☕️ Crypto ready

Coinbase taps Aussie reg guru for APAC crypto crusade

Good morning.

While regulators tend to move at a snail’s pace, industry bigwigs aren't twiddling their thumbs. Coinbase has snapped up David Menz, ex-Treasury director and ASIC economist, to steer their APAC policy ship.

In a discussion with Capital Brief’s Dan Van Boom, Menz, now based in Singapore, seems primed to lead Coinbase through Australia's looming Digital Asset Platforms legislation, and beyond!

ASX as at market close. Commodities and crypto in USD.

🏆 LOI Subscriber #TBD

Market movers

Flight Centre's shares entered major turbulence yesterday, as profit guidance was trimmed due to deflated airfares and shaky market conditions. Despite the reduced projections, the travel company is still set to more than double last year's figures.

Shares took a nosedive, but managing director Graham Turner reckons falling airfare prices could become the tailwind that lifts future demand.

The quick sync

  • Sam Kroonenberg, sold A Cloud Guru for $2b. He's now bringing the lessons to Cuttable, an automated ad agency. (Capital Brief)

  • As Anthony Albanese pushes Future Made in Australia, the Productivity Commission worries about green protectionism. (Capital Brief)

  • PwC Australia chief executive Kevin Burrowes risks potential jail time or fines after a Labor senator raised the prospect of ­referring the career consultant to the privileges committee. (The Australian)

  • Country Road staff are bracing for job losses, and external psychologists have been brought in to repair its damaged culture. (The Australian)

Trading floor

M&A

  • The FDA accepted Telix Pharmaceuticals' NDA for a prostate cancer imaging kit, replacing conventional methods in the US. (Capital Brief)

  • Lynch Group, once valued at $440m, is struggling with a share price near its all-time lows. (The Australian)

  • Global beef firms Minerva Foods, Marfrig, Silver Fern Farms, and New Hope are gearing up for the $500-$800m auction of Australian Meat Group. (AFR)

  • Direct Capital is reportedly in talks to acquire Fisher Funds, one of New Zealand's largest investment managers. (The Australian)

  • Vinci has exited the Queensland Airports auction, missing out on acquiring an Australian airport stake for the second time. (AFR)

  • Platinum Capital (PMC) will merge with the Platinum International Fund to reduce PMC's share price discount after a strategic review. (Capital Brief)

  • Fonterra has appointed JPMorgan, Cameron Partners, and Jarden to advise on selling its Australian assets. (AFR)

  • Japan’s Chugoku Electric is selling its 10% stake in the $1.1bn Boggabri coal mine, reflecting a trend of Japanese firms exiting the Australian coal sector. (AFR)

  • Antipodes Partners will acquire Maple-Brown Abbott, increasing its assets under management to $18.6bn. (Capital Brief)

  • UBS and Centuria Bass Credit are launching a $150m warehouse facility, with UBS committing $100m to expand its non-bank real estate lending in Australia. (AFR)

  • Southern Cross Media may sell its TV unit to Network Ten, while ARN Media, in partnership with Anchorage Capital Partners, had previously explored a merger with Southern Cross. (The Australian)

  • Trilogy Funds is exploring an acquisition of Eildon Capital, with former Eildon CEO Laurence Parisi now leading the effort. (AFR)

  • Hexima is raising $4m to pivot into autonomous intelligence by acquiring RealThing, following a major loss in value from an inconclusive drug study. (BNA)

  • Shearwater Capital has invested an undisclosed sum in Melbourne-based edtech firm Vivi. (Shearwater Capital)

Capital Markets

  • Tesla reported its lowest profit margin in over five years and missed Q2 earnings targets due to price cuts and increased AI project spending. (Capital Brief)

  • Square Peg's gains from Canva's $2.4bn share sale boost its appeal as it prepares to raise $550m for new funds. (AFR)

  • Perpetual's AUM fell by $12.4bn in Q2 due to net outflows, negative market movements, and currency impacts, with mixed performance across its divisions. (Capital Brief)

  • Arafura Rare Earths, backed by Gina Rinehart, entered a trading halt on the ASX for a capital raise announcement. (Capital Brief)

  • Bellevue Gold is set to raise up to $200m to reduce debt, with Macquarie Capital and Canaccord Genuity leading the equity deal expected to start this week. (AFR)

VC

  • Fundabl raises $3.2m to launch a new venture debt fund for Australian tech businesses. (Capital Brief)

  • UniSA secured $18m for four space projects through the iLAuNCH program, coinciding with the launch of a new 3D printing facility for space tech. (Startup Daily)

People moves

  • None

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