1 00:00:03,880 --> 00:00:07,240 Speaker 1: It's Thursday, the tenth of October twenty twenty four. Welcome 2 00:00:07,280 --> 00:00:09,720 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:09,720 --> 00:00:11,640 Speaker 1: where we give you the top five business stories you 4 00:00:11,680 --> 00:00:14,160 Speaker 1: need to know in just five minutes. A'm Michael Thompson 5 00:00:14,200 --> 00:00:15,160 Speaker 1: and good morning. 6 00:00:14,880 --> 00:00:17,360 Speaker 2: Sean Aylmer, Good morning, Michael Shawn. 7 00:00:17,480 --> 00:00:20,040 Speaker 1: Five stories to get through in five minutes. Let's go 8 00:00:20,079 --> 00:00:24,440 Speaker 1: story number one. Company insolvencies have hit a record high, 9 00:00:24,480 --> 00:00:27,880 Speaker 1: with more than six thousand, six hundred firms failing in 10 00:00:27,920 --> 00:00:31,600 Speaker 1: the six months to September, with Queensland, New South Wales 11 00:00:31,640 --> 00:00:33,120 Speaker 1: and Victoria hardest hit. 12 00:00:33,680 --> 00:00:37,400 Speaker 2: The sectors struggling most are construction, accommodation and food services, 13 00:00:37,440 --> 00:00:41,839 Speaker 2: retail trade, professional, scientific and technical services, and manufacturing. According 14 00:00:41,920 --> 00:00:45,240 Speaker 2: to Assex's latest data, high inflation and interest rates, cyber 15 00:00:45,240 --> 00:00:47,360 Speaker 2: attacks and too much regulation has been blamed for the 16 00:00:47,440 --> 00:00:52,519 Speaker 2: jump insolvencies last financial year. They're almost ten eight hundred insolvencies. 17 00:00:52,680 --> 00:00:55,160 Speaker 2: It's been rising steadily since the end of the government's 18 00:00:55,160 --> 00:00:59,160 Speaker 2: COVID nineteen supports. The biggest cause of failure was inadequate 19 00:00:59,240 --> 00:01:03,440 Speaker 2: cash flow more excessive cash utilization. Basically that means companies 20 00:01:03,440 --> 00:01:06,160 Speaker 2: have held on to too much cash not used at 21 00:01:06,200 --> 00:01:09,080 Speaker 2: wisely and the business has suffered. There's also the growing 22 00:01:09,120 --> 00:01:12,720 Speaker 2: problem for many businesses of the ATO chasing money sean. 23 00:01:12,720 --> 00:01:16,080 Speaker 1: Most of these insolvencies are smaller businesses and that sector 24 00:01:16,120 --> 00:01:17,639 Speaker 1: is really struggling at the moment. 25 00:01:18,080 --> 00:01:21,080 Speaker 2: Sure is The Council of Small Business Organizations Australia and 26 00:01:21,120 --> 00:01:24,960 Speaker 2: Combank report into the Small Business sector, launched yesterday, highlights 27 00:01:25,000 --> 00:01:30,080 Speaker 2: that small businesses are grappling with increasing costs in energy, rent, insurance, 28 00:01:30,120 --> 00:01:33,400 Speaker 2: interest rates and IR changes. The report says there's also 29 00:01:33,520 --> 00:01:36,200 Speaker 2: a crucial shortage of both skilled and unskilled workers and 30 00:01:36,240 --> 00:01:39,679 Speaker 2: the energy transition is causing headaches. Nearly half of small 31 00:01:39,680 --> 00:01:42,320 Speaker 2: businesses have yet to embark on their green transition due 32 00:01:42,319 --> 00:01:45,560 Speaker 2: to financial barriers and a lack of knowledge. Also, cybersecurity 33 00:01:45,600 --> 00:01:48,400 Speaker 2: threats are a growing problem, with almost half of all 34 00:01:48,440 --> 00:01:52,320 Speaker 2: cyber attacks targeting small businesses, with cyber criminals using increasingly 35 00:01:52,360 --> 00:01:53,600 Speaker 2: sophisticated methods. 36 00:01:54,200 --> 00:01:56,360 Speaker 1: All Right, moving on to story number two now and 37 00:01:56,520 --> 00:02:00,880 Speaker 1: Rio Tinto will pay nine point nine billion dollars to 38 00:02:01,000 --> 00:02:04,560 Speaker 1: acquire Arcadium lithium in an all cash deal shown. 39 00:02:04,920 --> 00:02:08,079 Speaker 2: Yes the Arcadium directors have given the oka. The offer 40 00:02:08,120 --> 00:02:11,080 Speaker 2: was pitched at a ninety percent premium to Arcadian's market 41 00:02:11,200 --> 00:02:14,200 Speaker 2: value on Friday. Now it goes to shareholders a little 42 00:02:14,200 --> 00:02:18,040 Speaker 2: bit of an opportunistic bid because lithium prices have fallen 43 00:02:18,120 --> 00:02:22,000 Speaker 2: so much. Shareholders already said that Rio Tinto would have 44 00:02:22,040 --> 00:02:24,840 Speaker 2: to pay a fair price or more, and it seems 45 00:02:24,880 --> 00:02:28,360 Speaker 2: to have done that. Rio chief Jacob Stosalm said Rio 46 00:02:28,400 --> 00:02:31,640 Speaker 2: would use its financial firepower to accelerate project development at 47 00:02:31,639 --> 00:02:36,240 Speaker 2: a time when Arcadium has been slowing projects to preserve cash. 48 00:02:36,560 --> 00:02:39,240 Speaker 2: The deal will give Rio control of a vertical integrated 49 00:02:39,240 --> 00:02:42,160 Speaker 2: lithium business that supplies about five percent of global supply 50 00:02:42,320 --> 00:02:45,119 Speaker 2: of the battery mineral. According to the Finn Review. 51 00:02:45,280 --> 00:02:49,440 Speaker 1: Story, number three AFL team Collingwood is the most valuable 52 00:02:49,480 --> 00:02:52,079 Speaker 1: sports club in Australia, with a brand value of one 53 00:02:52,200 --> 00:02:55,920 Speaker 1: hundred and forty five million dollars, while number two is 54 00:02:56,280 --> 00:02:58,440 Speaker 1: the NROL team the Brisbane Broncos. 55 00:02:59,040 --> 00:03:02,400 Speaker 2: Success doesn't always translate to value their michael. That's according 56 00:03:02,400 --> 00:03:05,920 Speaker 2: to the report by Brand Finance Australia. The Brisbane Lines 57 00:03:05,960 --> 00:03:08,000 Speaker 2: and Sydney Swan's played in the Grand Final, but a 58 00:03:08,080 --> 00:03:11,280 Speaker 2: ranked tenth and eleventh most valuable AFL brands, the South 59 00:03:11,280 --> 00:03:14,080 Speaker 2: Sydney Rabbitos were close to last on the NRL table, 60 00:03:14,440 --> 00:03:17,720 Speaker 2: but had the third highest brand value in that league. Overall, 61 00:03:17,760 --> 00:03:20,520 Speaker 2: seven AFL teams and three NRL teams make up the 62 00:03:20,560 --> 00:03:24,040 Speaker 2: top ten brand finance. MD Mark Crowe said the best 63 00:03:24,040 --> 00:03:27,200 Speaker 2: way to boost brand is to be successful, have a 64 00:03:27,280 --> 00:03:30,120 Speaker 2: rich heritage and operate in a fast growing market. In 65 00:03:30,200 --> 00:03:33,000 Speaker 2: terms of the favorite sports among Australians, according to the report, 66 00:03:33,000 --> 00:03:37,360 Speaker 2: it goes AFL Olympics, NRL cricket, football, as in soccer, 67 00:03:37,560 --> 00:03:38,880 Speaker 2: tennis and Formula one. 68 00:03:39,120 --> 00:03:42,160 Speaker 1: Story number four. Hurricane Milton was on track to make 69 00:03:42,280 --> 00:03:46,000 Speaker 1: landfall in Florida sometimes this morning Australian time, with US 70 00:03:46,120 --> 00:03:49,440 Speaker 1: President Joe Biden urging people in its path to evacuate 71 00:03:49,480 --> 00:03:50,120 Speaker 1: their homes. 72 00:03:50,600 --> 00:03:53,160 Speaker 2: The hurricane is heading towards the highly populated stretch of 73 00:03:53,160 --> 00:03:55,120 Speaker 2: the state's west coast. With wins of up tow one 74 00:03:55,200 --> 00:03:57,040 Speaker 2: hundred and sixty five miles an hour that's about two 75 00:03:57,080 --> 00:03:59,520 Speaker 2: hundred and seventy k an hour, it could be among 76 00:03:59,560 --> 00:04:02,280 Speaker 2: the worst storms to hit Florida in a century. Global 77 00:04:02,360 --> 00:04:05,880 Speaker 2: risk advisory firm Guy Carpenter said Milton could cause the 78 00:04:05,960 --> 00:04:09,840 Speaker 2: largest number of evacuations since Hurricane Erma in twenty seventeen, 79 00:04:10,200 --> 00:04:13,160 Speaker 2: when six point seven million people left their homes. Tampa 80 00:04:13,200 --> 00:04:17,480 Speaker 2: Mayor Jane Casters said, I quote, this is literally catastrophic. 81 00:04:17,839 --> 00:04:20,640 Speaker 2: Earl Giant Chevron has shut down oil production, the Gulf 82 00:04:20,680 --> 00:04:23,680 Speaker 2: of Mexico. Airports in Tampa and Orlando are closed. Walt 83 00:04:23,720 --> 00:04:27,080 Speaker 2: Disney's closed. Let's hope the next few hours go ak. 84 00:04:27,760 --> 00:04:31,120 Speaker 1: Last one sean story number five. The tech billionaires are 85 00:04:31,160 --> 00:04:34,920 Speaker 1: getting richer and widening the gap between the megawealthy and 86 00:04:35,040 --> 00:04:35,680 Speaker 1: the rest of US. 87 00:04:36,200 --> 00:04:38,040 Speaker 2: Eight of the top ten richest people in the world 88 00:04:38,080 --> 00:04:41,680 Speaker 2: made their money in technology. Tesla Zelon Musk is number one, 89 00:04:41,760 --> 00:04:45,039 Speaker 2: worth about two fifty six billion US. That's about the 90 00:04:45,040 --> 00:04:48,040 Speaker 2: annual GDP of the country of Portugal. Met As Mark 91 00:04:48,120 --> 00:04:51,400 Speaker 2: Zuckerberg's number two, worth two hundred and seven billion US. Amazon' 92 00:04:51,440 --> 00:04:53,520 Speaker 2: Jeff Bezos comes in at number three two hundred and 93 00:04:53,520 --> 00:04:56,719 Speaker 2: four billion US. According to the Bloomberg Billionaires Index, the 94 00:04:56,760 --> 00:04:59,320 Speaker 2: eight individuals have made a total of two hundred and 95 00:04:59,360 --> 00:05:02,800 Speaker 2: sixty three US sellars just this year, about thirty three 96 00:05:02,839 --> 00:05:06,040 Speaker 2: billion each. The two non techies in the top ten 97 00:05:06,320 --> 00:05:09,440 Speaker 2: urlbm hey Janer Bernard are know he's lost more than 98 00:05:09,480 --> 00:05:12,800 Speaker 2: ten billion this year, and they Reinvestor Warren Buffett, who's 99 00:05:12,800 --> 00:05:15,840 Speaker 2: made about twenty one billion this year. Biggest winners so 100 00:05:15,920 --> 00:05:18,839 Speaker 2: far in twenty twenty four Zuckerberg up eighty two billion 101 00:05:19,000 --> 00:05:22,799 Speaker 2: US and Videos Jensen hung up seventy two billion US 102 00:05:22,920 --> 00:05:26,159 Speaker 2: and Oracles Larry Ellison. His wealth has jumped by sixty 103 00:05:26,200 --> 00:05:27,280 Speaker 2: two billion US. 104 00:05:27,440 --> 00:05:29,440 Speaker 1: All right, there we go the top five business stories 105 00:05:29,440 --> 00:05:32,120 Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It 106 00:05:32,240 --> 00:05:35,040 Speaker 1: is Thursday, the eleventh of October twenty twenty four. Remember 107 00:05:35,040 --> 00:05:37,560 Speaker 1: to hit follow on the podcast, and if five minutes 108 00:05:37,600 --> 00:05:39,839 Speaker 1: isn't enough, you can find our longer daily show called 109 00:05:39,880 --> 00:05:43,080 Speaker 1: Fear and Greed wherever you listen to podcasts. And every 110 00:05:43,080 --> 00:05:46,760 Speaker 1: Thursday there's a new episode of our property podcast called 111 00:05:46,800 --> 00:05:50,119 Speaker 1: the Property Pendulum, a joint production between Fear and Greed 112 00:05:50,160 --> 00:05:53,400 Speaker 1: and our friends at Domain. This week's episode is all 113 00:05:53,440 --> 00:05:57,599 Speaker 1: about why some property listings leave off the asking price. 114 00:05:57,720 --> 00:05:59,800 Speaker 1: I'll put a link in today's show notes. I'm Michael 115 00:05:59,800 --> 00:06:02,040 Speaker 1: Tom and that was the past five business news by 116 00:06:02,080 --> 00:06:05,680 Speaker 1: Fear and Grave. Have a great day.