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Speaker 1: It's Thursday, the twentieth of March 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, Seawan.

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Speaker 1: Five big stories, real mixed bag today to get through

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Speaker 1: in five minutes. Wise Tech Global, this is story number one.

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Speaker 1: It'll take no action against its executive chairman and founder

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Speaker 1: Richard White, despite an external inquiry finding that he misled

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Speaker 1: the board over his personal relationships and that his conduct

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Speaker 1: was unacceptable.

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Speaker 2: The logistics software Group yesterday released the partial findings of

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Speaker 2: a board governance review ordered into White for a number

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Speaker 2: of allegations about his conduct. The company said it won't

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Speaker 2: release the full report. Wy Sex says White has made

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Speaker 2: incomplete disclosures concerning the nature and duration of his relationship

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Speaker 2: with the employee, without disclosing further details. The review, which

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Speaker 2: was conducted by a couple of law firms, also found

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Speaker 2: that White was not fully transparent in candid with investigation,

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Speaker 2: was misleading about personal matters concerning the ending of the relationship.

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Speaker 2: It went on to say that White entered into a

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Speaker 2: commercial relationship where there were undisclosed conflicts between the interests

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Speaker 2: of Weiss Tech and the personal interests of mister White.

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Speaker 2: Billionaire Richard White co founded Weiss Tech in nine ninety four,

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Speaker 2: still one thirty six percent, stepped down as chief executive

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Speaker 2: in October last year, returned as the executive chair last

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Speaker 2: month after the abrupt departure of four independent directors who

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Speaker 2: cited intractable differences with the rest of the board.

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Speaker 1: What's your take on this, I'm guessing you're going to

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Speaker 1: say it's not a highlight of corporate governance in Australia.

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Speaker 2: Now, in most listed companies, a report like this would

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Speaker 2: result in the ending of the CEO's reign. But Richard White,

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Speaker 2: of course is a major shareholder driver of the company.

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Speaker 2: The board has made a few promises, but really is

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Speaker 2: a slap on the wrist weis Tech Global. It's down

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Speaker 2: about the third since late January, but it's still up

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Speaker 2: six hundred percent over the past five years. Shareholders love

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Speaker 2: those returns.

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Speaker 1: Yeah, indeed, all right? On de story number two now

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Speaker 1: and Prime Minister Anthony Abernezi says he spoke with new

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Speaker 1: Canadian Prime Minister Mark Carney yesterday about the country purchasing

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Speaker 1: Australia's radar system, which is used to detecting coming missiles.

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Speaker 2: Mister Kearney, the former governor of the Canadian Central Bank,

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Speaker 2: was sworn in as Prime Minister that last Friday. He

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Speaker 2: and Anthony ALBERNIZI had an extensive one on one. They've

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Speaker 2: basically got to know each other. Candida has unveiled a

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Speaker 2: forty two billion dollar plan to modernize the North American

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Speaker 2: Aerospace Defense Command. It includes funding for updated radar systems.

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Speaker 2: Media's reporting that Canada has chosen Australia partner yesterday Astralban Easy.

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Speaker 2: He didn't confirm the partnership was locked in or anything,

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Speaker 2: but he did say that mister Karney is looking at

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Speaker 2: Australian options. Meanwhile, media is reporting the Coalition is considering

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Speaker 2: boosting defense spending by at least fifteen billion dollars a year.

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Speaker 2: In a movie that would put further pressure on the budget, obviously,

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Speaker 2: but also it's a bit of a response to the

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Speaker 2: Trump administration's warnings that countries like Australia can no longer

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Speaker 2: afford to short change the military.

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Speaker 1: The story number three it is official shown last year

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Speaker 1: was the hottest on record, at one point five to

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Speaker 1: five degrees above the pre industrial period, meaning the past

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Speaker 1: ten years are the hottest decade in recorded history.

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Speaker 2: Slightly squarely this, the World Meteorological Organization has reported that

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Speaker 2: greenhouse gas levels in the atmosphere are at their highest

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Speaker 2: levels in eight hundred thousand years. The world's oceans were

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Speaker 2: hotter last year than any other year, in the rate

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Speaker 2: of ocean warnings now twice the rate it was twenty

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Speaker 2: years ago. The report goes on sea levels reached a

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Speaker 2: record high last year and the rate of rising is

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Speaker 2: picking up. United Nations Secretary General Antonio Gaterez says limiting

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Speaker 2: global temperature rises is still possible, but countries need leadership

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Speaker 2: and they need to seize the promise of cheap clean renewables.

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Speaker 1: Storing number before. Quite an extraordinary story out of the US.

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Speaker 1: The Chief Justice of the United States, John Roberts, has

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Speaker 1: issued a very rare public rebuke to Donald Trump over

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Speaker 1: the President's threat to impeach federal judges.

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Speaker 2: So it followed Donald Trump's attacking a judge on his

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Speaker 2: truth social platform in response to a ruling that had

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Speaker 2: attempted to block deportations of alleged a venezuela and gang members.

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Speaker 2: Trump wrote things like, you know the judge was well,

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Speaker 2: He said, this judge, like many of the crooked judges

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Speaker 2: I'm forced to appear before, should be impeached. He called

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Speaker 2: them the radical left, lunatic, a troublemaker and agitator that

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Speaker 2: prompted the extremely rare intervention by the Chief Justice. Basically,

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Speaker 2: the US's may send you, judge, John Roberts said, for

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Speaker 2: more than two centuries, it's been established that impeachment is

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Speaker 2: not an appropriate response to disagreement concerning a judicial decision.

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Speaker 2: The normal appellate review process exists for that purpose. This

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Speaker 2: is a really big moment, the whole idea of separation

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Speaker 2: of powers, that the judiciary and the President of the

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Speaker 2: day or the Prime Minister in our case, they should

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Speaker 2: work independently and there are checks and balances. Well, clearly

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Speaker 2: the Chief Justice is worried that Donald Trump is pushing

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Speaker 2: too hard.

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Speaker 1: Yeah, it is a big story. Last one story, number five.

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Speaker 1: Some top tennis players are suing the sports governing bodies

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Speaker 1: for allegedly running a cartel that caps prize money, limits

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Speaker 1: of court earnings, who strict competition from rival tournaments.

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Speaker 2: The Professional Tennis Players Association, co founded by Novak Djokovic

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Speaker 2: and backed by billionaire Bill Lackman, filed a suite in

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Speaker 2: New York Federal Court. A dozen current and former players,

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Speaker 2: including Australia's Nick Kurios, are part of the action. According

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Speaker 2: to Bloomberg, they claim that the ATP Tour, the WTA Tour,

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Speaker 2: the Women's Tour, and International Tennis Federation violate US antitrust

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Speaker 2: laws by controlling players pay and working conditions. The claims

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Speaker 2: and I quite professional tennis players are stuck in a

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Speaker 2: rigged game, not on the court, where fierce competition between

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Speaker 2: players to lights millions of fans worldwide, but oft it

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Speaker 2: where players are forced to endure grueling schedules, cap donings,

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Speaker 2: abusive and invasive investigations and discipline, and have limited control

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Speaker 2: over their own careers and brands. Now, unlike other professional sports,

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Speaker 2: which gives about half gross revenues to players, tennis shares

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Speaker 2: less than twenty percent of gross revenue with players. Notwithstanding

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Speaker 2: his popularity.

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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 very much, Sean, Thank you, Michael.

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Speaker 1: It is Thursday, the twentieth of March twenty twenty five.

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Speaker 1: Remember to hit follow on the podcast Andy five minutes

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Speaker 1: isn't enough. You can find our longer daily show called

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Speaker 1: Fear and Greed wherever you listen to podcasts. I'm Michael

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Speaker 1: Thompson and that was the Fast five Business News by

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Speaker 1: Fear and Greed. Have a great day.