1 00:00:03,880 --> 00:00:07,160 Speaker 1: It's Thursday, the eleventh of September twenty twenty five. Welcome 2 00:00:07,160 --> 00:00:09,479 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,520 --> 00:00:11,320 Speaker 1: where we give you the top five business stories you 4 00:00:11,360 --> 00:00:13,720 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:13,720 --> 00:00:17,320 Speaker 1: and Good morning, Sean Aylmer, Good morning, Michael Sewn. Five 6 00:00:17,360 --> 00:00:19,479 Speaker 1: stories five minutes. Let's go story number one. There's been 7 00:00:19,520 --> 00:00:22,640 Speaker 1: a massive sell off in commodity stocks, with falls across 8 00:00:22,680 --> 00:00:25,759 Speaker 1: the major mining companies yesterday on the back of a 9 00:00:25,880 --> 00:00:28,920 Speaker 1: mega mining merger. How's that for alliteration. It happened even 10 00:00:28,960 --> 00:00:32,080 Speaker 1: though gold is trading around a record high at the moment, 11 00:00:32,360 --> 00:00:34,800 Speaker 1: and iron all prices are at six month highs. 12 00:00:35,040 --> 00:00:37,200 Speaker 2: Yeah, so that good news on golden iron or couldn't 13 00:00:37,200 --> 00:00:39,840 Speaker 2: stop the selling. Lithium minors led losses across the course 14 00:00:39,960 --> 00:00:43,680 Speaker 2: on news that one of China's biggest lithium producers is 15 00:00:43,720 --> 00:00:47,879 Speaker 2: about to resume production having been suspended last month. More 16 00:00:47,880 --> 00:00:50,280 Speaker 2: supplying to the market will weigh on the medals price. 17 00:00:50,479 --> 00:00:53,440 Speaker 2: The share prices of line Town it was down eighteen percent, 18 00:00:53,479 --> 00:00:57,440 Speaker 2: Pilgrim Minerals seventeen percent, Igo fourteen percent, Mineral Resources six percent. 19 00:00:58,400 --> 00:01:00,480 Speaker 2: That is a big sell off. In the lithium sectum. 20 00:01:00,640 --> 00:01:04,000 Speaker 2: Also bad news from Rareworth's producer I Lukam The company 21 00:01:04,000 --> 00:01:07,559 Speaker 2: will halt production at one of its Wae mines from 22 00:01:07,600 --> 00:01:10,880 Speaker 2: December due to subdued demand for mineral sands. Its share 23 00:01:10,880 --> 00:01:14,240 Speaker 2: price tumbled fourteen percent. The big miners BHP and Raw 24 00:01:14,319 --> 00:01:17,280 Speaker 2: lost ground despite iron ore prices topping are one hundred 25 00:01:17,280 --> 00:01:19,880 Speaker 2: and seven U S dollars. That's the highest level since 26 00:01:19,880 --> 00:01:23,360 Speaker 2: February twenty door February this year. Now, the reason for 27 00:01:23,440 --> 00:01:27,160 Speaker 2: the falls yesterday investors are digesting the merger of Anglo 28 00:01:27,200 --> 00:01:30,200 Speaker 2: American with Canada's tech Resources, in one of the biggest 29 00:01:30,240 --> 00:01:32,480 Speaker 2: mining deals in more than a decade. Even the gold 30 00:01:32,480 --> 00:01:35,000 Speaker 2: companies couldn't be saved. The precious metal might be able 31 00:01:35,000 --> 00:01:37,240 Speaker 2: to record high but the major gold stocks I think 32 00:01:37,280 --> 00:01:40,200 Speaker 2: Northern Star, Bellevue, Goal, Perseus Mining all sold off. 33 00:01:40,600 --> 00:01:43,920 Speaker 1: Yeah, But notwithstanding shown the selloff in commodity markets, the 34 00:01:44,000 --> 00:01:48,120 Speaker 1: local SMPA six two hundred still ended higher. The big 35 00:01:48,160 --> 00:01:49,480 Speaker 1: banks came to the rescue. 36 00:01:49,600 --> 00:01:52,279 Speaker 2: Sure did the big four come off? Bank, National, Australia, Bank, Westpac, 37 00:01:52,320 --> 00:01:54,360 Speaker 2: andd A and Z all jumped by around one and 38 00:01:54,360 --> 00:01:57,240 Speaker 2: a half percent. The bosses around eighty eight thirty. That's 39 00:01:57,280 --> 00:01:59,560 Speaker 2: about what's less than a percent off. It's all time high, 40 00:01:59,600 --> 00:02:00,840 Speaker 2: so still doing pretty well. 41 00:02:00,960 --> 00:02:03,040 Speaker 1: Okay, moving on to story number two. Now, the federal 42 00:02:03,040 --> 00:02:06,640 Speaker 1: government will spend one point seven billion dollars building a 43 00:02:06,680 --> 00:02:10,519 Speaker 1: fleet of AI controlled underwater drones over the next five years, 44 00:02:10,560 --> 00:02:12,480 Speaker 1: though it insists it had nothing to do with the 45 00:02:12,520 --> 00:02:16,079 Speaker 1: demand by the Trump administration for Australia to increase its 46 00:02:16,080 --> 00:02:16,880 Speaker 1: defense budget. 47 00:02:17,160 --> 00:02:19,960 Speaker 2: Defense Minister Richard Miles said Australia is holding the line 48 00:02:19,960 --> 00:02:22,880 Speaker 2: against US demands that Australia lift its defense budget to 49 00:02:22,919 --> 00:02:25,359 Speaker 2: three and a half percent of GDP. It's currently about 50 00:02:25,400 --> 00:02:30,400 Speaker 2: two percent. But Australia definitely has increased spending, including yesterday's 51 00:02:30,400 --> 00:02:32,639 Speaker 2: announcement as well as this one point six billion dollar 52 00:02:32,680 --> 00:02:35,320 Speaker 2: contribution so far to enhance the production of subs in 53 00:02:35,400 --> 00:02:38,520 Speaker 2: the US, the provision of more than one hundred personnel 54 00:02:38,840 --> 00:02:41,520 Speaker 2: who will be trained on a base in Hawaii. There's 55 00:02:41,560 --> 00:02:44,360 Speaker 2: also things such as the upgrade of the Henderson Naval 56 00:02:44,400 --> 00:02:46,880 Speaker 2: Base in Western Australia to host US subs from twenty 57 00:02:46,919 --> 00:02:50,880 Speaker 2: twenty seven onwards, rotation of US marines and aircraft through Darwin. 58 00:02:51,360 --> 00:02:54,520 Speaker 2: So we might say we're not trying to appease the 59 00:02:54,600 --> 00:02:58,280 Speaker 2: US doesn't necessarily look like that. The program yesterday, the 60 00:02:58,320 --> 00:03:01,840 Speaker 2: aptly named Ghost Shark Program, will be funded from the 61 00:03:01,880 --> 00:03:04,840 Speaker 2: existing defense budget. It'll result in the construction of more 62 00:03:04,880 --> 00:03:07,639 Speaker 2: than two dozen drones over the next five years at 63 00:03:07,639 --> 00:03:10,600 Speaker 2: a Sydney plant owned by a US company. 64 00:03:10,480 --> 00:03:13,040 Speaker 1: Story number three. While the government is working to make 65 00:03:13,080 --> 00:03:15,720 Speaker 1: it easier for first home buyers to enter the market, 66 00:03:16,000 --> 00:03:18,600 Speaker 1: higher prices are making it more and more difficult to 67 00:03:18,639 --> 00:03:21,240 Speaker 1: afford a house. According to a new report from Domain. 68 00:03:21,880 --> 00:03:26,160 Speaker 2: Yeah, essentially, affordable homes are becoming unaffordable. Houses priced in 69 00:03:26,200 --> 00:03:29,320 Speaker 2: the twenty fifth percent of so they're the twenty five percent, 70 00:03:29,400 --> 00:03:33,480 Speaker 2: the cheapest twenty five percent. Their price rises have been 71 00:03:34,040 --> 00:03:39,240 Speaker 2: much greater than the more expensive homes, So relatively cheap 72 00:03:39,280 --> 00:03:43,120 Speaker 2: homes are becoming more expensive then expensive homes. Is still 73 00:03:43,120 --> 00:03:45,680 Speaker 2: with me, Michael, I hope. So it's happening across the country, 74 00:03:45,720 --> 00:03:47,880 Speaker 2: but especially in the hot spots of recent years per 75 00:03:47,960 --> 00:03:50,400 Speaker 2: Adelaide and Brisbane. The Domain report says the time to 76 00:03:50,400 --> 00:03:53,040 Speaker 2: say for a home deposit is now over eight years. 77 00:03:53,600 --> 00:03:56,160 Speaker 2: Though the government policy should help the first home buyers, 78 00:03:56,320 --> 00:03:59,320 Speaker 2: mortgagury payments now take up to fifty four percent of 79 00:03:59,360 --> 00:04:04,000 Speaker 2: household income, a twenty year high that doesn't leave much leftover. 80 00:04:04,200 --> 00:04:08,360 Speaker 1: No, it doesn't, okay. Story number four sean Apple has 81 00:04:08,440 --> 00:04:11,560 Speaker 1: launched a new slim line iPhone Air, the biggest change 82 00:04:11,600 --> 00:04:14,040 Speaker 1: to the look of its flagship product in years, as 83 00:04:14,040 --> 00:04:18,200 Speaker 1: the tech giant actually held smartphone prices steady despite pressure 84 00:04:18,200 --> 00:04:21,400 Speaker 1: from the US Trade Disruption. Chief executive Tim Pook described 85 00:04:21,440 --> 00:04:25,279 Speaker 1: the iPhone Air, which is just five point six millimeters thick, 86 00:04:25,360 --> 00:04:27,400 Speaker 1: features a single camera on the back, and is packed 87 00:04:27,440 --> 00:04:30,600 Speaker 1: with Apple's own custom chips, as the biggest leap ever 88 00:04:31,000 --> 00:04:33,800 Speaker 1: for iPhone. The creation of a thinner version of the smartphone, 89 00:04:33,800 --> 00:04:36,520 Speaker 1: which still accounts for about half of Apple's and your revenue, 90 00:04:36,760 --> 00:04:39,680 Speaker 1: follows the introduction of slim, lower cost air models for 91 00:04:39,720 --> 00:04:42,800 Speaker 1: MacBook and iPad over recent years. The basic look of 92 00:04:42,839 --> 00:04:45,919 Speaker 1: the iPhone hasn't changed significantly in recent times, customers have 93 00:04:45,920 --> 00:04:48,960 Speaker 1: been slower to update. Apple's hoping this new iPhone Air 94 00:04:49,600 --> 00:04:53,200 Speaker 1: will inspire consumers to upgrade the device as Interestingly, the 95 00:04:53,320 --> 00:04:56,240 Speaker 1: price hasn't jumped very much, at least in the US. 96 00:04:56,279 --> 00:04:59,760 Speaker 1: It's nine hundred and ninety nine dollars. Samsung, Apple's biggest competitor, 97 00:04:59,800 --> 00:05:02,640 Speaker 1: in the The US launched its own slim smartphone, the 98 00:05:02,720 --> 00:05:06,080 Speaker 1: S twenty five Edge in May. Others like Huawei out 99 00:05:06,120 --> 00:05:09,120 Speaker 1: of China have also pushed in the thinner foldable phones 100 00:05:09,560 --> 00:05:11,760 Speaker 1: that in that case that opens up into a tablet 101 00:05:11,800 --> 00:05:14,480 Speaker 1: sized screen. Last one storry number five and this is 102 00:05:14,600 --> 00:05:18,960 Speaker 1: quite incredible sean. Oracle boss Larry Ellison is closing in 103 00:05:19,080 --> 00:05:21,400 Speaker 1: on Elon Musk for the title of the world's richest 104 00:05:21,400 --> 00:05:25,799 Speaker 1: person after the software group reported some very strong quarterly results, 105 00:05:25,960 --> 00:05:28,280 Speaker 1: sending at share price up thirty percent. 106 00:05:28,839 --> 00:05:32,080 Speaker 2: Ellison's now worth three hundred and sixty four billion US dollars, 107 00:05:32,400 --> 00:05:35,239 Speaker 2: within striking distance of Musk, who sits at three hundred 108 00:05:35,240 --> 00:05:38,520 Speaker 2: and eighty four billion dollars according to the Bloomberg Billionaires Index. 109 00:05:38,720 --> 00:05:42,040 Speaker 2: The eighty one year old Ellison co founded Oracle. He's 110 00:05:42,080 --> 00:05:44,880 Speaker 2: now chair and chief technology officer. Most of his worth 111 00:05:44,960 --> 00:05:48,720 Speaker 2: is tied up in the database software company. Oracle's share 112 00:05:48,720 --> 00:05:51,080 Speaker 2: price is up forty five percent, was up forty five 113 00:05:51,080 --> 00:05:54,560 Speaker 2: percent before yesterday, then jumped about twenty six percent in 114 00:05:54,680 --> 00:05:58,600 Speaker 2: extended trading. That's on the back of an aggressive outlook 115 00:05:58,880 --> 00:06:02,880 Speaker 2: for revenue thanks to all those AI companies using its 116 00:06:02,920 --> 00:06:07,520 Speaker 2: cloud infrastructure business. So while Oracle's going one way, Tesla's 117 00:06:07,560 --> 00:06:09,359 Speaker 2: share price is going to the other. It's down fourteen 118 00:06:09,360 --> 00:06:12,320 Speaker 2: percent this year. Ellison is closing in on Musk. 119 00:06:12,560 --> 00:06:14,599 Speaker 1: Indeed, all right, there we go the top five business 120 00:06:14,600 --> 00:06:15,600 Speaker 1: stories in five minutes. 121 00:06:15,640 --> 00:06:17,120 Speaker 2: Thank you Sean, Thank you Michael. 122 00:06:17,240 --> 00:06:20,000 Speaker 1: It is Thursday, the eleventh of September twenty twenty five. 123 00:06:20,080 --> 00:06:22,599 Speaker 1: Remember to hit follow on the podcast. And if five 124 00:06:22,600 --> 00:06:24,920 Speaker 1: minutes isn't enough, you're gonna find our longer daily show 125 00:06:25,000 --> 00:06:27,640 Speaker 1: called Fear and Greed where if you listen to podcasts, 126 00:06:27,680 --> 00:06:29,760 Speaker 1: I'm Michael Thompson. And that was the fast five business 127 00:06:29,839 --> 00:06:31,760 Speaker 1: news by Fear and Greed. Have a great day.