☕️Get Luckey

Good morning.

Anduril, the defence-focused brainchild of Oculus founder Palmer Luckey, is on a hiring rampage to expand its Australian headcount to 200 by end-2025 as it ramps up production of its ‘Ghost Shark’ submarines, Capital Brief reports.

The company's (modest) goal is to torpedo incumbent defence contractors like Lockheed Martin by developing autonomous, AI-powered weapons that can be improved quickly via software updates.

Tbh, Luckey scores extra points for efforts to blend in with the antipodean locals, sporting locks to rival Warwick Capper (or Bailey Smith for the Zoomers listening).

🏆 LOI Subscriber #TBD

Market movers

Generation Development Group shares fell Thursday after it announced the appointment of Evidentia co-founder Peter Smith as executive director, following its February acquisition of the managed accounts firm.

The quick sync

• As Cherie Mylordis and Salim Ismail write, Australia’s future hinges on bold leadership and rapid reinvention, not the fading luck of the past. (Capital Brief)

• Metrics was punished for providing the transparency regulators want, its Rockpool rescue lays bare private credit’s paradox. (Capital Brief)

• ANZ, Westpac, and NAB scramble for top execs amid banking talent war. (Capital Brief)

• Databricks co-founder pushes back on Anthropic's claim that AI-driven automation will wipe out half of entry-level office roles. (Capital Brief)

Trading floor

M&A

• EDF buys 75% of EnergyAustralia’s Lake Lyell pumped hydro project in NSW. (AFR)

• United Tractors eyes more Australian mining deals after dropping Ravenswood bid. (The Australian)

• Data centre rally boosts HMC Capital’s bet as AI fuels storage demand. (The Australian)

Capital Markets

• HomeCo portfolio value up 3%, full-year guidance reaffirmed. (Capital Brief)

• KMD warns earnings to more than halve as warm weather hits Kathmandu sales. (Capital Brief)

• NAB fined $751k for alleged credit data breaches under CDR rules. (Capital Brief)

• Equity Trustees fined $56k for alleged misleading green bond claims. (Capital Brief)

• Sonic Healthcare to boost stake in Microba via $10m discounted raise. (AFR)

• Bell Potter upgrades Platinum to 'hold' but lowers forecasts amid outflows. (Capital Brief)

• Morgan Stanley upgrades Eagers, Temple & Webster, Life360 on strong growth outlook. (Capital Brief)

• Magellan halts, then resumes trading in four funds after operational issues. (Capital Brief)

• Oaktree eyes financing deal for Sanjeev Gupta’s idle Tahmoor coal mine. (AFR)

• Rio Tinto settles Mongolian mine lawsuit for US$138.75m over cost overruns and delays. (Capital Brief)

• Arena REIT portfolio value rises 1% on strong childcare demand. (Capital Brief)

• Temu traffic spikes as shoppers seek alternatives after Catch shuts down. (Smart Company)

• Citi analysts warn Dalrymple Bay Coal will face higher debt costs as hedging ends, but still expect rising distributions due to higher service charges. (The Australian)

• Iron ore miners fall as Chinese steel demand weakens and price forecasts cut. (Capital Brief)

• Campana revives ASX listing plans after earlier delay. (AFR)

• BlueScope’s US earnings are expected to rise short-term from Trump’s 50% steel tariff. (Capital Brief) (Morningstar)

• Southern Cross Gold conditionally approved to list on TSX, pending final steps. (Capital Brief)

• EU court advisor backs €4.12b antitrust fine against Google over Android abuse. (Capital Brief)

• Retailers face mounting pressure as equity dries up and lenders become key to survival. (The Australian)

• Bank of England holds rates at 4.25% amid economic uncertainty and division. (Capital Brief)

• Future Fund drops Dexus and takes direct control of Melbourne Airport stake. (AFR)

• Global IPO activity has hit a nine-year low in 2025 as US tariffs chill listings, but a tentative recovery may be brewing in Asia and late-year prospects. (Reuters)

• Ex-Janus Henderson analyst Redinel Korfuzi found guilty of insider dealing and laundering nearly £1m while working from home during the pandemic. (FT)

VC

• Palmer Luckey’s defence startup Anduril to grow Australian workforce 50% as defence projects expand. (Capital Brief)

• Celleo raises $5m to automate cancer cell therapy manufacturing. (AFR)

People moves

• GDG appoints Evidentia co-founder Peter Smith as executive director. (Capital Brief)

• ANZ retail boss Maile Carnegie to retire, with Suncorp’s Bruce Rush appointed acting replacement during the transition. (Capital Brief)

• Ex-Celeste PM Martin Byers joins MA Moelis as executive director in small-cap sales. (AFR)

• Equity Trustees director Glenn Sedgwick to retire at October 2025 AGM. (Capital Brief)

• WiseTech billionaires Gibbon and Gregg to exit board amid scandals tied to founder Richard White. (AFR)

The watercooler