☕️ Meta’s mealgate

Good morning.

A quiet reminder: even if you’re pulling in a cool $600k a year for your value-add, no one’s beyond reach when a company’s restructuring. Meta just reportedly cut 20-30 LA staff—some on US$400k ($597k)—for pushing the limits on meal credits meant for the office.

We’re talking Uber Eats perks turned into shopping sprees for wine glasses, detergent  and toothpaste. Handing them an excuse during a shake-up? You’re making it too easy.

The firings, first reported by the FT, came just as Meta began restructuring WhatsApp, Instagram and Reality Labs.

🏆 LOI Subscriber #TBD

Market movers

AMP shares jumped a whopping 17% after the wealth manager reported a strong lift in assets under management to $78.1 billion for the September quarter.

Improved inflows helped offset outflows and pension payments, driving the market’s best ASX 200 performance of the day.

The quick sync

• Google faces backlash from Australian media execs demanding AI training disclosure and compensation. (Capital Brief)

• Foxtel's Binge set for a major revamp adding news and sport as News Corp eyes potential sale. (Capital Brief)

• TSMC boosts sales outlook as “insane demand” for AI chips drives record 54% profit jump and US$30bn expansion plans. (Capital Brief)

• ECB cuts rates again as inflation drops, aiming for "soft landing" while markets anticipate further cuts amid eurozone slowdown. (Capital Brief)

• Blackstone 3Q earnings beat expectations, driven by private credit as it eyes a “much better” IPO market in 2025 to fuel realisations, DPI. (Capital Brief)

• US crude oil stockpiles fell unexpectedly, but prices continued their drop below US$71 as fears of Middle East supply disruptions eased. (WSJ)(CNBC)

• Nine's board apologises after review uncovers widespread bullying and harassment culture. (Capital Brief)(AFR)

• Trade officials investigating Woolworths and Coles for selling imported Italian tomatoes at prices that may harm local growers. (AFR)

• Perpetual faces shareholder backlash over pay amid declining share price and looming KKR acquisition. (Capital Brief)

Trading floor

M&A

• NextDC will buy a new Sydney site for $353m, settling throughout FY25, but won't factor holding costs into its FY25 EBITDA guidance due to timing uncertainties. (Capital Brief)

• Smart Foods has acquired the assets of plant-based meat start-up Fenn Foods following its liquidation. (AFR)

• Pacific Equity Partners is eyeing Incitec Pivot's fertiliser unit as it plans to relaunch the sale process next year amid heightened market activity. (The Australian)

• Rio's Arcadium takeover boosts junior lithium stocks, but major producers may miss out on upcoming M&A activity. (AFR)

• Warburg Pincus committed $490m to MA Financial Group’s real estate credit fund to address Australia’s housing market funding gap. (Capital Brief)

• Affinity Equity Partners is poised to acquire Craveable Brands from PAG Asia Capital. (AFR)

• Singapore Post has narrowed the $1bn sale of its Australian logistics assets to three bidders, with Blackstone leading as frontrunner for final offers due by late November. (The Australian)

• UniSuper launched a $500m sell-down of its stake in APA Group after market close on Thursday. (AFR)

• ASX uranium miners rose after Sprott boosted stakes in two firms and Amazon invested in nuclear energy projects. (Capital Brief)

• The field of bidders for Commonwealth Bank’s ultra-high-net-worth business has narrowed, with Morgan Stanley Wealth Management among the finalists. (AFR)

• Toll is close to acquiring Rex's air ambulance business, Pel-Air, as part of the collapsed carrier's breakup, with other assets needing upgrades. (AFR)

• Apollo Global Management is set to sell $450m in Challenger shares, following Odyssey Investment Partners' recent $277m stake sale in AUB. (The Australian)

• Black Hops Brewing was sold for $3.2m, resulting in Judo Bank incurring a $1.7m loss, as the sale covered less than half of the $7.3m owed to creditors. (BNA)

• EMR Capital is auctioning Queensland's Kestrel coal mine after it generated $500m in profits, sparking a major sale in the sector. (AFR)

Capital Markets

• Star Entertainment halted trading after being contacted by the NSW casino regulator about its response to a report on its suitability to hold a casino license. (Capital Brief)

• IperionX is raising $100m after a 157.5% share price rise and recent inclusion in the ASX 300. (AFR)

• Regal Partners, led by Phil King, is pursuing legal action to recover $12m from the liquidators of Altus Renewables, which recently collapsed. (Capital Brief)

• Cuscal is pursuing a second IPO, facing regulatory pressure from the government's focus on debit card surcharges, after postponing its previous attempt last year. (AFR)

VC

• Breakthrough Victoria invested $2.5m in Viridian Renewable Technology, which turns food waste into animal feed and plans to expand with two new plants in Gippsland. (Capital Brief)

People moves

• Andrew and Nicola Forrest are stepping down as Minderoo Foundation co-chairs, replaced by Allan Myers, while they continue as non-executive directors. (Capital Brief)

• WiseTech CEO Richard White insists he will not step down amid a personal scandal involving accusations from a former partner, although the board is considering asking him to resign. (AFR)

• King & Wood Mallesons global CEO Sue Kench will step down at the end of the year after holding the role since 2017. (Capital Brief)

The watercooler