1 00:00:03,840 --> 00:00:07,200 Speaker 1: It's Thursday, the twelfth of September twenty twenty four. Welcome 2 00:00:07,240 --> 00:00:09,600 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,640 --> 00:00:11,440 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:14,080 Speaker 1: need to know. And it's five minutes. A'm Michael Thompson 5 00:00:14,120 --> 00:00:14,560 Speaker 1: and good. 6 00:00:14,480 --> 00:00:17,360 Speaker 2: Morning Sean Aylmer, Good morning, Michael Shawn. 7 00:00:17,440 --> 00:00:19,720 Speaker 1: Five big stories to get through today in five minutes, 8 00:00:19,760 --> 00:00:22,639 Speaker 1: so we better get cracking. Story Number one, the local 9 00:00:22,720 --> 00:00:26,200 Speaker 1: labor market is running too hot and hindering efforts to 10 00:00:26,239 --> 00:00:29,479 Speaker 1: get inflation and interest rates lower. This is according to 11 00:00:29,560 --> 00:00:31,280 Speaker 1: the Reserve Bank's chief economists. 12 00:00:31,440 --> 00:00:34,120 Speaker 2: Sarah Hunter warned that the prospect of lower rates anytime 13 00:00:34,240 --> 00:00:38,040 Speaker 2: soon remains distant because the economy is still above full employment. Now, 14 00:00:38,080 --> 00:00:40,360 Speaker 2: full employment occurs with the demand for and supply of 15 00:00:40,520 --> 00:00:43,559 Speaker 2: jobs is roughly in balance, meaning there's few inflationary pressures 16 00:00:43,920 --> 00:00:47,000 Speaker 2: emanating from the labor market and the economy is above 17 00:00:47,280 --> 00:00:51,239 Speaker 2: full employment. Waigte pressures flows through to higher inflation. Very 18 00:00:51,240 --> 00:00:54,600 Speaker 2: difficult to pin down what full employment is. Doctor Hunters 19 00:00:54,600 --> 00:00:56,720 Speaker 2: said that the Central Bank uses a bunch of measures. 20 00:00:56,960 --> 00:01:00,000 Speaker 2: Market economists generally reckon it's about four point five per cent. Currently, 21 00:01:00,000 --> 00:01:02,480 Speaker 2: the unemployment rates four point two percent. That means we're 22 00:01:02,520 --> 00:01:07,679 Speaker 2: above full employment. That leads to inflationary pressures. Basically, the 23 00:01:07,760 --> 00:01:10,160 Speaker 2: labor market is too strong now. Doctor Hanna said that 24 00:01:10,280 --> 00:01:13,640 Speaker 2: is somewhat surprising given other indicators in the economy, but 25 00:01:13,680 --> 00:01:15,800 Speaker 2: we need to wait for something to happen in the 26 00:01:15,880 --> 00:01:17,759 Speaker 2: labor market before we get rate cuts. 27 00:01:18,360 --> 00:01:20,800 Speaker 1: So why is this happening, Sean, Well, A lot. 28 00:01:20,720 --> 00:01:23,360 Speaker 2: Of it is government spending. Doctor Hanna said the economy 29 00:01:23,360 --> 00:01:26,480 Speaker 2: had experienced its surge in taxpayer funded non market jobs 30 00:01:26,480 --> 00:01:29,480 Speaker 2: in the last two years, including areas like aged care, 31 00:01:29,560 --> 00:01:32,880 Speaker 2: the NDIS, childcare, and other health related programs. That's the 32 00:01:32,920 --> 00:01:35,880 Speaker 2: main driver. Doctor Hunter expects the growth to slow and 33 00:01:35,880 --> 00:01:38,240 Speaker 2: the unemployment rate to start rising. The RBA records it 34 00:01:38,240 --> 00:01:39,920 Speaker 2: will hit four point four percent by the end of 35 00:01:39,920 --> 00:01:42,680 Speaker 2: this year, but she also said that Observe Bank could 36 00:01:42,680 --> 00:01:45,560 Speaker 2: be wrong and there's a chance that unemployment rises much 37 00:01:45,600 --> 00:01:47,280 Speaker 2: more quickly than we expect. 38 00:01:47,680 --> 00:01:49,800 Speaker 1: All right, moving on to story number two now and 39 00:01:49,960 --> 00:01:53,280 Speaker 1: area is eleven billion dollar bid for British classified as 40 00:01:53,360 --> 00:01:57,800 Speaker 1: leader right move has been rejected, perhaps not surprisingly, though 41 00:01:58,400 --> 00:02:00,440 Speaker 1: there's probably more to play out in the deal. 42 00:02:00,920 --> 00:02:03,559 Speaker 2: I think that's true. Michael Aria, which is about sixty 43 00:02:03,600 --> 00:02:06,360 Speaker 2: one percent owned by News Corps, has been a local 44 00:02:06,400 --> 00:02:08,520 Speaker 2: success story, with its share price up more than twenty 45 00:02:08,520 --> 00:02:10,880 Speaker 2: percent over the past year. It bid for right Move 46 00:02:10,919 --> 00:02:13,120 Speaker 2: and said it will list in London if successful. Now 47 00:02:13,160 --> 00:02:15,440 Speaker 2: the offer was a twenty seven percent premium to right 48 00:02:15,520 --> 00:02:18,840 Speaker 2: Move's share price before the deal was revealed. Under the 49 00:02:18,919 --> 00:02:21,720 Speaker 2: UK take over laws, the put up in shut up laws, 50 00:02:21,720 --> 00:02:23,600 Speaker 2: Aria has until the end of this month to make 51 00:02:23,639 --> 00:02:26,360 Speaker 2: a formal offer walk Away. Its share price closed down 52 00:02:26,400 --> 00:02:27,720 Speaker 2: two and a half percent yesterday. 53 00:02:27,960 --> 00:02:30,799 Speaker 1: Story number three Country Road Group, which is the company, 54 00:02:30,880 --> 00:02:33,040 Speaker 1: of course behind the Fashion label and other well known 55 00:02:33,080 --> 00:02:36,720 Speaker 1: clothing and accessories Changed, is repositioning two of its major 56 00:02:36,800 --> 00:02:40,120 Speaker 1: brands and entering the fragrance market in a broad reset 57 00:02:40,200 --> 00:02:42,480 Speaker 1: following a really what can only be described as a 58 00:02:42,520 --> 00:02:43,079 Speaker 1: horror year. 59 00:02:43,360 --> 00:02:45,079 Speaker 2: Yeah, I think that's right. The company, owned by South 60 00:02:45,120 --> 00:02:47,960 Speaker 2: Africa's Woolworth's Holdings, has fallen out of favor with shoppers. 61 00:02:48,000 --> 00:02:50,280 Speaker 2: Sales are down as our profits. They were down sixty 62 00:02:50,320 --> 00:02:52,639 Speaker 2: six percent in the last financial year, according to a 63 00:02:52,680 --> 00:02:54,840 Speaker 2: report in the fin Review. The company's also spent the 64 00:02:54,840 --> 00:02:58,520 Speaker 2: past nine months in crisis over allegations of workplace sexual 65 00:02:58,600 --> 00:03:01,760 Speaker 2: harassment and bulling, with law firm investigating with the complaints 66 00:03:01,840 --> 00:03:04,840 Speaker 2: raised by staff were mishandled by management. Country Road has 67 00:03:04,919 --> 00:03:07,400 Speaker 2: now told staff it will make major changes to its brands, 68 00:03:07,480 --> 00:03:11,720 Speaker 2: will introduce cheaper products. At Politics, that's its men's suit brand, 69 00:03:12,040 --> 00:03:14,919 Speaker 2: we'll soo more smart casual options there. At Mimco, which 70 00:03:14,960 --> 00:03:18,160 Speaker 2: sells women's leather accessories, it plans to launch lower entry 71 00:03:18,160 --> 00:03:21,639 Speaker 2: priced bags and offer non leather bag products. A country 72 00:03:21,720 --> 00:03:24,560 Speaker 2: right itself, Michael, you can look forward to a new 73 00:03:24,600 --> 00:03:25,840 Speaker 2: fragrance for the first time. 74 00:03:26,480 --> 00:03:29,679 Speaker 1: Something to look forward to. Story number four. Sean Vice 75 00:03:29,720 --> 00:03:32,880 Speaker 1: president Karmala Harris was the winner of the US presidential 76 00:03:32,880 --> 00:03:36,480 Speaker 1: debate yesterday, according to most pundits, though the hardest blow 77 00:03:36,760 --> 00:03:40,240 Speaker 1: against Donald Trump came moments after the debate actually ended, 78 00:03:40,280 --> 00:03:44,000 Speaker 1: when pop superstar Taylor Swift told her two hundred and 79 00:03:44,160 --> 00:03:48,000 Speaker 1: eighty three million followers that she would be voting for 80 00:03:48,400 --> 00:03:49,560 Speaker 1: Karmala Harris. 81 00:03:49,600 --> 00:03:52,080 Speaker 2: In terms of influences, no one is as big as 82 00:03:52,120 --> 00:03:55,080 Speaker 2: Taylor Swift, and she said, Miss Harris fights for the 83 00:03:55,160 --> 00:03:57,720 Speaker 2: rights in issues she believes in, then signed to her 84 00:03:57,800 --> 00:04:01,000 Speaker 2: name Taylor Swift Childless cut Lady, a critical reference to 85 00:04:01,040 --> 00:04:03,840 Speaker 2: a comment made by vice presidential hopeful Jdvans a little 86 00:04:03,840 --> 00:04:06,960 Speaker 2: while ago. The debate itself was let's say, robust. Miss 87 00:04:07,000 --> 00:04:10,160 Speaker 2: Harris started slowly but warmed into the battle. Initially missed 88 00:04:10,160 --> 00:04:12,800 Speaker 2: the Trump landed blows and the economy and immigration. But 89 00:04:12,840 --> 00:04:14,680 Speaker 2: the further the debate went on, the more Harris was 90 00:04:14,720 --> 00:04:17,120 Speaker 2: able to debate the former president, who at one point 91 00:04:17,560 --> 00:04:22,719 Speaker 2: repeated debunked claims about Haitian's eating pets. Got that ridiculous. 92 00:04:22,880 --> 00:04:25,719 Speaker 2: Harris attacked Trump on abortion, his fitness for office, his 93 00:04:25,800 --> 00:04:28,520 Speaker 2: reputation among global leaders in the military, and said he 94 00:04:28,600 --> 00:04:31,680 Speaker 2: was unworthy of the role of president. The race remains 95 00:04:31,960 --> 00:04:35,520 Speaker 2: very tired, and yesterday's performance by Harris, plus Taylor Swift's endorsements, 96 00:04:35,760 --> 00:04:38,560 Speaker 2: did nothing to discourage Democrat hopefuls. 97 00:04:39,800 --> 00:04:43,200 Speaker 1: Last one story number five, a Novo Nordisk weight loss 98 00:04:43,279 --> 00:04:46,960 Speaker 1: drug is safe and effective in children as young as six, 99 00:04:47,200 --> 00:04:50,320 Speaker 1: according to a new company funded study, opening the way 100 00:04:50,360 --> 00:04:52,920 Speaker 1: for the drug to become the first treatment for obesity 101 00:04:52,960 --> 00:04:54,880 Speaker 1: to be made available to the age group. 102 00:04:55,520 --> 00:04:59,000 Speaker 2: Children aged six to twelve years using the injectable pens 103 00:04:59,000 --> 00:05:01,680 Speaker 2: for just overy years seven point four percent reduction in 104 00:05:01,680 --> 00:05:04,760 Speaker 2: their body mass index compared to those on a place ebo. 105 00:05:04,880 --> 00:05:08,000 Speaker 2: According to the trial. Lyric glue tide. It's a diabetes 106 00:05:08,080 --> 00:05:11,080 Speaker 2: and weight loss treatment in the same GLP one class 107 00:05:11,160 --> 00:05:14,919 Speaker 2: of drugs like o zepic and magovi nether nor Disk 108 00:05:14,960 --> 00:05:17,560 Speaker 2: will now seek regulatory approval from the US Food and 109 00:05:17,600 --> 00:05:21,560 Speaker 2: Drug Administration and the European Medicines Agency to expand the 110 00:05:21,640 --> 00:05:25,000 Speaker 2: use of lera glue tide to under twelves. Around twenty 111 00:05:25,000 --> 00:05:27,960 Speaker 2: percent of under twelve year olds are considered obese and 112 00:05:28,000 --> 00:05:31,159 Speaker 2: there are currently no pharmaceutical treatments approved for general obesity 113 00:05:31,160 --> 00:05:31,919 Speaker 2: in that age group. 114 00:05:32,320 --> 00:05:34,400 Speaker 1: All right, there we go the top five business stories 115 00:05:34,440 --> 00:05:37,839 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It's Thursday, 116 00:05:37,920 --> 00:05:40,360 Speaker 1: the twelfth of September twenty twenty four. Remember to hit 117 00:05:40,400 --> 00:05:42,839 Speaker 1: follow on the podcast and five minutes isn't enough. You 118 00:05:42,839 --> 00:05:45,200 Speaker 1: can find our longer daily show called Fear and Greed 119 00:05:45,560 --> 00:05:47,760 Speaker 1: wherever you listen to podcasts, and don't forget as well 120 00:05:47,800 --> 00:05:50,839 Speaker 1: to check out our sister podcast out every Wednesday. It 121 00:05:50,960 --> 00:05:52,839 Speaker 1: is called how Do They Afford That. It's all about 122 00:05:52,839 --> 00:05:55,040 Speaker 1: making your money work a little bit harder for you. 123 00:05:55,440 --> 00:05:58,280 Speaker 1: This week's episode is taking a look at the differences 124 00:05:58,320 --> 00:06:02,320 Speaker 1: in investment strategies for generations so gen z gen Y 125 00:06:02,960 --> 00:06:05,719 Speaker 1: gen X, baby boomers, all different, and we go through 126 00:06:05,720 --> 00:06:07,560 Speaker 1: them all. I'll put a link in today's show notes. 127 00:06:07,600 --> 00:06:10,000 Speaker 1: I'm Michael Thompson, and that was the past, by Business News, 128 00:06:10,040 --> 00:06:13,840 Speaker 1: by fear and greed. Have a great day.