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Speaker 1: Today on Fear and Greed, an internal report into wise

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Speaker 1: tech Global founder Richard White is damning of his behavior,

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Speaker 1: but fails to recommend any drastic action against the billionaire founder.

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Speaker 1: Last year was officially the hottest year on record, and

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Speaker 1: tennis stars take on the game's authorities demanding higher pay.

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Speaker 1: Plus Prime Minister Anthony Abernezi gets to know his new

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Speaker 1: Canadian counterpart, Mark Carney, and the US courts hit back

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Speaker 1: at Donald Trump. Welcome to Fear and Greed. Daily business

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Speaker 1: news for people who make their own decisions. It is Thursday,

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Speaker 1: the twentieth of March twenty twenty five. I'm Ucaele Thompson

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Speaker 1: and good morning Sean Aylmer. Morning, Michael, mixed bag today.

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Speaker 2: Lots of good stories.

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Speaker 1: Oh yeah, the main story this morning. Wise Tech Global

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Speaker 1: will take no action against its executive chairman and founder

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

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

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Speaker 1: conduct was unacceptable.

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Speaker 2: The Logistic Software Group yesterday released the partial findings of

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Speaker 2: a board governance review ordered into White after 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. Wis Tech says White had made

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Speaker 2: and I quote incomplete disclosures concerning the nature and duration

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Speaker 2: of his relationship with the employee end quote, without disclosing

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Speaker 2: further details. According to the finn review, The review, conducted

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

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Speaker 2: and I quote again not fully transparent and candid with

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Speaker 2: the investigation, and was misleading about personal matters concerning the

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Speaker 2: ending of the relationship. He went on to say that

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Speaker 2: White entered into a commercial relationship where there were undisclosed

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Speaker 2: conflicts between the interests of Weisstech and the personal interests

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Speaker 2: of him. Billionaire White co founded wis Tech in nineten

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Speaker 2: ninety four, of course, lanes thirty six percent of the company.

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Speaker 2: He stepped down as chief executive in oc taber, but

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Speaker 2: returned as executive chair in February after the very abrupt

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Speaker 2: departure of four independent directors who cited intractable differences with

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Speaker 2: the rest of the board. We've now seen a partial

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Speaker 2: version of the official internal review, and.

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Speaker 1: Can I get your take on this, Sean, because I'm

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Speaker 1: guessing that you're going to say that it's not exactly

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Speaker 1: a highlight of corporate governance in Australia.

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Speaker 2: How much of that even counts as a slap on

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Speaker 2: the wrist. Really, No, it's pretty shocking. I mean, in

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Speaker 2: most listed companies a re port like this would result

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Speaker 2: in the ending of the king's reign. But King Richard

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Speaker 2: is the major shareholder of the company, the major driver

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Speaker 2: of the company. The board has promised better rules around

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Speaker 2: disclosure of personal relationships, a view of policies, and the

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Speaker 2: appointment of an additional independent director which actually needs to

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Speaker 2: do any way to comply it to ASEX rules. But

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Speaker 2: I'll tell you what, it is pretty weak. While Wistech

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Speaker 2: has lost more than a third of its value since

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Speaker 2: late January, it's still up about six hundred percent over

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Speaker 2: the past five years. Shareholders love those returns. And it's

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Speaker 2: such a conflict that the large shareholders know the company

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Speaker 2: will do better with Richard White at the helm. Well,

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Speaker 2: they assume it will do better. They don't know that

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Speaker 2: they assume it will do better with Richard White at

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Speaker 2: the helm. Therefore they're not going to kick him out

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Speaker 2: no matter what he does.

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Speaker 1: It's a heck of a story. Local markets, how do

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Speaker 1: they perform? Yesterday?

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Speaker 2: Yes, and PASX two hundred closed down almost half a percent.

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Speaker 2: It wasn't a hugely busy day. Utilities in real estate,

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Speaker 2: Suthern Decies did worst. Healthcare was best trained at the

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Speaker 2: moment on the local market. Is probably for US facing stocks,

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Speaker 2: think Aristocrat Leisure with Quarry to underperform. I think that's

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Speaker 2: probably fair to say. I wouldn't want to overstate that

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Speaker 2: too much. QBA was a standout among the large caps. Yesterday,

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Speaker 2: Mineral Resources share price dropped sharply after authorities closed the

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Speaker 2: miners Onslow Iron ore haul route following a sixth crash

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Speaker 2: on the road. And we spoke about this a couple

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Speaker 2: of weeks ago. They have these massive three hundred ton

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Speaker 2: triple road trains driving up and down this road. They've

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Speaker 2: had six accidents, the last one where the truck actually rolled.

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Speaker 1: Wow.

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Speaker 2: Incredible, worse than the day yesterday. Lenda's mortgage insurance group

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Speaker 2: Herelia also worth mention. We are tinto it's recommended shareholder's

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Speaker 2: vote against a proposal to review a possible unification of

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Speaker 2: the miners dual listed structure brought by shareholder Palasic Capital.

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Speaker 2: Ria's board says it's already considered moving it's listing to

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Speaker 2: just the asex or potentially just the London Stock Exchange,

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Speaker 2: but it is inappropriate.

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Speaker 1: You mentioned Herelia that went next dividend yesterday, Yes, and

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Speaker 1: coincidentally we get a lot of questions about companies going

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Speaker 1: extividend and the movement of the share price around that date,

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Speaker 1: and so we are dealing with that today on Ask

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Speaker 1: Fear and Greed, which comes up at midday. So it's

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Speaker 1: a really good one. Actually you will learn something I

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Speaker 1: certainly did. International market Sean, what's happening there?

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Speaker 2: The numbers, Brent Cruz feishing around seventy US dollars a barrel,

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Speaker 2: bit coins around eighty three thousand US dollars a unit

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Speaker 2: AUSI dollars worth sixty three and a half sixty four

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Speaker 2: US sense find of gold, it's glittering. Sure has hit

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Speaker 2: a new high yesterday of more than three thousand and

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Speaker 2: thirty US dollars an ounce, actually got up to three

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Speaker 2: thousand and thirty eight US dollars an ounce. Key reasons

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Speaker 2: it's a safe haven and given the tariff disruption and

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Speaker 2: geopolitical concerns around the Middle East, Rushia, Ukraine, investors want

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Speaker 2: safe Haven's Michael on that.

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Speaker 1: We have an interview coming up after the show. A

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Speaker 1: great chat with Cameron McCormack from van Neck, So.

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Speaker 2: We get a one oh one on gold and investing

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Speaker 2: in gold and particularly through exchange traded funds. So Camera's

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Speaker 2: an expert in the area and we just talk about

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Speaker 2: why you would invest in gold and kind of how

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Speaker 2: it actually happens, like how you physically do it.

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Speaker 1: Yeah, because because the van Neck ETF in this space

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Speaker 1: has one of the best names around, doesn't it, nug

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Speaker 1: Nug new Gg. Perfect for an ETF that is focusing

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Speaker 1: on gold bullion. Anyway, lots more still to come. Sean

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Speaker 1: will be back in a moment with the rest of

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Speaker 1: the day's business news. Sean Prime Minister Anthony Abernezi says

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Speaker 1: he spoken with new Canadian Prime Minister Mark Carney. This

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Speaker 1: has happened yesterday about the country purchasing Australia's radar system,

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Speaker 1: which is used to detect incoming 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 last Friday. Mister Alberanesi

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Speaker 2: said he had an extensive one on one care with Karney,

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Speaker 2: with a good opportunity for the two to get to

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Speaker 2: know each other personally. It is what our Prime minister said.

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Speaker 2: Now Kenada's unveiled a thirty nine billion Canadian dollars it's

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Speaker 2: about forty two billion Aussie planned to modernize the North

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Speaker 2: American Aerospace Defense Command, which includes funding for updated radar systems.

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Speaker 2: Meetings reporting Canada has chosen an Australian partnership to help

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Speaker 2: out with that Missrailbernizi didn't confirm that the part sh

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Speaker 2: was locked in yesterday, but he did say that mister

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Speaker 2: Karney is looking at Australian options. Meanwhile, media is reporting

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Speaker 2: that the coalition is considering boosting defense spending by at

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Speaker 2: least fifteen billion dollars a year, in a move that

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Speaker 2: would put further pressure on the budget. Obviously, but he

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Speaker 2: to the Trump administration's warnings that countries like Australia can

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Speaker 2: no longer afford to short change the military. Opposition Defense

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Speaker 2: spokesperson Andrew Hasti is also asking defense companies about weapons

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Speaker 2: and systems that can be rapidly acquired as he seeks

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Speaker 2: to overhaul the Defense bureaucracy's procurement processes.

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Speaker 1: In that meyer Sean has announced a very ordinary half

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Speaker 1: year profit, hurt by the need to increase promotions to

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Speaker 1: move stock and a few issues at a distribution center

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Speaker 1: in Melbourne.

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Speaker 2: For the six months to the end of January, same

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Speaker 2: store sales were flat. Pretax earnings were down about twenty

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Speaker 2: eight percent. The retailer, which is in the middle of

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Speaker 2: integrating five brands from Premiere Group Just Jane's, j James Portman's,

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Speaker 2: Dotty and Jackie E, said it's still having trouble getting

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Speaker 2: its Melbourne distribution center to operate efficiently. My share price

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Speaker 2: finished down more than two percent yesterday.

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Speaker 1: Now I mentioned this one at the top of the show.

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Speaker 1: It is official last year was the hottest on record,

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Speaker 1: at one point five to five degrees above the pre

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Speaker 1: industrial period, meaning then that the past ten years are

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Speaker 1: the hottest ten years in recorded history.

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Speaker 2: The World Meteorological Organization did say that I could.

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Speaker 1: To take that with the World Meteorological Organization done.

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Speaker 2: WMO has reported that greenhouse gas levels in the atmosphere

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Speaker 2: are at their highest levels in eight hundred thousand years.

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Speaker 2: I'm not sure who was taking the recordings back then.

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Speaker 2: The world's oceans are hotter, or they were hotter last

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Speaker 2: year than any other year. The rate of ocean warnings

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Speaker 2: now twice the rate it was before two thousand and five.

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Speaker 2: It goes on. Sea levels reached the record high last year.

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Speaker 2: The rate of rising is picking up now it does

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Speaker 2: seem pretty bleak. The UN Secretary General Antonio Guaterez the

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Speaker 2: World Meteorological Organization is part of the UN, so Antonio

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Speaker 2: Guatera says limiting global temperature rises is still possible, but

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Speaker 2: countries need to seize the promise of cheap, clean renewables,

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Speaker 2: and countries need leadership.

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Speaker 1: I love the fact that she dropped another reference to

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Speaker 1: the World Meteorological Organization in the middle of I once

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Speaker 1: worked with a colleague, lovely guy, fantastic fella, who would

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Speaker 1: talk about the Bureau of Meteorology and would nail the

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Speaker 1: word meteorology every time, but every time said Buru instead

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Speaker 1: of bureau. So going with I'll check with the Buru.

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Speaker 1: I'm sorry, what did you say anyway that reminded me

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Speaker 1: of that? Turning to international news now shown the Chief

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Speaker 1: Justice of the United States, John Roberts, has issued a

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Speaker 1: rare public rebuke to Donald Trump over the President's threat

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Speaker 1: to him impeach federal judges.

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Speaker 2: He followed Donald Trump attacking a judge on his truth

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

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Speaker 2: attempted to bot deportations of alleged Venezuelan gang members. Trump wrote,

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Speaker 2: I quote this judge, like many of the crooked judges

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Speaker 2: I am forced to appear before, should be impeached. Caps

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Speaker 2: of course, for impeached. He went on to call the

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Speaker 2: judge a radical left lunatic, a troublemaker, and an agitator

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Speaker 2: that prompted the extremely rare intervention by the Chief Justice

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Speaker 2: John Roberts. He's the US's most senior judge, he said,

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Speaker 2: for more than two centuries, it has been established that

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Speaker 2: impeachment is not an appropriate response to disagreement concerning a

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

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Speaker 2: This is a very big moment. We talk about the

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Speaker 2: separation of powers. It splits authority into three branches. The

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Speaker 2: legislative which is basically Congress or Parliament. Here they make

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Speaker 2: the laws. The executives are the President of the Prime

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Speaker 2: Minister that enforces the laws. The judicial, which is court,

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Speaker 2: interprets the laws. It ensures democracies are democracies, not dictatorships.

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Speaker 2: We now have the highest judge in the land in

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Speaker 2: the US, rebuking Donald Trump for having a go at

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Speaker 2: the judiciary. Clearly he thinks this distinction between the three

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Speaker 2: branches are being or at least they're under threat. Quite

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Speaker 2: a big moment.

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Speaker 1: Yes, certainly, if the same thing happened in Australia, that

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Speaker 1: would fall under either contempt rules or the scandalizing the court,

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Speaker 1: which is another kind of similar thing, which I think

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Speaker 1: relates to that excessive personal criticism and really attacking the

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Speaker 1: judges rather than kind of the broader nature of the decisions. Anyway,

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Speaker 1: that's fascinating.

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Speaker 2: That a big moment.

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Speaker 1: It feel like a turning point. Vladimir Putin has ordered

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Speaker 1: Russia's military to refrain from striking Ukrainian energy infrastructure for

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Speaker 1: thirty days, but has stopped short of agreeing to an

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Speaker 1: unconditional ceasefire.

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Speaker 2: The Kremlin said the Russian president had reacted positively to

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Speaker 2: a suggestion by US President Donald Trump to halt the

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Speaker 2: attacks in a much anticipated phone call between the two

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Speaker 2: leaders about thirty six hours ago. It added that immediately

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Speaker 2: gave the Russian military the corresponding order, that is, to

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Speaker 2: not attack energy installations, rather than agreeing to the US

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Speaker 2: President's proposal for an unconditional thirty day ceasefire in Ukraine.

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Speaker 2: Putin highlighted a series of significant issues about enforcing such

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Speaker 2: agreement and serious risks concerning Kiv's compliance. According to the

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Speaker 2: Financial Times.

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Speaker 1: My favorite story of the week Sewan NASA's two stranded

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Speaker 1: astronauts splashed down on Earth yesterday, ending a marathon mission

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Speaker 1: that began with a bungled Boeing test flight more than

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Speaker 1: nine months ago.

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Speaker 2: Welcome home, Watch Wilmore and Sunny Williams. They left the

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Speaker 2: International Space Station, returned to worth aboord a SpaceX capsule

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Speaker 2: with two other astronauts. I'm sure we've all seen it everywhere.

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Speaker 2: The capsule landed off the Florida coast just before nine

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Speaker 2: am Australian Eastern daylight savings time. They were quickly very

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Speaker 2: to Houston.

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Speaker 1: Dolphins.

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Speaker 2: Dolphins.

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Speaker 1: Don't forget the dolphins, Dophins. It couldn't have been scripted

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Speaker 1: any better. That was amazing.

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Speaker 2: They spent two hundred and or They spent two hundred

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Speaker 2: and eighty six days in space, circled Earth four thousand,

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Speaker 2: five hundred and seventy six times, and traveled one hundred

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Speaker 2: ninety five million kilometers.

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Speaker 1: That's a staggering number, isn't it. One last one sean,

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Speaker 1: how about this story. Some top tennis players are suing

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Speaker 1: the sports governing bodies for allegedly running a cartel that

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Speaker 1: caps prize money, limits off court earnings, and restricts competition

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Speaker 1: from rival tournaments.

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Speaker 2: Real schism in the sport. The Professional Tennis Players Association,

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Speaker 2: co founded by Novak Djokovic and backed by billionaire Bill Ackman,

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Speaker 2: filed a suit in New York Federal Court. A dozen

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Speaker 2: current and former players, including Nick Kerrios from here, a

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Speaker 2: part of the action. According to Bloomberg, they claim the

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Speaker 2: ATP Tour, the WTA Tour, which is the Women's Tour,

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Speaker 2: and International Tennis Federation violate US antitrust law by controlling

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Speaker 2: players pay in working conditions. The suit claims, and I quote,

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Speaker 2: professional tennis players are stuck in a rigged game, not

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Speaker 2: on the court, where feace competition between players the lights

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Speaker 2: millions of fans worldwide, but off it where players are

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Speaker 2: forced to endure grueling schedules, capped earnings, abusive and invasive

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Speaker 2: investigations and discipline, and have limited control over their own

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Speaker 2: careers and brands. Unlike other professional sports, which gives about

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Speaker 2: half gross revenue to players, tennis players actually good about

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Speaker 2: twenty percent of gross revenue, and tennis is one of

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Speaker 2: the top five most popular sports in the world. Believe

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Speaker 2: it or not, it's going to be very interesting to

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Speaker 2: watch this one.

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Speaker 1: Yeah, certainly we'll be all right. Up next, Sean is

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Speaker 1: the Fear and Greed Daily Interview with Cameron McCormack from

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Speaker 1: Van Neck, all about gold. It is coming up in

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Speaker 1: the Fear and Greed playlist on your podcast platform or

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Speaker 1: at Fearandegreed dot com dot au, which is where you

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Speaker 1: sign up for the Fear and Greed newsletter as well.

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Speaker 1: Thank you very much, Sewan.

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Speaker 2: 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: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. Are Michael

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