☕️Prodigal Sun(ak)

Good morning.

Former UK PM Rishi Sunak has become the ultimate Goldenman Boy having executed the boomerang of a lifetime with a return to the tender arms of Goldman Sachs. Despite a truly abysmal performance at the UK polls last year when Sunak led the Conservative party to their worst election defeat in almost 100 years, the politician stepped down from his role and into the finbro gig of a lifetime.

“I am excited to welcome Rishi back to Goldman Sachs in his new capacity as a Senior Advisor,” GS chief DJ Sol said on Tuesday.

Sunak cut his teeth at the Wall Street investment bank from 2001 to 2004 as a summer intern then junior analyst.

The FT reports that Dishi Rishi will reportedly donate his (plump) compensation from Goldman to his family charity the Richmond Project.

🏆 LOI Subscriber #TBD

Market movers

Shares in Vault Minerals rose Tuesday on takeover talk, with offshore bidders reportedly eyeing the $2.8b miner and Genesis Minerals at risk of missing its shot.

The quick sync

• Australia’s shift to real-time payments is finally moving, but PayTo’s sluggish uptake risks stalling the 2030 target. (Capital Brief)

• Spotify warns Labor’s local streaming quotas could trigger global copycat moves, limiting Aussie artists’ access to international playlists and shrinking their export reach. (Capital Brief)

• The RBA blindsided markets with its rate hold, fuelling talk of a 50-point cut in August and criticism over its failure to manage expectations. (Capital Brief)

• MYOB is entering the business banking market with transaction accounts for sole traders, integrating banking with its accounting software. (AFR)

Trading floor

M&A

• Gold Road flags lower Gruyere output as $3.7b Gold Fields takeover advances. (Capital Brief)

• HMA Group revives sale process after earnings boost, draws PE interest. (AFR)

• Aldi partners with DoorDash to launch grocery delivery in Australia. (AFR)

• Platinum finalises L1 merger terms, lifts turnaround cost estimate to $40m. (Capital Brief) (AFR)

• PEPs and Adamantem vie for EQT’s $30m-a-year Nexon in final auction round. (AFR)

• DroneShield wins $11.7m R&D deal from Five Eyes defence customer. (Capital Brief)

• Acciona launches sale of 50% stake in Kwinana waste-to-energy plant. (AFR)

• Trump administration moves to block Chinese farmland buys citing national security fears. (FT)

• Meta takes US$3.5b stake in Ray-Ban maker EssilorLuxottica in long-term bet on AI-powered eyewear. (Bloomberg)

Capital Markets

• Cochlear gets FDA nod for triple product launch, including smart implant system. (Capital Brief)

• Jarden Australia's profit drops to $1.9m as costs rise despite revenue growth. (The Australian)

• APRA consults on phasing out hybrid bonds to boost bank crisis resilience. (Capital Brief)

• Hive & Wellness Australia launches review after buyer interest in $150m brand. (AFR)

• UBS upgrades Domino's to 'buy' on cost savings and valuation after selloff. (Capital Brief)

• Weak IPO market dims Australian Venue Co float hopes. (The Australian)

• Blackstone regains full control of Crown as WA clears Perth casino. (AFR)

• Shein files Hong Kong IPO to pressure UK approval for London listing. (Capital Brief) (FT)

• Barrenjoey backs Virgin shares post-float, but broker views mixed. (AFR)

• Australia’s debt market hits 10-year high with US$199.3b raised, led by strong corporate and government bond activity. (The Australian)

• Real-time payments gain ground in Australia, but full rollout faces hurdles by 2030. (Capital Brief)

• ASX dual-class share plan splits investors over control vs. governance. (AFR)

• SpaceX is gearing up for a US$400b valuation as it tests investor appetite and pushes past Starship setbacks. (Bloomberg)

• US contractors left unpaid by Musk’s DOGE cuts are turning to private lenders like Legalist for survival loans as traditional banks pull back. (FT)

VC

• Women-led startups secured under 0.5% of funding in record 2025 low. (Smart Company)

People moves

• Meta poaches Apple’s top AI models executive Ruoming Pang for superintelligence team. (Capital Brief)

• Pacific Partnerships MD Simon Nicholls exits amid focus on New England REZ tender. (AFR)

• Legal-tech startup Sprintlaw halves staff amid major AI investment. (Smart Company)

• Mike Kaiser named new climate change department secretary. (Capital Brief)

• Heiress Angela Bennett’s son returns to manage family’s mining windfall. (AFR)

• MinRes reconsiders MD Chris Ellison’s exit, confirms Kali share trading investigation. (AFR)

• Telstra is preparing fresh job cuts in a major AI pivot that risks trading staff for shareholder returns. (SMH)

• Rishi Sunak joins Goldman Sachs as senior advisor. (Capital Brief)

The watercooler