hundred klometer cable between Finland and Germany being sabotaged. It

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Speaker 2: really makes the digital connectivity of a country work.

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Speaker 1: Under story number four now Shawn, US President Joe Biden

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Speaker 1: and French President Emmanuel Macron are expected to announce a

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Speaker 1: ceasefire in Lebanon between armed group Hesbellah and Israel imminently,

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Speaker 1: according to a report on Router's we.

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Speaker 2: Get up early for this show, so it could even

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Speaker 2: have happened by now, Michael, or be happening right now.

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Speaker 2: In Washington, White House National Security spakesperson John Kirby said,

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Speaker 2: we're closed, but nothing's done until it's done. The French

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Speaker 2: presidency said discussions and a ceasfarw had made significant progress.

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Speaker 2: In Jerusalem, a senior Israeli official said Israel's cabinet would

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Speaker 2: meet overnight to approve a truce deal with Hesbella. Signs

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Speaker 2: of diplomatic breakthrough were accompanied, though by heavy Israeli airstrikes

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Speaker 2: on by Riz Hesbalak controlled southern suburbs as Israel pressed

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Speaker 2: on with the offensive. It launched in September after almost

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Speaker 2: a year of cross border hostilities.

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Speaker 1: Swan's story Number five. General Motors has taken a major

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Speaker 1: step towards competing in Formula one car racing under its

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Speaker 1: Cadillac brand as the sport expands quickly in the US.

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Speaker 2: IF one said it had reached an agreement in principle

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Speaker 2: with the US car maker under which Cadillac will become

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Speaker 2: the eleventh team on the series grid from twenty twenty six.

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Speaker 2: Big breakthrough in the talks between the two sides under

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Speaker 2: Liberty Media, which is owned F one. Since twenty seventeen,

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Speaker 2: the sports expanded in the US new races in Miami

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Speaker 2: and Las Vegas. Las Vegas was last weekend. GM's planned

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Speaker 2: to join F one highlights its attractiveness, not only as

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Speaker 2: teams have sought in value due to the growth of

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Speaker 2: the sport, but also because of the limits placed on

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Speaker 2: how much they can spend on developing cars, thereby protecting shareholders.

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Speaker 2: That's the theory. General Matters president Mark rissid it was

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Speaker 2: an honor to join F one. Describe the sport as

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Speaker 2: a global stage to showcase engineering expertise and technology leadership

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Speaker 2: at an entirely new level.

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Speaker 1: All right, there we go to the top five business

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Speaker 1: stories in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Wednesday, the twenty seventh of November twenty twenty four.

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

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Speaker 1: isn't enough. You can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael

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Speaker 1: Thompson and that was the fast five business news by

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Speaker 1: Fear and Greed. Have a great day.