1
00:00:03,600 --> 00:00:06,360
Speaker 1: It's Friday, the fourth of April twenty twenty five. Welcome

2
00:00:06,400 --> 00:00:08,640
Speaker 1: to the Fast five Business News by Fear and Greed,

3
00:00:08,640 --> 00:00:10,520
Speaker 1: where we give you the top five business stories you

4
00:00:10,600 --> 00:00:12,959
Speaker 1: need to know in just five minutes. I'm Michael Thompson

5
00:00:13,000 --> 00:00:16,599
Speaker 1: and good morning Sean Aylmer. Good morning Michael, Sean. Five

6
00:00:16,640 --> 00:00:19,120
Speaker 1: stories in five minutes. Five big ones to get through.

7
00:00:19,120 --> 00:00:22,360
Speaker 1: Actually story number one. Donald Trump's Liberation Day tariffs have

8
00:00:22,440 --> 00:00:26,200
Speaker 1: sent share markets tumbling, pushed the uzzie dollar lower, and

9
00:00:26,360 --> 00:00:29,680
Speaker 1: opened the way significantly for several interest rate cuts in

10
00:00:29,680 --> 00:00:30,880
Speaker 1: Australia later this year.

11
00:00:31,080 --> 00:00:34,440
Speaker 2: That's what market economists think. Yesterday morning, Donald Trump announced

12
00:00:34,440 --> 00:00:37,400
Speaker 2: across the board ten percent tariffs on everyone selling to

13
00:00:37,440 --> 00:00:39,800
Speaker 2: the US. While countries is still more to America than

14
00:00:39,840 --> 00:00:42,080
Speaker 2: they buy and thus have a trade surplus, will be

15
00:00:42,159 --> 00:00:45,159
Speaker 2: hit with much higher impulse. The breadth of the tariff's

16
00:00:45,200 --> 00:00:49,360
Speaker 2: surprised traders, many of whom were hoping for a watered

17
00:00:49,360 --> 00:00:51,960
Speaker 2: down version of protectionism. The consensus view is that the

18
00:00:51,960 --> 00:00:55,400
Speaker 2: tariffs will slow economic growth considerably. That's global economic growth

19
00:00:55,400 --> 00:00:57,880
Speaker 2: that will hurt the local economy. The local share market

20
00:00:57,920 --> 00:01:00,240
Speaker 2: fell on opening by about two percent, finished about one

21
00:01:00,280 --> 00:01:04,040
Speaker 2: percent lower. The Aussie dollar was hit immediately, though it

22
00:01:04,120 --> 00:01:06,360
Speaker 2: finished at about sixty two and a half US cents.

23
00:01:06,400 --> 00:01:09,080
Speaker 2: The price of gold at a new record above three

24
00:01:09,520 --> 00:01:12,399
Speaker 2: one hundred and sixty US dollars. An ounce market economists

25
00:01:12,400 --> 00:01:14,200
Speaker 2: of the slow down and global growth will feed through

26
00:01:14,240 --> 00:01:17,080
Speaker 2: to the local economy. Reserve Bank will need to cut

27
00:01:17,160 --> 00:01:20,119
Speaker 2: rates to boost growth. In fact, bond markets are now

28
00:01:20,160 --> 00:01:22,440
Speaker 2: priced in a one hundred percent chance of a rate

29
00:01:22,480 --> 00:01:24,039
Speaker 2: cut on May twenty.

30
00:01:24,920 --> 00:01:27,800
Speaker 1: Sean which local companies? This is a story number two

31
00:01:27,840 --> 00:01:29,759
Speaker 1: because this is such a big story that it's worth

32
00:01:29,800 --> 00:01:34,319
Speaker 1: actually going into some detail in the market reaction local companies.

33
00:01:34,440 --> 00:01:36,320
Speaker 1: Which ones are going to be hit hardest out of

34
00:01:36,360 --> 00:01:36,679
Speaker 1: all of this.

35
00:01:36,800 --> 00:01:39,120
Speaker 2: So a bunch of companies release statements explaining how the

36
00:01:39,160 --> 00:01:43,479
Speaker 2: tariff announcement hits them, Specifically, Protective equipment maker an Sell

37
00:01:43,600 --> 00:01:46,680
Speaker 2: manufacturers in China major exporders to the US. Its share

38
00:01:46,680 --> 00:01:50,080
Speaker 2: price was down thirteen and a half percent. Global luxury

39
00:01:50,120 --> 00:01:53,440
Speaker 2: fashion platform Seti its share price tumbled after saying it

40
00:01:53,520 --> 00:01:55,800
Speaker 2: will probably be forced to push up prices in its

41
00:01:55,840 --> 00:01:58,720
Speaker 2: key market, the US after European made goods were hit

42
00:01:58,760 --> 00:02:02,640
Speaker 2: with tariffs. Treasure Jina State says it expects some disruption,

43
00:02:02,720 --> 00:02:05,200
Speaker 2: though we didn't want to overstate it. Its share price

44
00:02:05,440 --> 00:02:08,360
Speaker 2: ended down one and a half percent, a little bit

45
00:02:08,360 --> 00:02:11,160
Speaker 2: sorry for Brevel. It manufactures more than ninety percent of

46
00:02:11,160 --> 00:02:13,400
Speaker 2: its products in China, cells about forty five percent of

47
00:02:13,400 --> 00:02:16,760
Speaker 2: the US. It's been trying to diversify its manufacturing away

48
00:02:17,040 --> 00:02:19,840
Speaker 2: to other countries in fear of these tariffs. It's actually

49
00:02:19,880 --> 00:02:24,080
Speaker 2: pushed into Mexico, Indonesian and Cambodia or countries hit with

50
00:02:24,240 --> 00:02:29,079
Speaker 2: big tariffs. There were he is very unlucky. There were

51
00:02:29,120 --> 00:02:32,480
Speaker 2: some local winner's Bluescope Steel has a big factory in Ohio.

52
00:02:32,680 --> 00:02:35,240
Speaker 2: Its products will become more competitive, and in fact, its

53
00:02:35,240 --> 00:02:36,440
Speaker 2: share price rose yesterday.

54
00:02:36,680 --> 00:02:38,640
Speaker 1: Okay, moving on to story number three. Now A and

55
00:02:38,760 --> 00:02:41,320
Speaker 1: Z will be forced to hold an extra two hundred

56
00:02:41,360 --> 00:02:44,080
Speaker 1: and fifty million dollars on its balance sheet after the

57
00:02:44,240 --> 00:02:47,560
Speaker 1: banking regulator said had had long standing concerns about the

58
00:02:47,560 --> 00:02:49,320
Speaker 1: bank's risk management and culture.

59
00:02:49,639 --> 00:02:52,799
Speaker 2: Essentially, APRA, which is a regulator, says A and Z's

60
00:02:52,880 --> 00:02:56,400
Speaker 2: risk management isn't good enough and it's an institute today

61
00:02:56,480 --> 00:02:58,280
Speaker 2: sort of a type of insurance. I suppose it needs

62
00:02:58,320 --> 00:03:00,440
Speaker 2: to hold an extra two hundred and fifty million dollars reserve.

63
00:03:00,720 --> 00:03:04,880
Speaker 2: APPA talked about persistent and prevalent problems with oversight of

64
00:03:05,040 --> 00:03:07,880
Speaker 2: non financial risk, and said the risk culture was reactive.

65
00:03:08,160 --> 00:03:10,399
Speaker 2: Aine Z chair Paulo Sullivan said it's cleared the bank

66
00:03:10,400 --> 00:03:13,280
Speaker 2: had worked to do an independent review by consultants. Oliver

67
00:03:13,360 --> 00:03:17,760
Speaker 2: Wyman says there's no evidence of widespread or systemic misconduct

68
00:03:17,760 --> 00:03:21,680
Speaker 2: and they were all described the bank's culture as positive. However,

69
00:03:21,800 --> 00:03:25,080
Speaker 2: it criticized bank leaders for not taking proper action when misconduct,

70
00:03:25,240 --> 00:03:28,359
Speaker 2: including bullying and substance abuse was reported.

71
00:03:28,680 --> 00:03:32,919
Speaker 1: Story number four. Sales of Tesla cars in Australia plunged

72
00:03:33,000 --> 00:03:36,120
Speaker 1: fifty three percent in March and a down almost sixty

73
00:03:36,120 --> 00:03:38,120
Speaker 1: percent for the first three months of twenty twenty five.

74
00:03:38,200 --> 00:03:40,120
Speaker 1: This is according to the Electric Vehicle Council.

75
00:03:40,200 --> 00:03:42,880
Speaker 2: The Council said twenty eight hundred and twenty nine Tesla

76
00:03:42,960 --> 00:03:45,240
Speaker 2: vehicles were sold in March and Australia, compared to more

77
00:03:45,280 --> 00:03:48,600
Speaker 2: than six thousand twelve months ago. Sales for Pollstar. The

78
00:03:48,640 --> 00:03:51,680
Speaker 2: other full ev that reports through the Council were up

79
00:03:51,760 --> 00:03:54,120
Speaker 2: one hundred and fourteen percent. Now sales of plug in

80
00:03:54,200 --> 00:03:58,280
Speaker 2: hybrid vehicles though they jumped nearly four hundred percent. Obviously,

81
00:03:58,280 --> 00:04:01,560
Speaker 2: that's where Ossie's are buying sales and Australia have suffered

82
00:04:01,640 --> 00:04:04,240
Speaker 2: or sales of Tesla in Australia have suffered from Elon

83
00:04:04,360 --> 00:04:08,440
Speaker 2: Musk's relationship with Donald Trump, falling resale values and a

84
00:04:08,560 --> 00:04:11,200
Speaker 2: changeover to a new Tesla Model Y vehicle, with first

85
00:04:11,200 --> 00:04:13,520
Speaker 2: deliveries not expected until next month.

86
00:04:13,960 --> 00:04:15,720
Speaker 1: Last one story number five. There was a run of

87
00:04:15,760 --> 00:04:20,320
Speaker 1: news over the last twenty four hours around tech stocks, Tesla, TikTok,

88
00:04:20,600 --> 00:04:22,200
Speaker 1: and Donald Trump's media group.

89
00:04:22,440 --> 00:04:26,279
Speaker 2: Yes, so starting with Tesla. Deliveries of evs globally, we're

90
00:04:26,320 --> 00:04:28,960
Speaker 2: just talking about Australia globally fell in the first three

91
00:04:29,000 --> 00:04:31,280
Speaker 2: months of the year, making it the worst quarter since

92
00:04:31,279 --> 00:04:34,599
Speaker 2: twenty twenty two. That's on the back of a consumer

93
00:04:34,640 --> 00:04:37,640
Speaker 2: backlash in Europe, fierce competition in China, and weakness in

94
00:04:37,680 --> 00:04:40,839
Speaker 2: the US. Tesla delivered three hundred and thirty seven thousand

95
00:04:41,240 --> 00:04:44,920
Speaker 2: cars in the March quarter byd four hundred and sixteen thousand,

96
00:04:45,000 --> 00:04:47,279
Speaker 2: so quite a bit bigger now. Tesla's share price fell

97
00:04:47,279 --> 00:04:50,080
Speaker 2: as much as six percent on the news on too TikTok.

98
00:04:50,080 --> 00:04:51,839
Speaker 2: The White House is close to agreeing to a deal

99
00:04:51,920 --> 00:04:55,039
Speaker 2: for the US investor or investors, we don't know who.

100
00:04:55,080 --> 00:04:57,000
Speaker 2: There was rumors that might have been Amazon don't know

101
00:04:57,040 --> 00:05:01,120
Speaker 2: about that will buy TikTok's American operation, taking control from

102
00:05:01,120 --> 00:05:04,479
Speaker 2: its Chinese owners. It will ensure the app remains operational

103
00:05:04,680 --> 00:05:07,640
Speaker 2: in the US, and Chairs and Trump Media and Technology

104
00:05:07,640 --> 00:05:10,640
Speaker 2: Group tumbled after the President opened the way to him

105
00:05:10,680 --> 00:05:14,080
Speaker 2: selling his entire two point three billion dollar steak. The

106
00:05:14,160 --> 00:05:17,320
Speaker 2: group operates Truth Social, which of course, is the social

107
00:05:17,360 --> 00:05:20,080
Speaker 2: media platform of choice for the President. In a filing

108
00:05:20,080 --> 00:05:21,960
Speaker 2: with the regulator, the group said it planned to sell

109
00:05:22,000 --> 00:05:24,920
Speaker 2: one hundred and forty two million chairs, though Trump Media

110
00:05:25,040 --> 00:05:28,040
Speaker 2: itself described the announcement as a routine filing.

111
00:05:28,240 --> 00:05:30,320
Speaker 1: All right, there we go, the top five business stories

112
00:05:30,320 --> 00:05:32,760
Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It

113
00:05:32,920 --> 00:05:35,480
Speaker 1: is Friday, the fourth of April twenty twenty five. Remember

114
00:05:35,480 --> 00:05:38,160
Speaker 1: to hit follow on the podcast and five minutes isn't enough.

115
00:05:38,160 --> 00:05:40,360
Speaker 1: You can find our longer daily show called Fear and

116
00:05:40,400 --> 00:05:43,279
Speaker 1: Greed wherever you listen to podcasts. I'm Michael Thompson and

117
00:05:43,279 --> 00:05:45,599
Speaker 1: that was the fast five business news by Fear and Greed.

118
00:05:45,920 --> 00:05:46,640
Speaker 1: Have a great day.