☕️Fast Fold

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Billionaire Naguib Sawiris appears to have begun winding down his Dubai-based  media startup, Moniify, within weeks of the company’s extravagant launch party. Channelling DJ Sol, Sawiris even got behind the decks at his lavish Museum of the Future bash which saw Euro illusionists entertain guests.

But layoffs at the project began just weeks after Sawiris visited Dubai early this year, when he began appealing to journalists to help him develop a revenue strategy for the company, touted as a ‘CNBC for the TikTok generation,’ Bloomberg reports.

Having burnt cash at an alarming rate during a late 2024 hiring spree and launch party, the startup’s CEO Michael Peters jumped ship, only to be replaced by Sawiris’ daughter Lana.   

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Market movers

Shares in Brickworks and Washington H Soul Pattinson soared Monday after the companies announced a $14 billion merger to form a diversified investment and building products powerhouse, giving the portfolio a sharp new edge.

The quick sync

• Geoff Wilson eyes backing the Greens' plan to index the super tax threshold at $2m as Tim Wilson rallies a fierce campaign against Labor's 'draconian' overhaul. (Capital Brief)

• As Bran Black writes, Australia has the talent and trust to lead in AI, but only if bold decisions focus on opportunity over fear. (Capital Brief)

• Australia’s big banks are scrambling to win AI talent and approval from regulators to re-engineer core processes before rivals claim the advantage. (Capital Brief)

• ANZ’s new boss Nuno Matos locks in July meeting with RBA Governor Michele Bullock, as the bank grapples with multiple regulatory probes. (The Australian)

Trading floor

M&A

• Laurence Escalante plans to buy out minority investors in Virtual Gaming Worlds for $3.2b, seeking full ownership of the online gambling firm he founded. (AFR)

• Optus teams with Perplexity AI to offer free AI search subscription. (Capital Brief)

• Bain Capital joins late in Perpetual’s $500m wealth unit auction. (AFR)

• VGW founder seeks $1b buyout of shareholders via family office deal. (Capital Brief)

• Sybos plans to fully exit Ebos, selling a 13.2% stake for $880m. (The Australian)

• Sequana, backed by Pemba Capital Partners, has expanded its water advisory business by acquiring Atlas Engineering Group and IPS. (AFR)

• xAI launches $300m share sale at $113b valuation ahead of bigger funding. (Capital Brief) (FT)

• Igneo Infrastructure puts 15.3% stake in Adelaide Airport up for sale, valuing it close to $4b amid a wave of airport M&A. (AFR)

Capital Markets

• Paladin finds strong uranium results in Canada drilling. (Capital Brief)

• Coronado gets loan waivers to ease pressure amid coal price slump. (Capital Brief)

• Perenti wins $1.1b gold mining contract in Burkina Faso. (Capital Brief)

• Koala halts $100m IPO amid US tariff uncertainty. (AFR)

• Perpetual cuts debt forecast after refinancing on better terms. (Capital Brief)

• James Hardie secures funding for $14b AZEK buyout and NYSE listing. (Capital Brief)

• Scape is confident it will secure cheap bank debt to fund its expected $3b+ purchase of Brookfield’s Aveo retirement living business. (The Australian)

• Asian factory activity shrinks in May amid weak demand and US tariffs. (Capital Brief)

• Superhero raises $11m to expand into wealth management with new leadership. (Capital Brief)

• Australian Pacific Coal owes over US$100m against a US$41m market value. (The Australian)

• HSBC commits $4b to private credit funds, targeting Asia and UK markets. (Capital Brief)

• Telstra and Starlink debut satellite-to-text service for remote users. (Capital Brief)

• Nufarm director trades hint no buyout, undervaluation belief, and no equity raise plans. (The Australian)

• Goldman Sachs is pitching its biggest-ever secondaries fund to investors, as buyout firms struggle to exit holdings. (Bloomberg)

VC

• Termina raises $3m to transform energy buying for Australian SMEs. (Capital Brief)

People moves

• Boss Energy appointed Joanne Palmer and Caroline Keats as non-executive directors, while Bryn Jones retired from the board. (Capital Brief)

• Barrenjoey appoints Fiona Hick, ex-Fortescue and Woodside exec, to its board, boosting the investment bank’s leadership. (AFR)

• Half of Opthea board resigns after trial failure and major cuts. (Capital Brief)

• Aoris PM Alfred Tadros resigns, sells shares for personal reasons. (AFR)

• Turo appointed Rob Chan as Australia managing director, replacing Tim Rossanis. (Capital Brief)

• Michael Stutchbury leaves the AFR’s newsroom to take charge at the Centre for Independent Studies, marking the end of Nine’s publishing shuffle. (Capital Brief)

The watercooler