1 00:00:03,800 --> 00:00:07,160 Speaker 1: It's Tuesday, the seventeenth of June twenty twenty five. Welcome 2 00:00:07,160 --> 00:00:09,639 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,720 --> 00:00:11,560 Speaker 1: where we give you the top five business stories you 4 00:00:11,600 --> 00:00:14,000 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,040 --> 00:00:15,600 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:15,800 --> 00:00:17,280 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,400 --> 00:00:19,759 Speaker 1: Five stories, five minutes. Let's go. Story number one. The 8 00:00:19,840 --> 00:00:23,479 Speaker 1: Abu Dhabi National Oil Company has made a nearly thirty 9 00:00:23,680 --> 00:00:27,520 Speaker 1: billion dollar cash takeover bid for Santos and has received 10 00:00:27,520 --> 00:00:29,840 Speaker 1: the endorsement from the board of one of the country's 11 00:00:29,880 --> 00:00:31,400 Speaker 1: biggest oil and gas producers. 12 00:00:31,760 --> 00:00:35,080 Speaker 2: The non binding bid at five dollars seventy six US 13 00:00:35,240 --> 00:00:38,600 Speaker 2: share around eight dollars eighty nine. OSSIE is led by XIG, 14 00:00:38,760 --> 00:00:42,000 Speaker 2: the international investment arm of the Abu Dhabi government company, 15 00:00:42,000 --> 00:00:44,480 Speaker 2: which is the holds a majority stake in the consortium 16 00:00:44,600 --> 00:00:47,800 Speaker 2: bidding for Santos. Now. Santa's A share price jumped eleven 17 00:00:47,840 --> 00:00:51,000 Speaker 2: percent yesterday it closed at seven dollars seventy demonstrating there 18 00:00:51,040 --> 00:00:53,640 Speaker 2: is still a few barnacles on this one. The big 19 00:00:53,640 --> 00:00:57,560 Speaker 2: one is foreign investment clearance, and that puts pressure on 20 00:00:57,600 --> 00:01:00,400 Speaker 2: treasure Jim Chalmers, who will have final say the bid 21 00:01:00,440 --> 00:01:02,680 Speaker 2: price plus the dead of Santos value is the company 22 00:01:02,680 --> 00:01:05,040 Speaker 2: at thirty four or thirty six point four billion dollars 23 00:01:05,080 --> 00:01:09,160 Speaker 2: if successful, probably the largest all cash deal in ASX history. 24 00:01:09,400 --> 00:01:13,679 Speaker 2: Santos's board has granted due diligence access to adknock, and 25 00:01:13,720 --> 00:01:16,399 Speaker 2: it intends to unanimously recommend the bid in the absence 26 00:01:16,440 --> 00:01:19,600 Speaker 2: of any higher offer and if an independent expert deems 27 00:01:19,640 --> 00:01:21,920 Speaker 2: it fair and reasonable. In an attempt to get around 28 00:01:21,959 --> 00:01:25,440 Speaker 2: expected foreign investment hurdles, the bidders have committed to keeping 29 00:01:25,480 --> 00:01:29,319 Speaker 2: Santos's headquarters in Adelaide and retaining its brand, as well 30 00:01:29,319 --> 00:01:30,880 Speaker 2: as investing in growth. 31 00:01:31,040 --> 00:01:33,760 Speaker 1: Sean just quickly as the price fair, is this deal 32 00:01:33,880 --> 00:01:35,200 Speaker 1: likely to get over the line? 33 00:01:35,280 --> 00:01:39,000 Speaker 2: Well eighty nine Ossie, Santos hasn't traded that price for 34 00:01:39,160 --> 00:01:41,399 Speaker 2: you since twenty fourteen or something or other. It's about 35 00:01:41,400 --> 00:01:43,480 Speaker 2: a thirty percent premium to where it was last week, 36 00:01:43,640 --> 00:01:46,640 Speaker 2: so you'd imagine that shareholders on the board are very 37 00:01:46,640 --> 00:01:49,000 Speaker 2: open to this deal. Might be different in Canberra or 38 00:01:49,040 --> 00:01:52,120 Speaker 2: the alban Easy government will be lobby tested and criticized for. 39 00:01:52,080 --> 00:01:52,800 Speaker 1: Whatever it does. 40 00:01:53,040 --> 00:01:55,400 Speaker 2: Santos has a lot of assets in PNG, some in 41 00:01:55,440 --> 00:01:58,400 Speaker 2: tim or less than Alaska, Jim Charmezo will be more 42 00:01:58,440 --> 00:02:01,640 Speaker 2: interested in its Gladston La G project in Queensland, its 43 00:02:01,640 --> 00:02:04,920 Speaker 2: Western Australian domestic gas business and critical infrastructure along the 44 00:02:04,960 --> 00:02:07,640 Speaker 2: East coast of Australia. I mean we are close to 45 00:02:07,640 --> 00:02:10,760 Speaker 2: the United Arab Emirate the government. Transparency in the Middle 46 00:02:10,800 --> 00:02:13,400 Speaker 2: East isn't their strong suit? Long way to go on 47 00:02:13,440 --> 00:02:14,320 Speaker 2: this one, Michael. 48 00:02:14,080 --> 00:02:16,600 Speaker 1: Yeah, indeed there is okay. Moving on to story number 49 00:02:16,600 --> 00:02:20,160 Speaker 1: two now, Prime Minister Anthony Alberzi has agreed to negotiate 50 00:02:20,240 --> 00:02:24,080 Speaker 1: a defense pact between Australia and the European Union and 51 00:02:24,160 --> 00:02:27,120 Speaker 1: supports Canada joining the ORCHEST Pact. 52 00:02:27,360 --> 00:02:30,000 Speaker 2: The Prime Minister met with Canada's leader Mark Karney on 53 00:02:30,040 --> 00:02:32,720 Speaker 2: the sidelines of the G seven summit in Calgary and 54 00:02:32,760 --> 00:02:35,600 Speaker 2: said Australia needs to broaden its security relationships in a 55 00:02:35,680 --> 00:02:38,880 Speaker 2: volatile world. He said he's open to Canada joining orcas 56 00:02:39,320 --> 00:02:42,480 Speaker 2: that would be pillared the Pillar two stream doesn't involve subs, 57 00:02:42,720 --> 00:02:46,720 Speaker 2: rather the development of joint advanced military capabilities. Alberzi said 58 00:02:46,760 --> 00:02:50,359 Speaker 2: he'll officially accept an invitation from EU Commissioned President Ursula 59 00:02:50,400 --> 00:02:53,680 Speaker 2: von Delane to consider a security in defense partnership with 60 00:02:53,760 --> 00:02:56,200 Speaker 2: the EU and he packed would be a non legally 61 00:02:56,240 --> 00:02:59,799 Speaker 2: binding MoU to facilitate collaboration between Australia and the EU 62 00:03:00,080 --> 00:03:05,239 Speaker 2: EU in defense industry, cyber critical technologies and counterterrorism. 63 00:03:05,600 --> 00:03:07,640 Speaker 1: Storry number three Take us through this one. Sean, the 64 00:03:07,639 --> 00:03:12,160 Speaker 1: Corporate Regulator has launched an inquiry into ASX Limited, that's 65 00:03:12,200 --> 00:03:17,280 Speaker 1: the company, over its risk management culture and corporate governance standards. 66 00:03:17,680 --> 00:03:20,200 Speaker 2: The inquiry will determine if the AX is fit to 67 00:03:20,240 --> 00:03:23,120 Speaker 2: operate financial markets. So the stakes are pretty high here. 68 00:03:23,280 --> 00:03:25,959 Speaker 2: ASX Limited has suffered a number of tech related issues, 69 00:03:26,000 --> 00:03:29,480 Speaker 2: none bigger than its inability to adequately update its aging 70 00:03:29,600 --> 00:03:32,400 Speaker 2: Chess settlement system. That's the one that settles all the 71 00:03:32,400 --> 00:03:35,280 Speaker 2: buy and sell orders on the exchange. Pretty important that one, Michael. 72 00:03:35,560 --> 00:03:38,280 Speaker 2: The Australian Securities and Investments Commission and the Reserve Bank 73 00:03:38,360 --> 00:03:43,200 Speaker 2: have ongoing concerns over X's ability to maintain stable, secure 74 00:03:43,320 --> 00:03:47,880 Speaker 2: and resilient critical market infrastructure. ASSEX chair Jo Longo added 75 00:03:47,880 --> 00:03:50,960 Speaker 2: that the inquiry is a result of repeated and serious 76 00:03:51,120 --> 00:03:54,320 Speaker 2: failures at the AX. Its share price closed down six 77 00:03:54,320 --> 00:03:55,160 Speaker 2: percent yesterday. 78 00:03:55,640 --> 00:03:59,800 Speaker 1: Story number four turning overseas now, Sean President Donald Trump 79 00:04:00,080 --> 00:04:03,520 Speaker 1: says that he hopes Israel and Iran can broker a deal, 80 00:04:03,560 --> 00:04:06,080 Speaker 1: but said sometimes countries have to fight it out first. 81 00:04:06,360 --> 00:04:08,960 Speaker 1: He also alluded to the idea of the US entering 82 00:04:09,000 --> 00:04:09,560 Speaker 1: the conflict. 83 00:04:10,000 --> 00:04:12,760 Speaker 2: His comments came as a tax between the two continue, 84 00:04:12,840 --> 00:04:15,840 Speaker 2: fueling concerns among world leaders gathering in Canada for the 85 00:04:15,840 --> 00:04:18,920 Speaker 2: G seven Summit that the two countries could fall into 86 00:04:18,960 --> 00:04:22,279 Speaker 2: all out war. Is reporting that Trump also veted an 87 00:04:22,360 --> 00:04:26,159 Speaker 2: Israeli plan in recent days to kill Iran Supreme leader 88 00:04:26,200 --> 00:04:31,599 Speaker 2: Aetola Ali Kamani. Meanwhile, the conflict continues. Missiles struck Tel 89 00:04:31,600 --> 00:04:34,599 Speaker 2: Aviv yesterday. Dozens of people have been killed in recent days, 90 00:04:34,640 --> 00:04:37,599 Speaker 2: in one hundreds injured. Israel says it has killed the 91 00:04:37,680 --> 00:04:41,840 Speaker 2: chief of Iran's Armed Forces intelligence unit. Iran's told Mediatis 92 00:04:41,880 --> 00:04:44,680 Speaker 2: Qatar and OMA that it's not open to negotiating a 93 00:04:44,720 --> 00:04:47,120 Speaker 2: ceasefire while it's under Israeli attack. 94 00:04:47,480 --> 00:04:50,520 Speaker 1: Last one story number five in the UK Sean MI 95 00:04:50,800 --> 00:04:53,119 Speaker 1: six will be led by a woman. For the first 96 00:04:53,120 --> 00:04:56,200 Speaker 1: time in the Foreign Intelligence services one hundred and sixteen 97 00:04:56,320 --> 00:04:57,000 Speaker 1: year history. 98 00:04:57,520 --> 00:05:01,120 Speaker 2: Blaize Metroueli has joined. She joined the secret service in 99 00:05:01,200 --> 00:05:04,000 Speaker 2: nineteen ninety nine. She'll become the eighteenth chief of the 100 00:05:04,080 --> 00:05:07,320 Speaker 2: organization and take over from Sir Richard Moore later this year. 101 00:05:07,520 --> 00:05:11,400 Speaker 2: She's currently responsible from Technology or for Technology and Innovation 102 00:05:11,560 --> 00:05:15,880 Speaker 2: at the service. Put this in James bond Land. Miss Metrowelli, 103 00:05:16,320 --> 00:05:20,840 Speaker 2: Michael is Q. She's currently Q. Pretty cool. The only 104 00:05:20,880 --> 00:05:24,400 Speaker 2: person publicly named MI six is the boss of the 105 00:05:24,480 --> 00:05:27,480 Speaker 2: organization of the spy agency. They're known as C. That's 106 00:05:27,520 --> 00:05:30,440 Speaker 2: who missus Metrowelli is going to be Prime Minister. Sir 107 00:05:30,480 --> 00:05:32,920 Speaker 2: Keia Starmer called the appointment historic at a time when 108 00:05:32,960 --> 00:05:35,920 Speaker 2: the work of our intelligence services has never been more vital. 109 00:05:36,120 --> 00:05:38,279 Speaker 1: All right, there we go, the top five business stories 110 00:05:38,320 --> 00:05:40,560 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 111 00:05:40,640 --> 00:05:43,479 Speaker 1: is Tuesday, the seventeenth of June twenty twenty five. Remember 112 00:05:43,520 --> 00:05:45,520 Speaker 1: to hit follow on the podcast, and if five minutes 113 00:05:45,560 --> 00:05:48,280 Speaker 1: isn't enough, you can find our longer daily show called 114 00:05:48,360 --> 00:05:51,400 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 115 00:05:51,400 --> 00:05:53,600 Speaker 1: Thompson and that was the fast five business news by 116 00:05:53,640 --> 00:05:55,320 Speaker 1: Fear and Greed. Have a great day.