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Speaker 1: It's Tuesday, the eighth of October twenty twenty four. 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. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories in five minutes. Let's get cracking. Story Number one,

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Speaker 1: Rio Tinto has confirmed that it's in talks to acquire

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Speaker 1: arcadium lithium for between four and six billion US dollars.

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Speaker 2: It's about time we had a decent take over, Michael.

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Speaker 2: Last one we had was BHP trying to buy Anglo

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Speaker 2: American that was knocked back. The Rio bid is worth

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Speaker 2: between six and nine billion Aussie dollars for dual listed minor,

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Speaker 2: which trades on Wall Street and locally. Undoubtedly it's opportunistic

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Speaker 2: if the prices of tumbled Arcadians share price is down

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Speaker 2: more than sixty percent this year alone, Rio said that

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Speaker 2: it was likely to make a bid in the near future.

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Speaker 2: That's an Acadian's share price up forty six percent yesterday,

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Speaker 2: puts it back to where it was in June, still

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Speaker 2: a long way below where it started at the beginning

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Speaker 2: of the year. Rio likes lithium, and Arcadium's Argentinian assets

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Speaker 2: are near Rio's lithium mine in that country. Arcadium was

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Speaker 2: created last year through the merger of ALcom Enlivened and

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Speaker 2: has assets across Argentina, US, China, Japan, Canada and Australia.

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Speaker 2: Big lithium player expected to supply about five percent of

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Speaker 2: the globe supply next year.

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Speaker 1: Sean, you mentioned that it's an opportunistic bid. Will it

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Speaker 1: get over the line?

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Speaker 2: Don't know. But when you're a big miner like Reo

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Speaker 2: needing future growth preferably in the critical mineral sector than

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Speaker 2: downtrodden lithium miners are attractive well. Analysts don't expect lithium

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Speaker 2: prices to surge anytime soon. It could be years before

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Speaker 2: the too much supply and not enough demand issue is sorted.

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Speaker 2: There is confidence that ultimately it will be sorted, probably

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Speaker 2: by the end of this decade, so buying at these

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Speaker 2: prices makes sense. Shareholders already coming out wanting more money.

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Speaker 2: It looks like arcadium is definitely in play, all right.

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Speaker 1: Moving on to story number two now and the S

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Speaker 1: and PASX two hundred closed up zero point seven percent

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Speaker 1: yesterday to eighty two hundred and five points, just short

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Speaker 1: of a new record.

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Speaker 2: Sure was trading was thin and the banks were the

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Speaker 2: big winners. National Australian Bank and West Pak both rows

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Speaker 2: two percent. Commonwealth Bank was up one and a half

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Speaker 2: per cent. Big day for the lithium miners on the

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Speaker 2: back of that take hover we just talked about. The

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Speaker 2: announcement dragged other stocks higher, including Linetown Resources, which jumped

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Speaker 2: eighteen percent, while say Owner Mining and Core Lithium both

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Speaker 2: did well. Fortesqu Metals Group was another strong performer. Worst

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Speaker 2: in the day was West African Resources, down eighteen percent,

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Speaker 2: despite affirming guidance and retrating that the Bikina Fasso government

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Speaker 2: was supportive of its gold mining operations and that it

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Speaker 2: was not aware of any plans to withdraw permits. I

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Speaker 2: think the fact that they actually came out and said

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Speaker 2: it is the reason the share price went down.

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Speaker 1: Story number three. House sales are falling fast, with successful

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Speaker 1: auctions now at a near two year low.

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Speaker 2: The combined preliminary auction clearance rate last week came in

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Speaker 2: at under sixty four percent, lowest level since December twenty

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Speaker 2: twenty two. There were nineteen hundred auctions held across the

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Speaker 2: combined to Capital's last week now the number were a

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Speaker 2: bit lower because the Labour Day long weekend in New

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Speaker 2: South Wales, ACT and South Australia and the King's Birthday

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Speaker 2: long weekend in Queensland. A low preliminary clearance rate in

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Speaker 2: Sydney was the main drag sixty two point seven percent,

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Speaker 2: Melbourne sixty four point four percent, Adelaide came in at

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Speaker 2: seventy percent, Brisbane sixty one percent, Canber just under fifty

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Speaker 2: two percent. Things get back to normal this week post

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Speaker 2: long weekend, post football finals, twenty six hundred houses c

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Speaker 2: up f auction. We'll find out a little bit more

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Speaker 2: about how the housing market's performing over the next seven days.

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Speaker 1: Story number four. The Australian Government has evacuated nine hundred

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Speaker 1: and four Australians and immediate family members from Lebanon over

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Speaker 1: the past week, and Qantas says it fluid jets of

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Speaker 1: Cypress yesterday to transport people home.

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Speaker 2: Australian Government assisted flights have been evacuating citizens, permanent residents

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Speaker 2: and immediate family members to Cyprus from Lebanon as the

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Speaker 2: war intensifies. Yesterday's flight is expected to return back to

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Speaker 2: Sydney Airport, and Quantus has pledged to fly those passengers

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Speaker 2: to their nearest home domestic airport at no cost. In

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Speaker 2: addition to the flight and cabin crew, there's also a

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Speaker 2: dedicated support team on board. Meanwhile, HESBLA has praised pro

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Speaker 2: Palestinian and pro HESBLA protests in Australia. Over the weekend.

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Speaker 2: It posted a picture on the social media site Telegram saying,

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Speaker 2: from Australia to the world, stop the Israeli aggression on Lebanon.

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Speaker 1: Last one sean story number five, What do you make

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Speaker 1: of this one? Alassian co founder Scott Farquha and his

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Speaker 1: wife Kim Jackson have sold their unused I emphasize that

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Speaker 1: point unused Point Piper waterfront mansion, Elaine for about one

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Speaker 1: hundred and thirty million dollars.

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Speaker 2: The sale clock's the top deal of twenty twenty four,

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Speaker 2: and that price is either equal to or slightly above

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Speaker 2: the current national house price record. According to a report

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Speaker 2: in The Finn Review. The exact price is undisclosed, but

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Speaker 2: the Finn's reporting sources saying that the property exchanged for

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Speaker 2: about the same amount as a couple paid for another

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Speaker 2: mansion nearby back in twenty twenty two. That's where the

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Speaker 2: one hundred and thirty million dollars comes from. The Farquha

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Speaker 2: Jackson's paid seventy one million dollars for Elaine, which was

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Speaker 2: built in eighteen sixty three. They paid that amount in

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Speaker 2: April twenty seventeen. They haven't lived in it. It's now

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Speaker 2: dilapidated residence. Why not get rid of it. I suppose

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Speaker 2: Australia's overall residential record sits at one hundred and forty

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Speaker 2: million dollars paid for a combined penthouse and sub penthouse

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Speaker 2: atop len Lisa's one Sydney Harbor at Brengaroo. It was

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Speaker 2: purchased off the plan in twenty nineteen, still to settle,

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Speaker 2: so no one's living in that one either.

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Speaker 1: Goodness man, there we go, the top five business stories

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Speaker 1: in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It is Tuesday, the eighth of October twenty twenty four.

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Speaker 1: Remember the hit follow on the podcast and five minutes

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Speaker 1: isn't enough. You can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. Michael Thompson,

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

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Speaker 1: and greed, have a great day,