Connect with us
https://tickernews.co/wp-content/uploads/2023/10/AmEx-Thought-Leaders.jpg

Money

WiseTech global board re-examines allegations against founder Richard White

Published

on

Australia’s largest listed technology company, WiseTech Global, is facing renewed scrutiny as its board re-investigates serious allegations against founder and CEO Richard White.

The allegations, made by a former sexual partner in late 2020, included claims of inappropriate behaviour and led to a multi-million-dollar settlement.

Initially addressed by a subcommittee of WiseTech’s board, which included only two current directors, the issue has resurfaced following inquiries from Australian media outlets.

The rest of the board, unaware of the matter until recently, convened crisis meetings over the weekend to consider the claims further.

Shares in Wisetech Global have fallen over 11% since the start of October when reports about White’s personal life started emerging.

Disturbing behaviour

Further investigations have revealed disturbing patterns of behaviour, including reports of White contacting female entrepreneurs with offers of support that escalated into suggestive communications.

WiseTech’s growth has helped Mr White amass a personal fortune of more than $10 billion, according to the Financial Review Rich List.

Additionally, concerns have emerged regarding undisclosed payments to former WiseTech chief growth officer Gail Williamson and a previously withdrawn apprehended violence order filed by White’s wife in 2021.

While White maintains his innocence and denies the claims, his private life has increasingly become a public concern, especially as his dispute with former lover Linda Rogan remains unresolved.

Despite the controversy, White, who founded WiseTech in 1994 and continues to hold significant power within the company, has stated he is fully committed to WiseTech’s strategic goals.

The company’s board, led by chairman Richard Dammery, is now conducting further inquiries to ensure transparency and corporate governance in light of these developments.

Ahron Young is an award winning journalist who has covered major news events around the world. Ahron is the Managing Editor and Founder of TICKER NEWS.

Continue Reading

Money

Australian Treasurer and RBA chief clash over economy

Published

on

 

A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

Continue Reading

Money

Central bank expected to ease interest rates as election nears

Published

on

The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

Continue Reading

Money

Big Tech pushes AI investments

Published

on

Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

Continue Reading

Trending Now