☕️Broken Record

Good morning.

The ASX-listed media and music company backed by billionaire Richard White, Vinyl Group, is back before the courts after a second former employee launched legal action. Jessica Hunter, who was most recently the head of The Brag Media until she departed its parent company Vinyl in January, filed the unfair dismissal claim in March, which came just two months after Vinyl told investors that Luke Girgis, the former CEO of The Brag Media, had mounted legal action.

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Market movers

After a brutal year (down 64%), Paladin Energy shares clawed back some ground Wednesday, helped by a record March quarter uranium haul that defied storms and market uncertainty.

The quick sync

• Regal Partners’ ASX 300 hopes collapse after its $220m Opthea stake tanks, triggering scrutiny over risk controls and a sharp rise in short interest. (Capital Brief)

• Australia’s fintech sector warns bipartisan inaction on key digital reforms risks stalling innovation, investment and global competitiveness. (Capital Brief)

• Billabong founder Gordon Merchant may sue EY after the Full Federal Court upheld a $50m tax bill linked to a share sale strategy EY advised was legally flawed. (Capital Brief)

• Trump is mulling easing auto tariffs, considering exemptions for automakers as industry pressure mounts ahead of new levies. (CNBC)

Trading floor

M&A

• OpenAI said it would consider buying Chrome if Google is forced to sell it in the antitrust case targeting its search monopoly and AI dominance. (Reuters)

Capital Markets

• Telix Pharmaceuticals reported strong Q1 growth, reaffirmed full-year guidance, and expects no major impact from US trade tariffs. (Capital Brief)

• Markets are breathing easier as Trump pulls back and Musk plays nice — a rare pause in the theatre of economic disruption. (Capital Brief)

• Trump softens stance on Fed Chair Powell, hints at lower China tariffs in potential trade deal. (Capital Brief)

• Trump administration mulls cutting China tariffs by over 50% to ease tensions, boosting global stocks. (Capital Brief) (WSJ)

• Healthscope's debt is losing value, reflecting low interest in Brookfield’s private hospital operator. (The Australian)

• Woodside Energy’s Q1 production and revenue fell due to weather disruptions and lower oil prices, despite some output gains from US and Senegal fields. (Capital Brief)

• Cettire earnings dip as US tariffs hit demand, despite slight sales rise. (Capital Brief)

• Jarden and UBS drove a surprise $1.5b surge in Commonwealth Bank shares on a quiet trading day. (AFR)

• Atlas Arteria reported a 6.1% rise in Q1 toll revenue and named Luis Tejerina as CEO of its Chicago Skyway toll bridge, starting 1 May. (Capital Brief)

• The ATO has raised the fixed rate work-from-home deduction to 70 cents per hour, effective July 1, 2024. (Smart Company)

• Capricorn shares drop as CEO Paul Criddle faces assault charge. (Capital Brief)

• Japan pushes for a free trade deal with China and South Korea to counter the impact of Trump's tariffs. (AFR)

• UK budget deficit exceeds forecasts, pushing for tax hikes; company activity weakens amid trade war. (Capital Brief)

• Existing investors, such as JPMorgan Asset Management, may take full control of infrastructure assets like North Queensland Airports, rather than new buyers entering the market. (The Australian)

• EU fines Apple €500m and Meta €200m for breaching digital rules under the DMA. (Capital Brief)

• Capital Group and KKR got SEC approval to launch two low-fee retail credit funds combining public and private debt. (Bloomberg)

• InfraBuild averts collapse after striking a deal with Ben Brazil’s FitzWalter to drop an $800m debt claim, securing new funding and governance reforms to stabilise its future. (AFR)

• Chalmers intervenes in ASX’s handling of James Hardie’s $14b US merger that bypasses shareholder vote, escalating investor unrest. (AFR)

• Antony Catalano lists his rarely-used $36m St Kilda penthouse, setting the stage for a potential suburb record in Melbourne’s property market. (AFR)

• CBA's record run baffles investors, who suspect offshore money, benchmark-chasing funds and a flight to safety are distorting market logic. (AFR)

• Musk’s Neuralink is targeting a US$500m raise at an US$8.5b valuation, signalling rising investor interest in brain-computer interface tech. (Bloomberg)

• Meta’s AI Ray-Bans land in Australia and Europe, promising real-time translation and covert recording—fuel for privacy concerns as wearables go mainstream. (Reuters)(AFR)

• Forager’s Steve Johnson is back on top by tapping into the passive investing boom, using smart small-cap plays to crush the ASX and rivals alike. (AFR)

• Cooper Investors is bleeding billions and clout as super funds ditch its underperforming bets, exposing cracks in governance and the myth of the maverick stockpicker founder. (AFR)

VC

• The Queensland government is offering up to $200,000 in grants for startups through its Ignite Ideas Fund and Ignite Spark Program to help bring products to market. (Startup Daily)

People moves

• Netflix ANZ content head Que Minh Luu steps down, stays as consultant. (Capital Brief)

• Cue Clothing has appointed Melanie Remai as CEO, poaching her from Trenery at Country Road Group, following its acquisition by Hilco Capital. (AFR)

• Mineral Resources loses board member Denise McComish amid ongoing investigations and leadership changes. (Capital Brief)

• BHP's potential acquisition of Anglo American is likely on hold due to CEO Mike Henry's expected exit and a focus on fiscal restraint, with female candidates Vandita Pant and Geraldine Slattery among top internal CEO picks. (The Australian)

The watercooler