☕️ Binance Breaches

Good morning.

Binance CEO Changpeng Zhao has agreed to step down and will admit to violating US anti money laundering laws in a US$4.3 billion settlement.

The CEO of the world’s largest crypto exchange will pay a US$50 million fine after a years-long investigation and he will now be barred from all involvement with Binance.

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Market movers

Brickworks shares fell by as much as 3% yesterday before rebounding to a 1.9% loss, despite the company promising a higher dividend of 65 cents.

Shareholders were not happy about total earnings before interest and tax slumping 28% and return on capital at just 0.77% - well below the basic materials average of 5.6%.

Together with Stake | Invest on Wall St and the ASX

The quick sync

• The thousands of Australian startups that have developed their products and services using OpenAI's API is causing existential concern. (Capital Brief)

• Some OpenAI investors are considering legal action against the company’s board after directors ousted CEO Sam Altman. (Reuters)

• Blackstone is in advanced talks to buy UK-based software developer Civica for almost US$2.5 billion. (WSJ)

• Argentinian stocks surged after radical libertarian Javier Milei won the country’s presidential election on promises to reshape its economy. (Semafor)

• OpenAI offered the Interim CEO role to the former GitHub CEO and the co-founder and CEO of Scale AI before Emmett Shear accepted. (The Information)

Trading floor

M&A

• Pro Medicus founders initiate a $176m on-market stock sale. (AFR)

• IPH acquires ROBIC for CAD$110.6m, third Canadian purchase in a year. (BNA)

• EBOS is finalizing a deal for the Greencross acquisition. (AFR)

• Despite proxy firms supporting it, Origin Energy's shares fall after Brookfield and EIG's buyout proposal. (The Australian)

• Merger speculation surfaces between Crown Resorts and Star Entertainment amid challenges and cost-cutting measures. (AFR)

• Medibank, with Macquarie Group, emerges as the frontrunner in the $600m contest for Cura Group. (The Australian)

• Washington H Soul Pattison is in talks to join Whitehaven Coal’s debt financing for Whitehaven’s acquisition of the Daunia and Blackwater coal mines. (AFR)

CAPITAL MARKETS

• Crucial phase reached in negotiations for Rugby Australia's $60m debt process, aiming to secure funding until 2025. (AFR).

• Appen to cut costs and raise capital amid tech spending hesitation. (Capital Brief)

• Appen explores $25m equity raising through Barrenjoey. (AFR)

• ImpexDocs seeks up to $14m investment for export management software. (AFR)

• Main Sequence Ventures leads $2.5m funding for carbon accounting startup Avarni. (Startup Daily)

• AustralianSuper is reportedly set to underwrite a $2bn equity raising for EBOS. (The Australian)

• MA Money, part of MA Financial, completes $500m RMBS public term issuance. (Capital Brief)

VC

• Thirteen NSW businesses join Boomerang Labs' circular economy accelerator program. (BNA)

• Songtradr, the Australian-founded music tech firm, secures $70m funding at a $530m valuation. (AFR)

People moves

• Microsoft stock soars on the hiring of former OpenAI CEO Sam Altman for advanced AI research team. (Capital Brief)

The watercooler