☕️Break the Bank

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New leaked documents reveal ANZ declined to fulfil funding requests for teams involved in ASIC compliance, a move that may deepen a rift between its risk functions and management.

Internal funding documents from last month viewed by Capital Brief show ANZ management declined to fully fund seven concurrent ASIC remediation programs to the extent staff working on them desired, even as the bank worked to resolve its regulatory woes by agreeing to pay the largest fine ever imposed by the corporate cop.

“People would be astounded to know we are stripping tens of millions of dollars from non-financial risk in the middle of the worst time in ANZ history for risk exposures,” a senior ANZ source said.

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Market movers

Shares in Reece soared Monday after the plumbing supplier unveiled a $250 million off-market buyback, with scope to lift it to $400 million. The move comes after a sharp profit drop in August but signals board confidence in the balance sheet and future growth.

The quick sync

• Australia’s first climate risk ledger shows super funds can no longer dodge the financial hit of a warming world, writes Carl Prins. (Capital Brief)

• Lachlan Murdoch is weighing Fox Corp’s role in Trump’s consortium to take TikTok’s US arm. (Capital Brief)(AFR)

• Canva’s belated accounts show deep statutory losses, yet cash flow strength confirms it’s following the standard software company playbook. (Capital Brief)(AFR)

• ANZ is once more relying on Promontory to satisfy APRA, even though the firm’s past tick-offs came as the bank was mired in the bond trading scandal. (Capital Brief)

Trading floor

M&A

• Reece launches $250m share buyback, with option to expand. (Capital Brief)

• Betr secures 27% stake in PointsBet despite MIXI control. (Capital Brief)

• Platinum shareholders approve $16.7b L1 Capital merger. (Capital Brief)

• US BTR giant eyes UniLodge acquisition. (AFR)

• Great Southern, P&N plan $30b merger to form national bank. (Capital Brief)

• La Caisse buys Edify Energy for $1.1b renewable portfolio. (Capital Brief)

• Fox Corp eyes role in Trump-backed TikTok US takeover. (Capital Brief)

• Healius drops merger talks with 4Cyte over weak earnings. (The Australian)

• Gold Road shareholders approve $3.8b Gold Fields takeover. (Capital Brief)

• Pfizer to buy Metsera for $7.3b to rejoin obesity drug race. (Capital Brief)

Capital Markets

• Santos starts gas production at Barossa field. (Capital Brief)

• HealthCo extends Healthscope rent deferral amid sale process. (Capital Brief)

• Optus faces consequences over triple-zero outage tied to deaths. (Capital Brief)

• ActivePort raises $5m in discounted share placement. (AFR)

• Regis Healthcare says aged care funding rise won’t cover higher costs. (Capital Brief)

• Vection surges on record $22m NATO defence contract. (Capital Brief)

• Gold miners jump as spot price stays near record high. (Capital Brief)

• Licella eyes $200m IPO via Barrenjoey. (AFR)

• ANZ rehires Promontory to review APRA remediation plan. (Capital Brief)

• Wealth platforms Netwealth and Hub24 gain ground against industry super funds. (AFR)

• MinRes to raise $1.06b in notes to refinance debt. (Capital Brief)

• Decidr AI raises $20m to drive global AI expansion. (Capital Brief)

• CK Infrastructure eyes $700m+ Allgas bid. (AFR)

• Canva posts big losses despite rapid growth, pre-IPO moves. (Capital Brief)

• Nvidia to pour $100b into OpenAI data centres from 2026. (Capital Brief)

• ANZ cuts ASIC compliance funding, heightening internal tensions. (Capital Brief)

• BYD’s stock falls after report Buffett sold his entire stake. (Bloomberg)

• Crypto sell-off wipes out USD1.5b as investors liquidate positions. (Business Insider)

• The US Treasury says “all options for stabilisation are on the table” to support Milei’s Argentina as markets reel and the peso plunges. (Capital Brief)

• Better Home & Finance shares jump 176% after Eric Jackson revealed his hedge fund bet, echoing the Opendoor rally he sparked earlier. (Bloomberg)

• Fed governor Stephen Miran argues rates are about 2 percentage points too tight. (Bloomberg)

VC 

• Sea Forest eyes ASX float after European deal for methane-cutting feed. (Smart Company)

• $150k H-1B visa fee creates big barrier for Australian startups expanding to US. (Smart Company)

• Morse Micro raised $88m in a Series C round backed by Japan’s MegaChips and a $35m injection from the National Reconstruction Fund. (Capital Brief)(AFR)

• Oura raising $875m at $10.9b valuation to expand growth. (Capital Brief)

People moves

• Red Bull ends Horner contract, freeing F1 return. (AFR) (Reuters)

• Viva Energy CEO Jevan Bouzo resigns; Jennifer Gray becomes interim. (Capital Brief)

• Sunny Bangia exits as Blackwattle closes global equities fund. (AFR)

• Gary Weiss seeks Webjet board seats after failed bid. (AFR)

The watercooler