1 00:00:03,880 --> 00:00:07,400 Speaker 1: It's Friday, twenty sixth of September twenty twenty five. Welcome 2 00:00:07,440 --> 00:00:10,080 Speaker 1: to the Fast five Business News by Fear and Greed, 3 00:00:10,080 --> 00:00:12,040 Speaker 1: where we give you the top five business stories you 4 00:00:12,080 --> 00:00:14,600 Speaker 1: need to know in just five minutes. Are Michael Thompson 5 00:00:14,640 --> 00:00:16,120 Speaker 1: and Good Morning, Sean Aylmer. 6 00:00:16,520 --> 00:00:17,840 Speaker 2: Good morning Michael. 7 00:00:17,760 --> 00:00:21,479 Speaker 1: Sean five stories, five minutes. Let's go sorry. Number one. 8 00:00:21,680 --> 00:00:25,320 Speaker 1: Prime Minister Anthony Albernezi spent his last day in New 9 00:00:25,400 --> 00:00:29,280 Speaker 1: York reintroducing Australia's bid for another term on the United 10 00:00:29,320 --> 00:00:33,040 Speaker 1: Nations Security Council and then pouring beers at an Aussie 11 00:00:33,120 --> 00:00:34,080 Speaker 1: pub in the Big Apple. 12 00:00:34,640 --> 00:00:37,280 Speaker 2: In his in nordrural address to the UN General Assembly, 13 00:00:37,440 --> 00:00:39,920 Speaker 2: the PM said while the UN was more important than 14 00:00:39,960 --> 00:00:42,000 Speaker 2: ever given the state of the world, it's impotence in 15 00:00:42,000 --> 00:00:45,120 Speaker 2: the Middle East shows it badly needs reform. In sharp 16 00:00:45,200 --> 00:00:48,240 Speaker 2: contrast to comments at the General Assembly from US President 17 00:00:48,280 --> 00:00:51,680 Speaker 2: Donald Trump, Albernizi said if the UN steps back, everyone 18 00:00:51,760 --> 00:00:54,200 Speaker 2: loses ground. He went on to say that if any 19 00:00:54,320 --> 00:00:57,360 Speaker 2: nation imagines itself outside the rules were above them, then 20 00:00:57,360 --> 00:01:00,880 Speaker 2: the sovereignty of every nation is eroded. He said that's 21 00:01:00,880 --> 00:01:04,720 Speaker 2: what's behind Australia's bid. In concert with Pacific Nations for 22 00:01:04,800 --> 00:01:07,280 Speaker 2: next year's U end COP thirty one summit. The Prime 23 00:01:07,319 --> 00:01:11,000 Speaker 2: Minister reaffirmed his commitment to meet new twenty thirty five 24 00:01:11,040 --> 00:01:14,120 Speaker 2: emissions target and net zero emissions by twenty fifty. He 25 00:01:14,160 --> 00:01:16,760 Speaker 2: also pledged Australia support for a two state solution between 26 00:01:16,760 --> 00:01:20,279 Speaker 2: Israel and Palestine, and said Australia honors indigenous people around 27 00:01:20,319 --> 00:01:23,840 Speaker 2: the world. He called out anti Semitism and particularly Iran 28 00:01:24,240 --> 00:01:25,840 Speaker 2: in a fairly wide ranging speech. 29 00:01:26,080 --> 00:01:28,720 Speaker 1: Now and then he went to Hamish and Andy's pub, Sean, 30 00:01:28,880 --> 00:01:32,520 Speaker 1: the Aussie comedians who actually co owned the New York establishment. 31 00:01:33,040 --> 00:01:36,039 Speaker 2: Apparently he shouted the bar. Footage uploaded to Instagram by 32 00:01:36,080 --> 00:01:40,240 Speaker 2: Nova radio show Fitzi, Whipper and Kate shows Albanesi speaking 33 00:01:40,240 --> 00:01:42,520 Speaker 2: to drinkers at the pub, which is jointly owned by 34 00:01:42,600 --> 00:01:47,680 Speaker 2: Hamish Blake, Andy Lee, Hugh grand Ash BARTI few people 35 00:01:47,720 --> 00:01:50,880 Speaker 2: in that one, he said the prem this is it 36 00:01:51,000 --> 00:01:54,240 Speaker 2: was a proud occasion as Australia's Prime Minister to talk 37 00:01:54,280 --> 00:01:56,640 Speaker 2: to the United Nations. Then he did whatevery great leader 38 00:01:56,680 --> 00:01:58,800 Speaker 2: does He walks behind the bar and starts pouring beers. 39 00:01:59,280 --> 00:02:01,960 Speaker 1: Kind of Bob Hall esque, isn't it Fairy? Bob hawk 40 00:02:02,080 --> 00:02:04,680 Speaker 1: esk Yes, Okay. Moving on to story number two. Now 41 00:02:04,840 --> 00:02:08,840 Speaker 1: sean an internal investigation by Premier Investments, which is the 42 00:02:08,880 --> 00:02:13,040 Speaker 1: owner of Smiggle and Peter Alexander, has allegedly uncovered a 43 00:02:13,120 --> 00:02:20,080 Speaker 1: culture of serious misconducts ranging from absenteeism, intoxication during work hours, bullying, 44 00:02:20,280 --> 00:02:23,160 Speaker 1: sexual harassment, potential bribery as well. 45 00:02:23,440 --> 00:02:26,400 Speaker 2: Billionaire founder Solomon Lou discussed the revelations yesterday at the 46 00:02:26,440 --> 00:02:28,600 Speaker 2: group's full year profit announcement, more than a year after 47 00:02:28,680 --> 00:02:32,840 Speaker 2: John Cheston was sacked as chief executive of Smiggle. Premier 48 00:02:32,960 --> 00:02:37,079 Speaker 2: has not publicly outlined the reasons for Cheston's departure, apart 49 00:02:37,160 --> 00:02:39,520 Speaker 2: from saying there was seriousness conduct in a serious breach 50 00:02:39,680 --> 00:02:43,480 Speaker 2: obviously his employment terms. Now Chesteron Three's lawyer denies any 51 00:02:43,560 --> 00:02:46,239 Speaker 2: wrongdoing and keep that in mind these are only allegations. 52 00:02:46,280 --> 00:02:50,160 Speaker 2: At this point, his lawyers have said any allegations have 53 00:02:50,200 --> 00:02:54,799 Speaker 2: been false, vindictive and profoundly disappointing. Now Solomon Lou yesterday 54 00:02:54,840 --> 00:02:58,440 Speaker 2: said we've investigated into our people in culture department at Smiggles. 55 00:02:58,440 --> 00:03:02,280 Speaker 2: He's talking about whereby people were being bullied, sexual harassment, etc. 56 00:03:02,680 --> 00:03:05,760 Speaker 2: That was never reported interferenced by the CEO to that department, 57 00:03:06,120 --> 00:03:08,639 Speaker 2: and there's a long list of situations other as she's 58 00:03:08,680 --> 00:03:12,560 Speaker 2: being investigated include allegations of tampering with company product that 59 00:03:12,720 --> 00:03:17,520 Speaker 2: needed to be returned and potential instances of bribery. Once again, 60 00:03:17,680 --> 00:03:19,920 Speaker 2: I say, mister Cheston has not had his say. He 61 00:03:20,000 --> 00:03:23,120 Speaker 2: rejects these allegations totally. But you would imagine this one 62 00:03:23,240 --> 00:03:24,320 Speaker 2: is going to end up in court. 63 00:03:24,560 --> 00:03:27,399 Speaker 1: Yeah, potentially, all right, Storry number three. The May three 64 00:03:27,720 --> 00:03:31,960 Speaker 1: federal election Sean is finally complete after the Liberal candidate 65 00:03:32,000 --> 00:03:36,520 Speaker 1: for Bradfield in Northern Sydney, Giselle Capterian, abandoned a court 66 00:03:36,560 --> 00:03:40,000 Speaker 1: bid to overturn her defeat, accepting the result after further 67 00:03:40,040 --> 00:03:42,000 Speaker 1: scrutiny of disputed ballots. 68 00:03:41,840 --> 00:03:45,160 Speaker 2: Teel independent Nicolotte Bowl helped the seat by twenty six 69 00:03:45,240 --> 00:03:48,000 Speaker 2: votes after counting and recounting, the first time it hasn't 70 00:03:48,000 --> 00:03:50,400 Speaker 2: been held by the Libs. The initial count appeared to 71 00:03:50,400 --> 00:03:53,160 Speaker 2: give the seat to Capterian, who voted in the federal 72 00:03:53,240 --> 00:03:55,800 Speaker 2: Liberal leadership ballot and was given a shadow Assistant ministry 73 00:03:55,840 --> 00:03:58,880 Speaker 2: by opposition leader Susan Lee. The recount gave it to Bowl, 74 00:03:59,240 --> 00:04:02,320 Speaker 2: who's been in part ever since capt tearing yesterday posted 75 00:04:02,360 --> 00:04:04,720 Speaker 2: that after a final review of the ballot papers following 76 00:04:04,720 --> 00:04:08,040 Speaker 2: the two different results in Bradfield, I'm satisfied that overall 77 00:04:08,080 --> 00:04:09,720 Speaker 2: the cricked outcome has been declared. 78 00:04:09,920 --> 00:04:12,840 Speaker 1: Story number four. Mcquarie will pay three hundred and twenty 79 00:04:12,880 --> 00:04:16,679 Speaker 1: one million dollars to thousands of investors whose superannuation savings 80 00:04:16,720 --> 00:04:20,680 Speaker 1: were tipped into the collapsed Shield Master Fund through its 81 00:04:20,720 --> 00:04:24,120 Speaker 1: platform over twenty twenty two and twenty twenty three, after 82 00:04:24,160 --> 00:04:27,320 Speaker 1: admitting it broke the law by failing to place Shield 83 00:04:27,440 --> 00:04:29,960 Speaker 1: on a watch list for heightened monitoring. 84 00:04:29,960 --> 00:04:33,000 Speaker 2: This sin and Securities and Investments Commission has commenced proceedings 85 00:04:33,040 --> 00:04:35,520 Speaker 2: in the Federal Court against mcquarie and has accepted a 86 00:04:35,600 --> 00:04:38,560 Speaker 2: court enforceable undertaking from the banking giant that it will 87 00:04:38,560 --> 00:04:41,000 Speaker 2: pay three thousand investors all of the money put into 88 00:04:41,000 --> 00:04:44,800 Speaker 2: the collapse Shield Fund. According to reporting the Odds, Shield, 89 00:04:44,800 --> 00:04:48,360 Speaker 2: a property focused investment fund under investigation for allegedly mishandling 90 00:04:48,400 --> 00:04:51,360 Speaker 2: super money, was put into liquidation last year, leaving fifty 91 00:04:51,400 --> 00:04:55,120 Speaker 2: eight hundred investors at risk of losing their retirement savings. 92 00:04:55,160 --> 00:04:57,320 Speaker 2: All up, four hundred and eighty million dollars went into 93 00:04:57,320 --> 00:05:00,760 Speaker 2: the fund. Of that three twenty one million was invested 94 00:05:00,880 --> 00:05:04,719 Speaker 2: into the scheme through mcquarie's platform, and that's what's being refunded. 95 00:05:05,040 --> 00:05:08,719 Speaker 1: Finally, Sean story number five, Elon musks X has accused 96 00:05:08,760 --> 00:05:13,240 Speaker 1: the Federal government of undermining human rights by restricting children's 97 00:05:13,240 --> 00:05:15,320 Speaker 1: free speech and access to information. 98 00:05:15,600 --> 00:05:18,279 Speaker 2: The comments came in a submission to a parliamentary inquiry 99 00:05:18,320 --> 00:05:21,440 Speaker 2: into the government social media band and its age verification. 100 00:05:21,960 --> 00:05:24,880 Speaker 2: The World First ban, which will take effect on December ten, 101 00:05:24,960 --> 00:05:27,960 Speaker 2: will prevent all children under the age of sixteen from 102 00:05:28,000 --> 00:05:31,360 Speaker 2: accessing social media, with the owners on social media companies 103 00:05:31,400 --> 00:05:34,479 Speaker 2: to prevent the access, X said it had serious concerns 104 00:05:34,520 --> 00:05:37,040 Speaker 2: as to the lawfulness of the bill, including its compatibility 105 00:05:37,040 --> 00:05:40,800 Speaker 2: with other regulations and laws, particularly the UN Convention on 106 00:05:40,880 --> 00:05:43,839 Speaker 2: the Rights of the Child and the Communications Minister Arnica 107 00:05:43,880 --> 00:05:48,159 Speaker 2: Wells said that's wrong because children's well being is protected 108 00:05:48,360 --> 00:05:51,920 Speaker 2: by the UN Convention. Anyway, we'll see what that one lands. 109 00:05:52,000 --> 00:05:53,800 Speaker 1: All right there, we go to the top five business 110 00:05:53,800 --> 00:05:56,240 Speaker 1: stories in five minutes. Thank you, Sean, Thank you Michael. 111 00:05:56,440 --> 00:05:59,320 Speaker 1: It is Friday, the twenty sixth of September twenty twenty five. 112 00:05:59,640 --> 00:06:02,320 Speaker 1: Remember to hit follow on the podcast and if five 113 00:06:02,320 --> 00:06:04,760 Speaker 1: minutes isn't enough, you can find our longer daily show 114 00:06:04,839 --> 00:06:07,760 Speaker 1: called Fear and Greed wherever you listen to podcasts. I'm 115 00:06:07,760 --> 00:06:10,080 Speaker 1: Michael Thompson and that was the Fast five business news 116 00:06:10,080 --> 00:06:14,440 Speaker 1: by Fear and Greed. Had a great day.