1 00:00:03,800 --> 00:00:06,520 Speaker 1: It's Monday, the twenty sixth of August twenty twenty four. 2 00:00:06,760 --> 00:00:09,520 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,520 --> 00:00:11,400 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:14,000 Speaker 1: need to know when us five minutes are Michael Thompson 5 00:00:14,080 --> 00:00:15,480 Speaker 1: and Good morning Sean Aylmer. 6 00:00:15,840 --> 00:00:17,200 Speaker 2: Good morning Michael. 7 00:00:17,360 --> 00:00:20,400 Speaker 1: Sean five stories, five minutes. Let's go story number one. 8 00:00:20,600 --> 00:00:24,400 Speaker 1: Ahead of the spring selling season, the country's biggest lender 9 00:00:24,560 --> 00:00:28,480 Speaker 1: is dropping some variable interest rates as investors look to 10 00:00:28,520 --> 00:00:31,880 Speaker 1: build housing more suitable to the singles lifestyle. 11 00:00:32,240 --> 00:00:35,880 Speaker 2: The Commonwealth Bank announced cuts on Friday, potentially triggering better 12 00:00:35,920 --> 00:00:38,920 Speaker 2: deals for customers across the sector. The major lender in 13 00:00:38,960 --> 00:00:41,720 Speaker 2: Australia said it would reduce some new customer variable rates 14 00:00:41,720 --> 00:00:43,879 Speaker 2: by up to thirty five basis points fixed rates by 15 00:00:43,880 --> 00:00:46,800 Speaker 2: seventy basis points. Follows several fixed rate cuts by other 16 00:00:46,840 --> 00:00:51,239 Speaker 2: banks in recent weeks. CommBank didn't change its standard variable rate. 17 00:00:51,280 --> 00:00:53,880 Speaker 2: It means Commbank's basic home loan rate goes down to 18 00:00:53,920 --> 00:00:56,120 Speaker 2: six point four four percent the home loan package rate 19 00:00:56,280 --> 00:00:59,000 Speaker 2: six point three four percent. This is all happening even 20 00:00:59,000 --> 00:01:00,880 Speaker 2: though the Reserve Bank has made it clear the official 21 00:01:00,920 --> 00:01:04,559 Speaker 2: benchmark rate isn't going to change this year. Combank's cuts 22 00:01:04,640 --> 00:01:07,680 Speaker 2: make it more competitive, but there are still lower rates 23 00:01:07,720 --> 00:01:10,280 Speaker 2: in the mortgage market out there, ranging from five point 24 00:01:10,280 --> 00:01:12,600 Speaker 2: four to nine percent to five point seven nine percent 25 00:01:12,840 --> 00:01:16,760 Speaker 2: across variable and fixed terms, according to Canstar. More on 26 00:01:16,760 --> 00:01:19,759 Speaker 2: that one look around before you find a lender. It's 27 00:01:19,800 --> 00:01:22,640 Speaker 2: good news for anyone looking for a new loan, perhaps 28 00:01:22,640 --> 00:01:24,760 Speaker 2: a touched frustrating to those of us already with a 29 00:01:24,840 --> 00:01:27,119 Speaker 2: variable rate loan. Some of the buyers of houses over 30 00:01:27,120 --> 00:01:29,880 Speaker 2: the weekend will certainly be happy. The national preliminary clear 31 00:01:29,920 --> 00:01:32,319 Speaker 2: and straight for the weekend came in about seventy one 32 00:01:32,319 --> 00:01:33,080 Speaker 2: point four percent. 33 00:01:33,120 --> 00:01:35,840 Speaker 1: Michael, and so what about this other part of the story, Sean, 34 00:01:35,880 --> 00:01:38,600 Speaker 1: the more adaptable housing, This is fascinating. 35 00:01:39,040 --> 00:01:42,280 Speaker 2: Digital nomads and millennials are driving plans by developers and 36 00:01:42,319 --> 00:01:45,440 Speaker 2: fund managers to build thousands of micro apartments in big 37 00:01:45,480 --> 00:01:49,080 Speaker 2: cities across Australia. We're talking about thirty two square meters 38 00:01:49,160 --> 00:01:52,800 Speaker 2: or less, includes kitchenettes, small living area and a bathroom. 39 00:01:53,200 --> 00:01:55,920 Speaker 2: Then there'll be access to shared communal lounges and co 40 00:01:56,000 --> 00:01:59,800 Speaker 2: working spaces, according to a report in the AFR. Importantly, 41 00:02:00,840 --> 00:02:04,120 Speaker 2: these buildings can be located close to the major CBDs, 42 00:02:04,160 --> 00:02:07,680 Speaker 2: providing a commodation for those priced out of traditional apartments. 43 00:02:07,920 --> 00:02:10,840 Speaker 2: Hotel developer, operator and fund manager pro and best groups 44 00:02:11,080 --> 00:02:13,440 Speaker 2: looking for about half a billion dollars to get it going. 45 00:02:13,760 --> 00:02:17,200 Speaker 2: It wants to initially build two thousand flex apartments. Many 46 00:02:17,200 --> 00:02:19,440 Speaker 2: of these will be developed out of older hotels or 47 00:02:19,520 --> 00:02:22,440 Speaker 2: vacant office buildings about twenty five square meeta is these 48 00:02:22,480 --> 00:02:26,840 Speaker 2: ones kitchenette, toilet, bathroom and then co working spaces gym's 49 00:02:26,840 --> 00:02:28,560 Speaker 2: communal areas interesting? 50 00:02:29,040 --> 00:02:32,040 Speaker 1: Yeah, it certainly is. On to story number two. Ingham's, 51 00:02:32,160 --> 00:02:36,160 Speaker 1: the producer of chicken and turkey for consumption, expects volumes 52 00:02:36,200 --> 00:02:39,120 Speaker 1: will fall in the coming months, reflecting cost of living 53 00:02:39,160 --> 00:02:43,440 Speaker 1: pressures that triggered a twenty percent slump in a share price. 54 00:02:44,080 --> 00:02:46,399 Speaker 2: Not good. The group reported a robust twenty twenty four 55 00:02:46,400 --> 00:02:49,040 Speaker 2: financial year, with underlying earnings up thirteen percent, the best 56 00:02:49,040 --> 00:02:52,920 Speaker 2: ever result, but the outlook not so positive. Ingham's actually 57 00:02:52,919 --> 00:02:56,320 Speaker 2: supplies the majority of major retailers and quick service restaurants 58 00:02:56,360 --> 00:03:00,320 Speaker 2: in the country. Now, we produce about seven hundred million 59 00:03:00,480 --> 00:03:03,920 Speaker 2: chickens for meat each year. At any one time, they 60 00:03:03,960 --> 00:03:06,359 Speaker 2: are about one hundred million chickens alive, meaning four chickens 61 00:03:06,360 --> 00:03:09,000 Speaker 2: to every person. It counts for about half of all 62 00:03:09,040 --> 00:03:12,880 Speaker 2: meat consumed in Australia. Anyway, Ingham's hopes to benefit from 63 00:03:12,919 --> 00:03:16,320 Speaker 2: lower costs going forward even if demand is soft, including 64 00:03:16,320 --> 00:03:19,519 Speaker 2: more automated processes in its production line. 65 00:03:19,639 --> 00:03:23,240 Speaker 1: Story number three. Hesbelah launched hundreds of rockets and drones 66 00:03:23,480 --> 00:03:27,200 Speaker 1: against Israel over the weekend in retaliation for the assassination 67 00:03:27,280 --> 00:03:29,600 Speaker 1: of a senior commander in Beirut last month. 68 00:03:29,960 --> 00:03:33,680 Speaker 2: Israeli jets hit targets in Lebanon shortly before the strikes, 69 00:03:33,680 --> 00:03:36,920 Speaker 2: as the military assessed that HESBLA was preparing to begin 70 00:03:37,040 --> 00:03:39,839 Speaker 2: the barrage. HESBLA said it had launched more than three 71 00:03:40,040 --> 00:03:44,880 Speaker 2: hundred and twenty rockets towards Israel and hit eleven military targets. 72 00:03:44,880 --> 00:03:48,040 Speaker 2: According to Reuters. It said the barrage had completed the 73 00:03:48,080 --> 00:03:51,560 Speaker 2: first phase, but the full response will take some time. 74 00:03:51,640 --> 00:03:54,960 Speaker 2: Defense minister, or the Israeli defense minister you have glanced, 75 00:03:55,000 --> 00:03:57,960 Speaker 2: said Israel would do whatever's necessary to defend itself. 76 00:03:58,440 --> 00:04:02,160 Speaker 1: Story number four. This is a sean. The world's second 77 00:04:02,440 --> 00:04:06,600 Speaker 1: largest diamond has been found in Botswana. It's a two thousand, 78 00:04:06,720 --> 00:04:11,600 Speaker 1: four hundred and ninety two carrot stone discovered by Canadian 79 00:04:11,600 --> 00:04:13,200 Speaker 1: mining company Lucara Diamond. 80 00:04:13,480 --> 00:04:16,080 Speaker 2: Firstly, Michael litroll crackers. Everyone in the Fast five is 81 00:04:16,080 --> 00:04:18,200 Speaker 2: a cracker story. This is a double cracker. It's the 82 00:04:18,200 --> 00:04:20,880 Speaker 2: biggest known gem quality find after the culor and diamond 83 00:04:20,920 --> 00:04:23,040 Speaker 2: discovered more than a century ago, which was cut up 84 00:04:23,040 --> 00:04:25,600 Speaker 2: and incorporated into the British Crown Jewels. It's about two 85 00:04:25,640 --> 00:04:27,760 Speaker 2: thirds the size of a coke can. Was found using 86 00:04:27,839 --> 00:04:30,680 Speaker 2: X ray transmission technology. The find has been called the 87 00:04:30,720 --> 00:04:33,839 Speaker 2: most significant this century. According to the Financial Times, the 88 00:04:33,880 --> 00:04:36,760 Speaker 2: stone is estimated to be worth about forty million US 89 00:04:36,839 --> 00:04:40,480 Speaker 2: dollars sixty million ouzzie. That certainly helped Lakara's share price. 90 00:04:40,800 --> 00:04:42,920 Speaker 2: The boss of Lacara said that the stone will be 91 00:04:43,000 --> 00:04:45,760 Speaker 2: used to boost the profile of the diamond sector and Botswana. 92 00:04:46,240 --> 00:04:48,359 Speaker 2: Mining of precious gems makes up about a quarter of 93 00:04:48,400 --> 00:04:52,160 Speaker 2: Botswana's GGP, so certainly big news for that country. 94 00:04:52,480 --> 00:04:55,960 Speaker 1: And last one, Elon Musk's SpaceX will use one of 95 00:04:56,000 --> 00:04:58,960 Speaker 1: its capsules to bring home astronauts stuck at the International 96 00:04:58,960 --> 00:05:01,360 Speaker 1: Space Station, but it won't hapen till next year. 97 00:05:01,880 --> 00:05:05,400 Speaker 2: Yeah, not such good news for Boeing because it's flowed. 98 00:05:05,440 --> 00:05:09,680 Speaker 2: Starliner craft will return without people on board. In early September, 99 00:05:09,800 --> 00:05:12,600 Speaker 2: the US Space Agency said over the weekend. Now, according 100 00:05:12,600 --> 00:05:15,760 Speaker 2: to Bloomberg, the contingency plan means that NASA astronauts Barry 101 00:05:15,800 --> 00:05:18,240 Speaker 2: Wilmore and Snita Williams will hit your right home on 102 00:05:18,400 --> 00:05:21,760 Speaker 2: SpaceX's Crew Dragon capsule during a six month mission called 103 00:05:21,839 --> 00:05:24,680 Speaker 2: Crew nine, slated to launch in late September. That would 104 00:05:24,680 --> 00:05:28,119 Speaker 2: put them back on US soil in February, months later 105 00:05:28,240 --> 00:05:29,520 Speaker 2: than they had planned to come home. 106 00:05:29,760 --> 00:05:31,839 Speaker 1: All right, there we go, the top five business stories 107 00:05:31,839 --> 00:05:32,479 Speaker 1: in five minutes. 108 00:05:32,520 --> 00:05:34,080 Speaker 2: Thank you Sean, Thank you Michael. 109 00:05:34,200 --> 00:05:37,000 Speaker 1: It is Monday, the twenty sixth of August twenty twenty four, 110 00:05:37,279 --> 00:05:40,159 Speaker 1: remembered hit follow on the podcast and if five minutes 111 00:05:40,200 --> 00:05:42,440 Speaker 1: isn't enough, you can find our longer daily show called 112 00:05:42,480 --> 00:05:45,640 Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael 113 00:05:45,640 --> 00:05:47,760 Speaker 1: Thompson and that was the fast five business news by 114 00:05:47,760 --> 00:05:49,400 Speaker 1: Fear and Greed. Have a great day.