☕️Billing Backpedal

Good morning.

It looks like Iress’ commitment to having their customers foot the bill for a “very minimal” exchange upgrade is wavering, as institutional brokers including UBS, Morgan Stanley and Goldman Sachs join the backlash, according to Capital Brief.

The ASX-listed $1.5 billion company held a high-level internal meeting on Wednesday to revisit its tactic of passing on the cost of the multi-million dollar tech upgrade, which has enraged brokers who argue that there is “no legal basis” for the invoice.

Sources told Capital Brief that if Iress “hadn't waited 18 years and been continually investing in their technology instead of trying to scale the business up, then this would just be a simple upgrade.”

If rumours of Iress’ interest in a private takeover prove true, the company may be reluctant to absorb costs.

🏆 LOI Subscriber #TBD

Market movers

IPH shares dived Wednesday as longtime CFO John Wadley quit, deepening a 12-month slide for the embattled IP firm.

The quick sync

• As News Corp launches its AI tool, NewsGPT, the media union is pushing for answers on whether journalists’ work was used without consent—just as pay negotiations heat up. (Capital Brief)

• Trump’s crackdown on Big Law escalates with executive orders targeting firms linked to his opponents, triggering legal battles and industry backlash. (FT)

• Tesla’s nosedive is dragging Aussie fund managers like Pinnacle, Magellan and Platinum down with it, as Wall Street’s tech slump slashes returns and stokes recession fears. (AFR)

• ASIC’s fury at super’s governance failures boils over as it sues AustralianSuper, branding the sector the new ‘poster child’ for corporate misconduct. (AFR)(Capital Brief)

Trading floor

M&A

• Telix Pharmaceuticals has completed the acquisition of new FAP-targeting theranostic candidates, adding TLX400 to its bladder cancer pipeline. (Capital Brief)

• BGH sells Laurent Bakery to Bridor for $650m, tripling its investment. (AFR)

• LegalVision has partnered with Quadrant Private Equity to expand its subscription-based legal services. (Capital Brief)

• Scalare Partners acquires Inhouse Ventures for up to $1.73m. (Startup Daily)

• Future Fund to buy Transgrid stake from OMERS, aligning with government priorities. (AFR)

• Australia Post has acquired a 25% stake in Shiperoo to enhance e-commerce returns and sustainability through AI-driven fulfilment solutions. (Capital Brief)

• Point King and Skip Capital sell 21% of Factor Bikes to Zhonglu for $111m. (AFR)

Capital Markets

• Australia will not impose retaliatory tariffs on the US despite Trump's "unjustified" decision to apply duties on Australian steel and aluminium. (Capital Brief)

• US drops higher tariffs after Ontario suspends surcharge. (Capital Brief)

• Canada and the EU impose retaliatory tariffs after Trump’s steel and aluminium duties. (Capital Brief)

• HMC Capital faces scrutiny after fund losses; investor patience tested amid renewable energy push. (The Australian)

• Orica launches $400m buyback after profit upgrade. (Capital Brief)

• ASIC sues AustralianSuper over 7,000 delayed death claims, rejects Covid excuse. (Capital Brief)

• Black Cat Syndicate raises $65m via Petra Capital amid ASX volatility. (AFR)

• IAG logs 4,000+ claims after ex-Cyclone Alfred. (Capital Brief)

• ASX seeks ASIC legal files in CHESS lawsuit battle. (Capital Brief)

• The ASX is considering allowing dual-class shares for the first time to boost listings, following global trends. (Reuters)

• Nickel Industries attributes selloff to block trade, not royalty fears. (Capital Brief)

• Crypto optimism persists despite tariffs and market slump. (Capital Brief)

• Fonterra plans Mainland Group ASX IPO, aiming to raise up to $2b. (AFR)

• The High Court has ruled that Indigenous landowners are entitled to compensation for land acquired between 1911 and 1978, triggering potential native title claims worth billions. (Capital Brief)

• Northvolt files for bankruptcy, undermining Europe’s EV battery ambitions. (Capital Brief)

• Baraja pivots after major investor write-off, seeking revival. (AFR)

• Janus Electric, backed by David Paradice and Ashok Jacob, is hitting the ASX, aiming to shake up trucking with electric retrofits that slash costs for heavy haulers. (AFR)

• Trump's tariff threats have supercharged US copper prices, triggering a global rush to cash in on a rare and risky arbitrage trade. (AFR)

• Palantir’s eccentric CEO Alex Karp has out-earned nearly every tech leader, cashing in billions as his company’s soaring stock price fuels controversy and cult-like investor devotion. (FT)

• Bankruptcies behind them, drugmakers Mallinckrodt and Endo are weighing a US$7b merger to regain scale—potentially sealing the deal this week. (Bloomberg)

• The EPA is moving to weaken the legal foundation of US climate rules, reopening a fight that could reshape regulations on power plants, cars, and oil wells. (Bloomberg)

• ADM may offload its futures brokerage unit to stem falling profits, but the deal isn’t sealed—yet. (Bloomberg)

• Trump’s bid to muscle in on a key lithium deposit in the Congo could hand struggling AVZ Minerals a lifeline—while putting the US on a collision course with China. (The Australian)

VC

• PsiQuantum achieves a breakthrough in scalable photonic quantum computing. (Startup Daily)

People moves

• IPH CFO John Wadley resigns after nine years. (Capital Brief)

• Scott Farquhar to replace Robyn Denholm as TCA chair amid US-Australia tech policy tensions. (Capital Brief)

• JPMorgan hires ex-Macquarie MD Dragi Ristevski. (AFR)

• Brad Banducci named CEO of Ticketek owner TEG, replacing Geoff Jones. (Capital Brief)

• At 30, Frédéric Arnault—son of LVMH titan Bernard Arnault—leaves watches behind to take the helm at Loro Piana, as the family’s grip on luxury tightens. (Reuters)(Vogue)

The watercooler