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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: Prime Minister Anthony Abernesi pushes for Australia to be part

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Speaker 1: of the UN Security Council and emphasizes the need for

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Speaker 1: climate change action in his inaugural speech to the United Nations,

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Speaker 1: and internal investigation by Premier Investments has allegedly uncovered a

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Speaker 1: culture of serious misconduct ranging from absenteeism to potential bribery,

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Speaker 1: and Macquarie to pay three hundred and twenty one million

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Speaker 1: dollars to investors. Plus. The May three federal election finally concludes,

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Speaker 1: and Elon Musk's X takes a big swipe at social

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Speaker 1: media bands. It is Friday, the twenty sixth of September

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Speaker 1: twenty twenty five. I'm Michael Thompson and good morning Sean Aylmer.

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Speaker 1: Good morning, Michael, Sean the main story this morning. Prime

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Speaker 1: Minister Anthony Abernesi has spent his last day in New

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Speaker 1: York reintroducing Australia's bid for another term on the United

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Speaker 1: Nations Security Council and then pouring beers at an Aussi

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Speaker 1: pub in the Big Apple as you do.

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Speaker 2: As you do. In his inaugural address to the United

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Speaker 2: Nations General Assembly yesterday. The Prime Minister said while the

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Speaker 2: United Nations was more important than ever given the state

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Speaker 2: of the world, its impotence in the Middle East shows

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Speaker 2: it badly needs reform. In sharp contrast to comments at

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Speaker 2: the General Assembly from US President Donald Trump, Alberizi said

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Speaker 2: if the United Nations steps back, everyone loses ground. He

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Speaker 2: went on to say that if any nation imagines itself

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Speaker 2: outside the rules or above them, then the sovereignty of

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Speaker 2: every nation is eroded. Albanesi said this is behind Australia's

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Speaker 2: bid in concert with Pacific Nations for next year's u

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Speaker 2: n COP thirty one summit. I quote the Prime Minister

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Speaker 2: where nations for whom climate change is more than an

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Speaker 2: environmental challenge, it's an existential threat. The Prime Minister reaffirmed

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Speaker 2: his commitment to meet the new twenty thirty five emissions

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Speaker 2: at target and knit zero emissions by twenty fifty. He

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Speaker 2: said energy can carry the world beyond the false choice

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Speaker 2: between economic growth and environmental responsibility. Alberanize He also pledged

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Speaker 2: to Australia support for a two state solution between Israel

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Speaker 2: and Palestine, and said Australia honors indigenous people around the world.

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Speaker 2: He called out anti Semitism and Iran, using the example

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Speaker 2: of the Iranian regime orchestrating the fire bombing of synagogue

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Speaker 2: in Melbourne. In a Jewish restaurant in Sydney recently, it

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Speaker 2: was a very big picture set piece from the Prime

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Speaker 2: Minister and he did a pretty good job.

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Speaker 1: Yeah, very wide ranging speech and a serious speech at that.

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Speaker 1: And then he went to Hamish and Andy's pub, Sean,

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Speaker 1: the Aussie comedians who owned the New York establishment.

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Speaker 2: Apparently he shouted the bar.

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Speaker 1: Yeah, he rang the bell and he did. I don't

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Speaker 1: know whether it would have come out of his own pocket.

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Speaker 1: Is that a parliamentary expense?

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Speaker 2: Sean, Well, good question. Maybe his Hamish Andy, Hamish Blake

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Speaker 2: and Andy Lee. Of course they owned this bar. Footage

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Speaker 2: uploaded to Instagram by our great mates at Nova rad

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Speaker 2: the Fitzy wipron Kate Show shows Albanezi speaking to drinkers

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Speaker 2: at the pub. He said it was a proud occasion

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Speaker 2: as Australian Prime Minister to talk to the United Nations.

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Speaker 2: He then did what any great leader would do after

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Speaker 2: speaking to the United Nations, went behind the bar and

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Speaker 2: started pouring beers.

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Speaker 1: You know who else owned that pub. I think Hugh

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Speaker 1: Jackman own owns part of it, and Ash Barty as well,

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Speaker 1: does she really? Yeah, it's called Old Mates, and so

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Speaker 1: I just think it's a fantastic little story that of

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Speaker 1: having this place in the US that is a very

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Speaker 1: very Australian pub.

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Speaker 2: To me, the name Old Mates because that is one

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Speaker 2: of your favorite phrases, old mate, because it can mean

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Speaker 2: so many different things.

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Speaker 1: Yeah, you just use it whenever you can't remember somebody's name,

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Speaker 1: you know, as Old Mates said yesterday, and it can

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Speaker 1: refer to anybody at all. It is a great name. Now,

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Speaker 1: moving on from politics and the Prime Minister, an internal

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Speaker 1: investigation by Premier Investments, which is the owner of and

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Speaker 1: Peter Alexander, has allegedly uncovered a culture of serious misconduct.

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Speaker 1: And this is pretty broad, ranging from absenteeism, intoxication during

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Speaker 1: work hours, bullying, sexual harassment, potential bribery. It's quite the list.

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Speaker 2: Yes. Billionaire founder Solomon Leu discussed the revelations yesterday at

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Speaker 2: the group's full year profit announcement, more than a year

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Speaker 2: after John Cheston was sacked as chief executive of Smiggle.

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Speaker 2: He had been with the company for twelve years. Premier

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Speaker 2: has not publicly outlined the reasons for Cheston's departure, except

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Speaker 2: to say that there was serious misconduct in a serious

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Speaker 2: breach of his employment terms. Through his lawyer, Cheston has

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Speaker 2: previously denied engaging in any conduct that would warrant him

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Speaker 2: being terminated or being deprived of his shares, and said

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Speaker 2: he specifically did not engage in the conduct alleged by

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Speaker 2: the company according to the fin review. His lawyers said

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Speaker 2: the allegations were false, vindictive, and profoundly disappointing. He had

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Speaker 2: been denied procedural fairness. Cheston had previously claimed that he

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Speaker 2: was offered the job of running a separately listed Smiggles,

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Speaker 2: but not back, preferring to resign to lead jewelry chain Levisa.

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Speaker 2: The Premier investigation which Lou was talking about yesterday has

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Speaker 2: been overseen by lawyers and internal investigators. It's focused on

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Speaker 2: Smiggles people and culture department as well. According to Lou,

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Speaker 2: and yesterday he gave details about what had allegedly been uncovered.

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Speaker 2: Now I quote him, We've investigated into our people and

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Speaker 2: culture department whereby people were being bullied, sexual harassment, etc.

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Speaker 2: That was never reported interferenced by the CEO to that department,

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Speaker 2: and there's a long list of situations and other issues

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Speaker 2: being investigated include allegations of and I'm creating again, tampering

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Speaker 2: with company product that need to be returned end quote,

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Speaker 2: and potential instances of bribery. Now I hasten to add

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Speaker 2: mister Cheston rejects all allegations, so keep that in mind.

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Speaker 2: It came as a group reported a thirty one percent

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Speaker 2: jump in its full year profit, mostly thanks to the

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Speaker 2: sale of its apparel brands to Maya. Excluding that profits

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Speaker 2: from continuing business fell. There was a drop in sales

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Speaker 2: at Smingles, Peter Alexander, the Sleepwhear group. Meanwhile, it delivered

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Speaker 2: another record year. You can see that this one is

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Speaker 2: going to end up in court, Michael.

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Speaker 1: Yeah, it does appear that way all right Away from

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Speaker 1: premier investments, how did local markets go yesterday?

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Speaker 2: Sean, there's in PASX two hundred closed up slightly to

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Speaker 2: eight thousand, seven hundred and seventy three points as a

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Speaker 2: result in a surge in miners. Now, that's mostly to

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Speaker 2: do with copper. Copper prices jumped after about eight hundred

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Speaker 2: thousand tons of mud flowed into a massive Indonesian underground mine.

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Speaker 2: It was there was It killed two people. Several others

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Speaker 2: are still missing. A very tragic circumstance. What has come

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Speaker 2: from that is a big jump in copper prices that

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Speaker 2: hit our market yesterday. So Capstain and Sandfi Resources, a

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Speaker 2: couple of copper miners, were the best of the ASEX

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Speaker 2: two hundred yesterday. BHP and Rare Tinto also surged. They

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Speaker 2: hit twelve month highs. Otherwise, not a lot going on.

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Speaker 2: I mean there's a bunch of stocks, well known names

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Speaker 2: that are actually trading around one year lows at the moment.

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Speaker 2: I mean, they hit one year loads yesterday. So Woolies

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Speaker 2: did that, Treasury Wine, Son of Healthcare, James Hardy, and

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Speaker 2: Devas CSL Babcore asex M Corps.

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Speaker 1: Now.

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Speaker 2: In James Hardy's case, it came after the group released

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Speaker 2: new pay targets for executives, which Jennalyst said weren't tough enough.

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Speaker 2: In Son of Healthcare's case, it came after veteran chief executive,

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Speaker 2: doctor Colin Goldschmidt resigned after thirty two years in the job.

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Speaker 1: That's quite a decent innings.

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Speaker 2: It is a great innings.

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Speaker 1: Okay, all right, We've still got a fabite to cover, Sean,

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Speaker 1: and we'll be back in a moment with the rest

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Speaker 1: of the day's business news, Sean. The May three federal

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Speaker 1: election is finally complete, after what's that four months now?

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Speaker 1: The Liberal candidate for Bradfield in Northern Sydney, Giselle Capterian,

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Speaker 1: abandoning her court bid to overturn her defeat, accepting the

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Speaker 1: result after further scrutiny of disputed ballots.

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Speaker 2: TIIL independent Nicola Bowle took the seat by twenty six

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Speaker 2: votes after counting and recounting, the first time it hasn't

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Speaker 2: been held by the Liberals ever the seed of Bradfield.

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Speaker 2: The initial count appeared to give the seat to Capteriian,

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Speaker 2: who voted in the Federal Liberal leadership ballot. She was

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Speaker 2: given a shadow Assistant Ministry by opposition leader Susan Lee,

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Speaker 2: but the recount gave it to bowl who has been

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Speaker 2: in Parliament ever since. Capterian posted. I quote her after

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Speaker 2: a final review of the ballot papers following the two

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Speaker 2: different results in Bradfield, I'm satisfied that overall the correct

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Speaker 2: outcome has been declared.

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Speaker 1: Isn't that good? Actually? Just the fact that that's the end.

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Speaker 2: That's great.

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Speaker 1: To the result, Yeah, gracious, legal process that's run its course.

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Speaker 1: Now it's done, Accept the result and move on. Yeah,

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Speaker 1: that's the way to do it. Before we leave politics.

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Speaker 1: Though Sean Liberal frontbencher Andrew Hasty says he isn't a

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Speaker 1: threat to opposition leader Susan Lee's leadership, the.

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Speaker 2: Fact that he was asked the question on Sydney's TGB

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Speaker 2: suggests he is a threat, would you agree.

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Speaker 1: The fact that here we are, this is now a

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Speaker 1: second week in a row that we are talking about

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Speaker 1: this exact thing suggests this is not going away.

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Speaker 2: When he was asked directly whether he was a threat

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Speaker 2: to Susan Lee, he said I don't think so. Well,

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Speaker 2: it's not exactly a resounding no, is it.

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Speaker 1: No, No, he would be a little firmer on that

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Speaker 1: he could.

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Speaker 2: He went on to say his main concern is the

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Speaker 2: fragmentation of the center right, particularly the rise in votes

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Speaker 2: for one nation in micro parties. But this is a

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Speaker 2: story that's just going to keep giving for Susan Lee unfortunately.

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Speaker 1: Yeah. Indeed, now Sean Macquarie will pay three hundred and

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Speaker 1: twenty twenty one million dollars to thousands of investors whose

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Speaker 1: superannuation savings were tipped into the collapsed Shield Master Fund

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Speaker 1: through its platform over twenty twenty two and twenty twenty three.

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Speaker 1: After admitting that it broke the law by failing to

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Speaker 1: place Shield on a watch list for heightened monitoring.

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Speaker 2: The Australian Securities and Investments Commission has commenced proceedings in

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Speaker 2: the Federal Court against Macquarie and has accepted a court

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Speaker 2: enforceable undertaking from the banking group that it will pay

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Speaker 2: three thousand investors all of the money they put into

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Speaker 2: the COPSE Shield Fund. According to reporting the Australian Shield,

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Speaker 2: the property focused investment fund under investigation for allegedly mishandling

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Speaker 2: superannuation money, was put into liquidation last year, leaving fifty

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Speaker 2: eight hundred investors at risk of losing their retirement savings.

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Speaker 2: All up, investors put in four hundred and eighty million

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Speaker 2: dollars from twenty twenty two until ASEX shut it down

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Speaker 2: in twenty twenty four. Of that four eighty million, three

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Speaker 2: twenty one million was invested into the scheme through mcquarie's platform,

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Speaker 2: and that's the money it's being refunded to investors. It

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Speaker 2: should never have happened, but it did, and good on

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Speaker 2: Macquarie for repaying the investors.

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Speaker 1: Yeah. Absolutely. Sean Elon Musk's ex has accused the federal

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Speaker 1: government of undermining human rights by restricting children's free speech

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Speaker 1: and access to information.

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Speaker 2: The comments came in a submission to a parliamentary inquiry

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Speaker 2: into the government's social media ban and its age of verification.

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Speaker 2: The World First Band will take effect on December ten.

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Speaker 2: It will prevent all children aged under sixteen from accessing

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Speaker 2: social media, with the owners on social media companies to

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Speaker 2: prevent that access, something that actually Australia got commended for

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Speaker 2: at the UN this week. Now X ended has serious

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Speaker 2: concerns as the lawfulness of the bill, including its compatibility

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Speaker 2: with other regulation and laws, including international human rights treaties

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Speaker 2: to which Australia is a signatory. Now the reference there

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Speaker 2: is probably to the UN Convention on the Rights of

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Speaker 2: the Child. Communications Minister Arnaka Well said that x's claiman

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Speaker 2: were wrong because the ban had been put in place

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Speaker 2: to support children's well being, which is protected under another

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Speaker 2: UN convention.

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Speaker 1: Okay. Turning to International News now and China's President Jiji

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Speaker 1: in Ping has set out conservative targets for emissions cuts

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Speaker 1: from the world's second largest economy while taking a veiled

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Speaker 1: swipe at US in action on climate change under Donald Trump.

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Speaker 2: In a video addressed to the UN Climate Summit, she

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Speaker 2: said China would cut greenhouse gas emissions by up to

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Speaker 2: ten percent over the next decade while doubling its wind

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Speaker 2: and solar installed capacity from today's levels. A green transition

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Speaker 2: was a trend of our time, she said. According to

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Speaker 2: the FT, in apparent reference to the US, he said,

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Speaker 2: while some countries are acting against it, the international community

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Speaker 2: should stay focused in the right direction. China is the

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Speaker 2: world's biggest producer of greenhouse gases, and its goals for

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Speaker 2: cutting emissions are the single most important component of the

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Speaker 2: internationally agreed Paris Accord objective of limiting the average global

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Speaker 2: temperature rise to one and a half degrees above pre

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Speaker 2: industrial levels.

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Speaker 1: Sean coming up next to fear and greed. Q and A.

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Speaker 1: You're speaking today with James Bergen, who is from Zero

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Speaker 1: a great supporter of this podcast. And this is a

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Speaker 1: terrific one for SMEs.

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Speaker 2: It's a practical one for small businesses. So it's how

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Speaker 2: artificial intelligence can help your business. We start talking about,

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Speaker 2: you know, finding the best ways to understand artificial intelligence,

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Speaker 2: and then when you're using vendors, what to expect from

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Speaker 2: them and what AI can ultimately do for your business.

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Speaker 2: So great chat.

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Speaker 1: Yeah, and I like the fact that it goes beyond

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Speaker 1: that basic use of AI that a lot of us

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Speaker 1: are doing in terms of automating some simple things and

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Speaker 1: gets into the more strategic side of it as well,

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Speaker 1: and how it can kind of boost your business along

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Speaker 1: those lines. That's coming up next to the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearandgreed dot

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Speaker 1: com dot au, which is where you sign up Sean

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Speaker 1: for the free daily newsletter, which is just a ripping

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Speaker 1: read every.

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Speaker 2: Day, ah ripping read.

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Speaker 1: Michael, Well, I'll put a link in today's show notes

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Speaker 1: if you haven't signed up, It is entirely free. Thank you, Sean,

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Speaker 1: Thank you, Michael. It is Friday, the twenty sixth of

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Speaker 1: September twenty twenty five. Make sure you're following the podcast

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Speaker 1: and join us online on LinkedIn, Instagram, x tiktalk, and Facebook.

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Speaker 1: I'm Michael Thompson and that was Fear and Greed. Have

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Speaker 1: a great day.