1 00:00:03,920 --> 00:00:06,560 Speaker 1: It's Friday, the twenty fourth of May twenty twenty four. 2 00:00:06,760 --> 00:00:09,440 Speaker 1: Welcome to the Fast five Business News by Fear and Greed. 3 00:00:09,480 --> 00:00:11,280 Speaker 1: Will we give you the top five business stories you 4 00:00:11,320 --> 00:00:13,680 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,720 --> 00:00:15,120 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,480 --> 00:00:16,400 Speaker 2: Good morning Michael. 7 00:00:16,520 --> 00:00:18,799 Speaker 1: Sean. We've got to get through five stories in five minutes, 8 00:00:18,840 --> 00:00:21,880 Speaker 1: so let's get going. Story number one, Anglo American has 9 00:00:21,960 --> 00:00:26,040 Speaker 1: rejected a seventy three point nine billion dollar offer from BHP, 10 00:00:26,239 --> 00:00:28,920 Speaker 1: but has left the door open for further talks, granting 11 00:00:29,000 --> 00:00:31,560 Speaker 1: the Big Australian a one week extension to come up 12 00:00:31,600 --> 00:00:34,519 Speaker 1: with an improved bid. Yes, and that would be a 13 00:00:34,520 --> 00:00:37,400 Speaker 1: fourth bid. Anglo American told the London Stock Exchange early 14 00:00:37,520 --> 00:00:40,320 Speaker 1: yesterday morning Australian Time that BHP had this week made 15 00:00:40,320 --> 00:00:43,080 Speaker 1: a third, non binding and conditional takeover bid that was 16 00:00:43,120 --> 00:00:47,480 Speaker 1: a nine percent premium to the second bid last week, 17 00:00:47,720 --> 00:00:49,600 Speaker 1: but it was based on the same structure that the 18 00:00:49,600 --> 00:00:52,400 Speaker 1: Anglo board had previously rejected, including selling off some of 19 00:00:52,440 --> 00:00:55,680 Speaker 1: the South African based assets. British laws forced BHP to 20 00:00:55,680 --> 00:00:57,320 Speaker 1: make a firm offer or a band in its bid, 21 00:00:57,320 --> 00:01:01,160 Speaker 1: but Anglo's asked for a one week extension, and largest shareholder, 22 00:01:01,200 --> 00:01:04,720 Speaker 1: the South African state owned Public Investment Corporation, appears to 23 00:01:04,760 --> 00:01:07,240 Speaker 1: support the Anglo Board at this point, but it will 24 00:01:07,280 --> 00:01:10,040 Speaker 1: come down to price always does. BHP is obviously very 25 00:01:10,080 --> 00:01:12,080 Speaker 1: keen and the Anglo Board is squeezing as much as 26 00:01:12,120 --> 00:01:16,440 Speaker 1: it can as it should. Sean, what's going to happen here? 27 00:01:16,520 --> 00:01:18,679 Speaker 1: Will BHP actually get Anglo? 28 00:01:19,800 --> 00:01:21,720 Speaker 2: Well, it's got until May twenty nine to lob a 29 00:01:21,720 --> 00:01:24,400 Speaker 2: binding offer and basically that means seven days to convince 30 00:01:24,440 --> 00:01:28,119 Speaker 2: Anglo to accept the deal. The issue the Anglo border 31 00:01:28,160 --> 00:01:31,720 Speaker 2: said it's an onerous, highly complex deal. BHP disagrees with that. 32 00:01:32,200 --> 00:01:35,480 Speaker 2: BHP reckons it's made progress, just not enough, and management 33 00:01:35,520 --> 00:01:37,880 Speaker 2: says it won't bid any higher. The key issue is 34 00:01:37,880 --> 00:01:41,679 Speaker 2: the devestment of controlling stakes into Johannesburg listed mining companies 35 00:01:42,080 --> 00:01:46,000 Speaker 2: Cumba Iron Ore and Anglo American Platinum. The deadline extension 36 00:01:46,000 --> 00:01:48,240 Speaker 2: is a positive for BHP. Basically it's got a nibble 37 00:01:48,240 --> 00:01:51,800 Speaker 2: but hasn't quite caught the fish. Yesterday's share price closed 38 00:01:51,800 --> 00:01:53,440 Speaker 2: down about two and a half percent yesterday. 39 00:01:54,360 --> 00:01:57,360 Speaker 1: Sean Storry Number two Prime Minister Anthony Alberanezi has launched 40 00:01:57,400 --> 00:02:00,920 Speaker 1: a National Battery Strategy to help fund a locally made 41 00:02:00,960 --> 00:02:04,000 Speaker 1: batteries industry to support a renewable energy grid. 42 00:02:04,800 --> 00:02:09,120 Speaker 2: The Prime Minister says Australian firms have competitive advantages in cleaner, safer, 43 00:02:09,200 --> 00:02:13,200 Speaker 2: more CyberSecure batteries adapted to local conditions. In last week's budget, 44 00:02:13,240 --> 00:02:15,360 Speaker 2: five hundred and twenty three million dollars was allotted to 45 00:02:15,360 --> 00:02:17,600 Speaker 2: the initiative. Now the goal is that by twenty thirty 46 00:02:17,600 --> 00:02:21,160 Speaker 2: five Australia will be globally competitive in producing batteries, with 47 00:02:21,240 --> 00:02:24,920 Speaker 2: a focus on grid level utility products and those powering 48 00:02:25,000 --> 00:02:27,960 Speaker 2: businesses and households. Under the strategies, there are five key 49 00:02:28,000 --> 00:02:33,120 Speaker 2: priorities around manufacturing knowledge and skills, securing a supply line 50 00:02:33,120 --> 00:02:37,360 Speaker 2: in global batteries, also around sustainability standards and circular economy, 51 00:02:37,639 --> 00:02:39,280 Speaker 2: and bringing levels of government together. 52 00:02:39,919 --> 00:02:42,960 Speaker 1: The story number three show on Australia's five biggest banks 53 00:02:43,040 --> 00:02:46,200 Speaker 1: would charge customers and extra three hundred and seventy million 54 00:02:46,240 --> 00:02:48,919 Speaker 1: dollars in fees and interest rate increases if the government 55 00:02:48,960 --> 00:02:52,000 Speaker 1: were to enforce a higher levee on them to keep 56 00:02:52,080 --> 00:02:54,840 Speaker 1: rural banks funded and open. According to new. 57 00:02:54,840 --> 00:02:57,800 Speaker 2: Estimates, the costings come ahead of a center probe into 58 00:02:57,840 --> 00:03:00,680 Speaker 2: the impact of branch closures on regional community t Now, 59 00:03:00,800 --> 00:03:03,600 Speaker 2: Senator Matt Canavan, the Deputy Leader of the Nationals in 60 00:03:03,639 --> 00:03:06,560 Speaker 2: the Upper House, asked about a ten percent increase to 61 00:03:06,639 --> 00:03:09,519 Speaker 2: the bank levy to fund community banks. It was costed 62 00:03:09,560 --> 00:03:12,560 Speaker 2: by the Parliamentary Budget Office. According to media reports. The 63 00:03:12,600 --> 00:03:14,560 Speaker 2: office said it would raise four hundred and ninety six 64 00:03:14,600 --> 00:03:18,320 Speaker 2: million dollars between now and twenty twenty seven, but increased 65 00:03:18,400 --> 00:03:21,000 Speaker 2: costs would mostly be passed on to bank customers inc. 66 00:03:21,040 --> 00:03:23,519 Speaker 2: Based at about seventy five percent of that four ninety 67 00:03:23,560 --> 00:03:26,040 Speaker 2: six would end up being passed on to bank customers. 68 00:03:26,160 --> 00:03:28,720 Speaker 2: Of course, Commonwealth Bank, Westpac and National Australia Bank already 69 00:03:28,720 --> 00:03:32,160 Speaker 2: have deals with the Australia Posts to push their branch 70 00:03:32,280 --> 00:03:35,720 Speaker 2: network throughout region. Australia A and Z doesn't it says 71 00:03:35,760 --> 00:03:37,680 Speaker 2: that Australia Post is too expensive. 72 00:03:37,920 --> 00:03:41,000 Speaker 1: Story nam before shown. The two cases of bird flu 73 00:03:41,080 --> 00:03:44,240 Speaker 1: in Victoria, one and a child have triggered fears that 74 00:03:44,280 --> 00:03:47,040 Speaker 1: the virus could spread locally, disrupting the rural economy. 75 00:03:47,520 --> 00:03:50,520 Speaker 2: Australia is the only continent whose animals haven't been affected 76 00:03:50,520 --> 00:03:53,960 Speaker 2: by the bird flu outbreak yet. This week, Australia reported 77 00:03:53,960 --> 00:03:56,480 Speaker 2: its first human H five N one bird flu case 78 00:03:56,520 --> 00:03:59,800 Speaker 2: and a child infected after a trip to India. Fortunately 79 00:04:00,120 --> 00:04:02,520 Speaker 2: child made a full recovery. A separate EIGHTE seven bird 80 00:04:02,520 --> 00:04:05,840 Speaker 2: flu strain was also detected in an egg farm near Melbourne. 81 00:04:05,920 --> 00:04:09,760 Speaker 2: Victoria's Chief health officer, Claire Looker, said contact tracing had 82 00:04:09,760 --> 00:04:13,080 Speaker 2: not uncovered any other transmissions. It's a bit of a concern, 83 00:04:13,160 --> 00:04:15,200 Speaker 2: not just here but overseas as well. In the state 84 00:04:15,200 --> 00:04:17,320 Speaker 2: of Michigan. In the US, bird flu has been spreading 85 00:04:17,360 --> 00:04:20,279 Speaker 2: widely in cattle herds, while a dairy worker has also 86 00:04:20,320 --> 00:04:24,200 Speaker 2: contracted the virus. There's been eight human cases worldwide this year. 87 00:04:24,640 --> 00:04:27,680 Speaker 2: Disease control regulators are calling on people with regular exposure 88 00:04:27,720 --> 00:04:31,440 Speaker 2: to animals just to take precautions. Story number five show 89 00:04:31,440 --> 00:04:33,760 Speaker 2: on last one. The Brits are going to the polls 90 00:04:33,800 --> 00:04:36,960 Speaker 2: on July fourth, after Prime Minister Rishi Sunac announced a 91 00:04:37,000 --> 00:04:42,200 Speaker 2: surprise election, though his chances of winning look a little slim. Yes, 92 00:04:42,279 --> 00:04:44,200 Speaker 2: he's at about twenty five to one in fact in 93 00:04:44,200 --> 00:04:46,760 Speaker 2: a two horse race, but mister Sunac hope's a six 94 00:04:46,839 --> 00:04:49,479 Speaker 2: week campaign can reach the twenty percentage point gap in 95 00:04:49,520 --> 00:04:52,279 Speaker 2: opinion polls. He called the election outside ten Downing Street 96 00:04:52,320 --> 00:04:54,960 Speaker 2: as his tradition in the pouring rain as is probably appropriate. 97 00:04:55,120 --> 00:04:57,880 Speaker 2: Many Tory MPs are not happy with the announcements, suggesting 98 00:04:58,240 --> 00:05:01,440 Speaker 2: mister Synac should have waited until the economy was looking better. 99 00:05:01,760 --> 00:05:04,640 Speaker 2: Divisions within the Conservatives, of course, are not unusual. His 100 00:05:04,680 --> 00:05:07,720 Speaker 2: opponent this time around his Labour's at Key Starmer. I 101 00:05:07,720 --> 00:05:09,520 Speaker 2: think we're going to hear a lot about Key Starmer 102 00:05:09,560 --> 00:05:12,039 Speaker 2: in the next few years. The last election was held 103 00:05:12,080 --> 00:05:15,000 Speaker 2: in December twenty nineteen, when Boris Johnson was elected. He 104 00:05:15,080 --> 00:05:18,120 Speaker 2: was forced out too many COVID parties, replaced by Liz Truss. 105 00:05:18,360 --> 00:05:21,040 Speaker 2: She lasted forty nine days, although that it did include 106 00:05:21,040 --> 00:05:24,359 Speaker 2: a disastrous economic recovery plan. Also, she holds the record 107 00:05:24,400 --> 00:05:27,480 Speaker 2: for the shortest serving British Prime minister. Mister Slimak took 108 00:05:27,520 --> 00:05:28,920 Speaker 2: over in October twenty twenty two. 109 00:05:29,160 --> 00:05:31,120 Speaker 1: All right, there we go the top five business stories 110 00:05:31,160 --> 00:05:31,799 Speaker 1: in five minutes. 111 00:05:31,839 --> 00:05:33,479 Speaker 2: Thank you Sean, Thank you Michael. 112 00:05:33,760 --> 00:05:36,320 Speaker 1: It is Friday, the twenty fourth of May twenty twenty four. 113 00:05:36,440 --> 00:05:38,559 Speaker 1: Remember to hit follow on the podcast and five minutes 114 00:05:38,640 --> 00:05:40,520 Speaker 1: isn't Then after you can find our longer daily show 115 00:05:40,600 --> 00:05:43,400 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 116 00:05:43,440 --> 00:05:45,599 Speaker 1: Michael Thompson and that was the fast five business news 117 00:05:45,600 --> 00:05:47,440 Speaker 1: by fear and greed. Have a great day.