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Speaker 1: This Tuesday, the twenty fourth of March twenty twenty six.

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Speaker 1: Welcome 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.

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Speaker 1: Five stories in five minutes. Let's go with story number one.

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Speaker 1: The head of the International Energy Agency says that the

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Speaker 1: amount of oil lost from global supplies in the current

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Speaker 1: crisis is already double lat of the oil crises of

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Speaker 1: the nineteen seventies. Speaking at the National Press Club in Canberra,

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Speaker 1: he also said that the quantity of gas constricted by

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Speaker 1: the war in Iran is almost double the amount lost

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Speaker 1: from Russia's invasion of Ukraine. Doctor Fatty Byrel said Asia

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Speaker 1: is at the forefront of the energy crisis and his

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Speaker 1: current assessment of the situation is quote very severe. He

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Speaker 1: said the depth of the problem was not well appreciated

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Speaker 1: by the decision makers around the world.

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Speaker 2: Doctor Beryl's comments highlight how much oil in terms of

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Speaker 2: volume at least, is being stranded, though in terms of price,

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Speaker 2: the rise in Brent is far blow what happened in

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Speaker 2: the nineteen seventies also other energy sources such as renewables,

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Speaker 2: meaning the current crisis has had a more muted effect.

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Speaker 2: He said, if needed, the International Energy Agency member countries

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Speaker 2: could release more fuel from their stockpiles. He also promoted

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Speaker 2: work from home and speed restrictions to help reduce the

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Speaker 2: use of energy. So they said that was up to

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Speaker 2: the PM to decide.

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Speaker 1: Yeah. And as part of the Federal government's efforts to

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Speaker 1: shore up oil supplies, Prime Minister Anthony Aubineazy yesterday issued

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Speaker 1: a joint statement with the Leader of Singapore, Lawrence Wong

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Speaker 1: on fuel security, with the two countries committing to open trade.

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Speaker 1: The thing is Singapore Singapore actually supplies more than half

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Speaker 1: of Australia's petrol imports and fifteen percent of its diesel.

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Speaker 1: It's also a buyer of Australian liquefied natural gas.

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Speaker 2: In a statement, the two leaders said, and I quote,

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Speaker 2: We're committed to working together to strengthen energy supply chain resilience,

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Speaker 2: including by deepening regional cooperation, eighting renewable energy transition, addressing

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Speaker 2: unjustified import and export restrictions, and maintaining open trade flows.

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Speaker 2: The statement with Singapore caused and other trading partners to

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Speaker 2: ensure global energy supply chains are kept open.

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Speaker 1: Moving on to story number two now, the S and

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Speaker 1: PA SEX two hundred closed down zero point seven percent

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Speaker 1: yesterday Shawnder eighty three hundred and sixty six points, the

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Speaker 1: lowest close since May twenty twenty five, though it could

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Speaker 1: have been a lot worse. It actually dropped as much

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Speaker 1: as two percent earlier in the session. The benchmark index

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Speaker 1: almost fell into correction territory, which is defined as being

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Speaker 1: ten percent below its previous high. It's now down nine

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Speaker 1: point one percent from its March the second peak, and

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Speaker 1: that is worth about three hundred billion dollars as right.

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Speaker 2: Oil prices wavered after US President Donald Trump issued a

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Speaker 2: forty eight hour ultimatum for Tehran to reopen the Strait

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Speaker 2: of Homuz or face strikes on energy infrastructure or unwarned

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Speaker 2: any attack would trigger further closure of the waterway and

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Speaker 2: retaliation against US and Israeli assetsprent Crud is now trading

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Speaker 2: around one hundred and thirteen US dollars a barrel. That's

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Speaker 2: a lot, but unless it's saying it could go quite

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Speaker 2: a bit higher. An interesting company, yes, say Eagers Automotive.

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Speaker 2: You know the car Lot group, it jumps six percent

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Speaker 2: higher fuel costs. Maybe that'll help with sales of Evsgo.

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Speaker 1: Yeah, right, okay. During number three, sean staff at the

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Speaker 1: ABC have voted to go on strike for the first

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Speaker 1: time in twenty years and I set to walk off

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Speaker 1: the job at eleven am tomorrow. The escalation came after

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Speaker 1: the majority of staff voted against a new Enterprise Agreement

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Speaker 1: proposed by management.

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Speaker 2: The EA, which governs between twenty twenty five and twenty

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Speaker 2: twenty eight, includes and your wage increases of three point

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Speaker 2: five three point twenty five and three point two five percent.

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Speaker 2: Unions want five point five percent each year. Still some

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Speaker 2: way apart, the ABC will apply to the Fair Work

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Speaker 2: Commission to appoint in media and now the MEUABA the

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Speaker 2: union involved, so that almost one thousand abt C staff

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Speaker 2: had voted. Ninety percent went in favor of going on strike.

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Speaker 2: It is protected action. Boss of the ABC, Hugh Marks,

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Speaker 2: had previously offered one thousand dollars cash bonus earlier this month.

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Speaker 2: Clearly that one didn't satiate the workers. Indeed, story number four,

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Speaker 2: at least twelve global car makers are scaling back their

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Speaker 2: electric vehicle plans amid ongoing demand for combustion engines and

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Speaker 2: a rollback of supportive policies in both the US and

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Speaker 2: in Europe. Last week, Honda abandoned its plan to stop

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Speaker 2: making combustion engine cars by twenty forty and fore cast

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Speaker 2: sixteen billion dollars in losses over the next two years

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Speaker 2: from its EV strategy overhaul Mercedes, benz Ford, Stilantis, Volvo cars.

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Speaker 2: They've also cut their all electric targets, and among the

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Speaker 2: luxury brand BMW owned Rolls Royce is the latest to

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Speaker 2: change course, announcing this week that it will continue to

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Speaker 2: make petrol engine vehicles beyond twenty thirty. Indeed, Bentley, Lotus,

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Speaker 2: Audi Porsche they've already scaled back plans to go fully

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Speaker 2: or at eighty percent electric over the next decade. Aid Basically,

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Speaker 2: plug in hybrids are replacing the EV cars in many cases,

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Speaker 2: according to THEFT. Volkswagen owned Lamborghini also recently a banned

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Speaker 2: its plan to launch its first fully electric vehicle. It'll

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Speaker 2: be a plug in as well. Ferrari last year did

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Speaker 2: it's twenty thirty EV production target, but he's pressing ahead

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Speaker 2: with its first electric model. It is incredible the backtracking

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Speaker 2: going on in car manufacturing at the moment around EV's.

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Speaker 1: Finally Sean story number five, This one might take you

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Speaker 1: back to the bad old days of About five years ago.

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Speaker 1: Japan's government urged citizens not to panic buy toilet paper,

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Speaker 1: as social media posts suggests that people are starting to

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Speaker 1: stockpile daily necessities out of concern over the war in

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Speaker 1: the Middle East.

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Speaker 2: Hoarding toilet paper. We all know about it. It became a

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Speaker 2: phenomenon in Japan at the time of the nineteen seventy

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Speaker 2: three oil shock. Now more recently, the devastating earthquake and

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Speaker 2: tsunami of twenty eleven. The COVID pandemic triggered similar behavior patterns.

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Speaker 2: According to report on Bloomberg, it's happening again. The Ministry

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Speaker 2: of Economy, Trade and Industry set in a statement that

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Speaker 2: shoppers should make rational decisions about toilet paper purchases. According

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Speaker 2: to the Japan Household Paper Industry Association, about ninety seven

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Speaker 2: percent of toilet paper is produced domestically, as in no

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Speaker 2: need mean no need for toilet paper from the Middle East,

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Speaker 2: yet people are still hoarding it.

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Speaker 1: There we go, all right, the top five business stories

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

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Speaker 1: It's Tuesday, the twenty fourth of March twenty twenty six,

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Speaker 1: remembered hit follow on the podcast and if five minutes

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Speaker 1: just isn't enough, you can find our longer daily show

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Speaker 1: called Fear and Greed whereever you listen to podcasts. I'm

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Speaker 1: Michael Thompson and that was the past five business news

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Speaker 1: by Fear and Greed. Have a great day.