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Speaker 1: It's Friday, the thirteenth of June twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. Michael Thompson and

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Speaker 1: good morning, Sean Ayleman, Good morning, Michael Shan Five stories,

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Speaker 1: five minutes. Let's go a story. Number One's a big one.

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Speaker 1: A major question marks now over orcus Australia's deal with

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Speaker 1: the US and the UK to build nuclear powered submarines

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Speaker 1: overcoming decades after the Trump administration called for a review

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Speaker 1: of the deal. It's worth three hundred and eighty six

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Speaker 1: billion dollars.

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Speaker 2: Yes, big, big news. Defense Minister Richard Miles tried to

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Speaker 2: calm down the shock announcement from the White House, saying

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Speaker 2: it's perfectly natural for an incoming government to review the pact.

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Speaker 2: Not everyone agreed. He also said there can be no

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Speaker 2: going back on the deal. The announcement came ahead of

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Speaker 2: expected talks between Donald Trump and Prime Minister Anthony Albanizi

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Speaker 2: early next week. Analyst said it may well be a

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Speaker 2: Trump negotiating tactic to force the alban EASi government to

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Speaker 2: increase defense spending. The Pennintaggon announced that the review was

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Speaker 2: aimed at ensuring the military pact between Australia and the

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Speaker 2: US and Britain best serves the interests of the United States.

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Speaker 2: It's being undertaken by a guy called Elbridge Colby, who

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Speaker 2: was a former skeptic of ORCUS, who more recently appears

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Speaker 2: to have changed his views. The three decade long plan

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Speaker 2: is for Australia to build and acquire eight nuclear powered

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Speaker 2: submarines through shared manufacturing and technology capabilities.

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Speaker 1: Lighter response to this one yesterday, Sean Summers four some

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Speaker 1: was against. Doesn't mean we are going to have to

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Speaker 1: reprosecute the orcust deal again.

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Speaker 2: Probably means you and I will. I'm not sure about

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Speaker 2: the government. Former Prime Minister Scott Morrison sounded sensible when

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Speaker 2: he warned against over stating the US's plans to review

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Speaker 2: the defense packed. Another former Prime Minister, Paul Keating, was

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Speaker 2: less understated. Keating's vocal ponent of ORCUS. He said the

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Speaker 2: moment might save Australia from itself. Yet another former prime

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Speaker 2: minister we seem to have so many, Malcolm Turnbull. He

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Speaker 2: says Australia must develop a four back plane in the

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Speaker 2: event of the US renegging on the deal. Now, Trump

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Speaker 2: has a habit of attacking in place deals, especially with

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Speaker 2: allies trying to strike a I do to one reckon.

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Speaker 2: It's Australia's turn. Might not be what we like, but

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Speaker 2: it's the way Trump operates.

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Speaker 1: All right. Under story number two, Now, consumer sentiment is

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Speaker 1: nudging higher slowly as lower inflation and interest rate cuts

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Speaker 1: filter through to households.

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Speaker 2: There's some more good news from the Westpac Melbourne Institute

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Speaker 2: Dune Consumer Sentiment Index. On top of what you just said, Michael.

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Speaker 2: It shows a lift in buying intentions as the cost

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Speaker 2: of living squeeze seems to be easing. The bad news

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Speaker 2: is that slow growth and trade disputes overseas are weighing

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Speaker 2: on the consumer mood. People are more worried about risk

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Speaker 2: about things going wrong, so consumers, according to Westpac, are

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Speaker 2: in a cautious pessimism phase. The index remains under one

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Speaker 2: hundred and many more pessimists than optimists.

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Speaker 1: Okay, that was story number two. Story number three. The

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Speaker 1: boss of electric vehicle manufacturer BYD in Australia expects EV

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Speaker 1: prices to eventually follow the same level as petrol cars,

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Speaker 1: and he says the introduction of the BYD Shark ute

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Speaker 1: range has transformed the company in Australia.

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Speaker 2: Great name for a car. Shark yout Chinese's own BYD

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Speaker 2: is the biggest EV seller in Australia, outperforming Tesla last month.

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Speaker 2: The twelfth higher selling car brand sold about sixty thousand

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Speaker 2: units since twenty twenty two. Local CEO Stephen Collins speaking

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Speaker 2: to the AFR, so the economics of volume and scale

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Speaker 2: mean prices will come down. Helping is the fact that

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Speaker 2: the BYD Shark has done really well in the all

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Speaker 2: important ute market, makes up about twenty two percent of

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Speaker 2: all new sales. Utes. BYD also sells cheaper than the

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Speaker 2: forward range of plug In, so that's helping that one

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Speaker 2: long term story.

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Speaker 1: Number four online retailer Satire's share price tumbled wore than

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Speaker 1: thirty percent yesterday after the group flagged a loss during

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Speaker 1: the March quarter and downgraded its full year profit guidance.

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Speaker 2: Founder and chief executive Dean Mince warned that the outlook

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Speaker 2: for the global luxury goods sector remains bleak, particularly in

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Speaker 2: the US. Satire calls itself an online luxury fashion emporium

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Speaker 2: and sells brands including Gucci, Belchi and Gabana Berbery, Max

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Speaker 2: Mara Bunch, amongst others, mostly at significant discounts. Satire ships

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Speaker 2: items directly from third party sellers located mostly in Europe.

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Speaker 2: Meants blamed the weak results on foreign exchange losses, uncertainty

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Speaker 2: surrounding US tariff policy, and higher fulfillment costs.

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Speaker 1: Sean story number five. We're starting and finishing today with

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Speaker 1: Donald Trump, who is claiming that a trade deal is

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Speaker 1: done between the world's two biggest economies.

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Speaker 2: He said the deal's done subject to final approval from

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Speaker 2: Chinese President Jijing Ping and himself. Negotiators from Washington Beijing

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Speaker 2: agreed on a framework covering tariff freights. The deal also

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Speaker 2: removes Chinese export restrictions on rare earth minerals and allows

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Speaker 2: Chinese students access to universities. Meanwhile, tensions between the US

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Speaker 2: and Iran have escalated after the after the Pentagon removed

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Speaker 2: non essential US personnel from the Middle East. Donald Trump,

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Speaker 2: when asked about it, said they're being moved out because

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Speaker 2: it's a dangerous place, and we'll see what happens.

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Speaker 1: All right, there we go, the top five business stories

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Speaker 1: in five minutes. Thank you, Sean, Thank you Michael it

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Speaker 1: is Friday, the thirteenth of June to twenty twenty five.

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Speaker 1: Remember to follow on the podcast any five minutes isn't enough.

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Speaker 1: We can find our longer daily show called Fear and

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Speaker 1: Greed wherever you listen to podcasts. I'm Michael Thompson and

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Speaker 1: there was the past five business news by Fear and Greed.

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Speaker 1: Have a great day.