☕️Bourse Battle

Good morning.

Investor backlash over James Hardie’s $14 billion AZEK takeover — approved without a shareholder vote — has prompted the ASX to launch a review into its listing rules. Investors, including super funds, have demanded stronger shareholder protections in recent meetings with the exchange, prompting the bourse to revisit its 2017 rulebook. ASX chief Helen Lofthouse said on Sunday that shareholders want a stronger voice, but any reforms must serve the needs of the market as a whole.

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Market movers

Generation Development Group shares tumbled last Thursday despite strong FUM and inflow growth, as its ASX 200 inclusion failed to buoy investor sentiment.

The quick sync

• Inflation data landing days before the 2025 election could trigger a rate cut and sway the final days of Australia's campaign. (Capital Brief)

• Adobe steps up the fight against AI deepfakes with a new tool that lets creators prove their work is real — but says real safeguards are still a way off. (Capital Brief)

• Trump’s trade war could tear the global economy in two, forcing Australia to rethink its alliances and fight for its economic survival. (Capital Brief)

• Phoebe Gates steps out from her famous father's shadow with Phia, a fashion start-up aiming to revolutionise online shopping with real-time price comparisons. (NYT)

• Australia's billion-dollar medtech start-ups warn Trump’s tariffs could drive manufacturing to the US unless Canberra steps up support. (AFR)

Trading floor

M&A

• Brookfield starts roadshow to sell $3b La Trobe Financial. (AFR)

• Australian fintech Demyst bought by Portugal’s Feedzai for $157m. (AFR)

Capital Markets

• China exempts key U.S. imports from tariffs, reflecting reliance on American-made goods. (WSJ)

• Novus seeks $1b from global investors for Sydney and Melbourne build-to-rent projects. (AFR)

• Chris Mackay’s wealth grows with substantial holdings in Montaka funds and MFF Capital. (The Australian)

• Facebook's Australian revenue rises to $1.46b, mostly sent overseas as service fees. (AFR)

• Huawei develops Ascend 910D AI chip to challenge Nvidia, despite U.S. barriers. (WSJ)

• Keppel Infrastructure reports strong performance for Ixom, with growth in chemicals and bitumen segments. (The Australian)

• GigaComm seeks $150m-plus to expand broadband services for apartments. (AFR)

• Apple considers production shift to India to avoid U.S. tariffs, as consumers delay iPhone upgrades. (The Australian)

• Toyota considers $65b investment to help take Toyota Industries private. (Capital Brief)

• Chipotle’s struggles and tariff concerns pose risks for Guzman y Gomez’s U.S. expansion plans. (The Australian)

• PropHero has laid off most of its Australian staff and shifted marketing operations to Spain despite its $100m valuation and recent $25m funding round. (AFR)

• After years in the wilderness, Tyndall says value investing is set to roar back as cheap stocks regain favour in a volatile, slowing market. (AFR)

• Billionaire heir Tim Roberts, once linked to mining scandals and private airline plans, now ducks a $6,398 debt to a Perth door company. (AFR)

• Robyn Denholm’s ‘simply absurd’ trademark battle over her family office exposes a bruising legal losing streak for Tesla’s chair. (AFR)

• The Minerals Council’s top media adviser has been seconded to Peter Dutton’s election campaign, raising fresh questions about political ties and disclosure rules. (AFR)

• Western United’s bold stadium-and-housing project in Melbourne’s west teeters on collapse, exposing the deep financial cracks threatening the future of the A-League. (AFR)

• Huawei’s comeback after US sanctions shows how efforts to cripple China’s tech sector are instead fuelling its rise — and reshaping the global market. (Bloomberg)

• In a frozen no man’s land, Norway is testing whether soldiers — and their gear — can survive the Arctic’s brutal future battlegrounds. (Bloomberg)

• Matt Tripp’s Betr is raising over $100m to remove the "funding uncertainty" barrier and push forward its bid for PointsBet, challenging the board’s earlier support for rival bidder Mixi. (AFR)

• Trump’s war on Ivy League colleges is forcing Harvard and Yale to dump billions in private equity, deepening a bear market that PE firms may struggle to escape. (AFR)

• Big Tech faces a critical earnings test this week as Wall Street's lofty profit forecasts clash with deepening recession fears and a brutal trade war. (Bloomberg)

• Shein hikes US prices by up to 377% ahead of sweeping tariffs, signalling sharper costs for American consumers as the trade war deepens. (Bloomberg)

• TikTok is set to launch its e-commerce platform in Japan within months, expanding its TikTok Shop footprint beyond Europe amid US uncertainty. (Reuters)

• Trump boasted of trade deals while China flatly denied talks, fuelling deeper confusion and risk across global markets. (Reuters)

• Pirelli moves to cut Chinese giant Sinochem’s grip on governance after investor clashes stall its US ambitions. (Reuters)

• Google DeepMind staff in the UK move to unionise amid rising tensions over AI deals linked to Israel, the FT reports. (FT)(Reuters)

• Trump’s economic revolution is sparking a mass exodus from US markets, ending America's financial exceptionalism and setting the stage for a lasting crisis. (Bloomberg)

• Herbert Smith Freehills faces leadership challenges and unresolved partner pay disputes ahead of its high-stakes merger with US firm Kramer Levin. (AFR)

VC

• Nanosonics CEO warns that U.S. tariff plans under the Trump administration could push Australian medical start-ups to relocate to the U.S., urging the Australian government to offer support to keep development onshore. (AFR)

• Advertising groups and tech start-ups are developing software to help brands optimize their presence in AI chatbot results, signaling a shift in search engine optimization as AI becomes a new way to search for information. (FT)

People moves

• Perpetual has hired two senior advisers from Ord Minnett, fighting back after Ord Minnett’s raid on its wealth management division amid Perpetual’s effort to sell the $21b unit. (AFR)

The watercooler