1 00:00:03,800 --> 00:00:07,400 Speaker 1: It's Tuesday, the nineteenth of November twenty twenty four. Welcome 2 00:00:07,440 --> 00:00:09,880 Speaker 1: to the Fast five Business News by Fear and Agreed, 3 00:00:09,880 --> 00:00:11,680 Speaker 1: where we give you the top five business stories you 4 00:00:11,720 --> 00:00:14,240 Speaker 1: need to know when just five minutes A'm Michael Thompson 5 00:00:14,320 --> 00:00:18,680 Speaker 1: and good morning Sean Ayler, Good morning Michael Shawn. Five 6 00:00:18,760 --> 00:00:20,920 Speaker 1: stories to get through in five minutes. Let's go story 7 00:00:21,000 --> 00:00:24,840 Speaker 1: number one. Cash, it seems is not dead. In fact, 8 00:00:24,880 --> 00:00:28,400 Speaker 1: it's not being allowed to die, with Treasurer Jim Chalmers 9 00:00:28,440 --> 00:00:31,840 Speaker 1: saying the government will mandate that some essential services keep 10 00:00:32,000 --> 00:00:34,600 Speaker 1: accepting cash from customers. 11 00:00:34,640 --> 00:00:38,159 Speaker 2: Groceries and fuel providers. For example, they'll have to accept 12 00:00:38,280 --> 00:00:41,080 Speaker 2: cash if the consumer wants to pay it. One and 13 00:00:41,120 --> 00:00:43,480 Speaker 2: a half million Australians still rely on cash, and doctor 14 00:00:43,560 --> 00:00:45,839 Speaker 2: Chalmers said the government wants to make it an ongoing 15 00:00:45,880 --> 00:00:49,840 Speaker 2: feature of our economy, even as we modernize the payment system. 16 00:00:50,040 --> 00:00:52,640 Speaker 2: Ninety four percent of businesses still accept cash ninety nine 17 00:00:52,640 --> 00:00:54,480 Speaker 2: percent a few years ago, so you can see that 18 00:00:54,520 --> 00:00:57,400 Speaker 2: it's going in a direction that the government doesn't want 19 00:00:57,440 --> 00:00:59,400 Speaker 2: it to go. Debit cards now account for about fifty 20 00:00:59,440 --> 00:01:01,680 Speaker 2: one percent of payments, according to the Reserve Bank. Credit 21 00:01:01,720 --> 00:01:05,000 Speaker 2: cards are at twenty six percent cash is at thirteen percent. 22 00:01:05,840 --> 00:01:08,520 Speaker 2: Checks are part of the rest. Now they're being phased out, 23 00:01:08,560 --> 00:01:11,000 Speaker 2: though doctor Chalmers said that will take a long time. 24 00:01:11,120 --> 00:01:14,000 Speaker 2: Banks have to accept them until twenty twenty nine. The 25 00:01:14,000 --> 00:01:18,200 Speaker 2: opposition finance spokesperson Jane Hume says the idea may well 26 00:01:18,400 --> 00:01:21,920 Speaker 2: raise costs for business, although I've got to say I 27 00:01:21,920 --> 00:01:23,640 Speaker 2: had a look at the Reserve Bank website that doesn't 28 00:01:23,680 --> 00:01:24,480 Speaker 2: seem to be the case. 29 00:01:25,360 --> 00:01:27,880 Speaker 1: Just quickly. Staying in politics, Shaw and the federal opposition 30 00:01:27,959 --> 00:01:30,680 Speaker 1: in greened are set to join forces to vote down 31 00:01:30,680 --> 00:01:34,560 Speaker 1: the government's planned to cap international student places at two 32 00:01:34,680 --> 00:01:36,600 Speaker 1: hundred and seventy thousand from next year. 33 00:01:37,200 --> 00:01:39,920 Speaker 2: They're coming at it from very different directions, according to 34 00:01:39,959 --> 00:01:43,360 Speaker 2: media reports. The coalition says the bill doesn't go far enough. 35 00:01:43,560 --> 00:01:46,000 Speaker 2: It wants bigger reductions. The Greens they're worried about job 36 00:01:46,040 --> 00:01:49,880 Speaker 2: losses across the education system. Labor has capped new or 37 00:01:49,960 --> 00:01:52,160 Speaker 2: wants to cap new international students at two hundred and 38 00:01:52,200 --> 00:01:55,800 Speaker 2: seventy thousand starting from January one next year. Universities are 39 00:01:55,800 --> 00:01:58,240 Speaker 2: not happy. They've already been knocking back applications as it 40 00:01:58,240 --> 00:02:00,720 Speaker 2: turns out that legislation may not pass. 41 00:02:01,040 --> 00:02:03,080 Speaker 1: I know, we kind of Squoeze two stories in there. 42 00:02:03,120 --> 00:02:05,160 Speaker 1: It's a bumper story. So you're going to get really 43 00:02:05,240 --> 00:02:08,160 Speaker 1: drive in half today. It's like the fast six good 44 00:02:08,680 --> 00:02:12,680 Speaker 1: story number two Sean. The Prime Minister Anthony Abernezi was 45 00:02:12,760 --> 00:02:15,840 Speaker 1: due to meet Chinese President Jijin Ping overnight at the 46 00:02:15,880 --> 00:02:18,880 Speaker 1: G twenty Leader's Summit in Brazil and call for more 47 00:02:18,880 --> 00:02:21,840 Speaker 1: backbone from global leaders around conflicts in the Middle East 48 00:02:22,040 --> 00:02:22,960 Speaker 1: and Ukraine. 49 00:02:23,440 --> 00:02:26,040 Speaker 2: Mister alben Eazy was expected to say that the conflicts 50 00:02:26,080 --> 00:02:30,160 Speaker 2: are the key drivers of hunger, poverty, higher inflation and 51 00:02:30,240 --> 00:02:33,079 Speaker 2: higher energy prices. It's the third meeting between the two 52 00:02:33,160 --> 00:02:37,040 Speaker 2: since relations between Australia and China started thoring. I'm sure 53 00:02:37,080 --> 00:02:39,880 Speaker 2: they also discussed the threat posed by Donald Trump to 54 00:02:39,960 --> 00:02:43,480 Speaker 2: free trade. He of course, has threatened sixty percent tariffs 55 00:02:43,480 --> 00:02:46,320 Speaker 2: on Chinese goods up to twenty percent on Australian goods. 56 00:02:46,480 --> 00:02:49,000 Speaker 2: Probably also talked about regional security that seems to be 57 00:02:49,040 --> 00:02:51,680 Speaker 2: the key irritant in the relationship between the two countries 58 00:02:51,720 --> 00:02:52,240 Speaker 2: at the moment. 59 00:02:53,000 --> 00:02:55,520 Speaker 1: Story number three. How about this? The share price of 60 00:02:55,600 --> 00:02:59,640 Speaker 1: Resolute Mining tumbled five point five percent yesterday after the 61 00:02:59,639 --> 00:03:02,520 Speaker 1: miner agreed to pay one hundred and sixty million US 62 00:03:02,600 --> 00:03:06,639 Speaker 1: dollars to the Marli government, which has detained CEO Tera 63 00:03:06,760 --> 00:03:09,079 Speaker 1: Tollahan and two other key executives. 64 00:03:09,720 --> 00:03:12,640 Speaker 2: That's about two hundred and fifty million Ossie. They'll pay 65 00:03:12,680 --> 00:03:16,920 Speaker 2: half now half later. Resolutes had all outstanding claims by 66 00:03:16,960 --> 00:03:21,280 Speaker 2: the Marli government relating to tax customer levies, maintenance and 67 00:03:21,400 --> 00:03:26,360 Speaker 2: management of offshore accounts are now settled. There's also discussion in 68 00:03:26,400 --> 00:03:29,480 Speaker 2: the ASEX statement about a framework for further detailed discussion 69 00:03:29,560 --> 00:03:31,920 Speaker 2: regarding the long term future of the operations and Marley 70 00:03:32,040 --> 00:03:34,840 Speaker 2: not clear exactly what that means. Whether or not the 71 00:03:34,880 --> 00:03:38,160 Speaker 2: Marley government is pushing for a stake in Resolute. It 72 00:03:38,240 --> 00:03:40,000 Speaker 2: has a bit of a track record of doing that 73 00:03:40,040 --> 00:03:44,480 Speaker 2: with other gold miners from other countries. Marley's ruling junta 74 00:03:44,560 --> 00:03:47,480 Speaker 2: came to power in twenty twenty one. They've used ransom 75 00:03:47,560 --> 00:03:51,640 Speaker 2: style techniques to force mining companies to renegotiate contracts. At 76 00:03:51,640 --> 00:03:54,720 Speaker 2: this point, Resolute is working very hard on releasing the 77 00:03:54,800 --> 00:03:57,000 Speaker 2: CEO and the other two executives. 78 00:03:56,840 --> 00:04:00,920 Speaker 1: Storing our before Broadcaster Alan Jones was yesterday rested over 79 00:04:01,000 --> 00:04:05,840 Speaker 1: allegations of indecent assault and sexual touching between twenty one 80 00:04:05,920 --> 00:04:06,840 Speaker 1: and twenty nineteen. 81 00:04:07,480 --> 00:04:09,440 Speaker 2: The eighty three year old was taken away in an 82 00:04:09,560 --> 00:04:13,520 Speaker 2: unmarked police car and charged with twenty four offenses against 83 00:04:13,600 --> 00:04:18,960 Speaker 2: eight victims, including eleven accounts of aggravated indecent assault. Police 84 00:04:19,040 --> 00:04:21,440 Speaker 2: carried out the search warrant or carried out a search 85 00:04:21,440 --> 00:04:24,839 Speaker 2: warrant on his unit in Circular Key in Sydney. The 86 00:04:24,839 --> 00:04:28,839 Speaker 2: Sydney Morning Herald has previously published lengthy investigation detailing multiple 87 00:04:28,839 --> 00:04:31,880 Speaker 2: allegations of in decent assault. Several men accused him of 88 00:04:31,920 --> 00:04:34,280 Speaker 2: preying on them while he held positions of power as 89 00:04:34,320 --> 00:04:38,120 Speaker 2: a teacher and a broadcaster. He's previously denied any wrongdoing. 90 00:04:38,400 --> 00:04:41,320 Speaker 2: New South Wales Police Commissioner Karen web yesterday said detectives 91 00:04:41,360 --> 00:04:44,000 Speaker 2: have been working on the case for months. It was 92 00:04:44,080 --> 00:04:47,960 Speaker 2: complex and protracted. She said. He formed two GB breakfast 93 00:04:48,080 --> 00:04:51,000 Speaker 2: show host rain for about thirty five years. He won 94 00:04:51,000 --> 00:04:55,040 Speaker 2: two hundred and twenty six ratings surveys. He had enormous power, 95 00:04:55,080 --> 00:04:58,240 Speaker 2: not just within New South Wales but federally as well. 96 00:04:58,400 --> 00:05:01,720 Speaker 1: Last one story number five Sewan Rolls Royce is in 97 00:05:01,800 --> 00:05:06,200 Speaker 1: early stage talks with potential commercial customers for its planned 98 00:05:06,440 --> 00:05:09,839 Speaker 1: micro nuclear reactor, which is a technology that it hopes 99 00:05:10,320 --> 00:05:14,560 Speaker 1: I love. This will also power space missions. 100 00:05:15,240 --> 00:05:17,400 Speaker 2: Yes. So, a director of Rolls Royce told the FT 101 00:05:17,560 --> 00:05:20,840 Speaker 2: that the companies was exploring opportunities to deploy the reactor 102 00:05:20,880 --> 00:05:24,800 Speaker 2: across data centers, miners and remote communities. Rolls Royce, I 103 00:05:24,839 --> 00:05:27,839 Speaker 2: think of that more cars and aircraft engines. Well, it 104 00:05:27,880 --> 00:05:31,160 Speaker 2: wants to capitalize on its own nuclear expertise and with 105 00:05:31,240 --> 00:05:34,040 Speaker 2: global interests and smaller reactors growing quickly, the company believes 106 00:05:34,080 --> 00:05:37,840 Speaker 2: there's a business case for micro reactors for both terrestrial 107 00:05:38,040 --> 00:05:42,800 Speaker 2: and space applications. Compared to small modular reactors, which are 108 00:05:42,800 --> 00:05:45,400 Speaker 2: seeing demand from technology groups such as Google to deliver 109 00:05:45,520 --> 00:05:49,560 Speaker 2: low carbon electricity for data centers, micro nuclear reactors use 110 00:05:49,640 --> 00:05:54,159 Speaker 2: different technologies, much smaller power output, and they're very small. 111 00:05:54,240 --> 00:05:57,480 Speaker 2: The compact size means that they're transportable. Rolls Royce began 112 00:05:57,560 --> 00:06:00,280 Speaker 2: working on the technology for a microreactors three and a 113 00:06:00,320 --> 00:06:02,720 Speaker 2: half years ago. I was working with the UK Space 114 00:06:02,839 --> 00:06:05,960 Speaker 2: Agency to study how nuclear power could be used as 115 00:06:06,040 --> 00:06:07,520 Speaker 2: part of space exploration. 116 00:06:08,080 --> 00:06:09,800 Speaker 1: All right, there we go to the top five business 117 00:06:09,800 --> 00:06:10,839 Speaker 1: stories in five minutes. 118 00:06:10,880 --> 00:06:12,480 Speaker 2: Thank you Sean, Thank you Michael. 119 00:06:12,839 --> 00:06:15,920 Speaker 1: It is Tuesday, the nineteenth of November twenty twenty four. 120 00:06:16,000 --> 00:06:18,279 Speaker 1: Remember to hit follow on the podcast and if five 121 00:06:18,320 --> 00:06:20,760 Speaker 1: minutes isn't enough, you can find our longer daily show 122 00:06:20,839 --> 00:06:23,920 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 123 00:06:23,920 --> 00:06:26,200 Speaker 1: Michael Thompson and that was the Fast five Business News 124 00:06:26,200 --> 00:06:30,520 Speaker 1: by Fear and Greed. Had a great day.