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Good morning.

Data from Microsoft shows that in the 12 months to February, the number of workers’ meetings after 8pm are up 16% on the year prior, and almost one third of workers were back online by 10pm.

The Wall Street Journal reports that the tech giant tracked the activity of millions of workers using Microsoft’s business applications which also found that the average worker receives 117 emails and 153 chats a day. Workers lamented that their days are becoming rammed with back-to-back meetings, meaning the only time to produce actual work is after-hours.

Maybe it’s time to normalise opening meetings with ‘could this have been an email?’ rather than closing with it.

🏆 LOI Subscriber #TBD

Market movers

Shares in Bellevue Gold jumped Tuesday, gaining nearly 7% to lead the ASX 200 gainers as gold prices climbed on safe haven demand.

The quick sync

• A last-minute WhatsApp from Canva’s Cliff Obrecht led to the rapid buyout of ad tech startup MagicBrief. (Capital Brief)

• The Coalition demands answers after revelations of a whistleblower investigation into governance issues at Labor’s National Reconstruction Fund. (Capital Brief)

• US multinationals lobby blasts Australia’s tax rules as hostile to investors, but its warning lands amid broader reforms and geopolitical manoeuvring. (Capital Brief)

• ‘We’ve been waiting for this’: APA’s gas revival wins major shareholder’s approval. (Capital Brief)

• Trump’s booming overseas deals just netted US$10m from Mukesh Ambani, as the family cashes in abroad while back in power. (WSJ)

Trading floor

M&A

• Paramount seeks to renew A-Leagues broadcast deal amid Foxtel competition as 2025–26 expiry looms. (Capital Brief)

• Tourism Holdings is expected to reject BGH’s $473m bid as market expects higher offer. (The Australian)

• Santos’ target price was lifted by Citi and Jarden following Adnoc’s $30b bid, despite concerns over regulatory approvals and geopolitical risks. (Capital Brief)

• Clarity inks deal with SpectronRx to scale prostate cancer drug production ahead of possible FDA approval. (Capital Brief)

• Kinterra targets New World Resources in takeover trend for single-asset miners. (The Australian)

• Business Automation Works seeks majority sale to fund growth, forecasts $7.7m in earnings. (AFR)

• The government may inject $30m to keep Rex flying as sale process advances and bids narrow. (Capital Brief)

• KKR struggles to sell Pepper Money as buyers balk at its high price tag. (The Australian)

• Booktopia owner digiDirect acquires Mwave after its collapse into administration. (AFR)

• Lowy-backed Assembly and PGIM snap up $440m Woodgrove centre in landmark retail deal as sector rebounds. (The Australian)

Capital Markets

• Musk’s xAI seeks US$4.3b in funding to boost AI efforts and attract investors. (Capital Brief) (Bloomberg)

• Meta to launch ads and paid subscriptions on WhatsApp, with ads limited to Status and not personal chats. (Capital Brief)

• Meeka Metals launches $40m raise to fund Murchison gold project. (AFR)

• DigiCo REIT will pay 10.90 cents in FY2025, backed by $1.92b in ex-Global Switch data centres. (Capital Brief)

• BHP-Rio copper mine in Arizona wins key US environmental approval. (AFR)

• CSL’s Andembry wins US FDA approval to treat hereditary angioedema, with immediate US launch. (Capital Brief)

• Staude Capital duo launches $10–$15m raise for Global Value Fund at $1.34 per share. (AFR)

• VBX debuts strongly on ASX as it advances WA bauxite project targeting 2026 production. (Capital Brief)

• Fletcher Building to temper recovery expectations, with few details on potential asset sales at investor day. (The Australian)

• NeoSmelt JV wins $19.8m grant to develop low-emissions electric iron smelter, targeting 2028 start. (Capital Brief)

• Canva plans secondary share sale ahead of likely 2026 IPO, targeting early employee liquidity. (AFR)

• Bank of Japan holds rate at 0.5%, plans slower bond-buying cuts amid global uncertainty. (Capital Brief)

• Morningstar forecasts outflows, earnings pressure for most ASX fund managers, with GQG, Magellan, and Platinum among the hardest hit. (Capital Brief)

• Holmes à Court-backed group sues to block Woodside’s North West Shelf extension. (AFR)

• Lederer family’s 3 Capital hits $200m in private loans, betting on small-scale, high-conviction property deals in a tightening credit market. (AFR)

• Dubber sues former auditor BDO over alleged negligence tied to a $30m fraud, aiming to recover millions in missing funds and restore investor confidence. (AFR)

VC

• None

People moves

• Genesis board director Karen Lloyd retires after less than a year, succeeded by ex-BHP executive Jane Macey. (Capital Brief)

• Iren co-founder Will Roberts ordered to appear in Federal Court over Canadian loan default. (AFR)

• KPMG adds 67 new partners as nearly 90 exit, shrinking local partnership. (AFR)

The watercooler