1 00:00:04,160 --> 00:00:06,920 Speaker 1: Welcome to the weekend edition of The Fast Five Business 2 00:00:06,920 --> 00:00:10,120 Speaker 1: News by Beer and Greed. I'm Adam Lang. Hello, Sean Aylmer, 3 00:00:10,360 --> 00:00:13,240 Speaker 1: Hello Adam. On weekdays, it's all about the Fast five, 4 00:00:13,320 --> 00:00:16,320 Speaker 1: the top five business stories in five minutes on a weekend. Though, 5 00:00:16,520 --> 00:00:18,239 Speaker 1: we're still going to keep it to five minutes, but 6 00:00:18,280 --> 00:00:20,320 Speaker 1: we're going to pick out the biggest story of the week, 7 00:00:20,440 --> 00:00:22,920 Speaker 1: the sleeper story, that's the one that tends to fly 8 00:00:23,040 --> 00:00:26,720 Speaker 1: under the radar, the most remarkable story, and our favorite story. 9 00:00:26,880 --> 00:00:29,600 Speaker 1: So let's get into it. Sean, what was your biggest 10 00:00:29,600 --> 00:00:30,400 Speaker 1: story of the week. 11 00:00:30,960 --> 00:00:34,519 Speaker 2: US politics, let's start with the Republicans. Their leader Donald 12 00:00:34,520 --> 00:00:37,400 Speaker 2: Trump has somehow managed to unite the party. He's now 13 00:00:37,400 --> 00:00:40,000 Speaker 2: favorite to win the US presidential poll. In November. He 14 00:00:40,120 --> 00:00:44,640 Speaker 2: gave a typically fire brand speech on Friday, Australian Time. 15 00:00:44,720 --> 00:00:47,000 Speaker 2: He said his first speech, he actually changed the speech. 16 00:00:47,040 --> 00:00:49,159 Speaker 2: He said his first one was going to be a humdinger. 17 00:00:49,400 --> 00:00:50,600 Speaker 2: He said it would have been one of the most 18 00:00:50,600 --> 00:00:54,840 Speaker 2: incredible speeches anyway, he spoke, well, nice touch. How Donald 19 00:00:54,880 --> 00:00:57,960 Speaker 2: Trump's ear bandage became a fashion statement at the convention. 20 00:00:58,200 --> 00:01:00,960 Speaker 2: Better mention. Jad Evan's author of Hill, the Elergy Lawyer, 21 00:01:01,040 --> 00:01:04,399 Speaker 2: startup tech man and an anti trumper at one point. 22 00:01:04,440 --> 00:01:08,440 Speaker 2: He's now nominee for Vice president. Loves big Donald sam 23 00:01:08,560 --> 00:01:11,640 Speaker 2: is the future of the Make America Great Again movement. 24 00:01:12,200 --> 00:01:14,560 Speaker 2: Things keep getting worse for Joe Biden. A bunch of 25 00:01:14,600 --> 00:01:19,200 Speaker 2: Democrats now openly calling for him to step down. There 26 00:01:19,200 --> 00:01:22,160 Speaker 2: are reports that Barack Obama is in that camp, unconfirmed. 27 00:01:22,200 --> 00:01:24,840 Speaker 2: The White House is sticking by mister Biden at the moment. 28 00:01:25,040 --> 00:01:27,520 Speaker 2: He also tested positive for COVID. Very tough for him. 29 00:01:27,520 --> 00:01:31,240 Speaker 2: How to cancel an event in Las Vegas? Big week 30 00:01:31,280 --> 00:01:33,080 Speaker 2: for US politics? What about you, Adam? 31 00:01:33,560 --> 00:01:36,440 Speaker 1: Mine is the S and P ASX two hundred sean 32 00:01:36,440 --> 00:01:39,280 Speaker 1: which hit a record high of over eight thousand points 33 00:01:39,319 --> 00:01:42,600 Speaker 1: on Monday morning. So why? Our stock prices are a 34 00:01:42,680 --> 00:01:46,800 Speaker 1: key indicator of future profits. So record ASX levels signal 35 00:01:47,040 --> 00:01:50,840 Speaker 1: strong future profits for Australian businesses, making this big and 36 00:01:50,920 --> 00:01:53,600 Speaker 1: good news. So how did we get here? It took 37 00:01:53,640 --> 00:01:56,160 Speaker 1: three years for the index to climb from seven thousand 38 00:01:56,200 --> 00:01:59,040 Speaker 1: to eight thousand points, but the last nine months have 39 00:01:59,120 --> 00:02:03,000 Speaker 1: been incredible. Since October twenty twenty three, the ASX two 40 00:02:03,200 --> 00:02:06,400 Speaker 1: hundred has served eighteen percent. And it's not just US 41 00:02:06,640 --> 00:02:09,560 Speaker 1: Wall Street. The Tokyo Stock Exchange. The stock to Europe 42 00:02:09,600 --> 00:02:12,960 Speaker 1: six hundred are also trading at record levels. The rally 43 00:02:13,000 --> 00:02:15,880 Speaker 1: of the last nine months has reflected the slowdown of 44 00:02:15,960 --> 00:02:18,079 Speaker 1: rate hikes in Australia and the US. 45 00:02:18,639 --> 00:02:21,840 Speaker 2: Okay, most remarkable story. You jump in there, Adam, all right. 46 00:02:21,919 --> 00:02:26,639 Speaker 1: It's the CFMEU representing workers in the construction, forestryt maritime, 47 00:02:26,680 --> 00:02:29,800 Speaker 1: mining and energy industries. They should normally be advocating for 48 00:02:29,840 --> 00:02:33,639 Speaker 1: better working conditions, wages and safety standards. They're all good causes, 49 00:02:33,800 --> 00:02:36,160 Speaker 1: but unfortunately this good course seems to have gone bad 50 00:02:36,160 --> 00:02:37,600 Speaker 1: on a number of fronts. And I have to give 51 00:02:37,600 --> 00:02:40,720 Speaker 1: a big credit to nine Entertainments news publications for this 52 00:02:40,760 --> 00:02:45,600 Speaker 1: remotable story of the week. Bikings, criminals, underworld figures have 53 00:02:45,800 --> 00:02:50,160 Speaker 1: all allegedly infiltrated the Construction and General Division of the CFMEU, 54 00:02:50,480 --> 00:02:54,760 Speaker 1: and that's including within government funded projects. Allegations of senior 55 00:02:54,760 --> 00:02:59,359 Speaker 1: officials taking bribes receiving building work for free. There are 56 00:02:59,400 --> 00:03:03,239 Speaker 1: also claims of official threatening factional opponents in their homes. 57 00:03:03,480 --> 00:03:06,679 Speaker 1: The allegations of misconduct have been so serious the Prime 58 00:03:06,720 --> 00:03:10,160 Speaker 1: Mister Anthony Alberizi announced that Labour's National executive will sever 59 00:03:10,280 --> 00:03:12,640 Speaker 1: ties with the CFMU as of now. 60 00:03:13,120 --> 00:03:15,320 Speaker 2: Yeah, remarkable story that one. It can't beat that. I'm 61 00:03:15,320 --> 00:03:17,359 Speaker 2: going to give you a good sleeper story though. That's 62 00:03:17,360 --> 00:03:19,760 Speaker 2: the iron or market. Not because of share prices or 63 00:03:19,800 --> 00:03:23,240 Speaker 2: prices of iron ore. But what's happening in Guinea Guinea 64 00:03:23,320 --> 00:03:26,240 Speaker 2: is in West Africa and Nicierra Leone, Guinea Bissau, Cote 65 00:03:26,280 --> 00:03:29,160 Speaker 2: de Vore. Maybe not the cradle of democracy given the 66 00:03:29,160 --> 00:03:31,239 Speaker 2: military coups that have occurred in the region over the years, 67 00:03:31,320 --> 00:03:33,679 Speaker 2: but it could become the home of iron ore. This week, 68 00:03:33,760 --> 00:03:37,040 Speaker 2: Rio Tinto finally won approval for a mega African iron 69 00:03:37,080 --> 00:03:40,360 Speaker 2: ore project. It is huge. The reserve is called Simindal. 70 00:03:40,640 --> 00:03:42,840 Speaker 2: It has an estimated two billion tons of high grade 71 00:03:42,880 --> 00:03:46,040 Speaker 2: iron or the largest untapped reserve of high grade or 72 00:03:46,160 --> 00:03:50,120 Speaker 2: in the world. It's taken decades to get to this point. 73 00:03:50,280 --> 00:03:52,520 Speaker 2: Now it's split into four blocks over one hundred kilometers. 74 00:03:52,960 --> 00:03:56,520 Speaker 2: Reas Consortium, a joint venture between its Chinese state owned 75 00:03:56,520 --> 00:03:59,080 Speaker 2: companies and the government of Guinea, owns two of the 76 00:03:59,160 --> 00:04:02,120 Speaker 2: four Rias spent about eighteen billion Aussie dollars not just 77 00:04:02,120 --> 00:04:03,920 Speaker 2: getting the stuff out of the ground, but also building 78 00:04:03,960 --> 00:04:07,920 Speaker 2: a six hundred kilometer line for rail they're also building 79 00:04:07,960 --> 00:04:11,160 Speaker 2: a port to get the ore out. Think about this, 80 00:04:11,160 --> 00:04:14,200 Speaker 2: This could actually change the economics of iron ore I 81 00:04:14,400 --> 00:04:16,920 Speaker 2: knows about Australia and Brazil. Suddenly Guinea is becoming a 82 00:04:16,920 --> 00:04:20,159 Speaker 2: major player. Quite an incredible story and the great sleeper 83 00:04:20,200 --> 00:04:21,479 Speaker 2: story for the week, Adam. 84 00:04:21,839 --> 00:04:24,239 Speaker 1: Sean, Let's move on to favorite story of the week, 85 00:04:24,279 --> 00:04:27,360 Speaker 1: and this is my nomination. I'm going to offer the quirky, 86 00:04:27,480 --> 00:04:31,640 Speaker 1: bold and intriguing story of seven Networks bold move to 87 00:04:31,720 --> 00:04:35,279 Speaker 1: inject comedy and horoscopes into their news programming. Yep, you 88 00:04:35,360 --> 00:04:38,160 Speaker 1: heard that right. Starting this week, seven News has been 89 00:04:38,160 --> 00:04:41,560 Speaker 1: shaking up its traditional evening news format by adding daily 90 00:04:41,600 --> 00:04:45,640 Speaker 1: horoscopes and weekly dashes of comedy. Now, this is a 91 00:04:45,680 --> 00:04:49,400 Speaker 1: fascinating case of a major network trying to stay vital 92 00:04:49,720 --> 00:04:52,440 Speaker 1: in an ever evolving media landscape. So why are they 93 00:04:52,480 --> 00:04:56,279 Speaker 1: doing it? With viewership pattern shifting and younger audiences favoring 94 00:04:56,320 --> 00:05:01,040 Speaker 1: digital platforms over traditional TV, seven News is betting on 95 00:05:01,080 --> 00:05:04,560 Speaker 1: an injection of entertainment to grow their audience. Sean, what 96 00:05:04,600 --> 00:05:05,440 Speaker 1: do you reckon. 97 00:05:05,680 --> 00:05:08,080 Speaker 2: A good story? Just very quickly, for me, my favorite 98 00:05:08,120 --> 00:05:10,200 Speaker 2: story is buck Ken Griffin, the founder of Massive of 99 00:05:10,240 --> 00:05:13,240 Speaker 2: the Massive Citadel Hedge fund. This week, he paid forty 100 00:05:13,240 --> 00:05:16,120 Speaker 2: five million the US dollars for a one hundred and 101 00:05:16,120 --> 00:05:19,400 Speaker 2: fifty million year old stegosaurus known as Apex, the most 102 00:05:19,440 --> 00:05:23,360 Speaker 2: valuable fossil ever sold at auction. Funny thing. The Segasaurus 103 00:05:23,360 --> 00:05:28,200 Speaker 2: comes from a place called Dinosaur in Colorado. It's mostly intact. 104 00:05:28,279 --> 00:05:30,320 Speaker 2: It's three point three five meters tall eight point two 105 00:05:30,320 --> 00:05:33,600 Speaker 2: meters long. Sale price is about eleven times what Southerby's 106 00:05:33,600 --> 00:05:36,400 Speaker 2: thought they might get for it. He plans. Mister Griffin 107 00:05:36,440 --> 00:05:38,640 Speaker 2: plans to put the dinosaur on display at a US museum. 108 00:05:38,640 --> 00:05:41,040 Speaker 2: A bit of a fan of dinosaurs. Previously, he's given 109 00:05:41,080 --> 00:05:44,360 Speaker 2: sixteen point five million to the Field Museum in Chicago 110 00:05:44,520 --> 00:05:46,760 Speaker 2: to fund the display of the cast, the biggest dinosaur 111 00:05:46,800 --> 00:05:49,839 Speaker 2: ever discovered. Good on, mister Griffin, my favorite story of 112 00:05:49,839 --> 00:05:50,200 Speaker 2: the week. 113 00:05:50,360 --> 00:05:52,120 Speaker 1: Well, thank you, mister Griffin, and. 114 00:05:52,080 --> 00:05:53,799 Speaker 2: Thank you Sean, Thank you Adam. 115 00:05:53,960 --> 00:05:56,000 Speaker 1: We'll be back on Monday morning with the top five 116 00:05:56,040 --> 00:05:58,839 Speaker 1: business stories in five minutes. Don't forget to hit follow 117 00:05:58,920 --> 00:06:02,960 Speaker 1: and join us online on Instagram, TikTok, LinkedIn, Facebook and X. 118 00:06:03,279 --> 00:06:05,720 Speaker 1: I'm Adam Lang and this is the fast five business 119 00:06:05,760 --> 00:06:08,120 Speaker 1: news by Fear and Greed. Have a great weekend.