☕️Bloomberg Bedlam

Good morning.

Finbros were forced to talk to each other like real people when their beloved Bloomberg terminals ground to a halt on Wednesday. Traders across the globe suffered the indignity of 90 minutes without their beloved terminals (and Instant Bloomberg chat), as the financial data behemoth scrambled to get its services back online during the morning EU/UK trading session.

The glitch held up debt sales in Europe and trading volumes were lower as a result. “We’ve been told not to trade. I can’t remember this level of non-functioning,” one exasperated London-based fund manager told the FT.

We don’t know what’s worse, hearing finbros rant about the outage or being asked one more time “did you know they set you back US$28,000 a year?!”

🏆 LOI Subscriber #TBD

Market movers

Nufarm shares crumbled Wednesday after the company reported a 40% fall in half-year profit and launched a strategic review of its struggling seed technologies business, citing weak sales and dry conditions.

The quick sync

• Former RBA chief Bernie Fraser says rate cuts came six months late, slams timid moves and missed chances to ease mortgage pain as economy slows. (Capital Brief)

• People First Bank is eyeing a second merger to double in size, as rising regulatory and tech costs drive a new wave of mutual sector consolidation. (Capital Brief).

• Catapult's $1.3 billion rebound under Will Lopes marks a turning point for the sports tech firm as it eyes major growth by 2030. (Capital Brief)

• Business leaders back John Wylie’s urgent call to ditch complacency and unleash Australia’s entrepreneurial potential to future-proof the economy. (Capital Brief)

Trading floor

M&A

• MA Financial in talks to acquire $2b property manager IP Generation. (Capital Brief)

• Gold Fields’ $3.7b takeover of Gold Road gets FIRB approval. (Capital Brief)

• AWAG boosts Centrepoint Alliance stake to 15% by buying shares from COG Financial Services. (AFR)

• Cosette is reviewing its $672m acquisition of Mayne Pharma, citing a material adverse change due to recent financial updates and FDA correspondence. (Capital Brief)

• Dexus moves to block shareholders’ forced sale attempt of its airport stakes. (AFR)

• Employment Hero’s takeover sparks culture clash and staff exits at Humi. (Capital Brief)

• OpenAI buys Jony Ive’s startup io for $6.5b to develop AI devices, targeting a 2026 launch. (Capital Brief)

• ESR sells $93m of Cromwell Property shares at 33¢, aided by Goldman Sachs and Morgans. (AFR)

• Kaluza buys Aussie Beige to boost smart energy services globally. (AFR)

Capital Markets

• James Hardie profit down 17% amid weak demand and high costs; eyes growth via AZEK deal. (Capital Brief)

• Catalyst Metals launches $130m equity raise, fueled by rising gold prices. (AFR)

• MinRes boosts Onslow reserves, strengthening long-term growth outlook. (Capital Brief)

• Virgin Australia is gearing up for a June IPO, courting investors early to lock in commitments amid strong earnings and favourable market conditions. (The Australian)

• WebJet posts profit but delays dividend and buyback after takeover rejection. (Capital Brief)

• GemLife plans a $700m+ IPO at a $2b valuation, aiming for a July ASX float. (AFR)

• 5B wins $46m Solar Sunshot funding to boost solar panel system manufacturing. (Capital Brief)

• PwC governance review ends early after major reform progress. (Capital Brief)

• EQT refinances Fitness Passport with $500m, a year after $750m acquisition. (AFR)

• Airwallex raises $465m at $6.2b valuation, aims for AI-driven growth and IPO. (Capital Brief)

• Nufarm’s $900m seeds business draws interest from KKR-backed Advanta and BP as the company reviews options amid profit falls, with no final decision yet. (The Australian)

• OpenAI’s Texas data centre gets $11.6B funding to expand, powering next-gen AI and lessening Microsoft dependence. (Capital Brief) (WSJ)

• EBR Systems upsizes $56m raise at discount after FDA clears wireless pacemaker. (AFR)

• Bloomberg outage hit London traders, delayed European bond auctions, and disrupted live trading and communication. (Capital Brief)

• Speculation grows about a backdoor listing of Accolade Wines into Australian Vintage, as the latter seeks growth and exits amid wine sector consolidation. (The Australian)

• Banks’ growing ties to the booming US$1.6 trillion private credit market risk exposing the US financial system to fresh shocks, warns the Boston Fed. (FT)

• Canada’s US$714b pension giant CPPIB ramps up US investment to 47% despite political pressure to back homegrown assets. (FT)

VC

• Liveheats raises $1.3m seed to boost global growth, targeting $10m revenue by 2028. (Smart Company)

People moves

• Qantas Super CEO Michael Clancy named Rest’s new CIO. (Capital Brief)

• Immutable slashes staff by one-third, turns to AI to cut costs. (AFR)

• Mike Tyquin and others are contenders to succeed Cathy O’Connor as oOh! Media CEO, with Korn Ferry involved in the search. (The Australian)

The watercooler