☕️ In-for-a-penny

Good morning.

ASX-listed PEXA is taking the NSW Registrar General to court and is refusing to pay a $1-per-transaction fee to the data standards regulator after the registrar general blocked Australia’s dominant electronic conveyancing firm from passing the charge on to customers. PEXA is refusing to pay the levy until all state and territory land registries approve the cost pass-through, a step NSW has deferred until the end of next year, according to Capital Brief sources.

A spokesperson for smaller rival Sympli, which processes about 2,500 transactions a month, far fewer than the roughly 350,000 Australian property transactions handled by PEXA, said that regulators must now have realised the reality of the “PEXA monopoly” to “put its own interest first”.

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Market movers

Shares in DroneShield jumped Wednesday, after a steep month-long slide, as retail investors moved back into the stock. The rally follows a 30% drop triggered by share sales from CEO Oleg Vornik and other executives.

The quick sync

• Experts warn private credit’s equity diversification benefits may be overstated due to how it’s valued. (Capital Brief)

• Australia’s R&D review must drive major reform or risk falling further behind global innovation leaders, writes Michael Molinari. (Capital Brief)

• Airwallex plays up its Australian roots to rebuild trust and target US growth. (Capital Brief)

• Australia’s under-16 social media ban is now law with Labor, News Corp and campaigners driving a global test case for tech regulation. (Capital Brief)

• Global bond yields hit 16-year highs as rate cut bets collapse. (Bloomberg)

Trading floor

M&A

• Mayne Pharma says Cosette’s move to end their takeover deal is invalid, blaming Cosette for the failed FIRB approval. (Capital Brief)

• Healthscope receivers reject Northwest-Calvary bid for 12 hospitals as inadequate. (AFR)

• Sembcorp eyes $4b Alinta Energy buy, with Loy Yang B inclusion uncertain amid renewables push. (The Australian)

• APA paid $1.8b for Pilbara power assets to diversify beyond gas pipelines. (AFR)

• Flight Centre buys Iglu Cruise for GBP100m to grow its cruise business and enter the US market. (Capital Brief)

• Binding bids received for Allegro’s Strait Link, expected to sell for $400–500m. (AFR)

• HSBC Australia retail sale delayed, with credit funds involved and NAB eyeing deposits. (The Australian)

• IFM to buy Benson Radiology for $400m amid active imaging sector M&A. (AFR)

• Bytedance and Alibaba eye Nvidia H200 chips after US allows exports to China. (Capital Brief) (Reuters)

• Rio Tinto readies billion-dollar non-core asset sale, targeting private equity buyers. (The Australian)

• David Ellison lobbies Warner Bros shareholders to desert Netflix. (FT)

Capital Markets

• Ramelius shares jumped after unveiling a $250m buyback and dividend lift, reflecting a shift in capital priorities and strong future cash flow expectations. (Capital Brief)

• SpaceX is eyeing a 2026 IPO valued at roughly USD1.5 trillion, potentially the biggest ever. (Capital Brief) (Bloomberg)

• Quadrant pitches $1b-revenue Amart-Freedom group for IPO, highlighting growth potential. (AFR)

• TPG raised $73.4m from its retail reinvestment plan, falling short of its target but contributing to a total $373m raise to help reduce debt. (Capital Brief)

• GQG’s shares dipped after reporting November outflows, extending its year-to-date decline in net flows. (Capital Brief)

• Trafigura cuts Australian smelters’ value by $363m, may close sites without government aid. (AFR)

• Airwallex responded to China-tie allegations by highlighting its Australian roots during a major USD330m raise. (Capital Brief)

• Gold miners rallied as rising gold prices and expected US rate cuts lifted the materials sector. (Capital Brief)

• ASIC fines White Fox, MJ Bale, and Aje $2.2m over missing audited accounts. (AFR)

• Bell Financial’s profit before tax rose 17%, supported by strong tech and services growth. (Capital Brief)

• ARENA commits $21m to expand EV charging and support transport decarbonisation in Australia. (Capital Brief)

• PEXA disputes NSW $1 transaction levy, seeking to pass the cost to customers. (Capital Brief)

• Experts say private credit may not truly diversify from equities despite claims of being uncorrelated. (Capital Brief)

• Fed rate cuts are ending easy yields and pushing income investors into riskier, alternative assets. (Bloomberg)

• BlackRock backs AI-fuelled gains as Vanguard flags long-term risks for overstretched tech. (AFR)

• Goldman Sachs revives lavish Christmas parties as rivals go low-key. (AFR)

VC 

• Kasada raises $30m, valued at $300m, for AI bot-fighting tech. (AFR)

People moves

• Cbus Super names Tim Elliott as CFO to boost financial management and strategy. (Capital Brief)

• ANZ seeks shareholder votes on O’Sullivan’s board re-election amid executive shake-up. (AFR)

• Webjet’s ex-legal counsel, Meaghan Simpson, alleges bullying over CEO CV concerns and policy breach. (AFR)

The watercooler