1 00:00:03,920 --> 00:00:06,720 Speaker 1: It's Friday, the twenty fourth of October twenty twenty five. 2 00:00:06,800 --> 00:00:09,360 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,360 --> 00:00:11,160 Speaker 1: where we give you the top five business stories you 4 00:00:11,200 --> 00:00:13,480 Speaker 1: need to know and just five minutes. Are Michael Thompson 5 00:00:13,520 --> 00:00:14,840 Speaker 1: and good morning, Sean Aylmer. 6 00:00:14,920 --> 00:00:16,240 Speaker 2: Good morning Michael, Sean. 7 00:00:16,280 --> 00:00:19,160 Speaker 1: Five stories, five minutes. Let's go Story number one. BHP 8 00:00:19,360 --> 00:00:22,919 Speaker 1: chairman Ross McEwan says the miner has a quote pretty 9 00:00:22,920 --> 00:00:27,560 Speaker 1: good relationship with China and has downplayed concerns that Australia's 10 00:00:27,600 --> 00:00:30,320 Speaker 1: rare earths deal with the US will hurt the big 11 00:00:30,360 --> 00:00:32,480 Speaker 1: Australian's iron ore exports. 12 00:00:32,080 --> 00:00:36,479 Speaker 2: But BHP's weary of Beijing, particularly given they are reportedly 13 00:00:36,520 --> 00:00:40,400 Speaker 2: in the middle of a commercial dispute around pricing, for example. 14 00:00:40,520 --> 00:00:43,920 Speaker 2: Asked at BHP's AGM yesterday whether he's open to a 15 00:00:44,000 --> 00:00:47,080 Speaker 2: tie up with Rio Tinto when dealing with China, McEwan 16 00:00:47,200 --> 00:00:49,720 Speaker 2: said the company's open to all such opportunities, though there 17 00:00:49,760 --> 00:00:52,080 Speaker 2: are no talks going on at the moment. McEwen, the 18 00:00:52,200 --> 00:00:54,800 Speaker 2: former National Australia Banks CEO who took the top job 19 00:00:54,840 --> 00:00:57,840 Speaker 2: at BHP earlier this year, said the miners open to 20 00:00:57,880 --> 00:01:01,880 Speaker 2: opportunities to counter China's determine to drive down prices and 21 00:01:01,960 --> 00:01:05,080 Speaker 2: dictate terms of transactions. Chief Executive Mike Henry said he 22 00:01:05,120 --> 00:01:07,880 Speaker 2: didn't expect any full out from Australia in the US 23 00:01:07,920 --> 00:01:11,280 Speaker 2: strengthening ties in critical minerals. Then he conceded the world's 24 00:01:11,280 --> 00:01:14,120 Speaker 2: biggest miners relationship with China had been a rocky road. 25 00:01:14,360 --> 00:01:16,720 Speaker 2: McEwan added that Australia as a nation must walk the 26 00:01:16,760 --> 00:01:18,880 Speaker 2: path between the US and China, or has he put it, 27 00:01:19,120 --> 00:01:23,119 Speaker 2: You've got two very very powerful nations just flexing their muscles. 28 00:01:23,240 --> 00:01:25,360 Speaker 2: It's not the first time this has happened, and you're 29 00:01:25,360 --> 00:01:27,360 Speaker 2: seeing what that happening at the moment. 30 00:01:27,520 --> 00:01:30,160 Speaker 1: Sean, you mentioned that that BHP is the world's biggest miner, 31 00:01:30,440 --> 00:01:33,080 Speaker 1: it's Australia's second largest company. It sells about eighty five 32 00:01:33,120 --> 00:01:35,360 Speaker 1: percent of it's all worth tens of billions of dollars 33 00:01:35,360 --> 00:01:38,000 Speaker 1: to China. Yet they're also trying to walk a work 34 00:01:38,200 --> 00:01:41,840 Speaker 1: rather with the US administration, particularly around copper. It is 35 00:01:41,880 --> 00:01:43,959 Speaker 1: a very fine line to walk, sure is. 36 00:01:44,040 --> 00:01:47,199 Speaker 2: Yesterday, Mike Henry, reflecting on his recent visit to meet 37 00:01:47,240 --> 00:01:49,640 Speaker 2: Donald Trump in the Oval Office, said he was impressed 38 00:01:49,680 --> 00:01:52,440 Speaker 2: by just how fierce the focus is in the US 39 00:01:52,560 --> 00:01:56,200 Speaker 2: on growing metals production on American soil. As part of that, 40 00:01:56,240 --> 00:01:59,240 Speaker 2: the HP is weighing up where the restart defunct copper 41 00:01:59,280 --> 00:02:01,720 Speaker 2: mines in the US. So Henry said that amid all this, 42 00:02:01,800 --> 00:02:04,640 Speaker 2: Australia needs to remain competitive for investment. A good start, 43 00:02:04,960 --> 00:02:08,920 Speaker 2: he said, would be to lower energy prices. Beachp's share 44 00:02:08,919 --> 00:02:11,560 Speaker 2: price closed lower yesterday. It's flat over the past year, 45 00:02:11,720 --> 00:02:14,079 Speaker 2: was much lower down to about April this year. Since 46 00:02:14,080 --> 00:02:15,679 Speaker 2: then it's up about thirty percent. 47 00:02:15,760 --> 00:02:18,320 Speaker 1: Under story number two now and the Reserve Bank has 48 00:02:18,400 --> 00:02:21,240 Speaker 1: poured cold water on hopes of a mining boom on 49 00:02:21,280 --> 00:02:23,919 Speaker 1: the back of surging demand for battery minerals like rare 50 00:02:23,960 --> 00:02:27,639 Speaker 1: earths and copper, saying the outlook for the sector remains uncertain. 51 00:02:27,800 --> 00:02:30,480 Speaker 2: So everyone hoping battery metals will take over from coal 52 00:02:30,560 --> 00:02:33,200 Speaker 2: in terms of export income, Well, it ain't going to happen. 53 00:02:33,240 --> 00:02:35,800 Speaker 2: In a research paper, the Reserve Bank says the outlook 54 00:02:35,840 --> 00:02:38,000 Speaker 2: for critical minerals will depend on the speed of the 55 00:02:38,120 --> 00:02:41,239 Speaker 2: rollout of renewable energy, the take up of electric vehicles 56 00:02:41,240 --> 00:02:45,080 Speaker 2: and other technologies, and the competitiveness of domestic production. The 57 00:02:45,200 --> 00:02:48,440 Speaker 2: RBA says there won't be any great mining boom anytime soon, 58 00:02:48,639 --> 00:02:51,760 Speaker 2: at least not in critical minerals, with production likely to 59 00:02:51,800 --> 00:02:55,400 Speaker 2: remain subdued. While Australia is the largest producer of lithium 60 00:02:55,400 --> 00:02:57,240 Speaker 2: in the world and one of the top five producers 61 00:02:57,240 --> 00:03:01,120 Speaker 2: and exporters of cobalt and rare earths, mineral exports are 62 00:03:01,160 --> 00:03:03,480 Speaker 2: still dwarfed by iron ore, coal and gas. 63 00:03:03,919 --> 00:03:07,760 Speaker 1: Under story number three, discount supermarket Aldi is closing the 64 00:03:07,840 --> 00:03:11,280 Speaker 1: gap on the big supermarkets, with annual sales hitting thirteen 65 00:03:11,320 --> 00:03:13,840 Speaker 1: point three billion dollars last year, which is about one 66 00:03:13,960 --> 00:03:16,560 Speaker 1: third the size of Coals revenue. Known for its cheap 67 00:03:16,600 --> 00:03:20,440 Speaker 1: private label groceries and merchandise ranging from home brand tomato sauce, 68 00:03:20,480 --> 00:03:23,960 Speaker 1: the chocolate liquor power tools, even Aldi has captured billions 69 00:03:24,000 --> 00:03:27,120 Speaker 1: of dollars in sales from the traditional Aussie retailers. From 70 00:03:27,120 --> 00:03:29,320 Speaker 1: its maiden store in two thousand and one, it's now 71 00:03:29,360 --> 00:03:32,480 Speaker 1: got six hundred and two stores across the country, according 72 00:03:32,480 --> 00:03:34,960 Speaker 1: to The Australian. In fact, events like its annual ski 73 00:03:35,080 --> 00:03:38,120 Speaker 1: sale make it now the single largest retailer of ski 74 00:03:38,200 --> 00:03:40,960 Speaker 1: gear in the country. The latest accounts for Aldy in 75 00:03:40,960 --> 00:03:43,280 Speaker 1: Australia show it is now the third rank supermarket sales 76 00:03:43,320 --> 00:03:46,040 Speaker 1: of thirteen point three billion dollars earnings of four hundred 77 00:03:46,200 --> 00:03:49,920 Speaker 1: million dollars, so thirteen point three billion compares to Coals 78 00:03:49,920 --> 00:03:52,400 Speaker 1: at about forty billion, Woolies at about fifty one billion. 79 00:03:52,800 --> 00:03:56,040 Speaker 1: Aldis sales are also growing much faster, about ten percent 80 00:03:56,120 --> 00:03:58,480 Speaker 1: year on year, about triple the pace of the big 81 00:03:58,560 --> 00:04:02,880 Speaker 1: two supermarkets Try number four. A quarter of shareholders voted 82 00:04:02,880 --> 00:04:05,880 Speaker 1: against the re election of super Retail chair due to 83 00:04:05,960 --> 00:04:09,440 Speaker 1: Swales as the retail of battles with claims that it 84 00:04:09,440 --> 00:04:12,240 Speaker 1: did a poor job managing the former CEO, who was 85 00:04:12,240 --> 00:04:13,200 Speaker 1: ousted last month. 86 00:04:13,320 --> 00:04:16,440 Speaker 2: Plenty In this Swales told the group's AGM yesterday that 87 00:04:16,480 --> 00:04:20,239 Speaker 2: former chief executive Anthony Herety would have been sacked earlier 88 00:04:20,279 --> 00:04:23,000 Speaker 2: had the Board of Directors received the information that ultimately 89 00:04:23,080 --> 00:04:25,880 Speaker 2: led to his termination last month. The board also wants 90 00:04:25,920 --> 00:04:28,760 Speaker 2: to claw back some payments and bonuses paid to Herety 91 00:04:29,040 --> 00:04:31,479 Speaker 2: more than a year ago. Allegations of bulling and harassment 92 00:04:31,520 --> 00:04:33,760 Speaker 2: arose as it emerged that Herety, in the head of HR, 93 00:04:33,880 --> 00:04:36,960 Speaker 2: Jane Kelly, had been having a secret relationship to the 94 00:04:36,960 --> 00:04:40,120 Speaker 2: company's former Lawyer's launched federal court proceedings alleging bulling by 95 00:04:40,160 --> 00:04:43,560 Speaker 2: senior executives, breaches of the Corporations Act in a questionable 96 00:04:43,600 --> 00:04:47,560 Speaker 2: board response to whistleblowers, the board backed Herety for more 97 00:04:47,560 --> 00:04:49,880 Speaker 2: than a year and then sacked him last month. So 98 00:04:50,040 --> 00:04:53,520 Speaker 2: the retail group operates Rebel Sports, Super Cheap Auto BCF 99 00:04:53,600 --> 00:04:56,880 Speaker 2: and Macpack now Swales. The chair argued the Board had 100 00:04:56,920 --> 00:05:00,800 Speaker 2: acted quickly and decisively, but only after received new information. 101 00:05:01,560 --> 00:05:04,800 Speaker 1: Last one story number five. The South Island of New 102 00:05:04,880 --> 00:05:07,400 Speaker 1: Zealand has been buffeted by winds of up to one 103 00:05:07,520 --> 00:05:10,880 Speaker 1: hundred and fifty five kilometers an hour, leaving around ninety 104 00:05:10,880 --> 00:05:14,560 Speaker 1: thousand homes without power and forcing authorities to cancel more 105 00:05:14,560 --> 00:05:15,640 Speaker 1: than one hundred flights. 106 00:05:15,720 --> 00:05:17,919 Speaker 2: The winds are affecting the whole of the South Island 107 00:05:18,000 --> 00:05:20,359 Speaker 2: and the southern parts of the North Island, according to 108 00:05:20,360 --> 00:05:24,520 Speaker 2: the country's Meteorological Service. New Zealand authorities they issued Rare 109 00:05:24,680 --> 00:05:28,520 Speaker 2: Red wind at warnings, the highest alert level in central regions. 110 00:05:28,920 --> 00:05:31,320 Speaker 2: They have also warned of heavy rain in the South Island. 111 00:05:31,640 --> 00:05:33,960 Speaker 2: People have been urged to stay indoors and avoid traveling 112 00:05:34,040 --> 00:05:37,599 Speaker 2: to prepare for further power and communication outages. Local media 113 00:05:37,640 --> 00:05:39,880 Speaker 2: have reported that in some places roofs have been ripped 114 00:05:39,880 --> 00:05:44,120 Speaker 2: off houses, trees, electricity poles being knocked down. A man 115 00:05:44,240 --> 00:05:46,560 Speaker 2: was actually killed after being struck by a tree branch. 116 00:05:46,640 --> 00:05:48,880 Speaker 1: Pretty sad indeed. All right, there we go the top 117 00:05:48,920 --> 00:05:51,200 Speaker 1: five business stories in five minutes. Thank you very much, Sean. 118 00:05:51,200 --> 00:05:53,520 Speaker 1: Hey you, Michael. It is Friday, the twenty fourth of 119 00:05:53,520 --> 00:05:56,839 Speaker 1: October twenty twenty five. Remember to hit follow on the podcast, 120 00:05:56,880 --> 00:05:58,720 Speaker 1: and if five minutes isn't enough, you can find our 121 00:05:58,800 --> 00:06:02,080 Speaker 1: longer daily show called Fear and Greed wherever you listen 122 00:06:02,120 --> 00:06:05,080 Speaker 1: to podcasts. Headlong to Fearangreed dot com dot au to 123 00:06:05,120 --> 00:06:07,480 Speaker 1: sign up for our free daily newsletter and go into 124 00:06:07,520 --> 00:06:11,560 Speaker 1: the draw to win a very special edition Fear and 125 00:06:11,600 --> 00:06:13,839 Speaker 1: Greed merchandise pack. I'm Michael Thompson and that was the 126 00:06:13,880 --> 00:06:15,640 Speaker 1: Fast five by Fear and Greed. 127 00:06:15,800 --> 00:06:17,000 Speaker 2: Have a great day.