1 00:00:03,800 --> 00:00:06,760 Speaker 1: It's Thursday, the twenty first of November twenty twenty four. 2 00:00:07,000 --> 00:00:09,960 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,960 --> 00:00:11,920 Speaker 1: where we give you the top five business stories you 4 00:00:11,960 --> 00:00:13,399 Speaker 1: need to know in just five minutes. 5 00:00:13,640 --> 00:00:17,160 Speaker 2: I'm Michael Thompson and good morning Sean Aylmer, Good morning 6 00:00:17,239 --> 00:00:18,080 Speaker 2: Michael Shawn. 7 00:00:18,160 --> 00:00:20,319 Speaker 1: Five stories, five big stories to get through in just 8 00:00:20,360 --> 00:00:22,759 Speaker 1: five minutes today, so we better get going. Story number one. 9 00:00:23,320 --> 00:00:27,120 Speaker 1: Rio Tinto has released the second part of its investigation 10 00:00:27,280 --> 00:00:30,520 Speaker 1: into workplace culture at the miner and while there's been 11 00:00:30,520 --> 00:00:34,840 Speaker 1: some improvement around racism and sexual harassment, there's also been 12 00:00:34,920 --> 00:00:38,440 Speaker 1: a backlash against workplace diversity programs. 13 00:00:38,800 --> 00:00:43,320 Speaker 2: The investigations being overseen by Liz Brod Rickney Form Discrimination Commissioner, 14 00:00:43,520 --> 00:00:46,239 Speaker 2: includes the survey of eleven thy six hundred staff, more 15 00:00:46,320 --> 00:00:50,600 Speaker 2: than thirteen hundred interviews, three hundred and forty two written submissions. 16 00:00:51,320 --> 00:00:54,840 Speaker 2: It shares a bulling is still systemic at Rio, but 17 00:00:55,000 --> 00:00:59,400 Speaker 2: racism and sexual harassment are common. Not systemic, but are common, 18 00:00:59,680 --> 00:01:02,360 Speaker 2: but there are some indications of positive change. While half 19 00:01:02,400 --> 00:01:05,120 Speaker 2: the respondent said things are better, there are more reported 20 00:01:05,160 --> 00:01:08,840 Speaker 2: cases of harassment and racism. Females are more likely to 21 00:01:08,880 --> 00:01:12,319 Speaker 2: be bullied. In fact, females operating equipment at iron ore 22 00:01:12,440 --> 00:01:15,039 Speaker 2: Minds are most at risk. A bit of a surprise 23 00:01:15,160 --> 00:01:20,040 Speaker 2: was the backlash against the company's efforts. Women reported experiencing 24 00:01:20,120 --> 00:01:23,360 Speaker 2: increasing retaliation in the form of gender bullying in response 25 00:01:23,400 --> 00:01:27,560 Speaker 2: to Rio's efforts to promote diversity and inclusion. Men feel 26 00:01:27,680 --> 00:01:32,039 Speaker 2: they've been silenced or feel guilty by chromosome. Some men 27 00:01:32,080 --> 00:01:37,000 Speaker 2: now feel undervalued and overlooked reverse discrimination. I think Cee A. 28 00:01:37,200 --> 00:01:40,480 Speaker 2: Yak of Staussholme said the report shows mixed results. 29 00:01:41,000 --> 00:01:43,240 Speaker 1: It's a bit hard to know, Shawn, if things are 30 00:01:43,240 --> 00:01:46,720 Speaker 1: actually getting better or not based on what you've just said. 31 00:01:46,959 --> 00:01:49,960 Speaker 2: The background to this is there's a WA parliamentary inquiry 32 00:01:50,000 --> 00:01:52,600 Speaker 2: a few years ago that revealed incidents of sexual assault 33 00:01:52,640 --> 00:01:55,920 Speaker 2: and harassment in fly and fly out operations run by Rio, 34 00:01:56,000 --> 00:01:59,920 Speaker 2: BHP and Fortescue Metals. This report shows that cultural change 35 00:02:00,120 --> 00:02:02,200 Speaker 2: is hard. The companies that it needs to better explain 36 00:02:02,240 --> 00:02:04,440 Speaker 2: how it is trying to overhaul its culture so staff 37 00:02:04,440 --> 00:02:08,480 Speaker 2: are treated fairly and feel safe. GODNREA for commissioning and 38 00:02:08,520 --> 00:02:10,560 Speaker 2: releasing the report, But still a long way to go. 39 00:02:10,960 --> 00:02:13,560 Speaker 1: Yeah, there certainly is all right. Moving on to story 40 00:02:13,639 --> 00:02:17,400 Speaker 1: number two now, the world's largest packaging group. Amcorn is 41 00:02:17,400 --> 00:02:19,360 Speaker 1: on the verge of doing one of the biggest corporate 42 00:02:19,360 --> 00:02:22,760 Speaker 1: deals ever buy an Australian company offering to buy out 43 00:02:22,919 --> 00:02:27,040 Speaker 1: a US listed company called Berry for about thirteen billion dollars. 44 00:02:27,400 --> 00:02:30,400 Speaker 2: If successful, the new group will have four hundred packaging 45 00:02:30,440 --> 00:02:33,919 Speaker 2: plants around the world, seventy five thousand staff, thousands of customers. 46 00:02:34,320 --> 00:02:36,960 Speaker 2: It's an all script bid, which means Berry shareholders end 47 00:02:37,040 --> 00:02:40,160 Speaker 2: up owning en Core shares. The group expects to attract 48 00:02:40,240 --> 00:02:43,519 Speaker 2: a whopping six hundred and fifty million US dollars one 49 00:02:43,600 --> 00:02:48,040 Speaker 2: billion Aussie dollars in synergies. Mcre's primary listing nowadays is 50 00:02:48,040 --> 00:02:50,000 Speaker 2: on the New York Stock Exchange. Its head office it's 51 00:02:50,040 --> 00:02:52,320 Speaker 2: in Zurich, but it began life in the eighteen sixties. 52 00:02:52,400 --> 00:02:53,840 Speaker 2: Is a paper miller on the banks of the Yarra 53 00:02:53,960 --> 00:02:56,320 Speaker 2: River in Melbourne. It listed in New York when it's 54 00:02:56,320 --> 00:02:59,480 Speaker 2: spent nearly seven billion US dollars buying another company back 55 00:02:59,480 --> 00:03:02,560 Speaker 2: in twenty nine. If the deal's done, thirty seven billion 56 00:03:02,600 --> 00:03:05,400 Speaker 2: dollars in turnover six point six billion in pre tax profit. 57 00:03:05,960 --> 00:03:09,240 Speaker 2: Mcres about flexible packaging, It's big in the US, Latin 58 00:03:09,240 --> 00:03:12,519 Speaker 2: America and Asia berries about rigid containers. It too is 59 00:03:12,520 --> 00:03:14,919 Speaker 2: big in the US, but also big in Eastern Europe, 60 00:03:15,160 --> 00:03:16,720 Speaker 2: and of course as a deal would create a bigger 61 00:03:16,720 --> 00:03:20,480 Speaker 2: company better able to develop the future sustainable packaging products. 62 00:03:21,080 --> 00:03:24,880 Speaker 1: Story number three. Federal Treasurer Jim Chalmers has flagged a 63 00:03:24,919 --> 00:03:28,600 Speaker 1: healthier bottom line when the federal budget is updated next 64 00:03:28,680 --> 00:03:30,800 Speaker 1: month thanks to a higher tax take. 65 00:03:31,400 --> 00:03:34,079 Speaker 2: While the budget this financial year is running about three 66 00:03:34,120 --> 00:03:37,560 Speaker 2: point six billion dollars ahead of forecasts, it is still 67 00:03:37,880 --> 00:03:40,880 Speaker 2: likely to be a deficit of twenty five to twenty 68 00:03:40,920 --> 00:03:44,120 Speaker 2: eight twenty nine billion dollars. Now, I've had two surpluses 69 00:03:44,160 --> 00:03:47,040 Speaker 2: in a row, not this financial year. What's helping out 70 00:03:47,040 --> 00:03:50,520 Speaker 2: the jobs market? Unemployment four point one percent. That helps 71 00:03:50,520 --> 00:03:54,400 Speaker 2: two things. Helps revenue more income tax. It also lowers 72 00:03:54,440 --> 00:03:58,040 Speaker 2: outgoings inasmuch as there are few at social welfare. Payments 73 00:03:58,120 --> 00:04:00,680 Speaker 2: could have been even better except that iron prices and 74 00:04:00,720 --> 00:04:03,960 Speaker 2: other commodity prices have fallen. In fact, they're down about 75 00:04:03,960 --> 00:04:06,040 Speaker 2: thirty percent since the start of the year. 76 00:04:06,400 --> 00:04:09,720 Speaker 1: Story number four. The government has flagged changes to how 77 00:04:09,840 --> 00:04:13,200 Speaker 1: retirees will be able to use their superannuation, with hopes 78 00:04:13,240 --> 00:04:16,680 Speaker 1: that funds will offer more innovative products Sean. 79 00:04:17,080 --> 00:04:18,960 Speaker 2: That's the goal two and a half million Australians to 80 00:04:19,000 --> 00:04:22,360 Speaker 2: retire over the next decade. The government wants reforms so 81 00:04:22,440 --> 00:04:25,560 Speaker 2: superfunds can make payments in installments, for example, rather than 82 00:04:25,680 --> 00:04:30,159 Speaker 2: upfront lump sums. They also want deals where the super 83 00:04:30,160 --> 00:04:33,160 Speaker 2: funds can provide money back guarantees, a bit like annuity 84 00:04:33,160 --> 00:04:36,760 Speaker 2: providers like Challenger. I'm all supposed to kick in about 85 00:04:36,800 --> 00:04:38,960 Speaker 2: mid twenty twenty six. The funds do a good job 86 00:04:39,000 --> 00:04:41,800 Speaker 2: in the accumulation stage when people are saving money, less 87 00:04:41,839 --> 00:04:44,359 Speaker 2: good in the decumulation stage. The reforms the aim to 88 00:04:44,400 --> 00:04:46,520 Speaker 2: help that. I mean. While the monthly update from chap 89 00:04:46,560 --> 00:04:49,400 Speaker 2: West shows the median growth super fund in Australia was 90 00:04:49,480 --> 00:04:52,440 Speaker 2: up just zero point one percent in October, sitting about 91 00:04:52,480 --> 00:04:54,120 Speaker 2: ten percent for the year, though pretty good. 92 00:04:54,480 --> 00:04:57,360 Speaker 1: Last one Sean story number five Bodimaker this the world 93 00:04:57,400 --> 00:05:01,920 Speaker 1: has a new most expensive street, with Milan beating New 94 00:05:02,000 --> 00:05:03,919 Speaker 1: York and London to take the title. 95 00:05:04,279 --> 00:05:07,880 Speaker 2: Based on the top rents that landlords can charge retailers. 96 00:05:08,160 --> 00:05:12,960 Speaker 2: The street of Milan via Monte Napoleone is up eleven 97 00:05:13,000 --> 00:05:16,080 Speaker 2: percent over the last year to twenty thousand euros. That's 98 00:05:16,080 --> 00:05:20,279 Speaker 2: about thirty two thousand bossie square per square meter annually 99 00:05:20,680 --> 00:05:23,880 Speaker 2: comes from Cushman and Wakefield, one of the big property 100 00:05:23,960 --> 00:05:27,920 Speaker 2: groups New York. Fifth Avenue came in second. They rents. 101 00:05:27,960 --> 00:05:32,920 Speaker 2: Fell Bond Street in the UK was third, Champs Delyse 102 00:05:33,640 --> 00:05:36,720 Speaker 2: was fifth in Paris and the Pitt Street Moreland, Sydney 103 00:05:36,920 --> 00:05:37,360 Speaker 2: was eighth. 104 00:05:38,080 --> 00:05:40,640 Speaker 1: There you go, all right, top five business stories in 105 00:05:40,680 --> 00:05:41,200 Speaker 1: five minutes. 106 00:05:41,279 --> 00:05:43,080 Speaker 2: Thank you very much, Sean, Thank you, Michael. 107 00:05:43,320 --> 00:05:46,440 Speaker 1: It is Thursday, the twenty first of November twenty twenty four. 108 00:05:46,600 --> 00:05:49,400 Speaker 1: Remember to hit follow on the podcast and if five 109 00:05:49,400 --> 00:05:51,800 Speaker 1: minutes isn't enough, you can find our longer daily show 110 00:05:51,880 --> 00:05:55,039 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 111 00:05:55,040 --> 00:05:57,400 Speaker 1: Michael Thompson and that was the past five business news 112 00:05:57,400 --> 00:06:01,480 Speaker 1: by Fear and Greed. Have a great day.