1 00:00:03,960 --> 00:00:06,880 Speaker 1: It's Wednesday, the twenty ninth of October twenty twenty five. 2 00:00:07,000 --> 00:00:09,720 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,720 --> 00:00:11,480 Speaker 1: where we give you the top five business stories you 4 00:00:11,520 --> 00:00:13,920 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,920 --> 00:00:15,240 Speaker 1: and good morning Sean Ailmer. 6 00:00:15,440 --> 00:00:17,000 Speaker 2: Good morning Michael Sewan. 7 00:00:17,200 --> 00:00:19,560 Speaker 1: Five big stories to race through in just five minutes, 8 00:00:19,560 --> 00:00:21,919 Speaker 1: so we better get cracking story number one. The Australian 9 00:00:21,920 --> 00:00:26,520 Speaker 1: Federal Police and ASSEK rated wise Tech Globals offices in 10 00:00:26,680 --> 00:00:30,680 Speaker 1: Sydney earlier this week looking for documents relating to alleged 11 00:00:30,880 --> 00:00:35,560 Speaker 1: trading by billionaire founder Richard White and three other employees. 12 00:00:36,159 --> 00:00:39,400 Speaker 2: In a statement, weis Tech said that this Training, Security, 13 00:00:39,440 --> 00:00:42,400 Speaker 2: Is and Investment Commission and the AFP came to its 14 00:00:42,440 --> 00:00:45,280 Speaker 2: offices on Monday and executed a search warrant requiring the 15 00:00:45,320 --> 00:00:49,800 Speaker 2: production of documents regarding alleged insider trading in weis teach 16 00:00:49,880 --> 00:00:53,480 Speaker 2: shares by White and those three employees late last year 17 00:00:53,720 --> 00:00:55,680 Speaker 2: and early this year. It went under say that as 18 00:00:55,680 --> 00:00:57,640 Speaker 2: far as wis tech is a weird no charges have 19 00:00:57,760 --> 00:01:01,080 Speaker 2: been laid against anyone. Wise six share price tumbled an 20 00:01:01,080 --> 00:01:03,760 Speaker 2: opening before closing down fifteen percent. It's off about forty 21 00:01:03,800 --> 00:01:08,319 Speaker 2: percent since July. Began investigating in March following media reports 22 00:01:08,319 --> 00:01:12,199 Speaker 2: alleging White soul shares during a blackout period between late 23 00:01:12,200 --> 00:01:15,800 Speaker 2: December and kind of late February. Now late February is 24 00:01:15,840 --> 00:01:18,800 Speaker 2: when Wiesek released its financial results. Almost all companies have 25 00:01:18,880 --> 00:01:22,720 Speaker 2: these blackout periods where key personnel are prohibited from buying 26 00:01:22,800 --> 00:01:26,880 Speaker 2: or selling company shares ahead burnings announcements. White sold about 27 00:01:26,880 --> 00:01:29,760 Speaker 2: one point eight one point nine million shares in that period, 28 00:01:29,840 --> 00:01:32,080 Speaker 2: the average price one hundred and twenty two bucks, about 29 00:01:32,120 --> 00:01:34,000 Speaker 2: two hundred and thirty million dollars worth of shares. 30 00:01:34,440 --> 00:01:37,040 Speaker 1: So was that the period then when he wasn't CEO? 31 00:01:37,560 --> 00:01:40,920 Speaker 2: Yes, technically, and that's his argument. White has said previously 32 00:01:41,000 --> 00:01:43,640 Speaker 2: he obtained legal advice before he made the trades the 33 00:01:43,680 --> 00:01:46,400 Speaker 2: shares was sold, not when he was on the Whitestech 34 00:01:46,480 --> 00:01:49,200 Speaker 2: board or an executive. He left the CEO role on 35 00:01:49,240 --> 00:01:52,040 Speaker 2: the board in October last year after a nine media 36 00:01:52,120 --> 00:01:55,639 Speaker 2: investigation revealed a two million dollar settlement with a former 37 00:01:55,680 --> 00:01:59,560 Speaker 2: lover and allegations of bullying and intimidation against him. However, 38 00:01:59,600 --> 00:02:02,200 Speaker 2: he was acting as a consultant in that period. He 39 00:02:02,280 --> 00:02:05,920 Speaker 2: came back as Executive Chair on the twenty sixth of February. 40 00:02:05,960 --> 00:02:08,079 Speaker 2: Whatever the ins and outs of this, it's a bad 41 00:02:08,120 --> 00:02:08,960 Speaker 2: look for weistech. 42 00:02:09,200 --> 00:02:11,960 Speaker 1: Yeah, okay, moving on to story number two. Now, it 43 00:02:12,040 --> 00:02:15,680 Speaker 1: is CPI Day in Australia Sean. The Australian Bureau of 44 00:02:15,680 --> 00:02:19,840 Speaker 1: Statistics will release inflation figures for the September quarter, and 45 00:02:19,919 --> 00:02:22,760 Speaker 1: a higher than expected figure means a rate cut on 46 00:02:22,919 --> 00:02:26,880 Speaker 1: Melbourne Cup Day is off the agenda. A benign number 47 00:02:27,120 --> 00:02:29,160 Speaker 1: means it's well, God be back on. 48 00:02:29,760 --> 00:02:32,080 Speaker 2: Let's hope say. Reserve Bank Governor Michelle Bullet gave a 49 00:02:32,080 --> 00:02:34,200 Speaker 2: bit of a hint on Monday Night about her state 50 00:02:34,320 --> 00:02:36,840 Speaker 2: of mind, saying that even though the unemployment rate rows 51 00:02:36,880 --> 00:02:39,079 Speaker 2: to four and a half percent last month, the labor 52 00:02:39,120 --> 00:02:41,760 Speaker 2: market remains a bit tight and monthly numbers jump around 53 00:02:41,760 --> 00:02:43,280 Speaker 2: a bit. That's not what you want to hear from 54 00:02:43,360 --> 00:02:46,680 Speaker 2: Reserve Bank governor if you're hoping for a rate cut. 55 00:02:46,919 --> 00:02:49,679 Speaker 2: She'd said, there are mixed signals coming from the economy. 56 00:02:49,720 --> 00:02:52,240 Speaker 2: Unemployment's bit higher, so it was inflation, or at least 57 00:02:52,240 --> 00:02:55,720 Speaker 2: the August reading was. Anyway, whatever that number is today 58 00:02:56,000 --> 00:02:58,239 Speaker 2: will play a big role in whether we get a 59 00:02:58,320 --> 00:02:59,200 Speaker 2: rate cut next week. 60 00:03:00,000 --> 00:03:04,119 Speaker 1: But storing number three Sean. Domino's pieces share price surged 61 00:03:04,400 --> 00:03:08,280 Speaker 1: seventeen percent yesterday after a report in the Australian Financial 62 00:03:08,320 --> 00:03:12,480 Speaker 1: Review suggested that private equity group Bain was interested in 63 00:03:12,560 --> 00:03:14,600 Speaker 1: buying this struggling fast food outlet. 64 00:03:15,120 --> 00:03:17,840 Speaker 2: Soon after the release of the report, the share price surge, 65 00:03:17,880 --> 00:03:20,880 Speaker 2: Dominoes went into a training halt. Now Domino's major shareholders 66 00:03:20,880 --> 00:03:24,840 Speaker 2: billionaire businessman Jack Cowen. He's also running the business. It's 67 00:03:25,280 --> 00:03:28,080 Speaker 2: been a disaster really. Share price peaked about one hundred 68 00:03:28,080 --> 00:03:31,240 Speaker 2: and sixty one bucks, now worth about eighteen seventeen or 69 00:03:31,280 --> 00:03:33,880 Speaker 2: eighteen dollars. The AFI reported that Bain was looking at 70 00:03:33,880 --> 00:03:36,400 Speaker 2: a deal to acquire all or part of Domino's. They 71 00:03:36,400 --> 00:03:39,440 Speaker 2: were added it didn't mean an offer had been received 72 00:03:40,040 --> 00:03:42,560 Speaker 2: or made for that matter. Later in the day, Dominoes 73 00:03:42,560 --> 00:03:45,000 Speaker 2: confirmed that it hadn't received an off as shares started 74 00:03:45,040 --> 00:03:48,200 Speaker 2: training again. By the closed domino was up just seven percent, 75 00:03:48,360 --> 00:03:51,440 Speaker 2: not the seventeen percent where it started. Michael, I think 76 00:03:51,440 --> 00:03:54,560 Speaker 2: they wear their smoke. There's fire. Any deal could be 77 00:03:54,640 --> 00:03:57,040 Speaker 2: worth up to four billion dollars. The Finn said, that 78 00:03:57,120 --> 00:04:00,320 Speaker 2: does sound like a hefty price. Domino's Ozzie in New 79 00:04:00,400 --> 00:04:04,440 Speaker 2: Zealand operations done pretty well. Japan and Europe not so well. 80 00:04:05,040 --> 00:04:08,720 Speaker 1: Story number four is a curious deal, Shawn. The four 81 00:04:08,760 --> 00:04:13,680 Speaker 1: point two billion dollar listed insurance broking firm AUB has 82 00:04:13,720 --> 00:04:17,080 Speaker 1: received a takeover bid from private equity firm EQT. 83 00:04:17,800 --> 00:04:20,640 Speaker 2: Under the terms of the proposal, AUB shareholders would receive 84 00:04:20,720 --> 00:04:23,279 Speaker 2: forty five dollars a share. Now there's something slightly strange 85 00:04:23,279 --> 00:04:26,920 Speaker 2: about all this AUB. It includes retail wholesale insurance brokers, 86 00:04:26,960 --> 00:04:30,679 Speaker 2: underwriting agencies six thousand stuff, big name in the insurance world. Well, 87 00:04:31,080 --> 00:04:33,480 Speaker 2: the bid was received more than four weeks ago, though 88 00:04:33,680 --> 00:04:36,240 Speaker 2: yesterday is the first time the market heard about it. 89 00:04:36,520 --> 00:04:40,400 Speaker 2: Having said that on Monday's AUB share price jumped ten percent, 90 00:04:41,839 --> 00:04:47,680 Speaker 2: asex set, So why did your share price jump so high? Yesterday? 91 00:04:48,040 --> 00:04:50,840 Speaker 2: AUB share price went up six percent to thirty eight dollars. 92 00:04:50,880 --> 00:04:53,719 Speaker 2: Well willow that forty five dollars off a price just 93 00:04:53,760 --> 00:04:56,479 Speaker 2: a little two coincidentutal that it jumped ten percent in 94 00:04:56,520 --> 00:04:57,919 Speaker 2: the session before the announcement. 95 00:04:57,960 --> 00:05:00,679 Speaker 1: Michael h It does sound all the the lord, doesn't 96 00:05:00,680 --> 00:05:04,720 Speaker 1: it last one Sean. Story number five Bill Gates, of course, 97 00:05:04,760 --> 00:05:09,080 Speaker 1: the Microsoft co founder who has spent billions of dollars 98 00:05:09,120 --> 00:05:11,640 Speaker 1: of his own money to raise the alarm about the 99 00:05:11,720 --> 00:05:15,240 Speaker 1: dangers of climate change. Is now pushing back against what 100 00:05:15,320 --> 00:05:17,840 Speaker 1: he calls a doomsday outlook, and he appears to have 101 00:05:17,880 --> 00:05:20,920 Speaker 1: shifted his stance somewhat on the risks posed by a 102 00:05:20,920 --> 00:05:21,800 Speaker 1: warming planet. 103 00:05:22,120 --> 00:05:25,880 Speaker 2: And a lengthy memo released on this week, Gates sought 104 00:05:25,920 --> 00:05:29,400 Speaker 2: to dampen growing alarmism about how people describe the effects 105 00:05:29,400 --> 00:05:32,719 Speaker 2: of rising temperatures. According to The New York Times, Instead, 106 00:05:32,760 --> 00:05:35,560 Speaker 2: he called for redricting efforts towards improving lives in the 107 00:05:35,600 --> 00:05:38,640 Speaker 2: developing world. I quote him, although climate change will have 108 00:05:38,720 --> 00:05:42,120 Speaker 2: serious consequences, particularly for people and the people in the 109 00:05:42,160 --> 00:05:47,119 Speaker 2: poorest countries, it will not lead to humanity's demise. Few 110 00:05:47,800 --> 00:05:49,520 Speaker 2: people will be able to live and thrive in most 111 00:05:49,520 --> 00:05:52,840 Speaker 2: places on Earth for the foreseeable future. Mister Gates said, 112 00:05:53,279 --> 00:05:53,719 Speaker 2: good to know. 113 00:05:53,880 --> 00:05:56,360 Speaker 1: There we go the top five business stories in five minutes. 114 00:05:56,440 --> 00:05:59,360 Speaker 1: Thank you Sean, thank you Michael. It's Wednesday, the twenty 115 00:05:59,440 --> 00:06:02,640 Speaker 1: ninth of October twenty twenty five. Remember to hit follow 116 00:06:02,680 --> 00:06:04,960 Speaker 1: on the podcast, and if five minutes isn't enough, you 117 00:06:05,000 --> 00:06:07,400 Speaker 1: can find our longer daily show called Fear and Greed 118 00:06:07,640 --> 00:06:10,200 Speaker 1: wherever you listen to podcasts. I'm Uncale Thompson and I 119 00:06:10,279 --> 00:06:12,400 Speaker 1: was the fast five business news by fear and greed. 120 00:06:12,720 --> 00:06:13,400 Speaker 1: Have a great day.