☕️ Monopoly men

Amazon is hogging the board.

Good morning.

No other board game inspires the kind of love/hate relationship as Monopoly: the deeply flawed pastime in which we grind our friends and family into financial submission.

Amazon has been playing a similar game, US regulators allege, as they prepare the first Federal antitrust case against the company. Specifically they say that Amazon used its “monopoly power” to artificially raise prices, steer customers towards paid for but irrelevant ads and stifle competition.

It comes as Google tries to defend its domination of search. While some businesses might like to overplay their hand, it’s up to regulators to make sure the board isn’t rigged and others still want to play the game.

*Stock data as of the market close. Commodities and crypto data in USD.

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MARKET MOVERS

Market News: Pro Medicus shares jumped on Tuesday as the medical imaging company makes inroads into the US market.

PME announced a 10-year $140 million contract with the Baylor Scott & White Health, one of the largest healthcare providers in the United States.

It puts Pro Medicus’ technology into the hands of the network’s almost 500 radiologists with its CEO flagging more business is in the pipeline.

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THE QUICK SYNC

  • Alibaba will spin off its logistics arm for IPO. (CNBC)

  • Microsoft is developing a Plan B to lessen its dependence on OpenAI. (The Information)

  • Saudi Arabia is taking steps towards a nuclear future. (CNBC)

  • Meta has paid £149 million to break a London lease in its bid to scale back its office footprint. (Financial Times)

  • Hollywood studios will be able to train AI models on its writers under new deal. (WSJ)

  • Suncorp Bank boss Clive van Horen has been poached to run Colonial First State, potentially costing ANZ its next CEO. (Capital Brief)

TRADING FLOOR

M&A:

  • South America’s Lithium Power International has called in a defence advisor. (AFR)

  • European infrastructure investor DIF Capital Partners is gearing up to sell its entire Australian portfolio. (AFR)

  • Hancock Prospecting has increased its stake in Liontown Resources. (Capital Brief | The Australian)

  • Sev.en Global Investments intends to pick up undervalued assets in stable regions such as Australia, following its acquisition of a majority shareholding in Coronado Global Resources. (AFR)

  • Potential buyers are showing interest in Mighty Kingdom and its severely damaged stock price. (The Australian)

  • Redwood North has acquired an 80% stake in Bestech Australia. (AFR)

  • Tecala will acquire automation consulting services company rapidMATION for approximately $10m. (AFR)

  • Sumday has established a worldwide partnership with the business management platform Xero. (Smart Company)

Capital Markets:

  • Freedom Care has revealed its plan to go public on the ASX and is seeking to raise $3.2m in fresh capital. (The Australian)

  • The Star Entertainment Group easily found investors for its equity raise, but its largest shareholder, Bruce Mathieson, was yet to make a decision last night. (AFR)

  • The Star Entertainment Group secured $450m in new debt facilities and plans to raise an additional $750m through an entitlement offer. (BNA)

  • MitchCap has postponed its IPO plans following successful rounds of equity and debt funding. (AFR)

VC:

  • None

Others:

  • Qantas Airways' stock hit a 12-month low as brokers downgraded it on criticism from pilots who expressed a loss of confidence in Richard Goyder. (SMH)

  • Nuveen Private Capital is targeting 25% returns from inequality and climate change. (Capital Brief)

  • New South Wales (NSW) has announced its intentions to implement stricter property regulations in Byron Bay starting in September of the next year. (BNA)

  • ANZ has been fined $15m for violating the ASIC Act and the National Consumer Credit Protection Act by displaying incorrect 'Available Funds' figures to customers. (BNA)

  • Moody's has cautioned that a potential U.S. government shutdown starting on October 1st could harm the country's credit. (Capital Brief)

  • Clive van Horen will conclude his role as Suncorp Bank's chief executive by the end of the year. (Capital Brief)

  • Energy Resources of Australia has issued a warning about additional cost overruns for the cleanup of its Ranger uranium mine site. (Capital Brief)

  • Transurban has appointed Henry Byrne as its Chief Financial Officer. (Capital Brief)

  • Regulators are posing a threat to the one advantage that banks have; their ability to offer high dividends and their surplus capital reserves meant for distribution. (The Australian)

THE WATERCOOLER