☕️ Bush levy

Good morning.

Australia’s big banks are facing a new $350 million annual hit under a rural bank levy proposed by Treasury to keep branches open in the bush.

The redistribution system would reportedly enable banks to trade regional banking service credits, similar to a carbon trading scheme, according to the Australian Financial Review.

Westpac alone would shoulder over $100 million, CBA and Macquarie $75 million, ING $60 million, and ANZ and HSBC $20 million each.

Bendigo and NAB, meanwhile, stand to pocket millions, reportedly buoyed by their regional clout.

🏆 LOI Subscriber #TBD

Market movers

GrainCorp’s shares dipped for a second consecutive day on Friday after a brutal 75% profit drop and a trimmed special dividend. Revenue slipped 21%, as global oversupply and subdued demand continue to squeeze margins and investor sentiment.

The quick sync

• Labor faces pressure to clarify its stance on the news media bargaining code, with industry leaders concerned over the future of Google and Meta's $200m annual payments to publishers. (Capital Brief)

• US banks' trading assets exceed US$1tn for the first time since 2008, driven by increased equity and structured credit exposure, while remaining safer. (FT)

• Catapult CEO Will Lopes' strategic pivot to focus on product innovation over acquisitions has propelled the sports analytics company to profitability tapping into a $40b market. (Capital Brief)

• Gold suffers its steepest weekly drop in over three years as Trump's election win and a surging dollar halt its record rally. (FT)

• Cashed-up coal miners BHP, Glencore, Whitehaven, Stanmore and Yancoal halt contributions to a long-running industry decarbonisation fund, citing a perceived lack of projects to spend money on. (AFR)

• Maersk's 15% stock rise hints investors believe Trump's tariffs may initially boost US imports and shipping demand despite future risks of global trade disruption. (FT)

Trading floor

M&A

• Wilson Asset Management and Paradice Investment Management have both withdrawn interest in acquiring Platinum Asset Management. (The Australian)

• A mystery Asian private equity fund is emerging as a strong contender in the $1 billion auction for Waste Services Group. (The Australian)

• IFM Investors has increased its stake in Atlas Arteria to 30% through a block trade. (AFR)

• Kinetic's $4bn sale stall; owners explore other options after disappointing bids. (AFR)

Capital Markets

• Marimaca Copper, a Canadian mid-cap miner, is planning an ASX listing to expand its investor base and capitalize on the growing interest in copper. (AFR)

• Macquarie may back James Hardie in equity raisings amid acquisition speculation after its share price surge. (The Australian)

• Cuscal's IPO performance could signal market expectations for interest rate cuts. (The Australian)

• London's Pantheon is launching a new fund in Australia, aiming to replicate its successful global investment strategy. (AFR)

• Lovisa's shares declined on the ASX after its competitor, Harli + Harpa, opened its first store. (Capital Brief)

VC

• Video startup 90 Seconds is exploring potential acquisition offers and has hired advisors to facilitate the process. (AFR)

• ANZ's 1835i invests in SME broker platform CitoPlus, its first post-fintech winter deal, with details to follow. (Capital Brief)

• Sprintlaw, an Australian tech company, has launched Taylor AI, a voice-enabled AI lawyer designed to assist SMEs with legal needs. (BNA)

People moves

• Jefferies lures talent with cash bonuses, but imposes strict retention terms. (AFR)

• Trump nominated Liberty Energy CEO Chris Wright, a vocal fossil fuel advocate and climate crisis skeptic, as secretary of energy. (Capital Brief)

The watercooler