☕️ Ex lovers

The star witness in the SBF case has appeared. She did not mince her words.

October 11, 2023

Good morning.

Sam Bankman-Fried’s ex girlfriend – and the former head of FTX trading arm Alameda Research – Caroline Ellison has testified against him in court.

The star witness in the SBF case told a jury this morning that the FTX founder instructed her and colleagues to steal around US$10 billion of customer deposits from the exchange.

“He directed me to commit crimes,” she said.

*Stock data as of the market close. Commodities and crypto data in USD.

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MARKET MOVERS

Market News: After much scrutiny, Australia’s competition watchdog has given the green light to Brookfield and its proposed takeover of Origin Energy.

The ACCC waved it through on Tuesday, suggesting a quicker transition to renewable energy outweighed the deal’s potential cons.

Now comes a new game for Origin shareholders and Brookfield management: deciding on a price.

THE QUICK SYNC

  • Israel is building up forces next to Gaza for a new offensive. (Bloomberg)

  • The startup founders being called up for military service. (WSJ)

  • Chinese property developer Chinese Garden has warned it will not be able to meet its debt obligations. (Financial Times)

  • The semiconductor glut is expected to wipe Samsung earnings by 80%. (CNBC)

  • More Deloitte revenue is being paid to US staff after a sustained hiring battle. (Financial Times)

  • Green steel is coming sooner than many thought possible. But will it threaten the iron ore fairytale for Rio Tinto, BHP and Fortescue? (Capital Brief)

  • The IMF has warned on turmoil in the bond market. (Financial Times)

TRADING FLOOR

M&A:

  • Liontown has verified that Hancock Prospecting has increased its ownership stake from 16.7% to 18.4%. (Capital Brief)

  • Canadian outfit Amp, backed by The Carlyle Group, is looking for a buyer for its renewable energy assets. (AFR)

  • TPG Telecom and Macquarie Group remain strongly committed to successfully completing a transaction. (The Australian)

  • Nick Politis is set to receive $245m from the sale of Eagers Automotive, in which he holds a 27.6% stake. (AFR)

  • Third.i has entered into a partnership with Phoenix Property Investors on a multibillion-dollar mixed-use project with a focus on transportation at Crows Nest. (BNA)

Capital Markets:

  • Woolworths is preparing to tap bond markets for funding with Mizuho and MUFG banks, alongside NAB and ANZ, to lead the deal. (Capital Brief)

  • Tasmea has enlisted the services of stockbrokers Bell Potter, Shaw and Partners, and Morgans to assist in attracting investors for a potential IPO. (AFR)

  • Virgin has achieved a profit of $129m, marking a return to profitability, just ahead of its planned IPO. (Capital Brief)

  • BoA estimates Cuscal is worth between $564m and $736m in anticipation of its listing on the ASX. (The Australian)

  • Judo Bank announced its intention to raise capital using additional tier 1 hybrid bonds. (AFR)

  • The Salisbury pub has been acquired for $17m. (SMH)

  • Cromwell Property Group is considering a potential market offering of $510m at a reduced price in order to bolster its balance sheet. (The Australian)

VC:

  • ALIAVIA Ventures has recently announced the successful closure of its inaugural fund, which stands at $13.5m with support from Tattarang and Wollemi Capital Group. (SmartCompany)

  • Investors in the unsuccessful delivery start-up Milkrun will receive less than 20 cents on the dollar from their initial $86m investment. (AFR)

Others:

  • Bruce Mathieson may be aiming to separate the pubs portfolio from the company and merge it with Star Entertainment's casinos. (The Australian)

  • Lynas has announced that its chair, Kathleen Conlon, will retire at the conclusion of the company's annual general meeting on November 29th. (Capital Brief)

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