1 00:00:03,800 --> 00:00:06,680 Speaker 1: It's Monday, the twelfth of May twenty twenty five. Welcome 2 00:00:06,720 --> 00:00:09,120 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,119 --> 00:00:11,040 Speaker 1: where we give you the top five business stories you 4 00:00:11,080 --> 00:00:13,480 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,480 --> 00:00:14,880 Speaker 1: and good morning, Sean Aylmer. 6 00:00:15,120 --> 00:00:16,520 Speaker 2: Good morning, Michael Sewan. 7 00:00:16,600 --> 00:00:18,840 Speaker 1: Five stories, five minutes. Let's go a story number one. 8 00:00:18,840 --> 00:00:21,160 Speaker 1: It's a big one. Actually. The US and China been 9 00:00:21,200 --> 00:00:24,920 Speaker 1: holding talks over tariffs, which both sides describe as promising. 10 00:00:25,120 --> 00:00:28,440 Speaker 1: We've got Vladimir Putin saying Russia and Ukraine should meet 11 00:00:28,560 --> 00:00:32,440 Speaker 1: to negotiate a lasting peace, and India and Pakistan are 12 00:00:32,479 --> 00:00:35,400 Speaker 1: accusing each other of violations after a ceasefire deal. 13 00:00:35,479 --> 00:00:37,760 Speaker 2: Big few days in JR. Politics. Michael, starting with the 14 00:00:37,760 --> 00:00:40,640 Speaker 2: talks between the US and China over tariffs. The two 15 00:00:40,720 --> 00:00:43,960 Speaker 2: sides met in Switzerland over the weekend. Wrapping up about now, 16 00:00:44,000 --> 00:00:46,000 Speaker 2: as we go to where it came out to, US 17 00:00:46,040 --> 00:00:49,080 Speaker 2: President Donald Trump suggested an eighty percent tariff might be 18 00:00:49,120 --> 00:00:51,159 Speaker 2: about right at the moment one hundred and forty five 19 00:00:51,159 --> 00:00:55,480 Speaker 2: percent tariff on imported Chinese goods. Trump claimed a total 20 00:00:55,520 --> 00:00:58,960 Speaker 2: reset in relations between the world's biggest two biggest economies. 21 00:00:59,000 --> 00:01:02,280 Speaker 2: He said the talks were only but constructive. A short 22 00:01:02,360 --> 00:01:05,360 Speaker 2: term win for Beijing is reduction or removal of the 23 00:01:05,400 --> 00:01:08,200 Speaker 2: steep tariffs. For the US, it would be China doing 24 00:01:08,240 --> 00:01:11,360 Speaker 2: more to restrict the flow of fentanyl into North America. 25 00:01:11,520 --> 00:01:14,280 Speaker 2: Experts aren't really confident that substantive progress will be made. 26 00:01:14,319 --> 00:01:18,880 Speaker 2: Analysts say Trump's panchon for quick fixes doesn't necessarily match 27 00:01:18,959 --> 00:01:22,480 Speaker 2: China's preferred option of subscentative change. The second day of 28 00:01:22,560 --> 00:01:23,520 Speaker 2: talks is due to wrap up. 29 00:01:23,520 --> 00:01:26,480 Speaker 1: About now, what's happening in the peace talks or really 30 00:01:26,520 --> 00:01:29,160 Speaker 1: the non talks at this stage between Russia and Ukraine. 31 00:01:29,319 --> 00:01:32,160 Speaker 2: So Vladimir Putin invited Ukraine to take part in direct 32 00:01:32,160 --> 00:01:35,520 Speaker 2: talks later this week. That came just hours after European 33 00:01:35,600 --> 00:01:39,800 Speaker 2: leaders urged Moscow to agree to a thirty day cease fire. Now, 34 00:01:39,840 --> 00:01:42,880 Speaker 2: the leaders of uk France, Germany and Poland traveled to Kiev. 35 00:01:43,040 --> 00:01:45,560 Speaker 2: In Ukraine, they put pressure in Russia to commit to 36 00:01:45,600 --> 00:01:50,560 Speaker 2: an unconditional ceasefire. Suddenly, Putin did a rare televised late 37 00:01:50,640 --> 00:01:53,040 Speaker 2: night address from the Kremlin and said he wants to 38 00:01:53,040 --> 00:01:56,000 Speaker 2: move towards a lasting, strong peace. Let's hope. 39 00:01:56,040 --> 00:01:59,280 Speaker 1: So and ed just quickly closer to home. Relatively closer 40 00:01:59,320 --> 00:02:01,400 Speaker 1: to home. It sounds like the ceasefire between India and 41 00:02:01,400 --> 00:02:02,640 Speaker 1: Pakistan isn't holding. 42 00:02:03,120 --> 00:02:05,000 Speaker 2: Yeah, so after four days they agreed to a full 43 00:02:05,040 --> 00:02:07,680 Speaker 2: and immediate cease fire. Donald Trump took credit for it. Albout, 44 00:02:07,680 --> 00:02:11,520 Speaker 2: Pakistani's foreign minister later said three dozen countries were involved 45 00:02:11,560 --> 00:02:14,600 Speaker 2: in the diplomacy. Hours after the announcement, residents the main 46 00:02:14,720 --> 00:02:19,680 Speaker 2: Indian administered Kashmiri cities of Shrinegar and Jamu reported hearing 47 00:02:19,680 --> 00:02:22,120 Speaker 2: the sounds of explosions and seeing flashes in the sky. 48 00:02:22,240 --> 00:02:25,000 Speaker 2: Both sides accused the other of violating the ceasefire. 49 00:02:25,440 --> 00:02:28,040 Speaker 1: Okay, moving on to story number two. Now, Sean, and 50 00:02:28,639 --> 00:02:30,480 Speaker 1: you're about to head off to rural Australia. You're doing 51 00:02:30,520 --> 00:02:32,520 Speaker 1: the Ride for Country Kids, a great cause, and if 52 00:02:32,520 --> 00:02:34,079 Speaker 1: you can donate, please do. I'll put a link in 53 00:02:34,120 --> 00:02:37,320 Speaker 1: today's show notes. But since you're heading off out into 54 00:02:37,400 --> 00:02:39,640 Speaker 1: rural Australia, you want to talk about wheat, Australia's biggest 55 00:02:39,680 --> 00:02:40,720 Speaker 1: grain crop worth. 56 00:02:40,560 --> 00:02:43,200 Speaker 2: About nine billion dollars a year twenty eight million tons 57 00:02:43,280 --> 00:02:46,560 Speaker 2: dwarfs other crops. So we also grow balley, canal of chickpeas, 58 00:02:46,600 --> 00:02:49,600 Speaker 2: amongst other things. Wheat is the biggest grain crop by 59 00:02:49,680 --> 00:02:53,520 Speaker 2: a country mile. I like that it counts about Australia 60 00:02:53,639 --> 00:02:55,760 Speaker 2: counts for about three to four percent of world wheat production, 61 00:02:55,840 --> 00:02:58,680 Speaker 2: but fifteen percent of global wheat trade. We tend to 62 00:02:58,720 --> 00:03:03,320 Speaker 2: sell to organizations that make noodles, baked products, cookies, pasta, 63 00:03:03,400 --> 00:03:06,320 Speaker 2: that type of stuff. Thing is. The price of wheat 64 00:03:06,600 --> 00:03:11,680 Speaker 2: is around a five year low, but the anomaly has 65 00:03:11,720 --> 00:03:14,320 Speaker 2: been the last five years. We're back to normal levels. 66 00:03:14,360 --> 00:03:16,520 Speaker 2: The last five years price of wheat has been extremely 67 00:03:16,560 --> 00:03:18,880 Speaker 2: high because mostly because of the war in Ukraine and Russia. 68 00:03:18,960 --> 00:03:21,360 Speaker 2: Both week Big Week Producers. 69 00:03:21,400 --> 00:03:24,120 Speaker 1: Story number three. There were eighteen hundred home auctions over 70 00:03:24,160 --> 00:03:27,040 Speaker 1: the past week across the nation. That's the busiest since 71 00:03:27,080 --> 00:03:31,120 Speaker 1: before Easter. And the preliminary clearance rate held above seventy 72 00:03:31,120 --> 00:03:32,560 Speaker 1: percent for the second week running. 73 00:03:32,919 --> 00:03:35,800 Speaker 2: Yes, and that's after a few lower clearance rates. Things 74 00:03:35,880 --> 00:03:37,920 Speaker 2: might have picked up. Maybe the thought of another interest 75 00:03:38,000 --> 00:03:40,880 Speaker 2: rate cut next week helps things along. Melbourne is the 76 00:03:40,920 --> 00:03:43,160 Speaker 2: capital city leading the way last couple of weeks it's 77 00:03:43,160 --> 00:03:45,320 Speaker 2: been running ahead of Sydney came in at seventy three percent. 78 00:03:45,360 --> 00:03:48,000 Speaker 2: Sydney was sixty eight percent. In fact, Sidney's now had 79 00:03:48,040 --> 00:03:51,960 Speaker 2: eight consecutive weeks below seventy percent. Most of last year, 80 00:03:52,000 --> 00:03:54,840 Speaker 2: it was always above seventy percent. When it came to 81 00:03:55,040 --> 00:03:57,760 Speaker 2: the preliminary clearance rate, Adelaide and Brisbane came in at 82 00:03:57,760 --> 00:03:59,880 Speaker 2: sixty seven and seventy percent, respectively. 83 00:04:00,960 --> 00:04:03,800 Speaker 1: Number four Story Number four. This is one from Politics Sean. 84 00:04:03,800 --> 00:04:07,280 Speaker 1: Former Prime Minister Tony Abbott has endorsed Angus Taylor and 85 00:04:07,440 --> 00:04:11,120 Speaker 1: Senator Jacinta numperdin Per Price to become the next Liberal 86 00:04:11,200 --> 00:04:11,920 Speaker 1: leadership team. 87 00:04:12,160 --> 00:04:14,720 Speaker 2: Yesterday, Price says she would be Taylor's running mate up 88 00:04:14,720 --> 00:04:18,040 Speaker 2: against Susan Lee when Liberal MP's returned to Canberra tomorrow 89 00:04:18,080 --> 00:04:20,680 Speaker 2: to select the replacement for Peter Dutton. Abbot, in a 90 00:04:20,680 --> 00:04:23,520 Speaker 2: statement said the Liberal Party owns Australia are much stronger 91 00:04:23,560 --> 00:04:26,480 Speaker 2: performance at the next election and that has to start now. 92 00:04:26,800 --> 00:04:29,600 Speaker 2: No doubt Taylor is the more conservative of the two. 93 00:04:29,920 --> 00:04:32,760 Speaker 2: Lee is known as a moderate. Prime Minister Anthony Albany 94 00:04:33,040 --> 00:04:36,799 Speaker 2: Alberanizi is tomorrow expected to outline his new cabinet. That'll 95 00:04:36,839 --> 00:04:40,400 Speaker 2: be interesting because because yesterday ousted Federal front bencher Ed 96 00:04:40,520 --> 00:04:44,800 Speaker 2: Husick labeled Deputy Prime Minister Richard Miles a factional assassin 97 00:04:45,240 --> 00:04:48,479 Speaker 2: over he moved to dump two cabinet ministers. That was 98 00:04:48,640 --> 00:04:52,479 Speaker 2: Hughsick Attorney General Mark Dreyfus. Hughsick says he was punished 99 00:04:52,480 --> 00:04:54,479 Speaker 2: in part for speaking out on the war in Gaza. 100 00:04:55,080 --> 00:04:57,680 Speaker 1: Last one story number five. This could be my favorite 101 00:04:57,680 --> 00:05:01,640 Speaker 1: story of the week already, Sean. Just a Cold War 102 00:05:01,680 --> 00:05:05,000 Speaker 1: era spacecraft has come crashing down to Earth after being 103 00:05:05,040 --> 00:05:07,599 Speaker 1: stuck in orbit for more than five decades. 104 00:05:07,800 --> 00:05:11,280 Speaker 2: A report from Russian space agency ro was Cosmos claims 105 00:05:11,480 --> 00:05:14,359 Speaker 2: that the Cosmos four eight two splash down in the 106 00:05:14,360 --> 00:05:16,800 Speaker 2: Indian nation west of Chikata. According to a story in 107 00:05:16,839 --> 00:05:20,360 Speaker 2: the Daily Telegraph of London, experts have been monitoring Cosmos 108 00:05:20,400 --> 00:05:24,160 Speaker 2: four eight two, but it's eccentric orbit, coupled with space weather, 109 00:05:24,200 --> 00:05:26,760 Speaker 2: made its potential landing site difficult to predict. 110 00:05:26,800 --> 00:05:26,960 Speaker 1: Now. 111 00:05:27,000 --> 00:05:30,080 Speaker 2: The spacecraft was launched in the spring of nineteen seventy 112 00:05:30,120 --> 00:05:32,839 Speaker 2: two to study Venus. Due to a malfunction of the 113 00:05:32,920 --> 00:05:36,400 Speaker 2: booster block, it remained in a high elliptical orbit of 114 00:05:36,400 --> 00:05:39,800 Speaker 2: the Earth, gradually approaching the planet. Fifty two years later, 115 00:05:40,200 --> 00:05:41,000 Speaker 2: it's splashed down. 116 00:05:41,279 --> 00:05:43,520 Speaker 1: There we go, all right, five stories in five minutes. 117 00:05:43,560 --> 00:05:46,440 Speaker 1: Thank you, Sean, Thank you, Michael. It's Monday. The twelfth 118 00:05:46,480 --> 00:05:48,960 Speaker 1: of May twenty twenty five, remembered to hit follow on 119 00:05:49,000 --> 00:05:51,120 Speaker 1: the podcast and in five minutes isn't enough. You can 120 00:05:51,160 --> 00:05:53,840 Speaker 1: find our longer daily show called Fear and Greed where 121 00:05:53,880 --> 00:05:56,080 Speaker 1: ever you listen to podcasts. I'm Michael Thompson and that 122 00:05:56,240 --> 00:05:58,320 Speaker 1: was the fast five Business news by Fear and Greed. 123 00:05:58,600 --> 00:06:02,040 Speaker 1: Have a great day.