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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Wednesday,

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Speaker 1: the sixteenth of April twenty twenty five. I'm Sean Aylmer.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. Storing one. The SMPA

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Speaker 1: six two hundred was flat today, finishing down just three

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Speaker 1: points to seven seven hundred and fifty nine points. It

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Speaker 1: was another quieter day on the market, at least compared

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Speaker 1: to the frantic pace of recent weeks. Generally, the financials

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Speaker 1: did best. Westpac was up about one and a half percent.

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Speaker 1: The big miners and energy stocks got sold off as

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Speaker 1: pressure on commodity prices, including oil prices continues. Story number

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Speaker 1: two Wisetech Global founder and former chief executive officer Richard

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Speaker 1: White is now chief Innovation Officer as well as executive chair,

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Speaker 1: and he'll continue to be paid one million dollars a year.

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Speaker 1: The search for a new CEO the Tech group continues,

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Speaker 1: though some of the jobs White will assume look and

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Speaker 1: sound a lot like the job of the chief executive. Today,

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Speaker 1: weisteks it had entered a new employment contract with White,

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Speaker 1: who owns about thirty percent of the company. Now he

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Speaker 1: resigned a CEO and a director late last year following

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Speaker 1: a series of allegations against him, including that he exchanged

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Speaker 1: business advice for sex. He moved into a new one

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Speaker 1: million dollar a year consulting role, now the exact terms

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Speaker 1: of which couldn't be agreed upon. Ultimately, that led to

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Speaker 1: the resignation of four directors, including the chair. This paved

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Speaker 1: the way for mister White's comeback, who announced himself as

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Speaker 1: executive chair and now chief financial officer as part of

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Speaker 1: a ten year deal. The Australian Shareholders Association blasted the move,

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Speaker 1: saying weistech is an operating as it would expect from

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Speaker 1: an ASX listed group, straight number three staying in the

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Speaker 1: world of corporate governance. The share price of Mineral Resources

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Speaker 1: fell nine percent today after two independent board members resigned

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Speaker 1: from the country. Susie Corlette and Jacqueline McGill have been

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Speaker 1: overseeing attempts to improve the miners corporate governance and investigate

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Speaker 1: the conduct of its billionaire founder, Chris Ellison. Ellison's due

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Speaker 1: to quit MinRes next year after acknowledging his participation in

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Speaker 1: an offshore tax scheme that enriched him and others at

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Speaker 1: the expense of the Iron Ore and with him produced

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Speaker 1: he founded in nineteen ninety two. Mcgillan called sat on

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Speaker 1: Minrez's Ethics and Governance Committee. There arebrupt departures have sparked

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Speaker 1: questions over the Miners' sincerity about improving its corporate governance.

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Speaker 1: The exit comes as the company grapples with growing debt,

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Speaker 1: slumping share price, and the fallout from the revelations around

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Speaker 1: Ellison's conduct. Story number four. Bank of Queensland' share price

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Speaker 1: jump more than five percent today after it posted an

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Speaker 1: unexpected rise in cash earnings, though it warned that bad

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Speaker 1: loans are expected to rise now. Cash earnings for the

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Speaker 1: six months to the end of February were up six percent.

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Speaker 1: For some rare good news for the bank, which has

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Speaker 1: been battling technology issues and working through plans to consolidate

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Speaker 1: its branch operations, including some closures and taking over some

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Speaker 1: franchised outlets. CEO Patrick Alloway to the bank is making

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Speaker 1: considerable progress transforming to a simpler specialist bank. Its net

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Speaker 1: interest margin effectively its profit margin was steady. However, strong

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Speaker 1: commercial lending offset a drop in mortgages and story number

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Speaker 1: five in Corporate News today, Rio Tinto's flagship Iron Ore

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Speaker 1: Division made a week start to the new year. In fact,

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Speaker 1: it was the weakest start in a decade on the

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Speaker 1: back of wild weather that will cost about one hundred

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Speaker 1: and fifty million dollars to mitigate by a hour pay later.

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Speaker 1: Operate a Zip upgraded its full year earnings guidance, sending

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Speaker 1: its share price up nineteen percent, and Star Entertainment started

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Speaker 1: training again after a sixteen day hiatus. While it sorted

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Speaker 1: out its accounts, by the close it was slightly higher.

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Speaker 1: That's it for the afternoon report for Wednesday, the sixteenth

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Speaker 1: of April twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast. We'll be back tomorrow morning with the

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Speaker 1: first edition of Fear and Greed Business News. I'm Shane Elma.

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Speaker 1: Enjoy your evening.