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Speaker 1: It's Thursday, the second of October twenty twenty five. 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. Are Michael Thompson

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Speaker 1: and Good Morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean Five stories, five minutes, Let's go.

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Speaker 1: Story number one. China has put a temporary ban on

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Speaker 1: BHP's iron ore shipments into the country after talks over

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Speaker 1: the renewal of contracts broke down and what's considered an

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Speaker 1: act of brinksmanship by Beijing.

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Speaker 2: The embargo was imposed after discussions between the mining giant

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Speaker 2: and China Mineral Resources Group, which is the state run

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Speaker 2: buyer of iron ore, has stalled. According to a Bloomberg report,

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Speaker 2: the dispute is seen as an attempt CMRG to gain

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Speaker 2: leverage over BHP, and is thought to revolve around the

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Speaker 2: discount applied to medium grade or sold by the Big Australian.

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Speaker 2: It's unclear whether it's only for spot sales of iron

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Speaker 2: ore or currently contracted sales. BCHP wasn't commenting. The refusal

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Speaker 2: of shipments could result in cargoes worth millions of dollars

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Speaker 2: remaining unloaded, including hefty shipping related expenses, and leaving BHP's

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Speaker 2: mining operations in Western Australia's Pilbrig region in Limbo. Someone

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Speaker 2: who was commenting was the Prime Minister Anthony Albernizi. He

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Speaker 2: said he's worried about the news and calls for a

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Speaker 2: quick resolution between BHP and China. Federal Truth Jim Charms

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Speaker 2: was expected to call BHP boss Mike Henry over the issue.

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Speaker 2: BHP's share price was down two and a half percent

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Speaker 2: yesterday as a result.

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Speaker 1: Sure and iron are nowadays is fundamental to Australia's economy.

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Speaker 1: It's our biggest export earner, not just for BHP but

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Speaker 1: for the federal government. Given the minor pays a stack

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Speaker 1: of money in taxes, China is our biggest buyer. Is

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Speaker 1: this typical or should we be more worried about this?

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Speaker 2: Probably a bit more worried now where forecast We've exported

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Speaker 2: one hundred and eight billion dollars vin all last financial years,

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Speaker 2: so it's very important. It is a negotiating tactic, but

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Speaker 2: China is getting better at negotiating. The CMRG was established

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Speaker 2: three years ago to improve China's ability to deal with BHP,

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Speaker 2: Brazil's Varley, et cetera. It's both a trader and strategic reserve,

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Speaker 2: so it has stockpiles at more than a dozen ports

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Speaker 2: across China, releases them when mills are struggling, buys aggressively

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Speaker 2: when prices dip. It's owned, it's backed by the Chinese

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Speaker 2: Communist Party, represents more than half of China's vasteel Industry's

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Speaker 2: a lot of negotiating power. That's why this is a

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Speaker 2: little bit more worrying.

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Speaker 1: Okay, all right, Moving on to story number two. Now,

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Speaker 1: Sean and Australia's biggest car dealership, Eagers Automotive, will buy

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Speaker 1: sixty five percent of North American network Canada One for

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Speaker 1: one point one billion dollars.

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Speaker 2: Eggers is putting in a billion dollars and major shareholder

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Speaker 2: Nick Politis is throwing in one hundred and twenty eight

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Speaker 2: million dollars. The rest of the business will be held

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Speaker 2: by a current owner and found. A current owner and founder,

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Speaker 2: a guy called Pat Priestner from Canada and Alys said,

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Speaker 2: Canada's car market it's fifty percent bigger than Australia. It's

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Speaker 2: higher margins. No wonder Egers is interested. Applied his own

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Speaker 2: thirty percent of Eagers, the director and chairman of Sydney

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Speaker 2: Roosters Regular League club. Also he's owned the saken Egers

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Speaker 2: since two thousands. Will pay six hundred and fifty eight

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Speaker 2: million dollars in cash, largely funded by an equity raising.

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Speaker 2: Gives the whole business an enterprise value of two point

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Speaker 2: seven billion dollars. Good to see a smaller company like

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Speaker 2: Eagers pushing overseas.

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Speaker 1: Yeah. Story Number three. Property prices in suburbs popular with

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Speaker 1: first home buyers will jump more than predicted by Treasury

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Speaker 1: modeling after the rollout of the government's new five percent

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Speaker 1: deposit scheme, according to economists and mortgage brokers.

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Speaker 2: Labor's election commitment took effect yesterday, expanding the first home

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Speaker 2: guarantee so first buyers can avoid paying lenders mortgage insurance

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Speaker 2: for deposits as low as five percent. The changes also

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Speaker 2: abolish income limits. That's a big one. Treasury estimates it

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Speaker 2: will make seventy thousand people eligible in the first year

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Speaker 2: from the start date, up from fifty thousand annual places previously.

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Speaker 2: According to the fin Review. The Masthead quotes a number

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Speaker 2: of agents saying demand in the first couple of days

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Speaker 2: is unpreceded.

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Speaker 1: Now.

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Speaker 2: This comes in a week in which data shows home

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Speaker 2: price growth in Australia is accelerating. We've heard Reserve Bank

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Speaker 2: Governor Michelle Bullock say three rate cut this year. I've

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Speaker 2: already flowed through to the housing market. We've had strong

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Speaker 2: auction results. Just looks like the housing market's pretty hot

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Speaker 2: at the moment.

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Speaker 1: Story number four Shawn. The seven West Southern Cross Media

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Speaker 1: deal announced on Tuesday is already getting ugly. We're a

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Speaker 1: big shareholder in Southern Cross trying to scupper the deal.

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Speaker 2: Sand In Capital owns more than eleventh cent of Southern Cross.

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Speaker 2: It's in the border request where men the company's constitution

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Speaker 2: as it stands, Southern Cross shareholders don't get vote on

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Speaker 2: the merger. Sanda's managing director Gabriel Radzminski not happy. He

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Speaker 2: described the deal as diversification. Great word. Southern Cross Media's board.

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Speaker 2: It said it's confident it can stop any attempt to

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Speaker 2: change its constitution if it is successful that it goes

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Speaker 2: to a shareholder, but the deal could fall over. Stay

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Speaker 2: tuned for this.

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Speaker 1: One last one Sean. Story number five. Donald Trump and

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Speaker 1: Defense Secretary Pete Hensath have given speeches to the country's

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Speaker 1: top military brass on issues ranging from grooming and fat troops.

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Speaker 1: So how much the current president dislikes Joe Biden.

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Speaker 2: Now, remember, the country's military leaders were called home from

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Speaker 2: active duty. You know, they're running sums and thinking about

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Speaker 2: strikes and Iran's nuclear program. That's their day job. They

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Speaker 2: were called in to this meeting. Trump started it, gave

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Speaker 2: a long speech, bashed his predecessor, Jay Biden for the

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Speaker 2: US's for the US military's chaotic withdrawal and the defeat

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Speaker 2: in Afghanistan. Then handed over to Pete. Hegscath he was

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Speaker 2: even more incredible. Let me just quote some of the

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Speaker 2: things he said. On grooming standards, so he told the

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Speaker 2: top military brass, no more beards, long hair, superficial individual expression.

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Speaker 2: We're going to cut our hair, shave, shave our beards,

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Speaker 2: and adhered to standards on physical fitness. Frankly, it's tiring

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Speaker 2: to look at a combat formations and really any formation

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Speaker 2: and see fat troops. Likewise, it's completely unacceptable to see

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Speaker 2: fat generals and admirals in the halls of the Pentagon.

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Speaker 2: He said. Standards had been lowered across the force over

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Speaker 2: the past decade to meet arbitrary racial and gender quotas.

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Speaker 2: These are the people who are actually running the force

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Speaker 2: over the last decade. Fixing these problems, Hexath said was

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Speaker 2: the first step towards preparing a military that, since World

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Speaker 2: War Two, had lost its ability to win wars. Don't

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Speaker 2: think he picked his audience, Michael.

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Speaker 1: I don't think he did either. All Right, there we

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Speaker 1: go to the top five business stories in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It's Thursday, the tewod of September twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast, and if 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. I'm Michael

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

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Speaker 1: Fear and Greed. Had a great day,