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Speaker 1: Welcome to the Saturday edition of The Fast five Business

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Speaker 1: News by Fear and Greed.

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Speaker 2: I'm Michael Thompson and hello Sean Aylmer. Hi Michael Sean.

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

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

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Speaker 2: On the weekend, we still keep it to.

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Speaker 1: Five minutes, obviously, but we're going to pick out the

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

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Speaker 1: a mystery category that we change every week just to

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Speaker 1: keep things exciting and interesting, and our favorite business related story.

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Speaker 1: We will jump straight into it, noting of course that

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Speaker 1: once again the biggest story.

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Speaker 2: In the world is the war in the Middle East,

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Speaker 2: and so we basically take that as read. What else

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Speaker 2: was there this week?

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Speaker 3: Sean, biggest story for mine was a free trade deal

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Speaker 3: between Australia and the EU eight years in the making.

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Speaker 2: You're obsessed with this because of the cheese, aren't you?

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Speaker 1: I am?

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Speaker 3: I am cheese? Mind you? Three years for us to

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Speaker 3: reduce the tariffs and cheese? What about the wine, the chocolate,

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Speaker 3: the ice cream? Kind of the big ticket items. Local

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Speaker 3: miners will be blocked from discriminatory pricing of critical minerals

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Speaker 3: for EU customers. That's a win for the EU. However,

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Speaker 3: most European made electric vehicles will be spared from Australia's

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Speaker 3: thirty three percent luxury car tax tax. Also Cali farmers

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Speaker 3: to export up to thirty thousand tons of beef to

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Speaker 3: Europe about ten billion dollars a year in value, and

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Speaker 3: a demonstration of middle powers with apologies to EU a

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Speaker 3: bit more than the middle power, but the idea that

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Speaker 3: these middle powers are doing deals with each other without China,

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Speaker 3: without the US, without Russia.

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Speaker 1: I can't figure out whether you're thinking as an economist

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Speaker 1: in this one or thinking with his stomach start it

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Speaker 1: always yeah, probably probably stomach YEP. The other big story,

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Speaker 1: and look, I think this is probably the biggest story

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Speaker 1: of the week, month, year essentially, is what is still

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Speaker 1: happening with fuel prices. Talked about it last week, but

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Speaker 1: it is just getting worse. Hundreds of petrol stations without

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Speaker 1: at least one type of fuel, there are plenty without

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Speaker 1: any fuel whatsoever, and it is flowing through to the

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Speaker 1: broader economy. Australia post putting up fuel surch charges modeling

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Speaker 1: suggesting quantuses earnings could have because of the just how

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Speaker 1: hard jet fuel is being hit. The impact it's going

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Speaker 1: to have on tourism as well, with people say canceling

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Speaker 1: easter road trips, that kind of thing. National cabinets meeting

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Speaker 1: next week to try and develop a ensure there's a

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Speaker 1: coordinated response so that we avoid the patchwork quilt of

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Speaker 1: state based responses that we saw during COVID. It's a

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Speaker 1: critical time for farmers, sowing time for crops if they

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Speaker 1: can't get diesel fertilizer now running short as well. And

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Speaker 1: also a quick mention Seawan. Another effect of the on again,

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Speaker 1: off again kind of nature of the potential peace talks

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Speaker 1: that we saw through the week is the impact on

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Speaker 1: markets through the week kind of down up one point

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Speaker 1: nine percent in one day, and there's up and down

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Speaker 1: and up and down. Is really quite extraordinary at the moment.

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Speaker 3: Sees indeed, can't tell you what I think the most

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Speaker 3: remarkable story is, Yeah, go on.

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Speaker 2: It is the.

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Speaker 3: Incredible bad timing of car manufacturers. A bunch of just

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Speaker 3: as the world's drivers starting to think about buying evs

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Speaker 3: because of fuel prices, a bunch of car makers are

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Speaker 3: pulling back. Let me list them Honda during the week,

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Speaker 3: Mercedes benz Ford Stlantis five to Zo cars, BMW owned Rolls,

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Speaker 3: Royce changed course so to Bentley, Lotus, Oudy, Porsche. The

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Speaker 3: whole gist of it is that they're scaling back plans

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Speaker 3: to go fully or mostly electric, just when the world

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Speaker 3: wants evs. The flip side the semi trailer market, Tesla's

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Speaker 3: semi truck has received high praise from truckies. They're pushing

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Speaker 3: that at the moment. It's got cameras around all parts

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Speaker 3: of the truck, eight hundred klometer range, fast charging, steering

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Speaker 3: wheel in the center, no clutch or gear shifting, great acceleration.

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Speaker 3: That part of the market the truck is are loving evs,

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Speaker 3: but it's just quite remarkable that the manufacturers are dumping

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Speaker 3: that part of the car making, or at least reducing it.

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Speaker 2: Yeah.

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Speaker 1: The other big remarkable story this week, Sean, is the

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Speaker 1: kind of the day of reckoning for social media, so

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Speaker 1: Instagram owned by Meta and Google YouTube really specifically the

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Speaker 1: YouTube platform. A jury in California found the companies liable

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Speaker 1: for six million US dollars in damages to a young

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Speaker 1: woman she developed a social media addiction from the age

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Speaker 1: of six that led to mental health issues. This was

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Speaker 1: a big, big trial. Mark Zuckerberg himself took to the

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Speaker 1: stand in the trial. The money probably doesn't matter so much.

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Speaker 1: What does matter is the fact that this jury found

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Speaker 1: that these social media platforms are designed to be addictive.

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Speaker 1: It wasn't the content in question here, it was the design.

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Speaker 1: And really what that means now it sets a precedent.

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Speaker 1: It may well open the floodgates to thousands of other claims,

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Speaker 1: as well as the potential for changes to the way

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Speaker 1: these platforms are actually put together. So it is a big, big,

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Speaker 1: big story this week. Now the mystery story great workplace

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Speaker 1: stories of the of the week. A quick little shout

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Speaker 1: out to the ABC who had their first, their first

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Speaker 1: strike in two decades over a pay dispute. A lot

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Speaker 1: of reruns, a lot of BBC feeds, et cetera for

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Speaker 1: that twenty four hours, and they may have another one.

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Speaker 2: But Sean, the best workplace story of the week, You've

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Speaker 2: got it.

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Speaker 3: Well, this is at the bloke who was a big

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Speaker 3: fan of work from home. Now I'm not sure that

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Speaker 3: works the right word. Fair Work Commission has upperheld hands

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Speaker 3: and corporations firing of an IT worker who had lost

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Speaker 3: his motivation of work, faked his time sheets while working

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Speaker 3: from home and logged into his laptop as little as

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Speaker 3: ten minutes a day. He was outraged that he was

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Speaker 3: logging in from seven forty six to seven fifty six am,

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Speaker 3: and he thought that was a full day's work. The

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Speaker 3: hands in themselves used high tech to actually track you know,

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Speaker 3: he's login's browsing key strikes. That type of stuff went

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Speaker 3: to the Fair Work I don't know how it got to

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Speaker 3: the Fair Work Commission given him oly working ten minutes

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Speaker 3: a day. Commissioner Trevor Clark found the manager's explanation for

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Speaker 3: the gaping chasm between his ten minutes of activity in

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Speaker 3: the system and seven and a half hours of work

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Speaker 3: wholly unconvincing. Man, ten minutes of work a day and

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Speaker 3: you're complaining that you get exact Come on, Oh.

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Speaker 2: What a waste of time.

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Speaker 1: It's just an extraordinary story, all right, my favorite story

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Speaker 1: of the week.

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Speaker 2: I think we might be united on Now.

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Speaker 3: I'm with you on this shoan.

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Speaker 2: If you're going to have a crack, go hard, which

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Speaker 2: is exactly what this team of researchers did, led by

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Speaker 2: an aussy mind. You found that five commercial products are

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Speaker 2: linked to nearly one third of death's worldwide every year.

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Speaker 2: Those products fossil fuels, ultra processed foods, chemicals, alcohol and tobacco.

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Speaker 2: And what's more, they got it published in the New

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Speaker 2: England Journal of Medicine that has an intense vetting process.

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Speaker 2: It is essentially the Bible of medical research, accusing companies

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Speaker 2: of concealing data and influencing governments to benefit their bottom

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Speaker 2: line ale contributing to this massive increase in chronic diseases.

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Speaker 2: They took on big oil, big chemical, big tobacco, big alcohol,

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Speaker 2: everyone all at once. It is a cracker of a

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Speaker 2: story that one Sean sure is.

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Speaker 1: Michael all right, there we go five minutes and pretty

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Speaker 1: much everything you need to know in the world of business.

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Speaker 2: Thanks very much.

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Speaker 3: Thanks Michael.

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Speaker 2: Don't forget to hit follow.

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Speaker 1: On the podcast and head to Fearandgreed dot com dot

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Speaker 1: au to sign up for our free daily newsletter. I'm

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Speaker 1: Michael Thompson and this is the fast five business news

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Speaker 1: by Fear and Greed