☕️ Behind bars

CZ, the founder of Binance, has been sentenced to prison by US authorities.

Good morning.

Changpeng Zhao is already being called America’s richest ever inmate, after the Binance founder was sentenced to four months prison overnight.

It’s far less than the three years that federal prosecutors had been seeking after CZ pled guilty to failing to meet money laundering obligations on the exchange.

Previously valued at US$33 billion, it makes CZ the latest crypto boss to go to prison after Sam Bankman-Fried copped 25 years just two months ago.

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

🚨 Subscription offer ends soon

Capital Brief delivers real journalism for Australian professionals. Its only agenda is to present information that's relevant and valuable to people like you.

Sign up today to save $10 a month for 12-months.

Market movers

Worley Limited has recorded its worst day on markets in three years after Dubai-based shareholder Sidara dumped 19% of shares in the engineering services company. Sidara, previously known as Dar, retains a 5% stake.

It follows a tough period for Worley which has faced allegations of corruption in Ecuador. It had previously clashed with Sidara when the company attempted a takeover in 2016.

In a note on Tuesday, RBC Capital Markets analyst Gordon Ramsay said Sidara has brought “questionable value” as a shareholder anyway and said the selldown would “come as a relief to management”.

The quick sync

  • Airwallex vies to capture Australia’s startups and take on the big banks (Capital Brief)

  • Amazon hits record sales on the back of AI tailwinds (WSJ)

  • ASIC warned CBA not to lift royal commission-era caps on bonuses (AFR)

  • The US regulator is challenging Novo Nordisk and Ozempic – among others – over ‘junk patents’ (CNBC)

  • Apple poaches Google talent to build its AI team (Financial Times)

  • Labor will increase scrutiny of foreign investments in critical infrastructure, minerals and tech (Capital Brief)

Trading floor

M&A

  • Ioneer partners with Goldman Sachs for a $38m raise; US funds to be cornerstone investors. (AFR)

  • Bonza Aviation enters voluntary administration, appoints Hall Chadwick as administrators. (SMH)

  • Pinnacle Investment Management in talks to support Peter Rutter's new funds management venture. (AFR)

  • Perth Airport's owners have declined the opportunity to increase their stake in the asset, despite $700m worth of stakes being available for sale through UBS. (The Australian)

  • Mighty Craft reconsiders selling its stake in Better Beer, now eyeing a full buyout, which contributes 90% to its revenue. (BNA)

  • Global Switch discloses Sydney data centre financials ahead of potential $2bn deal. (AFR)

  • Woolworths initiates a $468m selldown of Endeavour Group through Jarden. (AFR)

  • A new deal between PSC Australia and The Ardonagh Group suggests Marsh's purchase of the $2bn insurance broker is unlikely. (The Australian)

Capital Markets

  • Metro Mining seeks $44m via Shaw and Partners for debt restructuring. (AFR)

  • Metrics Income Opportunities Trust taps six brokers for $92m raise, pricing near $2.15 per unit. (AFR)

  • Kashcade secures $23m raise for new deals, targeting loans backed by R&D Tax Incentives. (AFR)

  • NexGen Energy authorizes a $200m equity placement at 12.40¢ per CDI, offering a 4.83% discount. (AFR)

VC

  • The federal and Queensland governments invest $940m in PsiQuantum, a US-based quantum startup aiming to build the first useful quantum computer by 2030. (Startup Daily)

  • Sydney startup Xefco raises $10.5m in Seed extension funding, led by Main Sequence Ventures and supported by Virescent Ventures and Breakthrough Victoria. (Startup Daily)

People moves

  • Goldman executive Nicolas Thompson joins Jefferies Australia. (AFR)

    • More equities operatives, including Will Allott and Aaron Piercy, are leaving Goldman Sachs, possibly for Jefferies. (The Australian)

  • HSBC CEO Noel Quinn intends to retire after nearly five years in the role. (Capital Brief)

  • Paramount Global CEO Bob Bakish is leaving, to be replaced by three current senior executives. (Capital Brief)

☝️ Know about a deal or people move we don’t? Hit reply.

Together with Spark

Spark - The Modern ASX Market Data Platform

Discover Spark, the cutting-edge Market Data Platform designed specifically for active ASX traders and investors.

In Australia, market participants have grappled with outdated, cumbersome software rooted in decades past for far too long. Spark ushers in a new era for the serious trader, starting afresh with a purpose-built user interface and an array of unique tools.

Spark features real-time streaming prices, visual market depth with extensive replay features, live company news, customisable market scans, advanced charting tools, excel integration and much more.

Learn more and start your free 14 day trial today.

The watercooler

If you like LOI, try The Edition

The Edition is a free afternoon newsletter that goes beneath the surface of the biggest stories in Australian business.