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Speaker 1: Welcome to Fear and Greed business news you can use today.

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Speaker 1: The banking sector is under pressure over anti money laundering

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Speaker 1: and terrorism laws after significant problems were found at Bendigo

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Speaker 1: and Adelaide Bank. The federal government feels the pressure over

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Speaker 1: energy prices, and Macquarie's Chamara Wickromaniaca again tops the rankings

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Speaker 1: of highest paid CEOs with take home pay of twenty

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Speaker 1: four million dollars plus the first treasures are recouped in

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Speaker 1: what's considered to be the world's richest shipwreck, and Indonesia's capital, Jakarta,

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Speaker 1: grows to become the world's largest city. It is Wednesday,

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Speaker 1: the twenty sixth of November twenty twenty five. I'm Michael

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Speaker 1: Thompson and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, Bendigo and Adelaide Bank has

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Speaker 1: found broad deficiencies, including customer due diligence, in its management

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Speaker 1: of anti money laundering and terrorism financing, once again putting

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Speaker 1: the spotlight on a legal activity in the banking sector.

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Speaker 2: Bendigo and Adelaide had asked Deloitte to conduct an investigation

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Speaker 2: of suspicious activity in one of its branches. The review

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Speaker 2: ultimately identified weaknesses and deficiencies across many key aspects of

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Speaker 2: the bank's any money laundering and terrorist financing risk management program.

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Speaker 2: It also found problems with risk oversite, transaction monitoring, and

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Speaker 2: the bank's approach to applying risk ratings on customers. That's

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Speaker 2: across the whole bank, not just the branch in question.

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Speaker 2: Qutos to Bendigo and Adelaide. I suppose we're getting Deloitte

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Speaker 2: to do it, but they sort of stood up a

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Speaker 2: hornets and they're basically fixing the problems. Will cost the

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Speaker 2: banks or will cost the bank, although how much is

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Speaker 2: a little unclear now. The Bendigo and Adelaide board so

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Speaker 2: that it was very disappointed by the finding, so to investors,

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Speaker 2: its share price fell seven percent yesterday.

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Speaker 1: The banks sean collectively, we're not just talking about Bendigo

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Speaker 1: and Adelaide here, We're talking collectively. They've got quite a

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Speaker 1: track record of breaking anti money laundering and terrorism rules.

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Speaker 2: Yes, I mean where to start. We had Bank of

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Speaker 2: Queensland twenty twenty three, Yeah, an agreement with OSTRAK after

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Speaker 2: the agency found it had inadequate anti money laundering controls

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Speaker 2: Prior to that. National Australia Bank, except that a similar

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Speaker 2: undertaking in twenty twenty Westpact this was the Big One,

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Speaker 2: agreed to pay a one point three billion dollar fine

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Speaker 2: after the discovery of serious and systemic failings that ultimately

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Speaker 2: led to the then replacement of the bank. The Commonwealth

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Speaker 2: Bank ended up in court in twenty seven a and

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Speaker 2: overclaims its deposit machines had been exploited by criminals and terrorists.

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Speaker 2: Commonwealth Bank paid seven hundred million dollars to settle the matter.

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Speaker 2: It can't be easy keeping up with criminals and terrorists. Yeah,

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Speaker 2: so I do have some sympathy for the banks, but

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Speaker 2: it still shouldn't happen.

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Speaker 1: Yeah, they've got so many systems and so much data

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Speaker 1: and so many customers. It is a kind of logistical

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Speaker 1: challenge for them. But what's this mean for investors? How

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Speaker 1: much does this untel investors? And I'm not just talking

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Speaker 1: about Bendigo and Adlaie because we've got an indication yesterday

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Speaker 1: that I sold off seven percent, but more broadly for

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Speaker 1: the sector, what does it mean?

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Speaker 2: Well, I mean, this issue seems pretty specific to the

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Speaker 2: regional bank, but it just gives investors a reason to

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Speaker 2: sell the banks. And we've seen this in recent weeks

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Speaker 2: any reason to sell, that's what investors are doing. So

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Speaker 2: for months, analysts that I argue that banks are overvalued,

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Speaker 2: particularly Commonwealth Bank in more recent weeks, have actually been

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Speaker 2: taking action on that. The Bendigo and Adelaide news raises

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Speaker 2: questions about any money laundering, terror, finance and controls across

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Speaker 2: all the sector. Now, yesterday all the big banks underperformed

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Speaker 2: the market. There wasn't any particular reason, but probably except

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Speaker 2: for the Bendigo and Adelaide news. Combank's now down twenty

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Speaker 2: percent since its peak back in the middle of the year.

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Speaker 2: Ain sends off eleven percent from its peak, which is

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Speaker 2: earlier in the month. Nabs off ten percent from late

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Speaker 2: last month. Westpac is the outperformer. It's down only seven percent.

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Speaker 2: So all this news it just keeps weighing on bank prices.

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Speaker 1: Do you think banks have a greater kind of social responsibility?

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Speaker 1: Because considering how important, how important they are as a

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Speaker 1: pillar of the economy, do they have a greater social responsibility?

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Speaker 2: Great question, because I have argued with bank CEOs over

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Speaker 2: this over the years. They need a social license like

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Speaker 2: miners do, but it's even more important because all of

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Speaker 2: our pays go into a bank, and so there's actually

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Speaker 2: a utility value in a bank. The banks are our

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Speaker 2: employers put money in the banks, so we have to

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Speaker 2: have a bank. That's not the case with miners. So

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Speaker 2: I think their social social good is greater than almost

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Speaker 2: any other sector.

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Speaker 1: Okay, all right. Federal question time yesterday was focused on

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Speaker 1: energy costs, with Coalition MP after Coalition MP using an

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Speaker 1: example of a business from their electorates to ask when

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Speaker 1: will power prices come down? It was quite a concerted campaign,

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Speaker 1: wasn't it.

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Speaker 2: Yes A Minister of Climate Change Energy Chris Bowen was

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Speaker 2: the target of the questions. He basically said the Opposition

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Speaker 2: didn't have an energy policy and not pursuing that zero

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Speaker 2: would lead to higher prices. He also defended his role

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Speaker 2: as chief negotiator for COP thirty one next year, saying

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Speaker 2: it was a part time role only. But I think

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Speaker 2: the Opposition has done a pretty good job in the

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Speaker 2: past couple of days focusing on energy prices. That's much

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Speaker 2: more sensible than focusing on the T shirt that Anthony

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Speaker 2: Alberinezi wears off off the plane, because it really matters. Meanwhile,

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Speaker 2: Federal treasure Jim Chalmers said today's release with the first

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Speaker 2: expanded monthly inflation figure from the Bureau of Statistics. We know

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Speaker 2: the Cook's very excited about this. One could show a

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Speaker 2: jump in prices due to the unwinding of some state

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Speaker 2: energy rebates, but really we should all be focusing on

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Speaker 2: the underlying rate, which will exclude those changes. I'm looking

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Speaker 2: forward to seeing that release today.

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Speaker 1: It's quite exciting, isn't it very exciting? But you are

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Speaker 1: right about the comment about the coalition, and that is

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Speaker 1: a very effective point to try and nail the government on.

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Speaker 1: But it's just so good to see them not focusing

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Speaker 1: on themselves. They've been so much in fighting and so

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Speaker 1: much drama and it just it gets us nowhere right.

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Speaker 2: But you know, the next story is all about infighting

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Speaker 2: and drama.

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Speaker 1: I know we have to mention it because it is spectacular.

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Speaker 1: Former Nationals Nationals leader Barnaby Joyce. It does look like

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Speaker 1: he's edging closer to joining Pauline Hanson's One Nation Party.

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Speaker 1: His current party teammates are hitting out at him, and

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Speaker 1: the spectacular scene that you're about to tell.

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Speaker 2: Us about it was a very public, private meeting. Hanson

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Speaker 2: and Joyce had dinner together on Monday night. We all

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Speaker 2: saw the footage of the after hours dinner Hanson cooking

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Speaker 2: O Wagu's steak on a sandwich press in her office.

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Speaker 1: That's the way to do it. It brings out the marbling. Yes,

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Speaker 1: just perfect. It's just like every chef in the country

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Speaker 1: is shuddering at the thought of cooking that steak on

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Speaker 1: a sandwich press.

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Speaker 2: What we had, We had Pauline Hanson wearing the burker

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Speaker 2: into Senate. She was submended for seven days for that

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Speaker 2: particular trick yesterday and then this private meeting and footage

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Speaker 2: everywhere of it, so you know, obviously set up yesterday.

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Speaker 2: Friend and colleague of Barnaby Joyce, Matt Canavan questioned the

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Speaker 2: motivation of Joyce, saying the move was more about Barnaby

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Speaker 2: rather than the Australian people or another form and that's

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Speaker 2: leader Michael McCormick said he Barnaby or owed it to

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Speaker 2: people across region Australia who voted for the Coalition to

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Speaker 2: stay within that Barnaby will do whatever Barnaby wants.

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Speaker 1: I think that's fairly safe to assume. Okay, lots still

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Speaker 1: to come back in a moment with the rest of

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Speaker 1: the day's business news Sean, Domino's franchisees are not happy

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Speaker 1: with head office. The franchisees, which own more than forty

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Speaker 1: percent of all Domino's pizza stores across Australia, are demanding

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Speaker 1: an immediate reduction in fees. Meanwhile, the consumer and competition

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Speaker 1: watchdogs in the early stages of an investigation into Dominoes.

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Speaker 2: That's over claims by local franchisees who say they are

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Speaker 2: subsidizing the company's failing overseas expansion. Now if in reviews

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Speaker 2: reporting that Domino's had to hear and over to the

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Speaker 2: hriable ce a list of current and former franchisees in

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Speaker 2: terms of the fee fight. One hundred and twenty eight

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Speaker 2: franchisees representing three hundred and fifty of the eight hundred

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Speaker 2: plus local stores, have been negotiating with the executive chair

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Speaker 2: Jack Cowan for months. Oversees, they accused the company of

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Speaker 2: making it impossible for them to earn good money and

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Speaker 2: I particularly aggrieved about what they say is a dismissive

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Speaker 2: attitude from Jack Cowen, the billionaire businessman. This is according

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Speaker 2: to the FINN. They're particularly upset about reported comments of

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Speaker 2: Cowen when he described the franchisees as squeaky wheels and

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Speaker 2: poor performers. Nice work, Jack hating going on with people,

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Speaker 2: Jack cow I mean I know Jack carn quite well.

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Speaker 2: He's a very I wouldn't want to be a franchise,

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Speaker 2: but it's quite candid, right, very candid.

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Speaker 1: Doesn't kind of hold back, which is actually we're just

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Speaker 1: good in business.

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Speaker 2: Made a fortune the Hungry from the Hungry Jack's Burger

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Speaker 2: chain Empire, now the largest shareholder in Dominoes. He said

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Speaker 2: he's held positive discussions with an internal franchise group, so

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Speaker 2: he says there's more than just this crowd. Domino share

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Speaker 2: price of course saw during COVID well it's most recent loads,

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Speaker 2: but still training at twenty fourteen levels.

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Speaker 1: Yeah, ouch, broad the ASX, How did it go yesterday?

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Speaker 2: It closed up just to touch eight five three seven points.

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Speaker 2: Nothing to write home about, but given it's been falling,

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Speaker 2: that's probably not a bad result. Started strong, fell back

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Speaker 2: recovered in the afternoon session. Minus did best, while the

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Speaker 2: tech stocks also outperformed. Worst were the financials, As we've mentioned.

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Speaker 1: Macquarie groups, Shamaro ramaniaka.

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Speaker 2: Sean your mascot that out in one guard hit it.

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Speaker 1: In the intro and I thought I done it once.

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Speaker 2: That's fine, omarak Ramana Yaka on. The great thing about

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Speaker 2: Sri Lankan names broadly is that they are spelled phonetically.

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Speaker 2: So if you take the time, which you normally do

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Speaker 2: so I'm not so weik Ramana Yaka ye, you can

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Speaker 2: actually get the name out.

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Speaker 1: It's quite good. Yeah, I mean that feels like a

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Speaker 1: lot of effort to go to point out that I

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Speaker 1: did stumble over. It does feel like you're dwelling on

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Speaker 1: that a little much. Anyway. She has again topped the

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Speaker 1: list of CEOs with the highest take home pay, but

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Speaker 1: she's only number five when it came to realized pay,

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Speaker 1: with bonuses and vesting options boosting the remuneration of some

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Speaker 1: now quite rich bosses.

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Speaker 2: Yeah so, Bill Beaumont, chief executive of mining exploration company

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Speaker 2: Developed Global One. We all know.

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Speaker 1: About our whold name that one.

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Speaker 2: Yeah, saw his well jump by fifty eight million dollars.

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Speaker 2: Snappers after Snappers, After fourteen million options in the company,

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Speaker 2: he leeds were converted into shares, delivering the biggest win

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Speaker 2: for for an Australian CEO this year. This is part

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Speaker 2: of the Financial Reviews Rich Bosses List. Next on the

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Speaker 2: list of realized pay was reds Med's Mick Farrell at

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Speaker 2: forty five point six million, Then Seeingle's Healthcare Vikesh rams

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Speaker 2: Under at twenty six point eight million, Number four Willian

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Speaker 2: Opener I don't know him at all twenty six point

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Speaker 2: one million, and then wik Ramayyaka at twenty four million.

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Speaker 2: Now five of the top ten companies with the highest

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Speaker 2: paid chief executives this year came from the material sectors

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Speaker 2: and miners, two from healthcare. In contrast, in recent years,

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Speaker 2: there was only one from property, one from financial services

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Speaker 2: in the top ten. Top three hundred chief executives reported

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Speaker 2: pay raise ten percent to an average of three point

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Speaker 2: eighty six million dollars.

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Speaker 1: A complete lack of podcasters on that list. We must do,

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Speaker 1: we must do what we can directify this yean, yes, okay.

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Speaker 1: Turning to international news now, and Russia has launched a

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Speaker 1: wave of attacks on Ukraine's capital Kiev, striking residential buildings

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Speaker 1: and energy infrastructure, as peace negotiations do appear to be progressing.

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Speaker 2: Ukraine's energy ministry said that energy infrastructure had been hit,

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Speaker 2: without specifying what type or the extent of the damage.

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Speaker 2: According to AP, the Russian attack followed talks between US

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Speaker 2: and Ukraine representatives in Geneva over the weekend about a

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Speaker 2: US Russian break peace plan now that seems to be

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Speaker 2: making progress, ough, a Kremlin spokesperson said Russia hadn't seen

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Speaker 2: the updated plan, so whilst it's promising, still some ways

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Speaker 2: to go now.

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Speaker 1: I love this next story. I have been watching this

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Speaker 1: for ages and waiting for a development. The first treasures

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Speaker 1: have been recovered from what is believed to be the

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Speaker 1: most valuable shipwreck in history, Shawn, a Spanish galleon. It

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Speaker 1: sank in seventeen eight in the Caribbean Sea with a

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Speaker 1: haul worth as much as fifteen billion, with a b

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Speaker 1: billion pounds.

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Speaker 2: A cannon, three gold coins and a porcelain cup. We're

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Speaker 2: among the items brought to the surface by Colombian researchers.

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Speaker 2: The San Jose sank after a brutal clash with a

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Speaker 2: British squadron. It's often described as the Holy Grail of shipwrecks.

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Speaker 2: According to The Australian you Know All about It. It

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Speaker 2: had sailed from Portobello, Panama, as the flagship of the

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Speaker 2: Tierra firm Fleet, which was charged with transporting Spain's colonial riches.

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Speaker 2: We are talking about sixteen hundred, seventeen hundreds of the

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Speaker 2: seventeenth century, the height of Spain's rule, gold, silver, emeralds,

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Speaker 2: all sorts of things used to ship it to Europe

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Speaker 2: didn't really stand a chance. They went off the coast

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Speaker 2: of Cartahanna. Admiral Charles Wagers British ships closed in devastating broadside,

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Speaker 2: appears to have ruptured the whole, igniting the powder magazine

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Speaker 2: and sending the sixty two gun three masted vessel nearly

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Speaker 2: six hundred meters to the seafloor. And only now are

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Speaker 2: we recouping some of the fifteen billion dollars of fifteen

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Speaker 2: billion pounds in treasure.

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Speaker 1: Did you know that the exact coordinates of the shipwreck

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Speaker 1: are a state secret?

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Speaker 2: Oh? Really?

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Speaker 1: I mean you would imagine every man and his dog,

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Speaker 1: like as long as the dog had a diving bell

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Speaker 1: or something out there would be out there seeing what

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Speaker 1: they can scrouned.

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Speaker 2: Right where, so where is it?

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Speaker 1: It's off the coast of South America, m middle of

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Speaker 1: north South America. Okay, it's a state secret. Sean, So

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Speaker 1: is it Columbian waters? Yes?

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Speaker 2: Yeah, off Cartahennah so cardahannahs in Columbia. So right, So

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Speaker 2: clumbing waters, hence they're Columbian. Wow, that's very cool.

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Speaker 1: And then there's obviously the debate over kind of who

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Speaker 1: gets to keep it, what percentage goes to the government,

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Speaker 1: what percentage goes to those who discovered it and retrieve it,

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Speaker 1: all that kind of thing.

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Speaker 2: Spain saying well, perhaps it's ours. I'm not sure that

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Speaker 2: it actually originated in Spain. Any of these riches.

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Speaker 1: No, I can't imagine many of them did. It's probably

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Speaker 1: a hard one to win that one. Sean Jakarta has

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Speaker 1: become the world's largest urban center, with a population of

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Speaker 1: forty two million people, a head of Dhaka in Bangladesh

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Speaker 1: thirty seven million, a Tokyo with just thirty three million.

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Speaker 2: But Michael, we discussed this off here a vexed question

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Speaker 2: in a trivia quiz.

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Speaker 1: Yes, I always used to love trying to find a

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Speaker 1: way to do this, to ask it a pub trivia

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Speaker 1: what's the biggest city in the world, And every time

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Speaker 1: you would get ten different answers, because it comes down

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Speaker 1: to whether you're measuring the city center or the urban

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Speaker 1: population limits or you get further out, and it differs

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Speaker 1: based on which one you go for. And the really

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Speaker 1: densely packed populations are the ones that get in really close.

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Speaker 1: So this one, this one, I would be comfortable using

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Speaker 1: this as a trivia question.

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Speaker 2: Well, it's a UN ruling, shall we say? So Jakarta

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Speaker 2: the Indonesian capital? Is it still the Indonesian capital? Remember

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Speaker 2: the Indonesia's moving their capital, but they can't get the

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Speaker 2: investment that's right for moving it from Jakarta to I

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Speaker 2: can't remember the name of it, but it's.

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Speaker 1: Probably worthwhile sticking with Jakarta considering it's pretty.

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Speaker 2: Big, pretty big, so it's got a very fast growing population.

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Speaker 2: Tokyo slipped from one to three on the back of

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Speaker 2: a slow population growth. The UN expects Dakka to take

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Speaker 2: the top spot by twenty fifty. Next in line is

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Speaker 2: New Delhi in India number four, Then Shanghai and China,

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Speaker 2: Shangzhou in China as well, Cairo and Egypt, which is

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Speaker 2: the only non Asian city in the top ten. Then

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Speaker 2: Manila in the Philippines. I think part of the European

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Speaker 2: issue is that many of the cities there are four

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Speaker 2: or five cities that actually work into each other. So

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Speaker 2: Portuguese cities there's like Porto, I think has got four

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Speaker 2: different cities. Yea works maybe making that one.

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Speaker 1: I feel like you were researching that in person.

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Speaker 2: Cities were home to forty five percent of the world's

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Speaker 2: eight point two billion people, up from twenty percent nineteen

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Speaker 2: to fifty. That sort of surprised me that now it's

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Speaker 2: forty five percent. I would have thought it was more

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Speaker 2: than that.

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Speaker 1: Me too, But a lot of people spread out elsewhere.

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Speaker 2: Yeah. The number of mega cities, that's the population more

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Speaker 2: than ten million, quadrupled since nineteen seventy five, from eight

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Speaker 2: to thirty three, and nineteen of those are located in Asia.

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Speaker 2: It's got pub trivia everywhere.

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Speaker 1: You've got some stats. You've got stats coming out of

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Speaker 1: your ears.

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Speaker 2: Sean, that's a proverbial.

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Speaker 1: Yeah, there you go. Up next is Fear and Greed,

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Speaker 1: Q and A. Today you're speaking with mcgrah Nichols, Jason Ireland,

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Speaker 1: and Sean Wiles.

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Speaker 2: So the thirteenth Annual Working Capital Report is out. What's

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Speaker 2: great about it is it's a cash flow story because

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Speaker 2: it's kind of working capitals the antithesis to cash flow,

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Speaker 2: and some really interesting findings about the improvement in working

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Speaker 2: capital records, such that people are actually getting more money

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Speaker 2: than the door weeks ahead or when they did previously,

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Speaker 2: which helps cash flight.

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Speaker 1: Yeah. Yeah, we love working with mcgarnickel. We do this

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Speaker 1: every year talking to them about this. Are great supporters

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Speaker 1: of the podcast and it's a really interesting story they're telling.

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Speaker 1: It's coming up next in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com todayu

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Speaker 1: which is where you sign up for the free daily

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Speaker 1: newsletter which is a ripper of a read.

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Speaker 2: Sean ripper of a read.

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Speaker 1: Indeed, thank you very much, Thanks Michael. It's Wednesday, the

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Speaker 1: twenty sixth of November twenty twenty five. Make sure you're

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Speaker 1: following the podcast and please join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and face book, I Mark Thompson and Outsphere

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Speaker 1: and Grave have a great day, yeah,