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Speaker 1: Welcome to the weekend edition of The Fast Five. Business

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Speaker 1: News by Fear and Greed are Michael Thompson and Hello,

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Speaker 1: Sean Aylmer.

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Speaker 2: Hi Michael Seawan.

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Speaker 1: On weekdays, it's all about the Fast Five, the top

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Speaker 1: five business stories in five minutes. On the weekend, we

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Speaker 1: still keep it to five minutes, but we are going

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Speaker 1: to pick out the biggest business story of the week,

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Speaker 1: the most remarkable story, a game changer story this week,

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Speaker 1: and then our favorite business related story. Let's jump straight

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Speaker 1: into it. The biggest story. Can I go first on

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Speaker 1: this one?

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Speaker 2: Please? Do?

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Speaker 1: I think the biggest story this week is kind of

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Speaker 1: We're seeing Australian politics in our upcoming election, and US

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Speaker 1: politics and big farmer and tariffs and trade wars and

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Speaker 1: everything all colliding through the Pharmaceutical Benefit Scheme. At the moment,

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Speaker 1: we've got US drug giants lobbying Donald Trump to put

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Speaker 1: a tariff on Aussie medical exports, claiming that our PBS

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Speaker 1: is an egregious and discriminatory program. It is because our

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Speaker 1: government subsidized medications that have been approved by a committee,

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Speaker 1: taking the cost of these really in many cases, life

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Speaker 1: saving treatments from tens of thousands of dollars down to

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Speaker 1: just thirty one dollars sixty It's going to get even

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Speaker 1: cheaper after the election. After Prime Minister Anthony Albineasy announced

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Speaker 1: that cost would be cut to twenty five dollars. Peter

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Speaker 1: Dutton backed that policy as well. US pharmaceutical giants are

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Speaker 1: not taking this. They are lobbying. They are lobbying hard

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Speaker 1: the President to try and punish Australia introduce tariffs and

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Speaker 1: pharmaceutical experts are a big deal for Australia, bigger than

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Speaker 1: steel in our aluminium which we've had tariffs put on

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Speaker 1: before we could be heading for a showdown. And as

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Speaker 1: well over the big tech giants lobbying for Australia to

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Speaker 1: be punished over the intervention over local news media and

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Speaker 1: making companies like Meta and Google pay. And that's a

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Speaker 1: red rag tool bull, isn't it for Donald Trump?

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Speaker 2: I think so. We definitely going to get hit with tariffs,

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Speaker 2: I'd say, just very quickly, Michael. The number of people

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Speaker 2: employed fell by surprisingly urge fifty three thousand people last month.

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Speaker 2: The unemployment rate remained at four point one percent. What

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Speaker 2: came out of all that, I think put it in

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Speaker 2: the mix master is interest rates probably aren't going to

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Speaker 2: fall for the next two or three months now. Markets

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Speaker 2: are priced in a cut by July, possibly in May,

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Speaker 2: but most market e columnists don't think it's going to

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Speaker 2: happen anytime soon. The unemployment figure was okay. The employment

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Speaker 2: numbers were disappointing, but we're sort of taking our eye

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Speaker 2: off the ball when it comes to rates, and what

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Speaker 2: we found out this week is that we're not going

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Speaker 2: to get a rate cut anytime soon.

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Speaker 1: What was your most remarkable story this week, Sean.

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Speaker 2: Look, It was the internal report into wistech Global founder

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Speaker 2: Richard White. It's damning of his behavior. It talks about

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Speaker 2: the fact that he made incomplete disclosures concerning the nature

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Speaker 2: and duration of his relationship with an employee. It talks

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Speaker 2: about him not being fully transparent and candid, talks about

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Speaker 2: him entering into a commercial relationship where there were undisclosed

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Speaker 2: conflicts between the interests of wystec Global and the personal

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Speaker 2: interests of mister White. Of course, what happened there many

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Speaker 2: of this. It evolved last year. Then last month we

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Speaker 2: ended up having three was early this month actually three

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Speaker 2: independent directors that down they couldn't agree with Richard White.

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Speaker 2: Where we've landed is that Richard White, the founder, the

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Speaker 2: billionaire who owns thirty six percent of the company, his job.

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Speaker 2: He's actually gotten bigger job. He's gone the CEO to

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Speaker 2: executive chair, notwithstanding that this internal review found all this

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Speaker 2: stuff about him. I think it's remarkable he's still got

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Speaker 2: his job.

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Speaker 1: Michael absolutely is very quick one, Shawn. The price of

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Speaker 1: gold past three thousand US dollars an ounce this week

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Speaker 1: just reflects just how volatile international markets are. Got investors

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Speaker 1: rushing to the safe haven of gold because you've got

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Speaker 1: the tariffs that we've been talking about, ongoing conflict in Ukraine,

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Speaker 1: renewed hostilities in the Middle East. Three thousand US dollars

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Speaker 1: and it may well keep going. Terrible game changer story.

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Speaker 1: What have you got?

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Speaker 2: Look, this is the judiciary fighting back against Donald Trump.

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Speaker 2: This week, the Chief Justice of the US John Roberts

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Speaker 2: issued a very rare public rebuke to Donald Trump over

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Speaker 2: the president's threat to impeach federal judges. Now, Donald Trump,

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Speaker 2: he's been complaining about judges for months and months now.

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Speaker 2: He wrote on truth Social this judge. Well, so he's

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Speaker 2: talking about a specific instance involving Venezuelan gangs. This judge,

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Speaker 2: like many of the crooked judges I'm forced to appear before,

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Speaker 2: should be impeached. He went on to call the judge

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Speaker 2: a radical left lunatic, a troublemaker, and an agitator. Just

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Speaker 2: parking what the story the actual incident was about. The

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Speaker 2: fact that Donald Trump is so aggressively attacking judges has

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Speaker 2: prompted the Chief Justice to write for more than two centuries,

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Speaker 2: it's been established that impeachment is not an appropriate response

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Speaker 2: to disagreement concerning a judicial decision. The normal appellate review

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Speaker 2: process exists for that purpose. Understated firm whack.

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Speaker 1: Game changer absolutely another one sewn. Chinese ev maker Electric

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Speaker 1: vehicle maker BYD announced a five minute car charger this week.

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Speaker 1: The battery and charging technology that will give four hundred

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Speaker 1: kilometers of range in just five minutes. They'll start selling

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Speaker 1: the technology next month. But this is really the holy

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Speaker 1: grail for electric vehicles, being able to charge a battery

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Speaker 1: in the same time that it takes a regular car

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Speaker 1: to fill up with fuel. It could well be a

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Speaker 1: game changer for the entire ev and broader transportation industry.

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Speaker 2: Show I'm sure will be.

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Speaker 1: It feels like you dismissed. My I might have overstated

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Speaker 1: it a little bit. It is a game changer for.

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Speaker 2: I think it's a game changer. Hey, look, favorite story

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Speaker 2: very quickly for me? Oh my heart, I'm schooling when

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Speaker 2: I say this is. Los Angeles County jury awarded fifty

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Speaker 2: million dollars in damages to a man who was scolded

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Speaker 2: by hot tea from Starbucks when the lid fell off

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Speaker 2: it was being passed through to him in the drive through.

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Speaker 2: The lid fell off, scolded and disfigured his Genitalia. Starbucks

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Speaker 2: have been ruled to pay fifty million dollars in damages.

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Speaker 1: Ouch, that's a lot of money. I think the best

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Speaker 1: story of the week, Shawan, My favorite story, potentially of

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Speaker 1: the year is the safe return of the astronauts Sunny

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Speaker 1: Williams and Butch Wilmore. They went to the International Space

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Speaker 1: Station on an eight day mission last June. The spacecraft

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Speaker 1: that they took to get there wasn't working quite as

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Speaker 1: well as it should, and they stayed for a whopping

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Speaker 1: nine months. They got back this week, rescued in the

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Speaker 1: end by a SpaceX flight, splashing down safely in the

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Speaker 1: ocean off Florida. There were even Dolphins. You could not

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Speaker 1: have scripted that any better. It is the feel good

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Speaker 1: story of the week, of the year, possibly the decade. Sean,

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Speaker 1: don't you agree it's a good story.

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Speaker 2: It's a great story. All right.

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Speaker 1: There we go five minutes and pretty much everything you

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

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Speaker 1: very much, Sewan, Thank you, Michael. We'll be back on

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Speaker 1: Monday morning with the top five business stories in five minutes.

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Speaker 1: Don't forget to hit follow and join us online on Instagram, TikTok, LinkedIn,

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Speaker 1: Facebook and X. I'm Michael Thompson and this is the

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Speaker 1: past five business news buck here and Greed