1 00:00:03,240 --> 00:00:06,360 Speaker 1: It's Friday, the seventh of March twenty twenty five. Welcome 2 00:00:06,400 --> 00:00:08,800 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:08,840 --> 00:00:10,640 Speaker 1: where we give you the top five business stories you 4 00:00:10,680 --> 00:00:13,039 Speaker 1: need to know when just five minutes. Are Michael Thompson 5 00:00:13,080 --> 00:00:14,920 Speaker 1: and Good morning Sean Aylmer. 6 00:00:15,080 --> 00:00:16,640 Speaker 2: Good morning Michael, Sean. 7 00:00:16,800 --> 00:00:19,400 Speaker 1: Five big stories to get through in five minutes. Story 8 00:00:19,440 --> 00:00:22,959 Speaker 1: number one, Star Entertainment appears to have founder savior, with 9 00:00:23,079 --> 00:00:26,400 Speaker 1: the gaming company set to offload its newly opened Brisbane 10 00:00:26,400 --> 00:00:29,320 Speaker 1: casino and entertainment complex as part of its deal with 11 00:00:29,360 --> 00:00:31,000 Speaker 1: its Hong Kong based shareholders. 12 00:00:31,080 --> 00:00:34,360 Speaker 2: The fin Reviews reporting that Chow Tai Fook Enterprises and 13 00:00:34,440 --> 00:00:37,640 Speaker 2: Farias Consortium are close to agreeing to an injection of 14 00:00:37,720 --> 00:00:39,680 Speaker 2: up to fifty million dollars as part of a plan 15 00:00:39,760 --> 00:00:42,959 Speaker 2: to save Star from administration. The two companies, which are 16 00:00:42,960 --> 00:00:47,000 Speaker 2: investors in Brisbane's Queen's Wharf Precinct and major shareholders in Star, 17 00:00:47,520 --> 00:00:50,680 Speaker 2: will take control of the Queensland casino under the plans. 18 00:00:51,040 --> 00:00:54,120 Speaker 2: In terms of what we know officially, Stars days away 19 00:00:54,120 --> 00:00:56,360 Speaker 2: from running out of cash in needs short term funding. 20 00:00:56,680 --> 00:00:58,560 Speaker 2: It has a debt of four hundred million dollars in 21 00:00:58,600 --> 00:01:00,800 Speaker 2: its shares have not traded since money because the group 22 00:01:00,840 --> 00:01:03,440 Speaker 2: has not been able to sign off on financial accounts. 23 00:01:03,760 --> 00:01:06,240 Speaker 2: It should be able to access sixty million dollars shortly 24 00:01:06,280 --> 00:01:09,200 Speaker 2: from the sale of its Sydney events center. The money 25 00:01:09,200 --> 00:01:11,280 Speaker 2: the fifty million dollars from the Hong Kong Investors, is 26 00:01:11,319 --> 00:01:14,840 Speaker 2: a short term loan and CEO of Star, Steve McCann, 27 00:01:14,920 --> 00:01:17,080 Speaker 2: is still trying to secure longer term funding. 28 00:01:17,360 --> 00:01:19,440 Speaker 1: I know we've been talking about this for so long now, Sean, 29 00:01:19,480 --> 00:01:21,679 Speaker 1: but just remind us of why Star is in so 30 00:01:21,760 --> 00:01:22,360 Speaker 1: much trouble. 31 00:01:22,640 --> 00:01:26,200 Speaker 2: Three main factors. Cost blowouts at the Queen's warf facility 32 00:01:26,319 --> 00:01:29,759 Speaker 2: in Queensland, a potentially hefty fine for breaches of anti 33 00:01:29,800 --> 00:01:32,280 Speaker 2: money laundering and counter terrorism laws. We don't know what 34 00:01:32,319 --> 00:01:35,240 Speaker 2: they all be, but they're on the way. And thirdly, 35 00:01:35,319 --> 00:01:39,080 Speaker 2: the broader financial impact of strict regulatory measures that have 36 00:01:39,160 --> 00:01:41,520 Speaker 2: actually driven high rollers out of the market. 37 00:01:41,959 --> 00:01:44,280 Speaker 1: All right, moving on to story number two now. Cyclone 38 00:01:44,319 --> 00:01:48,600 Speaker 1: Alfred has slowed considerably as it moves towards the Queensland coast, 39 00:01:48,680 --> 00:01:51,320 Speaker 1: with the latest Bureau of Meteorology modeling suggesting that it 40 00:01:51,320 --> 00:01:54,960 Speaker 1: could make landfall early tomorrow morning, twenty four hours later 41 00:01:55,040 --> 00:01:56,440 Speaker 1: than was first expected. 42 00:01:56,760 --> 00:01:59,640 Speaker 2: At this stage, Alfred's center is most likely expected to 43 00:01:59,640 --> 00:02:02,400 Speaker 2: cross between nooser heads on the Sunshine Coast and cool 44 00:02:02,400 --> 00:02:05,000 Speaker 2: and Gatta on the Gold Coast. The category two systems 45 00:02:05,040 --> 00:02:08,519 Speaker 2: expected to remain of similar intensity until its center starts 46 00:02:08,520 --> 00:02:11,320 Speaker 2: to interact with the coast, the Bureau said. In northern 47 00:02:11,360 --> 00:02:14,400 Speaker 2: New South Wales and southern Queensland, flood evacuation warnings are 48 00:02:14,440 --> 00:02:19,040 Speaker 2: current schools, public transport, major roads, airports or closed, although 49 00:02:19,080 --> 00:02:23,240 Speaker 2: emergency departments at hospitals remain open. Supermarkets have started closing 50 00:02:23,280 --> 00:02:24,120 Speaker 2: as well. 51 00:02:24,400 --> 00:02:27,760 Speaker 1: Okay, story number three sean. The total number of building 52 00:02:27,840 --> 00:02:31,040 Speaker 1: approvals in January jumped more than six percent, adding to 53 00:02:31,080 --> 00:02:33,800 Speaker 1: hopes that the belagued sector is finally gaining a bit 54 00:02:33,800 --> 00:02:34,320 Speaker 1: of momentum. 55 00:02:34,480 --> 00:02:37,959 Speaker 2: Ah, finally some good years for all those trades out there. 56 00:02:38,680 --> 00:02:40,919 Speaker 2: January was the best monthly growth in half a year. 57 00:02:41,000 --> 00:02:44,560 Speaker 2: December figures were revised upwards, so overall that period was 58 00:02:44,600 --> 00:02:46,920 Speaker 2: better than we thought. Total approvals are now running at 59 00:02:46,960 --> 00:02:49,800 Speaker 2: an annual pace of about one hundred and ninety thousand, 60 00:02:50,200 --> 00:02:53,560 Speaker 2: fourteen percent better than a year ago, twenty percent above 61 00:02:53,720 --> 00:02:57,520 Speaker 2: the lows in this cycle. Points to more homes being 62 00:02:57,520 --> 00:03:00,200 Speaker 2: built in coming quarters. We're talking about building approvals, which 63 00:03:00,200 --> 00:03:02,560 Speaker 2: once they get approved, they've got to be built. Hopefully 64 00:03:02,560 --> 00:03:06,280 Speaker 2: that's what's going to happen. It's good that's supply side 65 00:03:06,280 --> 00:03:09,960 Speaker 2: of the story. On the demand side, migration flows are slowing, 66 00:03:10,040 --> 00:03:12,000 Speaker 2: so that should ease some of the pressure on the 67 00:03:12,040 --> 00:03:15,079 Speaker 2: housing market. Now it's still below the government's for a 68 00:03:15,160 --> 00:03:17,280 Speaker 2: run rate of two hundred and forty thousand a year. 69 00:03:17,639 --> 00:03:20,520 Speaker 2: There's still an undersupply of homes that will keep a 70 00:03:20,639 --> 00:03:24,959 Speaker 2: flaw on house prices. But finally, this sector, which has 71 00:03:25,160 --> 00:03:30,440 Speaker 2: struggled ever since post COVID, looks like it's starting to 72 00:03:30,440 --> 00:03:31,559 Speaker 2: find some momentum. 73 00:03:31,880 --> 00:03:34,760 Speaker 1: Story number four. Bad news from the dairy sector, unless, 74 00:03:34,760 --> 00:03:36,280 Speaker 1: of course, you're a dairy farmer, in which case it's 75 00:03:36,280 --> 00:03:39,200 Speaker 1: actually probably quite good news. But prices are forecast to 76 00:03:39,200 --> 00:03:42,840 Speaker 1: remain high this year, potentially sean pushing up consumer prices 77 00:03:42,840 --> 00:03:44,560 Speaker 1: i e. We may pay more for milk. 78 00:03:44,800 --> 00:03:47,200 Speaker 2: Yes, so demand is expected to grow and production will 79 00:03:47,200 --> 00:03:50,040 Speaker 2: struggle to keep up. According to a report from agribusiness 80 00:03:50,160 --> 00:03:54,720 Speaker 2: experts Rabobank, milk production in the big seven dairy export 81 00:03:54,760 --> 00:03:59,120 Speaker 2: regions EU, US, New Zealand, Australia, Brazil, Argentina is expected 82 00:03:59,160 --> 00:04:02,960 Speaker 2: to expand by zero point eight percent this year, similar 83 00:04:03,000 --> 00:04:06,280 Speaker 2: amount next year for Australia. The report said dairy farm 84 00:04:06,320 --> 00:04:09,320 Speaker 2: margins are set to benefit from improving farm gate prices 85 00:04:09,400 --> 00:04:12,960 Speaker 2: throughout this year, higher commodity returns and a softer currency. 86 00:04:13,640 --> 00:04:16,920 Speaker 2: It's all good for the farmer and absolutely please for them. 87 00:04:17,040 --> 00:04:19,839 Speaker 2: Not so good for the consumer in Australia. What's also 88 00:04:19,880 --> 00:04:22,880 Speaker 2: playing out is that we had such cheap prices of milk, 89 00:04:22,920 --> 00:04:25,000 Speaker 2: remember two dollars a lead of three dollars for three 90 00:04:25,120 --> 00:04:27,719 Speaker 2: liters for a period at Colson Woollies. The sort of 91 00:04:27,720 --> 00:04:30,640 Speaker 2: catch up going on as dairy farmers try and recoup 92 00:04:30,800 --> 00:04:33,719 Speaker 2: some of the money they didn't make back then bottom 93 00:04:33,760 --> 00:04:37,000 Speaker 2: line and all this milk prices will rise, okay. 94 00:04:37,279 --> 00:04:41,039 Speaker 1: Last one, story number five sean elon Musk's relationship with 95 00:04:41,080 --> 00:04:44,400 Speaker 1: Donald Trump seems to be hurting sales of the Tesla 96 00:04:44,800 --> 00:04:48,520 Speaker 1: electric vehicle worldwide. Essentially, this is from Europe right through 97 00:04:48,520 --> 00:04:49,480 Speaker 1: to Australia. 98 00:04:49,640 --> 00:04:51,240 Speaker 2: That's right. This is what you found out that Tesla 99 00:04:51,279 --> 00:04:54,840 Speaker 2: sales were down in Australia more than seventy percent during February. 100 00:04:55,200 --> 00:04:59,400 Speaker 2: Figures from Germany show sales down seventy six percent last 101 00:04:59,400 --> 00:05:02,159 Speaker 2: month's month in a row of lower sales. Now, Elon 102 00:05:02,240 --> 00:05:05,880 Speaker 2: Musk recently aggressively promoted a far right wing party ahead 103 00:05:05,880 --> 00:05:08,640 Speaker 2: of the German election. That probably didn't help. But sales 104 00:05:08,640 --> 00:05:10,880 Speaker 2: are down across Europe and France are down about twenty 105 00:05:10,920 --> 00:05:13,640 Speaker 2: six percent, and there's a spate of Tesla vehicles being 106 00:05:13,920 --> 00:05:18,920 Speaker 2: set alight. Norway, where basically they're almost at a no 107 00:05:19,240 --> 00:05:23,479 Speaker 2: internal combustion engine phase. They really have moved to evs well. 108 00:05:23,560 --> 00:05:26,920 Speaker 2: Sales there are down fifty percent, forty eight percent, den 109 00:05:26,920 --> 00:05:29,400 Speaker 2: Mark lower, forty two percent lower in Sweden. The exception 110 00:05:29,640 --> 00:05:32,200 Speaker 2: is the UK, where sales are up twenty percent, although 111 00:05:32,200 --> 00:05:35,240 Speaker 2: they're losing market share in the EV market. Tesla's share 112 00:05:35,240 --> 00:05:38,200 Speaker 2: price is now thirty five percent since the middle of January, 113 00:05:38,640 --> 00:05:41,560 Speaker 2: just ahead of the inauguration. Analysts say that one of 114 00:05:41,560 --> 00:05:45,920 Speaker 2: the key reasons for Tesla sales plummeting is Elon Musk's 115 00:05:46,000 --> 00:05:47,599 Speaker 2: relationship with Donald Trump. 116 00:05:47,800 --> 00:05:49,839 Speaker 1: All right, there we go the top five business stories 117 00:05:49,839 --> 00:05:52,359 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 118 00:05:52,440 --> 00:05:55,839 Speaker 1: is Friday, the seventh of March twenty twenty five, remembered 119 00:05:55,920 --> 00:05:57,919 Speaker 1: hit follow on the podcast and in five minutes just 120 00:05:58,000 --> 00:06:00,279 Speaker 1: isn't enough. You can find our longer daily sh show 121 00:06:00,360 --> 00:06:03,360 Speaker 1: called Fear and Greed wherever you listen to podcasts, I'm 122 00:06:03,360 --> 00:06:05,640 Speaker 1: Michael Thompson and that was a fast five business news 123 00:06:05,640 --> 00:06:11,040 Speaker 1: by Fear and Greed. Have a great day.