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

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Speaker 1: A and Zed set to pay a record fine of

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Speaker 1: two hundred and forty million dollars for a raft of

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Speaker 1: poor governance issues from trading in the bond market to

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Speaker 1: failing to repay fees charged to dead customers, dire warnings

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Speaker 1: from the nation's first national climate risk Assessment report, and

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Speaker 1: Prime Minister Anthony Abnezi complains about social media pushing extremism

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Speaker 1: on both sides of politics. Plus the Aussie dollar surges

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Speaker 1: and bitcoin's boom delivers unexpected benefits to the ultra luxury

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Speaker 1: travel market. It is Tuesday, the sixteenth of September twenty

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

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Speaker 2: Good morning, Michael. Something for everyone this morning.

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Speaker 1: They certainly is the main story this morning, Sewan so Whopper.

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Speaker 1: A and ZED will pay a record fine of two

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Speaker 1: hundred and forty million dollars to settle a case brought

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Speaker 1: by the corporate regulator in which the bank admitted to

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Speaker 1: incorrectly reporting bond trading data to the federal government and

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Speaker 1: widespread misconduct at its retail bank that actually affected tens

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Speaker 1: of thousands of customers.

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Speaker 2: Pretty amazing story. Ain Z and the Australian Securities and

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Speaker 2: Investments Commission will ask the Federal Court to impose five

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Speaker 2: penalties totaling two hundred and forty million dollars related to

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Speaker 2: the proceedings across its retail and institutional banking divisions. The

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Speaker 2: FINS refect am z's management of a fourteen billion dollar

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Speaker 2: government bond deal in April twenty twenty three and incorrect

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Speaker 2: reporting of bond trading data where it overstated volume is

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Speaker 2: by tens of billions of dollars over nearly two years.

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Speaker 2: According to a story in the finn Review, ASEK chair

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Speaker 2: Joe Longo said that time and time again, ain Z

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Speaker 2: betrayed the trust of Australians. The total penalties are the

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Speaker 2: largest announced by ACIK against one entity, and Longo said

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Speaker 2: they affect the seriousness and number of breaches of law,

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Speaker 2: the vulnerable position that ain Z put its customers in,

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Speaker 2: and the repeated failures to rectify critical issues. He added

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Speaker 2: that there are fundamental issues with ain Z's risk and

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Speaker 2: compliance culture that requires the board and executive's urgent attention.

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Speaker 2: Ain Z said as it hadn't alleged the bank had

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Speaker 2: engaged in manipulation of the bond market, and that, in

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Speaker 2: its view, there had been no loss to the government

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Speaker 2: as a result of its trading. That's something that was

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Speaker 2: particularly worried about. However. The regulator also said ain Z's

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Speaker 2: retail division failed to refund fees charged to thousands of

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Speaker 2: dead customers, did not respond to family members dealing with

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Speaker 2: deceased estates in a timely manner. It was also fined

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Speaker 2: for making false and misleading statements on savings interest rates,

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Speaker 2: where it didn't pay the correct rate to tens of

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

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Speaker 2: customers hardship notices in some cases for more than two years.

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Speaker 2: The banks agreed to pay one hundred and fifteen million

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Speaker 2: dollars for those three retail matters. It's also established what

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Speaker 2: it's calling a matter's resolution program to try and get

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Speaker 2: things right.

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Speaker 1: Oursex Joe Longo, he certainly didn't miss with all of this.

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Speaker 1: It just it's like a shopping list of misdemeanors. What's

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Speaker 1: it mean for the bank, because there is some mighty

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Speaker 1: poor pr in all of this.

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Speaker 2: Yeah, I suppose for me surprising that all these different

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Speaker 2: issues from bond trading, to rese funds, for charging dead

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Speaker 2: customers to the wrong interest rates on savings accounts, all

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Speaker 2: got thrown into the one basket. It looks dreadful now.

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Speaker 2: Ain Z chair Paulo Sullivan said, along with last week's

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Speaker 2: job cuts announcement, it's part of strategy to reset ain

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Speaker 2: Z kind of clear the decks. The new CEO, Nuno Matos,

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Speaker 2: he wants yesterday's announcements to draw a line under an

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Speaker 2: z's major issues and get on with banking. I just

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Speaker 2: don't think it's going to be as easy as that, though,

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Speaker 2: because these are major issues that need to be rectified.

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Speaker 2: We're six years after the Banking Royal Commission and we're

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Speaker 2: still hearing about them. Not really good enough.

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Speaker 1: No, I suppose it may have been worse. And if

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Speaker 1: they did them each individually and they were spread out

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Speaker 1: by a few months at a time, it would keep

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Speaker 1: these issues in the headlines. And now it's just kind

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Speaker 1: of a take your medicine and move on. Really, But

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Speaker 1: as you say, it's bigger than that, right, Yeah, I mean.

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Speaker 2: I think so. I totally agree with what you just said,

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Speaker 2: and I'm sure that's exactly what the bank wants. But

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Speaker 2: you can't just apologize and get on pay the fight,

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Speaker 2: apologize and think no one will remember.

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Speaker 1: Indeed, all right now, the other big story around Sean

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Speaker 1: Heat deaths will soar across the country. Property values will

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Speaker 1: decline by hundreds of billions of dollars if global temperatures

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Speaker 1: rise by three degrees. This is according to the first

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

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Speaker 1: federal government yesterday.

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

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Speaker 2: and eleven billion dollars by twenty fifty as land, especially

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Speaker 2: they're affected by rising sea levels, were more prone to

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Speaker 2: flooding becomes less valuable. Heat deaths will increase by more

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Speaker 2: than four hundred percent in Sydney, triple in Melbourne. That's

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Speaker 2: at the three degree rate. High heat will make certain

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Speaker 2: occupations such as construction and agriculture more difficult. Between seven

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Speaker 2: hundred thousand and two point seven million additional workdays a

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Speaker 2: year will be lost by twenty sixty one due to

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Speaker 2: the high frequency of heat waves. The National Climate Risk

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Speaker 2: Assessment Report finds that all Australians are already being affected

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Speaker 2: by climate change, which will increase over the coming years

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Speaker 2: as the temperature rises. Lays out the expected impacts at

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Speaker 2: one point five to two and three degrees of warming,

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Speaker 2: and emphasizes that the outcomes it describes are not inevitable.

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Speaker 2: The report, released along with a national adaptation Plan, comes

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Speaker 2: as the government prepares to announce its twenty thirty five

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Speaker 2: emissions reduction target on Friday. If populations remain as they

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Speaker 2: are today, more than one and a half million people

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Speaker 2: will experience sea level rise and coastal flooding risks by

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Speaker 2: twenty fifty, with sea waters inundating coastal infrastructure, homes, and

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Speaker 2: drinking water supply. The report says. It also talks about

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Speaker 2: climate change occurring so rapidly that weather records won't be

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Speaker 2: able to be used anymore in making climate predictions. I

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Speaker 2: would say this is one of the direst reports I've

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Speaker 2: ever seen.

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Speaker 1: Yeah, there's no good news in this anywhere. Absolutely, and

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Speaker 1: what we might do as well today, Sean in today's

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Speaker 1: fear and greed Q and A. We're going to go

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Speaker 1: into part of this, but the politics of it and

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Speaker 1: the fact that here, as you say, we have the

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Speaker 1: federal government preparing to announce it's twenty thirty five emissions

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Speaker 1: reduction target, but at the same time, we've got the

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Speaker 1: coalition that's basically in a shambles at the moment. You're

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Speaker 1: not able to agree over its own climate policy. Even yesterday,

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Speaker 1: West Australian MP Andrew Hasty, who is essentially a leadership

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Speaker 1: rival to the leader Susan Lee, saying that he would

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Speaker 1: consider quitting the front bench or that he might be

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Speaker 1: sacked because he believes the opposition should dump the net

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Speaker 1: zero targets. So this is something that is not going away.

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Speaker 1: And will delve into that in a bit more detail

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Speaker 1: on fear and greed Q and A after the show.

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Speaker 1: We've got plenty to get through though Before that, Sean,

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Speaker 1: we're going to take a quick break. We'll come back

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Speaker 1: in a moment with the rest of the day's business

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Speaker 1: news Sean. Prime Minister Anthony Albernizi has blamed social media

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Speaker 1: and its algorithms for pushing people's view to the extremes,

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Speaker 1: be they left or the right. It's not differentiating really.

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Speaker 2: No, The Prime Minister said Australia needs to have less

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

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

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

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

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

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Speaker 2: prishners at the Anglican church next door. Albernizi and his

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Speaker 2: p ANDNG counterpart James Marape yesterday signed a treaty providing

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Speaker 2: for mutual defense between the two countries.

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Speaker 1: Now, WISTE Global billionaire I founder Richard White has sold

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Speaker 1: more than one hundred and twenty million dollars of stock

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Speaker 1: in the logistics software business, though it seems that the

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Speaker 1: selling didn't actually hurt the group's share price yesterday. It

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Speaker 1: finished higher yesterday and.

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Speaker 2: Finished up three percent in the best of the large caps.

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Speaker 2: White has had a pre programmed shared training plan, which

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Speaker 2: he paused back in February. He's now resumed selling some

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Speaker 2: of his shares. Over two transactions, he made a paper

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Speaker 2: profit of almost one hundred and twenty one million dollars.

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Speaker 2: Sounds a lot. He still ounds thirty five point six

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Speaker 2: percent of the company. That's worth about eleven point six

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Speaker 2: billion dollars spare change one hundred and twenty one million.

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Speaker 1: Michael, isn't that extraor they're just such huge sums right.

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Speaker 1: That is just extraordinary. Now local markets, we mentioned weistech.

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Speaker 1: What else happened yesterday?

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Speaker 2: Not much, not that he's apposed to say that on

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Speaker 2: a news program. The s and PASEX two hundred closed down,

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Speaker 2: just to touch eight hundred and fifty three point stuff.

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Speaker 1: Stuff. Now, where's the theater, where's the malod?

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Speaker 2: Give it a biting. Some of the banks were up,

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Speaker 2: some were down. The resource companies same deal, big retails

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Speaker 2: were lower, mostly higher, very very exciting, but there was exciting.

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Speaker 2: I mean news on mining stocks. They dragged on the

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Speaker 2: boar's bounch of profit taking. They've run pretty hard on

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Speaker 2: the back of the price of gold rising. So you know,

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Speaker 2: companies like Ebolition Mining, Regis New Month, they all dropped

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Speaker 2: the flip side. The lithium producers, you know, pilbra Igo, Linetown,

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Speaker 2: they all outperformed. I suppose big year as far as

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Speaker 2: I'm concerned. Yesterday was the last training day for the

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Speaker 2: famed Soul Pats, the second oldest company on the AX.

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Speaker 2: Earlier this year, sol Pats merged with building materials Giant Brickworks,

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Speaker 2: and the deal that created a fourteen billion dollar portfolio manager.

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Speaker 2: The sole Pat's name leaves the boss as of yesterday.

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Speaker 1: That is actually genuinely quite sad.

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Speaker 2: Well, I think so, yeah.

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Speaker 1: I think you and I have talked about in the

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Speaker 1: past that there isn't enough ceremony when these things happen

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Speaker 1: like that. When a company lists.

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Speaker 2: On the ailing.

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Speaker 1: There's a great there's a lot of theater, there's bell ringing,

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Speaker 1: there's like champagne and all this kind of stuff. What

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Speaker 1: happened that they just kind of draw a little black

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Speaker 1: curtain across soul Pats or something like. It's just a bit,

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Speaker 1: a bit.

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Speaker 2: Mournful, a black curtain across it.

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Speaker 1: I don't know, I don't know. I just want something.

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Speaker 1: I want something more than just a little shout out

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Speaker 1: in fear and greed. Speaking of shout outs in fear

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Speaker 1: and greed though, Sean, And while we're talking about a

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Speaker 1: bit of corporate news, a mention of a really a

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Speaker 1: friend of fear and greed, Stuart Gregor. Stu Gregor who's

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Speaker 1: joined us in the past and a couple of interviews.

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Speaker 1: He is one of the co founders of Four Pillars Gin,

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Speaker 1: which was acquired by Lyon, the Big Beer Company a

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Speaker 1: couple of years ago. He's he's been a point of

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Speaker 1: the chief executive of Lark Distilling.

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Speaker 2: Congratulations, Stu, well done, big gig. That one needs some help.

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Speaker 1: Mark, Yeah, and I was reading that is that they're

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Speaker 1: going is really pushing to produce more whiskey and seven

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Speaker 1: hundred mil bottles, so that it's going to become more

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Speaker 1: of a global player rather than this kind of niche thing.

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Speaker 1: So anyway, he's going to join us in a couple

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Speaker 1: of weeks for one on one, our longer form interview

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Speaker 1: format that we publish every Wednesday at midday. So that'll

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Speaker 1: be a great chat when that happens. Now we were

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Speaker 1: talking about local markets, we took a bit of a

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Speaker 1: detour there. Global markets. It's all about the Fed's decision

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Speaker 1: on interest rates, right. US President Donald Trump has said

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Speaker 1: people should expect a big cut, Is it up to him?

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Speaker 2: He said that I don't know that. Drone Powell agrees

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Speaker 2: to be perfectly asked. No, anyway, it is all about

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Speaker 2: the third rate cut this week, and that's affecting the

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Speaker 2: foreign exchange market. In fact, the Oussie dollars trading close

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Speaker 2: to sixty seven years since it's about a ten month

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Speaker 2: high at the moment. Last week was the biggest gain

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Speaker 2: weekly gain for the Aussie since May, and at least

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Speaker 2: that is against the US dollam. The reason is because

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

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Speaker 2: with the interstrate expectations. Investors think the feed's going to

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Speaker 2: cut rates, but aren't so sure how many more interest

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Speaker 2: rate cuts there will be in Australia. Hence, the Aussie

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Speaker 2: is appreciating against the greenback, although the last month's up

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Speaker 2: against the Euro. The end the UK nice hugely. But Michael,

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Speaker 2: the trend is your friend. It's trending higher all right.

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Speaker 1: From global markets now to international news and the man

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Speaker 1: arrested over the killing of right being activist Charlie Kirk

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Speaker 1: is not cooperating with authorities, but investigators are working to

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Speaker 1: establish a motive for the shooting by speaking to his

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Speaker 1: friends and family.

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Speaker 2: Utah Governor Spencer Cox said the accused gunman, twenty two

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Speaker 2: year old Tyler Robinson, will be formally charged tonight Australian time.

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Speaker 2: Here remains in custody custody in Utah. Investigators have yet

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Speaker 2: to piece together why Robinson allegedly scaled a rooftop at

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Speaker 2: Utah Valley University during an outdoor event and shot Kirk

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Speaker 2: in the neck at long range. Last Wednesday. Kirk, a

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Speaker 2: staunch I have President Donald Trump and co founder of

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Speaker 2: the conservative student group Turning Point USA, was killed by

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Speaker 2: a single rifle shot during the event about forty miles

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Speaker 2: south of Salt Lake City. Cox said, while Robinson isn't cooperating,

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Speaker 2: certainly the people around him are, including his partner.

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Speaker 1: Finally, sean, the surge in cryptocurrencies since Donald Trump was

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Speaker 1: elected Bitcoin, for example, it's up forty percent, has had

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Speaker 1: a surprise positive effect on private jet and luxury cruise operators.

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Speaker 2: Some have said that many have been forced to take

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Speaker 2: cryptocurrency for payments now, so there's this huge demand from young,

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Speaker 2: wealthy customers. So groups like Flexjet owned fx ARE they

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Speaker 2: accept crypto payments if you want to get a charter,

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Speaker 2: no problems about eighty thousand bucks from Farmborough Airport near

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Speaker 2: London to New York City. Basically Flexjet reckons it's had

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Speaker 2: a significant rise in bookings in recent months. Luxury cruise

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Speaker 2: company Version voyers a hunt and twenty thousand dollars and

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Speaker 2: your pass in by that with crypto Sea Dream Yacht Club.

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Speaker 2: That's these two super luxury yachts with a cruded guest

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Speaker 2: ratio of one to one, so we're talking absolute high end.

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Speaker 2: They're accepting bitcoin payments. Batique hotel groups, including US based

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Speaker 2: the Kesler Collection in Hong Kong, founded the Pavilion's Hotel

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Speaker 2: and Resources, are also accepting crypto tokens dogecoin, like coin ethereum,

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Speaker 2: So it's not just bitcoin in this instance. McKinsey say

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Speaker 2: that deep pocketed young entrepreneurs have sparked a boom in

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Speaker 2: the global luxury travel market. People age thirty to forty

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Speaker 2: spent twenty eight or they did spend twenty eight billion

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Speaker 2: dollars in luxury travel in twenty twenty three. That's more

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Speaker 2: like than he'd be fifty four billion by twenty twenty eight.

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Speaker 2: And the surge in cryptos is a big part of it.

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Speaker 1: Yeah, it's just new money, sean new money. I say

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Speaker 1: that as though I'm looking down my nose at it.

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Speaker 1: I'm not from old money or new money or any money.

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Speaker 2: Really, I've got no money.

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Speaker 1: It's more just jealousy. Yeah, that's it. Okay. Now, next

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Speaker 1: fear and greed Q and A. We're looking at the

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Speaker 1: basically the crisis for the federal liberals. It is coming

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Speaker 1: up next to the Fear and Greed playlist on your

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Speaker 1: podcast platform or at Fearangreed dot com. Today you which

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Speaker 1: is where you sign up for the free daily newsletter,

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Speaker 1: all the headlines, everything you need to know in your

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Speaker 1: inbox by six am, entirely free. I'll put a link

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Speaker 1: in the show notes. Thank you Sean, Thank you Michael.

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

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Speaker 1: sure you're following the podcast and please join us online

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Speaker 1: on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael Thompson

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