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Speaker 1: It's Wednesday, the twenty fourth of July twenty twenty four.

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Speaker 1: Welcome to the Fast five Business News by Fear and Greed.

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

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Speaker 1: need to know in just five minutes. Are Michael Thompson

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Speaker 1: and Good morning, Sean Ayler.

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Speaker 2: Good morning Michael, Sean.

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Speaker 1: Five big stories to get through this morning. Let's go

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Speaker 1: story number one. Four alleged ring leaders of one of

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Speaker 1: the country's largest pump and dump schemes have been charged

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Speaker 1: with conspiracy to commit market rigging and false trading. This this, Sean,

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Speaker 1: really is Wolf of Wall Street type stuff, isn't it?

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Speaker 2: Sure is? The four were charged in Downing Center Local

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Speaker 2: Court in Sydney and also charged with dealing with the

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Speaker 2: proceeds of crime in relation to the money allegedly obtained

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Speaker 2: from the scheme. They face a maximum of fifteen years

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Speaker 2: jail or up to one million dollars in fines. Now.

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Speaker 2: Telegram is an instant messaging service, and a telegram group

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Speaker 2: is a chat room where people communicate either in the

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Speaker 2: open or in public ask alleges the four with the

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Speaker 2: admin group of the ASX Pump and Dump Group telegram

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Speaker 2: channel a few years back. Twenty twenty one, ACIK warned

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Speaker 2: the members that they were engaging in the legal activity,

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Speaker 2: and the regulator has been chasing members of the telegram

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Speaker 2: channel ever since. Assek claims hundreds of members were attempting

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Speaker 2: to manipulate the share price of ASX listed small caps,

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Speaker 2: mostly resource stocks. The regulator alleges the share prices of

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Speaker 2: those companies sawes come up to almost one hundred percent

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Speaker 2: before collapsing.

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Speaker 1: Can you explain how it all works?

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Speaker 2: Yes? So. The number of it is that pump and

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Speaker 2: dump schemes manipulate the market and are illegal. Mostly they

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Speaker 2: work by brokers or groups of artificially inflating the price

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Speaker 2: of the stock they own. They might put out misleading

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Speaker 2: positive statements, for example, or chat rooms might walk up

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Speaker 2: a stock into a bit of a frenzy. That's the

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Speaker 2: pump part. When the share price rises, those same people sell,

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Speaker 2: booking a tidy profit, that's the dump part. The poor

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Speaker 2: investor who listened to the misleading statements or group chats

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Speaker 2: and acted on them, they end up being the losers.

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Speaker 2: Very Wolf and Wall Street Michael very Woolf in Wall Street.

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Speaker 1: Yeah, sure is all right. Onto story number two. Now,

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Speaker 1: the fair work Commission will conduct a fundamental review of

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Speaker 1: part time employment rules to establish a standard model in awards.

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Speaker 1: It also wants to determine a new working from home

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Speaker 1: clause in the clerk's award that could be a model

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Speaker 1: shown to operate across industries.

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Speaker 2: The review comes after a smaller inquiry initiated last year

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Speaker 2: by the Albanezy government couldn't find consensus among employers and unions.

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Speaker 2: According to a report in the Australian Commission President Adam

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Speaker 2: Hatcher said the part time Employment Review, to commence next year,

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Speaker 2: will examine daily and weekly minimum hours of work for

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Speaker 2: part time employment and the circumstances in which working hours

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Speaker 2: might be altered and additional hours may be work. Now

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Speaker 2: after the smaller inquiry, the Commission came out and said

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Speaker 2: in general terms, employer organizations sought greater flexibility and the

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Speaker 2: ability to unilaterally alter hours of work, while union's focused

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Speaker 2: on greater predictability for employees and worker control over part

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Speaker 2: time hours of work.

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Speaker 1: Under story number three now, Woodside Energy share price fell

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Speaker 1: four percent yesterday after it said the cost of its

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Speaker 1: massive Scarborough LNG project in Western Australia will cost an

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Speaker 1: extra five hundred million US.

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Speaker 2: Dollars huge these projects. It takes the cost of developing

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Speaker 2: scar but to twelve and a half billion US dollars,

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Speaker 2: not far off twenty billion Azzie dollars. Woodside's up for

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Speaker 2: about two thirds of that. The first gas is scheduled

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Speaker 2: for twenty twenty six. Now. The cost increase was blamed

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Speaker 2: on scope maturation of the Pluto Train one project. That's

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Speaker 2: basically one of the two trained projects they've got. It'll

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Speaker 2: take gas from the offshore field and process it for export.

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Speaker 2: The project is massive. It's s ro undred and seventy

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Speaker 2: five kilometers off the Pilri coast of Wa. It's two

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Speaker 2: thirds complete. The gas will be extracted then piped four

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Speaker 2: hundred and thirty kilometers to an on shore facility. When

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Speaker 2: fully operational, it's expected to produce around eight million tons

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Speaker 2: of gas per anum. Massive, Michael.

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Speaker 1: Indeed, it is story number four. Vice President Carmala Harris

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Speaker 1: is virtually assured of being the Democrats nominee in the

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Speaker 1: presidential pole lining up against Donald Trump, after picking up

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Speaker 1: more than enough pledged delegates in just forty eight hours.

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Speaker 2: Yes, she has a tight strangle hold on the job,

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Speaker 2: and no one is coming out to oppose her. She's

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Speaker 2: already campaigning in battleground states. She was due to appear

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Speaker 2: in Wisconsin overnight. She's hinted at how she might attack

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Speaker 2: Donald Trump, referring to her past pursuing predators and fraudsters. That,

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Speaker 2: of course, is when she is the San Francisco District

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Speaker 2: Attorney and California Attorney General. Speculation now is about her

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Speaker 2: running mate, with a number of state governors considered attractive options.

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Speaker 2: Miss Harris's supporters say she'll mobilize younger and more liberal voters,

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Speaker 2: consolidate black support, and being sharp debating skills against mister Trump.

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Speaker 2: Others fear her race and gender will work against her

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Speaker 2: all right.

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Speaker 1: Last one story number five. Police are locking down large

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Speaker 1: sections of Paris ahead of the Olympic Games, as France,

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Speaker 1: which is of course familiar with terrorist attacks, wrestles with

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Speaker 1: security and temporary venues.

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Speaker 2: In Paris is Europe's most densely populated capital. It's home

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Speaker 2: to people of many cultures. Now one of the biggest

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Speaker 2: challenges is the opening ceremony on Friday night Paris time,

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Speaker 2: but eighty boats are carrying athletes along the Seine, flanked

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Speaker 2: by some three hundred and twenty thousand spectator its residential

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Speaker 2: buildings on both sides. There'll be a central perimeter accessible

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Speaker 2: only to pre registered guests. Now they'll all undergo body searches.

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Speaker 2: According to the fteam, bomb squads will comb the sands bridges,

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Speaker 2: many which will be closed. Military units will occupy rooftops

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Speaker 2: to combat possible drone strikes. Also concerns about cyber attacks.

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Speaker 2: The security challenge in Paris is huge. It'll cost about

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Speaker 2: three hundred and thirty five million euros. That's about five

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Speaker 2: hundred and fifty million ozzie.

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Speaker 1: That is significant. There we go the top five business

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

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Speaker 1: It is Wednesday, the twenty fourth of July twenty twenty four.

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Speaker 1: one right now. I'm Michael Thompson and that was the

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Speaker 1: fast five business news by Fear and Greed. Have a

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Speaker 1: great day,