1 00:00:03,800 --> 00:00:07,280 Speaker 1: It's Wednesday, the twentieth of November twenty twenty four. Welcome 2 00:00:07,280 --> 00:00:09,680 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,720 --> 00:00:11,480 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:13,920 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,960 --> 00:00:15,360 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,520 --> 00:00:17,160 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,440 --> 00:00:20,239 Speaker 1: Five stories in five minutes. Let's go Story number one. 8 00:00:20,400 --> 00:00:23,640 Speaker 1: The local share market hit a new record high yesterday, 9 00:00:23,640 --> 00:00:26,759 Speaker 1: climbing above eighty four hundred points for the first time ever, 10 00:00:27,200 --> 00:00:30,200 Speaker 1: meaning the market is up eleven percent this year. 11 00:00:30,720 --> 00:00:33,200 Speaker 2: It peaked at eight four hundred and forty six points 12 00:00:33,280 --> 00:00:36,239 Speaker 2: before falling sharply in literally the final few minutes of 13 00:00:36,280 --> 00:00:38,839 Speaker 2: training to close up nearly one percent at eighty three 14 00:00:38,960 --> 00:00:41,080 Speaker 2: seventy four points. The range of stocks training out on 15 00:00:41,159 --> 00:00:44,720 Speaker 2: near record highs is broad. Aristocrat, Leisure, Brambles, Come Off, Bank, 16 00:00:44,760 --> 00:00:48,880 Speaker 2: Computer Share, Goodman Group, Hub twenty four, JB Hi Fi, Promedicus, 17 00:00:48,920 --> 00:00:52,560 Speaker 2: Quantas Aria, Weistech Global Zero plenty of them, Michael, plenty 18 00:00:52,560 --> 00:00:54,640 Speaker 2: of them. A bunch of other tech stocks are also 19 00:00:54,680 --> 00:00:58,520 Speaker 2: near highs. That's been the best performing sector, the tech sector. 20 00:00:58,560 --> 00:01:01,360 Speaker 2: It's up about forty four percent this year. The biggest 21 00:01:01,400 --> 00:01:05,039 Speaker 2: influence this year, though, has been the banks indecks they 22 00:01:05,080 --> 00:01:07,680 Speaker 2: make up or the financial sector makes it about thirty 23 00:01:07,720 --> 00:01:10,640 Speaker 2: one percent of the market. The Bad index is up 24 00:01:10,680 --> 00:01:12,920 Speaker 2: thirty six percent this year. The next biggest sector is 25 00:01:12,959 --> 00:01:15,919 Speaker 2: basic materials nineteen point three percent, includes the big miners. 26 00:01:15,959 --> 00:01:19,200 Speaker 2: Imagine if that done well. Michael Wow would be screaming 27 00:01:19,200 --> 00:01:19,920 Speaker 2: if that was the case. 28 00:01:20,440 --> 00:01:23,520 Speaker 1: This is all good news for shareholders overall Sean. But 29 00:01:23,760 --> 00:01:26,800 Speaker 1: can it keep going? That's the big question, right, Oh. 30 00:01:26,560 --> 00:01:29,080 Speaker 2: Maybe maybe not. Wall Street and lower taxes under Donald 31 00:01:29,080 --> 00:01:32,240 Speaker 2: Trump is certainly helping confidence. As our hopes of rate 32 00:01:32,319 --> 00:01:34,679 Speaker 2: cuts locally, they took a bit of a blow yesterday 33 00:01:34,680 --> 00:01:37,720 Speaker 2: the Reserve Bank Board meeting minutes were released. They show 34 00:01:37,760 --> 00:01:39,920 Speaker 2: that the Central Bank is still worried that core inflation 35 00:01:40,160 --> 00:01:42,520 Speaker 2: is too high, just proving very difficult to get to 36 00:01:42,560 --> 00:01:45,479 Speaker 2: that two to three percent target band. The minutes showed 37 00:01:45,480 --> 00:01:47,600 Speaker 2: that the board looked at cutting rates, also looked at 38 00:01:47,680 --> 00:01:50,680 Speaker 2: keeping them at this level for quite a while. The 39 00:01:50,720 --> 00:01:55,160 Speaker 2: Reserve Bank wants to see at least two successive quarters 40 00:01:55,200 --> 00:01:58,360 Speaker 2: of good inflation results. If that's the case, it pushes 41 00:01:58,360 --> 00:02:02,160 Speaker 2: out a cut, probably to May next year at the earliest. 42 00:02:02,200 --> 00:02:04,880 Speaker 1: Michael, all Right, moving on to story number two. Now 43 00:02:04,960 --> 00:02:09,120 Speaker 1: and Prime Minister Anthony Abernezi said all Chinese tariffs and 44 00:02:09,120 --> 00:02:12,399 Speaker 1: other restrictions on twenty two billion dollars worth of Australian 45 00:02:12,400 --> 00:02:16,160 Speaker 1: goods will be removed after he met with President Ji 46 00:02:16,240 --> 00:02:19,000 Speaker 1: Jimping at the G twenty conference in Brazil. 47 00:02:19,760 --> 00:02:24,320 Speaker 2: The PM said that relations had improved without compromising any 48 00:02:24,400 --> 00:02:27,400 Speaker 2: of Australia's national interest. A very fine line because at 49 00:02:27,400 --> 00:02:31,240 Speaker 2: the meeting of the two leaders, mister she discussed Australia 50 00:02:31,280 --> 00:02:35,200 Speaker 2: providing greater foreign investment access to Chinese interests. Now, the 51 00:02:35,200 --> 00:02:38,919 Speaker 2: tariff and restrictions imposed under the Prime Minister's Scott Morrison 52 00:02:38,960 --> 00:02:41,560 Speaker 2: period or in the Prime miise of Scott Morrison period, 53 00:02:41,840 --> 00:02:45,440 Speaker 2: we're in part because of Australia's safeguard around its sovereignty 54 00:02:45,520 --> 00:02:50,359 Speaker 2: and security fire foreign investment restrictions think Huawei in that one. 55 00:02:51,040 --> 00:02:53,800 Speaker 2: That's what it appears she is asking alban EASi to 56 00:02:53,840 --> 00:02:56,240 Speaker 2: water down and short. China will buy more Australian stuff 57 00:02:56,280 --> 00:03:00,440 Speaker 2: if Chinese enterprises are allowed to invest in Australia. Failure 58 00:03:00,720 --> 00:03:02,280 Speaker 2: definitely a fine line for the PM. 59 00:03:02,440 --> 00:03:06,480 Speaker 1: Yeah, indeed, it is story number three. Superfund giant hester 60 00:03:07,000 --> 00:03:09,239 Speaker 1: will be forced to compensate more than one hundred and 61 00:03:09,280 --> 00:03:12,800 Speaker 1: twenty thousand members that had their retirement savings in part 62 00:03:13,080 --> 00:03:18,960 Speaker 1: stranded in unlisted property assets whose values absolutely tumbled. In 63 00:03:19,040 --> 00:03:21,080 Speaker 1: the early days of COVID nineteen. 64 00:03:21,400 --> 00:03:25,800 Speaker 2: APRA said Hester's procedures for revaluing assets were deficient, and 65 00:03:25,840 --> 00:03:28,320 Speaker 2: in one case member lost seventeen thousand dollars in a 66 00:03:28,360 --> 00:03:32,000 Speaker 2: week because the superfund didn't act in a timely manner. Now, 67 00:03:32,040 --> 00:03:35,080 Speaker 2: APPRA once funds to revalue that's up or down unlisted 68 00:03:35,120 --> 00:03:39,680 Speaker 2: assets quickly, so people know what their portfolio is worth, 69 00:03:39,880 --> 00:03:43,080 Speaker 2: not just in property, but private credit, private equity, infrastructure. 70 00:03:43,200 --> 00:03:45,360 Speaker 2: If you buy an ASEX listed stock, you know immediately 71 00:03:45,400 --> 00:03:48,960 Speaker 2: what it's worth, you don't always in this unlisted asset area. 72 00:03:49,120 --> 00:03:52,360 Speaker 2: Revaluing is particularly important because super fund's collectively out about 73 00:03:52,360 --> 00:03:55,800 Speaker 2: six hundred and fifty billion dollars in unlisted assets. In 74 00:03:55,880 --> 00:04:00,720 Speaker 2: this case, Hester adjusted down some investment options, not others, 75 00:04:00,800 --> 00:04:02,960 Speaker 2: so if for members shifted from one to the other, 76 00:04:03,080 --> 00:04:06,440 Speaker 2: they could have lost money on the spot. That's exactly 77 00:04:06,480 --> 00:04:09,480 Speaker 2: what happened to the member who lost seventeen thousand dollars. 78 00:04:10,080 --> 00:04:13,720 Speaker 1: Story number four. Hardware retailer Bunnings has been found to 79 00:04:13,760 --> 00:04:16,120 Speaker 1: have invaded the privacy of what is estimated to be 80 00:04:16,240 --> 00:04:19,840 Speaker 1: hundreds of thousands of customers through the use of intrusive 81 00:04:20,120 --> 00:04:24,320 Speaker 1: facial recognition cameras at sixty three stores across Victoria and 82 00:04:24,360 --> 00:04:25,120 Speaker 1: New South Wales. 83 00:04:25,600 --> 00:04:28,920 Speaker 2: An investigation by the Office of the Australian Information Commissioner 84 00:04:28,960 --> 00:04:32,760 Speaker 2: found Bunnings had disproportionately collected sensitive information from its customers 85 00:04:32,760 --> 00:04:35,200 Speaker 2: through the use of those cameras. According to a story 86 00:04:35,200 --> 00:04:38,480 Speaker 2: in The Australian Privacy Commissioner Carli Kine said the deployment 87 00:04:38,480 --> 00:04:42,680 Speaker 2: of facial recognition technology was most disproportionately interfering with the 88 00:04:42,720 --> 00:04:46,799 Speaker 2: privacy of everyone who entered its stores. Bunning's defended its actions. 89 00:04:46,800 --> 00:04:50,320 Speaker 2: Managing director Mike Schneider claimed facial recognition technology was only 90 00:04:50,400 --> 00:04:53,440 Speaker 2: used to protect its team and other customers from violent, 91 00:04:53,560 --> 00:04:56,760 Speaker 2: aggressive behavior. He claimed that Bunnings had processed and deleted 92 00:04:56,800 --> 00:04:59,680 Speaker 2: the majority of data collected from facial recognition cameras in 93 00:05:00,400 --> 00:05:04,560 Speaker 2: point zero zero four, one seven seconds last one. 94 00:05:04,600 --> 00:05:08,400 Speaker 1: Story number five A very serious one on the global front. Sean, 95 00:05:08,560 --> 00:05:12,359 Speaker 1: Germany and Finland say they are deeply concerned about a 96 00:05:12,440 --> 00:05:16,520 Speaker 1: severed under sea communications cable between the two countries, saying 97 00:05:16,560 --> 00:05:20,160 Speaker 1: it raises suspicions of possible Russian sabotage. 98 00:05:20,680 --> 00:05:23,760 Speaker 2: The twelve hundred klometer fiber optic cable was cut on 99 00:05:23,800 --> 00:05:28,520 Speaker 2: Monday morning. It lay on the Baltic Baltic Sea close 100 00:05:28,560 --> 00:05:31,599 Speaker 2: to Sweden. Now a Swedish telcase at a communication cable 101 00:05:31,600 --> 00:05:35,039 Speaker 2: between Sweden and Lithuania had also been damaged over the 102 00:05:35,080 --> 00:05:39,120 Speaker 2: past week. Nada nations are on edge around infrastructure in 103 00:05:39,120 --> 00:05:42,080 Speaker 2: the Baltic Sea ever since the still unexplained explosions of 104 00:05:42,080 --> 00:05:45,040 Speaker 2: the nord Stream gas pipeline between Russia and Germany in 105 00:05:45,120 --> 00:05:49,200 Speaker 2: twenty twenty two, German Finnish foreign minister said security was 106 00:05:49,279 --> 00:05:53,160 Speaker 2: under threat not only from Russia but other malicious actors. 107 00:05:53,360 --> 00:05:55,240 Speaker 1: All right, there we go the top five business stories 108 00:05:55,279 --> 00:05:57,919 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 109 00:05:58,040 --> 00:06:00,839 Speaker 1: is Wednesday, the twentieth of November two, twenty twenty four. 110 00:06:01,200 --> 00:06:03,600 Speaker 1: Remember it hit follow on the podcast and in five 111 00:06:03,640 --> 00:06:05,640 Speaker 1: minutes seas't en after. You can find our longer daily 112 00:06:05,680 --> 00:06:08,440 Speaker 1: show called Fear and Greed wherever you listen to podcasts. 113 00:06:08,520 --> 00:06:10,680 Speaker 1: I'm Michael Thompson and that was the past five business 114 00:06:10,680 --> 00:06:15,200 Speaker 1: news by Fear and Greed. Have a great day.