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Synchron co-founder Nick Opie has lifted the lid on his new brain-computer interface startup, Ultra Bionics, which will aim to help fight Parkinson's disease, epileptic seizures and depression.

Opie says that Australia's maturing VC industry will allow Ultra Bionics to stay in the country for longer than the Neuralink-rival Synchron did before having to source more capital in the US, reports Capital Brief.

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Market movers

TechnologyOne shares soared Tuesday after the company posted another record half-year profit, lifted its dividend and upgraded full-year guidance.

The quick sync

• GQG’s Rajiv Jain warns retail investors off private credit, saying risks are rising and rewards are shrinking as markets near a turning point. (Capital Brief)

• RBA governor Michele Bullock plays down financial stability risks from Labor’s super tax, despite growing backlash from business groups.(Capital Brief)

• Antony Catalano slams Sandon Capital's push to spill the Southern Cross board as "appalling". (Capital Brief)

• AustralianSuper's stake in coal giant Whitehaven sparks backlash as the fund defends the move as net zero aligned, despite the company’s rising thermal coal output plans. (AFR)

Trading floor

M&A

• Rio Tinto is partnering with Chile's state-owned Codelco to jointly develop the Salar de Maricunga lithium project, investing up to US$900m. (Capital Brief)

• Brazilian Rare Earths secured a $2.3m deal with SENAI CIMATEC to co-fund new R&D facilities. (Capital Brief)

• DigiDirect expands book retail by acquiring library supplier James Bennett. (AFR)

• Rest Super risks losing Melbourne Airport exposure if Dexus sells stake amid legal clash. (AFR)

• Tabcorp is considering offers from Intralot for Max Gaming, worth about $610m, amid a strategic review, with no sale decision yet. (The Australian)

• EOS won a $53m deal to supply counter drone systems to a Western European navy. (Capital Brief)

• MA Financial nears deal to buy $2b property investor IP Generation. (AFR)

• Ginger & Smart and SurfStitch offloaded in fire sale, as Alquemie cuts loose two fading icons to chase growth elsewhere. (AFR)(Smart Company)

• Alpha-H sold to Vita Green for $50m to expand in Asia. (AFR)

• My Muscle Chef acquires competitor Chefgood to expand market share. (AFR)

• Future Fund bought a 10% Transgrid stake from OMERS, which will still manage it. (Capital Brief)

• Kingston sells PNG Misima gold project to Ok Tedi for up to $95m. (AFR)

• Lendlease’s Keyton retirement business attracts multiple buyers after Scape’s $3b Aveo deal; sale process underway with strong interest. (The Australian)

Capital Markets

• LinQ Minerals launches ASX IPO to raise up to $10m at $25m valuation. (AFR)

• Canva’s Cameron Adams and wife pledge to give away half their wealth, focusing on biodiversity. (Capital Brief)

• Worley maintains FY25 growth forecast after strong order wins and leadership restructure. (Capital Brief)

• Healthscope’s $1.4b lenders meet amid administration concerns after a $300m loan sale at 40c/$ and Brookfield handing control to lenders; buyers want rent cuts. (The Australian)

• Sydney-based small-cap fund manager Celeste Funds Management is closing after 27 years following the loss of a key mandate. (AFR)

• CATL made the world’s biggest listing of the year on the Hong Kong stock exchange, with its shares rising 17% on debut. (Capital Brief)

• IND Technology seeks $60m PE funding for growth, targeting up to $300m valuation. (AFR)

• PBOC cuts lending rates to stimulate China’s slowing economy. (Capital Brief)

• Australia’s top super funds urge Jim Chalmers to index Labor’s $3 million super tax to inflation, warning it risks undermining retirement confidence long-term. (AFR)

VC

• SQM Lithium backs electric-motor tech startup Kite Magnetics with $3.6m investment. (BNA)

People moves

• Goldman Sachs’ top NZ banker Andrew Barclay resigns after 26 years. (AFR)

• Westpac to cut 1,500+ jobs in major cost-cutting drive. (Capital Brief)(AFR)

• NED Whisky owner Top Shelf parts ways with CEO amid restructuring and $4m capital raise. (AFR)

The watercooler