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Speaker 1: It's Thursday, the thirteenth of March twenty twenty five. 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 when just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Ail My, good morning, Michael Shawn.

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Speaker 1: Five big stories to get through in just five minutes,

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Speaker 1: so we better get cracking. Story number one. The local

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Speaker 1: share market was officially in correction Territory yesterday, having fallen

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Speaker 1: more than ten percent since its peak last month. Dragged

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Speaker 1: lower over the past twenty four hours by confirmation that

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Speaker 1: local aluminium and steel sold to the US will be

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Speaker 1: hit with twenty five percent tariffs.

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Speaker 2: Yesterday it was consumer discretionary stocks, industrials and financials sold off.

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Speaker 2: About forty billion dollars of value was wiped off the

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Speaker 2: market at one point. By the close after a sort

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Speaker 2: of last ten minute rebound, the market was a little

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Speaker 2: over nine percent lower than its peaked less than four

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Speaker 2: weeks ago, ten per cents to find as a correction

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Speaker 2: now over the last month, it's at tech stocks and

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Speaker 2: big banks that have been hit hardest, but it's been

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Speaker 2: very broad based. There's been selling across the market. A

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Speaker 2: bunch of companies from across the economy are now trading

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Speaker 2: around twelve month lows, even some who aren't really directly

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Speaker 2: caught up in the global trade wars. So I'm talking CSL, Fortescu, Metals, Woolies,

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Speaker 2: next to see the Data center Operator, Treasury, Wine Estates

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Speaker 2: and Deva Group, Pubs and clubs and liquor outlets, dere Murphy's,

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Speaker 2: that's crowd Challenger, Newity Company, Flight Center, Travel and Hollow

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Speaker 2: World and Dominos. In fact, nearly twenty percent of the

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Speaker 2: top two hundred companies have recorded new twelve month lows

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Speaker 2: over the past week. That is quite incredible.

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Speaker 1: It's been going on for about a month now, hasn't it.

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Speaker 1: What are the main reasons for the share market tumble?

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Speaker 2: Equity valuations are stretch, they just got too expensive. Tech stocks,

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Speaker 2: particularly the Magnificent seven on Wall Street, rent too hard.

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Speaker 2: They account for a big part of the market. They're

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Speaker 2: being sold off. That's hitting the tech stocks here. Hopes

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Speaker 2: of a bunch of rate cuts in the US and

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Speaker 2: Australia have been dashed by sticky inflation. Overlaying all this

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Speaker 2: is contradictory commentary out of the White House, which has

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Speaker 2: created enormous uncertainty. And here in Australia, what's going on

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Speaker 2: with tariff.

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Speaker 1: Story number two perfect segue sean Australia won't be receiving

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Speaker 1: an exemption from tariff's on exports of steel and aluminium

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Speaker 1: to the US, with one billion dollars in annual sales

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Speaker 1: now attracting a twenty five percent impost.

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Speaker 2: White House informed Canby yesterday. When pressed by Australian media,

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Speaker 2: a spokesperson said, and I quote American First Steel and

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Speaker 2: if they want to be exempted, they should consider moving

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Speaker 2: steel manufacturing here. Anthony Albernezi, the Prime Minister, said the

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Speaker 2: tariffs were entirely unjustified. He said it's against the spirit

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Speaker 2: of the two nations and during friendship and tariff's and

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Speaker 2: trade tensions are a form of economic self harm and

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Speaker 2: a recipe for slower growth and higher inflation. They were

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Speaker 2: imposed despite efforts by the Australian government to get Donald

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Speaker 2: Trump's administration to change its mind. Alber easy said Australia

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Speaker 2: put a range of propositions to the US they were rejected.

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Speaker 2: Business leaders yesterday pointed out that the carve out negotiated

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Speaker 2: by the Turnbull government in Trump one point zero talk

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Speaker 2: about eight months to negotiate, so they're still hopeful.

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Speaker 1: Story number three, The Corporate Watchdog is alleging that the

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Speaker 1: country's biggest super fund, Aussie Super, failed to pay out

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Speaker 1: millions of dollars in claims to families of deceased members

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Speaker 1: in a timely manner.

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Speaker 2: The Australian Securities and Investment Commissions said the fund had

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Speaker 2: failed to process almost seven thousand death benefit claims efficiently,

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Speaker 2: honestly and fairly between July twenty nineteen and October twenty

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Speaker 2: twenty four. In one case, it took Aussie Super more

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Speaker 2: than three years to pay claim to the relative of

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Speaker 2: a deceased member. That's the allegation. It's the second case

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Speaker 2: ASSEK has launched against a superannuation fund in the past year,

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Speaker 2: after taking Seabuster court for allegedly similar customer service failures.

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Speaker 2: Now last month Assex find Ozzi Super twenty seven million

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Speaker 2: dollars for funding to merge duplicate accounts as required. It's

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Speaker 2: just pretty clear that the watchdog is taking a very

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Speaker 2: good look at those big players in the four trillion

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Speaker 2: dollars super sector.

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Speaker 1: Story number four, turning to international news, shown. Ukraine has

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Speaker 1: said it is ready to accept a US proposal for

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Speaker 1: an immediate thirty day ceasefire in its war with Russia,

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Speaker 1: prompting Washington to agree to resume military assistance to Ukraine.

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Speaker 2: The proposed ceasefire, which would still need to be agreed

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Speaker 2: to by Russia, was announced in the joint statement that

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Speaker 2: kept several hours of talks between US and Ukrainian officials.

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Speaker 2: According to the FT, Washington said it will immediately restore

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Speaker 2: deliveries of weapons and ammunition and end its suspension of

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Speaker 2: intelligence sharing. President Donald Trump said he Russia will agree

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Speaker 2: to the ceasefire. He plans to speak to Vladimir Putin.

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Speaker 2: We don't quite know what he's going to say, they were.

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Speaker 2: A government spokesperson from Russia said that any ceasefire proposal

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Speaker 2: would be on Moscow's terms, not Washington's.

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Speaker 1: Last one, story number five, we talked a lot about

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Speaker 1: the turmoil on financial market, Sean. Amid all of this,

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Speaker 1: one global investor is standing apart, at least in terms

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Speaker 1: of making money, and that is Warren Buffett.

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Speaker 2: Yes. So on the Bloomberg Billionaires Index elon mask has

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Speaker 2: lost one hundred and twenty six billion dollars this year

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Speaker 2: Jeff Bezos twenty one billion dollars, et cetera, et cetera.

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Speaker 2: Only one member of the richest twenty humans on Earth

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Speaker 2: has made a significant amount of money this year, Warren

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Speaker 2: Buffet's made thirteen billion dollars. He's got a simple motto,

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Speaker 2: very appropriate for this podcast. Be fearful when others are greedy,

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Speaker 2: and be greedy only when others are fearful. In the

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Speaker 2: lead up to the Trump presidency and since, Buffett's Berkshire

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Speaker 2: Hathaway has been selling shares and amassing cash and criticism.

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Speaker 2: About one third of its holdings three thirty four billion

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Speaker 2: US is in cash, just as the market tumbles. Buff

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Speaker 2: It's differently having the last laugh right now, I think

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Speaker 2: you might be right there.

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Speaker 1: We go the top five business stories in five minutes.

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Speaker 1: Thank you very much, Sean, Thank you, Michael. It is Thursday,

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Speaker 1: the thirteenth of March twenty twenty five. Remember to hit

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Speaker 1: follow on the podcast, and if five minutes isn't enough,

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Speaker 1: you're going to find our longer daily show called Fear

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Speaker 1: and Greed wherever you listen to podcasts.

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Speaker 2: I'm Michael Thompson

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Speaker 1: And that was the fast five business news by fear

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Speaker 1: and greed, have a great day.