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Former Credit Suisse employees in the UK who were absorbed by UBS when the banks merged in 2023 have been permitted to take paid sabbaticals, unlike their UBS colleagues, reports the FT. The integrated Credit Suisse staff who remained on their original contracts can request to take up to three months of the paid leave every five years, and are paid their full salary during the first month, falling to 80% in the second month and 60% for the third. Their UBS peers are not extended the same benefit.

Sabbaticals had been popular across investment banks in efforts to retain staff and reduce burnout during the pandemic, but large banks have been paring back such perks.

With a current workforce of 109k and a target headcount of 85k by the end of the two banks’ integration in 2026, it will be more than the three-month sojourns that face the UBS chopping block.

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Market movers

Temple & Webster shares skyrocketed after the online furniture retailer more than doubled its first-half profit, beating market forecasts with strong sales and expanded margins.

The quick sync

• Meta and TikTok fire back at the government’s social media crackdown, demanding to know why YouTube—the most popular platform among Aussie kids—gets a free pass while they face hefty fines. (Capital Brief)

• News Corp bans Chinese AI firm DeepSeek over security and privacy risks, joining global regulators in scrutinising the fast-rising chatbot. (Capital Brief)

• Banksia Minerals Processing says its breakthrough tech can unlock copper reserves even BHP and Rio Tinto can't touch—just as the global energy transition drives demand through the roof. (Capital Brief)

• All eyes are on the RBA’s first rate decision of 2025 on Tuesday, with economists forecasting a 25 basis point reduction. (Capital Brief)

• Developers warn Australia’s 1.2m housing target is slipping, urging billions in federal funding to boost supply, cut costs, and prevent a worsening affordability crisis. (Capital Brief)

Trading floor

M&A

• Straight Bat acquires $40m signage firm Fleetmark. (AFR)

• KKR has returned with an improved all-cash bid for Perpetual’s corporate trust and wealth units, offering over $8 per share. (AFR)

• Dell nears $5b AI server deal for Musk’s xAI. (Bloomberg)

• Broadcom and TSMC are considering acquiring parts of Intel’s business as the struggling US chipmaker faces mounting competition and financial losses. (Capital Brief)(WSJ)

• AMCI seeks $100m for Fitzroy stake; EMR to sell $3b Kestrel coal mine. (The Australian)

• Oaktree Capital is attempting to buy out Star Entertainment’s lenders as the casino operator nears voluntary administration. (AFR)

• CDPQ nears CDC Data Centres stake as Telstra weighs asset sales. (The Australian)

• Tyro Payments is open to takeover offers after a sharp share price drop, with Macquarie seen as a potential buyer. (AFR)

Capital Markets

• Chris Morris-backed Smart Parking raises $35m for US expansion. (AFR)

• Musk’s team audits NASA, challenging Artemis costs. (Bloomberg)

• The Reserve Bank of Australia is expected to start cutting interest rates at its upcoming meeting, impacting politics, markets, and the economy. (Capital Brief)

• Balmain is leading Bis Industries’ $150m refinancing, requiring Carlyle and Varde to inject $145m in fresh equity. (AFR)

• Meta bets on AI humanoid robots, eyes software over hardware. (Bloomberg)

• Elon Musk’s xAI is in talks to raise $16b at a $118b valuation, with backing from major investors like Sequoia and Andreessen Horowitz. (AFR)

• Not-for-profit hospitals urge the government to fund private treatments to ease public waitlists and propose a fixed-price model for procedures. (AFR)

• Uber is suing DoorDash for alleged anticompetitive practices. (Capital Brief)

• MyPass, used by major mining and energy firms, has secured investment from OneVentures at a $57.2m valuation. (AFR)

• Productivity Commission urges housing reforms amid construction slowdown. (Capital Brief)

• AUSTRAC has warned 50 Australian crypto exchanges over inadequate anti-money laundering measures linked to crime proceeds. (AFR)

• The Transport Workers’ Union is pushing banks and retailers to help fund Armaguard amid cash crisis. (AFR)

• Australia will ban foreign investors from buying existing homes for two years, starting April 2025, to ease the housing crisis. (Reuters)

• Rio Tinto assured investors its Oyu Tolgoi copper mine expansion was on track while internally reviewing warnings of significant delays. (AFR)

• Tesla showrooms become battlegrounds as protesters push back against Elon Musk’s government cuts and far-right alliances. (FT)

• The EU is considering import bans on food grown with pesticides it has outlawed, echoing Donald Trump’s “reciprocal” trade policy and potentially targeting US crops like soybeans. (FT)(Bloomberg)

• Development manager, BSSPV Pty Ltd, behind $2.7b Melbourne tower collapses, owing creditors over $100m. (The Australian)

• Iraq’s central bank bans five more local banks from US dollar transactions in efforts to curb money laundering and other violations. (Reuters)

• China’s equity markets have added over US$1.3tn ($2.05tn) in the past month, after DeepSeek’s AI breakthrough lures stock funds back to China from India. (Bloomberg)

• Japan invests US$1.5b ($2.36b) on ultra-think solar panels to compete with China. (Financial Times)

VC

• Saudi Aramco’s US$500m ($787m) venture capital arm, Wa’ed Ventures, invests in AI cloud startup Ori, which will see the UK-based firm set up a regional subsidiary in Riyadh. (Bloomberg)

People moves

• M&A lawyer David Holland is joining DLA Piper from Hogan Lovells. (AFR)

• Blockchain.com hired ex-Goldman Sachs crypto banker Justin Evans as CFO and Mike Wilcox as COO. (Bloomberg)

• Once allies in bold corporate plays, Nick Bolton and Antony Catalano’s partnership has imploded in a bitter feud over power, profits and a disputed stake in Australian Community Media. (AFR)

• Rio Tinto’s CEO Jakob Stausholm heads to Washington to navigate Donald Trump’s unpredictable tariffs and push for a long-delayed US copper mine. (AFR)

• The ATO has flagged a $2.95m unpaid tax bill buried deep in Solomon Lew’s business empire, raising fresh questions about the billionaire’s labyrinthine corporate structure. (AFR)

• Despite AI's growing role in IB, UBS, BofA, Goldman Sachs, Citi and Jarden are still hiring graduates, with top candidates securing six-figure analyst roles. (AFR)

The watercooler