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Good morning.

This morning we bring you the downfall of Chad Profitz, once a prolific LinkedIn influencer and animatronic fish mogul.

He’s been booted from the platform he turned into a sales funnel. His op-ed for Capital Brief with the full implosion is here.

🏆 LOI Subscriber #TBD

Market movers

Shares in lithium miner Liontown surged Monday, leading sector gains after UBS upgraded its lithium price forecasts on rising global battery storage demand. The ASX 200 closed 0.12% lower as broad losses offset the lithium rally.

The quick sync

• Fund managers say AI’s shift to private credit funding is increasing financial risk. (Capital Brief)

• Three years on, Labor’s strategic fleet still has no ships and support is slipping. (Capital Brief)

• Anika Wells’ travel claims are driving crossbench support for a wider overhaul of MP entitlements. (Capital Brief)

• Airwallex hits 10 years as scrutiny mounts over its China ties, data risks and intense workplace culture. (Capital Brief)

• Pimco’s Dan Ivascyn warns inflated credit ratings in private lending could expose investors as credit risks grow and central banks pull back. (Bloomberg)

Trading floor

M&A

• National Storage REIT signs a $4b takeover deal with Brookfield and GIC, offering shareholders $2.86 per share. (Capital Brief)

• Brookfield and GIC eye Abacus Storage King after $4b NSR buyout. (The Australian)

• Ares Management acquires Redback Boots in first Australian PE deal. (AFR)

• Exclusive due diligence underway for sale of four Healthscope hospitals. (The Australian)

• Sembcorp confirms Alinta Energy acquisition talks are ongoing. (Capital Brief)

• O’Connor Beef up for sale; Kilcoy and Cargill interested. (The Australian)

• Next Capital secures $150m debt deal for Compare Club. (AFR)

• Netflix bid shows Big Tech winning over Hollywood. (Capital Brief)

• Paramount launches $108b hostile bid for Warner Bros Discovery, challenging Netflix’s $72b deal. (Capital Brief)

• Pacific Equity Partners makes first bolt-on acquisition for FMH Group. (AFR)

• NAB backs $380m lending facility for Pallas Capital. (AFR)

• Blackstone has set up Ogra Bidco PTY Ltd, likely to pursue a $1.65b bid for financial services firm Iress, though the board seeks a higher valuation. (The Australian)

• IBM to buy Confluent for $11b to boost AI platform. (Capital Brief)

Capital Markets

• Telix starts dosing patients in part 2 of its global TLX591 prostate cancer trial and moves toward expanding the study to the US and EU. (Capital Brief)

• ASIC probes KPMG over staff using AI to cheat. (AFR)

• NRF lends $45m to Arnott’s in major refinancing to back manufacturing expansion and international brand rollout. (Capital Brief)

  • Coalition slams NRF support for Arnott’s debt as a “bailout.” (Capital Brief)

• Sharon AI raises $100m pre-IPO, secures $152m debt facility. (AFR)

• Airwallex raises $500m, adds San Francisco HQ. (Capital Brief)

  • Airwallex under scrutiny as co-founders skip 10-year celebration. (Capital Brief)

• CBA data backs steady wages and jobs, supporting rates hold. (Capital Brief)

• Rio and BHP slash billions from green projects, sparking criticism. (AFR)

• ASX plans risk management upgrades after S&P downgrade. (Capital Brief)

• Immutable reports $72m loss despite revenue growth. (AFR)

• Lithium stocks rally after UBS boosts demand forecasts. (Capital Brief)

• Chinese EV maker BYD launches luxury Denza SUVs in Australia. (AFR)

• UNSW to launch first overseas campus in India. (Capital Brief)

VC 

• Sydney startup All G raises $10m, partners with French dairy for synthetic milk. (AFR)

• Perth fintech Bless Payments raises $3.75m Seed for global expansion. (Startup Daily)

• John Wylie’s Tanarra Capital expands startup funds after Tin Alley success. (AFR)

People moves

• DigiCo names Michael Juniper CEO as Chris Maher shifts to a government relations role at HMC Capital. (Capital Brief)

• Skye Cappuccio will become COSBOA’s new CEO in February 2026. (Capital Brief)

• ACCC appoints Ian Opperman, renews Anna Brakey, and farewells John Crone. (Capital Brief)

• Scott Farrell becomes the new Digital ID and CDR chair. (Capital Brief)

• Melbourne space and defence startup Akula Tech has cut 70% of its workforce just months after a successful satellite launch. (Smart Company)

• Alana Barlow named inaugural CEO of Sparc Hydrogen. (Capital Brief)

• TechnologyOne backs CFO Cale Bennett amid shareholder concerns. (Capital Brief)

• Barnaby Joyce joins One Nation, eyes Senate run. (Capital Brief)

• Ex-Morrison media chief Andrew Carswell joins CT Group. (Capital Brief)

• Anika Wells’ travel spending sparks MP expenses reform calls. (Capital Brief)

The watercooler