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Speaker 1: It's Friday, the twenty ninth of November twenty twenty four.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning Michael saw and.

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Speaker 1: Five stories to race through in five minutes. Let's get

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Speaker 1: going because story number one's a big one. There's nothing

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Speaker 1: like a deadline, is there to get things done. The

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Speaker 1: federal government yesterday secured the support of the Greens and

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Speaker 1: Independence in the Senate to pass twenty seven pieces of legislation,

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Speaker 1: including reforms to the housing sector and to the Reserve Bank.

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Speaker 2: A very busy final day of Parliament for the year,

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Speaker 2: in which horse trading was done to get the Greens

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Speaker 2: and Independent senators David Pocock and Jackie Lamb beyond side.

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Speaker 2: Some of the changes that passed include bills to create

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Speaker 2: a second board for the Reserve Bank to deal with

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Speaker 2: montree policy. That's in additions to in addition to a

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Speaker 2: governance board that all flows from recommendations from an inquiry

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Speaker 2: into the Central Bank. The Future made an Australia legislation

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Speaker 2: that's about twenty three billion dollars over the next decade

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Speaker 2: to help transition to net zero, the bill to rent

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Speaker 2: housing bill. There was also negotiations between the government and

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Speaker 2: opposition to pass bills including the ban on under sixteen

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Speaker 2: year olds using social media, a number of changes to

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Speaker 2: migration laws, a few that didn't make it, extra tax

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Speaker 2: on earnings from super accounts with three million dollars in them,

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Speaker 2: and ones that didn't another one that didn't make it.

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Speaker 2: Electoral reforms which would have limited donations to political parties.

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Speaker 1: Sean I would presume that the Greens extracted some concessions

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Speaker 1: before doing a deal with the government. What do they

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Speaker 1: get out of.

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Speaker 2: It About five hundred million dollars worth of promises Michael,

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Speaker 2: including improvements to energy efficiency in fifty thousand social housing

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Speaker 2: properties around the country. They want the government to now

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Speaker 2: retro fit public and community housing to lower bills for tenants.

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Speaker 2: Adam Bant, the Greens leader, reckons about fifty thousand people

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Speaker 2: will save eighteen hundred dollars a year. What it does

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Speaker 2: show is how much of politics is about posturing and

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Speaker 2: when it gets down to doing deals they actually can

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Speaker 2: get done. The money for the Greens came in exchange

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Speaker 2: for agreement on twenty seven bills, and Greens can argue

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Speaker 2: they've looked after their constituents and so can Labor.

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Speaker 1: Okay, Moving on to story number two. Now, Sean and

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Speaker 1: IAG will buy the insurance business of the Royal Automobile

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Speaker 1: Club of Queensland for eight hundred and fifty five million

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Speaker 1: dollars to add to its NRMA brands in New South

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Speaker 1: Wales and RACV in Victoria.

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Speaker 2: It's a twenty five year deal to sell home and

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Speaker 2: car insurance policies to racq's one point seven million members. RACQ,

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Speaker 2: like NROMA and RACV, provides roadside assistance, sells insurance. IAG

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Speaker 2: writes about sixteen billion dollars of premium per annum. It's

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Speaker 2: got a bunch of other brands CGU, WFI, Roland Australia,

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Speaker 2: rol in Australia. It's share price jump to four percent yesterday.

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Speaker 1: Story number three. Companies that did well yesterday Promedicus' share

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Speaker 1: price hit a record high yesterday after the imaging Group

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Speaker 1: signed a ten year, three hundred and thirty million dollar

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Speaker 1: deal with a large not for profit healthcare system in

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Speaker 1: the US.

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Speaker 2: I reckon this is my early nomination for Company of

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Speaker 2: the Year least among the large caps. Promedicus is this

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Speaker 2: technology company that bought an improved experience to radiology. Its

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Speaker 2: Visage seven product is a clinical desktop application that radiologists

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Speaker 2: use to view, enhance, and manipulate images from all sorts

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Speaker 2: of devices. That way they can make a diagnostic Promedicus

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Speaker 2: share price was up nine percent yesterday. It's up one

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Speaker 2: hundred and fifty percent this year so far. It's now

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Speaker 2: the twenty second largest company on the BURS, easily the

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Speaker 2: best performing of the top one hundred stocks. The deal

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Speaker 2: yesterday puts it into ninety three hospitals across twenty six

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Speaker 2: states in the US. It puts it into the hands

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Speaker 2: of about one hundred and twenty seven thousand physicians and clinicians.

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Speaker 2: Big deal for them.

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Speaker 1: Sure is story number four. A twenty four hour stock

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Speaker 1: exchange has been approved by US regulators, allowing around the

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Speaker 1: clock trading sean on Wall Street, which is a first

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Speaker 1: for any major equity market anywhere in the world.

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Speaker 2: Startup twenty four exchange was approved by the Securities and

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Speaker 2: Exchange Commission and will initially launch in regular hours, then

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Speaker 2: expand to include around the clock trading from Sunday to Thursday.

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Speaker 2: While treasuries and major currencies are traded almost continuously on weekdays,

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Speaker 2: stocks haven't because of tight rules designed to protect investors

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Speaker 2: and because of the complexities in time needed to settle trades. Now,

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Speaker 2: in recent years, round the clock trading has been given

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Speaker 2: a burst by the rise and rise and rise and

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Speaker 2: rise of retail investors. They're keen to trade stocks outside

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Speaker 2: their working hours. According to the ft, some brokers already

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Speaker 2: execute customer out of ours stock orders in what's known

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Speaker 2: as dark pools, where members trade amongst themselves. A regulated

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Speaker 2: overnight exchange will mark a big change because it represents

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Speaker 2: a lit market where trades and their prices become the

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Speaker 2: official record happening on Wall Street. Reckon it will be

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Speaker 2: coming to an exchange near you pretty soon.

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Speaker 1: Last one story number five. A Chinese ship is suspected

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Speaker 1: of severing two critical internet cables in the Baltic Sea

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Speaker 1: in an act of sabotage that may have been orchestrated

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Speaker 1: by Russia.

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Speaker 2: Is believed that the Yepang three, a Chinese registered bolt carrier,

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Speaker 2: deliberately severed the two key cables last week by dragging

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Speaker 2: its anchor along the Baltic Sea bed for more than

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Speaker 2: one hundred and sixty kilometers, according to the Telegraph of London.

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Speaker 2: The investigation is now focused on whether the captain of

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Speaker 2: the two hundred and twenty five meter long ship was

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Speaker 2: directed to carry out the suspected sabotage by Moscow. A

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Speaker 2: senior European investigated told The Wall Street Journal, I quote

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Speaker 2: it's extremely unlikely that the captain would not have noticed

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Speaker 2: that his ship dropped and dragged its anchor, losing speed

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Speaker 2: for hours and cutting cables on the way end quote.

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Speaker 2: The incident has caused concern among Western nations that Russia

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Speaker 2: is engaging with what the White House describes hybrid warfare,

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Speaker 2: although the Kremlin denies this.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes. Thank you very much, Sean, Thank you.

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Speaker 2: Michael.

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Speaker 1: It is Thursday, the twenty ninth of November twenty twenty four.

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Speaker 1: Remember it hit follow on the podcast and in five minutes.

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Speaker 2: Isn't it?

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Speaker 1: After? You can find our longer daily show called Fear

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Speaker 1: and Greed whereever you listen to podcasts. I'm Michael Thompson

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Speaker 1: and that was the past five busy this news by

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Speaker 1: Fear and great have a great day,