☕️ Adani summoned

Good morning.

Billionaire Gautam Adani and nephew Sagar Adani have been summoned by the SEC over allegations of bribing Indian officials to secure solar contracts. The summons, reportedly to be dispatched via US-India diplomatic channels, demands a response within 21 days and failure to comply could result in default judgments.

This follows the explosive accusations last week by US prosecutors of a bribery scheme exceeding US$250 million ($382 million) tied to Indian solar contracts and separate claims by the SEC the Adanis misled investors during a US$750 million bond raise.

The fallout has been swift: Kenya cancelled US$2.5 billion in Adani projects, banks are reportedly reassessing credit exposure, and the group’s businesses have lost billions in value. What everyone is now wondering is how Donald Trump’s return to the White House might change the legal, political and diplomatic stakes.

🏆 LOI Subscriber #TBD

Market movers

WiseTech shares sank Monday after the scandal-hit logistics software developer cut FY25 guidance, blaming delays to product launches caused by Richard White's distraction at a critical time. The board review cleared White of misconduct, but the damage to investor confidence is clear.

The quick sync

• Fortescue doubles down on its costly, “wicked hard” green hydrogen push despite setbacks and global headwinds. (Capital Brief)

• Piers Bolger of Infinity Asset Management is betting big on REITs and real assets, ramping up exposure as peak interest rates fade and opportunities emerge in interest rate-sensitive sectors. (Capital Brief)

• Victoria's economic woes deepen as household income drops below Tasmania's for the first time, with debt and overspending compounding its fiscal crisis. (AFR)

• Ramsay Health Care investors demand urgent action to divest overseas assets, refocus on struggling Australian operations, and unlock latent value. (AFR)

• Dovetail CEO Benjamin Humphrey is facing a Federal Court human rights claim from company lawyer Bethany Lo Russo over a past personal relationship, as the $1b Sydney unicorn grapples with leadership changes and investor scrutiny. (AFR)

Trading floor

M&A

• Carlyle Group is the frontrunner to acquire Waste Services Group in a deal valued at over $1bn. (The Australian)

• Private equity owners of GenesisCare are considering selling the Australian operations of the cancer care provider in a deal potentially worth up to $3bn. (The Australian)

• TPG seeks strategic options for Novotech, including a potential merger or trade sale. (AFR)

• Evolution Mining is considering selling its Mungari gold mine, a move that could fetch between $600m and $1bn. (The Australian)

• Origin Energy taps Barrenjoey for a $1bn investment for its Yanco Delta wind development project. (The Australian)

• Pacific Equity Partners is in advanced talks to acquire Australian fleet management company SG Fleet in a deal valued at over $1bn. (AFR)

Capital Markets

• COP29 agreed on a $300bn annual climate finance goal, but debate continues over who should pay. (Capital Brief)

• Bingo struggles to shed debt, even after a $100m injection. (AFR)

• Merchant Funds under fire for unusual reporting and frozen redemptions. (AFR)

VC

• Hort Innovation and Artesian are launching a $60m venture capital fund to invest in ag-tech startups focused on fruit, vegetable, and nut farming. (Startup Daily)

• Amazon doubles down on AI with a $6.2bn Anthropic investment. (AFR)

• Hort Innovation Venture Fund is being launched to invest in agricultural technology startups. (AFR)

• Bluesky surges with a 300% user spike as Meta’s Threads scrambles to counter its rising dominance after Donald Trump’s election reshapes the social media landscape. (FT)

People moves

• Mighty Kingdom has experienced significant leadership turnover, with its third CEO resigning in less than a year. (BNA)

The watercooler