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Speaker 1: It's Thursday, the nineteenth of September 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: where 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.

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

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Speaker 1: so we better get going. Story number one. Relations between

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Speaker 1: the government and the union movement have hit a new low,

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Speaker 1: with an estimated sixty thousand construction workers yesterday protesting the

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Speaker 1: forced administration of the CFMEU.

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Speaker 2: Unionists backing the CFMEU have targeted anyone assisting the administrator

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Speaker 2: as the biggest betrayals of the movement. They called for

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Speaker 2: the scalps of employers who seek to back out of

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Speaker 2: pay deals during the administration. Yesterday was the second major

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Speaker 2: rally in two months, and the protest has threatened a

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Speaker 2: third walkout and a three day strike. There was plenty

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Speaker 2: of not so veiled threats and aggressive language electrical trade

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Speaker 2: at union's Victorian Secretary Troy Gray took aimicularly at Lingo Rourke,

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Speaker 2: John Holland and Aciona. He said if builders used the

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Speaker 2: CFMEU administration to wind back conditions, well, they would pay

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Speaker 2: the price. In fact, he went on to warn builders

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Speaker 2: and I quote, if you want to f with us,

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Speaker 2: we all f with you. You also played down reports

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Speaker 2: at the CFMEU had appointed bikes as workplace delegates, saying

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Speaker 2: there were twelve or fourteen bikers out of three hundred

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Speaker 2: thousand construction workers. Notwithstanding that earlier in the week, the

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Speaker 2: former Independent Commission Against Corruption counsel Jeffrey Watson sc found

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Speaker 2: that the organized crime figures had infiltrated the union anyway.

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Speaker 2: International Transport Workers Federation organizer and former Maritime union leader

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Speaker 2: Paul mcley said, and I quote there is not a

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Speaker 2: single guilty union official of the CFMEU. In fact, he

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Speaker 2: blamed the media and the government for what's going on.

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Speaker 2: Sacked CFMEU New South Wales leader Darren Greenfield, who's facing

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Speaker 2: charges himself, urged the city protesters to and I quote

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Speaker 2: take the community and families with us in the next

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Speaker 2: election to make sure that these effors I labor disappear. Anyway,

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Speaker 2: plenty of fruit language, Michael fruity language.

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Speaker 1: Indeed, do these rallies help the union movement? Sean and

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Speaker 1: the CFMEO.

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Speaker 2: I don't think the language does. Sixty thousand people showed up,

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Speaker 2: so clearly there is some support. I don't think these

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Speaker 2: threats win over people outside the Union. It just shows though,

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Speaker 2: how difficult relations are between the Indian movement and the

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Speaker 2: ALP at the moment.

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Speaker 1: Okay, I'm just sorry. Number two minor Rio Tinto will

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Speaker 1: plant about seven hundred and fifty thousand trees on three

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Speaker 1: thousand hectares of grazing land near Townsville in Queensland.

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Speaker 2: It's part of Rio's push into carbon neutral fuels. The

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Speaker 2: idea is to harvest the seeds from the seven hundred

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Speaker 2: and fifty thousand upon Garmia trees and refine their oils

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Speaker 2: and will form of renewable diesel. That diesel and theory

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Speaker 2: will power rios, trucks and generators. Like traditional fuels made

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Speaker 2: with oil extracted from underground rocks, bio fuels release carbon

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Speaker 2: into the atmosphere when burned, but they're considered neutral for

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Speaker 2: the climate because the carbon and biofuels were sucked out

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Speaker 2: of the atmosphere by the trees, so the burning of

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Speaker 2: a biofuel doesn't release any additional carbon into the app mosphere.

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Speaker 2: Rio will own the land and the trees. They will

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Speaker 2: get third parties to do the rest.

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Speaker 1: Story number three shown Moody's Ratings says mortgage delinquency rates

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Speaker 1: in Australia will rise further this year as the cost

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Speaker 1: of living hurts households.

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Speaker 2: The ratings agency said high interest rates and sticky inflation

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Speaker 2: we're causing financial stress and more people are falling behind

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Speaker 2: in their mortgage payments. The share of prime quality home

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Speaker 2: loans that are released thirty days in arrears hasn't jumped

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Speaker 2: to very much, but delinquency rates for lower quality mortgages,

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Speaker 2: including loans to borrowers with poor credit histories or those

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Speaker 2: that lenders assessed using alternative documentation, rise from four percent

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Speaker 2: to four point two three percent. This group of people

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Speaker 2: include self employed borrowers, low income households, and those with

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Speaker 2: high loaned evaluation ratios. According to reporting The Australian, moody

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Speaker 2: said that after rising steadily for the last two years

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Speaker 2: from historically low base, delincancy rates are now around long

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Speaker 2: term averages.

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Speaker 1: Story number four Meta is putting Instagram users under the

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Speaker 1: age of eighteen into new teen accounts to allow our

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Speaker 1: parents greater control over their activities, including the ability to

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Speaker 1: actually block children from viewing the app at night.

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Speaker 2: The change will apply to new teen users that will

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Speaker 2: be extended to existing accounts held by teenagers over the

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Speaker 2: next few months. Changes under the teen account setting include

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Speaker 2: giving parents ability to set daily time limits for using

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Speaker 2: the app, blocking teams from using Instagram at a certain times,

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Speaker 2: seeing the accounts their child is exchanging messages with, and

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Speaker 2: being shown the content categories they are viewing. According to

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Speaker 2: report in The Guardian, under the new teen account feature,

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Speaker 2: users under the age of sixteen will need rental permission

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Speaker 2: to change those settings. The new account setting will apply

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Speaker 2: to users in the USUK, Canada and here in Australia.

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Speaker 1: Last one story number five. US rapper and business mogul

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Speaker 1: Sean Combs has been charged with using his fame and

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Speaker 1: fortune to run a sex trafficking enterprise, assault several women

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Speaker 1: and prevent alleged victims of sexual coercion from fleeing.

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Speaker 2: That according to a federal indictment unsealed in New York

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Speaker 2: has reported by the Financial Times. The fifty four year old,

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Speaker 2: also known as Diddy, was arrested on Monday night and

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Speaker 2: pleaded not guilty during an initial court appearance, He was

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Speaker 2: denied bail in order to remain in custody. The formal

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Speaker 2: allegation against him come after the FBI rated Combs as

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Speaker 2: homes in California and Florida as part of a long

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Speaker 2: running investigation and the leaking of a video that appeared

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Speaker 2: to show him kicking and beating a woman in a

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Speaker 2: hotel corridor. In their filing to a Manhattan federal court,

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Speaker 2: US prosecutor said Combs had, over the course of at

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Speaker 2: least a decade, abused, threatened, and coerced women and others

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Speaker 2: around him to fulfill his sexual desires, to protect his

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Speaker 2: reputation and conceal his conduct. The most serious charge carries

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Speaker 2: a maximum sentence of life in prison. Cambs will appeal

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Speaker 2: against the decision denying him bail, and he denies all

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Speaker 2: the allegations.

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

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Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It

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Speaker 1: is Thursday, the nineteenth of September twenty twenty four. Remember

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

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Speaker 1: isn't enough. You can find our longer daily show called

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Speaker 1: Fear and Greed whereever you listen to podcasts and we

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Speaker 1: have an new podcast out today as well. It is

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Speaker 1: called The Property Pendulum, brought to you by Domain and

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Speaker 1: Fear and Greed. The podcaster tells you which way the

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Speaker 1: property market is swinging and how to make the most

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Speaker 1: of it. Today's episode four things every home buyer needs

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Speaker 1: to know before making an offer. You can find The

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Speaker 1: Property Pendulum wherever you listen to podcasts, and I'll put

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Speaker 1: a link in today's show notes as well. I'm Michael

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Speaker 1: Thompson and that was the past five business news by

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Speaker 1: Fear and Greed. Had a great day.