It's Thursday, the twenty first of November twenty twenty four. 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. I'm Michael Thompson and good morning Sean.

It's Thursday, the twenty first of November twenty twenty four. 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. I'm Michael Thompson and good morning Sean.

Aylmer, Good morning Michael Shawn.

Aylmer, Good morning Michael Shawn.

Five stories, five big stories to get through in just five minutes today, so we better get going. Story number one. Rio Tinto has released the second part of its investigation into workplace culture at the miner and while there's been some improvement around racism and sexual harassment, there's also been a backlash against workplace diversity programs.

Five stories, five big stories to get through in just five minutes today, so we better get going. Story number one. Rio Tinto has released the second part of its investigation into workplace culture at the miner and while there's been some improvement around racism and sexual harassment, there's also been a backlash against workplace diversity programs.

The investigations, being overseen by Liz Brod Rickney Form Discrimination Commissioner, includes a survey of eleven thy six hundred staff, more than thirteen hundred interviews, three hundred and forty two written submissions. It shares a bulling is still systemic at Rio, but racism and sexual harassment are common. Not systemic, but are common, but there are some indications of positive change. While half the respondent said things are better, there are more reported cases of harassment and racism. Females are more likely to be bullied. In fact, females operating equipment at iron ore Minds are most at risk. A bit of a surprise was the backlash against the company's efforts. Women reported experiencing increasing retaliation in the form of gender bullying in response to Rio's efforts to promote diversity and inclusion. Men feel they've been silenced or feel guilty by chromosome. Some men now feel undervalued and overlooked reverse discrimination. I think Cee A. Yak of Staussholme said, the report shows mixed results.

The investigations, being overseen by Liz Brod Rickney Form Discrimination Commissioner, includes a survey of eleven thy six hundred staff, more than thirteen hundred interviews, three hundred and forty two written submissions. It shares a bulling is still systemic at Rio, but racism and sexual harassment are common. Not systemic, but are common, but there are some indications of positive change. While half the respondent said things are better, there are more reported cases of harassment and racism. Females are more likely to be bullied. In fact, females operating equipment at iron ore Minds are most at risk. A bit of a surprise was the backlash against the company's efforts. Women reported experiencing increasing retaliation in the form of gender bullying in response to Rio's efforts to promote diversity and inclusion. Men feel they've been silenced or feel guilty by chromosome. Some men now feel undervalued and overlooked reverse discrimination. I think Cee A. Yak of Staussholme said, the report shows mixed results.

It's a bit hard to know, Seawan, if things are actually getting better or not based on what you've just said.

It's a bit hard to know, Seawan, if things are actually getting better or not based on what you've just said.

The background to this is there's a WA parliamentary inquiry a few years ago that revealed incidents of sexual assault and harassment in fly and flyout operations run by Rio, BHP and Fortescue Metals. This report shows that cultural change is hard. The companies that it needs to better explain how it is trying to overhaul its culture so staff are treated fairly and feel safe. GOODNRIA for commissioning and releasing the report, but still a long way to go.

The background to this is there's a WA parliamentary inquiry a few years ago that revealed incidents of sexual assault and harassment in fly and flyout operations run by Rio, BHP and Fortescue Metals. This report shows that cultural change is hard. The companies that it needs to better explain how it is trying to overhaul its culture so staff are treated fairly and feel safe. GOODNRIA for commissioning and releasing the report, but still a long way to go.

Yeah, that certainly is all right. Moving on to story number two. Now, the world's largest packaging group. Amcorn is on the verge of doing one of the biggest corporate deal to ever buy an Australian company, offering to buy out a US listed company called Berry for about thirteen billion dollars.

Yeah, that certainly is all right. Moving on to story number two. Now, the world's largest packaging group. Amcorn is on the verge of doing one of the biggest corporate deal to ever buy an Australian company, offering to buy out a US listed company called Berry for about thirteen billion dollars.

If successful, the new group will have four hundred packaging plants around the world, seventy five thousand staff, thousands of customers. It's an all script bid, which means Bery shareholders end up owning m Core shares. The group expects to attract a whopping six hundred and fifty million US dollars one billion Aussie dollars in synergies. Mcre's primary listing nowadays is on the New York Stock Exchange. Its head office it's in Zurich, but it began life in the eighteen sixties. Is a paper miller on the banks of the Yarra River in Melbourne. It listed in New York when it's spent nearly seven billion US dollars buying another company back in twenty nine. If the deal's done, thirty seven billion dollars in turnover six point six billion in pre tax profit. Mcres About flexible packaging, it's big in the US, Latin America, and Asia berries about rigid containers. It too is big in the US, but also big in Eastern Europe. M course, as a deal would create a bigger company better able to develop the future sustainable packaging products.

If successful, the new group will have four hundred packaging plants around the world, seventy five thousand staff, thousands of customers. It's an all script bid, which means Bery shareholders end up owning m Core shares. The group expects to attract a whopping six hundred and fifty million US dollars one billion Aussie dollars in synergies. Mcre's primary listing nowadays is on the New York Stock Exchange. Its head office it's in Zurich, but it began life in the eighteen sixties. Is a paper miller on the banks of the Yarra River in Melbourne. It listed in New York when it's spent nearly seven billion US dollars buying another company back in twenty nine. If the deal's done, thirty seven billion dollars in turnover six point six billion in pre tax profit. Mcres About flexible packaging, it's big in the US, Latin America, and Asia berries about rigid containers. It too is big in the US, but also big in Eastern Europe. M course, as a deal would create a bigger company better able to develop the future sustainable packaging products.

Story number three. Federal Treasurer Jim Chalmers has flagged a healthier bottom line when the federal budget is updated next month thanks to a higher tax take.

Story number three. Federal Treasurer Jim Chalmers has flagged a healthier bottom line when the federal budget is updated next month thanks to a higher tax take.

While the budget this financial year is running about three point six billion dollars ahead of forecasts, it is still likely to be a deficit of twenty five to twenty eight twenty nine billion dollars. Now, I've had two surpluses in a row, not this financial year. What's helping out the jobs market? Unemployment four point one percent. That helps two things. Helps revenue more income tax. It also lowers outgoings in as much as there are few at social welfare. Payments could have been even better except that iron war prices and other commodity prices have fallen. In fact, they're down about thirty percent since the start of the year.

While the budget this financial year is running about three point six billion dollars ahead of forecasts, it is still likely to be a deficit of twenty five to twenty eight twenty nine billion dollars. Now, I've had two surpluses in a row, not this financial year. What's helping out the jobs market? Unemployment four point one percent. That helps two things. Helps revenue more income tax. It also lowers outgoings in as much as there are few at social welfare. Payments could have been even better except that iron war prices and other commodity prices have fallen. In fact, they're down about thirty percent since the start of the year.

Story number four. The government has flagged changes to how retirees will be able to use their superannuation, with hopes that funds will offer more innovative products Sean.

Story number four. The government has flagged changes to how retirees will be able to use their superannuation, with hopes that funds will offer more innovative products Sean.

That's the goal two and a half million Australians to retire over the next decade. The government wants reforms so superfunds can make payments in installments, for example, rather than upfront lump sums. They also want deals where the super funds can provide money back guarantees, a bit like annuity providers like challenger'm all supposed to kick in about mid twenty twenty six. The funds do a good job in the accumulation stage when people are saving money, less good in the decumulation stage. The reforms they aim to help that. I mean. While the monthly update from chant West shows the median growth super fund in Australia was up just zero point one percent in October, sitting about ten percent for the year, though pretty good.

That's the goal two and a half million Australians to retire over the next decade. The government wants reforms so superfunds can make payments in installments, for example, rather than upfront lump sums. They also want deals where the super funds can provide money back guarantees, a bit like annuity providers like challenger'm all supposed to kick in about mid twenty twenty six. The funds do a good job in the accumulation stage when people are saving money, less good in the decumulation stage. The reforms they aim to help that. I mean. While the monthly update from chant West shows the median growth super fund in Australia was up just zero point one percent in October, sitting about ten percent for the year, though pretty good.

Last one Sean story number five audio maker This the world has a new most expensive street, with Milan beating New York and London to take the title.

Last one Sean story number five audio maker This the world has a new most expensive street, with Milan beating New York and London to take the title.

Based on the top rents that landlords can charge retailers. The street in Milan, via Monte Napoleone is up eleven percent over the last year to twenty thousand euros. That's about thirty two thousand. Ossie square per square meter annually comes from Cushman and Wakefield, one of the big property groups New York. Fifth Avenue came in second. They rents fell Bond Street in the UK was third, Champs Delyse was fifth in Paris and the Pitt Street Moorland, Sydney was eighth.

Based on the top rents that landlords can charge retailers. The street in Milan, via Monte Napoleone is up eleven percent over the last year to twenty thousand euros. That's about thirty two thousand. Ossie square per square meter annually comes from Cushman and Wakefield, one of the big property groups New York. Fifth Avenue came in second. They rents fell Bond Street in the UK was third, Champs Delyse was fifth in Paris and the Pitt Street Moorland, Sydney was eighth.

There you go, all right, top five business stories in five minutes.

There you go, all right, top five business stories in five minutes.

Thank you very much, Sean, Thank you, Michael.

Thank you very much, Sean, Thank you, Michael.

It is Thursday, the twenty first of November twenty twenty four. 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 past five business news by Fear and Greed. Have a great day.

It is Thursday, the twenty first of November twenty twenty four. 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 past five business news by Fear and Greed. Have a great day.