1 00:00:04,280 --> 00:00:06,760 Speaker 1: Welcome to the weekend edition of the Fast five Business 2 00:00:06,800 --> 00:00:09,240 Speaker 1: News by Fear and Greed. A'm Michael Thompson and Hello 3 00:00:09,320 --> 00:00:12,600 Speaker 1: Sean Aylmer, Hello Michael john. On weekdays, it's all about 4 00:00:12,600 --> 00:00:14,960 Speaker 1: the Fast five, the top five business stories in five minutes. 5 00:00:15,000 --> 00:00:16,760 Speaker 1: On the weekend, we still keep it to five minutes, 6 00:00:16,800 --> 00:00:18,799 Speaker 1: but we're going to pick out the biggest story of 7 00:00:18,840 --> 00:00:22,280 Speaker 1: the week, the most remarkable business story, a sleeper story, 8 00:00:22,280 --> 00:00:24,520 Speaker 1: one that's flying under the radar a little bit, and 9 00:00:24,560 --> 00:00:27,800 Speaker 1: then our favorite business story of the week. Let's jump 10 00:00:27,800 --> 00:00:29,479 Speaker 1: straight into it with the biggest one. 11 00:00:29,280 --> 00:00:32,680 Speaker 2: Though only one, Michaeldy one there is. 12 00:00:32,800 --> 00:00:35,639 Speaker 1: It is all about economic growth. This week, the Australian 13 00:00:35,640 --> 00:00:38,519 Speaker 1: economy grew by just zero point three percent. Zero point 14 00:00:38,560 --> 00:00:40,960 Speaker 1: three percent, that's not much. In the September quarter at 15 00:00:41,040 --> 00:00:44,559 Speaker 1: zero point eight percent annual growth in GDP, now excluding 16 00:00:44,560 --> 00:00:49,360 Speaker 1: the pandemic, that is the weakest annual GDP figure since 17 00:00:49,400 --> 00:00:52,720 Speaker 1: the early nineteen nineties. You had kind of trade and 18 00:00:52,800 --> 00:00:57,880 Speaker 1: residential construction adding slightly to growth, lower consumer spending detracting 19 00:00:57,920 --> 00:01:01,880 Speaker 1: from it. Treasurer Jim Chalmers made the comment that the 20 00:01:01,920 --> 00:01:05,319 Speaker 1: private sector needs to drive growth from here. It's basically 21 00:01:05,600 --> 00:01:07,920 Speaker 1: he's saying the business community needs to do it's bit. 22 00:01:08,040 --> 00:01:10,280 Speaker 1: Business has kind of hit back, saying that really the 23 00:01:10,280 --> 00:01:13,280 Speaker 1: government needs to overhaul things like the tax system and 24 00:01:13,400 --> 00:01:17,000 Speaker 1: changes to ir laws. You put it all together. The 25 00:01:17,040 --> 00:01:19,760 Speaker 1: Reserve Bank meets next week and that would have been 26 00:01:19,800 --> 00:01:22,720 Speaker 1: surprised by the GDP figures. They were forecasting higher growth 27 00:01:22,760 --> 00:01:24,560 Speaker 1: by the end of the year, but in the end 28 00:01:24,560 --> 00:01:27,480 Speaker 1: they're still focused on inflation. That's the priority for the 29 00:01:27,560 --> 00:01:30,480 Speaker 1: RBA getting that lower. So I think you can still 30 00:01:30,600 --> 00:01:32,840 Speaker 1: say no rate cuts anytime soon, right, John. 31 00:01:33,160 --> 00:01:34,600 Speaker 2: I think that's why I'm in The big fear about 32 00:01:34,600 --> 00:01:36,720 Speaker 2: those numbers is that it's all about government spending. The 33 00:01:36,800 --> 00:01:39,800 Speaker 2: government is propping up the economy. We need private sector 34 00:01:39,800 --> 00:01:41,800 Speaker 2: to jump in. My most remarkable story, can I tell 35 00:01:41,800 --> 00:01:44,200 Speaker 2: you what I think it is? My yes, please? Bitcoin 36 00:01:44,280 --> 00:01:47,360 Speaker 2: hitting one hundred thousand US dollars a unit truly remarkable, 37 00:01:47,840 --> 00:01:50,919 Speaker 2: As the Reserve Bank puts it, Cryptocurrencies have no legislated 38 00:01:51,000 --> 00:01:53,320 Speaker 2: or intrinsic value. They are simply worth what people are 39 00:01:53,320 --> 00:01:56,240 Speaker 2: willing to pay for them in the market, and people 40 00:01:56,240 --> 00:01:58,400 Speaker 2: are obviously in the market willing to pay one hundred 41 00:01:58,440 --> 00:02:01,200 Speaker 2: thousand US dollars for one bitcoin. The search came this 42 00:02:01,240 --> 00:02:05,000 Speaker 2: week after President elect Donald Trump nominated a crypto enthusiast, 43 00:02:05,200 --> 00:02:07,680 Speaker 2: a guy called Paul Latkins, to be the next chair 44 00:02:07,760 --> 00:02:11,080 Speaker 2: of the regulator in that country. Bitcoin in the last 45 00:02:11,160 --> 00:02:14,120 Speaker 2: month is up forty percent, so to Ethereum, Binance twenty 46 00:02:14,120 --> 00:02:17,600 Speaker 2: two percent, Solana twenty five percent, Kadano, which is the 47 00:02:17,639 --> 00:02:20,720 Speaker 2: blockchain platform and cryptocurrency created by the same guy who 48 00:02:20,760 --> 00:02:24,760 Speaker 2: found Ethereum, It's up two hundred and twenty seven percent. 49 00:02:25,520 --> 00:02:27,760 Speaker 2: Doge Coin, a favorite of Elon Musk, up one hundred 50 00:02:27,800 --> 00:02:31,160 Speaker 2: and seventy seven percent. Incredible. Now, depending on who you ask, 51 00:02:31,240 --> 00:02:34,760 Speaker 2: there are more than ten thousand cryptocurrencies around the world. 52 00:02:35,000 --> 00:02:38,000 Speaker 2: Many of those are inactive, still thousands are active. The 53 00:02:38,040 --> 00:02:43,559 Speaker 2: appreciation in cryptos is just crazy slash remarkable. 54 00:02:43,600 --> 00:02:46,080 Speaker 1: Michael, Yeah, it is a quick mention of another remarkable 55 00:02:46,120 --> 00:02:48,919 Speaker 1: story in one of the economic powerhouses of Asia and 56 00:02:48,960 --> 00:02:49,640 Speaker 1: indeed the world. 57 00:02:49,680 --> 00:02:49,960 Speaker 2: Really. 58 00:02:50,080 --> 00:02:54,280 Speaker 1: South Korean President Yunsukiol imposed martial law on the country 59 00:02:54,320 --> 00:02:57,840 Speaker 1: overnight on Tuesday, did an unscheduled broadcast basically saying you 60 00:02:57,880 --> 00:03:00,600 Speaker 1: needed to purge the country of anti state forces, that 61 00:03:00,680 --> 00:03:04,519 Speaker 1: people didn't stand for it. The opposition MP's got into 62 00:03:04,520 --> 00:03:08,519 Speaker 1: parliament voted against it. Martial law was withdrawn. The whole 63 00:03:08,560 --> 00:03:10,079 Speaker 1: thing took about five or six hours, but it is 64 00:03:10,120 --> 00:03:13,880 Speaker 1: an extraordinary amount of turmoil in a country that has 65 00:03:13,960 --> 00:03:16,720 Speaker 1: become an economic powerhouse. As I mentioned, Global giants like 66 00:03:16,800 --> 00:03:19,799 Speaker 1: Samsung and LG and Kia and Hyanda are all based there. 67 00:03:19,840 --> 00:03:23,840 Speaker 1: This thing has global ramifications, really and we will be 68 00:03:23,880 --> 00:03:27,120 Speaker 1: seeing this playing out for some time now. Sleeper story, Sean, 69 00:03:27,160 --> 00:03:28,360 Speaker 1: what have you picked out for us? 70 00:03:29,000 --> 00:03:30,280 Speaker 2: I've got a good one. We're at the top of 71 00:03:30,280 --> 00:03:32,400 Speaker 2: the market. This in PASX two hundred hit a new 72 00:03:32,400 --> 00:03:35,640 Speaker 2: record high this week. We know the story. Commonwealth Bank, Goodman, 73 00:03:35,680 --> 00:03:38,920 Speaker 2: Group Wise, Teach Global all doing really well. What's interesting 74 00:03:39,000 --> 00:03:41,360 Speaker 2: is that a couple of owners of successful companies are 75 00:03:41,400 --> 00:03:44,240 Speaker 2: selling down their stock. Do they know something we don't. 76 00:03:45,080 --> 00:03:47,160 Speaker 2: The founder of Buying Our Pay Later group ZIP a 77 00:03:47,200 --> 00:03:50,480 Speaker 2: guy called Larry Diamond. He resigned cash in one hundred 78 00:03:50,600 --> 00:03:53,280 Speaker 2: million dollars worth of shares. He'll set up his own business. 79 00:03:53,760 --> 00:03:56,920 Speaker 2: He founded the business zip co back in twenty thirteen. 80 00:03:57,320 --> 00:03:59,000 Speaker 2: It got as high as twelve bucks this year in 81 00:03:59,040 --> 00:04:01,200 Speaker 2: the early COVID days, fell as low as twenty six 82 00:04:01,280 --> 00:04:04,680 Speaker 2: cents late last year, up seven hundred percent since then 83 00:04:04,840 --> 00:04:08,400 Speaker 2: he's out. Promedicus is a company with the founders running 84 00:04:08,400 --> 00:04:11,240 Speaker 2: the business, Sam Hoopert and Anthony Hall. They sold two 85 00:04:11,640 --> 00:04:14,680 Speaker 2: million shares during the week with about half a million dollars, 86 00:04:14,840 --> 00:04:16,400 Speaker 2: spook the market a bit. They had to come in 87 00:04:16,440 --> 00:04:18,479 Speaker 2: and say, hey, it's all right, we're not going to 88 00:04:18,520 --> 00:04:21,000 Speaker 2: sell down anymore. But the fact that they did, and 89 00:04:21,080 --> 00:04:25,120 Speaker 2: Promedicus is a radio radiology company, the fact that they 90 00:04:25,160 --> 00:04:28,200 Speaker 2: did really makes you wonder whether they know something we 91 00:04:28,240 --> 00:04:30,240 Speaker 2: don't know. They've still got about twelve billion dollars worth 92 00:04:30,279 --> 00:04:34,080 Speaker 2: of stock. But when you see founders selling down, mmm, 93 00:04:34,560 --> 00:04:35,120 Speaker 2: you wonder. 94 00:04:35,800 --> 00:04:39,080 Speaker 1: No an investment podcast, get professional advice before making decisions. 95 00:04:39,080 --> 00:04:43,560 Speaker 1: But fascinating story Sean, Hey, just a quickly favorite story 96 00:04:43,680 --> 00:04:46,080 Speaker 1: of the week. You found a good one for us 97 00:04:46,200 --> 00:04:47,920 Speaker 1: and a really worthy story this one. 98 00:04:48,160 --> 00:04:50,880 Speaker 2: Yeah. So, the Future Generation is an investment house billion 99 00:04:50,920 --> 00:04:55,520 Speaker 2: dollars funds under management. It doesn't charge investors management fees 100 00:04:55,600 --> 00:04:58,520 Speaker 2: or performance fees. That actually gives to charity. It's raised 101 00:04:58,560 --> 00:05:02,000 Speaker 2: about ninety million dollars over the last ten years for charities. 102 00:05:02,120 --> 00:05:05,040 Speaker 2: This year they released a new fund, Future Generation Women. 103 00:05:05,640 --> 00:05:08,360 Speaker 2: It'll be part of the Future Generation Group. All investing 104 00:05:08,440 --> 00:05:11,839 Speaker 2: will be managed by women fund managers. The profits from 105 00:05:11,839 --> 00:05:16,120 Speaker 2: it will go to organizations that advance economic equality and 106 00:05:16,160 --> 00:05:19,799 Speaker 2: opportunity for women and their children in Australia. A truly 107 00:05:21,120 --> 00:05:25,039 Speaker 2: just a great initiative by a couple of people, Jeff 108 00:05:25,040 --> 00:05:28,720 Speaker 2: Wilson Caroline Gurney to actually put back into the community 109 00:05:29,160 --> 00:05:30,440 Speaker 2: from the finance houses. 110 00:05:30,680 --> 00:05:33,039 Speaker 1: Yeah, well said just a very quick mention of a 111 00:05:33,520 --> 00:05:36,480 Speaker 1: lighter story. My favorite story Sean out of the US 112 00:05:36,880 --> 00:05:40,040 Speaker 1: big US retailers, Amazon, Walnut, Tigert, they've had a revelation 113 00:05:40,279 --> 00:05:43,480 Speaker 1: right that customers don't actually care as much about price 114 00:05:43,680 --> 00:05:46,440 Speaker 1: as they do about service. If they get goods to 115 00:05:46,520 --> 00:05:49,080 Speaker 1: them faster, they are going to keep coming back, they'll 116 00:05:49,120 --> 00:05:50,920 Speaker 1: be loyal and then they will be more willing to 117 00:05:50,960 --> 00:05:53,280 Speaker 1: spend more money. And that they have gone from two 118 00:05:53,320 --> 00:05:56,839 Speaker 1: day delivery to one day delivery to within the hour delivery. 119 00:05:56,880 --> 00:05:58,840 Speaker 1: It is a trend. It is a revelation out of 120 00:05:58,880 --> 00:06:01,680 Speaker 1: the US and is going to really start coming down 121 00:06:01,760 --> 00:06:04,359 Speaker 1: Under as well. I just enjoy that story because I 122 00:06:04,400 --> 00:06:06,560 Speaker 1: do a lot of online shopping. It's relevant to me. 123 00:06:06,680 --> 00:06:08,680 Speaker 2: Sean very Michael story that one. 124 00:06:08,680 --> 00:06:10,360 Speaker 1: Indeed it is there we go five minutes and pretty 125 00:06:10,400 --> 00:06:12,000 Speaker 1: much everything you need to know in the world of business. 126 00:06:12,000 --> 00:06:13,480 Speaker 2: Thank you Sean, thank you Michael. 127 00:06:13,560 --> 00:06:15,280 Speaker 1: We'll be back on Monday morning with the top five 128 00:06:15,279 --> 00:06:17,599 Speaker 1: business stories in five minutes. Don't forget to hit follow 129 00:06:17,680 --> 00:06:20,960 Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X. 130 00:06:21,200 --> 00:06:23,520 Speaker 1: I'm Michael Thompson and this is the fast five business 131 00:06:23,560 --> 00:06:24,599 Speaker 1: news by Fear and Greet.