1 00:00:03,800 --> 00:00:07,160 Speaker 1: It's Friday, the sixth of December twenty twenty four. Welcome 2 00:00:07,160 --> 00:00:09,680 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,680 --> 00:00:11,560 Speaker 1: where we give you the top five business stories you 4 00:00:11,600 --> 00:00:14,040 Speaker 1: need to know when us five minutes. I'm Michael Thompson 5 00:00:14,040 --> 00:00:15,520 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,640 --> 00:00:17,160 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,239 --> 00:00:19,640 Speaker 1: Five huge stories to get through today in five minutes, 8 00:00:19,680 --> 00:00:22,560 Speaker 1: So let's go going. Story number one, Bitcoin has pushed 9 00:00:22,680 --> 00:00:25,919 Speaker 1: beyond one hundred thousand US dollars a unit for the 10 00:00:25,920 --> 00:00:31,760 Speaker 1: first time, with other cryptocurrencies as well, including Ethereum, Binance, Solano, Dogecoin, 11 00:00:32,200 --> 00:00:33,960 Speaker 1: all hitting new records as well. 12 00:00:34,200 --> 00:00:36,920 Speaker 2: The surgeon cryptos over the past thirty six hours came 13 00:00:36,960 --> 00:00:40,360 Speaker 2: after President and elect Donald Trump nominated a crypto enthusiast, 14 00:00:40,440 --> 00:00:42,680 Speaker 2: a guy called Paul Atkins, to be the next chair 15 00:00:42,720 --> 00:00:46,440 Speaker 2: of the SEC. Now the SEC, the Securities and Exchange Commission, 16 00:00:46,720 --> 00:00:50,400 Speaker 2: regulates financial markets in the US. The current management of 17 00:00:50,440 --> 00:00:54,240 Speaker 2: the SEC and the Biden administration aren't big fans of cryptocurrencies. 18 00:00:54,280 --> 00:00:58,320 Speaker 2: They've threatened stronger regulation. Mister Atkins doesn't have many of 19 00:00:58,320 --> 00:01:00,840 Speaker 2: those concerns, it seems, and that will mean regulation. Hands 20 00:01:00,880 --> 00:01:05,080 Speaker 2: The appreciation of bitcoin and other cryptos few other asset 21 00:01:05,120 --> 00:01:07,720 Speaker 2: classes have boomed quite as much as crypto since Donald 22 00:01:07,720 --> 00:01:11,480 Speaker 2: Trump on the US presidential election a month ago. Crypto 23 00:01:11,520 --> 00:01:14,039 Speaker 2: trading volumes last month had an all time high more 24 00:01:14,080 --> 00:01:18,080 Speaker 2: than ten trillion US dollars and exchanges. That's never happened before. 25 00:01:18,440 --> 00:01:21,759 Speaker 2: Bitcoin in the last month up forty percent, Ethereum forty percent, 26 00:01:21,800 --> 00:01:24,440 Speaker 2: Binance twenty two percent, Tolana twenty five percent. How about 27 00:01:24,480 --> 00:01:29,360 Speaker 2: Kadano that's up two hundred and twenty seven percent, and dagecoin, 28 00:01:29,400 --> 00:01:31,680 Speaker 2: a favorite of Elon Musk, that's up one hundred and 29 00:01:31,720 --> 00:01:34,400 Speaker 2: seventy seven percent. I'm talking one month here. 30 00:01:34,560 --> 00:01:37,680 Speaker 1: That is extraordinary. There are so many cryptos though, Sean, 31 00:01:37,680 --> 00:01:40,039 Speaker 1: there are so many different options here. I think the 32 00:01:40,080 --> 00:01:42,679 Speaker 1: big question when you've got so many different ones, can 33 00:01:42,720 --> 00:01:43,560 Speaker 1: they all succeed? 34 00:01:44,280 --> 00:01:47,400 Speaker 2: Probably not. There's a bit of a distinction here. Cryptocurrencies 35 00:01:47,400 --> 00:01:49,680 Speaker 2: serve a bunch of purposes, like a medium of exchange, 36 00:01:49,720 --> 00:01:53,040 Speaker 2: store of value. There are crypto tokens, which we also 37 00:01:53,440 --> 00:01:57,280 Speaker 2: basket or put into that basket. They often serve specific 38 00:01:57,400 --> 00:02:00,400 Speaker 2: roles within their own ecosystem. Depending on who you ask, 39 00:02:00,760 --> 00:02:04,640 Speaker 2: there are about ten thousand cryptocurrencies out there. Many of 40 00:02:04,640 --> 00:02:08,160 Speaker 2: those aren't active but thousands are cryptos actually have no 41 00:02:08,320 --> 00:02:11,440 Speaker 2: legislated or intrinsic value. They're just worth what people are 42 00:02:11,480 --> 00:02:13,399 Speaker 2: willing to pay for them. So on that basis, you'd 43 00:02:13,400 --> 00:02:16,639 Speaker 2: have to believe that many, many cryptos won't make it okay. 44 00:02:16,720 --> 00:02:19,040 Speaker 1: Moving on to story number two now, Sean and Federal 45 00:02:19,080 --> 00:02:22,720 Speaker 1: Treasurer Jim Chalmers says there will be no new big 46 00:02:22,840 --> 00:02:25,960 Speaker 1: spending initiatives in the budget update, which is during coming weeks. 47 00:02:26,080 --> 00:02:28,360 Speaker 2: The meandi year budget update won't be a mini budget, 48 00:02:28,400 --> 00:02:30,720 Speaker 2: he said, but rather an update of this year's budget. 49 00:02:30,840 --> 00:02:32,920 Speaker 2: He was in Queensland. He said he always is on 50 00:02:32,960 --> 00:02:37,080 Speaker 2: the lookout for areas to reprioritize spending. Cracking quote from 51 00:02:37,160 --> 00:02:40,120 Speaker 2: Jim Chalmers yesterday, and I start, we get a lot 52 00:02:40,160 --> 00:02:42,240 Speaker 2: of free advice from our political opponents and from their 53 00:02:42,280 --> 00:02:44,639 Speaker 2: sicker fans and suck ups that we should have some 54 00:02:44,760 --> 00:02:47,760 Speaker 2: kind of fashion burned budget with radical austerity that is 55 00:02:47,800 --> 00:02:50,800 Speaker 2: a recipe for recession. Of course, he ended up is 56 00:02:50,880 --> 00:02:54,320 Speaker 2: under pressure because Wednesday's GDP figures show that the aiming 57 00:02:54,360 --> 00:02:58,360 Speaker 2: reason the economy expanded last quarter was government spending. He 58 00:02:58,400 --> 00:03:01,200 Speaker 2: needs to pull back government spending out pushing the economy 59 00:03:01,240 --> 00:03:02,080 Speaker 2: into a recession. 60 00:03:02,360 --> 00:03:05,560 Speaker 1: Okay, On to story number three, West Farmer's chief executive 61 00:03:05,639 --> 00:03:09,440 Speaker 1: Rob Scott says he's increasingly worried about the rise in 62 00:03:09,440 --> 00:03:12,600 Speaker 1: industrial activity and he says that it could feed into 63 00:03:12,639 --> 00:03:17,000 Speaker 1: inflation at what is the worst possible time for Australian families. 64 00:03:17,600 --> 00:03:21,560 Speaker 2: Massive company West Farmers, it owns Bunning's officeworks, Kmart Group. 65 00:03:21,600 --> 00:03:24,760 Speaker 2: It's got a health business including price line pharmacies, also 66 00:03:24,800 --> 00:03:29,360 Speaker 2: in chemicals, energy, fertilizers, industrial and safety. Based in per 67 00:03:29,400 --> 00:03:32,120 Speaker 2: one hundred and twenty thousand employees nearly half a million 68 00:03:32,160 --> 00:03:34,480 Speaker 2: share holders. We are talking one of the major companies 69 00:03:34,520 --> 00:03:37,160 Speaker 2: in this country. Mister Scott when asked about the dispute 70 00:03:37,200 --> 00:03:40,640 Speaker 2: between warehouse workers and woolies which is keeping stock off 71 00:03:40,680 --> 00:03:43,200 Speaker 2: the shelves, he said the dispute is part of a 72 00:03:43,240 --> 00:03:47,560 Speaker 2: worrying trend in Australia that is starting to spread. He said, Ultimately, 73 00:03:47,600 --> 00:03:51,240 Speaker 2: the consequence of all this is damaged to the supply 74 00:03:51,360 --> 00:03:54,160 Speaker 2: chain that feeds through to higher prices, just at a 75 00:03:54,240 --> 00:03:58,200 Speaker 2: time pre Christmas when people can't afford higher prices. 76 00:03:58,960 --> 00:04:01,800 Speaker 1: Story number four X This one to me sean uranium 77 00:04:01,800 --> 00:04:06,800 Speaker 1: stocks and now the most shorted companies on the ASX. 78 00:04:06,320 --> 00:04:08,720 Speaker 2: What's that mean, Well, it's a list you don't want 79 00:04:08,760 --> 00:04:11,040 Speaker 2: to be on. It basically means a big investors are 80 00:04:11,080 --> 00:04:14,080 Speaker 2: taking a bet that your share price is going to fall. 81 00:04:14,520 --> 00:04:17,920 Speaker 2: Mineral resources. The lithium stock has been number one four months. 82 00:04:17,960 --> 00:04:20,480 Speaker 2: Well it's no longer number one, down to number seven. 83 00:04:20,800 --> 00:04:24,039 Speaker 2: Uranium stocks are taking those top spots. Companies like Paladin, 84 00:04:24,160 --> 00:04:27,080 Speaker 2: Boss Energy, Deep Yellow all high on the list of 85 00:04:27,120 --> 00:04:32,359 Speaker 2: shortened stocks, so to Battery minerals companies, Serra Resources, Pilbram Minerals, 86 00:04:32,400 --> 00:04:35,200 Speaker 2: Lie Town Mineral Resources. As we just mentioned, there are 87 00:04:35,240 --> 00:04:38,760 Speaker 2: a few other familiar names on it. Domino's Pizza, Corporate 88 00:04:38,760 --> 00:04:41,880 Speaker 2: Travel Management, Seek, even Rio Tinto. 89 00:04:42,279 --> 00:04:45,560 Speaker 1: Last one story number five. The MERCER Quality of Living 90 00:04:45,640 --> 00:04:49,719 Speaker 1: report has been released. Sean and Zurich takes the top spot. 91 00:04:49,800 --> 00:04:53,640 Speaker 1: Sydney has slipped down the list to number twelve. Mercer 92 00:04:53,720 --> 00:04:56,960 Speaker 1: ranks cities for their expat appeals. It's not living in 93 00:04:57,000 --> 00:04:59,640 Speaker 1: the city, it's someone an outside coming and living there 94 00:04:59,760 --> 00:05:03,880 Speaker 1: zero number one outstanding public services, low crime rates, cultural 95 00:05:03,920 --> 00:05:05,800 Speaker 1: scene and commitment to sustainability. 96 00:05:06,000 --> 00:05:08,520 Speaker 2: Then Vienna, then Geneva. In fact, the top ten is 97 00:05:08,560 --> 00:05:12,800 Speaker 2: dominated by those beautiful European cities. According to a Bloomberg Report, 98 00:05:13,040 --> 00:05:16,600 Speaker 2: Singapore's the highest Asian city at thirty la, the biggest 99 00:05:16,600 --> 00:05:19,599 Speaker 2: climber up twenty six places to forty four thanks to 100 00:05:19,839 --> 00:05:24,000 Speaker 2: less crime, air quality improvement and internet access. Sydney fell 101 00:05:24,040 --> 00:05:27,440 Speaker 2: three places the twelve. Melbourne came in at twenty, Canber 102 00:05:27,440 --> 00:05:30,920 Speaker 2: at twenty nine. The bottom of the list Khartoum in 103 00:05:30,960 --> 00:05:33,359 Speaker 2: Sedan and Iraq's bag Dad. 104 00:05:33,600 --> 00:05:35,600 Speaker 1: All right, there we go the top five business stories 105 00:05:35,600 --> 00:05:38,040 Speaker 1: in five minutes. Thank you very much, Sean, Thank you, Michael. 106 00:05:38,279 --> 00:05:41,080 Speaker 1: It is Friday, the sixth of December twenty twenty four. 107 00:05:41,200 --> 00:05:44,040 Speaker 1: Remember to hit follow on the podcast and five minutes 108 00:05:44,120 --> 00:05:46,320 Speaker 1: isn't enough for you. You can find our longer daily show 109 00:05:46,640 --> 00:05:49,760 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 110 00:05:49,760 --> 00:05:52,200 Speaker 1: Michael Thompson. And that was the fast by Business News 111 00:05:52,240 --> 00:05:54,000 Speaker 1: by Fear and Greed. Have a great day.