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Speaker 1: It's Thursday, the twenty fourth of October 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 a story number one.

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Speaker 1: The International Monetary Fund has lowered its global growth forecast

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Speaker 1: for next year and warned of accelerating risks from wars

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Speaker 1: to trade protectionism.

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Speaker 2: It says global output next year will be three point

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Speaker 2: two percent, slightly down from its previous forecast, but it

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Speaker 2: did say inflation will slow to four point three percent globally,

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Speaker 2: down from five point eight percent. However, Australia is one

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Speaker 2: of only two major economies where inflation is expected to

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Speaker 2: remain above three percent three point six percent for twenty

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Speaker 2: twenty five, according to the IMF. The other country, in

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Speaker 2: case you're interested, Michael, is Slovakia. That comment triggered a

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Speaker 2: bunch of criticism from the federal position yesterday. It also

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Speaker 2: helps explain why we haven't seen any movements on interest

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Speaker 2: rates from the Reserve Bank as yet. The IMF DAN

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Speaker 2: graded the growth outlook for Australia to one point two

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Speaker 2: percent this year. It said the global risks are building

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Speaker 2: to the downside. The big uncertain d and this is

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Speaker 2: on the back of the US election, are tariffs and

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Speaker 2: trade policies. The IMF generally overseas one hundred and night one.

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Speaker 2: It has one hundred ninety one members. Its goal is

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Speaker 2: to achieve growth and prosperity for all of those members.

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Speaker 1: And just quickly shown. The figures were released ahead of

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Speaker 1: Federal Treasurer Jim Chalmers heading off to Washington for G

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Speaker 1: twenty IMF and World Bank meetings.

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Speaker 2: Yes, very busy schedule things over there, imagine be very

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Speaker 2: tense ahead of the US election on Tuesday week. Of course,

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Speaker 2: Donald Trump is talking about twenty percent tariffs on everything.

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Speaker 2: That won't help people at G twenty IMF and World Bank.

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Speaker 2: For Australia, we sell about sixteen billion dollars worth of

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Speaker 2: goods to the US. They'd be affected. The outcome of

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Speaker 2: the election is pretty critical for local companies, particularly around

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Speaker 2: the Biden and Inflation of Reduction Act spending on green energy.

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Speaker 2: A lot of companies locally have benefited from that that

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Speaker 2: might be reduced under Trump. The Orchest arrangement is critical

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Speaker 2: to it. Of course, Jim Chalmers will be over there

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Speaker 2: pushing Australias where but Where's But much does depend on

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Speaker 2: the presidential poll.

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Speaker 1: All right, onto story number two now in detail. So

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Speaker 1: the alleged misleading conduct from Woolworths and Coal have been

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Speaker 1: filed in the Federal Court and Shawn there are hundreds

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Speaker 1: of examples. But the big grocery chains claim that it's

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Speaker 1: the suppliers who are driving the price changes.

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Speaker 2: Yes, so, the ARIABLEC claims that a bottle of Debthol

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Speaker 2: foam hand wash refill at Coals was discounted but still

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Speaker 2: on the shelves of thirty five percent more than its

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Speaker 2: original price. Similar deal bottles spread at Willies discount but

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Speaker 2: thirty four percent more than the original price. The AABRAC

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Speaker 2: has accused the big two grocery change of offering discounted

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Speaker 2: prices along goods that had been previously marked up from

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Speaker 2: their original shelf price. How the Coals and Willies deny

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Speaker 2: the allegations. They came out yesterday and said in nearly

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Speaker 2: every case, suppliers had asked them to lift prices amid

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Speaker 2: a sudden outbreak of high inflation. Two sides to the story.

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Speaker 1: Yeah indeed. Story number three Sean. The Fair Work on

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Speaker 1: Bodsman covered nearly four hundred and seventy three million dollars

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Speaker 1: for nearly one hundred and sixty thousand underpaid workers last

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Speaker 1: financial year, with more than half of the back payments

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Speaker 1: made by large corporate employers.

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Speaker 2: Yes, so last That mean takes the last three years

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Speaker 2: to about one point five billion dollars. Last year, the

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Speaker 2: Fairwork on Bodsman litigations led to about twenty one million

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Speaker 2: dollars in court ordered penalties. Big business remains a focus

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Speaker 2: for the Ombudsman. Though more than three thousand small businesses

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Speaker 2: received written advice on pay entitlements. There were fifteen enforceable undertakings,

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Speaker 2: mostly around back pay, including companies like Best and Less, Starbucks, Optus, iag, Eagers,

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Speaker 2: Automotive and World Vision Australia okay.

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Speaker 1: Story number four Sewan. The Australian investors reportedly shifting away

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Speaker 1: from putting their money into the Wall Street tech titans.

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Speaker 1: These are companies like Apple and Video and Microsoft. That's right.

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Speaker 2: In the first nine months of this year, Ossie investors

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Speaker 2: put more than a billion dollars into black Rocks primary

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Speaker 2: US equity exchange traded fund, and that ETF has done

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Speaker 2: well on the back of a twenty one percent return

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Speaker 2: for the SMP five hundred so far this year. That's

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Speaker 2: very much on the back of those big tech stocks. Now,

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Speaker 2: Ozzi investors are apparently weary. What would a Trump presidency

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Speaker 2: look like? For example, probably the focus would be on

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Speaker 2: things like banks and energy, less on tech. Ozzi investors

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Speaker 2: are also thinking more about China as Beijing stimulates the economy.

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Speaker 2: There's also greater demand for small caps, both in the

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Speaker 2: US and Australia. Means investors are basically looking beyond the

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Speaker 2: big tech names. They're taking some of their profits and

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Speaker 2: investing them elsewhere.

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Speaker 1: Last one story number five, McDonald's share price fell ten

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Speaker 1: percent after US authorities linked a fatal E. Coli outbreak

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Speaker 1: to the fast food group's quarter pounder burgers.

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Speaker 2: It affected ten states. Forty nine people attracted the bacteria,

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Speaker 2: ten ended up in hospital. One older patient died, unfortunately,

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Speaker 2: all eight at McDonald's before falling ill. The Centers for

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Speaker 2: Disease Control and Prevention said it appears years connected to

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Speaker 2: the consumption of quarter pounders, and the focus is on

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Speaker 2: the fresh slided onions and the beef patties. The worst

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Speaker 2: hit states were Colorado and Nebraska. Of course, this is

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Speaker 2: so widespread it hit the share price of the company McDonald's.

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Speaker 2: It remains the biggest fast food store in the US

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Speaker 2: thirteen thousand stores. It also sells about twenty six billion

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Speaker 2: dollars of fast food every year.

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

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Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Thursday,

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Speaker 1: the twenty fourth of October twenty twenty four. Remember to

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Speaker 1: hit follow on the podcast and in five minutes isn't enough.

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Speaker 1: You can find our longer daily show called Fear and

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Speaker 1: Greed wherever you listen to podcasts and also out Today

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Speaker 1: is the new episode of the Property Pendulum, brought to

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Speaker 1: you by Domain and Fear and Greed. This week we're

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Speaker 1: looking at the seven items that you should remove from

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Speaker 1: your home before listing it. I'll put a link in

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Speaker 1: today's show notes. I'm Michael Thompson and that was the

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Speaker 1: fast five business news by Fear and Greed. Have a

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Speaker 1: great day.