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Speaker 1: It's Tuesday, the sixteenth of September twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories in five Minutes's got a few big ones

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Speaker 1: to get through here. Story number one. A and Z

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Speaker 1: will pay a record fine of two hundred and forty

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Speaker 1: million dollars to settle a case brought by the corporate

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Speaker 1: regulator in which the bank admitted to incorrectly reporting bond

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Speaker 1: trading data to the federal government and widespread misconducted as

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Speaker 1: retail bank that affected tens of thousands of customers.

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Speaker 2: A zed in the Australian Securities and Investments Commission will

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Speaker 2: ask the Federal court to impose five penalties totaling two

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Speaker 2: hundred and forty million dollars plenty in This reflects the

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Speaker 2: A and z's management of a fourteen billion dollar government

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Speaker 2: bond deal in April twenty twenty three, reflects increet reporting

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Speaker 2: of bond trading data on the retail side. The regular said.

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Speaker 2: Ain Z's retail division, failed to refund fees charged to

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Speaker 2: thousands of dead customers, didn't respond to family members dealing

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Speaker 2: with the ceased estates in a timely manner. Also fined

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Speaker 2: A and Z for making false and misleading statements on

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Speaker 2: savings interest rates, where it didn't pay the correct rate

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Speaker 2: to tens of thousands of customers and it didn't respond

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Speaker 2: to hundreds of customers hardship notices in some cases for

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Speaker 2: more than two years. It's being fined left, right and

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Speaker 2: center for a bunch of infringements.

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Speaker 1: Michael, Yeah, indeed, Asseix Joe Longo certainly didn't miss with this.

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Speaker 1: What's it mean for the bank because there's a lot

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Speaker 1: of poor pr in this.

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Speaker 2: Yeah. Look, Longo actually said that time and time again

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Speaker 2: ain Z betrayed the trust of Australians. I think it's

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Speaker 2: surprising that all these issues have come to a head

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Speaker 2: at once. Certainly looks terrible, But ain Z chair Paul

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Speaker 2: O'Sullivan said that along with last week's job cuts announcement,

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Speaker 2: it's part of a strategy to reset A and Z

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Speaker 2: clear the deck for new CEO Nuno Mattos. He wants

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Speaker 2: yesterday's announcement to draw a line under ain Z's major

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Speaker 2: issues and get on with banking. Though I still think

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Speaker 2: that's going to be hard for the public to forget

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Speaker 2: some of this stuff.

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Speaker 1: I think you might be right understory number two now

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Speaker 1: and heat deaths will soar across the country and property

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Speaker 1: values will decline by hundreds of billions of dollars if

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Speaker 1: global temperatures rise by three degrees. According to the first

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Speaker 1: National Climate Risk Assessment Report that was released by the

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Speaker 1: federal government yesterday.

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Speaker 2: Losses and property values are estimated to be six hundred

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Speaker 2: and eleven billion by billion dollars by twenty fifty. As land,

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Speaker 2: especially that affected by rising sea levels or more plane

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Speaker 2: to flooding, becomes less valuable, heat deaths will increase by

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Speaker 2: four hundred percent in Sydney three hundred percent in Melbourne.

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Speaker 2: That's that three degrees increase in temperature. High heat will

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Speaker 2: make certain occupations like construction and agriculture more difficult. There'll

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Speaker 2: be potentially millions of workdays loss due to frequency of

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Speaker 2: high heat waves. The National Climate Risk Assessment Report finds

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Speaker 2: that all Australians are already being affected by climate change.

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Speaker 2: It looked at the impacts of a one and a half,

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Speaker 2: two and three degree warming. It emphasize that the outcomes

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Speaker 2: it describes are not inevitable. Now, the government this week

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Speaker 2: will release its twenty thirty five emissions reduction target and

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Speaker 2: we'll take this into account.

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Speaker 1: Story number three. Prime Minister Anthony Alberizi has blamed social

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Speaker 1: media and its algorithms for pushing people's views to the extremes.

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Speaker 1: Be they left all right.

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Speaker 2: The Prime ministers that Australia needs to have less shouting

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Speaker 2: and more talking and importantly more listening, adding that the

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Speaker 2: way people engage in politics is getting more aggressive. His

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Speaker 2: comments came after he made the decision, following a thirty

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Speaker 2: year residency, to not renew his lease on his Sydney

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Speaker 2: electorate office, citing protesters picketing the office and abusing prishners

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Speaker 2: at the Anglican church next door. Albanisi and his pupular

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Speaker 2: New Guinea counterpart, James Marape yesterday signed a treaty providing

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Speaker 2: for mutual defense between the two nations.

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Speaker 1: Story number four Shawn Global Markets at the moment, all

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Speaker 1: about the Fed's decision on interest rates, US President Donald

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Speaker 1: Trump said that people should expect a big cut.

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Speaker 2: Yes, not sure that the FED chairs your own power

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Speaker 2: agrees with it anyway. It's all about the FED rate

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Speaker 2: come and that's affecting the foreign exchange mark. And in fact,

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Speaker 2: the Aussie dollar is training close to sixty seven US

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Speaker 2: since it's almost at a ten month HI. Last week

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Speaker 2: was the biggest gain since May for the Aussie at

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Speaker 2: least against the US dollar. The reason is because in

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Speaker 2: the short term, foreign exchange rates shift in accordance with

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Speaker 2: interest rate expectations. FED cutting rates, so maybe not doing

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Speaker 2: too many that helps the Aussie dollar appreciate. It's also

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Speaker 2: up against the euro, the en, and the UK pound

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Speaker 2: over the last month.

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Speaker 1: And finally sewn story number five through surge and cryptocurrencies.

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Speaker 1: Since Donald Trump was elected, Bitcoin, for example, up forty

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Speaker 1: percent has had a surprise positive effect on private jet

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Speaker 1: and luxury cruise operators.

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Speaker 2: I'm sure you know about this one, Michael. They've been

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Speaker 2: forced to take cryptocurrency for payments. So fx are basically

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Speaker 2: charter flights get you from London to New York bout

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Speaker 2: eighty thousand dollars a trip. Well, they're now taking cryptos

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Speaker 2: as payments. Luxury cre this company version boys one hundred

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Speaker 2: and twenty thousand dollars in your pass and by that

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Speaker 2: with Crypto Sea Dream Yacht Club, which operates luxury super yachts.

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Speaker 2: We're talking about one on one crew to guest Ratio.

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Speaker 2: Now they're accepting bitcoin. Some of the boutique hotel groups

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Speaker 2: in the US and out of Hong Kong same deal. Apparently,

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Speaker 2: young entrepreneurs, particularly the bitcoin types or the crypto types,

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Speaker 2: they spend about twenty eight billion dollars in luxury travel

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Speaker 2: in twenty twenty three, is expected to be fifty four

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Speaker 2: billion by twenty twenty eight. Hence the providers need to

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Speaker 2: accept cryptocurrencies.

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Speaker 1: All right, there we go the top five business stories

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Speaker 1: in five minutes. Thank you Sean, Thank you Michael. It

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Speaker 1: is Tuesday, the sixteenth of September twenty twenty five. Remember

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Speaker 1: to hit follow on the podcast, and if five minutes

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Speaker 1: isn't enough, we can find our longer daily show called

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Speaker 1: Fear and Greed where if you listen to podcasts. I'm

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Speaker 1: Michael Thompson and that was the fast five business news

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Speaker 1: by Fear and Greed. Had a great day,