1 00:00:03,920 --> 00:00:07,200 Speaker 1: It's Thursday, the eleventh of July twenty twenty four. Welcome 2 00:00:07,200 --> 00:00:09,319 Speaker 1: to the Fast Five by Fear and Greed, where we 3 00:00:09,360 --> 00:00:11,320 Speaker 1: give you the top five business stories you need to 4 00:00:11,360 --> 00:00:13,680 Speaker 1: know in just five minutes. I'm Michael Thompson and good 5 00:00:13,720 --> 00:00:14,760 Speaker 1: morning Sean Aylmer. 6 00:00:15,040 --> 00:00:16,520 Speaker 2: Good morning, Michael Seawan. 7 00:00:16,640 --> 00:00:19,239 Speaker 1: Five stories in five minutes. We better get going. Story 8 00:00:19,320 --> 00:00:23,080 Speaker 1: number one. Australia's Defense Minister Richard Miles is in Washington 9 00:00:23,160 --> 00:00:26,800 Speaker 1: attending the NATO summit as the major Western powers pushed 10 00:00:26,880 --> 00:00:29,200 Speaker 1: to shore up support in the Indo Pacific. 11 00:00:29,440 --> 00:00:32,320 Speaker 2: The Inda Pacific has become a growing area of interest 12 00:00:32,400 --> 00:00:34,360 Speaker 2: for NATO, and for the third year in a row, 13 00:00:34,440 --> 00:00:36,680 Speaker 2: the leaders of New Zealand, Japan and South Korea have 14 00:00:36,760 --> 00:00:40,680 Speaker 2: attended the meeting. Prime Minister Anthony Alberezi declined the invite, 15 00:00:40,720 --> 00:00:44,280 Speaker 2: sending mister Miles instead. Yesterday, the Defense Minister tweeted that 16 00:00:44,360 --> 00:00:46,720 Speaker 2: NATO is a force for peace and he thanked Joe 17 00:00:46,720 --> 00:00:50,080 Speaker 2: Biden for hosting the celebrations during the NATO meetings. Assistant 18 00:00:50,120 --> 00:00:53,680 Speaker 2: Defense Minister Matt Thistlewait told ABC Radio that Australia would 19 00:00:53,680 --> 00:00:57,000 Speaker 2: extend its efforts to help Ukraine repel Russia. Ukraine has 20 00:00:57,040 --> 00:00:59,040 Speaker 2: been a key theme at the conference. The US sin 21 00:00:59,080 --> 00:01:01,760 Speaker 2: it's allies have a great provide additional air defenses to 22 00:01:01,840 --> 00:01:05,560 Speaker 2: the country, particularly following the devastating Russian missile attacks this 23 00:01:05,600 --> 00:01:08,360 Speaker 2: week that killed at least thirty eight people across Ukraine 24 00:01:08,440 --> 00:01:12,720 Speaker 2: and destroyed a Kiev children's hospital. In his speech, mister 25 00:01:12,720 --> 00:01:16,640 Speaker 2: Biden said that Ukraine can and will stop Vladimir Putin. 26 00:01:16,880 --> 00:01:19,240 Speaker 2: He said NATO is more powerful than ever and is 27 00:01:19,280 --> 00:01:23,120 Speaker 2: the greatest military alliance in history. NATO Secretary General the 28 00:01:23,160 --> 00:01:26,880 Speaker 2: Yen Saltenburg urged countries to back Kiev, saying the outcome 29 00:01:26,920 --> 00:01:29,960 Speaker 2: of the war will shape global security for decades to come. 30 00:01:30,440 --> 00:01:34,200 Speaker 1: Shaunas quickly. NATO is a significant focus on factors outside 31 00:01:34,240 --> 00:01:37,200 Speaker 1: domestic politics in the US, and darisay it's probably one 32 00:01:37,200 --> 00:01:41,280 Speaker 1: that's needed, giving the growing conviviality between Vladimir Putin and 33 00:01:41,400 --> 00:01:43,080 Speaker 1: other non NATO countries. 34 00:01:43,440 --> 00:01:46,520 Speaker 2: Yes last week, the Russian leader was meeting China's President Jijimping. 35 00:01:46,600 --> 00:01:49,440 Speaker 2: This week it's Indian Prime Minister Noreendra Moody. Mister Moody 36 00:01:49,480 --> 00:01:52,840 Speaker 2: food of Moscow, just as that Russian bombing and Ukraine occurred. 37 00:01:52,960 --> 00:01:55,680 Speaker 2: When the two met, they hugged mister Putin called mister 38 00:01:55,720 --> 00:01:58,680 Speaker 2: Mody my dearest friend. Of course, India is part of 39 00:01:58,680 --> 00:02:01,400 Speaker 2: the Quad Partnership with the Stralia in the US. The 40 00:02:01,480 --> 00:02:04,440 Speaker 2: Quad Partnership its focus as an Asia Pacific. But watching 41 00:02:04,480 --> 00:02:07,200 Speaker 2: mister Modi and mister Putin cozy up isn't a good 42 00:02:07,240 --> 00:02:09,800 Speaker 2: look for Quad members. It's a weird world we live in. 43 00:02:09,880 --> 00:02:13,600 Speaker 1: Michael no Now story number two sean A second group 44 00:02:13,639 --> 00:02:15,840 Speaker 1: of boat people in a week have been intercepted by 45 00:02:15,840 --> 00:02:19,760 Speaker 1: Australian authorities, provided with modern boats and turned back to Indonesia. 46 00:02:20,000 --> 00:02:23,040 Speaker 2: Australian authorities provided the forty four people on board with 47 00:02:23,080 --> 00:02:25,240 Speaker 2: fuel and food and they are instructed to steer their 48 00:02:25,240 --> 00:02:28,959 Speaker 2: boats to Indonesia's southernmost island of Rotting Nadou. Now the 49 00:02:29,040 --> 00:02:32,359 Speaker 2: Rotting and Dawe police found forty four men thirty six Bangladeshi, 50 00:02:32,360 --> 00:02:36,240 Speaker 2: eight Rahinga washed up at two different locations on Monday. 51 00:02:36,520 --> 00:02:38,800 Speaker 2: The men said they were intercepted by the Border force 52 00:02:38,840 --> 00:02:41,160 Speaker 2: and were detained in their vessel Friday in days and 53 00:02:41,240 --> 00:02:45,200 Speaker 2: given the boats, food, water, life jackets and sent back 54 00:02:45,240 --> 00:02:48,400 Speaker 2: to Rottin Dao. Last week, twenty eight foreign nationals and 55 00:02:48,400 --> 00:02:51,280 Speaker 2: two Indonesian boat crews landed on a remote beach in 56 00:02:51,360 --> 00:02:54,760 Speaker 2: the southern coast of West Java had also been given 57 00:02:54,760 --> 00:02:57,560 Speaker 2: a new boat by the Australian Border Defense Rotting Nadau 58 00:02:57,600 --> 00:03:01,000 Speaker 2: Police said the Malay speaking immigrants learned about the possibility 59 00:03:01,000 --> 00:03:04,400 Speaker 2: of going to Australia through Indonesia y TikTok. 60 00:03:04,440 --> 00:03:08,240 Speaker 1: Story number three. New Star Entertainment Chief executive Steve McCann 61 00:03:08,400 --> 00:03:12,160 Speaker 1: says the company's casino business might never return to the 62 00:03:12,280 --> 00:03:15,840 Speaker 1: quote glorious boom times at once enjoyed, and the future 63 00:03:15,919 --> 00:03:19,680 Speaker 1: was likely to be in the gaming giants' restaurants and hotels. 64 00:03:19,960 --> 00:03:22,200 Speaker 2: In his first interview since taking the job, the former 65 00:03:22,240 --> 00:03:24,720 Speaker 2: len Ley's boss told the AFA the Star needs to 66 00:03:24,720 --> 00:03:28,320 Speaker 2: realize that gaming has changed. He said a reset is 67 00:03:28,400 --> 00:03:31,680 Speaker 2: needed and management needs to rethink about food, beverage and 68 00:03:31,720 --> 00:03:34,040 Speaker 2: hotels and whether they should be considered as just feeding 69 00:03:34,120 --> 00:03:37,000 Speaker 2: the casino business. Mister mccannon said the revenue base for 70 00:03:37,040 --> 00:03:40,040 Speaker 2: gaming has been materially impacted and will take a long 71 00:03:40,080 --> 00:03:42,280 Speaker 2: time to get back to anywhere near it where it 72 00:03:42,520 --> 00:03:45,360 Speaker 2: was if it ever does so. He said patience is 73 00:03:45,400 --> 00:03:48,720 Speaker 2: needed to fix Stars culture, repair relations with regulators, and 74 00:03:48,760 --> 00:03:51,800 Speaker 2: win back crucial gaming licenses. In New South Wales and Queensland. 75 00:03:52,040 --> 00:03:54,200 Speaker 2: He said he doesn't want to be attracted by opportunistic 76 00:03:54,280 --> 00:03:57,280 Speaker 2: tie kickers wanting to pinch Star Casino on the chief story. 77 00:03:57,360 --> 00:03:59,200 Speaker 1: Number four is really a bit of a question, Sean. 78 00:03:59,240 --> 00:04:02,280 Speaker 1: When is the right time to buy real estate stocks. 79 00:04:02,320 --> 00:04:04,360 Speaker 1: It's been a question for the last year, but rising 80 00:04:04,440 --> 00:04:08,440 Speaker 1: interest rates and low occupancy rates in office towers seem 81 00:04:08,480 --> 00:04:11,800 Speaker 1: to have culled most appetites for property. Now a few 82 00:04:11,800 --> 00:04:14,160 Speaker 1: investors are just taking a look at reats again. 83 00:04:14,520 --> 00:04:17,839 Speaker 2: Mcquari Group's equities team says it's time for investors to 84 00:04:18,000 --> 00:04:21,400 Speaker 2: start thinking about real estate investment trusts and other companies 85 00:04:21,400 --> 00:04:23,719 Speaker 2: that are less linked to the economy, particularly as they 86 00:04:23,800 --> 00:04:27,000 Speaker 2: expect other parts of the share market to struggle. McQuary's team, 87 00:04:27,120 --> 00:04:29,320 Speaker 2: in a note says we are now at the start 88 00:04:29,360 --> 00:04:32,400 Speaker 2: of the slowdown phase, where returns are usually positive but 89 00:04:32,520 --> 00:04:35,440 Speaker 2: tend to be lower. Reads should benefit from lower interest 90 00:04:35,480 --> 00:04:37,159 Speaker 2: rates and with the US FED set to cut later 91 00:04:37,200 --> 00:04:39,520 Speaker 2: in the year, alongside McQuary's view that local rates won't 92 00:04:39,560 --> 00:04:43,080 Speaker 2: rise again, it suggests local property players to becoming more attractive. 93 00:04:43,440 --> 00:04:45,920 Speaker 2: Mcquarie already has Charter Hall and Goodman Group, and its 94 00:04:45,960 --> 00:04:48,920 Speaker 2: model portfolio. It's added Mervak. Of course, if you're going 95 00:04:48,920 --> 00:04:51,280 Speaker 2: to invest, make sure you go and get some personal advice. 96 00:04:51,800 --> 00:04:55,799 Speaker 1: Indeed, last one shown story number five Samsung Electronics largest 97 00:04:56,000 --> 00:05:00,480 Speaker 1: labor union of more than thirty thousand workers, yesterday declared 98 00:05:00,520 --> 00:05:03,880 Speaker 1: and indefinite strike, a move that puts at risk production 99 00:05:04,400 --> 00:05:06,400 Speaker 1: at the world's largest memory chip maker. 100 00:05:07,200 --> 00:05:09,280 Speaker 2: That's quite a strike. The union's core for a general 101 00:05:09,360 --> 00:05:12,640 Speaker 2: strike sharply escalates a dispute with South Korea's biggest company. 102 00:05:12,680 --> 00:05:16,040 Speaker 2: Thousands of workers rallied earlier in the week outside Samsung's 103 00:05:16,120 --> 00:05:21,000 Speaker 2: chip making complexes, kickstarting what was originally a three day walkout. 104 00:05:21,080 --> 00:05:25,400 Speaker 2: Now it's indefinite. It's the largest organized labor action in 105 00:05:25,440 --> 00:05:27,960 Speaker 2: the company's half century history. The concern is that the 106 00:05:28,000 --> 00:05:30,480 Speaker 2: action may snowball to hurt the country's recovering tech and 107 00:05:30,560 --> 00:05:33,080 Speaker 2: chip industry. Now this could have an impact in Australia. 108 00:05:33,120 --> 00:05:35,719 Speaker 2: Remember the chip shortages during enough to COVID meant it 109 00:05:35,760 --> 00:05:37,640 Speaker 2: was very difficult to buy a new car. This has 110 00:05:37,680 --> 00:05:38,800 Speaker 2: echoes of the same thing. 111 00:05:39,279 --> 00:05:40,880 Speaker 1: Yeah, it certainly does. All right, there we go the 112 00:05:40,880 --> 00:05:43,279 Speaker 1: top five business stories in five minutes. Thank you Sean, 113 00:05:43,480 --> 00:05:46,479 Speaker 1: Thank you Michael. It's Thursday, the eleventh of July twenty 114 00:05:46,560 --> 00:05:49,280 Speaker 1: twenty four. Remember to hit follow on the podcast and 115 00:05:49,279 --> 00:05:50,960 Speaker 1: if five minutes isn't and after you can find our 116 00:05:51,000 --> 00:05:54,160 Speaker 1: longer daily show called Fear and Greed wherever you listen 117 00:05:54,200 --> 00:05:56,560 Speaker 1: to podcasts. I'm Michael Thompson and that was the Fast 118 00:05:56,560 --> 00:05:59,120 Speaker 1: by Business News by Fear and Greed. Had a great day.