It's Tuesday, the fourteenth of January twenty twenty five. Welcome to the Fast five Business News by Fear and Greed, where we give you the top five business stories you need to know in just five minutes. Are Michael Thompson and Good morning, Sean.

It's Tuesday, the fourteenth of January twenty twenty five. Welcome to the Fast five Business News by Fear and Greed, where we give you the top five business stories you need to know in just five minutes. Are Michael Thompson and Good morning, Sean.

Aylmer, Good morning, Michael Sewan.

Aylmer, Good morning, Michael Sewan.

Five stories to race through in five minutes. Let's go a story number one. The federal government we'll spend another three billion dollars on the NBN rollout, money it claims will extend fiber optic connections to the doors of most homes and businesses.

Five stories to race through in five minutes. Let's go a story number one. The federal government we'll spend another three billion dollars on the NBN rollout, money it claims will extend fiber optic connections to the doors of most homes and businesses.

That's right. The government will spend three billion dollars. The NBN will throw in eight hundred million dollars. The idea is that fiber optic will get to the doors of most places across the country. That money will reach six hundred and twenty two thousand new addresses at about six thousand dollars of pop be completed by twenty thirty. The NBN was started back in twenty ten initial budget of thirty billion, it probably costs about twice that, of which the federal government's ponied up about thirty five billion dollars. The value if sold according to the Productivity Commission, is probably about nine and a half billion dollars, well less than that sixty billion dollars. In the government's accounts, it sits at about thirty billion dollars. Originally the idea was that its fiber optic cable to the home. Coalition made it fiber to the node. Now we're going back to fiber to the home. Very likely that this one will be an election issue.

That's right. The government will spend three billion dollars. The NBN will throw in eight hundred million dollars. The idea is that fiber optic will get to the doors of most places across the country. That money will reach six hundred and twenty two thousand new addresses at about six thousand dollars of pop be completed by twenty thirty. The NBN was started back in twenty ten initial budget of thirty billion, it probably costs about twice that, of which the federal government's ponied up about thirty five billion dollars. The value if sold according to the Productivity Commission, is probably about nine and a half billion dollars, well less than that sixty billion dollars. In the government's accounts, it sits at about thirty billion dollars. Originally the idea was that its fiber optic cable to the home. Coalition made it fiber to the node. Now we're going back to fiber to the home. Very likely that this one will be an election issue.

Shawing on to story number two. Now, there's a major selloff in bank stocks yesterday, with the share price of all of the big four Commonwealth Bank, National, Australia Bank, Westpac and A and Z dropping two percent or more.

Shawing on to story number two. Now, there's a major selloff in bank stocks yesterday, with the share price of all of the big four Commonwealth Bank, National, Australia Bank, Westpac and A and Z dropping two percent or more.

In fact, you can throw in a few other financials from a Quarry Group QB, sun Corp. They are all down more than two percent as well. The story here is that fears of reinflation in the US and fewer rate cuts in that economy also fewer rate cuts here are hitting the stocks. If rates start falling, banks might be able to hold onto a bit of profit margin and not actually passed through that rate reduction immediately. That's one of the theories running around. So therefore freight's on full as much the banks might be able to hold onto that margin. Probably more important bank stocks last year did incredibly well. Westpac led the way, Comwealth Bankman west Pack was up forty percent or so. Comwealth Bank was more than thirty percent. Their priced to perfection. If things don't go their way, then investors are looking to sell them off and I think there's a bit of that going on at the moment.

In fact, you can throw in a few other financials from a Quarry Group QB, sun Corp. They are all down more than two percent as well. The story here is that fears of reinflation in the US and fewer rate cuts in that economy also fewer rate cuts here are hitting the stocks. If rates start falling, banks might be able to hold onto a bit of profit margin and not actually passed through that rate reduction immediately. That's one of the theories running around. So therefore freight's on full as much the banks might be able to hold onto that margin. Probably more important bank stocks last year did incredibly well. Westpac led the way, Comwealth Bankman west Pack was up forty percent or so. Comwealth Bank was more than thirty percent. Their priced to perfection. If things don't go their way, then investors are looking to sell them off and I think there's a bit of that going on at the moment.

Yeah, ordinary day for banks yesterday. A tough day as well on the floor for Meyer, which is story number three today sean Its share price yesterday tumbled more than fifteen percent after it said the Christmas selling season was tough, with sales slightly lower than they were the previous year.

Yeah, ordinary day for banks yesterday. A tough day as well on the floor for Meyer, which is story number three today sean Its share price yesterday tumbled more than fifteen percent after it said the Christmas selling season was tough, with sales slightly lower than they were the previous year.

It is in the middle of a big Fortnite shareholders vote next week on whether or not to buy premier investments women's wear and casual brands. They came out yesterday. Mike came out yesterday and said tough trading conditions, store closures, higher costs all hit profit in sales. In fact, in the twenty two weeks to just after Christmas, sales were down, so too was gross profit. Chief executive officer Olivia Worth said Black Friday sales were pretty good, but since then consumers have been very cautious. Also, there were poor sales figures from premier investments brands. This is the group that Maya is going to buy. It's share price film more than fifteen percent yesterday. In a week's time, the shareholders vote on that deal would be very interesting to see how it goes.

It is in the middle of a big Fortnite shareholders vote next week on whether or not to buy premier investments women's wear and casual brands. They came out yesterday. Mike came out yesterday and said tough trading conditions, store closures, higher costs all hit profit in sales. In fact, in the twenty two weeks to just after Christmas, sales were down, so too was gross profit. Chief executive officer Olivia Worth said Black Friday sales were pretty good, but since then consumers have been very cautious. Also, there were poor sales figures from premier investments brands. This is the group that Maya is going to buy. It's share price film more than fifteen percent yesterday. In a week's time, the shareholders vote on that deal would be very interesting to see how it goes.

Yeah. Indeed, staring number four, the year's first bidding war for a company is broken out, with private equity group Baaning Capital upping its offer for ASX listed wealth company Insignia Financial to two point nine billion dollars.

Yeah. Indeed, staring number four, the year's first bidding war for a company is broken out, with private equity group Baaning Capital upping its offer for ASX listed wealth company Insignia Financial to two point nine billion dollars.

That's right, they went from four dollars a share to four dollars thirty a share that matches CC Capitals. CC Capital is also bidding for Insignia. Insignia is a company full of financial planners and wealth managers. It's done well over the last six months, even before the latest bids, four thousand employees, three hundred and twenty billion dollars in funds under management. Bain said shareholders might be able to retain some equity under private equity ownership. That had been an interesting structure. If that was the case, it closed yesterday at four dollars twenty three, So clearly most investors think a deal of some sort will be done.

That's right, they went from four dollars a share to four dollars thirty a share that matches CC Capitals. CC Capital is also bidding for Insignia. Insignia is a company full of financial planners and wealth managers. It's done well over the last six months, even before the latest bids, four thousand employees, three hundred and twenty billion dollars in funds under management. Bain said shareholders might be able to retain some equity under private equity ownership. That had been an interesting structure. If that was the case, it closed yesterday at four dollars twenty three, So clearly most investors think a deal of some sort will be done.

Last one sewn story number five. Millions have arrived to attend the Hindu festival of Kumbela, which is described as humanity's biggest gathering in northern India.

Last one sewn story number five. Millions have arrived to attend the Hindu festival of Kumbela, which is described as humanity's biggest gathering in northern India.

This is huge. Yes, it's held once every twelve years. Started yesterday and over the next six weeks that about will bathe at Sangam, the confluence of India's most sacred Ganges River and the Yamuna River and the mythical Saraswati. According to a BBC report, hindu Is believed that taking a dip in the sacred river will cleanse them of sins, purify their soul and liberate them from the cycle of birth and death, as the ultimate goal of Hindu Wism is salvation. About four hundred million pilgrims are expected to attend the forty five day spectacle, which is so large it could be seen from space. Five to eight million worshippers were expected to bathe yesterday. Big day to day, twenty million people are expected to bathe, starting with ash smeared naked Hindu holy men with matted dreadlocks known as nagas taking a dip at Dawn.

This is huge. Yes, it's held once every twelve years. Started yesterday and over the next six weeks that about will bathe at Sangam, the confluence of India's most sacred Ganges River and the Yamuna River and the mythical Saraswati. According to a BBC report, hindu Is believed that taking a dip in the sacred river will cleanse them of sins, purify their soul and liberate them from the cycle of birth and death, as the ultimate goal of Hindu Wism is salvation. About four hundred million pilgrims are expected to attend the forty five day spectacle, which is so large it could be seen from space. Five to eight million worshippers were expected to bathe yesterday. Big day to day, twenty million people are expected to bathe, starting with ash smeared naked Hindu holy men with matted dreadlocks known as nagas taking a dip at Dawn.

All right, there we go the top five business stories in five minutes. Thank you Sean, Thanks Michael. It is Tuesday, the fourteenth of January twenty twenty five. Remember to hit follow on the podcast, and if five minutes isn't enough, you can find our longer daily show called Fear and Greed wherever you listen to podcasts. I'm Michael Thompson and that was the fast five business news by Fear and Greed. Have a great day.

All right, there we go the top five business stories in five minutes. Thank you Sean, Thanks Michael. It is Tuesday, the fourteenth of January twenty twenty five. Remember to hit follow on the podcast, and if five minutes isn't enough, you can find our longer daily show called Fear and Greed wherever you listen to podcasts. I'm Michael Thompson and that was the fast five business news by Fear and Greed. Have a great day.