☕️ Crypto clock

Good morning.

Investor and vocal crypto advocate Mark Carnegie says Australia’s game is running out of time. With Donald Trump’s White House poised to fast-track US crypto laws, Carnegie is warning Australia has 60 days to align or risk missing the boat.

ASIC has promised draft rules by year-end, but speaking with Capital Brief’s Daniel Van Boom and Jennifer Duke the fund manager called for more urgent regulation to tap into crypto’s economic upside—or get left behind in a $5.5 trillion market.

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Market movers

Maas Group jumped over 7% on Friday to $4.95 each, rolling out a triple acquisition funded by a $138 million raising. Wilsons liked it enough to up their target to $6.01, calling the synergies "significant." The stock is up 25% YTD.

The quick sync

• Employment Hero faces backlash over its ‘rowdy’ Global Gatherings, described as 'adult schoolies,' as the startup dismisses employees for misconduct while defending the events as inclusive and strategic. (Capital Brief)

• New York’s WSA's US$150m makeover turns an ex-AIG office tower into city’s buzziest hub for creatives, celebrities and bargain rents. (NYT)

• Australia’s new digital competition policy to fine big tech up to $50m for anti-competitive practices, targets app stores and ad tech first. (Capital Brief)

• Riana Steyn has led Bartier Perry’s 140% revenue growth, focusing on strategy, culture, and innovation to drive the firm’s transformation. (Capital Brief)

• 'Eurovision' meets 'Shark Tank' as Europe’s startup conference Slush 2024 dazzled Helsinki with glittering spectacles, defence-tech focus and a flood of venture funding. (Bloomberg)

• Norway’s near-complete shift to electric vehicles, driven by smart incentives and rapid adoption, offers a blueprint for the world’s EV future. (Bloomberg)

Trading floor

M&A

• Downer is selling its Spotless New Zealand catering business to Doltone Hospitality Group. (AFR)

• A third, unnamed private equity firm has joined the bidding war for Waste Services Group, competing against Pacific Equity Partners and The Carlyle Group. (AFR)

• Retail Food Group (RFG) has hired a defense advisor, Gresham, to protect itself from a potential takeover bid by its largest shareholder, United Petroleum. (The Australian)

• GIC, Singapore's sovereign wealth fund, has invested in Brisbane Airport. (AFR)

• FicusBridge and Insights42 have merged to form a comprehensive full-service firm addressing the growing needs of the aged care sector. (BNA)

Capital Markets

• Navitas raises $150m to weather education sector storm. (AFR)

• PAG, the owner of Australian Venue Co, is considering an IPO for the pub chain on the ASX next year. (The Australian)

• A Melbourne-based biotech, NEXSEN, is preparing for an IPO on the ASX in 2025. (AFR)

• Private equity firms mask financial problems with short-term fixes. (The Australian)

• Australia’s eight-most powerful industry super funds spent $219m on marketing last year, raising watchdog scrutiny over whether pricey ads and sponsorships benefit members. (AFR)

VC

• Health tech startup, My Mirror, raises $4m to expand mental health platform. (Capital Brief)

People moves

• Nine wealth advisors have resigned from Perpetual amid a potential takeover by KKR. (AFR)

• WiseTech co-founder Maree Isaacs sells shares to Richard White following his resignation scandal. (AFR)

• Stellantis CEO Carlos Tavares to step down amid profit slumps, US sales woes and board tensions. (Bloomberg)

The watercooler