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Speaker 1: It's Friday, the sixth of March twenty twenty six. Welcome

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

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

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Speaker 1: need to know when just five minutes. Oh, Michael Thompson

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Speaker 1: and good morning.

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Speaker 2: Sean Aylmer, Good morning Michael Shawn.

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Speaker 1: Five stories in five minutes. Before we do that, A

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Speaker 1: very quick step you have to take it Press follow

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Speaker 1: it's going to disappear in the next week or two.

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Speaker 1: So if you haven't hit follow already, do that now

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Speaker 1: so that you can still find us in the future.

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Speaker 1: Story number one Sewan. Former Star Entertainment chief executive Matt

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Speaker 1: Becky broke the law by failing to take seriously the

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Speaker 1: risk that junket operators were money laundering in the company's casinos,

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Speaker 1: and for not properly informing the board that there was

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Speaker 1: a serious threat that criminals were operating inside the gaming rooms.

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Speaker 1: In a landmark ruling, similar findings were made against Starr's

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Speaker 1: former chief league and risk officer, Paul la Martin. However,

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Speaker 1: the case in the Federal Court brought by the corporate

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Speaker 1: Regulator did not find the directors of the company to

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Speaker 1: be liable. I suspect there might be a few directors

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Speaker 1: sleeping a little better tonight after this one.

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Speaker 2: Yes, it was the first time that the Australian Securities

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Speaker 2: and Investments Commission alleged directors were to blame for something

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Speaker 2: that they didn't do. Now they bought the case against AID,

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Speaker 2: bought the case against the eleven current and format Star

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Speaker 2: Entertainment directors big scope. He wanted them to be held accountable.

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Speaker 2: In the end, the cor allegations was that the directors

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Speaker 2: failed in their duty of care by allowing task casinos

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Speaker 2: to be used for money laundering on an industrial scale.

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Speaker 2: We're talking hundreds of millions of dollars here. Ultimately, the regulator,

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Speaker 2: I mean, we know what happened. The regulator stripped Star

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Speaker 2: of its casino license in New South Wales. The case

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Speaker 2: was really ultimately about personal accountability, whether the people sitting

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Speaker 2: around the boardroom table should have known better.

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Speaker 1: So the directors weren't found liable, but you got to,

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Speaker 1: say Judge Michael Lee and let them off the hook.

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Speaker 1: He said, it might be a hard job, but the

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Speaker 1: law expects significantly more than what it got from the starboard.

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Speaker 2: Yeah, I mean he's always has a flare. Michael Lee.

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Speaker 2: He also had some sympathy for him. He talked about

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Speaker 2: the boardroom papers that they get. He called them oppressive

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Speaker 2: executive summaries, longer summaries of the summaries, detailed papers followed

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Speaker 2: by appendices and extures and technical attachments. He went on

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Speaker 2: to say that ultimately fell to investigative journalism and then

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Speaker 2: a statutory inquiry to work out what was going on

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Speaker 2: at the Star But ultimately the directors weren't found liable

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Speaker 2: and I'm sure they're sleeping better tonight.

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Speaker 1: Indeed, Storry number two. Canadian Prime Minister Mark Carney has

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Speaker 1: declared Australia and Canada strategic cousins and he's given the

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Speaker 1: international Basically, he said that given the international rules based

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Speaker 1: system is breaking down, the two countries should collaborate rather

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Speaker 1: than compete in artificial intelligence and critical minerals. This is

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Speaker 1: the first address to the Australian Parliament by a Canadian

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Speaker 1: leader since two thousand and seven, and he said that

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Speaker 1: in a post rap world, the nations that are trusted

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Speaker 1: and can work together will be quicker to the punch,

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Speaker 1: more effective in their responses, more proactive in shaping outcomes,

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Speaker 1: and ultimately more secure and prosperous.

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Speaker 2: I quote in Canada or Australia have earned this trust

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Speaker 2: throughout our history. The question now is what we do

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Speaker 2: with it? End quote. Of course, Carne has been courting

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Speaker 2: Middle powers like Australia and India since January. He calls

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Speaker 2: it sort of the post war rules based order. He says,

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Speaker 2: that's fiction. Like minded country should work together. Yesterday, he

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Speaker 2: in Anthony Alberanesi signed a series of agreements to expand

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Speaker 2: on critical minerals cooperation KARTA describe Australia and Canada as

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Speaker 2: the world's two most reliable and like minded mining giants.

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Speaker 1: Story number three. Brace yourself for this one. Shaw in

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Speaker 1: Australia's four largest airports, Brisbane, Melbourne, Perth and Sydney, spent

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Speaker 1: one and a half billion dollars last financial year to

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Speaker 1: expand capacity, upgrade terminals and improve access. But it is customers,

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Speaker 1: it is US passengers Sean who are likely to pay

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Speaker 1: the bill, according to the competition watchdogs.

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Speaker 2: Surely not, surely not. According to the a Triple C,

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Speaker 2: the spending was fIF forty three percent more than a

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Speaker 2: year earlier. Very much represents the shift from that COVID period.

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Speaker 2: Now people are traveling again, the airport's are happy to

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Speaker 2: spend again. However, airport charges to the publics and to

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Speaker 2: the airlines are not regulated. The a Triple C has

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Speaker 2: warned that that means those costs are set to push

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Speaker 2: through to passenger fares. The Big four and four hundred

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Speaker 2: million dollars just from car parking one hundred and twenty

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Speaker 2: five million just at Brisbane feel sorry for those people

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Speaker 2: parking their car and Brisbane aeronautical profits are also rising.

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Speaker 2: Sydney made five hundred and eighty four million dollars. The

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Speaker 2: aeronautical profits more than double any other airport.

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Speaker 1: Wow Storry number four. The number of fast food outlet's

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Speaker 1: opened last year hit a record high on the back

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Speaker 1: of population growth, cost of living pressures, and the rising

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Speaker 1: popularity of food delivery apps. A report from technology and

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Speaker 1: data company gap Maps, which tracks openings and closures of

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Speaker 1: thirty six fast food brands, found that last year there

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Speaker 1: were three hundred and fifty nine outlet openings and one

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Speaker 1: hundred and nine closures in Australia.

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Speaker 2: Subway leads to charge twelve sixty two stores across the country,

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Speaker 2: including a net eighteen new stores last year. Then comes McDonald's.

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Speaker 2: Mcdonaldson closed any stores last year, which is pretty remarkable

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Speaker 2: than KFC Hungry Jackson, Red Rooster. In pizza oil, Domino's

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Speaker 2: number one, seven hundred and twenty stores, way ahead of

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Speaker 2: the nearest competitor, which is Pizza Hut and Crust. What's interesting,

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Speaker 2: Other sizeable players so Zombrero with two hundred ninety outlets,

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Speaker 2: Goods Miani Gomez and Oporto, both with two hundred and

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Speaker 2: thirty outlets. Mexican themed chains are the most active in

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Speaker 2: the rollout world, more of those quick service restaurants opening

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Speaker 2: than anywhere else. Sombrero led the way with an industry

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Speaker 2: high of net thirty one new openings.

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Speaker 1: Last one story number five. NATO Air Defenses yesterday shot

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Speaker 1: down an Iranian ballistic missile heading towards Turkish airspace. If

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Speaker 1: Turkey was targeted, and that's unclear, it would mark a

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Speaker 1: major escalation in a war that so far has been

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Speaker 1: con to the Middle East and also to the Indian Ocean.

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Speaker 1: The conflict came to the Indian Ocean when a US

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Speaker 1: submarine sank an Iranian warship.

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Speaker 2: The US yesterday said after hitting more than two thousand

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Speaker 2: Iranian targets, sinking twenty warships, the campaign will shift inland.

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Speaker 2: Israeli strikes continue to pound Iran, including the capital of Tehran. Meanwhile,

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Speaker 2: the funeral for killed that leady leader Ali Hamini has

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Speaker 2: been delayed until further notice, reportedly to allow Murners Mourner's

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Speaker 2: time to reach Tehran back home, both Canadian Prime Minister

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Speaker 2: Mark Canne we mentioned him early on, and Anthony Albanezi

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Speaker 2: agreed they wanted to see a de escalation in the conflict.

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Speaker 1: Okay, there we go, the top five business stories in

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Speaker 1: five minutes. Thank you Sean, Thank you Michael. It's Friday,

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Speaker 1: the sixth of March twenty twenty six. Remember to hit

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Speaker 1: follow on the podcast, and if five minutes isn't enough,

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Speaker 1: you're going to find our longer daily show called Fear

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Speaker 1: and Greed whereever you listen to podcasts. I'm Michael Thompson

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Speaker 1: and that was the fast five business news by Fear

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Speaker 1: and Greed.

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Speaker 2: Have a great day.