☕️ Cam Curls

Good morning.

After years of resisting the livestreaming of important cases, the nation’s highest court (and its curly-wigged justices) is “currently contemplating” the screening of important cases.

The change would allow the public to follow hearings remotely on the High Court’s website, including the constitutional challenge to the government’s social media ban for under-16s, which is slated for later in 2026.

While there is no firm proposal, Capital Brief understands livestreaming is now under active consideration.

🏆 LOI Subscriber #TBD

Market movers

Shares in wealth platform HUB24 fell over 8% on Tuesday after it showed March quarter net inflows that missed expectations, driven by weaker gross flows, a one-off institutional withdrawal and higher-than-expected negative market movements.

The quick sync

• Telstra and TPG push for spectrum auctions as SpaceX threatens to withhold Starlink services from Australia. (Capital Brief)

• Anthropic tells Australian productivity inquiry AI could lift annual labour productivity growth by up to 1.8%, offers internal data. (Capital Brief)

• Apple's incoming CEO John Ternus must prove the world's most profitable consumer business can still invent the future, not just monetise it. (Capital Brief)

• HubSpot's CEO says the market is wrong about vibe coding killing SaaS value. (Capital Brief)

• Australia's housing crisis will deepen unless councils can fill critical labour shortages, local government warns. (Capital Brief)

Trading floor

M&A

• TAL expands its partnership with Microsoft to boost AI capabilities. (Capital Brief)

• Ingenia Communities joins bidders for Peet Limited. (AFR)

• Stanmore plans structured payments to support a coal acquisition bid. (The Australian)

• Deutsche Telekom is reportedly exploring a merger involving T-Mobile, signaling major telecom consolidation. (Reuters)

• National Storage REIT advances a $4b deal to support growth strategy. (AFR)

• Rio Tinto advances borates sale but struggles with titanium divestment. (The Australian)

• Airbus plans to acquire French cybersecurity firm Quarkslab to expand digital defense capabilities. (WSJ)

Capital Markets

• Hub24 shows inflows but share price drops sharply. (Capital Brief)

• EQT raises a record $21.7b Asia-Pacific fund, highlighting strong investor demand. (AFR)

• Amazon deepens AI investment with a major funding commitment to Anthropic. (Capital Brief)

• JPMorgan Chase pushes into China with plans for an active ETF launch pending approval. (Bloomberg)

• Omega Oil and Gas seeks $50m funding to advance its Queensland project. (AFR)

• Challenger narrows guidance due to market volatility linked to Middle East conflict. (Capital Brief)

• MYBOS plans a 2027 IPO as it scales operations. (AFR)

• Estée Lauder seeks EUR5b financing for a Puig-related deal. (Bloomberg)

• Rio Tinto’s copper output increased, showing strong operations despite global risks. (Capital Brief)

• WISE Specialist Emergency Services explores private equity interest. (AFR)

• Lynas revenue jumps to $265m on strong demand and prices. (Capital Brief)

• JPMorgan Chase raises its S&P 500 outlook as AI-driven rally strengthens. (Bloomberg)

• Future Fund launches an investigation into whistleblower complaints. (AFR)

• MA Financial reports a 44% rise in assets under management, showing strong growth. (Capital Brief)

• Qantas discounts fares to counter weakening travel demand. (AFR)

• Housing development is being limited by local council workforce shortages. (Capital Brief)

• Roger Cook warns against a proposed gas tax. (AFR)

• Atlas Arteria shares fall after flat toll revenue growth. (Capital Brief)

• Reliable Robotics raises funds to develop uncrewed autonomous flight systems. (Bloomberg)

• Corporate Travel Management faces a growing overcharging scandal exceeding $220m. (AFR)

• Consumer confidence remains stable based on ANZ–Roy Morgan data. (Capital Brief)

• The federal government is investing in defense firms AIM Defence and SYPAQ Systems. (Capital Brief)

• Dexus faces criticism over a controversial airport stake sale plan. (AFR)

• Yamini Rangan says HubSpot is not worried about a SaaS downturn. (Capital Brief)

• Google struggles to compete in AI coding tools against rising rivals. (Bloomberg)

• ACCC is allowed to intervene in the Epic vs Apple case. (Capital Brief)

• Anthropic contributes to the debate on AI and productivity in Australia. (Capital Brief)

• Crypto markets face setbacks after a major security hack undermines Wall Street crypto ambitions. (Bloomberg)

• Telstra and TPG Telecom clash with SpaceX over Starlink spectrum policy. (Capital Brief)

• Multiplex returns to profit but is still recovering from Queen’s Wharf losses. (The Australian)

• Government plans to remove out-of-pocket costs for some aged care services. (Capital Brief)

• OpenAI releases a new image model better at charts and diagrams, improving visual reasoning. (Bloomberg)

• Employment Hero launches an AI model to manage complex regulations. (Capital Brief)

VC 

• Startup founders with university roots back a new generation of New Zealand student entrepreneurs. (Startup Daily)

• Ideally raises $13.4m Series A, with clients including Google and Telstra. (Startup Daily)

People moves

• Apple faces leadership change as Tim Cook steps aside and John Ternus is named CEO, pressuring shares. (Capital Brief) (Capital Brief)

• Azure Capital hires a key infrastructure debt advisory team from Royal Bank of Canada, strengthening its position. (AFR)

• Canva design chief Andrew Green exits after AI 2.0 launch amid platform shift. (Capital Brief)

• New regulations will vet data centre directors, executives, and investors more strictly. (AFR)

• PE Nation sees Claire Greaves return to lead a turnaround. (AFR)

The watercooler