☕️Digital Durries

Good morning.

US regulators have given Juul the green light to keep its e-cigarettes (in tobacco and menthol flavours) on the US market, the WSJ reports.

The stick, which looked uncannily like a USB stick (and was often laptop-charged via a USB mount) and was a quintessential part of the circa. 2018 finbro OOTD, was banned in 2022 over unresolved questions about its toxicology data.

While the FDA ban was quickly paused, the move sent Juul into a financial tailspin as it scrambled to settle thousands of lawsuits alleging that the company had marketed its addictive devices to children and teens.

🏆 LOI Subscriber #TBD

Market movers

The ASX surged to its second record close this week after a surprise rise in the jobless rate to 4.3% strengthened expectations of an RBA rate cut in August. Gains were broad-based but led by tech, with Block and Nuix among the top performers Thursday.

The quick sync

• Backed by CIA-linked VC, Visionary Machines lands $3.5m to weaponise its self-driving tech. (Capital Brief)

• As CoStar closes in on Domain, Jason Pellegrino is poised to pocket $7.5m and reclaim control—if shareholders sign off next month. (Capital Brief)

• With jobless numbers spiking and rate cuts looming, Michele Bullock risks inheriting Jerome Powell’s nickname: “too late”. (Capital Brief)

• In a world of constant disruption, leaders must drop the illusion of certainty and lead with clarity and transparency to drive performance, writes Justin Angsuwat. (Capital Brief)

• Did Justice Wigney just rule on climate law or political failure? His judgment has both sides claiming high ground. (Capital Brief)

Trading floor

M&A

• Beach Energy buys Vintage’s Otway Basin stake for $1.25m as Vintage refocuses strategy. (Capital Brief)

• CC Capital nears binding bid for Insignia Financial, finalizes funding. (The Australian)

• Couche-Tard scraps bid for Seven & i over stalled talks and lack of cooperation. (Capital Brief)

• Meiban takes 20% stake in Planet Innovation to expand medtech manufacturing. (AFR)

• PointsBet rejects Betr’s share offer, backs MIXI’s higher cash bid. (Capital Brief)

• Santos’ $6.1b gas projects advance as $36.4b takeover bid review continues. (AFR)

• ACCC clears Omnicom’s $21b takeover of Interpublic. (Capital Brief)

• Teneo acquires PwC Australia’s restructuring team to expand local advisory business. (Capital Brief)

• UniLodge is on the market with UBS targeting a $1b sale. (AFR)

• Uber to buy 20,000 Lucid robotaxis, invests in Lucid and Nuro in US$2B AV push. (Capital Brief)

• CVC and Warburg Pincus prepare bids for La Trobe Financial as $3b sale nears. (The Australian)

• Pellegrino set for $7.5m payday if CoStar’s Domain takeover wins approval. (Capital Brief)

• Armitage is selling MYP Corporation, with Houlihan Lokey leading the exit. (AFR)

• Coronado blocks due diligence, stalling binding bids despite premium offers. (The Australian)

Capital Markets

• Genesis Minerals beats FY25 gold guidance with record Q4 output, aided by Laverton acquisition. (Capital Brief)

• Analysts trim Evolution Mining valuation after FY26 cost warning. (Capital Brief)

• Santos lifts Q2 output but cuts 2025 forecast after Cooper Basin floods. (Capital Brief)

• Orbitkey raises $393k in 11th Kickstarter, pushing total to $8m for sustainable products. (Smart Company)

• AUSTRAC to focus on digital currency and cash regulation ahead of expanded oversight in FY26. (Capital Brief)

• Clarity Pharma rises on full enrolment of prostate cancer diagnostic trial. (Capital Brief)

• Breville gains as UBS upgrades to 'buy', sees long-term growth. (Capital Brief)

• Auckland Airport surges as NZ scraps regulation change plans. (Capital Brief)

• Bowen Coking Coal must pay $6.8m in 21 days or face insolvency proceedings. (Capital Brief)

• Anthropic launches Claude 4 AI tools for finance, expanding after CBA partnership. (Smart Company)

• Rio Tinto rallies on iron ore price rise; Morningstar sees shares as undervalued. (Capital Brief)

• Yancoal lifts output but sales fall on port closures; outlook remains strong. (Capital Brief)

• TSMC lifts 2025 forecast after record Q2 profit on AI chip demand. (Capital Brief)

• Substack raises US$100m at US$1.1b valuation to grow tools and creator support. (Capital Brief)

• Visionary Machines raises $3.5m as it pivots to defence with stealth camera tech. (Capital Brief)

• House sends bill regulating stablecoins to Trump. (AP)

• Donald Trump set to open US retirement market to crypto investments. (FT)

• Tiffany’s secretive sales tactics around a rare Patek Philippe watch backfired, souring ties with the Swiss giant and driving rich clients to rivals like Cartier. (Bloomberg)

VC

• Square Peg backs Mira Murati’s $12b AI startup Thinking Machines. (AFR)

• NSW funds 549 new EV chargers; startup EVX to supply over half. (Startup Daily)

• Icehouse Ventures raises NZ$15m for new $30m early-stage fund to back 30 Kiwi startups. (Startup Daily)

People moves

• CAR Group CEO Cameron McIntyre will step down in August, with CFO William Elliott taking over. (Capital Brief)

• CapitaLand’s Wingate hires ex-Goldman exec Juan Manas to lead private credit expansion. (AFR)

The watercooler