1 00:00:03,800 --> 00:00:06,680 Speaker 1: It's Monday, the twenty fifth of November twenty twenty four. 2 00:00:06,920 --> 00:00:09,680 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,680 --> 00:00:11,600 Speaker 1: where we give you the top five business stories you 4 00:00:11,640 --> 00:00:14,160 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,200 --> 00:00:15,680 Speaker 1: and Good Morning Adam Lang. 6 00:00:16,040 --> 00:00:17,800 Speaker 2: Good Morning, Michael, Adam. 7 00:00:17,880 --> 00:00:20,360 Speaker 1: Five big stories to race through in five minutes, so 8 00:00:20,360 --> 00:00:23,840 Speaker 1: we better get going. Story number one. Rising tensions in 9 00:00:23,880 --> 00:00:26,560 Speaker 1: the Middle East and in Europe have failed to quell 10 00:00:26,640 --> 00:00:30,840 Speaker 1: a surge in global markets, with Wall Street, the ASX, cryptocurrencies, 11 00:00:30,880 --> 00:00:34,479 Speaker 1: and gold prices all at or near record levels. 12 00:00:34,720 --> 00:00:38,280 Speaker 2: Yeah, Michael, Geopolitical tensions are certainly on the rise. NATO 13 00:00:38,479 --> 00:00:41,320 Speaker 2: is reportedly set to hold an emergency meeting tomorrow with 14 00:00:41,479 --> 00:00:45,720 Speaker 2: Ukrainian Brussels after Russia used a new experimental missile in 15 00:00:45,760 --> 00:00:49,840 Speaker 2: the conflict. That missile, known as Arieshnik, traveled at over 16 00:00:49,920 --> 00:00:53,040 Speaker 2: eleven times the speed of sound, or more than thirteen 17 00:00:53,080 --> 00:00:57,160 Speaker 2: thousand kilometers per hour, before hitting targets in a Ukrainian city. 18 00:00:57,440 --> 00:01:00,680 Speaker 2: That strike followed Ukraine's use of US made long range 19 00:01:00,680 --> 00:01:03,600 Speaker 2: missiles for the first time, allowing them to hit targets 20 00:01:03,640 --> 00:01:07,840 Speaker 2: deeper into Russia. Ukraine also used UK made storm shadow 21 00:01:07,880 --> 00:01:11,560 Speaker 2: missiles inside Russian territory for the first time. And all 22 00:01:11,600 --> 00:01:15,280 Speaker 2: of this is happening as Russian President Vladimir Putin continues 23 00:01:15,360 --> 00:01:17,840 Speaker 2: to threaten nuclear retaliation yea. 24 00:01:17,880 --> 00:01:19,520 Speaker 1: And at the same time, in the other kind of 25 00:01:19,560 --> 00:01:23,479 Speaker 1: main theater of war, Israel conducted more strikes on Lebanon's capital, 26 00:01:23,560 --> 00:01:26,200 Speaker 1: Bea Route over the weekend, the latest in that conflict 27 00:01:26,280 --> 00:01:27,360 Speaker 1: between the two nations. 28 00:01:27,600 --> 00:01:30,760 Speaker 2: Yeah, Michael, And to your point, markets, particularly equity markets, 29 00:01:30,800 --> 00:01:34,000 Speaker 2: continue to surge. Wall Street has just about completed its 30 00:01:34,000 --> 00:01:36,840 Speaker 2: third quarter earning season, and more than seventy five percent 31 00:01:36,880 --> 00:01:40,360 Speaker 2: of companies beat expectations. Earning's growth is running at a 32 00:01:40,520 --> 00:01:43,679 Speaker 2: very strong eight point seven percent. The major indices on 33 00:01:43,720 --> 00:01:46,840 Speaker 2: Wall Street are now trading at near record levels. Over 34 00:01:46,880 --> 00:01:50,720 Speaker 2: the weekend, Bitcoin hit yet another record high, just below 35 00:01:50,880 --> 00:01:53,920 Speaker 2: US ninety nine five hundred dollars, on the back of 36 00:01:54,000 --> 00:01:57,360 Speaker 2: growing belief that regulations for cryptocurrencies in the US will 37 00:01:57,400 --> 00:02:01,360 Speaker 2: be relatively mild in a Trump administration. Gold jumped five 38 00:02:01,400 --> 00:02:04,160 Speaker 2: percent last week and his back near record levels. 39 00:02:04,840 --> 00:02:07,720 Speaker 1: On to story number two. Now, Adam and Labor has 40 00:02:07,800 --> 00:02:11,560 Speaker 1: scrapped its plans to crack down on misinformation after failing 41 00:02:11,600 --> 00:02:15,360 Speaker 1: to get enough support in the Senate. The Misinformation legislation 42 00:02:15,560 --> 00:02:18,880 Speaker 1: aimed to give authorities the power to force tech giants 43 00:02:18,880 --> 00:02:22,000 Speaker 1: to act on alerts about incorrect information and hopefully then 44 00:02:22,080 --> 00:02:24,440 Speaker 1: stop them from spreading that information. 45 00:02:24,800 --> 00:02:27,880 Speaker 2: Yeah, that's right, Michael. The Coalition had already voiced concerns 46 00:02:27,919 --> 00:02:30,160 Speaker 2: about the bill, and over the weekend the Greens and 47 00:02:30,200 --> 00:02:34,079 Speaker 2: most of the Senate Crossbench raised their own objections. Yesterday, 48 00:02:34,160 --> 00:02:38,160 Speaker 2: Communications Minister Michelle Roland announced the government wouldn't proceed with 49 00:02:38,200 --> 00:02:41,680 Speaker 2: the legislation, saying it's clear there's no pathway to legislate 50 00:02:41,680 --> 00:02:44,520 Speaker 2: this proposal through the Senate, but there's still plenty on 51 00:02:44,560 --> 00:02:47,320 Speaker 2: the legislative agenda this week, with the government aiming to 52 00:02:47,360 --> 00:02:49,600 Speaker 2: get a series of bills through the Senate on housing, 53 00:02:50,000 --> 00:02:53,640 Speaker 2: school funding and the creation of an Environment Protection Agency. 54 00:02:54,320 --> 00:02:57,880 Speaker 1: Story number three. This one's pretty much a public service announcement, Adam. 55 00:02:58,120 --> 00:03:01,000 Speaker 1: Oil prices are just starting to rise, but fuel prices 56 00:03:01,040 --> 00:03:03,800 Speaker 1: across the country with the exception of Perth, are trading 57 00:03:03,880 --> 00:03:08,000 Speaker 1: at cyclical lows. So it is a very very very 58 00:03:08,000 --> 00:03:09,880 Speaker 1: good time to fill up right now, isn't it. 59 00:03:10,480 --> 00:03:13,000 Speaker 2: That's right, Michael, And according to the aable C, petrol 60 00:03:13,040 --> 00:03:16,839 Speaker 2: prices in Sydney around are around low's last seen one 61 00:03:16,919 --> 00:03:19,760 Speaker 2: month ago. The same deal in Melbourne, though the ABS 62 00:03:19,840 --> 00:03:23,200 Speaker 2: data suggests prices may be even going lower. Both Brisbane 63 00:03:23,200 --> 00:03:26,120 Speaker 2: and Adelaide are in the same boat. Generally over recent months, 64 00:03:26,200 --> 00:03:28,919 Speaker 2: the lowest prices have been available in Adelaide and the 65 00:03:29,000 --> 00:03:32,600 Speaker 2: highest in Brisbane. The outlier in Perth, where prices are 66 00:03:32,600 --> 00:03:35,839 Speaker 2: trading around peaks with an average price close to one 67 00:03:35,880 --> 00:03:36,640 Speaker 2: dollar ninety five. 68 00:03:36,680 --> 00:03:39,680 Speaker 1: Eliter how about this one story Number four. Australia Post 69 00:03:39,760 --> 00:03:43,440 Speaker 1: has asked the Australian Competition and Consumer Commission the atriable 70 00:03:43,480 --> 00:03:46,520 Speaker 1: see for an increase in the price of postage stamps 71 00:03:46,680 --> 00:03:49,760 Speaker 1: as the use of snail mail continues to decline. Now, 72 00:03:49,880 --> 00:03:53,240 Speaker 1: under the proposal ADAM, the cost of an ordinary letter 73 00:03:53,560 --> 00:03:57,720 Speaker 1: would from one July twenty twenty five rise twenty cents 74 00:03:57,840 --> 00:03:59,960 Speaker 1: from a dollar fifty to a dollar seven. 75 00:04:00,920 --> 00:04:03,000 Speaker 2: In response, Michael the a Triple C said it would 76 00:04:03,000 --> 00:04:06,920 Speaker 2: seek feedback from the community and assess recovery efficient costs, 77 00:04:07,240 --> 00:04:10,080 Speaker 2: including a reasonable rate of return and how the company's 78 00:04:10,080 --> 00:04:14,000 Speaker 2: common costs are allocated to the relevant letter segments. Australia 79 00:04:14,040 --> 00:04:17,520 Speaker 2: Post studies showed letter volume had declined seventy two percent 80 00:04:17,839 --> 00:04:20,120 Speaker 2: from the two thousand and six financial year to this 81 00:04:20,240 --> 00:04:23,320 Speaker 2: financial year. Australia Post made a pre tax loss of 82 00:04:23,320 --> 00:04:26,440 Speaker 2: eighty eight point five million last financial year. Its letter's 83 00:04:26,480 --> 00:04:30,320 Speaker 2: business is losing money, while it's parcels business faces stiff 84 00:04:30,360 --> 00:04:33,320 Speaker 2: competition from Amazon, Temu and Shine. 85 00:04:33,480 --> 00:04:37,920 Speaker 1: Last one, story number five, the first political showdown between 86 00:04:38,200 --> 00:04:41,160 Speaker 1: President elect Donald Trump and his key off side of 87 00:04:41,240 --> 00:04:44,280 Speaker 1: the world's richest man, Elon Musk, has been I Reckon 88 00:04:44,320 --> 00:04:47,520 Speaker 1: awarded to Donald Trump this one because it's a fascinating story. 89 00:04:48,440 --> 00:04:50,800 Speaker 1: You get the impression, Adam, that will not be the 90 00:04:50,880 --> 00:04:53,040 Speaker 1: last time these two go head to head. 91 00:04:53,480 --> 00:04:55,200 Speaker 2: No, Michael, I think you might be right. It's going 92 00:04:55,240 --> 00:04:57,880 Speaker 2: to be an energetic relationship. And this one was over 93 00:04:57,920 --> 00:05:01,400 Speaker 2: the nomination for Treasury Secretary. Donald Trump wanted to appoint 94 00:05:01,480 --> 00:05:06,520 Speaker 2: Scott Bessentt, a hedge fund manager from South Carolina. Musk disagreed, 95 00:05:06,760 --> 00:05:10,479 Speaker 2: posting on x that the appointment would be business as usual. 96 00:05:10,800 --> 00:05:14,080 Speaker 2: Betting markets then showed Besson's likelihood of getting the job 97 00:05:14,160 --> 00:05:17,520 Speaker 2: fell sharply, and the Trump team started looking at other candidates, 98 00:05:17,560 --> 00:05:19,400 Speaker 2: But by the end of the week they were back 99 00:05:19,400 --> 00:05:22,680 Speaker 2: where they started nominating Scott Bessont. It still needs to 100 00:05:22,680 --> 00:05:24,520 Speaker 2: be confirmed by the Senate, but it could be a 101 00:05:24,560 --> 00:05:27,760 Speaker 2: sign of future conflict between Donald Trump and Elon Musk, 102 00:05:28,000 --> 00:05:29,960 Speaker 2: who's supposed to head up a key department in the 103 00:05:30,000 --> 00:05:33,839 Speaker 2: new administration focusing on cutting government spending, the Department of 104 00:05:33,880 --> 00:05:38,360 Speaker 2: Government Efficiency or Doge with pharmaceutical founder Vivek Ramaswami. 105 00:05:38,640 --> 00:05:40,680 Speaker 1: All right, there we go, the top five business stories 106 00:05:40,720 --> 00:05:41,360 Speaker 1: in five minutes. 107 00:05:41,360 --> 00:05:43,000 Speaker 2: Thank you Adam, thank you Michael. 108 00:05:43,320 --> 00:05:45,840 Speaker 1: It is Monday, the twenty fifth of November twenty twenty four. 109 00:05:45,920 --> 00:05:48,200 Speaker 1: Remember to hit follow on the podcast. And if five 110 00:05:48,200 --> 00:05:50,480 Speaker 1: minutes isn't enough, you can find our longer daily show 111 00:05:50,520 --> 00:05:53,440 Speaker 1: called Fear and Greed wherever you listen to podcasts. Oh 112 00:05:53,480 --> 00:05:55,840 Speaker 1: Michael Thompson. And that was the past five business news 113 00:05:55,839 --> 00:05:57,560 Speaker 1: by Fear and Greed. Have a great day.