1 00:00:03,240 --> 00:00:05,800 Speaker 1: Welcome to the weekend edition of the Fast Five. Business 2 00:00:05,800 --> 00:00:08,520 Speaker 1: News by Fear and Greed are Michael Thompson and Hello 3 00:00:08,640 --> 00:00:11,360 Speaker 1: Sean Ayle moo Sean. On weekdays, it's all about the 4 00:00:11,400 --> 00:00:13,720 Speaker 1: Fast five, the top five business stories in five minutes. 5 00:00:14,040 --> 00:00:16,040 Speaker 1: On the weekend, we still keep it to five minutes, 6 00:00:16,040 --> 00:00:18,480 Speaker 1: but we are going to pick out the biggest business 7 00:00:18,640 --> 00:00:22,320 Speaker 1: news story of the week, the most remarkable story, A 8 00:00:22,440 --> 00:00:25,800 Speaker 1: mystery category changes every week, keeps things a little bit exciting. Flora, 9 00:00:25,840 --> 00:00:29,720 Speaker 1: Sean and our favorite business ish story. Let's jump into it. 10 00:00:29,920 --> 00:00:31,400 Speaker 1: The biggest story of the week A bit of a 11 00:00:31,440 --> 00:00:31,880 Speaker 1: no brainer. 12 00:00:31,920 --> 00:00:34,480 Speaker 2: This one all about tariffs. Donald Trump putting at least 13 00:00:34,560 --> 00:00:37,800 Speaker 2: ten percent tariffs on pretty much all the US's trading partners. 14 00:00:37,800 --> 00:00:40,440 Speaker 2: Australily got ten percent. Worst off is China, which is 15 00:00:40,479 --> 00:00:43,879 Speaker 2: now facing tariff's about fifty four percent. I think the 16 00:00:43,880 --> 00:00:45,720 Speaker 2: big part of that is what happened to markets, and 17 00:00:45,760 --> 00:00:48,760 Speaker 2: our local share markets spent two days falling, but that 18 00:00:48,840 --> 00:00:51,760 Speaker 2: was really the entre. The main meal was what happened 19 00:00:52,040 --> 00:00:55,080 Speaker 2: in the US Wall Street the S and P five 20 00:00:55,160 --> 00:00:58,640 Speaker 2: hundred for five percent, about two trillion US dollars wiped 21 00:00:58,680 --> 00:01:01,360 Speaker 2: off the value of the market. Amazon and n Video 22 00:01:01,400 --> 00:01:04,960 Speaker 2: were pummel, taking NASDAK to its lowest point since last August. 23 00:01:05,160 --> 00:01:08,440 Speaker 2: The Russell two thousand, which is a measurable the smaller 24 00:01:08,520 --> 00:01:13,280 Speaker 2: caps now twenty percent below its previous high. The Bloomberg 25 00:01:13,319 --> 00:01:17,160 Speaker 2: Billionaires Index says the world's five hundred richest people for 26 00:01:17,360 --> 00:01:20,840 Speaker 2: their combined worth tumble two hundred and eight billion dollars 27 00:01:20,840 --> 00:01:24,600 Speaker 2: in one session. Incredible price of gold. That a new 28 00:01:24,760 --> 00:01:28,080 Speaker 2: high and maybe the silver lining for some homeowners here 29 00:01:28,480 --> 00:01:31,600 Speaker 2: because tariffs are likely slowed the global economy to slow 30 00:01:31,640 --> 00:01:34,080 Speaker 2: the local economy and that might mean more interest rate cuts. 31 00:01:34,080 --> 00:01:37,480 Speaker 1: Michael Sean The I mean, the scale of this is 32 00:01:37,560 --> 00:01:40,080 Speaker 1: just so huge, but the politics of it is also interesting. 33 00:01:40,080 --> 00:01:43,399 Speaker 1: This is Donald Trump fulfilling an election promise, but from 34 00:01:43,440 --> 00:01:46,200 Speaker 1: an Australian perspective, it comes in an extraordinary timer in 35 00:01:46,240 --> 00:01:48,720 Speaker 1: the middle of an election campaign. It gives both Anthony 36 00:01:48,720 --> 00:01:51,440 Speaker 1: Abenezi and Peter Dutton essentially an external enemy who just 37 00:01:51,480 --> 00:01:54,080 Speaker 1: happens to be one of our oldest and strongest allies. 38 00:01:54,600 --> 00:01:58,080 Speaker 1: The negotiations now to try and reduce the tariffs on 39 00:01:58,080 --> 00:02:01,160 Speaker 1: on Australia will begin with Anthony Aberneze. But we've got an 40 00:02:01,200 --> 00:02:03,000 Speaker 1: election coming up in a few weeks, so who knows 41 00:02:03,000 --> 00:02:06,200 Speaker 1: who they'll actually finish with. Anthony Abernezi did make the 42 00:02:06,240 --> 00:02:08,639 Speaker 1: point this week that it will cause the Australian people 43 00:02:08,680 --> 00:02:12,120 Speaker 1: to begin questioning their relationship with the US, and others 44 00:02:12,120 --> 00:02:14,840 Speaker 1: around the world are doing the same. The political ramifications 45 00:02:14,880 --> 00:02:19,360 Speaker 1: of this are very, very deep as well, Sean, shall 46 00:02:19,400 --> 00:02:20,600 Speaker 1: we move on to most remarkable? 47 00:02:20,680 --> 00:02:22,400 Speaker 2: Yes, can't tell you what. I think. The most remarkable 48 00:02:22,400 --> 00:02:27,480 Speaker 2: story is how little people are paying attention to the election. Listener, 49 00:02:27,720 --> 00:02:30,160 Speaker 2: think of one policy announcement you can remember this week. 50 00:02:30,960 --> 00:02:34,880 Speaker 2: We'll wait yep, not meaning there was more money for 51 00:02:34,919 --> 00:02:37,400 Speaker 2: the Melbourne Airport rail link promised by the government. There 52 00:02:37,440 --> 00:02:39,760 Speaker 2: was more money for Western Sydney from both parties, more 53 00:02:39,760 --> 00:02:44,080 Speaker 2: money for WA from the Coalition. But broadly, people just 54 00:02:44,120 --> 00:02:45,880 Speaker 2: haven't dived into the election. Now. A lot of that 55 00:02:45,960 --> 00:02:48,240 Speaker 2: is about the Donald Trump tariffs and what's going on. 56 00:02:48,440 --> 00:02:50,880 Speaker 2: But I just think it's remarkable how little people care 57 00:02:50,919 --> 00:02:51,440 Speaker 2: at the moment. 58 00:02:51,600 --> 00:02:54,400 Speaker 1: I also reckon it's remarkable how little attention people paid 59 00:02:54,440 --> 00:02:55,639 Speaker 1: this week to the Reserve Bank. 60 00:02:55,760 --> 00:02:57,440 Speaker 2: Oh true, the board. 61 00:02:57,320 --> 00:02:59,960 Speaker 1: Met earlier this week. Obviously, interest rates were left on hold, 62 00:03:00,840 --> 00:03:05,480 Speaker 1: But I mean, no one really cares who's talking about No, no, 63 00:03:05,520 --> 00:03:07,880 Speaker 1: this something happened the next day which kind of took 64 00:03:07,919 --> 00:03:09,079 Speaker 1: all the oxygen. 65 00:03:08,639 --> 00:03:11,120 Speaker 2: Away in it's a remarkable world we live in. Tell me, 66 00:03:11,160 --> 00:03:14,520 Speaker 2: we've got a mystery category this week and there is 67 00:03:14,560 --> 00:03:19,120 Speaker 2: only one winner. It's the best line delivered by someone 68 00:03:19,200 --> 00:03:20,400 Speaker 2: in authority. Go on. 69 00:03:20,560 --> 00:03:23,639 Speaker 1: It is from the ASSEIC boss, Joe Longo, who you 70 00:03:23,639 --> 00:03:26,200 Speaker 1: wouldn't expect to be delivering the best line, right because 71 00:03:26,240 --> 00:03:28,920 Speaker 1: I mean it's a regulator. They're not known for just 72 00:03:29,000 --> 00:03:34,440 Speaker 1: like snappy zingers. But this week Joe Longo said, there 73 00:03:34,480 --> 00:03:37,400 Speaker 1: does appear to be an outbreak of issues in the 74 00:03:37,440 --> 00:03:40,920 Speaker 1: bedroom migrating to the boardroom. What happens in people's personal 75 00:03:40,960 --> 00:03:42,840 Speaker 1: lives is a matter for them. What the issue for 76 00:03:42,920 --> 00:03:46,640 Speaker 1: me and the regulator is if that alleged misbehavior starts 77 00:03:46,680 --> 00:03:49,120 Speaker 1: to impact good governance at the board level and becomes 78 00:03:49,160 --> 00:03:51,440 Speaker 1: a distraction. And if that's the case, that might be 79 00:03:51,520 --> 00:03:54,720 Speaker 1: something we are interested in. What Joe Longo has done 80 00:03:54,760 --> 00:03:56,680 Speaker 1: there is made governance sexy, and there's been a lot 81 00:03:56,680 --> 00:03:59,960 Speaker 1: of kind of allegations and reporting on wise Tech Global 82 00:04:00,440 --> 00:04:02,680 Speaker 1: and really it's probably in relation to that, but also 83 00:04:02,800 --> 00:04:05,920 Speaker 1: just a general warning more broadly, but he's put it 84 00:04:05,960 --> 00:04:07,200 Speaker 1: into the headlines, hasn't he? 85 00:04:07,200 --> 00:04:08,680 Speaker 2: He Sure it does. It does appear to be an 86 00:04:08,680 --> 00:04:11,360 Speaker 2: outbreak of issues in the bedroom migrating to the boardroom. 87 00:04:11,680 --> 00:04:12,040 Speaker 2: Love it? 88 00:04:12,240 --> 00:04:13,520 Speaker 1: What was your favorite story show? 89 00:04:13,680 --> 00:04:15,640 Speaker 2: I love the tender story, the one about Tinder and 90 00:04:15,720 --> 00:04:19,080 Speaker 2: unveiling and in app game that invites users to flirt 91 00:04:19,480 --> 00:04:22,680 Speaker 2: with artificially intelligent chat bots as part of an effort 92 00:04:22,920 --> 00:04:25,760 Speaker 2: to return the dating app to growth. It's sort of 93 00:04:25,800 --> 00:04:29,240 Speaker 2: part proof of concept, part marketing stunt. Basically, they give 94 00:04:29,279 --> 00:04:31,640 Speaker 2: you a situation. It might be a stranger reaching for 95 00:04:31,680 --> 00:04:33,960 Speaker 2: the same shopping basket at a grocery store, or someone 96 00:04:34,000 --> 00:04:37,560 Speaker 2: news of picking up luggage and then getting confused with 97 00:04:37,600 --> 00:04:40,760 Speaker 2: your own luggage. Remember this is all virtual reality here. 98 00:04:41,400 --> 00:04:44,360 Speaker 2: You talk to the butt, you get points for I 99 00:04:44,360 --> 00:04:48,280 Speaker 2: don't know, winning the game by warmth curiosity. That type 100 00:04:48,320 --> 00:04:50,960 Speaker 2: of thing plays limited to five per day, about three 101 00:04:51,000 --> 00:04:53,200 Speaker 2: minutes at a time. What's the world coming to now 102 00:04:53,480 --> 00:04:55,880 Speaker 2: when you've got to practice your romance on a chatbot? 103 00:04:56,720 --> 00:04:58,680 Speaker 1: It's good use of technology, really, isn't it? You know 104 00:04:58,720 --> 00:05:00,760 Speaker 1: it is a good use of technology, Sean, It's probably 105 00:05:00,800 --> 00:05:03,880 Speaker 1: a more worthwhile use of technology. My favorite story A 106 00:05:04,320 --> 00:05:07,799 Speaker 1: gut robot, a tiny little robot that scientists have developed 107 00:05:07,800 --> 00:05:09,680 Speaker 1: and they announce it this week. It can roll through 108 00:05:09,720 --> 00:05:11,919 Speaker 1: the digestive system to a three D scan of the 109 00:05:11,920 --> 00:05:15,880 Speaker 1: colon lead from the outside of the body by a magnet, 110 00:05:16,000 --> 00:05:19,000 Speaker 1: could potentially boost detection of bowel cancer, the second biggest 111 00:05:19,040 --> 00:05:21,200 Speaker 1: cause of cancer deaths worldwide. I just think this is 112 00:05:21,240 --> 00:05:23,960 Speaker 1: an amazing advancement in medical technology. 113 00:05:24,040 --> 00:05:24,560 Speaker 2: Incredible. 114 00:05:24,720 --> 00:05:26,680 Speaker 1: All right, that's a good note to finish on Sean 115 00:05:27,000 --> 00:05:28,680 Speaker 1: five minutes and pretty much everything you need to know 116 00:05:28,680 --> 00:05:29,320 Speaker 1: in the world of business. 117 00:05:29,320 --> 00:05:30,520 Speaker 2: Thank you very much, Thank you, Michael. 118 00:05:30,560 --> 00:05:32,280 Speaker 1: We'll be back on Monday morning with the top five 119 00:05:32,320 --> 00:05:34,520 Speaker 1: business stories in five minutes. Don't forget to hit follow 120 00:05:34,560 --> 00:05:38,000 Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X. 121 00:05:38,279 --> 00:05:40,520 Speaker 1: I'm Michael Thompson and this is the fast five business 122 00:05:40,560 --> 00:05:41,560 Speaker 1: news by Fear and Greed.