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Speaker 1: It's Monday, the seventeenth of June twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fearing Greed, where

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Speaker 1: we give you the top five business stories you need

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Speaker 1: to know in just five minutes. I'm Michael Thompson and

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Speaker 1: good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Sewn.

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Speaker 1: Five stories to get through in five minutes. Let's get

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Speaker 1: cracking story number one. Banks will be forced to make

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Speaker 1: it easier for customers to switch loans and notify them

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Speaker 1: over interest rate changes under a bunch of government proposals

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Speaker 1: aimed at easing pressure on homeowners.

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Speaker 2: Treasure Jim Chalmers said banks now will be required to

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Speaker 2: always tell customers when their interest rate changes on their

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Speaker 2: transactions or savings account ACCURB. They'll also be improved disclosure

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Speaker 2: requirements for basic deposit products, and banks will also need

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Speaker 2: to make it easier to switch loans by ensuring their

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Speaker 2: customers have direct and easy access to the forms needed

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Speaker 2: to exit a mortgage. The reforms are also targeted at

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Speaker 2: other platforms, such as comparison websites, which must better disclose

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Speaker 2: what determines how product ranked and the financial relationships they

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Speaker 2: might have with different lenders. The governments also announced a

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Speaker 2: regulatory review focusing on the funding costs of small and

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Speaker 2: medium lenders. In short, big banks get funds cheaper than

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Speaker 2: the smaller banks and other lenders, and the government wants

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Speaker 2: to make some changes. There.

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Speaker 1: Sew no doubt many people would like to see a

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Speaker 1: bit more competition in the housing market, mind you, though

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Speaker 1: plenty of homes are still being sold.

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Speaker 2: Sure. There was a bounce in the national auction preliminary

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Speaker 2: clearance rate over the weekend to almost seventy three percent,

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Speaker 2: the best results since early May. That came even though

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Speaker 2: there were nine hundred more auctions in the previous week

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Speaker 2: fifteen percent more auctions in a year ago. According to

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Speaker 2: core Logic, Melbourne had most auctions. Its clearance rate was

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Speaker 2: seventy point two percent, best since May. Sidney came in

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Speaker 2: at seventy five percent, Adelaide was a touch under eighty

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Speaker 2: nine percent, Brisbane was almost sixty nine percent strong. Marzos

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Speaker 2: also helping with prices, with core Logics measure of prices

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Speaker 2: over the past four weeks up a very sold zero

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Speaker 2: pint eight percent.

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Speaker 1: All right, Sean, Moving on to story number two. As

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Speaker 1: we head steadily towards the halfway point of the year,

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Speaker 1: and speaking of which, Sewan, this this Friday is the

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Speaker 1: winter solstice, which is not really the halfway point of

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Speaker 1: the year in terms of markets or anything. But after

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Speaker 1: that point the days will start getting longer and everyone

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Speaker 1: gets a bit happier. But the halfway point of the

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Speaker 1: year is officially approaching as well. The local stock market

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Speaker 1: has really become a story about the good and bad

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Speaker 1: and really not a lot in between.

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Speaker 2: Yeah, if you take a look at what's happened this

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Speaker 2: year in the market, it's very mixed. The technology indexes

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Speaker 2: up an amazing twenty five percent twenty twenty four, reflecting

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Speaker 2: the incredible performance of tech stocks and Wall Street, particularly

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Speaker 2: anything related to AI or data centers. Then there's a

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Speaker 2: group like the financials, utilities, real estate, and consumers discretionary.

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Speaker 2: They're all up around sort of nine ten percent, done

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Speaker 2: very well on the fact that interest rates are no

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Speaker 2: longer rising. Other end of the Barbel BHP, real tinto Fortescue,

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Speaker 2: metals and miners done very poorly. The Energy indexes down,

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Speaker 2: so to the Telco index, which is very much reliant

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Speaker 2: on Telstra. The AX itself is up under two percent,

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Speaker 2: but it's a Barbell market. The good, the bad, and

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Speaker 2: not much in between, all.

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Speaker 1: Right, Sean. Under Story number three, the relationship between Beijing

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Speaker 1: and Canberra is back on track, according to Chinese Premier

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Speaker 1: League Chung, who will meet today with Prime Minister Anthony Albanezi.

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Speaker 2: Mister Lee's visit is the most senior ministerial trip to

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Speaker 2: Australia since twenty seventeen, he said, shillling differences that helped

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Speaker 2: get the bilateral relationship back on track after a period

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Speaker 2: of twists and turns. Foreign Minister Penny Wong said the

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Speaker 2: visit was a combination of two years of diplomacy to

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Speaker 2: bring about a stabilization of the relationship. Trade and Tourism

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Speaker 2: Minister Don Farrell rejected suggestions that Canberra had tower to Beijing,

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Speaker 2: and of course there was panda diplomacy always is. South

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Speaker 2: Australian Premier Peter malan Orcus said the announcement that two

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Speaker 2: pandas will replace Wang Wang and Fu Ni at Adelaide

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Speaker 2: Zoo is a big deal and a great win for diplomacy.

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Speaker 1: Story number four Sean Bitcoin is coming to the ASX,

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Speaker 1: with the first bit coin exchange traded fund marketed by

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Speaker 1: van Eck, to debut on Thursday.

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Speaker 2: The v Bitcoin ETF is the first on the local

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Speaker 2: exchange and it will track the price of bitcoin, which

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Speaker 2: is far and a way the most widely held and

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Speaker 2: actively traded cryptocurrency. One of the world's biggest investment management companies,

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Speaker 2: van X, local boss Arion Nearon is quoted in the

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Speaker 2: media saying that bitcoin is an emerging asset class that

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Speaker 2: many advisors and investors want. The approval will come six

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Speaker 2: months after the US regulator approved nine bitcoin ETFs over there.

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Speaker 2: For many retail investors, it just makes investing in bitcoin

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Speaker 2: much easier because they can trade it just like they

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Speaker 2: trade chairs.

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Speaker 1: Last one, sean storry number five, a disease caused by

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Speaker 1: a rare flesh eating bacteria that can kill people within

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Speaker 1: forty eight hours, is spreading in Japan after the country

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Speaker 1: relaxed covid era restrictions.

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Speaker 2: It sounds comic book, but it's actually true. Cases of

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Speaker 2: streptococcal toxic shock syndrome have reached nine hundred and seventy

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Speaker 2: seven so far this year, higher than the record nine

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Speaker 2: hundred and forty one cases reported for all of last year,

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Speaker 2: according to the National Institute of Infectious Diseases Group A.

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Speaker 2: Streptococcus typically causes swelling and source threat in children. Strip threat.

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Speaker 2: We know it as but some types of bacteria can

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Speaker 2: lead to symptoms developing rapidly, including limp pain, swelling, fever,

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Speaker 2: low blood pressure that can be followed by all sorts

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Speaker 2: of nasty things, breathing problems of organ failure, and ultimately,

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Speaker 2: deaf people have a fifty more prone to the disease.

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Speaker 2: According to a report on Bloomberg, most of the deaths

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Speaker 2: happened within forty eight hours. Other countries have experienced streets

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Speaker 2: and outbreaks. In late twenty twenty two, at least five

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Speaker 2: European nations reported to the World Health Organization and increase

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Speaker 2: in cases of Strepto coccus disease. At this current rate,

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Speaker 2: the number of cases in Japan could reach twenty five

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Speaker 2: hundred this year, with a terrifying mortality rate of thirty percent.

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Speaker 1: All right, there, we go to the top five business

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Speaker 1: stories in five minutes.

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Speaker 2: Thank you Sean, Thank you Michael.

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Speaker 1: It's Monday, the seventeenth of June twenty twenty four. Remember

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

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Speaker 1: isn't it? After you can find our longer daily show

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Speaker 1: called Fear and Greed Wherever the liten to podcasts are

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Speaker 1: Michael Thompson And that was the past five. Business News

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Speaker 1: by Fear and Greed had a great date