☕️ Brown leaves

Good morning.

Capital Brief’s Jack Derwin confirmed ANZ’s most senior climate figure, Gerard Brown, is set to depart in under two weeks as CEO Nuno Matos continues his internal restructure. Brown, a 30-year ANZ veteran and group general manager of climate, managed the bank’s 100 highest-emitting clients and reported into the head of communications. His role is being restructured and may not be replaced.

The ESG team he led is also facing cuts, with multiple roles on the chopping block, despite ANZ insisting it remains committed to climate and ESG obligations under mandatory reporting rules.

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Market movers

Shares in Temple & Webster rose over 7% on Friday, partly rebounding from heavy losses earlier in the week after announcing a slowdown in sales growth for the first-half period.

The quick sync

• Slowing growth and investor pressure are pushing Culture Amp to cut costs and bet on AI for its next chapter. (Capital Brief)

• Strong GDP growth could raise the risk of 2026 rate hikes as inflation remains a concern. (Capital Brief)

• Lachlan and Sarah Murdoch’s Christmas party opens the silly season with top names from politics, business and media. (Capital Brief)

• Labor’s streaming quotas mean big local spend but US pushback is growing. (Capital Brief)

• Microsoft’s two-year data centre alliance has become a formal lobby group pushing for government support on AI infrastructure. (Capital Brief)

• Labor and the Greens have passed long-stalled environmental reforms including a new EPA and limits on coal and gas fast-tracking. (Capital Brief)

Trading floor

M&A

• TPG to buy New Zealand’s Tamaki Health. (AFR)

• TPG Capital may sell Made Group for $2b, seeking Japanese buyers after scaling the health-focused beverage business since 2021. (The Australian)

• Capricorn Metals may merge with Genesis Minerals or other gold companies to boost scale, capitalizing on soaring gold prices and executive transitions. (The Australian)

• General Atlantic buys majority of El Jannah, lenders involved. (AFR)

• SGH could target Gupta’s InfraBuild as GFG Alliance struggles financially, with government and debt strategies potentially paving the way for a takeover. (The Australian)

• KMD Brands could split as buyers eye Kathmandu and Rip Curl. (The Australian)

• Blackstone nears multibillion-dollar deal with AI data centre Firmus. (AFR)

Capital Markets

• Airbus recalls software on thousands of A320 jets over radiation-related flight-control risks, causing widespread travel delays. (Capital Brief)

• NSW blackout risk if Origin Energy’s 2880 MW Eraring coal plant closes in 2027, says AEMO. (AFR)

• UK investigates Corporate Travel Management for GBP80m overcharging. (AFR)

• Tyndall Asset Management to close after losing a key superannuation client. (AFR)

• A data-centre cooling failure shut down CME trading, disrupting global futures markets and billions in expiring derivatives. (Capital Brief)

• TikTok’s Australian data centre plans stalled over FIRB approval. (AFR)

• Australia may secure $600m/year from tech giants under new laws. (AFR)

• Despite slowing growth and layoffs, Culture Amp’s CEO says the company is tightening focus and adapting its strategy as AI reshapes the market. (Capital Brief)

• Sergey Brin gifts USD1.1b in Alphabet shares after fortune surges. (Bloomberg)

• US options market grapples with ‘concentration risk’ in clearing. (Bloomberg)

• TikTok’s big Australian data centre dream hits Chalmers stonewall. (AFR)

• Kazakhstani couple allegedly used hidden camera and earpieces to win over $1m from Crown casino. (BBC)

• Use of AI ‘tech stacks’ driving demand for lawyers. (AFR)

VC 

• Perth startup Detail Earth, backed by experienced mapping entrepreneurs, raised $1.5m to bring next-gen, AI-enhanced aerial mapping to the Asia-Pacific. (Capital Brief)

• Australian seaweed startups draw VC, Fremantle Seaweed raises first major funding. (AFR)

People moves

• ANZ will axe multiple ESG roles, with senior climate lead Gerard Brown set to leave as part of a broader restructure. (Capital Brief)

• Wilson Asset Management welcomes Macquarie’s Sophia Mulligan as senior analyst Koch departs. (AFR)

The watercooler