☕️DOGE Direction

Good morning.

Accenture CEO Julie Sweet has said the consultancy is seeing the pace of US government work slowing as President Trump’s spending crackdown takes hold.

Sweet said federal services accounted for about 8% of Accenture’s global revenue and about 16% of its Americas revenue in 2024. Federal agencies are reviewing their contracts with leading consultancies under Elon Musk’s Department of Government Efficiency (DOGE) mandate.

While layoffs haven’t been indicated, Accenture has around 10,000 staff in its Federal Services division that could be next on the DOGE chopping block.

🏆 LOI Subscriber #TBD

Market movers

Judo Capital shares plunged Thursday following reports Bain and GIC cashed out the neobank, selling a $191 million stake at a price below their IPO value.

The quick sync

• Fewer class actions, but bolder moves—plaintiff firms are chasing riskier claims as regulatory scrutiny fuels fresh legal battles. (Capital Brief)

• Agentic AI is shaking up Australian banking—CBA is leading, others are catching up, and the future is a mix of human and digital workers. (Capital Brief)

• Nine Entertainment’s bankers told CoStar it would have to pay a potential $4.65 a share for its 60% stake in Domain. (AFR)

• Westpac’s Project Aries could spell the end for St George as CEO Anthony Miller accelerates a major shake-up to streamline the bank’s operations. (AFR)

• Zelenskiy won’t hand over Ukraine’s nuclear plants—but if the US wants to invest and modernise them, then he says he’s ready to talk. (Bloomberg)

Trading floor

M&A

• Cleanaway is acquiring Contract Resources for $377m in a debt-funded deal, expanding its industrial services reach. (Capital Brief)

• The ACCC will not oppose Vocus’ $5.25b acquisition of TPG’s enterprise unit, citing continued market competition. (Capital Brief)

• Catalyst Metals is selling a Tasmanian gold mine amid record-high bullion prices and increased M&A activity in the sector. (AFR)

• Brookfield’s $6b asset sales raise questions about its future in Australia. (The Australian)

• Global bidders are ahead of Australian companies in the race to acquire Queensland’s Ravenswood gold mine, with Regis Resources still in contention. (The Australian)

• Metrics Credit Partners is considering acquiring Healthscope debt, following HMC Capital's interest, with Bank of America recently purchasing $10m from Morgan Stanley. (AFR)

Capital Markets

• Coalition matches Labor’s $25 PBS cap as US pharma pressures Australia. (Capital Brief)

• Sigma posts $13.8m loss after Chemist Warehouse merger. (Capital Brief)

• NRW Holdings’ Primero wins a $100m Rio Tinto contract for a WA seawater desalination project. (Capital Brief)

• Rare Foods Australia plans to delist from ASX due to declining seafood demand and high costs. (ASX)

• The ACCC is seeking feedback on draft merger assessment guidelines ahead of new mandatory notification laws starting in 2026. (Capital Brief)

• La Trobe Financial has appointed Morgan Stanley and UBS for a strategic review, considering a sale or IPO. (AFR)

• Australia’s unemployment rate held at 4.1% in February, with fewer older workers returning to the workforce. (Capital Brief)

• Arafura Rare Earths’ shares surged after securing an NdPr offtake deal with Traxys, expanding its Nolans Project market reach. (Capital Brief)

• Virgin Australia is meeting investors ahead of a possible IPO. (The Australian)

• Cortical Labs has launched its first biological computing product, CL1, integrating brain cells with silicon for AI efficiency. (Capital Brief)

• Former Hells Angels member Angelo Pandeli settled his defamation case against News Corp, leading to content removal. (Capital Brief)

• Labor has outlined its strongest commitment to crypto regulation, aiming to support the industry and address debanking concerns. (Capital Brief)

• Coles says Victoria leads in supermarket theft, citing organised crime. (AFR)

• US tech giants push Trump to challenge Australia’s media laws. (Capital Brief)

• Nvidia plans to spend hundreds of billions on US chip manufacturing to reduce reliance on Taiwan amid geopolitical risks and Trump’s tariffs. (Capital Brief) (FT)

• CoreWeave is seeking a lower-than-expected US$26b IPO valuation amid reliance on key customers like Microsoft and supply chain risks. (Capital Brief)

• Accenture shares dropped as U.S. government work slowed due to cost cuts and spending limits. (Bloomberg)

• The Bank of England kept rates at 4.5%, citing geopolitical uncertainty and strong wage growth. (Capital Brief)

• ACCC finds Coles and Woolworths too powerful but stops short of break-up. (Capital Brief)

• Trump reiterates support for crypto, stablecoin legislation. (Bloomberg)

VC

• Employment Hero weighs in on Deel-Rippling startup feud. (Capital Brief)

• Victorian climate tech startup Phnxx raised $1.8m in Seed funding to scale its modular energy system. (Startup Daily)

• Defence surveillance startup Arkeus raised $5m to expand its AI-driven autonomous optical systems for defence, backed by key investors. (Capital Brief)

People moves

• Kirsty Coventry is the first woman and African elected IOC president. (AP)

• Citigroup’s private equity heavyweight Anthony Diamandakis is exiting. (Bloomberg)

The watercooler