☕️Gouging by Monopoly

Good morning.

Technology provider Iress is asking customers to foot the bill for a tech upgrade that will allow ASX listings to trade immediately at market open, rather than the previous process which saw stocks progressively open for trade in alphabetical order. Unsurprisingly, stockbroking clients are miffed at the idea of shelling out.

Frustrated customers told Capital Brief’s Jack Derwin they have been asked to stump up anywhere between $20,000 to more than $100,000, depending on the size of their operation.

The technology provider’s audacious move has not been followed by other tech providers like FlexTrade, Fidessa and Triton, who absorbed the upgrade costs themselves. Affected brokers have planned to meet to discuss a response to Iress’ “price gouging by a monopoly.”

🏆 LOI Subscriber #TBD

Market movers

Computershare shares skyrocketed Wednesday after the share registry company smashed profit forecasts, hiked its dividend and upgraded its earnings guidance for FY25.

The quick sync

• Bitcoin’s record-breaking 2024 wasn’t enough to lure back Aussie VCs, with local crypto funding nosediving 40% amid regulatory roadblocks. (Capital Brief)

• The EU abandons key tech regulations on patents, AI liability and online privacy, bowing to pressure from industry and political deadlock. (Reuters)

• Warner Bros Discovery targets mid-April for Max launch in Australia threatening Foxtel’s HBO hold. (Capital Brief)

• Venture capital investment in European defence and security tech surged 24% to a record US$5.2b in 2024, defying a broader downturn as geopolitical tensions fuel investor interest. (FT)

• Meta's share price is on a record-breaking streak—helped by an accounting move that adds billions to its bottom line without selling a thing. (Bloomberg)

Trading floor

M&A

• Contact Energy added to MSCI Index; six Australian firms removed. (Capital Brief)

• Billionaire Charlie Shahin is backing Vitura’s acquisition of telehealth cannabis provider Candor Medical with a $5.1m investment. (AFR)

• Foxconn is exploring a deal to acquire a stake in struggling Nissan, with Renault’s 36% holding playing a key role in negotiations. (Bloomberg)

• David Di Pilla’s HMC Capital and Bupa are working on a Healthscope takeover as the private hospital operator faces financial difficulties. (The Australian)

• Telstra is exploring a potential sale of its $200m data centre business amid rising AI-related demand. (AFR)

• Sigma Healthcare has completed its acquisition of Chemist Warehouse, making it a wholly owned subsidiary. (Capital Brief)

• Insignia Financial faces a takeover battle, with Mercer and others positioning for a potential breakup if talks fail. (The Australian)

• Atlassian becomes Williams Racing’s title sponsor in record F1 deal. (Startup Daily)

• AirTrunk invests $2.5b in Malaysia for AI growth under Blackstone. (AFR)

• EQT joins Carlyle and CV Capital in bidding for Device Technologies, with a $1b+ auction expected by March. (The Australian)

• Brookfield has exited the Loscam Asia Pacific auction, leaving the status of remaining bidders unclear. (AFR)

• The Trump administration is exploring ways to consolidate US banking regulators. (Capital Brief)

Capital Markets

• NZ power firms may keep Huntly thermal units running longer for energy security. (Capital Brief)

• Bain Capital seeks $340m loan for Blackstone’s Avery Lodge acquisition. (Bloomberg)

•  Suncorp profits rise after ANZ bank sale, with capital return and special dividend. (Capital Brief)

• Chemist Warehouse ASX debut sparks focus on franchisee sell-offs. (AFR)

• GDG is raising equity to help fund its $320m acquisition of investment manager Evidentia Group. (Capital Brief)

• Lawmakers urge AI guardrails for workplace tools to prevent a private sector Robodebt crisis. (SmartCompany)

• The Albanese government’s discussion paper warns of Australia’s declining R&D performance and weak economic returns. (Capital Brief)

• South32 gets federal approval to extend Worsley Alumina mine. (Capital Brief)

• AGL eyes $1.5b battery investment, targeting 1.4GW in NSW & QLD. (AFR)

• The Morrison government verbally agreed to limit Australian aluminium exports to the U.S. after concerns from Trump advisor Peter Navarro. (Capital Brief)

• Apple TV+ is coming to Android, a rare move to boost streaming competition. (Bloomberg)

• MSCI reshuffles Australian stocks in small and micro cap indices. (Capital Brief)

• New NBN Co CEO Ellie Sweeney is focusing on cost-cutting, including potential job cuts, to improve efficiency after the company posted a $564m half-year loss. (AFR)

• Softbank reports $3.8b loss ahead of ‘Stargate’ AI investment. (Capital Brief)

• Temu and Shein's US sales fell up to 41% after Trump ended a key import duty exemption. (Bloomberg)

• Japan’s Eneos Holdings plans a $4b IPO for its metals unit, JX Advanced Metals, in what could be Japan’s largest listing in seven years. (Capital Brief)

• Google drops AI weapon ban as big tech shifts toward military use. (Startup Daily)

• Brookfield raises US$29b, expands private credit, eyes green energy deals. (Capital Brief)

• Coles-backed pub chain got $9.7m in subsidies, but only 96 of 438 trainees completed training. (AFR)

• Iress sparks broker revolt over surprise price hikes for ASX upgrade. (Capital Brief)

• Warner Bros Discovery is preparing to launch its streaming service Max in Australia, expected in Q2. (Capital Brief)

• Powell says inflation progress continues but isn’t complete, keeping Fed policy tight. (Capital Brief)

• Donald Trump’s crypto company is making a US$500m bet on digital finance, launching a token reserve to curb volatility and lure Wall Street partners. (Reuters)

• Lendlease pushes into Sydney’s eastern suburbs with bold $500m luxury tower, using planning perks to go higher and add key worker housing. (AFR)

• A planned 46-storey build-to-rent skyscraper in Parramatta exposes the election battle over housing, with Labor backing high-rise rentals while the Coalition pushes for more standalone homes. (Bloomberg)

VC

• Startup Kord Group won a US Army contract for its RACU System, advancing Australian defence tech under AUKUS. (Capital Brief)

• Factor House raises $5m, leading to a $25m valuation with backing from Blackbird and other investors. (AFR)

• Index, a B2B product management startup by Canva and Atlassian alumni, raised $3.5m in Seed funding at a $30m valuation. (Startup Daily)

• Indigenous startup Yarn’n lands Woolworths deal amid rapid growth. (BNA)

People moves

• Evolution Mining profits rise; Jake Klein to become non-executive chair. (Capital Brief)

• Fortescue names ex-HSBC CEO Noel Quinn as director. (Capital Brief)

• BHP appointed former NAB CEO Ross McEwan as its new chair, replacing Ken MacKenzie on 31 March. (Capital Brief)

• BHP’s new chairman Ross McEwan will oversee the search for CEO Mike Henry’s successor, with Geraldine Slattery and Ragnar Udd as top contenders. (The Australian)

• CBA CEO Matt Comyn, after overseeing strong financial performance, plans to stay in his role despite being seven years in. (Capital Brief)

• Chevron is axing up to 9,000 jobs in a brutal cost-cutting drive as it fights to catch up with Exxon and stay competitive. (Bloomberg)

• McKinsey, a champion of DEI research, now downplays targets and quotas, embracing "diverse meritocracy" to sidestep Trump’s crackdown—without changing how it hires (AFR)

• Ex-NAB exec Ian Crouch is offloading his South Yarra luxury home for up to $12.65m, trading Botanic Gardens views for a New York move. (AFR)

The watercooler