1 00:00:03,840 --> 00:00:06,680 Speaker 1: It's Tuesday, the twenty first of May twenty twenty four. 2 00:00:06,880 --> 00:00:09,600 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,600 --> 00:00:11,440 Speaker 1: where we give you the top five business stories you 4 00:00:11,480 --> 00:00:14,040 Speaker 1: need to know. When us five minutes. I'm Michael Thompson 5 00:00:14,080 --> 00:00:15,520 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,840 --> 00:00:17,880 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,960 --> 00:00:20,800 Speaker 1: Five stories, five minutes. Let's go. Story number one. Star 8 00:00:21,040 --> 00:00:24,280 Speaker 1: Entertainment is considering an approach from a group of investors 9 00:00:24,680 --> 00:00:27,800 Speaker 1: led by hard Rock Hotels and Resorts, which might just 10 00:00:27,920 --> 00:00:31,560 Speaker 1: provide a last minute lifeline to the ailing gaming company. 11 00:00:32,080 --> 00:00:34,600 Speaker 2: Star share price jumped to eighteen percent yesterday after it 12 00:00:34,640 --> 00:00:38,040 Speaker 2: confirmed it had received inbound interest from several parties regarding 13 00:00:38,040 --> 00:00:41,720 Speaker 2: potential transactions, one of which included hard Rock Hotels and Resorts. 14 00:00:42,040 --> 00:00:45,120 Speaker 2: Under the proposal, Star would be rebranded hard Rock. According 15 00:00:45,159 --> 00:00:47,920 Speaker 2: to the Financial Review, the Florida based hard Rock operates 16 00:00:47,960 --> 00:00:50,800 Speaker 2: more than a dozen casinos, including The Mirage in Las Vegas. Star, 17 00:00:50,920 --> 00:00:53,880 Speaker 2: of course, operates in Sydney, Brisbane and Gold Coast. It's 18 00:00:53,880 --> 00:00:56,600 Speaker 2: in the middle of a second inquiry in whether it 19 00:00:56,600 --> 00:00:59,360 Speaker 2: should keep its license in its home state of New 20 00:00:59,400 --> 00:01:02,120 Speaker 2: South Wales. Also faces a fine or a potential fine 21 00:01:02,160 --> 00:01:05,560 Speaker 2: from Ostrak which has acute Star of serious and systemic 22 00:01:05,680 --> 00:01:09,480 Speaker 2: non compliance with anti money laundering laws. Star released a 23 00:01:09,520 --> 00:01:12,880 Speaker 2: statement yesterday saying the inquiries thus far haven't resulted in 24 00:01:13,040 --> 00:01:15,000 Speaker 2: substantive discussions. 25 00:01:14,959 --> 00:01:18,680 Speaker 1: Shown all of these problems, all of these allegations, all 26 00:01:18,720 --> 00:01:22,120 Speaker 1: of the inquiries. If hard Rock or some other large 27 00:01:22,160 --> 00:01:25,880 Speaker 1: gaming group got involved, would that actually improve Star's chance 28 00:01:26,080 --> 00:01:27,160 Speaker 1: of keeping its license? 29 00:01:27,520 --> 00:01:29,479 Speaker 2: A bit hard to say, But helping is the fact 30 00:01:29,520 --> 00:01:31,759 Speaker 2: that the US based gaming groups have already gone through 31 00:01:31,760 --> 00:01:34,800 Speaker 2: fairly rigorous vetting in their home country, and you'd hope 32 00:01:34,800 --> 00:01:37,160 Speaker 2: that have practices and processes to address some of the 33 00:01:37,160 --> 00:01:39,920 Speaker 2: issues that Star is facing. Certainly, if you want to 34 00:01:39,920 --> 00:01:41,760 Speaker 2: buy a CA Scena in Australia, it's probably not a 35 00:01:41,760 --> 00:01:46,400 Speaker 2: bad time to shop around. Before yesterday, Star was trading 36 00:01:46,600 --> 00:01:49,360 Speaker 2: near all time lows how to market capitalization as well, 37 00:01:49,400 --> 00:01:51,600 Speaker 2: ever a billion dollars before yesterday one and a half million. 38 00:01:51,640 --> 00:01:53,760 Speaker 2: By the clothes, it's still a high risk proposition, though 39 00:01:53,760 --> 00:01:57,000 Speaker 2: it still faces questions over whether it'll get its license back. 40 00:01:57,360 --> 00:02:00,120 Speaker 2: Obviously the potential for big fines we talked about, it's 41 00:02:00,160 --> 00:02:02,640 Speaker 2: true values probably will below a billion dollars. That's what 42 00:02:02,680 --> 00:02:05,040 Speaker 2: analysts are saying. Also Crown Resorts, which is owned by 43 00:02:05,080 --> 00:02:07,880 Speaker 2: pe Grip Blackstone, cut a thousand jobs across its three 44 00:02:07,960 --> 00:02:11,400 Speaker 2: casinos earlier this month. So times are tough. What it 45 00:02:11,560 --> 00:02:13,360 Speaker 2: kind of does show is that there is another option 46 00:02:13,440 --> 00:02:13,880 Speaker 2: for Starver. 47 00:02:14,600 --> 00:02:17,880 Speaker 1: It's a fascinating story. Onto story number two. The share 48 00:02:17,960 --> 00:02:20,639 Speaker 1: market came close to a record high yesterday on the 49 00:02:20,680 --> 00:02:23,639 Speaker 1: back of stimulus in the Chinese market. Good news for 50 00:02:23,680 --> 00:02:24,400 Speaker 1: the big miners. 51 00:02:24,720 --> 00:02:28,960 Speaker 2: Yeah, it sure was. Basically the market finished yesterday at 52 00:02:29,120 --> 00:02:32,360 Speaker 2: seven thousand, eight hundred and sixty three point seven points. 53 00:02:32,360 --> 00:02:34,639 Speaker 2: It's about thirty three points of its all time high. 54 00:02:35,000 --> 00:02:39,320 Speaker 2: BHP Santai's Woodside rare all did really well. This is 55 00:02:39,480 --> 00:02:41,799 Speaker 2: about the fact that the Chinese government has come out 56 00:02:41,840 --> 00:02:43,880 Speaker 2: and said we want to do more to help the economy. 57 00:02:44,040 --> 00:02:48,160 Speaker 2: That's helped a bunch of metals and ores. Iron ore 58 00:02:48,800 --> 00:02:51,280 Speaker 2: is rising, that's un very well. Copper has hit a 59 00:02:51,320 --> 00:02:54,760 Speaker 2: new record, Nickel went up yesterday, believe it or not, 60 00:02:55,040 --> 00:02:57,760 Speaker 2: Gold hit a new record yesterday. Put all that together, 61 00:02:57,960 --> 00:03:00,000 Speaker 2: you get the miners doing well on the Australian market. 62 00:03:00,080 --> 00:03:03,080 Speaker 2: Our market is full of miners, hence our market close 63 00:03:03,120 --> 00:03:03,840 Speaker 2: to record high. 64 00:03:04,600 --> 00:03:08,320 Speaker 1: Storing number three. Prime Minister Anthony ABERNESI says the Australian 65 00:03:08,320 --> 00:03:11,280 Speaker 1: Defense Force is ready to fly in to rescue hundreds 66 00:03:11,280 --> 00:03:14,800 Speaker 1: of Australians who are trapped in New Caledonia amid riots 67 00:03:15,320 --> 00:03:16,720 Speaker 1: when it's permitted to do so. 68 00:03:17,120 --> 00:03:19,639 Speaker 2: Violent protests have broken out in the French controlled South 69 00:03:19,720 --> 00:03:22,720 Speaker 2: Pacific territory amid plans to change voting rules, with at 70 00:03:22,800 --> 00:03:25,160 Speaker 2: least six people killed and many others injured. There are 71 00:03:25,200 --> 00:03:27,919 Speaker 2: three hundred Australians registered with the Department of Foreign Affairs 72 00:03:27,960 --> 00:03:29,919 Speaker 2: and Trade who want to leave the island after the 73 00:03:29,960 --> 00:03:32,920 Speaker 2: international airport was closed and roads were blockaded by authorities. 74 00:03:32,960 --> 00:03:36,040 Speaker 2: According to report in the Australian Israel BANESI urged those 75 00:03:36,120 --> 00:03:39,600 Speaker 2: needing rescue to contact the twenty four hour emergency support 76 00:03:39,640 --> 00:03:42,400 Speaker 2: line and said troops were actively waiting to provide assistance 77 00:03:42,440 --> 00:03:46,120 Speaker 2: once they're granted access into the territory. Istrailbanesis that Australia 78 00:03:46,120 --> 00:03:48,440 Speaker 2: had been in contact with New Zealand to discuss next 79 00:03:48,440 --> 00:03:50,800 Speaker 2: steps for citizens who are trapped in the territory and 80 00:03:50,880 --> 00:03:54,080 Speaker 2: flagged at air Force planes are waiting on standby. 81 00:03:54,400 --> 00:03:57,840 Speaker 1: Storing number four. New COVID variants are spreading around the 82 00:03:57,880 --> 00:04:00,840 Speaker 1: world and stoking fears of a surgeon cases over the 83 00:04:00,880 --> 00:04:03,920 Speaker 1: northern summer, and really it's the laster sign of the 84 00:04:03,920 --> 00:04:08,880 Speaker 1: infectious diseases ability to mutate and potentially threaten collective immunity. 85 00:04:09,240 --> 00:04:13,200 Speaker 2: One of the latest strains, KP dot two, a so 86 00:04:13,360 --> 00:04:17,480 Speaker 2: called flirt variant, has become the dominant cronavirus strain in 87 00:04:17,520 --> 00:04:20,320 Speaker 2: the US since first emerging in early March. In two 88 00:04:20,320 --> 00:04:22,800 Speaker 2: weeks to May, KP dot two account of twenty eight 89 00:04:22,800 --> 00:04:25,400 Speaker 2: percent of cases, up from just three point eight percent 90 00:04:25,440 --> 00:04:27,360 Speaker 2: in the two weeks to the end of March. According 91 00:04:27,360 --> 00:04:29,920 Speaker 2: to the latest data from the US Centers for Disease 92 00:04:29,960 --> 00:04:32,440 Speaker 2: Control and Prevention, four and a half years after the 93 00:04:32,480 --> 00:04:35,159 Speaker 2: outbreak of the pandemic, caselads in the US in recent 94 00:04:35,200 --> 00:04:39,160 Speaker 2: months have actually fallen close to record lows, according to 95 00:04:39,200 --> 00:04:42,120 Speaker 2: the Financial Times. But while many infectious disease experts don't 96 00:04:42,160 --> 00:04:44,880 Speaker 2: expect a surge in hospital admissions, they caution this new 97 00:04:44,920 --> 00:04:48,000 Speaker 2: cluster of variants could drive a summer wave of infections. 98 00:04:48,480 --> 00:04:51,400 Speaker 1: And last one, story number five show on Jeff Bezos's 99 00:04:51,480 --> 00:04:56,320 Speaker 1: Blue Origin has resumed sending tourists to space, launching six 100 00:04:56,360 --> 00:04:59,239 Speaker 1: private passengers on a short flight more than sixty miles 101 00:04:59,279 --> 00:05:00,640 Speaker 1: above the Earth. The weekend. 102 00:05:00,880 --> 00:05:03,599 Speaker 2: The passengers included Ed Dwight, a former Air Force captain 103 00:05:03,600 --> 00:05:06,479 Speaker 2: who was selected as the first black astronaut candidate in 104 00:05:06,600 --> 00:05:09,040 Speaker 2: nineteen sixty one but never got to flight to space 105 00:05:09,120 --> 00:05:12,960 Speaker 2: with NASA. The weekend flight was Blue Origins first tourist 106 00:05:13,120 --> 00:05:16,040 Speaker 2: mission on a new Shepherd since August twenty twenty two. 107 00:05:16,120 --> 00:05:19,119 Speaker 2: The company's forced to halt flights of the rocket after 108 00:05:19,200 --> 00:05:21,440 Speaker 2: one of the vehicles suffered an engine failure mid flight 109 00:05:21,520 --> 00:05:25,200 Speaker 2: during an uncrued mission in September twenty twenty two. Basically 110 00:05:25,200 --> 00:05:28,400 Speaker 2: spent last year investigating, put something into the air last 111 00:05:28,480 --> 00:05:32,159 Speaker 2: December and uncrewed mission that worked well, so they're back 112 00:05:32,240 --> 00:05:34,000 Speaker 2: to taking space tourists. 113 00:05:34,320 --> 00:05:36,039 Speaker 1: There we go to the top five business stories in 114 00:05:36,080 --> 00:05:39,280 Speaker 1: five minutes. Thank you Sean, Thank you Michael. It's Tuesday, 115 00:05:39,320 --> 00:05:41,920 Speaker 1: the twenty first of May twenty twenty four. Remember to 116 00:05:42,000 --> 00:05:44,400 Speaker 1: hit follow on the podcast, and if five minutes isn't enough, 117 00:05:44,440 --> 00:05:47,039 Speaker 1: you can find our longer daily show called Fear and 118 00:05:47,080 --> 00:05:50,040 Speaker 1: Greed wherever you listen to podcasts, or at Fearangreed dot 119 00:05:50,080 --> 00:05:51,600 Speaker 1: com dot au, which is also where you can sign 120 00:05:51,680 --> 00:05:54,599 Speaker 1: up for our free weekly newsletter. It comes out every Wednesday. 121 00:05:54,680 --> 00:05:56,960 Speaker 1: So now it's a perfect time to sign up. I'm 122 00:05:56,960 --> 00:05:59,120 Speaker 1: Michael Thompson and that was the fast by business News, 123 00:05:59,160 --> 00:06:00,880 Speaker 1: by fear and greed. Have a great diet.