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Speaker 1: It's Tuesday, the fifth of November twenty twenty four. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed.

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Speaker 1: Will we give you the top five business stories you

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Speaker 1: need to know intus five minutes.

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Speaker 2: I'm Michael Thompson and good morning Sean.

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Speaker 3: Aylmer, Good morning, Michael Sewan.

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Speaker 2: Five stories in five minutes. Let's go with story number one.

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Speaker 2: They're Managing director and founder of Mineral Resources, Chris Ellison

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Speaker 2: will step down within eighteen months after the board of

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Speaker 2: the miner found he used company resources for his personal

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Speaker 2: benefit and had not acted with integrity.

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Speaker 3: The chair of the board, James McClements, will also depart

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Speaker 3: next year. Mineral Resources share price fell as much as

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Speaker 3: ten percent of the news before closing down nine percent.

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Speaker 3: All this comes after the board instigated an inquiry after

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Speaker 3: the Financial Review reported that mister Ellison and others allegedly

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Speaker 3: benefited through an offshore tax scheme. He's repaid the ATO,

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Speaker 3: but the fact that until the board for a couple

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Speaker 3: of years isn't going down so well. In a statement,

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Speaker 3: the board said, there can be no doubt that the actions,

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Speaker 3: decisions and behaviors of mister Ellison have been profoundly disappointing

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Speaker 3: and requires sanction and penalty. He'll refund three point seven

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Speaker 3: nine million dollars to MinRes lose this year's three point

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Speaker 3: one million dollar bonus four for six and a half

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Speaker 3: million dollars of unvested long term and short term incentives.

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Speaker 3: He's also agreed to donate five million dollars to charity Sean.

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Speaker 2: This is a pretty incredible story because the investigation actually

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Speaker 2: uncovered a whole lot more than just an alleged tax scheme.

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Speaker 3: Yes, according to the FINN, it uncovered things like mister

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Speaker 3: Ellison getting staff to work on his personal boat, company

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Speaker 3: employees managing his personal finance, mister Elison buying goods and

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Speaker 3: services for his own use using company money, and other

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Speaker 3: stuff like his daughter winning rent and relief on company

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Speaker 3: owned properties. This is an AX listed company for all shareholders,

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Speaker 3: not just the biggest. The board seem to want an

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Speaker 3: orderly transition, hence he's hanging around for eighteen months. Really,

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Speaker 3: I'd say sure about whether that one past.

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Speaker 2: This is the pub test story number two Sean. Westpac

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Speaker 2: has upped its share buyback and lifted its final dividend

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Speaker 2: after it reported a smaller profit for the financial year

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Speaker 2: ending thirty September.

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Speaker 3: So Westpac, along with National Australian Bank and am Z

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Speaker 3: ED report twelve months to the end of September. Westpac's

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Speaker 3: profit was three percent lower to seven billion dollars, no

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Speaker 3: special dividend, which the market expected. Though that higher final dividend,

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Speaker 3: the share price closed up nearly one percent. It was

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Speaker 3: the last result for Peter King, CEO. He said, Australia's

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Speaker 3: economy showing positive signs, but some customers are facing difficult choices.

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Speaker 3: Expenses are key for Westpac. They've been spending and will

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Speaker 3: continue to spend to upgrade their technology stack. The net

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Speaker 3: interest margin basically the profit margin up eight basis points

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Speaker 3: good news. They're also doing very well in business banking,

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Speaker 3: with profit in that part of the business doing extremely well.

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Speaker 3: Peter King gives the top job to a guy called

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Speaker 3: Anthony Miller. On December six, story number.

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Speaker 2: Three, the Albanesi government will cancel the seven billion dollar

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Speaker 2: plan to deliver a military grade satellite communications system.

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Speaker 3: Apparently it no longer meets strategic priorities. We only got

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Speaker 3: at about six eighteen months ago, so it's a very

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Speaker 3: quick change of heart. The defense said it will pursue

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Speaker 3: a multi orbit satellite system. It says that a single

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Speaker 3: orbit GEO based satellite communications system wouldn't meet strategic priorities.

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Speaker 3: Just the fact that they've had a change of heart

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Speaker 3: on a seven billion dollar, multi year project after only

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Speaker 3: eighteen months. Hmm. I don't know whether that one passes

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Speaker 3: the pub test. EI.

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Speaker 2: The Michael story number four sean, the Sydney Marathon has

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Speaker 2: been elevated to one of these seven Abbot World Marathon Majors,

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Speaker 2: which gives it enormous prestige, doesn't it in the world

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Speaker 2: a running.

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Speaker 3: Yeah, So they have seven big global marathons, will be Tokyo, Boston, London, Berlin, Chicago,

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Speaker 3: New York and Sydney. There's been a three year program

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Speaker 3: to improve the event. It finishes at the Opera House.

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Speaker 3: It runs in September, or did last September. About twenty

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Speaker 3: five thousand people rent it. It's kind of made first grade.

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Speaker 3: Australian Athletics president Jane Fleming, who knows a thing or

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Speaker 3: two about running, said it's a transformative moment for Australian Athletics.

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Speaker 3: Good on them.

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Speaker 2: Indeed, last one, story number five, massive massive day, isn't it, Sean?

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Speaker 2: Because it is election day tonight in the US and

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Speaker 2: results will start rolling in tomorrow Australian time, but it

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Speaker 2: could be days before a final outcome is actually reached.

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Speaker 3: Yep, too tight to call. Who knows who'll win. Betting

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Speaker 3: markets have Donald Trump as favorite. The latest polls have

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Speaker 3: been a little bit more sympathetic to Carmela Harris. Outside

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Speaker 3: of COVID, there's been record early voting that suggests there

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Speaker 3: will be a good voted turnout. The last few speeches

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Speaker 3: from Harris have been very much focused on policy. In fact,

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Speaker 3: she did one speech in the last twenty four hours.

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Speaker 3: We shouldn't mention Donald Trump once. That's the first time

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Speaker 3: that's happened this campaign. Donald Trump, well, he suggested the

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Speaker 3: election system, polling firms and media were corrupt. Not much evidence.

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Speaker 3: He mean, people expect he'll can test any result that

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Speaker 3: comes in if he doesn't win. I've been loving it, Michael,

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Speaker 3: but for those who don't love it, it'll all be

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Speaker 3: over soon. It will.

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Speaker 2: Indeed, there we go to the top five business stories

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Speaker 2: in five minutes.

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Speaker 3: Thank you Sean, Thank you Michael.

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Speaker 1: It's Tuesday, the fifth of November twenty twenty four. Remember

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Speaker 1: hit follow on the podcast and five minutes isn't enough.

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Speaker 2: You can find our longer daily show called Fear and

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Speaker 2: Greed wherever you listen to. Podcasts are Michael Thompson. And

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Speaker 2: that was the past five Business news by Fear and Greed.

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Speaker 2: Had a great day,