1 00:00:03,520 --> 00:00:06,640 Speaker 1: It's Monday, the seventh of October twenty twenty four. Welcome 2 00:00:06,680 --> 00:00:09,160 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,200 --> 00:00:11,000 Speaker 1: while we give you the top five business stories you 4 00:00:11,080 --> 00:00:13,520 Speaker 1: need to know and just five minutes. I'm Michael Thompson 5 00:00:13,520 --> 00:00:14,880 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,040 --> 00:00:16,959 Speaker 2: Good morning, Michael, Sean Five. 7 00:00:16,800 --> 00:00:20,080 Speaker 1: Stories, five minutes, let's go story number one. The Australian 8 00:00:20,120 --> 00:00:23,960 Speaker 1: IPO market is struggling, with listings at their weakest pace 9 00:00:24,120 --> 00:00:27,479 Speaker 1: in fifteen years, in part because of all the private 10 00:00:27,520 --> 00:00:28,920 Speaker 1: money soaking up assets. 11 00:00:29,040 --> 00:00:32,479 Speaker 2: The value of new equity raised from ASX initial public 12 00:00:32,560 --> 00:00:34,960 Speaker 2: offerings in the first nine months of this year was 13 00:00:35,120 --> 00:00:37,840 Speaker 2: just seven hundred and twenty million dollars, the weekest since 14 00:00:37,880 --> 00:00:41,440 Speaker 2: twenty twelve. According to data compiled by dear Logic for 15 00:00:41,560 --> 00:00:44,640 Speaker 2: the Australian Financial Review, the number of floats fifteen in 16 00:00:44,680 --> 00:00:46,720 Speaker 2: the nine months to the end of September, is the 17 00:00:46,760 --> 00:00:49,840 Speaker 2: lowest since the global financial crisis in two thousand and nine. 18 00:00:49,840 --> 00:00:53,440 Speaker 2: Goosmany Gomes is the highest profile IPO this year, but 19 00:00:53,560 --> 00:00:57,040 Speaker 2: only raised three hundred and thirty five million dollars. Retail investors, 20 00:00:57,080 --> 00:00:58,680 Speaker 2: in fact, didn't get any of that. They had to 21 00:00:58,680 --> 00:01:00,200 Speaker 2: wait for it to hit the market to buy in. 22 00:01:00,640 --> 00:01:03,000 Speaker 2: What's happening is that there's a flood of private money 23 00:01:03,000 --> 00:01:05,679 Speaker 2: buying our passets. Big super funds, for example, are not 24 00:01:05,760 --> 00:01:09,280 Speaker 2: just buying things on the ASEX. They're buying companies before 25 00:01:09,319 --> 00:01:12,200 Speaker 2: they even make it to the ASEX. For example, earlier 26 00:01:12,240 --> 00:01:15,839 Speaker 2: this month, Blackstone bought local data center operator air Trunk 27 00:01:16,040 --> 00:01:17,760 Speaker 2: for twenty three and a half billion dollars. 28 00:01:18,400 --> 00:01:19,520 Speaker 1: Is it going to get any better? 29 00:01:19,720 --> 00:01:22,440 Speaker 2: Sean trend is not your friend, Michael, at least in 30 00:01:22,440 --> 00:01:24,840 Speaker 2: this instance. Though There are seven companies scheduled to float 31 00:01:24,840 --> 00:01:26,840 Speaker 2: on the ASEX this month, mind you, some of them 32 00:01:26,880 --> 00:01:30,319 Speaker 2: have already delayed floating previously. Certainly there's nothing big in 33 00:01:30,360 --> 00:01:32,600 Speaker 2: the pipeline if you ignore the Listed Investment Trust. The 34 00:01:32,600 --> 00:01:36,559 Speaker 2: biggest raising schedule this month, there's two for twenty million dollars, 35 00:01:36,600 --> 00:01:39,160 Speaker 2: a lithium group in a mineral sanes group. This is 36 00:01:39,240 --> 00:01:42,000 Speaker 2: partly a result of the growth of the big investors, 37 00:01:42,000 --> 00:01:45,400 Speaker 2: So the private equity guys and funds like Ossie Super 38 00:01:45,560 --> 00:01:49,360 Speaker 2: and the Australian Retirement Trust buying companies rather than investing 39 00:01:49,400 --> 00:01:50,040 Speaker 2: the ASEX. 40 00:01:50,440 --> 00:01:52,400 Speaker 1: All right, Moving on to story number two now and 41 00:01:52,560 --> 00:01:55,800 Speaker 1: US jobs data released over the weekend shows that the 42 00:01:55,840 --> 00:01:59,800 Speaker 1: world's largest economy remains resilient Sean and that's Wall Street 43 00:01:59,840 --> 00:02:01,320 Speaker 1: High incredible. 44 00:02:01,440 --> 00:02:04,280 Speaker 2: The US economy, it's supposed to be slowing down, well, 45 00:02:04,320 --> 00:02:06,360 Speaker 2: I mean it is slowing down, but it's just not 46 00:02:06,800 --> 00:02:09,480 Speaker 2: falling into a heap, which is great news. For last week, 47 00:02:09,560 --> 00:02:11,919 Speaker 2: All Street closed up. In fact, European shares were off 48 00:02:11,960 --> 00:02:14,000 Speaker 2: more than two percent. Japanese shares we were down about 49 00:02:14,000 --> 00:02:17,200 Speaker 2: three percent. Oil's big issue, though it continues to rise 50 00:02:17,400 --> 00:02:19,360 Speaker 2: with what's going on in the Middle East. Sprint crude 51 00:02:19,520 --> 00:02:21,720 Speaker 2: jumped to more than seventy eight US dollars a barrel 52 00:02:21,760 --> 00:02:23,920 Speaker 2: over the weekend for most of us. What's it mean 53 00:02:23,960 --> 00:02:25,840 Speaker 2: for petrol prices? Best place to go is the A 54 00:02:25,919 --> 00:02:27,880 Speaker 2: troop will see it tells you what's happening in the 55 00:02:27,880 --> 00:02:31,000 Speaker 2: petrol price cycle in your city. In Sydney and Adelaide, 56 00:02:31,000 --> 00:02:34,720 Speaker 2: prices are on an upswing. In Melbourne prices are near 57 00:02:34,760 --> 00:02:37,480 Speaker 2: their bottom, Brisbane prices are close to a peak, while 58 00:02:37,480 --> 00:02:40,400 Speaker 2: Perth prices are on the way down. All prices have 59 00:02:40,480 --> 00:02:42,639 Speaker 2: continued their strong run back to about one hundred and 60 00:02:42,639 --> 00:02:44,280 Speaker 2: eight US dollars a ton, and the Aussie dollar has 61 00:02:44,280 --> 00:02:46,000 Speaker 2: slipped below sixty eight US. 62 00:02:45,800 --> 00:02:50,200 Speaker 1: Since Story number three. Largely peaceful pro Palestinian rallies were 63 00:02:50,200 --> 00:02:53,640 Speaker 1: held in Melbourne and Sydney yesterday and Jewish visuals last 64 00:02:53,680 --> 00:02:57,760 Speaker 1: night ahead of today's one year anniversary of Hamas's invasion 65 00:02:57,760 --> 00:02:58,239 Speaker 1: of Israel. 66 00:02:58,560 --> 00:03:01,040 Speaker 2: One person was arrested in New South Wales for carrying 67 00:03:01,040 --> 00:03:04,160 Speaker 2: an Israeli flag which included a Nazi swastika rather than 68 00:03:04,160 --> 00:03:07,520 Speaker 2: a Star of David, and four in Melbourne for public 69 00:03:07,639 --> 00:03:11,080 Speaker 2: order related matters, and estimated seven thousand people marched in 70 00:03:11,120 --> 00:03:14,520 Speaker 2: Melbourne ten thousand in Sydney. Unauthorized events are scheduled for 71 00:03:14,520 --> 00:03:17,600 Speaker 2: today as well. Broadly band flags and symbols were not 72 00:03:17,760 --> 00:03:21,040 Speaker 2: in evidence at the rally. At the rallies, some protesters 73 00:03:21,080 --> 00:03:24,200 Speaker 2: held up Palestinian flags, while others flew the Lebanese flag. 74 00:03:24,480 --> 00:03:27,160 Speaker 2: A small number hoisted banners with similar colors to the 75 00:03:27,200 --> 00:03:31,160 Speaker 2: HESBLA flag, but without the terrorist organization's official symbol. 76 00:03:31,919 --> 00:03:34,560 Speaker 1: Story numb. Before Shawn last week we heard the Qatar 77 00:03:34,720 --> 00:03:38,280 Speaker 1: Airways was buying twenty five percent of Virgin, upping the 78 00:03:38,280 --> 00:03:41,480 Speaker 1: stakes against Quantus. But the national carrier has hit back 79 00:03:41,920 --> 00:03:45,640 Speaker 1: where it counts Sean. It's all about food. Almost seventy 80 00:03:45,800 --> 00:03:48,200 Speaker 1: new items are set to join the Quantus menu for 81 00:03:48,240 --> 00:03:49,080 Speaker 1: domestic flights. 82 00:03:49,520 --> 00:03:53,480 Speaker 2: Quantus is rolling out a refreshed a dining experience throughout 83 00:03:53,560 --> 00:03:56,680 Speaker 2: this month. It also likes to continually tell us that 84 00:03:56,720 --> 00:03:59,520 Speaker 2: it's the only domestic airline to offer complementary food and 85 00:03:59,560 --> 00:04:02,840 Speaker 2: beverage and Wi Fi and Economy so true. Among the 86 00:04:02,840 --> 00:04:05,840 Speaker 2: new editions in Economy Class are Michael, all for you, 87 00:04:06,000 --> 00:04:10,200 Speaker 2: macadamia granola slice, Farmhouse crackers with whipped feta dip and 88 00:04:10,360 --> 00:04:14,960 Speaker 2: carrots for Catca with chizzo, pesto and ball peppers, Cottage 89 00:04:15,000 --> 00:04:18,560 Speaker 2: cheese and spinach tomosas, and of course the triple Chock 90 00:04:18,680 --> 00:04:22,039 Speaker 2: brownie cookie for other listeners but not you, Michael, I 91 00:04:22,120 --> 00:04:27,400 Speaker 2: eat Business Class travelers well smoked salmon bagels, missoglazed chicken salad, 92 00:04:27,480 --> 00:04:29,679 Speaker 2: dark chocolate sour cherry fonded. 93 00:04:30,400 --> 00:04:35,880 Speaker 1: Hm, you kind of lost your train of thought. 94 00:04:35,320 --> 00:04:36,920 Speaker 2: I forgot where I was. 95 00:04:37,200 --> 00:04:40,200 Speaker 1: You were lost on the fondant, which I don't blame you. 96 00:04:40,279 --> 00:04:42,280 Speaker 1: I do like your dig that I will never I 97 00:04:42,320 --> 00:04:44,719 Speaker 1: could steal someone else's leftover salmon bagel. 98 00:04:44,920 --> 00:04:45,599 Speaker 2: Maybe you could. 99 00:04:45,680 --> 00:04:48,040 Speaker 1: As I'm walking past the business class seats to get 100 00:04:48,080 --> 00:04:51,120 Speaker 1: to Economy. Last story sean story number five, someone who 101 00:04:51,200 --> 00:04:54,680 Speaker 1: is never flying an economy. Mark Zuckerberg became the world's 102 00:04:54,720 --> 00:04:58,039 Speaker 1: second richest person for the first time late last week, 103 00:04:58,120 --> 00:05:01,400 Speaker 1: jumping ahead of Jeff Bezos's. Shares of Meta platforms continue 104 00:05:01,440 --> 00:05:01,919 Speaker 1: to climb. 105 00:05:02,160 --> 00:05:05,360 Speaker 2: Zuckerberg's bet on the metaverse, which initially looked like a 106 00:05:05,480 --> 00:05:08,039 Speaker 2: huge bust, has paid off in recent months, pushing his 107 00:05:08,120 --> 00:05:10,839 Speaker 2: net worth to a high watermark of over two hundred 108 00:05:10,839 --> 00:05:14,359 Speaker 2: and six billion US dollars according to the Bloomberg Billionaires Index. 109 00:05:14,600 --> 00:05:18,160 Speaker 2: That puts him about a billion dollars ahead of Amazon's Bezos. 110 00:05:18,279 --> 00:05:21,280 Speaker 2: He's still about fifty billion dollars behind Tesla's Elon Musk. 111 00:05:21,520 --> 00:05:24,200 Speaker 2: Meta shares have risen twenty three percent since reporting better 112 00:05:24,240 --> 00:05:27,520 Speaker 2: than expected results in the second quarter. Over the weekend, 113 00:05:27,560 --> 00:05:30,080 Speaker 2: they closed at an all time high. Zuckerberg, who owns 114 00:05:30,080 --> 00:05:32,599 Speaker 2: a thirteen percent stake in the company, has seen his 115 00:05:32,720 --> 00:05:36,280 Speaker 2: fortune gay by seventy eight billion dollars just in twenty 116 00:05:36,360 --> 00:05:38,600 Speaker 2: twenty four, by far the most of any of the 117 00:05:38,640 --> 00:05:41,880 Speaker 2: world's five hundred richest people tracked by the Bloomberg Index. 118 00:05:42,160 --> 00:05:44,080 Speaker 1: Yeah, that's pretty incredible. There we go. The top five 119 00:05:44,120 --> 00:05:47,080 Speaker 1: business stories in five minutes. Thank you Sean, Thank you Michael. 120 00:05:47,520 --> 00:05:50,279 Speaker 1: It is Monday, the seventh of October twenty twenty four, 121 00:05:50,360 --> 00:05:52,520 Speaker 1: remembered to hit follow on the podcast and in five 122 00:05:52,560 --> 00:05:54,680 Speaker 1: minutes isn't enough. Then you can find our longer daily 123 00:05:54,720 --> 00:05:57,359 Speaker 1: show called Fear and Greed where ever you listen to podcasts. 124 00:05:57,400 --> 00:05:59,320 Speaker 1: And most of the country is on a public holiday today, 125 00:05:59,360 --> 00:06:02,000 Speaker 1: so if you're after some good public holiday listening, check 126 00:06:02,000 --> 00:06:06,039 Speaker 1: out the new episode of our other podcast, the Property Pendulum, 127 00:06:06,080 --> 00:06:08,359 Speaker 1: brought to you by Fear and Greed and Domain. This 128 00:06:08,440 --> 00:06:11,760 Speaker 1: week's episode all about renovations. How much should you be 129 00:06:11,839 --> 00:06:14,520 Speaker 1: spending on renovations to make sure that you get the 130 00:06:14,560 --> 00:06:16,279 Speaker 1: best bang for your buck. I'll put a link in 131 00:06:16,279 --> 00:06:18,560 Speaker 1: today's show notes. I'm Michael Thompson and that was the 132 00:06:18,600 --> 00:06:20,960 Speaker 1: fast five business news by Fear and Greed. Have a 133 00:06:20,960 --> 00:06:24,440 Speaker 1: great day.