☕️Long(o) Legacy

Good morning.

In his final push as chair of ASIC, Joe Longo is setting his sights on action around financial advertising to protect Australians from “ruinous” investments.

“We need to have a debate about whether there needs to be restrictions on financial product advertising, because a lot of people are responding to that in ways that aren't in their interest,” Longo, who is leaving the role in May, told Capital Brief.

Mortgage origination is another area Longo described as “a constant source of issues for us”, adding that during 2026 ASIC will examine operational failures by superannuation funds, consumer harm linked to AI, cyber breaches, the resilience of legacy systems and the handling of the ASX’s troubled CHESS replacement program.

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Market movers

Shares in family location app Life360 surged 27% on Friday after the company sharply upgraded its 2025 revenue and earnings guidance, forecasting stronger-than-expected growth. The dual-listed firm now expects full-year revenue of USD486 to USD489 million and adjusted earnings of USD87-92 million, both exceeding its previous outlook. Shares were also higher in NY on Friday but were trading lower at the time of writing.

The quick sync

• Pauline Hanson is now preferred prime minister over Sussan Ley as One Nation pulls ahead of the Coalition in national support. (Capital Brief)

• Voters are shifting to One Nation over immigration and frustration with major party leadership, writes George Hasanakos. (Capital Brief)

• Economists are split on a February rate hike and Wednesday’s inflation data will decide the RBA’s next move. (Capital Brief)

• The US is courting ASX rare earths miners as a critical minerals push triggers takeover bids and financing talks. (Capital Brief)

• Canva is growing fast and hiring globally even as the tech sector pulls back. (Capital Brief)

Trading floor

M&A

• Openmarkets to list on Nasdaq through $440m reverse merger. (AFR)

• HSBC Australia relaunches $30b loan book sale. (AFR)

• Healthscope sale talks with Calvary resume. (The Australian)

• Ausgrid begins $3b sale of Plus Es smart meters. (AFR)

• Steel Dynamics earnings may determine higher BlueScope bid. (The Australian)

• BlueScope explores Asian bids after rejecting $13.2b offer. (AFR)

• Paraway Pastoral $3b sale draws global buyer interest. (The Australian)

• Fanatics plans Australian expansion, eyes NRL deal. (AFR)

Capital Markets

• The US Treasury cancelled USD21m in Booz Allen contracts over failures to protect taxpayer data, including Trump’s tax records. (Bloomberg)

• Capstone Copper wants judicial help to address strike disruptions at its Mantoverde mine. (Capital Brief)

• Tungsten Mining raises $50m to fund feasibility study. (AFR)

• VRG GRL plans new stores and overseas expansion. (AFR)

• Intel stock slid after weak guidance driven by supply and production issues. (Capital Brief)

• Aidacare launches $400m+ recap under Bain and UBS. (AFR)

• Life360 stock jumped after it upgraded FY25 guidance. (Capital Brief)

• Macquarie targets Asian expansion for Qube takeover. (AFR)

• OECD urges fourth telco to cut mobile prices. (AFR)

• Mining stocks jumped as gold reached a record high. (Capital Brief)

• Five V targets core-plus infrastructure with new fund. (AFR)

• TikTok secured a deal to keep operating in the US. (Capital Brief)

• Guzman y Gomez shares climbed on an Uber Eats partnership. (Capital Brief)

• Summer Land Camels seeks crowdfunding for US expansion. (AFR)

• US incentives boost Australian rare earth mining deals. (Capital Brief)

• Luxury fashion label Camilla paid millions in back taxes after tax review. (AFR)

• Greencross weighs $700m IPO at $4b valuation. (The Australian)

• AUSTRAC probes Airwallex over AML/CTF compliance. (Capital Brief)

• Wesfarmers denies Priceline store closures after franchisee receivership. (AFR)

• China directs tech firms to prep Nvidia H200 orders. (Capital Brief) (Bloomberg)

• EU probes X over Grok sexual deepfakes. (Capital Brief)

• Macquarie Health may drop insurers in funding dispute. (AFR)

• Outgoing ASIC chair Joe Longo calls for tighter rules on financial advertising. (Capital Brief)

• Federation Asset Management says it has tightened investment rulesafter Sendle collapse. (AFR)

• USA Rare Earth jumps on USD1.6b US funding plan. (Capital Brief)

• Nvidia invests USD2b more in CoreWeave for AI expansion. (Capital Brief)

• Jennifer Garner’s Once Upon a Farm targets USD209m US IPO. (Bloomberg)

• Dollar sinks to 4-month low and gold soars past USD5,000 as yen leaps. (FT)

• Sanctioned Iranian banker amassed EUR400m European property empire. (FT)

VC 

• None

People moves

• Square Peg partner James Tynan has left the firm. (Capital Brief)

• Horizon Nexus raids Deloitte Private for partners. (AFR)

• Canva is expanding its workforce despite a tech hiring slowdown. (Capital Brief)

• Mike Ashley lifts stake in Accent Group. (AFR)

• Former investment manager Rodney Forrest has been sentenced to six years in prison for insider trading involving Platinum Asset Management shares. (Capital Brief)

• Thomson Geer is selling its stake in Labor-aligned TG Public Affairs.(AFR)

• Mathias Cormann and Annastacia Palaszczuk awarded top Australia Day honour. (Capital Brief)

• Goldman Sachs adds seven partners to top leadership group. (Bloomberg)

The watercooler