1 00:00:03,880 --> 00:00:06,960 Speaker 1: It's Tuesday, the twenty second of October twenty twenty four. 2 00:00:07,160 --> 00:00:10,039 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:10,039 --> 00:00:11,800 Speaker 1: where we give you the top five business stories you 4 00:00:11,840 --> 00:00:14,200 Speaker 1: need to know when just five minutes. I'm Michael Thompson 5 00:00:14,240 --> 00:00:15,560 Speaker 1: and good morning Sean Aylmer. 6 00:00:15,920 --> 00:00:17,640 Speaker 2: Good morning, Michael, Sean. 7 00:00:17,760 --> 00:00:20,760 Speaker 1: Five stories, five minutes. Let's go sorry. Number one. Wise 8 00:00:20,800 --> 00:00:24,400 Speaker 1: tech Global share price tumbled more than thirteen percent yesterday 9 00:00:24,480 --> 00:00:29,120 Speaker 1: on more revelations of alleged poor and leccherous behavior by 10 00:00:29,120 --> 00:00:31,440 Speaker 1: its founder and CEO, Richard White. 11 00:00:31,800 --> 00:00:34,159 Speaker 2: The tech group's board convened over the weekend to re 12 00:00:34,240 --> 00:00:37,479 Speaker 2: examine the allegations against mister White by a sexual partner 13 00:00:37,760 --> 00:00:40,360 Speaker 2: after they were notified of a story in nine Media. 14 00:00:40,600 --> 00:00:43,840 Speaker 2: Nine says the women made a series of damaging claims, 15 00:00:43,880 --> 00:00:47,519 Speaker 2: including allegations of inappropriate behavior by mister White. These are 16 00:00:47,560 --> 00:00:50,880 Speaker 2: allegations that mister White approached numerous female entrepreneurs via text 17 00:00:50,880 --> 00:00:54,560 Speaker 2: message and social media with offers of professional support that 18 00:00:54,720 --> 00:00:58,320 Speaker 2: could shift into suggestive language. One woman dubbed him the 19 00:00:58,400 --> 00:01:02,280 Speaker 2: LinkedIn Letcher. There are also corporate governance concerns over mister 20 00:01:02,320 --> 00:01:05,720 Speaker 2: White's decision to pay former chief growth officer Gail Williamson 21 00:01:05,760 --> 00:01:08,959 Speaker 2: two point seven million dollars without disclosing it to investors. 22 00:01:09,240 --> 00:01:11,160 Speaker 2: This is all on top of the dispute between mister 23 00:01:11,160 --> 00:01:14,240 Speaker 2: White and wellness entrepreneur Linda Rogan, who claims that mister 24 00:01:14,319 --> 00:01:17,080 Speaker 2: White wanted to have a sexual relationship with her in 25 00:01:17,240 --> 00:01:20,880 Speaker 2: exchange for investing in her companies. Board of Directors has 26 00:01:20,920 --> 00:01:25,280 Speaker 2: said it's seeking further information and taking external advice. Investors 27 00:01:25,319 --> 00:01:28,440 Speaker 2: are worried they've sold off the company. Mister White crowded 28 00:01:28,440 --> 00:01:31,160 Speaker 2: Wise Tech in nineteen ninety four, listed in twenty sixteen 29 00:01:31,200 --> 00:01:33,399 Speaker 2: worth one billion. It's now worth forty one billion. 30 00:01:34,280 --> 00:01:37,160 Speaker 1: Richard White himself says Sean that he doesn't want to 31 00:01:37,200 --> 00:01:39,759 Speaker 1: step down from running the business. Could that happen though. 32 00:01:40,040 --> 00:01:44,000 Speaker 2: Yes, absolutely. Boards have to take allegations like these series seriously. 33 00:01:44,200 --> 00:01:46,840 Speaker 2: Not that long ago, it could have pretty much have 34 00:01:46,920 --> 00:01:50,200 Speaker 2: been ignored. Less likely now. Plus big investors, superfunds, they 35 00:01:50,200 --> 00:01:52,640 Speaker 2: don't want to be around these sorts of messes. But 36 00:01:53,040 --> 00:01:57,240 Speaker 2: founder CEOs are very, very powerful. It really does share 37 00:01:57,240 --> 00:02:00,280 Speaker 2: the problem with having a dominant founder CEO. When it 38 00:02:00,040 --> 00:02:03,320 Speaker 2: works really well. When it fails, it does so spectacularly. 39 00:02:03,800 --> 00:02:05,960 Speaker 1: Indeed. All right, moving on to story number two. Now, 40 00:02:06,000 --> 00:02:08,919 Speaker 1: the Federal Court has ordered Quantas to pay one hundred 41 00:02:08,960 --> 00:02:12,400 Speaker 1: and seventy thousand dollars in compensation to three workers who 42 00:02:12,440 --> 00:02:16,280 Speaker 1: formed a test case for the seventeen hundred ground workers 43 00:02:16,280 --> 00:02:18,760 Speaker 1: who are illegally sacked during COVID nineteen. 44 00:02:19,560 --> 00:02:21,800 Speaker 2: Given it's a test case, it could get very expensive 45 00:02:21,919 --> 00:02:24,680 Speaker 2: for Quantus, like tens or hundreds of millions of dollars. 46 00:02:24,760 --> 00:02:28,040 Speaker 2: The case now goes into mediation between Quantus and the 47 00:02:28,080 --> 00:02:31,200 Speaker 2: transport Workers' unions to work out payouts for the other 48 00:02:31,280 --> 00:02:34,000 Speaker 2: one thousand, six hundred and ninety seven workers. Now Quantus 49 00:02:34,000 --> 00:02:37,400 Speaker 2: stood down ground handlers which were their employees during COVID. 50 00:02:37,680 --> 00:02:42,560 Speaker 2: They didn't replace them. Instead, they illegally outsourced ground handlers. 51 00:02:42,919 --> 00:02:46,600 Speaker 2: Quantus cy Vanessa Hudson, in the statement yesterday apologized to workers. 52 00:02:46,680 --> 00:02:51,480 Speaker 2: The Transport Workers Union celebrated what it called an unprecedented decision. 53 00:02:52,040 --> 00:02:55,320 Speaker 1: Story number three, King Charles and Queen Camilla are in 54 00:02:55,360 --> 00:02:57,200 Speaker 1: the country in case you didn't know it, Sean and 55 00:02:57,320 --> 00:03:02,200 Speaker 1: Yesterday in Canberra, Independent Senator Lydia Thorpe was escorted from 56 00:03:02,240 --> 00:03:05,560 Speaker 1: Parliament's Great Hall after interrupting a ceremony. 57 00:03:06,040 --> 00:03:08,640 Speaker 2: The ex Green senator waited for the King to finish 58 00:03:08,639 --> 00:03:11,560 Speaker 2: his speech before shouting at him saying things like you 59 00:03:11,600 --> 00:03:13,840 Speaker 2: are not our King, you are not welcome, give us 60 00:03:13,919 --> 00:03:17,960 Speaker 2: our land back, before throwing in some obscenities. She was 61 00:03:17,960 --> 00:03:20,920 Speaker 2: walking towards the King as she was saying it. Eventually 62 00:03:21,000 --> 00:03:23,320 Speaker 2: people stood in front of her. She was forced out 63 00:03:23,400 --> 00:03:26,440 Speaker 2: of the room. During the whole process, the King turned 64 00:03:26,440 --> 00:03:29,520 Speaker 2: and was speaking quietly to Prime Minister Anthony Albanezi. 65 00:03:30,160 --> 00:03:33,200 Speaker 1: This next one story number four is really quite remarkable, Sean. 66 00:03:33,240 --> 00:03:37,320 Speaker 1: The former chair of Mineral Resources, Peter Wade, failed to 67 00:03:37,360 --> 00:03:41,800 Speaker 1: disclose a ten year tax evasion scheme that was established 68 00:03:41,880 --> 00:03:44,680 Speaker 1: by the miner's billionaire managing director, Chris Allison. 69 00:03:45,360 --> 00:03:47,560 Speaker 2: The scheme made money for the two plus three other 70 00:03:47,640 --> 00:03:51,960 Speaker 2: founding executives but cost shareholders seven million dollars, according to 71 00:03:52,040 --> 00:03:55,320 Speaker 2: allegations in the Financial Review. Mister Wade was a member 72 00:03:55,360 --> 00:03:58,720 Speaker 2: of the Mineral Resources Board Audit Committee from two thousand 73 00:03:58,720 --> 00:04:01,520 Speaker 2: and six to twenty eleven. He didn't disclose that the 74 00:04:01,560 --> 00:04:05,600 Speaker 2: five senior executives were using a British Virgin Islands domiciles 75 00:04:05,680 --> 00:04:09,000 Speaker 2: company to buy machinery with shareholder funds and on sell 76 00:04:09,040 --> 00:04:11,240 Speaker 2: the equipment to the West Australian Iron ore and lithium 77 00:04:11,240 --> 00:04:14,560 Speaker 2: minor at a high markup. Mister Ellison told the AFR 78 00:04:14,640 --> 00:04:18,440 Speaker 2: it was a serious lapse of judgment from him. He's 79 00:04:18,480 --> 00:04:21,279 Speaker 2: since made a settlement with the ATO and all outstanding 80 00:04:21,320 --> 00:04:25,440 Speaker 2: tax has been paid. Mineral Reserve Mineral Resources Board said 81 00:04:25,480 --> 00:04:27,520 Speaker 2: it had full confidence in mister Ellison. 82 00:04:27,960 --> 00:04:32,039 Speaker 1: Last one story number five, US Politics Sean Donald Trump 83 00:04:32,120 --> 00:04:35,000 Speaker 1: has had a good and bad couple of days. The 84 00:04:35,040 --> 00:04:38,720 Speaker 1: good great photo opportunity for him working in a McDonald's 85 00:04:38,720 --> 00:04:42,680 Speaker 1: in Pennsylvania. The bad a very off color comment about 86 00:04:42,720 --> 00:04:44,280 Speaker 1: former golfer Arnold Palmer. 87 00:04:44,839 --> 00:04:47,440 Speaker 2: Not only is this the closest presidential race in decades, 88 00:04:47,480 --> 00:04:50,320 Speaker 2: I reckon it is the weirdest. Mister Trump was working 89 00:04:50,360 --> 00:04:53,760 Speaker 2: at McDonald's. He's in a drive through. He was boxing Chipsy. 90 00:04:53,960 --> 00:04:56,040 Speaker 2: It's been about fifteen minutes there, and it was a 91 00:04:56,080 --> 00:05:00,720 Speaker 2: fantastic photo opportunity, no doubt about it. Early in a 92 00:05:00,839 --> 00:05:04,839 Speaker 2: twelve minute speech at Arnold Palmer Regional Airport, he said, 93 00:05:04,960 --> 00:05:08,000 Speaker 2: and I quit when he took showers. He's referring to 94 00:05:08,080 --> 00:05:10,760 Speaker 2: Arnold Palmer when he took showers with the other pros. 95 00:05:11,000 --> 00:05:13,320 Speaker 2: They came out of there, they said, oh my god, 96 00:05:13,440 --> 00:05:16,960 Speaker 2: that's unbelievable. We know what is referencing. He went on, 97 00:05:17,440 --> 00:05:20,440 Speaker 2: we have women that are highly sophisticated here, but they 98 00:05:21,080 --> 00:05:26,000 Speaker 2: used to look at Arnold. Wow, poor taste, sexist, irrelevant. 99 00:05:26,920 --> 00:05:29,440 Speaker 1: There we go, the top five business stories in five minutes. 100 00:05:29,440 --> 00:05:32,640 Speaker 1: Thank you Sean, Thank you Michael. It's Tuesday, the twenty 101 00:05:32,720 --> 00:05:35,520 Speaker 1: second of October twenty twenty four. Remember to hit follow 102 00:05:35,600 --> 00:05:37,680 Speaker 1: on the podcast and five minutes isn't enough. You can 103 00:05:37,720 --> 00:05:40,479 Speaker 1: find our longer daily show called Fear and Greed wherever 104 00:05:40,520 --> 00:05:43,000 Speaker 1: you listen to podcasts. I'm Michael Thompson and that was 105 00:05:43,040 --> 00:05:45,800 Speaker 1: the past five business news by Fear and Greed. It's 106 00:05:45,839 --> 00:05:48,680 Speaker 1: a great day.