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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

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Speaker 1: Sean Aylmer, Hello Michael Shawn. On weekdays, it's all about

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Speaker 1: the Fast five, the top five business stories in five minutes.

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Speaker 1: On the weekend, we still keep it to five minutes,

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Speaker 1: of course, but we're going to pick out the biggest

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Speaker 1: business story of the week, the most remarkable business story,

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Speaker 1: a good news story this week, and then our favorite

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Speaker 1: business story. Let's jump straight into the biggest business story.

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Speaker 1: And I reckon this week. It was the fact that

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Speaker 1: Australia kind of realized this week that we are not

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Speaker 1: that special, at least in the eyes I'm not disappointed

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Speaker 1: to say that, isn't it in the eyes of the

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Speaker 1: US it would be a bit of a rude awakening

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Speaker 1: for our leaders, for the Prime Minister and the opposition leader.

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Speaker 1: We had US President Donald Trump refusing to give Australia

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Speaker 1: an exemption on twenty five percent tariffs for steel and

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Speaker 1: aluminium export. It's been going on for weeks, right there's

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Speaker 1: a phone calls, or at one phone call at least

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Speaker 1: from Albow to Trump pleading for an exemption. It was

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Speaker 1: being considered. It didn't happen. So aluminium is not the

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Speaker 1: biggest export in the scheme of things, it's a billion

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Speaker 1: dollars a year. But the political implications of this are

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Speaker 1: significant because we are not special In Peter Dutton's claims

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Speaker 1: that he would have been able to secure a different

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Speaker 1: result if he was in office, it's probably unlikely. It

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Speaker 1: feels as though we are just being treated just like

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Speaker 1: the rest of the world, Shohn.

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Speaker 2: We're being treated like their best friends, Canada or Mexico.

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Speaker 2: So it's okay. My biggest story of the week is

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Speaker 2: what's going on in financial markets, particularly equities. Banks sold off,

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Speaker 2: tech stocks sold off, consumer discretionary companies sold off. Why well,

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Speaker 2: equity valuations began very high. They got too expensive. They're

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Speaker 2: coming back a bit. Hopes of a bunch of rate

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Speaker 2: cuts in the US and Australia have been dashed by

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Speaker 2: sticky inflation. Those magnificent seven tech stocks on Wall Street

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Speaker 2: they rent too hard. We're paying for that a bit

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Speaker 2: now and overlaying all this is the Trump trade war,

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Speaker 2: specifically for Australia, of course, is the aluminum and steel

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Speaker 2: tariffs that you were talking about. Michael Selofs aren't abnormal.

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Speaker 2: It's part of the market, especially when they starting a

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Speaker 2: bit expensive. Over time, though, the economy grows so true

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Speaker 2: too does markets, but analysts warn we could be in

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Speaker 2: for a tough period in the short term.

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Speaker 1: Most remarkable story, What do you think this way?

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Speaker 2: Warren Buffett? He just shows up, doesn't he. He's on

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Speaker 2: the Bloomberg Billionaires Index. Of the top twenty people on

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Speaker 2: that index, the only one to have made substantial money

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Speaker 2: this year is Warren Buffett. In fact, he's made thirteen

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Speaker 2: billion dollars this year. Why is that? Because he went

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Speaker 2: to cash. His motto is be fearful when others are

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Speaker 2: greed to him, to be greedy only when others are fearful.

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Speaker 2: When Trump got elected, he started selling down shares. He's

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Speaker 2: got about a third of his holdings three hundred and

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Speaker 2: thirty four billion US dollars in cash. He's got that

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Speaker 2: just as the market starts to fall. He's a bit

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Speaker 2: of a genius.

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Speaker 1: Yeah, I think you might be right now. My most

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Speaker 1: remarkable story is just a quick one. It's about the

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Speaker 1: Star entertainment group of a casino operator somehow went from

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Speaker 1: being completely friendless on the brink of collapse to having

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Speaker 1: more suitors than arguably episode of The Bachelor Sean because

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Speaker 1: not so long ago we were expecting they were teetering

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Speaker 1: on the edge. Now here we are a week, two

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Speaker 1: weeks later, three separate discussions underway, three separate offers around

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Speaker 1: the kind of two hundred and fifty million dollar mark.

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Speaker 1: There's kind of bridging loans and recapitalizations and big US

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Speaker 1: casino giants. All of a sudden stuff is happening and

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Speaker 1: the star has options again. To me, that's a massive turnaround.

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Speaker 2: Sure, it's good on them now, Michael new category this

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Speaker 2: week because of all the bad news good news story

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Speaker 2: the week. What's yours?

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Speaker 1: I wish I was more definite on my good news

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Speaker 1: because it feels like good and bad news, But I'm

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Speaker 1: going to focus on the good. The value of scam

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Speaker 1: losses in Australia fell by twenty six percent last year

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Speaker 1: to two billion dollars. It is still a ridiculously high number,

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Speaker 1: but it is getting better. The value lost is going down,

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Speaker 1: so we're getting better smarter at detecting the scams. The

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Speaker 1: number of reported scams decreased to under five hundred thousand,

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Speaker 1: though you would think that there's probably a lot that

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Speaker 1: aren't actually reported. Investment scams saw the highest overall losses.

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Speaker 1: I think it is good news because it shows that

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Speaker 1: the systems that are in place, the banks in particular,

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Speaker 1: are getting really good at detecting these and educating people

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Speaker 1: and helping people to avoid being scammed. Still a lot

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Speaker 1: of money, but we are hitting in the right direction.

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Speaker 2: My quick one from me consumer sentiment back to where

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Speaker 2: we were before we started lifting interest rates back in

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Speaker 2: early twenty twenty two. People are a little bit happy

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Speaker 2: because of that rate cut we had a couple of

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Speaker 2: weeks ago. That is good news.

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Speaker 1: A favorite story I've only mentioned this one in one

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Speaker 1: or two lines sean Donald Trump posing in a Tesla

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Speaker 1: out the front of the White House. I find it

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Speaker 1: entertaining because the photo is really something else altogether, and

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Speaker 1: the fact that the President has come to the rescue

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Speaker 1: to try and defend Elon Musk, who has been doing

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Speaker 1: a lot of work trying to cut government spending. And

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Speaker 1: the Tesla share price has been plummeting recently, and Donald

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Speaker 1: Trump defended him on X saying, hey, this is a

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Speaker 1: good company, and Elon Musk is doing his best to

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Speaker 1: make America great again. I'm going to buy a tesla,

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Speaker 1: and he did it, and he did it publicly out

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Speaker 1: the front of the White House, paid for it with

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Speaker 1: a check. Is staff are going to use it.

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Speaker 2: It's just a strange story, very strange story. Look, my

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Speaker 2: favorite story is kind of a weird one because it's

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Speaker 2: the Trump one too. At least we're talking about peace

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Speaker 2: in Ukraine at the moment. This war has been going

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Speaker 2: on for three years. We've now got keV and Washington

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Speaker 2: getting together saying we want to do a thirty day ceasefire.

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Speaker 2: I don't think Moscow's there yet. We've still got a

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Speaker 2: long way to go, but at least we are talking

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Speaker 2: peace in Ukraine. A lot of hurdles to overcome before

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Speaker 2: we get there, but I just like the fact that

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Speaker 2: that's where the discussions are at.

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Speaker 1: It feels like progress. There will go five minutes and

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Speaker 1: pretty much everything you need to know in the world

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Speaker 1: of business.

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Speaker 2: Thank you, Saw and 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.

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Speaker 2: And X.

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Speaker 1: I'm Michael Thompson and this is the Fast five business

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Speaker 1: news by Fear and Greet