1 00:00:03,880 --> 00:00:06,840 Speaker 1: It's Friday, the tenth of April twenty twenty six. Welcome 2 00:00:06,880 --> 00:00:09,160 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,160 --> 00:00:10,920 Speaker 1: where we give you the top five business stories you 4 00:00:11,039 --> 00:00:13,360 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,400 --> 00:00:17,200 Speaker 1: and good morning Sean Ailmer. Good morning Michael, Sean. Five 6 00:00:17,239 --> 00:00:19,560 Speaker 1: big stories to race through in just five minutes. Let's 7 00:00:19,560 --> 00:00:22,640 Speaker 1: get cracking with story number one. Prime Minister Anthony Aberanezi 8 00:00:22,680 --> 00:00:25,439 Speaker 1: has joined the growing number of world leaders calling on 9 00:00:25,480 --> 00:00:30,400 Speaker 1: the Middle East ceasefire to include Lebanon now. After confirming 10 00:00:30,440 --> 00:00:32,680 Speaker 1: Australia's fuel supplies are as shored into mid May. The 11 00:00:32,760 --> 00:00:35,640 Speaker 1: PM declared that he wanted to see peace in the region, 12 00:00:35,760 --> 00:00:39,440 Speaker 1: of course, and that that included Israel ending its military 13 00:00:39,479 --> 00:00:43,320 Speaker 1: campaign against Hesbalah in Lebanon. Other leaders to call for 14 00:00:43,360 --> 00:00:46,280 Speaker 1: as cessation of attacks in Lebanon include the heads of 15 00:00:46,320 --> 00:00:49,680 Speaker 1: the UN, UK, France and other countries in Europe as well. 16 00:00:50,280 --> 00:00:52,920 Speaker 2: That all came as Israel said it hit Lebanon one 17 00:00:53,000 --> 00:00:56,200 Speaker 2: hundred times in just ten minutes after the ceasefire. Hes 18 00:00:56,240 --> 00:00:59,440 Speaker 2: Blood then launch strikes on Israel. Meanwhile, Donald Trump said 19 00:00:59,480 --> 00:01:01,880 Speaker 2: US forces will remain in place in the region until 20 00:01:01,920 --> 00:01:05,160 Speaker 2: Iran fully complies with the ceasefire agreement. If they don't, 21 00:01:05,160 --> 00:01:07,680 Speaker 2: the US response will be I quote bigger and better 22 00:01:07,720 --> 00:01:11,400 Speaker 2: and stronger than anyone has seen before end quote. Already 23 00:01:11,440 --> 00:01:14,199 Speaker 2: there were reports of the ceasefire being breached, and it 24 00:01:14,280 --> 00:01:17,399 Speaker 2: isn't clear what Iran has actually agreed to. The all 25 00:01:17,440 --> 00:01:21,080 Speaker 2: important Strait of Homer's has not reopened according to Iran. 26 00:01:21,360 --> 00:01:24,200 Speaker 2: There have been some ship movements, but not many. 27 00:01:24,760 --> 00:01:28,160 Speaker 1: Yeah, and this uncertainty is not good for anyone, including 28 00:01:28,200 --> 00:01:31,120 Speaker 1: financial markets. The fragility of the ceasefire has put global 29 00:01:31,160 --> 00:01:36,600 Speaker 1: markets under pressure, although perhaps slightly surprisingly Sean, the local market, 30 00:01:36,600 --> 00:01:39,280 Speaker 1: the ASX, held on to its gains yesterday. 31 00:01:39,880 --> 00:01:41,959 Speaker 2: Yes, it was down for most of the day, though 32 00:01:42,080 --> 00:01:44,080 Speaker 2: late in the afternoon in particular the last few minutes 33 00:01:44,120 --> 00:01:45,760 Speaker 2: it just sort of took off and it ended up 34 00:01:45,760 --> 00:01:48,760 Speaker 2: about a quarter of percent higher. It's almost training at 35 00:01:48,840 --> 00:01:51,560 Speaker 2: nine thousand points. Again. One sector that didn't enjoy the 36 00:01:51,640 --> 00:01:55,559 Speaker 2: day the tech stocks absolutely hammered, WI Tech, Global zero 37 00:01:55,600 --> 00:01:58,520 Speaker 2: Technology all ended much lower. The best where the energy 38 00:01:58,520 --> 00:02:01,160 Speaker 2: companies as the price of oil rows again. 39 00:02:01,680 --> 00:02:03,960 Speaker 1: On to story number two, and it is linked to 40 00:02:04,040 --> 00:02:06,480 Speaker 1: story number one. Show in the federal government is now 41 00:02:06,480 --> 00:02:10,640 Speaker 1: treating fuel supply as a national security issue. Energy Minister 42 00:02:10,720 --> 00:02:13,320 Speaker 1: Chris Bowen yesterday said the government has struck arrangements with 43 00:02:13,360 --> 00:02:17,280 Speaker 1: the nation's biggest fuel suppliers to help secure extra petrol 44 00:02:17,400 --> 00:02:21,000 Speaker 1: and diesel cargoes. The government also said that it'll use 45 00:02:21,080 --> 00:02:25,800 Speaker 1: Export Finance Australia to underwrite purchases by the remaining two 46 00:02:25,919 --> 00:02:29,000 Speaker 1: refineries in the country, the Viva Energy facility in Geelong 47 00:02:29,520 --> 00:02:33,119 Speaker 1: and ampoles A refinery in Brisbane. The Prime Minister said 48 00:02:33,160 --> 00:02:36,360 Speaker 1: that would bring additional supply to Australia and the Government 49 00:02:36,400 --> 00:02:39,000 Speaker 1: would then direct where the supply actually ends up. 50 00:02:39,400 --> 00:02:41,240 Speaker 2: Yeah. So it means that cargoes that might have been 51 00:02:41,280 --> 00:02:43,840 Speaker 2: too expensive because of the surge and energy prices are 52 00:02:43,840 --> 00:02:47,240 Speaker 2: now commercially viable for the two companies, Energy Minister Chris 53 00:02:47,320 --> 00:02:49,560 Speaker 2: Balance and m Poll and Viva have increased their trucking 54 00:02:49,560 --> 00:02:52,440 Speaker 2: fleets by around twenty percent to move fuel around faster. 55 00:02:52,560 --> 00:02:56,200 Speaker 2: That's a practical fix. While supply lines runder pressure the 56 00:02:56,280 --> 00:02:59,280 Speaker 2: country runs on diesel. We know that freight, farming, construction, 57 00:02:59,360 --> 00:03:02,800 Speaker 2: mining logist we need it. When supply titans. The immediate 58 00:03:02,919 --> 00:03:06,440 Speaker 2: risk isn't just price bikes, it's also disruption and that's 59 00:03:06,440 --> 00:03:07,520 Speaker 2: what the government's working on. 60 00:03:08,120 --> 00:03:10,440 Speaker 1: Story number three. It's a very big weekend coming up 61 00:03:10,440 --> 00:03:13,200 Speaker 1: for the property market. After the clearance rate for houses 62 00:03:13,360 --> 00:03:16,840 Speaker 1: last weekend, the Easter long weekend came in at around 63 00:03:16,919 --> 00:03:20,840 Speaker 1: fifty percent. That's back down to COVID levels. This coming 64 00:03:20,880 --> 00:03:23,680 Speaker 1: weekend is going to be a more normal weekend, so 65 00:03:23,760 --> 00:03:27,000 Speaker 1: analysts are wondering whether there is hopefully maybe going to 66 00:03:27,000 --> 00:03:27,720 Speaker 1: be an improvement. 67 00:03:28,280 --> 00:03:30,760 Speaker 2: What's sort of interesting, it hasn't been a sharp drop 68 00:03:30,840 --> 00:03:35,000 Speaker 2: in prices yet. That's pretty much due to a gap 69 00:03:35,000 --> 00:03:38,200 Speaker 2: between supply and demand and the market. According to Cotality, 70 00:03:38,600 --> 00:03:41,680 Speaker 2: that is particularly the case in Western Australia and Queensland. 71 00:03:42,040 --> 00:03:45,280 Speaker 2: While they've had, you know, kind of some building, population 72 00:03:45,360 --> 00:03:47,960 Speaker 2: growth has been way in front other end of the spectrum. 73 00:03:48,080 --> 00:03:53,320 Speaker 2: Victoria most house completions of any other state, yet its 74 00:03:53,920 --> 00:03:57,920 Speaker 2: population has grown only slightly. And that's why Victoria, along 75 00:03:57,920 --> 00:04:00,120 Speaker 2: with the New South Wales are the states with prices 76 00:04:00,120 --> 00:04:00,960 Speaker 2: have gone backwards. 77 00:04:01,360 --> 00:04:04,120 Speaker 1: Story number four. This is really interesting. Sean Bendigo and 78 00:04:04,160 --> 00:04:07,480 Speaker 1: Adelaide Bank is preparing to cut staff after agreeing to 79 00:04:07,560 --> 00:04:11,600 Speaker 1: two major technology deals as the world of AI now 80 00:04:11,760 --> 00:04:15,800 Speaker 1: collides head on with banking and its workers Bendigo says 81 00:04:15,880 --> 00:04:18,640 Speaker 1: the changes should deliver at least sixty five million dollars 82 00:04:18,640 --> 00:04:22,120 Speaker 1: a year in ongoing savings by the twenty eight financial year. 83 00:04:22,200 --> 00:04:24,320 Speaker 1: I didn't say how many jobs would be lost. Two 84 00:04:24,360 --> 00:04:27,599 Speaker 1: deals here, a seven year agreement, a six year deal 85 00:04:28,240 --> 00:04:30,919 Speaker 1: there for things like software engineering and AI services and 86 00:04:31,040 --> 00:04:34,720 Speaker 1: risk management. And this all came yesterday after the bank 87 00:04:34,800 --> 00:04:37,599 Speaker 1: reported after tax profit for the March quarter was slightly 88 00:04:37,640 --> 00:04:41,359 Speaker 1: down on last year. Its share price jumped nine percent 89 00:04:41,520 --> 00:04:42,800 Speaker 1: on the news of these deals. 90 00:04:43,120 --> 00:04:45,080 Speaker 2: Yeah, I mean, it's banking in twenty twenty six in 91 00:04:45,120 --> 00:04:48,839 Speaker 2: a margin precious, heavy compliance costs, big spinning on technology 92 00:04:49,200 --> 00:04:52,159 Speaker 2: all at the same time, so you can outsource and 93 00:04:52,320 --> 00:04:55,600 Speaker 2: AI hopefully they're the instruments to make the numbers work. 94 00:04:55,760 --> 00:04:57,559 Speaker 2: But it's not free. I mean there's a dollar cost, 95 00:04:57,839 --> 00:05:02,080 Speaker 2: but you risk losing institutional memory, you risk service quality, 96 00:05:02,120 --> 00:05:04,680 Speaker 2: and if you get it wrong, regulators don't care why 97 00:05:04,680 --> 00:05:06,279 Speaker 2: you get it wrong. They just don't like the fact 98 00:05:06,279 --> 00:05:09,040 Speaker 2: that you've got it wrong. Bendigo also carries a community brand. 99 00:05:09,120 --> 00:05:11,359 Speaker 2: Job cuts can clash with that identity. However, it is 100 00:05:11,400 --> 00:05:13,400 Speaker 2: the future of banking, so good luck to them. 101 00:05:13,800 --> 00:05:16,640 Speaker 1: Indeed, last one story number five show on something I 102 00:05:16,640 --> 00:05:19,680 Speaker 1: think we've all wondered at various times how accurate are 103 00:05:19,720 --> 00:05:23,760 Speaker 1: Google's AI responses to search questions. Everyone's yeah, everyone is 104 00:05:23,839 --> 00:05:27,800 Speaker 1: using them these days, and according to new research, they're 105 00:05:27,839 --> 00:05:31,119 Speaker 1: accurate about ninety percent of the time, though that number 106 00:05:31,160 --> 00:05:34,800 Speaker 1: does come with caveats. When Google is doing five trillion 107 00:05:35,040 --> 00:05:38,479 Speaker 1: searches a year, it means there are tens of millions 108 00:05:38,480 --> 00:05:42,640 Speaker 1: of erroneous answers every hour. According to an AI startup 109 00:05:42,680 --> 00:05:48,280 Speaker 1: called Umi. Also, more than half of the accurate responses 110 00:05:48,360 --> 00:05:52,560 Speaker 1: were ungrounded, which means that they link they linked to 111 00:05:52,600 --> 00:05:56,280 Speaker 1: websites that did not completely support the information that they 112 00:05:56,480 --> 00:05:57,880 Speaker 1: had actually provided. 113 00:05:58,560 --> 00:06:03,359 Speaker 2: Now in their AO models have gotten better, so EMI 114 00:06:03,480 --> 00:06:06,040 Speaker 2: worked with New York Times found that Google's Gemini two 115 00:06:06,080 --> 00:06:08,240 Speaker 2: model was accurate eighty five percent of the time. Gemini 116 00:06:08,279 --> 00:06:10,400 Speaker 2: three you got up to ninety one percent. Still, you know, 117 00:06:10,560 --> 00:06:13,440 Speaker 2: like AI still use as a mathematical probabilities to guess 118 00:06:13,480 --> 00:06:16,919 Speaker 2: the best response. That means there are going to be mistakes. 119 00:06:17,120 --> 00:06:20,480 Speaker 2: Google acknowledges that its aio reviews can include errors if 120 00:06:20,520 --> 00:06:23,479 Speaker 2: you look really closely. It's got this caveat. It says 121 00:06:23,839 --> 00:06:26,800 Speaker 2: AI can make mistakes, So double check responses which I 122 00:06:26,839 --> 00:06:30,440 Speaker 2: think is a moral of the tale. Double check your responses. 123 00:06:30,839 --> 00:06:32,880 Speaker 1: Yeah, indeed, all right, there we go the top five 124 00:06:32,920 --> 00:06:35,960 Speaker 1: business stories in five minutes. Thank you Sean, Thank you Michael. 125 00:06:36,240 --> 00:06:39,159 Speaker 1: It is Friday, the tenth of April twenty twenty six. 126 00:06:39,240 --> 00:06:41,360 Speaker 1: Remember to hit follow on the podcast. And if five 127 00:06:41,360 --> 00:06:44,000 Speaker 1: minutes isn't long enough for you, you can find our longer 128 00:06:44,120 --> 00:06:47,360 Speaker 1: daily show called Fear and Greed wherever you listen to podcasts. 129 00:06:47,560 --> 00:06:49,640 Speaker 1: I'm Michael Thompson and that was the fast five business 130 00:06:49,720 --> 00:06:50,760 Speaker 1: news by Fear and Greed. 131 00:06:51,000 --> 00:06:51,680 Speaker 2: Have a great day.