1 00:00:03,840 --> 00:00:07,240 Speaker 1: It's Wednesday, the sixteenth of October twenty twenty four. Welcome 2 00:00:07,240 --> 00:00:09,600 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,640 --> 00:00:11,480 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:13,960 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,000 --> 00:00:15,360 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,720 --> 00:00:17,240 Speaker 2: Good morning Michael, Sean. 7 00:00:17,360 --> 00:00:19,480 Speaker 1: Five big stories to get through in five minutes, so 8 00:00:19,520 --> 00:00:22,000 Speaker 1: let's get cracking. Story number one. The local share market 9 00:00:22,079 --> 00:00:26,560 Speaker 1: hit a record high yesterday as confidence over stimulus in China, 10 00:00:26,960 --> 00:00:29,960 Speaker 1: slowing inflation in Australia, and a soft landing for the 11 00:00:30,080 --> 00:00:34,160 Speaker 1: US economy well all combined. Didn't it to encourage investors? 12 00:00:34,720 --> 00:00:38,000 Speaker 2: Yes? There in PASX two hundred hit a record high yesterday. 13 00:00:38,479 --> 00:00:42,360 Speaker 2: It made eight three hundred and thirty one point seven 14 00:00:42,440 --> 00:00:45,800 Speaker 2: points in early afternoon trading before finishing at a record 15 00:00:45,800 --> 00:00:48,440 Speaker 2: close of eight three one eight points. The bet schmark 16 00:00:48,560 --> 00:00:50,640 Speaker 2: is up eighteen percent in the past twelve months, although 17 00:00:50,680 --> 00:00:53,040 Speaker 2: about half that occurred in November and December last year. 18 00:00:53,400 --> 00:00:55,520 Speaker 2: You've given the reasons for the strength in the bors, 19 00:00:55,520 --> 00:00:58,240 Speaker 2: and yesterday's push to a new high was mostly about 20 00:00:58,280 --> 00:01:00,840 Speaker 2: a strong leading from Wall Street step back, though the 21 00:01:00,880 --> 00:01:03,520 Speaker 2: last twelve months has been a story of the technology stocks, 22 00:01:03,640 --> 00:01:06,800 Speaker 2: the big banks and the real estate companies. Investors love 23 00:01:06,959 --> 00:01:09,039 Speaker 2: tech companies. Two are the biggest on the local market. 24 00:01:09,080 --> 00:01:11,920 Speaker 2: WIS tech Global and Promedicus have more than doubled in 25 00:01:12,000 --> 00:01:14,399 Speaker 2: value over the past twelve months. The banks have to 26 00:01:14,440 --> 00:01:17,760 Speaker 2: fired all predictions, including rises yesterday, with all Big four 27 00:01:17,840 --> 00:01:21,360 Speaker 2: having a cracking last twelve months, while the locallihood of 28 00:01:21,520 --> 00:01:24,480 Speaker 2: law inter Straits has helped the real estate investment trusts 29 00:01:24,480 --> 00:01:27,920 Speaker 2: think Charter Hall, Goodman Group, Center and Stockland. And while 30 00:01:27,920 --> 00:01:30,200 Speaker 2: the mining stocks have done well recently have the past 31 00:01:30,280 --> 00:01:32,440 Speaker 2: year there've been fat The worst performers have been the 32 00:01:32,560 --> 00:01:33,319 Speaker 2: energy companies. 33 00:01:33,520 --> 00:01:35,080 Speaker 1: Sean, you mentioned a few of the companies and a 34 00:01:35,080 --> 00:01:37,800 Speaker 1: few of the sectors there. What about the best performing 35 00:01:37,880 --> 00:01:39,600 Speaker 1: stocks over the last year. 36 00:01:40,040 --> 00:01:42,640 Speaker 2: That honor goes to buying Our pay Later group ZIPK, 37 00:01:42,800 --> 00:01:45,480 Speaker 2: which is up nine hundred and fifty percent over the 38 00:01:45,520 --> 00:01:49,600 Speaker 2: past twelve months. Intelligence software group Nui couldn't find a 39 00:01:49,640 --> 00:01:52,080 Speaker 2: friend a couple of years ago after listing late twenty 40 00:01:52,120 --> 00:01:55,520 Speaker 2: twenty having management challenges, tumbling in value. It's up nearly 41 00:01:55,560 --> 00:01:58,400 Speaker 2: four hundred percent of the past twelve months, worth as 42 00:01:58,480 --> 00:02:01,360 Speaker 2: much as when it listed right but almost the other 43 00:02:01,400 --> 00:02:04,280 Speaker 2: big performer over the past year is Clarity Pharmaceuticals, which 44 00:02:04,360 --> 00:02:08,200 Speaker 2: uses radiation to target cancers for diagnostic and treatment purposes, 45 00:02:08,480 --> 00:02:11,880 Speaker 2: up five hundred and seventy percent. Those who haven't done 46 00:02:11,919 --> 00:02:17,760 Speaker 2: so well Lithium Producers IDP, Education nine entertainment, and woodside Energy. 47 00:02:18,240 --> 00:02:19,200 Speaker 1: I'm destorying number two. 48 00:02:19,280 --> 00:02:19,440 Speaker 2: Now. 49 00:02:19,520 --> 00:02:23,600 Speaker 1: Labor is looking to outlaw debit card surcharges in a 50 00:02:23,680 --> 00:02:26,600 Speaker 1: crackdown on consumer fees ahead of the next federal election. 51 00:02:26,840 --> 00:02:30,079 Speaker 2: Se On Federal treasure Jim Chalmers said consumers shouldn't be 52 00:02:30,120 --> 00:02:33,079 Speaker 2: punished for using cards or digital payments, and small businesses 53 00:02:33,120 --> 00:02:35,720 Speaker 2: shouldn't have to pay hefty fees just to get paid themselves. 54 00:02:35,960 --> 00:02:38,399 Speaker 2: Shoppers pay about one and a half billion dollars annually 55 00:02:38,480 --> 00:02:41,400 Speaker 2: on debit and credit card surcharges. The government isn't looking 56 00:02:41,400 --> 00:02:44,400 Speaker 2: at banning surch charges on credit cards, just debit cards. 57 00:02:44,680 --> 00:02:47,480 Speaker 2: The banks themselves broadly support the move. Now this all 58 00:02:47,480 --> 00:02:50,160 Speaker 2: comes as a reserve bank commences a review into retail 59 00:02:50,280 --> 00:02:53,800 Speaker 2: payments regulation. It will look at the cost merchant's facemen 60 00:02:53,840 --> 00:02:58,000 Speaker 2: accepting card payments and the framework for surcharging. Card payments 61 00:02:58,000 --> 00:03:01,480 Speaker 2: are used extensively. They're convenient and secure, but a lot 62 00:03:01,480 --> 00:03:02,960 Speaker 2: of attention on those right now. 63 00:03:03,280 --> 00:03:06,720 Speaker 1: Story number three Seawn The Prime Minister Anthony Alberanezi spent 64 00:03:06,840 --> 00:03:10,280 Speaker 1: yesterday defending his decision to buy a four point three 65 00:03:10,400 --> 00:03:12,760 Speaker 1: million dollar holiday home on the central coast of New 66 00:03:12,800 --> 00:03:16,560 Speaker 1: South Wales amid a housing crisis for many Australians and if. 67 00:03:16,480 --> 00:03:19,600 Speaker 2: He's the Prime Minister bought the four bedroom, three bassrooms, 68 00:03:19,639 --> 00:03:23,880 Speaker 2: three carport property in Placabana in September yesterday, he was 69 00:03:23,919 --> 00:03:27,240 Speaker 2: unapologetic about it, though he added he understood people were struggling. 70 00:03:27,280 --> 00:03:29,520 Speaker 2: In a press conference in Queensland, he said, and I quote, 71 00:03:29,720 --> 00:03:31,880 Speaker 2: of course I am much better off as Prime Minister. 72 00:03:32,000 --> 00:03:34,040 Speaker 2: I own a good can come. I understand that. I 73 00:03:34,080 --> 00:03:36,200 Speaker 2: also know what it's like to struggle. My mum lived 74 00:03:36,240 --> 00:03:39,080 Speaker 2: in one public housing that she was born in for 75 00:03:39,200 --> 00:03:42,000 Speaker 2: all her sixty five years. Couldn't give two hurts about it. 76 00:03:42,080 --> 00:03:45,360 Speaker 2: Good on he and Jerdy Hayden buying a home, But 77 00:03:45,560 --> 00:03:48,040 Speaker 2: isn't a good look, especially when oppositionally the Peter Dutton 78 00:03:48,160 --> 00:03:51,080 Speaker 2: is making inroads on mister Alberizi being out of touch. 79 00:03:51,640 --> 00:03:54,760 Speaker 1: Indeed, just months out from a federal election. Sean's story 80 00:03:54,840 --> 00:03:57,880 Speaker 1: number four Crown Melbourne now owned by private equity group 81 00:03:57,920 --> 00:04:02,240 Speaker 1: Blackstone will pay the Victorian casino regulator two million dollars 82 00:04:02,320 --> 00:04:05,360 Speaker 1: after it allowed two hundred and forty two self excluded 83 00:04:05,400 --> 00:04:07,760 Speaker 1: gamblers to place bets at its casino. 84 00:04:08,120 --> 00:04:10,800 Speaker 2: The breaches, which occurred between October last year in May 85 00:04:10,840 --> 00:04:13,280 Speaker 2: this year, were detected through monitoring the vaccino by the 86 00:04:13,320 --> 00:04:17,599 Speaker 2: Victorian Gambling Casino Control Commission. The commission chair fran Thorne, 87 00:04:17,600 --> 00:04:20,120 Speaker 2: said the casino had broken its obligation to protect people 88 00:04:20,160 --> 00:04:22,800 Speaker 2: at risk of gambling harm and the breaches related to 89 00:04:23,040 --> 00:04:26,839 Speaker 2: system and control failures rather than a deliberate disregarded regulation. 90 00:04:27,120 --> 00:04:29,560 Speaker 2: Crown was asked to engage an independent expert to assess 91 00:04:29,560 --> 00:04:32,760 Speaker 2: the effectiveness of its self exclusion program. It reckons it's 92 00:04:32,760 --> 00:04:36,240 Speaker 2: already taken some steps to strengthen its controls. Crown was 93 00:04:36,240 --> 00:04:39,880 Speaker 2: only granted an unconditional license to run its casinos seven 94 00:04:39,920 --> 00:04:40,400 Speaker 2: months ago. 95 00:04:41,000 --> 00:04:43,799 Speaker 1: Last one story number five. This is really quite incredible. 96 00:04:43,800 --> 00:04:48,600 Speaker 1: Sean Google has ordered six to seven small modular nuclear 97 00:04:48,680 --> 00:04:52,919 Speaker 1: reactors from Chiros Power, becoming the first tech company to 98 00:04:53,000 --> 00:04:57,160 Speaker 1: commission new nuclear power plants to provide low carbon electricity 99 00:04:57,160 --> 00:05:00,000 Speaker 1: for its energy hungry data centers. 100 00:05:00,000 --> 00:05:03,719 Speaker 2: Company had placed an order for small modular nuclear reactors 101 00:05:03,720 --> 00:05:06,680 Speaker 2: with a tail capacity of five hundred megawatts, helping Kiros, 102 00:05:06,800 --> 00:05:09,560 Speaker 2: a seven year old startup, to bring its first commercial 103 00:05:09,600 --> 00:05:12,839 Speaker 2: reactor online by twenty thirty more by about twenty thirty five. 104 00:05:12,880 --> 00:05:16,720 Speaker 2: According to the FT, Google said it is a landmark agreement. 105 00:05:16,880 --> 00:05:20,480 Speaker 2: In its fifteen year clean Energy journey, Google's considering options 106 00:05:20,520 --> 00:05:21,920 Speaker 2: for the power to be fed into the grid or 107 00:05:22,000 --> 00:05:25,560 Speaker 2: directly connected to the data centers. Last month, Microsoft announced 108 00:05:25,600 --> 00:05:28,000 Speaker 2: it would commit to buying twenty year supply of electricity 109 00:05:28,000 --> 00:05:31,520 Speaker 2: from the mothballed US nuclear power plant three Mile Island 110 00:05:31,880 --> 00:05:35,160 Speaker 2: if it's own. A Constellation Energy restarted the site. Basically, 111 00:05:35,160 --> 00:05:38,240 Speaker 2: tech companies are increasingly interested in nuclear as a medium 112 00:05:38,320 --> 00:05:41,560 Speaker 2: term solution to providing low carbon electricity to power their 113 00:05:41,640 --> 00:05:42,359 Speaker 2: data centers. 114 00:05:42,600 --> 00:05:44,880 Speaker 1: All right, that's it the top five business stories in 115 00:05:44,960 --> 00:05:45,560 Speaker 1: five minutes. 116 00:05:45,680 --> 00:05:47,240 Speaker 2: Thank you Sean, Thank you Michael. 117 00:05:47,520 --> 00:05:50,280 Speaker 1: It is Wednesday, the sixteenth of October twenty twenty four. 118 00:05:50,400 --> 00:05:52,919 Speaker 1: Remember to hit follow on the podcast and five minutes 119 00:05:52,960 --> 00:05:55,240 Speaker 1: isn't enough. You can find our longer daily show called 120 00:05:55,279 --> 00:05:58,040 Speaker 1: Fear and Greed wherever you listen to podcasts, or at 121 00:05:58,040 --> 00:06:00,640 Speaker 1: Fearangreed dot com dot au, which is also where you 122 00:06:00,640 --> 00:06:03,680 Speaker 1: sign up for our free weekly newsletter which comes out today, 123 00:06:04,080 --> 00:06:06,480 Speaker 1: so get along quickly. Sign up now and you won't 124 00:06:06,480 --> 00:06:08,440 Speaker 1: miss out. I'm Michael Thompson and that was the Fast 125 00:06:08,440 --> 00:06:13,400 Speaker 1: five business news by Fear and Greed. Have a great day.