1 00:00:03,840 --> 00:00:07,080 Speaker 1: It's Thursday, the twelfth of December twenty twenty four. Welcome 2 00:00:07,120 --> 00:00:09,479 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,520 --> 00:00:11,400 Speaker 1: where we give you the top five business stories you. 4 00:00:11,360 --> 00:00:13,680 Speaker 2: Need to know when just five minutes. I'm Michael Thompson 5 00:00:13,720 --> 00:00:17,759 Speaker 2: and good morning Sean Aylmer, Good morning, Michael Shawn. Five stories, 6 00:00:17,760 --> 00:00:21,040 Speaker 2: five minutes. Let's go a story number one. The Corporate 7 00:00:21,079 --> 00:00:26,080 Speaker 2: Watchdog has accused four directors of failed airline Regional Express, 8 00:00:26,200 --> 00:00:30,720 Speaker 2: including former Howard government minister John Sharp, of misleading the 9 00:00:30,760 --> 00:00:32,720 Speaker 2: market about the airline's finances. 10 00:00:33,000 --> 00:00:36,960 Speaker 3: The Australian Securities Investments Commission alleges the directors told shareholders 11 00:00:37,040 --> 00:00:39,800 Speaker 3: there was a path to profitability for REX when they 12 00:00:39,840 --> 00:00:43,400 Speaker 3: knew if there wasn't, I hope it. Alleges REX failed 13 00:00:43,400 --> 00:00:46,440 Speaker 3: to disclose a material downgrade even when it should have 14 00:00:46,600 --> 00:00:48,879 Speaker 3: known in February last year that it was unlikely to 15 00:00:48,880 --> 00:00:52,560 Speaker 3: be profitable eventually downgraded in Jordan, announced and lost in 16 00:00:52,640 --> 00:00:54,880 Speaker 3: June last year, and called in the administrators in July 17 00:00:55,000 --> 00:00:58,000 Speaker 3: this year. Mister Sharp yesterday said he'll defend the allegation, 18 00:00:58,120 --> 00:01:01,520 Speaker 3: saying he did nothing wrong. Is administration and thanks to 19 00:01:01,560 --> 00:01:05,399 Speaker 3: government funding, it is still flying at least regional routes. 20 00:01:05,760 --> 00:01:07,360 Speaker 1: A couple of quick questions off the back of this 21 00:01:07,400 --> 00:01:10,639 Speaker 1: one sean, does it actually matter given REX is already 22 00:01:10,640 --> 00:01:14,840 Speaker 1: in administration. The second question though, given the government has 23 00:01:14,880 --> 00:01:18,280 Speaker 1: provided REX with what is it an eighty million dollar lifeline, 24 00:01:18,480 --> 00:01:21,000 Speaker 1: there have got to be political implications from all of this. 25 00:01:21,080 --> 00:01:23,960 Speaker 3: Right, Yeah, you'd think so. Starting with that second question, 26 00:01:24,319 --> 00:01:27,080 Speaker 3: Joe Longo, the ASSEK head, said that the treasure of 27 00:01:27,160 --> 00:01:30,280 Speaker 3: Jim Chalms was briefed ahead of the eighty million dollar 28 00:01:30,360 --> 00:01:32,840 Speaker 3: bailout from the government. Now, I don't know if the 29 00:01:32,840 --> 00:01:36,280 Speaker 3: money's a lane or a grant that hasn't been We 30 00:01:36,319 --> 00:01:38,520 Speaker 3: haven't heard from the government what it is exactly, but 31 00:01:38,520 --> 00:01:41,320 Speaker 3: it does allow REX to keep flying where it's difficult 32 00:01:41,400 --> 00:01:44,520 Speaker 3: for the coalition the opposition is that National Party obviously 33 00:01:44,560 --> 00:01:47,440 Speaker 3: are key to keep flights going out to regional Australians. 34 00:01:47,480 --> 00:01:49,960 Speaker 3: So maybe there won't be too much political pressure on 35 00:01:50,040 --> 00:01:52,760 Speaker 3: that first question. ASIG boss Jolongo said, high standards of 36 00:01:52,760 --> 00:01:57,600 Speaker 3: corporate governance are critical. They underscore a successful business doesn't matter. 37 00:01:57,680 --> 00:01:59,760 Speaker 3: I mean every sharehold accounts in the ASEX you have 38 00:01:59,800 --> 00:02:01,760 Speaker 3: to the rules and REX is a bit more than 39 00:02:01,840 --> 00:02:04,600 Speaker 3: just a company. It flies people the country, destinations, it 40 00:02:04,920 --> 00:02:08,600 Speaker 3: gets people around the place. Everyone, shareholders, customers, the government 41 00:02:08,639 --> 00:02:10,200 Speaker 3: should be able to trust what it says. 42 00:02:10,919 --> 00:02:15,040 Speaker 1: Number two sean Nearly five hundred employees of fashion group 43 00:02:15,120 --> 00:02:18,840 Speaker 1: Mosaic Brands will lose their jobs as administrators closed a 44 00:02:18,880 --> 00:02:21,440 Speaker 1: number of its well known retail stores and shutter the 45 00:02:21,639 --> 00:02:22,519 Speaker 1: Katies brand. 46 00:02:22,560 --> 00:02:26,400 Speaker 3: Forever Receivers will close one hundred and sixty stores after 47 00:02:26,440 --> 00:02:29,960 Speaker 3: the company went into voluntary administration in October. Apart from Katie's, 48 00:02:29,960 --> 00:02:32,919 Speaker 3: there'll be store closures within the Millers, Rivers and non 49 00:02:33,000 --> 00:02:36,839 Speaker 3: eb brands. While Katie's is being closed totally, the sil 50 00:02:36,919 --> 00:02:40,160 Speaker 3: process for Mosaic Brands group continues. It has about twenty 51 00:02:40,160 --> 00:02:43,760 Speaker 3: seven hundred employees more than seven hundred stores nationwide. It's 52 00:02:43,800 --> 00:02:47,720 Speaker 3: already exited a bunch of brands Rockman's, Autograph, Crossroads, w Lane, 53 00:02:47,760 --> 00:02:50,280 Speaker 3: b Me Brands. Hasn't been a great year for retailers. 54 00:02:50,280 --> 00:02:53,160 Speaker 3: Michael Godfrey's went under earlier in the year. Book Topia 55 00:02:53,280 --> 00:02:55,799 Speaker 3: also went under in About the Middle went into voluntary 56 00:02:55,800 --> 00:02:59,600 Speaker 3: administration at least, as did Best in Global Food Company. 57 00:03:00,080 --> 00:03:03,639 Speaker 1: On the story. Number three Diversified Minors South thirty two's 58 00:03:03,680 --> 00:03:07,440 Speaker 1: share price fell four percent yesterday after it said escalating 59 00:03:07,520 --> 00:03:11,440 Speaker 1: civil unrest in Mozambique has slowed transport to and from 60 00:03:11,440 --> 00:03:12,520 Speaker 1: the company's operations. 61 00:03:13,000 --> 00:03:15,320 Speaker 3: South thirty two was spun out of BHP. It mines 62 00:03:15,360 --> 00:03:20,960 Speaker 3: all sorts of commodities, including book side ilumina, aluminium, copper, zinc, lead, silver, nickel, 63 00:03:21,000 --> 00:03:23,800 Speaker 3: and manganese. It has mines in Australia, South America and 64 00:03:23,840 --> 00:03:26,760 Speaker 3: South Africa. The mine it's worried about is the Mosa 65 00:03:26,919 --> 00:03:31,560 Speaker 3: Aluminum plant in Mozambique. Yesterday put out a very brief statement. 66 00:03:31,639 --> 00:03:33,480 Speaker 3: It said that the safety and well being of its 67 00:03:33,520 --> 00:03:37,760 Speaker 3: people was most important. Mozambique has been rocked by protests. 68 00:03:37,760 --> 00:03:40,440 Speaker 3: They were disputed elections in early October. At least one 69 00:03:40,560 --> 00:03:44,480 Speaker 3: hundred fatalities have been reported, most of them demonstrators shot 70 00:03:44,600 --> 00:03:48,040 Speaker 3: during clashes with police. Hundreds more people have been injured, 71 00:03:48,120 --> 00:03:53,000 Speaker 3: thousands arrested. It just highlights the whole sovereign risk issue 72 00:03:53,200 --> 00:03:57,240 Speaker 3: when miners going to some underdeveloped countries. Remember just a 73 00:03:57,240 --> 00:04:00,120 Speaker 3: couple of months ago, Resolute Mining CEO Terence Hollahan when 74 00:04:00,720 --> 00:04:03,280 Speaker 3: was held captive in Mali until the minor plaid a 75 00:04:03,320 --> 00:04:05,920 Speaker 3: two hundred and fifty million dollar demand from the government. 76 00:04:06,480 --> 00:04:09,160 Speaker 1: We've got two pretty incredible stories to finish on sean 77 00:04:09,240 --> 00:04:13,800 Speaker 1: Story number four. Elon Musk's SpaceX has been valued at 78 00:04:13,840 --> 00:04:18,400 Speaker 1: around three hundred and fifty billion US dollars. The staggering 79 00:04:18,440 --> 00:04:21,520 Speaker 1: part about this is that is up about sixty five 80 00:04:21,640 --> 00:04:23,280 Speaker 1: percent in just three months. 81 00:04:24,120 --> 00:04:28,440 Speaker 3: Yes, about half a trillion Ossie dollars. SpaceX designs, builds, 82 00:04:28,440 --> 00:04:32,000 Speaker 3: and launches rockets. Spacecraft, founded by Musk in two thousand 83 00:04:32,040 --> 00:04:35,839 Speaker 3: and two, also has those Starlink satellites which help mobile 84 00:04:35,880 --> 00:04:39,479 Speaker 3: reception across this country. It's private, so it isn't easy 85 00:04:39,520 --> 00:04:42,240 Speaker 3: to value, but shareholders have agreed to purchase shares, so 86 00:04:42,440 --> 00:04:46,119 Speaker 3: they need evaluation. According to Bloomberg, the per share price 87 00:04:46,200 --> 00:04:49,039 Speaker 3: is one hundred and eighty five dollars three months ago. 88 00:04:49,120 --> 00:04:51,120 Speaker 3: Less than three months ago it was one hundred and twelve. 89 00:04:51,120 --> 00:04:53,120 Speaker 3: One hundred and twelve to one hundred and eighty five 90 00:04:53,520 --> 00:04:57,840 Speaker 3: in just three months. It makes SpaceX the most valuable 91 00:04:57,880 --> 00:04:59,119 Speaker 3: private startup in the world. 92 00:05:00,120 --> 00:05:01,919 Speaker 1: One story number five, What do you make of this? 93 00:05:02,560 --> 00:05:07,279 Speaker 1: Coldgate palm olive right is soliciting feedback on possible new 94 00:05:07,279 --> 00:05:11,440 Speaker 1: products from digital versions of prospective consumers. 95 00:05:12,040 --> 00:05:14,960 Speaker 3: Coldgate has built digital twins. They're calling it Digital Twins 96 00:05:15,000 --> 00:05:18,279 Speaker 3: that a program to simulate a real life consumer or 97 00:05:18,360 --> 00:05:20,960 Speaker 3: real life consumers in an effort to speed up the 98 00:05:21,000 --> 00:05:24,040 Speaker 3: process of coming up with new and enhanced products. According 99 00:05:24,040 --> 00:05:27,840 Speaker 3: to report on Reuters, the computerized consumers will respond and 100 00:05:27,960 --> 00:05:31,040 Speaker 3: react to claims and new features of possible new products. 101 00:05:31,200 --> 00:05:33,920 Speaker 3: Absolutely no idea how you can get a digital version 102 00:05:33,960 --> 00:05:38,039 Speaker 3: of me suggesting whether or not I like toothpaste. The 103 00:05:38,080 --> 00:05:41,839 Speaker 3: companies also can make digital twins for their supply chains, 104 00:05:41,880 --> 00:05:44,720 Speaker 3: for example, allowing them to analyze where problems may arise 105 00:05:44,720 --> 00:05:46,680 Speaker 3: and how to fix them. I get that part of it, 106 00:05:46,720 --> 00:05:49,400 Speaker 3: and that's what Colgate is doing, but not the consumer 107 00:05:49,560 --> 00:05:52,320 Speaker 3: part of it. A lot of consumer goods makers are 108 00:05:52,320 --> 00:05:55,520 Speaker 3: fighting to develop new versions of household staples like toothpaste, soap, 109 00:05:55,640 --> 00:05:58,000 Speaker 3: and toilet paper. Sales have been down on the back 110 00:05:58,000 --> 00:06:00,360 Speaker 3: of the cost of living crisis, and this is a 111 00:06:00,400 --> 00:06:02,640 Speaker 3: way that they're hoping to sell more product. 112 00:06:03,200 --> 00:06:05,160 Speaker 1: All Right, there we go the top five business stories 113 00:06:05,160 --> 00:06:05,799 Speaker 1: in five minutes. 114 00:06:05,800 --> 00:06:07,560 Speaker 3: Thank you Sean, Thank you Michael. 115 00:06:08,040 --> 00:06:11,040 Speaker 1: It is Thursday, the twelfth of December twenty twenty four. 116 00:06:11,120 --> 00:06:13,600 Speaker 1: Remember to hit follow on the podcast and five minutes 117 00:06:13,640 --> 00:06:15,840 Speaker 1: isn't enough. You can find our longer daily show called 118 00:06:15,839 --> 00:06:18,720 Speaker 1: Fear and Greed wherever you listen to podcasts by Michael 119 00:06:18,720 --> 00:06:20,720 Speaker 1: Thompson and that was the Fast five Business news by 120 00:06:20,720 --> 00:06:22,279 Speaker 1: Fear and Greed. Have a great Dame,