1 00:00:03,840 --> 00:00:07,520 Speaker 1: It's Wednesday, the seventeenth of July twenty twenty four. Welcome 2 00:00:07,520 --> 00:00:09,719 Speaker 1: to the Fast Five by Fear and Greed, where we 3 00:00:09,760 --> 00:00:11,840 Speaker 1: give you the top five business stories you need to 4 00:00:11,880 --> 00:00:15,360 Speaker 1: know in just five minutes. I'm Julian King, and good morning, 5 00:00:15,400 --> 00:00:19,000 Speaker 1: Sewan Ailmer. Good morning, Jillian Shawn's story number one. Donald 6 00:00:19,040 --> 00:00:22,479 Speaker 1: Trump has been formally anointed as the Republican candidate for 7 00:00:22,520 --> 00:00:26,200 Speaker 1: the US election in November, and he's picked an author, lawyer, 8 00:00:26,320 --> 00:00:30,120 Speaker 1: former tech venture capitalist, and one time anti trumpion to 9 00:00:30,160 --> 00:00:31,200 Speaker 1: be his running mate. 10 00:00:31,400 --> 00:00:33,920 Speaker 2: Mister Trump's first public appearance since his shooting on the 11 00:00:33,960 --> 00:00:37,440 Speaker 2: weekend was to a rapturous applause at the Republican National 12 00:00:37,440 --> 00:00:40,520 Speaker 2: Convention in Milwaukee. A bandage covered his right ear, which 13 00:00:40,520 --> 00:00:43,880 Speaker 2: had been shot during the assassination attempt. He was formerly 14 00:00:43,920 --> 00:00:46,600 Speaker 2: nominated as the Republican candidate, and it will be mister 15 00:00:46,680 --> 00:00:51,000 Speaker 2: Trump's third successive presidential campaign. He then picked thirty nine 16 00:00:51,080 --> 00:00:53,440 Speaker 2: year old JD. Vans as his running mate. Mister Vance 17 00:00:53,520 --> 00:00:56,280 Speaker 2: is a first term senator from Ohio, the first millennial 18 00:00:56,520 --> 00:00:59,440 Speaker 2: to ever run on a presidential ticket. He was also 19 00:00:59,520 --> 00:01:02,960 Speaker 2: the person who, after the weekends attempted assassination, immediately blamed 20 00:01:03,080 --> 00:01:06,280 Speaker 2: the Democrats rhetoric for the shooting wasn't always a case. 21 00:01:06,280 --> 00:01:08,880 Speaker 2: Prior to twenty sixteen, mister Vance was very anti Trump, 22 00:01:08,920 --> 00:01:13,240 Speaker 2: calling him cultural heroine and reportedly comparing him to Hitler. 23 00:01:13,560 --> 00:01:16,400 Speaker 2: His book, He'll Billy Elogy explained why working class whites 24 00:01:16,640 --> 00:01:20,280 Speaker 2: voted for mister Trump. Mister Trump can't run again in 25 00:01:20,319 --> 00:01:23,000 Speaker 2: twenty twenty eight because the US Constitution only allows for 26 00:01:23,000 --> 00:01:26,280 Speaker 2: two terms, so mister Vance's nomination is very significant. 27 00:01:26,760 --> 00:01:28,880 Speaker 1: Mister Vance seems to be a popular pick among the 28 00:01:28,920 --> 00:01:31,839 Speaker 1: tech sector, with Elon Musk committing US forty five million 29 00:01:31,880 --> 00:01:34,600 Speaker 1: dollars a month to the Trump Vance campaign. 30 00:01:34,840 --> 00:01:37,440 Speaker 2: It's a ridiculously large amount of money, far more than 31 00:01:37,480 --> 00:01:39,679 Speaker 2: anyone else has given. The money will go to a 32 00:01:39,680 --> 00:01:43,440 Speaker 2: new super political action committee backing mister Trump and mister Vance. 33 00:01:43,720 --> 00:01:46,640 Speaker 2: A bunch of backers of that perhaps the most interesting 34 00:01:46,680 --> 00:01:51,560 Speaker 2: outside Elon Musk's huge sum the Winklevoss twins. They're famous 35 00:01:51,560 --> 00:01:53,400 Speaker 2: for rowing together in the Olympics in two thousand and 36 00:01:53,440 --> 00:01:56,200 Speaker 2: eight and then suing Mark Zuckerberg claiming he stole their 37 00:01:56,240 --> 00:01:59,320 Speaker 2: idea to create Facebook. Anyway, there are Trump van supporters 38 00:01:59,320 --> 00:01:59,720 Speaker 2: as well. 39 00:02:00,040 --> 00:02:03,320 Speaker 1: Story number two. Rio Tinto has won final Guinean and 40 00:02:03,400 --> 00:02:06,920 Speaker 1: Chinese government approval for a mega African iron all project, 41 00:02:07,240 --> 00:02:10,280 Speaker 1: and first production is slated to begin within eighteen months. 42 00:02:10,440 --> 00:02:12,840 Speaker 2: This is a big deal. Simmindow is a massive reserve 43 00:02:12,880 --> 00:02:16,320 Speaker 2: with an estimated two billion tons of high grade iron ore. 44 00:02:16,600 --> 00:02:19,360 Speaker 2: It lies in the southeast of the Republic of Guinea 45 00:02:19,520 --> 00:02:22,600 Speaker 2: over a one hundred kilmeter service area. Rio's concession is 46 00:02:22,639 --> 00:02:25,080 Speaker 2: a joint venture between IT, Chinese state owned companies and 47 00:02:25,120 --> 00:02:27,440 Speaker 2: the government of Guinea. Rio will spend about eleven point 48 00:02:27,480 --> 00:02:30,160 Speaker 2: six billion US dollars that's eighteen billion Ozzie on the 49 00:02:30,200 --> 00:02:34,320 Speaker 2: development of the deposit and associated infrastructure. The investment is massive. 50 00:02:34,400 --> 00:02:38,280 Speaker 2: It involves developing six hundred kilometers of rail infrastructure spanning 51 00:02:38,280 --> 00:02:40,799 Speaker 2: the length of the country, as well as port infrastructure. 52 00:02:41,160 --> 00:02:44,960 Speaker 2: The deposit will broaden Rio's iron all portfolio well beyond 53 00:02:45,040 --> 00:02:46,080 Speaker 2: Australia and Canada. 54 00:02:46,160 --> 00:02:49,400 Speaker 1: Julian Story number three, the national head of the CFMAU, 55 00:02:49,560 --> 00:02:53,080 Speaker 1: has described former Victoria branch boss John Setka as a 56 00:02:53,080 --> 00:02:56,600 Speaker 1: man with integrity and credibility and says there's no need 57 00:02:56,639 --> 00:02:59,560 Speaker 1: for an independent inquiry into evidence of criminal links in 58 00:02:59,600 --> 00:03:00,800 Speaker 1: the construy ruction industry. 59 00:03:01,200 --> 00:03:04,200 Speaker 2: Zack Smith said the inquiry wasn't necessary because the union 60 00:03:04,240 --> 00:03:06,959 Speaker 2: can take care of itself. He also said he doesn't 61 00:03:06,960 --> 00:03:09,880 Speaker 2: believe any construction deal with the government had been achieved 62 00:03:09,919 --> 00:03:13,040 Speaker 2: through corruption. Mister Smith told ABC Radio and I quote 63 00:03:13,080 --> 00:03:15,400 Speaker 2: the union movement is more than capable of dealing with 64 00:03:15,440 --> 00:03:19,639 Speaker 2: allegations in their own ranks and responding appropriately. External administration 65 00:03:19,720 --> 00:03:24,400 Speaker 2: and further intervention from government isn't necessary, en quote, talk 66 00:03:24,520 --> 00:03:27,760 Speaker 2: about eighteen years. Last night, the City Morning Herald was 67 00:03:27,800 --> 00:03:30,320 Speaker 2: reporting that the federal government is preparing to appoint an 68 00:03:30,400 --> 00:03:34,600 Speaker 2: independent administrator to overhaul the CFMAU and clamp down on 69 00:03:34,680 --> 00:03:38,480 Speaker 2: criminal elements within its ranks. Amde it growing concern at 70 00:03:38,480 --> 00:03:41,720 Speaker 2: the damage from unlawful conduct at Memmoth building projects. 71 00:03:42,040 --> 00:03:45,600 Speaker 1: Story number four. CSL has won contracts to supply AV 72 00:03:45,720 --> 00:03:49,080 Speaker 1: and flu vaccinations to Europe and the US as companies 73 00:03:49,160 --> 00:03:51,440 Speaker 1: ramp up preparations for the dangerous virus. 74 00:03:51,720 --> 00:03:54,760 Speaker 2: CSL supplying the US government with four point eight million viles, 75 00:03:54,760 --> 00:03:57,120 Speaker 2: and the European Union has ordered six hundred and fifty 76 00:03:57,280 --> 00:03:59,960 Speaker 2: thousand shots, with an option for a further forty million. 77 00:04:00,520 --> 00:04:03,640 Speaker 2: Last month, Finland ordered twenty thousand files, enough to vaccinate 78 00:04:03,680 --> 00:04:06,960 Speaker 2: ten thousand fur and poultry workers. CSL said governments around 79 00:04:06,960 --> 00:04:09,520 Speaker 2: the world and now preparing for a potential outbreak of 80 00:04:09,560 --> 00:04:13,160 Speaker 2: the H five N one avian flu virus. Csal's vaccines 81 00:04:13,160 --> 00:04:15,320 Speaker 2: are pre pandemic. That means they can be rolled out 82 00:04:15,360 --> 00:04:18,039 Speaker 2: to higher risk groups like poultry and dairy workers, lib staff, 83 00:04:18,040 --> 00:04:21,480 Speaker 2: and healthcare workers well before any pandemic occurs. 84 00:04:21,720 --> 00:04:23,800 Speaker 1: And on a story number five. The price of cotton 85 00:04:23,839 --> 00:04:27,400 Speaker 1: has tumbled as growing competition between the world's biggest producers 86 00:04:27,480 --> 00:04:31,480 Speaker 1: drives up supply, while cost conscious shoppers seek out clothes 87 00:04:31,520 --> 00:04:32,960 Speaker 1: made out of cheaper fabrics. 88 00:04:33,320 --> 00:04:36,360 Speaker 2: Ice cotton futures fell below sixty nine US cents a 89 00:04:36,400 --> 00:04:38,839 Speaker 2: pound this month, the lowest level since October twenty twenty 90 00:04:38,880 --> 00:04:40,839 Speaker 2: and about half or less than half in fact of 91 00:04:40,839 --> 00:04:43,200 Speaker 2: their ten year peak, which was hit back in May 92 00:04:43,200 --> 00:04:45,840 Speaker 2: twenty twenty two. Prices have been dragged down by a 93 00:04:45,880 --> 00:04:48,440 Speaker 2: big jump in production in Brazil, which recently overtook the 94 00:04:48,520 --> 00:04:51,960 Speaker 2: US as the world's largest cotton exporter. This is important 95 00:04:51,960 --> 00:04:54,919 Speaker 2: for Australia because we're actually the third biggest exporter, wishing 96 00:04:54,960 --> 00:04:58,039 Speaker 2: about five point eight million bales of cotton each arm. 97 00:04:58,440 --> 00:05:01,240 Speaker 2: While Brazil has rammed up production, demand has dropped since 98 00:05:01,240 --> 00:05:03,520 Speaker 2: the pandemic. With the economics slow down and rising interest 99 00:05:03,560 --> 00:05:06,919 Speaker 2: rates squeezing consumers, that's boost to demand for polyester and 100 00:05:07,000 --> 00:05:09,400 Speaker 2: other man made fabrics, and cotton has suffered on the 101 00:05:09,400 --> 00:05:10,440 Speaker 2: demand side as well. 102 00:05:10,680 --> 00:05:13,520 Speaker 1: That's it, the top five business stories in five minutes. 103 00:05:13,680 --> 00:05:16,880 Speaker 1: Thank you Sean, Thank you Julian. It's Wednesday, the seventeenth 104 00:05:16,920 --> 00:05:19,440 Speaker 1: of July. Remember to hit follow on the podcast and 105 00:05:19,480 --> 00:05:22,080 Speaker 1: if five minutes isn't enoughter then find out longer podcast 106 00:05:22,120 --> 00:05:25,360 Speaker 1: called Fear and Greed. What your podcast platform. I'm Julian 107 00:05:25,480 --> 00:05:27,839 Speaker 1: King and that was the Fast five by Fear and Greed. 108 00:05:28,200 --> 00:05:28,960 Speaker 1: Have a great day.