☕️Red tape Reform

Good morning.

In a pre-budget submission to Treasury, BlackRock encouraged the Albanese government to introduce significant changes to boost foreign investment in infrastructure and other critical developments. The world’s largest investment manager raised concerns about inconsistencies in the foreign investment watchdog’s approach to approvals, Capital Brief reports.

BlackRock said that Australia faces a significant investment shortfall and cannot fund critical infrastructure and other national priorities solely through domestic capital. While it welcomed Albanese’s proposed “investor front door” initiative, the manager urged the government to go much further.

The submission reads: “All and any policy reform that does not pose a risk to Australia’s sovereignty or security should be on the table.”

🏆 LOI Subscriber #TBD

Market movers

Westgold Resources surged Thursday as gold prices rallied on US inflation data and tariff uncertainty, boosting ASX-listed gold miners.

The quick sync

• Crypto exchanges are pouring cash into both major parties, betting that the next government will finally deliver the regulation they’ve been chasing for years. (Capital Brief)

• As Australia’s family offices multiply, so do their legal troubles—high-stakes court battles are revealing the hidden risks of managing private wealth. (Capital Brief)

• BNPL is now officially credit, but confusion over reporting rules could choke borrowing capacity and disrupt the industry. (Capital Brief)

• Korea’s NPS acquires 4.17% stake in Metrics Credit Partners. (Capital Brief)

• Geoff Wilson has found a loophole in the LIC stamping fee ban, offering discretionary payments to brokers as he rattles the tin for up to $500m. (AFR)

Trading floor

M&A

• Capricorn Metals expands Mt Gibson with Kings Find acquisition. (Capital Brief)

• JPMorgan takes 5.36% stake in Rio Tinto amid expansion moves. (Capital Brief)

• Japanese firms among bidders for Incitec Pivot’s fertiliser assets as sale narrows. (The Australian)

• ACCC probes DP World’s $174m Silk deal over competition concerns. (AFR)

• Perpetual seeks a new adviser to sell its wealth unit, refreshing its strategy after past advisory disagreements. (The Australian)

• BlackRock eyes Fonterra’s SE Asia business in complex $174m sale. (The Australian)

Capital Markets

• Power bills will rise from 1 July due to higher electricity costs. (Capital Brief)

• Boss Energy raises its stake in Laramide, betting on uranium potential in Queensland. (Capital Brief)

• ASIC sues FIIG Securities over cybersecurity failures and data breach. (Capital Brief)

• Family offices face growing legal risks amid high-profile disputes. (Capital Brief)

• New BNPL rules create confusion over credit reporting and borrowing. (Capital Brief)

• Australian universities fear U.S. funding cuts under Trump’s stricter rules. (Reuters)

• Coal stocks drop as Asian demand weakens and supply grows. (Capital Brief)

• Labor advances news bargaining incentive talks before the election. (Capital Brief)

• Ex-Star CEO admits giving false info on China Union Pay card use. (Capital Brief)

• Bridgit seeks funding amid rapid growth in property bridging loans. (AFR)

• No evidence of Morrison-Trump ‘verbal’ tariff deal found, says DFAT. (Capital Brief)

• Rio Tinto workers push for collective bargaining amid cost-of-living concerns. (Capital Brief)

• Citigroup is cutting IT contractors and hiring full-time staff to fix compliance issues. (Capital Brief)

• The IEA warns that trade tensions and rising global oil supply, combined with slowing demand from China, could lead to an oversupply, especially if OPEC+ proceeds with planned output increases. (Capital Brief)

• Freehills expects IPOs to surpass last year’s $1.1b despite market worries. (AFR)

• Trump warns the EU of new tariffs on alcohol imports if it does not drop its planned whiskey tariff. (Capital Brief)

• BlackRock pushes for looser Australian investment rules; the government may ease restrictions for allies. (Capital Brief)

• Investors hedge with options and shift to European markets amid Trump-era volatility. (Capital Brief)

• Analysts caution Fletcher Building’s stock is pricing in an overly optimistic recovery. (The Australian)

• Trump’s crypto ambitions grow as his family-backed firm eyes Binance deals—while the exchange’s ex-CEO seeks a pardon. (Capital Brief)(Bloomberg)(WSJ)

• Despite whistleblower warnings and accusations of greenwashing, Adamantem Capital is betting big on carbon offsets, backing Climate Friendly’s move into soil carbon credits—one of the most dubious offset schemes yet. (AFR)

• Mike Cannon-Brookes, the billionaire climate warrior, now has a private jet—because why fly commercial when you can burn carbon in style? (AFR)

VC

• StrongRoom AI raises $17m, hitting $70m valuation with global pharmacy growth. (AFR)

• Shark Tank investor Robert Herjavec joins Melbourne data startup Zetaris as executive director and investor, seeing billion-dollar potential. (Startup Daily)

• Agent99 offers $20k in free PR to F&B brands via new accelerator. (SmartCompany)

People moves

• Intel names Lip-Bu Tan as CEO to tackle market challenges and strategy. (Capital Brief)

• Nine Entertainment has appointed interim CEO Matthew Stanton as its permanent chief executive after an extensive search. (Capital Brief)

• Ord Minnett hires Perpetual advisers amid expansion push. (AFR)

• Donatella Versace exits as chief designer amid $1.6b Prada takeover talks with Miu Miu's Dario Vitale taking the role as Chief Creative Officer effective 1 April. (Reuters)

The watercooler