1 00:00:03,880 --> 00:00:06,800 Speaker 1: It's Friday, the twenty fifth of October twenty twenty four. 2 00:00:07,000 --> 00:00:09,760 Speaker 1: Welcome to the Fast five Business News by Fear and Greed. 3 00:00:09,760 --> 00:00:11,600 Speaker 1: Will we give you the top five business stories you 4 00:00:11,640 --> 00:00:14,080 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:14,080 --> 00:00:15,440 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,680 --> 00:00:17,440 Speaker 2: Good morning Michael, Sean. 7 00:00:17,600 --> 00:00:20,239 Speaker 1: Five big stories to get through in just five minutes, 8 00:00:20,360 --> 00:00:22,880 Speaker 1: so we better get going. Story number one. The founder 9 00:00:22,920 --> 00:00:28,040 Speaker 1: and CEO of Wisetech Global, Richard White, has resigned, effective immediately, 10 00:00:28,200 --> 00:00:31,040 Speaker 1: after two weeks of revelations about his personal life and 11 00:00:31,080 --> 00:00:33,680 Speaker 1: a thirty percent drop in the company's share price. 12 00:00:33,960 --> 00:00:36,040 Speaker 2: In a statement last night, mister White said it's been 13 00:00:36,080 --> 00:00:38,360 Speaker 2: a challenging time for him, his family and friends, and 14 00:00:38,400 --> 00:00:41,360 Speaker 2: he remains committed to the company he's been thirty years 15 00:00:41,400 --> 00:00:45,960 Speaker 2: as boss. This follows about ten days of allegations. It 16 00:00:46,120 --> 00:00:49,920 Speaker 2: started with a legal dispute with Sidney Willness entrepreneur Linda Rogan. 17 00:00:49,960 --> 00:00:52,559 Speaker 2: She claims that he agreed to fund her business but 18 00:00:52,640 --> 00:00:56,720 Speaker 2: expected sexual favors in return. Now that suit was settled, 19 00:00:57,680 --> 00:01:00,840 Speaker 2: there was also allegations that he approached female entrepreneurs on 20 00:01:00,880 --> 00:01:04,240 Speaker 2: social media with offers of professional support that could later 21 00:01:04,280 --> 00:01:08,600 Speaker 2: shift to crude or suggestive language. Nine Media aired allegations 22 00:01:08,600 --> 00:01:11,880 Speaker 2: that he had a lengthy relationship with an employee now 23 00:01:12,400 --> 00:01:15,520 Speaker 2: her name was Christine Kantos. When Kontos was recruited by 24 00:01:15,600 --> 00:01:18,400 Speaker 2: White after the start of their relationship in twenty sixteen, 25 00:01:18,440 --> 00:01:20,679 Speaker 2: he did tell the board, but by the end of 26 00:01:20,680 --> 00:01:23,600 Speaker 2: the relationship he'd given her a luxury woodfront mansion worth 27 00:01:23,640 --> 00:01:28,120 Speaker 2: seven million dollars. There was also claims that mister that 28 00:01:28,160 --> 00:01:30,680 Speaker 2: a director, a former director of wis Tech Global who 29 00:01:30,800 --> 00:01:33,080 Speaker 2: left the company in twenty nineteen, had accused mister White 30 00:01:33,080 --> 00:01:36,959 Speaker 2: of an intimidation, bulling and overseeing poor corporate governance. According 31 00:01:37,000 --> 00:01:39,320 Speaker 2: to a story in The fin Review, allegations are only 32 00:01:39,760 --> 00:01:41,440 Speaker 2: ultimately he was forced out, though. 33 00:01:42,120 --> 00:01:43,959 Speaker 1: Why do you think he went seawan? Do you reckon 34 00:01:44,120 --> 00:01:47,040 Speaker 1: he was it was a personal decision or was he 35 00:01:47,160 --> 00:01:48,040 Speaker 1: forced into that? 36 00:01:49,160 --> 00:01:52,680 Speaker 2: We'll never know. Ahead of the announcement yesterday, after the 37 00:01:52,680 --> 00:01:54,880 Speaker 2: market clothes, wis Tech Globals share price hit a two 38 00:01:54,920 --> 00:01:58,360 Speaker 2: month low, falling behind below one hundred dollars a share, 39 00:01:58,400 --> 00:02:01,000 Speaker 2: down twenty eight twenty nine percent over the past couple 40 00:02:01,040 --> 00:02:03,000 Speaker 2: of weeks. There would have been a lot of pressure 41 00:02:03,200 --> 00:02:06,240 Speaker 2: from big investors for him to step down, it would 42 00:02:06,240 --> 00:02:07,960 Speaker 2: have been a lot of personal pressure on him as well. 43 00:02:08,320 --> 00:02:11,000 Speaker 1: Okay, moving on to story number two. Now, China has 44 00:02:11,040 --> 00:02:15,079 Speaker 1: accused Australia of systemic racism and hate crimes, as well 45 00:02:15,120 --> 00:02:19,280 Speaker 1: as hypocrisy after an Australian diplomat raised concerns about human 46 00:02:19,360 --> 00:02:22,280 Speaker 1: rights abuses in Shinjung and Tibet. 47 00:02:22,880 --> 00:02:27,000 Speaker 2: It came from a Chinese Foreign Ministry spokesperson after Australia 48 00:02:27,120 --> 00:02:29,639 Speaker 2: spoke at the United Nations earlier in the week. It's 49 00:02:29,680 --> 00:02:34,120 Speaker 2: worth quoting Australia, long played by systemic racism and hate crimes, 50 00:02:34,160 --> 00:02:37,160 Speaker 2: have severely violated the rights of refugees and immigrants, and 51 00:02:37,200 --> 00:02:40,919 Speaker 2: left Indigenous people with vulnerable living conditions. There's more, Australian 52 00:02:40,919 --> 00:02:44,440 Speaker 2: soldiers committed abhorrent crimes in Afghanistan and other countries during 53 00:02:44,480 --> 00:02:48,560 Speaker 2: their military operations overseas. These Western countries turn a blind 54 00:02:48,600 --> 00:02:51,200 Speaker 2: eye to their severe human rights issues at home, but 55 00:02:51,240 --> 00:02:54,680 Speaker 2: in the meantime point their fingers at other countries. For 56 00:02:54,720 --> 00:02:57,800 Speaker 2: his part, Anthony Aberanezi said that Australia has been clear 57 00:02:57,840 --> 00:03:01,760 Speaker 2: and consistent with China over concerns about human rights abuses. 58 00:03:02,240 --> 00:03:04,959 Speaker 1: Story number three. If you're flying Quantus today, sean, you 59 00:03:05,080 --> 00:03:07,760 Speaker 1: better check that your flight is still running to schedule 60 00:03:08,000 --> 00:03:11,480 Speaker 1: or scheduled at all, because six hundred engineers are expected 61 00:03:11,520 --> 00:03:13,680 Speaker 1: to stop work throughout the day they are. 62 00:03:13,800 --> 00:03:17,079 Speaker 2: Quantus is holding its annual general meeting in Hobart today. 63 00:03:17,360 --> 00:03:20,200 Speaker 2: The strike action coincides with that. There are two sets 64 00:03:20,200 --> 00:03:23,240 Speaker 2: of four hour stopworks in Sydney and Brisbane and Hobart 65 00:03:23,240 --> 00:03:26,000 Speaker 2: and in Perth. Engineers, the guys that conduct the pre 66 00:03:26,160 --> 00:03:28,920 Speaker 2: flight safety checks. We want them around. They want a 67 00:03:28,960 --> 00:03:31,000 Speaker 2: twenty five percent pay rise over three and he sounds 68 00:03:31,000 --> 00:03:33,480 Speaker 2: like a lot, but they've actually had a pretty much 69 00:03:33,560 --> 00:03:35,680 Speaker 2: wage freeze over the past four years. 70 00:03:36,200 --> 00:03:40,560 Speaker 1: Story number four. There's a stash sean, maybe a barney 71 00:03:40,680 --> 00:03:44,560 Speaker 1: between the big banks, with Commonwealth Bank and Westpac supporting 72 00:03:44,640 --> 00:03:49,520 Speaker 1: current guidelines around home lending while NAB and the Australian 73 00:03:49,560 --> 00:03:51,840 Speaker 1: Bankers Association want the rules eased. 74 00:03:52,400 --> 00:03:55,840 Speaker 2: This is over something called the serviceability buffer, which is 75 00:03:55,880 --> 00:03:58,200 Speaker 2: currently three percent. It's the amount of lender needs to 76 00:03:58,200 --> 00:04:01,520 Speaker 2: be able to service when getting all the amount of 77 00:04:01,520 --> 00:04:03,640 Speaker 2: borrower needs to be able to service when getting a loan. 78 00:04:04,040 --> 00:04:06,520 Speaker 2: So if you get charged seven percent for your home loan, 79 00:04:06,600 --> 00:04:08,200 Speaker 2: you need to be able to repay loan at ten 80 00:04:08,240 --> 00:04:11,200 Speaker 2: percent seven plus three percent come off bank. Westpac say 81 00:04:11,200 --> 00:04:13,760 Speaker 2: it's prudent. They say the answer to the homelane crisis 82 00:04:13,840 --> 00:04:16,160 Speaker 2: isn't to put more people into debt. Others like the 83 00:04:16,240 --> 00:04:19,760 Speaker 2: Straining Bankers Association National Australian Bank say that there's need 84 00:04:19,880 --> 00:04:24,120 Speaker 2: there's a need for more flexibility, especially for first home buyers. Now, 85 00:04:24,160 --> 00:04:27,120 Speaker 2: the three percent was introduced when official cash rates were 86 00:04:27,279 --> 00:04:29,800 Speaker 2: very very low than now at four point three five percent, 87 00:04:29,880 --> 00:04:32,440 Speaker 2: So the argument is that the buffer doesn't need to 88 00:04:32,520 --> 00:04:36,920 Speaker 2: be as high or as large. Point here is that 89 00:04:37,000 --> 00:04:39,480 Speaker 2: it's not that often on these policy issues that the 90 00:04:39,600 --> 00:04:41,600 Speaker 2: banks publicly disagree with each other. 91 00:04:42,120 --> 00:04:45,719 Speaker 1: Last one story number five. This is something else all together. 92 00:04:45,839 --> 00:04:48,680 Speaker 1: In the US, there are growing concerns about the big 93 00:04:48,800 --> 00:04:54,359 Speaker 1: supermarkets introducing surge pricing, meaning higher prices on different items 94 00:04:54,440 --> 00:04:55,720 Speaker 1: at different times of the day. 95 00:04:56,160 --> 00:04:58,720 Speaker 2: Here next level from what's going on here, Politicians claim 96 00:04:58,760 --> 00:05:01,640 Speaker 2: that Kroger, which has twenty eight hundred stores, are using 97 00:05:01,839 --> 00:05:05,960 Speaker 2: digital price tags that allow for dynamic pricing. They also 98 00:05:06,040 --> 00:05:10,320 Speaker 2: claim that facial recognition technology could be considered in pricing decisions. 99 00:05:10,400 --> 00:05:12,800 Speaker 2: According to a New York Times story, Krager just said 100 00:05:12,800 --> 00:05:15,960 Speaker 2: it's not happening and Walmart, which has forty six hundred stores, 101 00:05:16,000 --> 00:05:19,040 Speaker 2: said it has the technology also, but it's not being 102 00:05:19,160 --> 00:05:23,920 Speaker 2: used for dynamic pricing. Electronic shelf labels are definitely being 103 00:05:24,040 --> 00:05:28,280 Speaker 2: deployed across the country now. The politicians, mostly Democratic politicians, 104 00:05:28,360 --> 00:05:31,159 Speaker 2: asked Kroger whether it would use these tags to raise 105 00:05:31,200 --> 00:05:34,239 Speaker 2: prices when it sees fit in order to maximize profit. 106 00:05:34,680 --> 00:05:37,839 Speaker 2: The thing is that the response didn't actually allay didn't 107 00:05:37,880 --> 00:05:41,520 Speaker 2: really allay the fears. Kraeger said the new price tags 108 00:05:41,560 --> 00:05:44,960 Speaker 2: were designed to lower prices for more customers where it 109 00:05:45,080 --> 00:05:45,640 Speaker 2: matters most. 110 00:05:46,400 --> 00:05:49,160 Speaker 1: That wasn't a no, no, doesn't sound like I know there. 111 00:05:49,200 --> 00:05:51,279 Speaker 1: We go to the top five business stories in five minutes. 112 00:05:51,320 --> 00:05:54,520 Speaker 1: Thank you Sean, Thank you Michael. It's Friday, the twenty 113 00:05:54,600 --> 00:05:57,080 Speaker 1: fifth of October twenty twenty four. Remember to hit follow 114 00:05:57,279 --> 00:05:59,240 Speaker 1: on the podcast and a five minutes sas't the enough. 115 00:05:59,240 --> 00:06:01,200 Speaker 1: You can find out long a daily show called Fear 116 00:06:01,240 --> 00:06:04,320 Speaker 1: and Greed wherever you listen to podcasts. I'm Michael Thompson 117 00:06:04,400 --> 00:06:06,400 Speaker 1: and that was the fast five business news by Fear 118 00:06:06,480 --> 00:06:07,840 Speaker 1: and Greed. Have a great day.