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Speaker 1: It's Tuesday, the seventeenth of December twenty twenty four. Welcome

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

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Speaker 1: Will 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, Sean.

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Speaker 1: Five stories, five minutes, let's go. Story number one. Federal

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Speaker 1: Treasurer Jim Chalmers has appointed an academic and a former

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Speaker 1: bank boss to the new Reserve Bank Interest Rates Setting Committee,

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Speaker 1: while two long standing board members will move off the committee.

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Speaker 2: A and you Professor Rena Fry mckibbon, who was an

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Speaker 2: author of last year's Independent Reserve Bank Review, got a gig.

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Speaker 2: She's got a pretty impressive reason. May been at the

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Speaker 2: Crawford School of Public Policy at the A and U

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Speaker 2: for twenty years, worked at the European Central Bank, the IMF,

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Speaker 2: International Monetary Fund, Bank of England, Reserve Bank of New Zealand,

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Speaker 2: Atlanta fared. The next person to get a gig Martie Baker,

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Speaker 2: former Bank of Bendigo and Adelaide boss. Thirty five years

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Speaker 2: experience in banking, including six CEO. What she really bred,

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Speaker 2: in my mind is real life experience around interest rates

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Speaker 2: and what that means for customers. Two existing board members

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Speaker 2: tell Strector Atlaana Ruben and businesswoman Carol Schwartz will shift

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Speaker 2: off the interest rate setting Board. There's a new board

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Speaker 2: called the Governance Board. Bunch of people on that. It'll

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Speaker 2: oversee stuff like human resources, internal finances, etc. The next

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Speaker 2: structure kicks off in March, after the first meeting of

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Speaker 2: the year in February.

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Speaker 1: Sean, call me a cynic, but does it matter?

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Speaker 2: Yeah? I think it does. I mean, we don't know

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Speaker 2: what y Fryer, mckibbon and Marny Baker think about interest rates.

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Speaker 2: But this whole new setup, this new structure, they along

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Speaker 2: with others on that interest rates setting Board, will get

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Speaker 2: a much bigger say. Won't just be the Reserve Bank

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Speaker 2: bureaucrats presenting a bunch of slide saying this is what

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Speaker 2: we should do on rates. I think the new structure

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Speaker 2: on the spotlight that's been on the Reserve Bank means

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Speaker 2: that these individuals will be much more vocal about what

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Speaker 2: they think.

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Speaker 1: It convinced me I'm a story number two now, Sean,

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Speaker 1: You've got a great story for us today. It's about

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Speaker 1: Bork site. In fact, it's not just a story you

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Speaker 1: are calling box site sexy. Please explain yep, yep, yep.

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Speaker 2: Raw material walk Side's raw material for producing aluminium, natural

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Speaker 2: product of weathering. Did you know Australia is the world's

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Speaker 2: largest book site producer. Guarantee you didn't know that, Michael

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Speaker 2: I did not. The benchmark price known as the Guinea

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Speaker 2: grade book site has hit one hundred and twelve US

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Speaker 2: dollars a ton that has gone through the roof recently.

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Speaker 2: It's now more expensive than iron ore. Now there's been

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Speaker 2: a supply crunch in Africa and Guinea is where much

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Speaker 2: of the baux site comes apart from Australia. Well, it's

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Speaker 2: been hit also a jump in demand from China. Why

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Speaker 2: is there a jump in demand because aluminium is popular

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Speaker 2: at the moment, so steel takes iron ore right. Good

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Speaker 2: for big construction. Aluminium though used for electric vehicles, batteries,

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Speaker 2: solar panels. Much higher demand for that now than there

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Speaker 2: has been previously. Australia's biggest export is Rio Tinto. Rio

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Speaker 2: is benefiting from the BUK site boom.

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Speaker 1: Good story on a number three now. Sean law firm

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Speaker 1: Mintor Ellison says at least eighty percent of its lawyers

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Speaker 1: and partners will have to use artificial intelligence tools in

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Speaker 1: their daily work. By March next year.

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Speaker 2: Mintors will provide three AI tools they'll train people in them.

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Speaker 2: The firms leaders will have to hit AI metrics as

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Speaker 2: part of their performance hurdles.

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Speaker 1: Now.

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Speaker 2: Partners and staff at Minters report that using Copilot has

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Speaker 2: saved them an average of between two and five hours

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Speaker 2: per week of work, according to report in the finn Review.

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Speaker 2: Not all tasks can be done using AI, there are

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Speaker 2: prescribed functions, but certainly professional service firms are among those

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Speaker 2: in Australia embracing AI relatively quickly. Other companies who seem

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Speaker 2: to be doing the same come off Bank, BHP, Promedicus,

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Speaker 2: Sonic Healthcare. No doubt AI is spreading its tentacles throughout

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Speaker 2: the business community.

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Speaker 1: Indeed, it is story number four Sean. The East Coast

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Speaker 1: is experiencing an extreme heat wave, with temperatures in some

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Speaker 1: locations pushing BA on forty degrees.

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Speaker 2: And that is putting all sorts of pressure on energy,

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Speaker 2: particularly in New South Wales. Yesterday was one of the

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Speaker 2: hottest December days on record. Parts of Victoria, New South

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Speaker 2: Wales and Queensland pushed into the mid to high forties

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Speaker 2: and northern territory faces extreme heat wave conditions for much

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Speaker 2: of the next three days. Alice springs in the northern

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Speaker 2: territories expected to hit forty three degrees. Southwest Queensland's Birdsville

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Speaker 2: could reach forty five degrees according to report on AAP,

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Speaker 2: Melbourne likely to hit forty one degrees pretty hot, and

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Speaker 2: some locations in western New South Wales could approach December

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Speaker 2: records forty six to forty seven degrees. Well can you

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Speaker 2: be one of those?

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Speaker 1: All right? That was story number four on to number

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Speaker 1: five last one shown. A Russian tanker broke apart during

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Speaker 1: a heavy storm in the Black Sea over the weekend,

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Speaker 1: spelling some of its forty three hundred ton cargo of

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Speaker 1: fuel oil in what could potentially be one of the

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Speaker 1: region's largest environmental disasters in years.

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Speaker 2: The carrier came out part about eight kilometers from the shore.

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Speaker 2: It's prow sank during bad weather in the Kerch Strait,

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Speaker 2: which separates this coast to the Russian annexed Crimean Peninsula

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Speaker 2: from mainland Russia. At least one of its crew members

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Speaker 2: were killed. Another carrier with a similar group running ground

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Speaker 2: after sustaining demage. Shortly afterwards, according to the Financial Times,

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Speaker 2: Russian President Vladimir Putin ordered a work group to rescue

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Speaker 2: the ship's cruise and deal with the consequences of the spill.

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Speaker 2: Not a lot of information about just how bad it

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Speaker 2: is at this point. Officials told Russian news Why inter

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Speaker 2: Fact that they were investigating a possible error by the

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Speaker 2: crew in storm damage as a reason for the breaching.

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Speaker 2: The tankers were built in the early nine and eighties,

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Speaker 2: designed to be mostly used on rivers, only supposed to

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Speaker 2: go into coastal waters during calm weather. And it wasn't calm.

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Speaker 1: It was not all right. There we go, the top

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

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Speaker 2: Thank you, Michael.

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Speaker 1: It is Tuesday, the seventeenth of December twenty twenty four.

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Speaker 1: Remember the hit follow on the podcast and if five

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Speaker 1: minutes isn't long enough for you, you can find our

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Speaker 1: longer daily show called Fear and Greed where heavy of

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Speaker 1: this in the podcasts. I'm Michael Thompson. And that was

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Speaker 1: the fast five business news by Fear and Greed. Have

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Speaker 1: a great day,