1 00:00:03,880 --> 00:00:06,760 Speaker 1: It's Wednesday, the twenty sixth of November twenty twenty five. 2 00:00:06,840 --> 00:00:09,520 Speaker 1: Welcome to the Fast five Business News by Fear and Greed, 3 00:00:09,520 --> 00:00:11,360 Speaker 1: where we give you the top five business stories you 4 00:00:11,440 --> 00:00:13,720 Speaker 1: need to know in just five minutes. I'm Michael Thompson 5 00:00:13,720 --> 00:00:16,680 Speaker 1: and good morning Sean Ayler, Good morning, Michael Shawan. Five 6 00:00:16,960 --> 00:00:19,360 Speaker 1: massive stories to race through, just five minutes to do it. 7 00:00:19,440 --> 00:00:21,959 Speaker 1: Let's go with story number one. Bendigo and Adelaide Bank 8 00:00:22,280 --> 00:00:26,360 Speaker 1: has found broad deficiencies, including customer due diligence, in its 9 00:00:26,400 --> 00:00:30,960 Speaker 1: management of anti money laundering and terrorism financing, once again 10 00:00:31,080 --> 00:00:34,280 Speaker 1: putting the spotlight on a legal activity in the banking sector. 11 00:00:34,520 --> 00:00:37,400 Speaker 2: Bendingo and Adelaide had asked Deloitte to conduct an investigation 12 00:00:37,479 --> 00:00:40,520 Speaker 2: of suspicious activity in one of its branches. The review 13 00:00:40,600 --> 00:00:44,640 Speaker 2: ultimately identified weaknesses and deficiencies across many key aspects of 14 00:00:44,680 --> 00:00:49,159 Speaker 2: the bank's anti money laundering and terrorist financing risk management program. 15 00:00:49,360 --> 00:00:52,360 Speaker 2: Found all sorts of problems across the whole bank, not 16 00:00:52,440 --> 00:00:55,680 Speaker 2: the branch in question. Fixing the problems will cost money 17 00:00:55,720 --> 00:00:58,840 Speaker 2: now the Beningo and Elaid's board, so it was very 18 00:00:58,840 --> 00:01:02,840 Speaker 2: disappointing pointed by the findings obviously, but as share price 19 00:01:02,960 --> 00:01:06,520 Speaker 2: fell seven percent. It just adds to the bank's kind 20 00:01:06,560 --> 00:01:10,119 Speaker 2: of collective track record of breaking anti money laundering and 21 00:01:10,240 --> 00:01:13,200 Speaker 2: terrorism rules. Bank of Queensland a couple of years ago 22 00:01:13,280 --> 00:01:16,520 Speaker 2: reached an agreement with OSTRAK after the agency found it 23 00:01:16,600 --> 00:01:19,760 Speaker 2: had inadequate anti money laundering controls. A year early, National 24 00:01:19,760 --> 00:01:22,440 Speaker 2: Australian Bank accepted a similar undertaking. The big one was 25 00:01:22,440 --> 00:01:24,960 Speaker 2: wes Pac twenty twenty, agreed to pay one point three 26 00:01:25,000 --> 00:01:29,240 Speaker 2: billion dollar fine after the discovery of serious and systemic failings, 27 00:01:29,480 --> 00:01:32,120 Speaker 2: ultimately led to the replacement of the bank's CEO. CommBank 28 00:01:32,120 --> 00:01:34,040 Speaker 2: also got caught up in about twenty seventeen. 29 00:01:34,319 --> 00:01:37,040 Speaker 1: What's just mean for investors? How much does it unsettle them? 30 00:01:37,040 --> 00:01:39,039 Speaker 1: And not just in Bandigo and Adelaide Bank, but the 31 00:01:39,080 --> 00:01:39,639 Speaker 1: whole sector. 32 00:01:39,640 --> 00:01:42,240 Speaker 2: I suppose well plenty. This issue seems specific to the 33 00:01:42,240 --> 00:01:45,720 Speaker 2: regional bank, but the news gives investors another reason to 34 00:01:45,720 --> 00:01:48,440 Speaker 2: sell off the banks. Yesterday, for example, the banks were 35 00:01:48,440 --> 00:01:50,560 Speaker 2: sold off, whereas the rest of the market was higher. 36 00:01:51,040 --> 00:01:53,720 Speaker 2: For months, analysts have argued the banks are overvalued, particularly 37 00:01:53,720 --> 00:01:57,040 Speaker 2: Commonwealth Bank. The Bendigo and Adelaide news raises questions about 38 00:01:57,080 --> 00:02:00,480 Speaker 2: anti money laundering, terror financing controls, even if run any 39 00:02:00,480 --> 00:02:03,960 Speaker 2: new issues for those banks. What we've seen any little 40 00:02:03,960 --> 00:02:06,760 Speaker 2: reason like this, people are selling Combank down twenty percent 41 00:02:06,840 --> 00:02:09,720 Speaker 2: since its peak, Ain's at eleven percent, Nabs off ten 42 00:02:09,760 --> 00:02:12,200 Speaker 2: percentz Packs off seven percent since its peak. 43 00:02:12,440 --> 00:02:14,320 Speaker 1: All right, moving on to story number two now and 44 00:02:14,400 --> 00:02:19,080 Speaker 1: Domino's franchisees SEAN are not happy with head office. The franchisees, 45 00:02:19,120 --> 00:02:21,160 Speaker 1: which I own more than forty percent of all Domino's 46 00:02:21,160 --> 00:02:25,680 Speaker 1: pizza stores across Australia. They are demanding an immediate reduction 47 00:02:25,919 --> 00:02:28,959 Speaker 1: in fees. Meanwhile, the Consumer and Competition Watchdog was in 48 00:02:29,000 --> 00:02:31,720 Speaker 1: the early stages of an investigation into Dominoes. 49 00:02:31,800 --> 00:02:34,160 Speaker 2: That's they were claims by local franchisees is say they 50 00:02:34,160 --> 00:02:37,680 Speaker 2: are subsidizing the company's failing overseas expansion. The fin reviews 51 00:02:37,680 --> 00:02:39,880 Speaker 2: reporting that Domino's had to hand over to the HABC 52 00:02:40,080 --> 00:02:42,680 Speaker 2: list of current and former franchisees. In terms of the 53 00:02:42,680 --> 00:02:46,000 Speaker 2: fie fight, one hundred and twenty eight franchisees representing three 54 00:02:46,120 --> 00:02:48,440 Speaker 2: hundred and fifty out of eight hundred and twenty nine 55 00:02:48,480 --> 00:02:52,200 Speaker 2: local stores, have been negotiating with executive chair Jack Cowen 56 00:02:52,240 --> 00:02:54,480 Speaker 2: for months over fees. They accused the company of making 57 00:02:54,520 --> 00:02:58,239 Speaker 2: it impossible for them to earn good money, particularly aggrieved 58 00:02:58,280 --> 00:03:01,680 Speaker 2: by what they say are dismissive or a dismissive attitude 59 00:03:01,760 --> 00:03:05,640 Speaker 2: from Cowen. They're particularly upset about reported comments of Cowen 60 00:03:05,680 --> 00:03:08,520 Speaker 2: when he described the franchise's as squeaky wheels and poor performance. 61 00:03:08,520 --> 00:03:11,520 Speaker 2: So his part, Cowen, who's made a fortunate hungary Jack's 62 00:03:11,560 --> 00:03:14,840 Speaker 2: big shareholder in Domino's, said he'd held positive discussions with 63 00:03:14,880 --> 00:03:16,200 Speaker 2: an internal franchise group. 64 00:03:16,480 --> 00:03:21,800 Speaker 1: Story number three Macquarie Groups. Shamara Wickramaniaka has again topped 65 00:03:21,800 --> 00:03:24,680 Speaker 1: the list of CEOs with the highest take home pay, 66 00:03:24,720 --> 00:03:27,240 Speaker 1: but she was only number five sean when it came 67 00:03:27,280 --> 00:03:30,720 Speaker 1: to realized pay, with bonuses and vesting options boosting the 68 00:03:30,760 --> 00:03:34,359 Speaker 1: remuneration of some now quite rich bosses. 69 00:03:34,480 --> 00:03:36,920 Speaker 2: Bill Beaumont not a household name, but he is chief 70 00:03:36,960 --> 00:03:41,120 Speaker 2: executive of mining exploration company Developed Global fifty eight million dollars. 71 00:03:41,200 --> 00:03:43,800 Speaker 2: He's wealth jumped after fourteen million options in the company 72 00:03:43,800 --> 00:03:46,880 Speaker 2: he leads were converted into shares. This is all according 73 00:03:46,880 --> 00:03:49,560 Speaker 2: to the AFR. Next on the list of realized pay 74 00:03:49,680 --> 00:03:52,280 Speaker 2: was Resmes Mick Farrell forty five point six million. Sigma 75 00:03:52,320 --> 00:03:55,360 Speaker 2: Health kez vkesh rounds under at twenty six point eight million. 76 00:03:56,120 --> 00:03:58,040 Speaker 2: Five of the top ten companies with the highest pay 77 00:03:58,120 --> 00:04:00,760 Speaker 2: chief executives this year came from the materials I think, 78 00:04:00,800 --> 00:04:04,320 Speaker 2: minus two from healthcare, only one from property and financial services. 79 00:04:04,320 --> 00:04:07,520 Speaker 2: Top three hundred chief executives reported play rose ten percent 80 00:04:07,680 --> 00:04:09,680 Speaker 2: to an average of three point eight six million dollars. 81 00:04:10,440 --> 00:04:14,520 Speaker 1: Story number four, I love this story. Oh it's a ripper. 82 00:04:14,600 --> 00:04:17,640 Speaker 1: The first treasures have been recovered from what is believed 83 00:04:17,640 --> 00:04:21,159 Speaker 1: to be the most valuable shipwreck in history. It is 84 00:04:21,200 --> 00:04:23,920 Speaker 1: a Spanish galleon that sank in seventeen o eight to 85 00:04:23,960 --> 00:04:26,520 Speaker 1: the Caribbean c with a whul worth as much as 86 00:04:26,600 --> 00:04:31,839 Speaker 1: fourteen no sorry, fifteen even more. Fifteen billion pounds. 87 00:04:31,960 --> 00:04:34,320 Speaker 2: A canon, three gold coins, and a personin cup were 88 00:04:34,320 --> 00:04:37,680 Speaker 2: among the items brought to the surface by Columbian researchers. 89 00:04:37,880 --> 00:04:40,600 Speaker 2: The San Jose sank after a brutal clash with a 90 00:04:40,600 --> 00:04:44,320 Speaker 2: British squadron. It's often described as the Holy Grail of shipwrecks. 91 00:04:44,360 --> 00:04:47,520 Speaker 2: According to The Australian, it had sailed from Portobello, Panama, 92 00:04:47,640 --> 00:04:50,839 Speaker 2: as the flagship of the Tierra Firmer Fleet, which was 93 00:04:50,920 --> 00:04:55,280 Speaker 2: charged with transporting Spain's colonial riches to Europe. Didn't stand 94 00:04:55,279 --> 00:04:58,200 Speaker 2: a chance when it came up against Admiral Charles Wages 95 00:04:58,279 --> 00:05:02,320 Speaker 2: British ships. Apparently looks like a broadside ruptured the whole, 96 00:05:02,400 --> 00:05:05,280 Speaker 2: igniting the Power magazine sending the sixty two gun three 97 00:05:05,400 --> 00:05:08,920 Speaker 2: masted vessel six hundred meters to the C four. Now 98 00:05:08,920 --> 00:05:10,120 Speaker 2: we're finding out what was in it. 99 00:05:10,240 --> 00:05:13,479 Speaker 1: That's pretty incredible. Last one story, Number five. Jakarta has 100 00:05:13,520 --> 00:05:17,000 Speaker 1: become the world's largest urban center with a population of 101 00:05:17,080 --> 00:05:21,200 Speaker 1: forty two million people, ahead of Dhaka in Bangladesh thirty 102 00:05:21,200 --> 00:05:23,240 Speaker 1: seven million, Tokyo thirty three million. 103 00:05:23,240 --> 00:05:25,719 Speaker 2: According to the UN, the Indonesian capital's number one thanks 104 00:05:25,720 --> 00:05:28,080 Speaker 2: to a fast crying population, same with Daka coming in 105 00:05:28,080 --> 00:05:30,600 Speaker 2: at number two. The previous number one, Tokyo slipped number 106 00:05:30,600 --> 00:05:33,080 Speaker 2: three because their population growth is slower than New Deli 107 00:05:33,080 --> 00:05:37,320 Speaker 2: in India, Shanghai Gangzau both in China, Cairo and in 108 00:05:37,400 --> 00:05:40,720 Speaker 2: Non Asian city in the top ten, and then Manila. Interestingly, 109 00:05:40,760 --> 00:05:42,799 Speaker 2: cities be home to forty five percent of the world's 110 00:05:42,800 --> 00:05:45,080 Speaker 2: eight point two billion people in twenty twenty one, up 111 00:05:45,120 --> 00:05:47,359 Speaker 2: from twenty percent nineteen to fifty. The number of mega 112 00:05:47,400 --> 00:05:51,120 Speaker 2: cities more than ten million people quadrupled since nineteen seventy 113 00:05:51,120 --> 00:05:53,800 Speaker 2: five from eight to thirty three, of which nineteen of 114 00:05:53,839 --> 00:05:55,560 Speaker 2: those thirty three are in Asia. 115 00:05:55,600 --> 00:05:57,599 Speaker 1: All right, there we go, the top five business stories 116 00:05:57,600 --> 00:06:00,359 Speaker 1: in five minutes. Thank you seany Michael. It's Wednesday, twenty 117 00:06:00,400 --> 00:06:03,039 Speaker 1: sixth of November twenty twenty five. Remember to hit follow 118 00:06:03,120 --> 00:06:05,880 Speaker 1: on the podcast and if five minutes justin isn't enough 119 00:06:05,920 --> 00:06:08,240 Speaker 1: for you, you can find our longer daily show called Fear 120 00:06:08,279 --> 00:06:11,680 Speaker 1: and Greed wherever you listen to podcasts, and head along 121 00:06:11,720 --> 00:06:14,800 Speaker 1: to Fearandgreed dot com dot au to sign up for 122 00:06:14,800 --> 00:06:16,880 Speaker 1: our free daily news thatt. I'll put a link in 123 00:06:16,880 --> 00:06:19,239 Speaker 1: today's show notes as well. It is in your inbox 124 00:06:19,279 --> 00:06:21,760 Speaker 1: by six am every morning. It takes about three minutes 125 00:06:21,800 --> 00:06:24,000 Speaker 1: to read and I guarantee you it will set you 126 00:06:24,080 --> 00:06:26,320 Speaker 1: up better for the day and it's entirely free. I'm 127 00:06:26,320 --> 00:06:28,560 Speaker 1: Michael Thompson and that was the fast five business news 128 00:06:28,560 --> 00:06:30,280 Speaker 1: by Fear and Greed. Have a great day.