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Speaker 1: It's Thursday, the fifteenth of August 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 Ayler.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: Five stories, five minutes. Let's go story number one. The

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Speaker 1: country's largest company, the Commonwealth Bank, has unveiled a better

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Speaker 1: than expected cash profit of nine point eight billion dollars,

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Speaker 1: down two percent from last year. They're also announced a

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Speaker 1: hike in its dividend.

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Speaker 2: The Turtal's fifty share final dividend takes the full year

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Speaker 2: dividend of four dollars sixty five fully franked. Now, if

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Speaker 2: you've held these shares for a while, you're ending up

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Speaker 2: with the dividend yield of five percent plus. You've also

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Speaker 2: gotten growth in the share price. Happy shareholders. The all

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Speaker 2: important net interest margin, the difference between what a bank

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Speaker 2: pays on deposits and receives on loans, was steady at

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Speaker 2: one point nine to nine percent. Good result there, and

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Speaker 2: while the economy might be slowing, people are still paying

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Speaker 2: back their home loans, with the majority of mortgagees in

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Speaker 2: front of their schedule payments. The bank's impaired loan expense

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Speaker 2: what it puts aside for bad loans is falling, demonstrating

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Speaker 2: its confidence in its own loan book. It's why Comonwealth

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Speaker 2: Bank's share price rose following the announcement yesterday. Even though

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Speaker 2: it is very highly priced. It's now going to market

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Speaker 2: capitalization of two hundred and twenty two billion dollars, more

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Speaker 2: than the combined and value of the next two biggest banks,

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Speaker 2: National Australia Bank.

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Speaker 1: And Westpac Sean. You just said that Commonwealth Bank is

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Speaker 1: highly priced, and previously you've talked about kind of being

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Speaker 1: priced to perfection. Was yesterday's result good enough just to

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Speaker 1: match how much faith investors are putting into the bank.

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Speaker 2: Seemingly Yes, even though most professional analysts think it is

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Speaker 2: way too expensive, Kamaov Bank just keeps growing its market share.

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Speaker 2: The proportion of OFFSI Bank customers who say CommBank is

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Speaker 2: their primary financial institution is thirty five and a half percent.

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Speaker 2: Next best is sixteen percent. It's got about twenty four

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Speaker 2: to twenty five percent of the home lending market, twenty

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Speaker 2: six twenty seven percent the household deposit market, twenty five

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Speaker 2: to twenty six percent of the business market given their

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Speaker 2: a four made banks out there plus a bunch of

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Speaker 2: smaller operators. Pretty impressive numbers.

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Speaker 1: Michael, Yeah, that's right. Okay. On to story number two.

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Speaker 1: Sean immigration from Gaza has become the hot political topic

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Speaker 1: at the moment, with Opposition leader Peter Dutton calling for

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Speaker 1: a blanket ban on arrivals from the region based on

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Speaker 1: national security concerns.

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Speaker 2: Now that call was rejected by Prime Minister Anthony Albernezi,

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Speaker 2: but it's a difficult issue for the government. Home Affairs

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Speaker 2: Minister Tony Book played down the coalition's concerns at any

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Speaker 2: Palestinian refugee who harbored sympathies for hamas a listed terrorist organization,

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Speaker 2: risked being granted a visa to Australia. The Department of

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Speaker 2: Home Affairs has rejected more than seventy one hundred visa

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Speaker 2: applications from Palestinians since the October seven terrorist attacks, according

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Speaker 2: to The Australian. At the same time, the departments granted

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Speaker 2: nearly three thousand visas to holders of a Palestinian authority

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Speaker 2: travel document, the vast majority receiving visitor visas. Around half

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Speaker 2: of those have actually resulted in a journey to Australia.

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Speaker 2: In contrast, more than nine thousand visas have been issued

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Speaker 2: to Israeli applicants since October seven, only two thirty five

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Speaker 2: were refused.

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Speaker 1: Story number three. This one's really quite confronting. Sean one

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Speaker 1: in three children are not performing at baseline numeracy and

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Speaker 1: literacy standards, and to put it really bluntly, poor kids

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Speaker 1: are suffering much more than rich kids.

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Speaker 2: That's despite the state and territory government spending about forty

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Speaker 2: billion dollars on schools each year, in the federal government

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Speaker 2: spending around twenty six billion dollars. Results from the twenty

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Speaker 2: twenty four Naplan assessment shows that at a year nine level,

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Speaker 2: the percentage of wealthy children below the national standard for

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Speaker 2: reading is just under four percent. For poor kids it's

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Speaker 2: not far off fifty percent. The trend occurs across all

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Speaker 2: school grades, across reading, writing, spelling, grammar and punctuation, and numeracy.

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Speaker 2: The figures come in the thirteenth year after businessman David

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Speaker 2: Gonski recommended the needs based approach to education funding. Thirteen years,

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Speaker 2: of course, is relevant because anyone in kindergarten in twenty

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Speaker 2: twelve when the report came out is now in their

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Speaker 2: final year of schooling. The poor standards were widely criticized

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Speaker 2: across the country yesterday, and they come as federal and

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Speaker 2: state governments ready them to negotiate a new deal later

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Speaker 2: this year.

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Speaker 1: Story number four. The corporate regulator has alleged that ASX Limited,

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Speaker 1: which is the share market operator, made misleading statements about

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Speaker 1: how the overhaul of its clearing and settlement system was progressing,

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Speaker 1: months before it revealed the crucial upgrade was actually failing.

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Speaker 2: The lawsuit in the federal court is the first litigation

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Speaker 2: against ASEX for the botched upgrade of its post training platform.

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Speaker 2: It faces a maximum penalty of more than five hundred

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Speaker 2: million dollars according to the AFR. Now, this platform is

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Speaker 2: called Chess. It's the clearing and settlement system. It was

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Speaker 2: supposed to be replaced by blockchain technology. Work started in

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Speaker 2: twenty fifteen. It actually won't. In fact, the replacement that

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Speaker 2: comes in will be more basic and it won't hit

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Speaker 2: till about twenty twenty twenty nine. ASEK has alleged the

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Speaker 2: comments from ASSEK in February twenty twenty two were misleading.

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Speaker 2: The company really only revealed a few months after that

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Speaker 2: the whole process had unraveled. ASEX chair Damien Roach, He's

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Speaker 2: been in the role since April twenty twenty one and

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Speaker 2: on board for a decade, is in the firing line

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Speaker 2: on this one, all.

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Speaker 1: Right, last one sean story number five. Mars, the confectionery,

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Speaker 1: food and pet care giant, has reached an agreement to

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Speaker 1: acquire Kelenova for more than twenty nine billion US dollars.

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Speaker 1: And if you haven't heard of Kellanover, it is the

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Speaker 1: company that makes, among other things, pringles and pop tarts.

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Speaker 2: Sure it is one of the largest deals of the year.

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Speaker 2: According to a report in the Financial Times, the offer

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Speaker 2: made by the privately held Mars represents a significant premium

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Speaker 2: tweet Keleanover's shares. We're training in fact people's surprise they

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Speaker 2: want to pay so much, particularly given that those sorts

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Speaker 2: of products have fallen out of favor with health conscious customers. Kellanover,

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Speaker 2: which also makes cheese it Rice, Crispy treats and eggos,

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Speaker 2: was created last year after Kellogg separated its breakfast, cereals

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Speaker 2: and snacks businesses. Mars is one of the world's largest

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Speaker 2: family owned businesses that fifty billion dollars in sales. That's

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Speaker 2: US one hundred and fifty thousand employees. Anyway, it wants

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Speaker 2: pop tarts.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It

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Speaker 1: is Thursday, the fifteenth of August twenty twenty four. Remember

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Speaker 1: to hit follow on the podcast and in 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, and don't

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Speaker 1: forget as well to check out the new episode of

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Speaker 1: How Do They Afford That. Our sister podcast comes out

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Speaker 1: every Wednesday, all about making your money work harder for you.

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Speaker 1: Today we are answering one of the most commonly asked

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Speaker 1: questions that we receive, and it is all about how

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Speaker 1: to get financial advice if you are budget conscious. It

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Speaker 1: is a great one to check that out wherever you

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Speaker 1: listen to podcasts. I put a link in today's show

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Speaker 1: notes as well. I'm Michael Thompson and that was the

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Speaker 1: fast five business news by Fear and Greed. Had a

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Speaker 1: great day,