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Speaker 1: It's Tuesday, the tenth of March twenty twenty six. Welcome

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Speaker 1: 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, Good morning Michael Shawn. Five

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Speaker 1: stories in five minutes. Before we do that, of course,

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Speaker 1: you have to hit I mean you don't have to,

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Speaker 1: but it's certainly strongly encouraged to hit the follow button

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Speaker 1: because in the next week or so, the playlist that

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Speaker 1: you may be listening to this podcast through on Spotify,

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Speaker 1: called Your Daily Drive is going to disappear, which will

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Speaker 1: make it a little bit harder to fire the Fast five.

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Speaker 1: So if you just hit follow right now, you will

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Speaker 1: continue to be able to find us very easily into

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Speaker 1: the future. Let's get going. Story number one. The price

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Speaker 1: of oil has pushed through one hundred and sixteen US

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Speaker 1: dollars a barrel yesterday at one point, wiping one hundred

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Speaker 1: and thirty billion dollars from the local share market. As

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Speaker 1: spheres of a global economic meltdown hit investors. The SMPA

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Speaker 1: s X two hundred ended up closing down nearly three

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Speaker 1: percent to eighty five hundred and ninety nine points, having

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Speaker 1: recovered somewhat in the afternoon sessions, but at it's low.

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Speaker 1: The ASX two hundred was off four point three percent yesterday.

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Speaker 1: That is the steepest sell off since the COVID nineteen

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Speaker 1: pandemic in twenty twenty. It's down seven percent since the

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Speaker 1: beginning of last week. The tumble came as oil prices

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Speaker 1: surged towards one hundred and twenty US dollars a barrel,

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Speaker 1: including a massive twenty four percent surge yesterday alone. Brent

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Speaker 1: is now trading at almost double its level at the

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Speaker 1: beginning of this year. The immediate reason for the surge

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Speaker 1: is the attacks and closures of oil refineries in the

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Speaker 1: Middle East and the closure of the Strait of Homus,

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Speaker 1: which carries about twenty percent of the world's oil.

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Speaker 2: Few winners. Yesterday the airline's Quantis and Virgin was sold off.

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Speaker 2: They get hit by higher fuel prices and a reluctance

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Speaker 2: for people to travel. The Tech index fill nearly five percent,

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Speaker 2: down about eighty percent this year so far. Banks were

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Speaker 2: dumped on the back of fears and any comics slow down.

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Speaker 2: The big four banks lost between two and three percent yesterday.

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Speaker 2: Big miners were hammd a bit more of that in

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Speaker 2: a moment. One sect of enjoying things energy companies, not

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Speaker 2: just oil and gas either, but the coal companies as well,

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Speaker 2: given the price for that commodity is up thirty percents

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Speaker 2: its the beginning of the year.

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Speaker 1: Wow. Markets across the region were also sold off. It

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Speaker 1: wasn't just Australia. Japan's benchmark NIKA fell more than seven percent,

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Speaker 1: Hong Kong was down three percent.

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Speaker 2: Yep, that's right. South Korea was down eight percent. Huge

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Speaker 2: economic impact in all of this, and on Australia it's

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Speaker 2: the National Australian Bank yesterday came out and said that

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Speaker 2: its reckons at headline inflational head to five percent, core

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Speaker 2: inflation four percent. Will the Reserve Bank look through that sea?

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Speaker 2: That is temporary. The hopes are at will because it

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Speaker 2: doesn't that means a bunch of interest rate rises.

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Speaker 1: Yeah, indeed, Okay, Moving on to story number two now,

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Speaker 1: Sean stockpiles of iron ore in China have hit record levels,

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Speaker 1: up twenty five percent since August, and that is putting

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Speaker 1: pressure on Australia's big miners and also on the budget

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Speaker 1: bottom line.

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Speaker 2: So get your mind around this. One hundred and sixty

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Speaker 2: three point three million tons of line or stockpiled in Chin. Basically,

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Speaker 2: the property sector slow down, doesn't need as much steel.

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Speaker 2: Irono was a key ingredient for making steel. Our BHP

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Speaker 2: share price tumbled late last week when an emerged that

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Speaker 2: made a Chinese buyer wasn't buying some of its shipments

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Speaker 2: that kept going. Yesterday, BHP was down another five percent

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Speaker 2: reto four percent fourty skew medals nearly two percent. Australian

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Speaker 2: minus sport about nine hundred and fifty million, nine hundred

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Speaker 2: and fifteen million tons of iron ore each year. That's

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Speaker 2: worth about one hundred and fifteen billion dollars state in

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Speaker 2: federal governments get royalties taxes from that stuff, so ten

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Speaker 2: percent fall in price of an iron or equates to

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Speaker 2: a loss of about four hundred million dollars in the

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Speaker 2: federal corporate tax receipts. WA gets hit really hard as well.

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Speaker 2: So if we have a fall off an iron or,

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Speaker 2: not only do the miners get hurt, but so Two

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Speaker 2: to the governments.

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Speaker 1: Story Number three, Commonwealth Bank has referred to mortgage brokers

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Speaker 1: and a string of accountants to police over what could

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Speaker 1: be a billion dollar loan fraud.

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Speaker 2: So the fin Review first reported in February that Commwealth

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Speaker 2: Being had uncovered a cluster of home loans obtained using

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Speaker 2: fake documents, including some income statements generated with AI draft

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Speaker 2: tax returns shell companies. It's working with New South Wales

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Speaker 2: Police Asset et cetera. Loans were obtained via Commonwealth Bank's

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Speaker 2: referre program. So the referre programs pays accountants, real estate agents,

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Speaker 2: lawyers a commission for sending customers to the bank, also

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Speaker 2: through the third party mortgage brokers which all the banks use.

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Speaker 2: On that one, it just seems that accountants were allegedly

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Speaker 2: inflating clients finances. Still needs to get to the bottom

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Speaker 2: of all this. New anti money laundering rules will cover accountants,

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Speaker 2: lawyers and conveyances next from next month, but this seems

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Speaker 2: to be loophole at this point.

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Speaker 1: Indeed, a story up before. Australia's strict social media laws

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Speaker 1: are capturing not only children but adults as well, with

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Speaker 1: the global pornography site Pornhub blocking users in Australia because

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Speaker 1: of age verification from yesterday.

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Speaker 2: Under new East Safety rules, any platform hosting pornography, R

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Speaker 2: rated video games or explicit AI chatbots must verify that

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Speaker 2: users are over eight now for the forty nine and

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Speaker 2: a half million dollar fine per breach on that pawn

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Speaker 2: Hubb's parent company alo Aylo has decided that rather than

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Speaker 2: build an age verification system, it's just going to block

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Speaker 2: all Australian users. Other sites are doing the same. It

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Speaker 2: extends the social media band from under sixteen year olds

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Speaker 2: that came in last December through to adults of the East.

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Speaker 2: Safety Commissioner julianman Grant says the rules also apply to

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Speaker 2: search engines, app stores and AI companion chatbots.

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Speaker 1: Last one story number five, only fifty four percent of

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Speaker 1: Americans consumed alcohol last year. These are the lowest figures

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Speaker 1: since Gallup surveys began in nineteen thirty two, as rising

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Speaker 1: health consciousness, weight loss drugs, the rise of non alcoholic drinks,

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Speaker 1: and tightening budgets all conspired to reduce the number of

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Speaker 1: people who are fond of a bit of a drink

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Speaker 1: shown it's a global phenomenon, though global wine sales fell

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Speaker 1: twelve percent between twenty twenty and twenty twenty four. At

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Speaker 1: their lowest level now in I think sixty years. A

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Speaker 1: recent survey show that twenty percent of French vineyards are

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Speaker 1: considering shutting, which is pretty extreme.

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Speaker 2: Here Jim Bean Pau's installation for a year at its

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Speaker 2: flagship facility in Kentucky. Amidi Global Global Bourbon glut Heineken

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Speaker 2: is cutting six thousand jobs. Sales for British spirits maker

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Speaker 2: Diageo so I think Guinness smurt Off Johnny Walker dropped

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Speaker 2: by about three percent in the first half of the year.

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Speaker 1: Who do we blame?

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Speaker 2: Michael jens eders those under the age of thirty five,

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Speaker 2: they drink way less. In middle and older aged adults.

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Speaker 2: According to Gallop, they don't also meet up as much,

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Speaker 2: so social media and telecommunications means they don't have to

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Speaker 2: physically meet up to socialize, and that's reduced alcohol intake. Also,

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Speaker 2: legalized marijuana in many states in the US particularly could

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Speaker 2: be having an impact.

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Speaker 1: There you go, all right, the top five business stories

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Speaker 1: in five minutes.

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Speaker 2: Thank you, Sean, Thanks Michael.

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Speaker 1: It's Tuesday, the tenth of March twenty twenty six. Remember

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Speaker 1: to hit follow on the podcast and if five minutes

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Speaker 1: called Fear and greed where ever you listen to podcasts,

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Speaker 1: I'm Michael Thompson and is the Fast five business news

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Speaker 1: by Peer and creed