☕️Abrdn Circle Work

Good morning.

UK asset manager Abrdn has caved in to ridicule and rebranded itself as Aberdeen, four years after former-CEO Stephen Bird removed most of the vowels in its name. Company chief Jason Windsor told the FT that the change “makes it so much easier for us to spell it out in full and move on.”

Aberdeen’s shares rose 11.6% Tuesday morning…What’s in a name indeed.

In semantics-related updates closer to home, Melbourne billionaire Adrian Portelli denied he was doing donuts when charged with careless driving in December 2020.

Rejecting that he lost control of his Mercedes C63 when going around a roundabout, the LMCT+ chief told the court that there are different definitions of circle work, including doing “donuts”.

“I would have assumed he was talking about me mistakenly going around the roundabout,” referencing a police officer’s comment after the incident that it was a “bad day to be doing circle work.”

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Market movers

Boss Energy shares fell Tuesday after Donald Trump revived talk of a US-Ukraine minerals deal, wiping out uranium stocks’ short-lived rally.🤝 You’re in good company. You’re reading this alongside new readers from Okta, Airwallex and EY. Know someone who should be here? Forward this.

The quick sync

• News Corp CEO Robert Thomson shrugs off CoStar’s Domain bid, betting News Corp’s media muscle will keep REA on top. (Capital Brief)

• A top quantum investor warns Australia’s harsh export laws could strangle local startups while handing Big Tech an easy win. (Capital Brief)

• A looming "maturity wall" of COVID-era private credit loans is set to shake up markets, with Brookfield Oaktree Wealth Solutions eyeing the fallout. (Capital Brief)

• The Coalition vows to fast-track foreign investment approvals for Five Eyes security allies, aiming to boost productivity and outpace Labor’s reforms. (AFR)

Trading floor

M&A

• Newmont finalized a $2.7b sale of three North American mines as part of its asset divestment plan. (Capital Brief)

• Allegro Funds to sell Questas to Five V Capital for around $375m. (AFR)

• Regis Resources and Indonesia’s United Tractors are among the bidders for EMR Capital’s $2bn Ravenswood gold mine. (The Australian)

• Adnoc and OMV are merging their petrochemical businesses to form Borouge Group International, a $96b plastics giant. (Capital Brief)

• Quadrant hires Macquarie for Amart Furniture sale amid housing surge. (AFR)

• Goldman Sachs CEO sees private equity M&A picking up amid US regulatory shifts. (The Australian)

• Greenlit Brands hires Jarden to sell Freedom Furniture, valued at $410m in sales. (AFR)

• Software Combined acquires Hero Software, its ninth acquisition since 2020, strengthening its presence in key software markets. (Software Combined)

• Bain Capital eyes Healthscope takeover amid rent default, $1.6b debt concerns. (The Australian)

• BlackRock buys Panama Ports for US$23b as Trump pushes to curb Chinese influence in the region. (Capital Brief)

• IAG and Allianz are preparing bids for the Royal Automobile Club of WA's insurance arm. (AFR)

Capital Markets

• ASX miners dropped on US-China tariffs; Trump confirmed 25% Canada-Mexico tariffs. (Capital Brief)

• ASX oil stocks dropped as OPEC+ supply plans hit crude prices. (Capital Brief)

• TSMC to invest $100b in US as Trump considers chip tariffs. (Capital Brief)

• Milford Asset Management is refining its fund offerings, cutting two ASX-listed strategies and surveying advisers to identify new market opportunities. (AFR)

• Insignia owes NAB $53.5m on loan notes, repayment due by 2026. (Capital Brief)

• E&P Capital gives DigiCo REIT a ‘positive’ rating on growth potential. (Capital Brief)

• Tesla’s China sales halve in February, shares drop 6%. (Bloomberg)

• HMC Capital and Healthco shares fell after issuing breach notices to Healthscope for unpaid March rent, warning of potential legal action. (Capital Brief)

• Australian retail turnover rose 0.3% in January, driven by food-related spending and major events. (Capital Brief)

• Australian think tanks remain among the least transparent in funding, with renewed calls for reform. (Capital Brief)

• ASX miners hit as US tariffs on China, Canada, and Mexico drag markets down. (Capital Brief)

• Economists revise GDP forecasts; 0.7% growth would indicate stable productivity. (Capital Brief)

• China bans U.S. soybeans, adds farm tariffs in response to Trump’s trade actions. (Capital Brief)

• Apple has launched a new iPad Air with an upgraded M3 chip, aiming to boost tablet sales amid slowing iPhone demand. (Bloomberg)

• TikTok warns YouTube’s exemption from age rules entrenches Google’s dominance. (Capital Brief)

• EU unveils €800b defence plan to strengthen military spending as US pulls back aid to Ukraine. (Capital Brief)

• Finland’s ambassador urges Europe to boost defense as Trump cuts Ukraine aid, raising NATO concerns. (Capital Brief)

• KKR is tapping investors for US$1.5b in convertible stock to fuel private equity deals, seizing on a business-friendly US climate. (Reuters)

• Carlyle CEO Harvey Schwartz says warns investors to “buckle up” as Trump’s new tariffs trigger market volatility and uncertainty over an escalating trade war. (Bloomberg)

• Canada’s Ontario fires back at Trump’s tariffs with a 25% electricity surcharge on Minnesota, Michigan and New York. (Bloomberg)

• A key adviser to Singapore’s richest family has resigned as a bitter boardroom feud at City Developments deepens.  (Bloomberg)

• Best Buy warns US tariffs will likely drive up electronics prices, squeezing demand and shaking consumer confidence. (WSJ)

• Trump ordered a pause on all US military aid to Ukraine until its leaders show a commitment to peace. (Capital Brief)

• Coalition seeks to end WFH for public servants, sparking concerns over women’s impact. (Capital Brief)

• Zelenskiy regrets Oval Office clash, offers US mineral deal after Trump halts Ukraine aid. (Reuters)

• Tesla chairwoman Robyn Denholm urges Australia to stay neutral in the US-China AI race and take a larger role in AI development. (AFR)

• Ex-IRExchange execs charged over misleading ASIC in capital raising probe. (AFR)

VC

• Anthropic raised $3.5b at a $61.5b valuation for AI expansion. (Capital Brief)

• Melbourne-based AI startup Heidi raised $26m Series A to expand its medical scribe technology. (Capital Brief)

• UQ’s UniQuest and MTM launch Curlew Bio to develop anti-inflammatory drugs, leveraging research from QEDDI and Mater Research Institute-UQ. (The University of Queensland)

• Australian startup Esper raised $5m to expand its satellite network for critical minerals detection. (Capital Brief)

People moves

• Ex-Fortescue CEO Elizabeth Gaines joins Oryx Global Partners; firm launches resources fund, expands to Australia. (The Australian)

The watercooler

*Watercooler background deets: Citi’s US$6b copy-paste close call