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Speaker 1: It's Tuesday, the eleventh of November twenty twenty five. Welcome

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Speaker 1: to the Vast 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. I'm Michael Thompson

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Speaker 1: and good morning sewan Ale, Good morning Michael Shaw and

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Speaker 1: five stories five minutes. Let's get cracking with story number one.

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Speaker 1: A and Z's cash profit tumbled fourteen percent for the

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Speaker 1: last year, dragged down by redundancy costs and legal penalties,

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Speaker 1: and new CEO Nuno Matos said the results weren't good enough.

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Speaker 2: The cash profit was five point eight billion dollars and

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Speaker 2: apart from the one off cost, profit was flat on

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Speaker 2: the prior year. Basically, the Institution of New Zealand business

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Speaker 2: is doing pretty well. The Australian retail business, the business

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Speaker 2: lending part of the operation, and the private bank divisions underperformed.

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Speaker 2: Deposits were higher, home loans rose. The bank, like its peers,

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Speaker 2: wants to shift away from broker channels towards an z

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Speaker 2: staff selling home loans. Its share price jumps three percent yesterday.

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Speaker 2: Now of the three big banks to report over the

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Speaker 2: past days, the others being NAB in westpak ain Z

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Speaker 2: has certain been best received. What investors also liked was

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Speaker 2: yesterday there was the new no mathos. The CEO said

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Speaker 2: he wouldn't take his near million dollars short term bonus

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Speaker 2: because of what's going on. He also or the board

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Speaker 2: also decided to cut a combined thirty two million dollar

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Speaker 2: thirty two million dollars in bonuses from previous leadership, from

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Speaker 2: previous executives at ain Z, that's all over corporate governance failings.

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Speaker 2: Shan Elliott, the former CEO, for example, he's losing thirteen

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Speaker 2: point five million dollars in bonuses.

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Speaker 1: Okay, Well, wrapping up the full year results for the

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Speaker 1: three banks, noting, of course Seawan that Commonwealth reports it's

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Speaker 1: quarterly earnings today.

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Speaker 2: Yeah, basically growth growth and costs. Not a huge amount

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Speaker 2: of revenue growth pressure from profit margins. The expense to

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Speaker 2: income ratio across the big banks is over fifty percent,

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Speaker 2: highest level and fifteen years not good. Tech spending is higher,

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Speaker 2: notwithstanding recent headlines about job cuts. Head Count is at

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Speaker 2: a record level. All the banks want to shift away

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Speaker 2: from mortgage brokers. Ain Zed is about clearing the decks

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Speaker 2: for the new boss taking the medicine of poor governance

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Speaker 2: in recent years. Westpac's about building the business as it

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Speaker 2: pushes to unite a bunch of legacy tech systems. National

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Speaker 2: Australia Bank is about protecting. It's protecting its small and

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Speaker 2: medium sized business franchise. Which one do investors like well

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Speaker 2: purely based on share price moves after the results, probably

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Speaker 2: ain Z though it is the cheapest as well.

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Speaker 1: Story number two. The Reserve Bank could be boxed in

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Speaker 1: when it comes to interest rates and at Deputy Governor

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Speaker 1: Andrew Houser has called on business to invest to help

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Speaker 1: boost lagging productivity and grow the supply side of the economy.

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Speaker 2: Houses said the Reserve Bank's interest rate cutting cycle began

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Speaker 2: at the strongest starting point of any economic recovery in

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Speaker 2: forty five years, meaning getting inflation under control is harder.

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Speaker 2: Also means that central bank has limited capacity to cut

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Speaker 2: rates further. In a beautiful example of Reserve Bank speak,

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Speaker 2: Houses said it wasn't mad to think future rate cuts

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Speaker 2: are coming, but it was more plausible to worry if

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Speaker 2: there was room to rate to cut rates. The recent

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Speaker 2: increase in inflation, according to the Deputy Governor, was two

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Speaker 2: thirds from temporary price spikes things like that, travel and

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Speaker 2: fuel one third from demand pressure.

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Speaker 1: Story number three. The sales of hybrids and plug in

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Speaker 1: hybrid vehicles surged last month's shown as the shift to

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Speaker 1: electrification picks up speed.

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Speaker 2: Last month we were just under one hundred thousand vehicles

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Speaker 2: sold across the country, taking the full year to date

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Speaker 2: figure to just over one million. Hybrids and plug in

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Speaker 2: hybrid's account of nearly one quarter of all sales. In October,

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Speaker 2: as petrol one vehicles continue to lose market, chair SUVs,

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Speaker 2: they gain dominated sixty two percent of total sales. Chinese

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Speaker 2: built vehicles strengthen their position as the third largest source market.

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Speaker 2: Sales from China or up fifty percent sorry forty percent

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Speaker 2: year on year. Four Chinese brands again featured in the

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Speaker 2: top ten brands for the month. One vehicle, the Cherry

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Speaker 2: Tigo four Pro four hundred and fifty percent sales growth

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Speaker 2: compared to a year earlier. Quite incredible. All the car

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Speaker 2: writers say it's extremely good value for money, and obviously

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Speaker 2: consumers think that too. The top seller Toyota Highluks, followed

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Speaker 2: by Ford Ranger and Toyota Rave Toyota.

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Speaker 1: Rav Story number four. The A Triple C has warned

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Speaker 1: that retailers found to be using deceptive tactics or misleading

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Speaker 1: shoppers about Black Friday discounts could be issued with penalties.

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Speaker 2: There is a list of things the Competition Watchdog is

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Speaker 2: not happy about. Misleading time representations. For example, you know

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Speaker 2: it's three days only. Isn't three days only? Claims of

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Speaker 2: stored wide sales when in fact the sales involve exclusions.

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Speaker 2: See those signs in the front window, the fine print

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Speaker 2: or disclaimers. So you know, you walk in and it

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Speaker 2: sees things like up to fifty percent off, but you

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Speaker 2: only see the fifty percent off and you get close

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Speaker 2: and this is up to those sorts of things. That's

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Speaker 2: what the Ale is cracking down on.

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Speaker 1: Yep, fair enough. Last one story, number five. The US

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Speaker 1: federal shutdown is almost over after renegade Democrats broke ranks

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Speaker 1: with their party and voted to support a deal to

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Speaker 1: end the record breaking shutdown.

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Speaker 2: The Senate voted sixty to forty on a procedural measure

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Speaker 2: to advance the bill, and then adjourned until Monday US time.

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Speaker 2: That's tonight. There is not yet a schedule time to

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Speaker 2: vote final passage of the bill, but it will pass.

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Speaker 2: It then goes to Donald Trump for his signatum. Under

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Speaker 2: the agreement, Congress it will pass full year funding for

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Speaker 2: the Departments of Agriculture Veteran Affairs in Congress itself, while

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Speaker 2: funding other agencies through to January thirty. The bill will

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Speaker 2: provide pay for furloughed government workers they will resume. Also,

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Speaker 2: it'll also resume withheld federal payments to states in localities

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Speaker 2: and recall agency employees who are laid off during the shutdown.

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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 very much, Sean, Thank you, Michael.

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Speaker 1: It is Tuesday, the eleventh of November twenty twenty five.

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Speaker 1: today's show notes as well. I'm Michael Thompson and that

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

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Speaker 1: Have a great day.