☕️Objectionable Language

Good morning.

A senior lawyer in BNP Paribas’ London office has been fined £31,000 ($63,000) for creating and using offensive nicknames for colleagues. Benedict Foster, former head of legal for debt and equity capital markets at the French bank, admitted to using the inappropriate language in the workplace to a Solicitors Disciplinary Tribunal on Tuesday.

The FT reports that Foster referred to senior colleagues at the bank as “c**ts” over emails, and questioned whether another person was “autistic”. Other offensive monikers fired off by the lawyer in emails (to refer to colleagues) included: “Biryani, Pol Pot, the Black Swan, the Entry Point, Dr No, Boomerang Jack, Phil Bennet/the Idiot, Jabba the Hutt, the Twittering Fool and Les Miserables.”

Foster’s barrister said the comments were sent during the Covid-19 pandemic, which was a “very stressful time” and that the bank was also integrating a new IT system at the time that “caused stress.” BNP “negotiated an exit” for Foster in March 2022.

🏆 LOI Subscriber #TBD

Market movers

Consumer stocks dragged the ASX lower, with Treasury Wine Estates diving 5.6% and supermarket giants Coles and Woolworths sinking after going ex-dividend.

The quick sync

• CBA’s AI push with AWS is moving twice as fast as planned, reshaping banking with automation that’s cutting fraud and transforming legacy systems. (Capital Brief)

• With a feared CEO in Andy Florance and deep pockets, CoStar’s takeover bid for Domain threatens to disrupt REA Group’s dominance—but can it break the power of incumbency? (Capital Brief)

• As Trump kills chip subsidies, Australia’s $940m quantum bet is under attack—will it be the nation’s next tech boom or a costly mistake? (Capital Brief)

• Wall Street banks’ models warn that rising recession risks, driven by tariff uncertainty and economic weakness, are shaking markets and investor confidence. (Bloomberg)

Trading floor

M&A

• PEP’s $1.2b SG Fleet takeover gets FIRB approval, awaiting shareholder and court clearance. (Capital Brief)

• UK CMA clears Synopsys' $35b Ansys deal after concessions. (Capital Brief)

• GIC ramps up bid for Aveo, with its real estate chief in Australia for talks. (AFR)

• KKR and Walmart are selling their stakes in Japanese supermarket Seiyu to Trial Holdings for $4b. (Capital Brief)

• Cedar Pacific emerges as the sole bidder for the entire $2b Campus Living Villages portfolio. (The Australian)

• Saudi Aramco is considering acquiring part or all of BP’s Castrol lubricant business, particularly eyeing its strong presence in markets like India. (Capital Brief)

• CBA sells final 4.4% stake in VIB for $170m, fully exiting Vietnamese bank to refocus on Australia and NZ. (Reuters)

Capital Markets

• RBA deputy governor Andrew Hauser warns Trump's tariff uncertainty may hurt investment, factoring into the RBA's rate cut. (Capital Brief)

• Donald Trump delays car tariffs from Mexico, Canada by a month. (Capital Brief)

• Blackstone sees rising interest from listed firms seeking buyouts as IPO-era valuations falter. (The Australian)

• MA Financial’s private credit fund debuts on ASX, driven by strong investor demand. (Capital Brief)

• US law firm King & Spalding is preparing to enter the Australian market, with recruitment efforts and exploratory meetings underway. (AFR)

• Australia’s economy grew 0.6% in Q4, boosting government confidence before election call. (Capital Brief)

• China targets 5% GDP growth for 2025, signaling possible new stimulus. (Capital Brief)

• Star Entertainment nears voluntary administration, with lenders awaiting confirmation and potential asset sales ahead. (The Australian)

• Australian insurers' stocks fell as Cyclone Alfred nears Queensland, with reinsurance measures in place to mitigate potential losses. (Capital Brief)

• Barrenjoey initiated coverage on PYC Therapeutics and then quickly took part in its capital raise. (AFR)

• Industry Minister Ed Husic warns Dutton's PsiQuantum pullout would damage Australia’s credibility. (Capital Brief)

• ASIC has begun cross-examining ex-Star CEO Matthias Bekier over due diligence failures on junket operators, as Star's shares remain suspended. (Capital Brief)

• NAB’s bond redemption request hints at weakening suitor interest in Insignia, as falling shares cast doubt on the $4.60 buyout price. (The Australian)

• UK CMA ruled that Microsoft’s partnership with OpenAI doesn’t need a competition investigation, as Microsoft lacks control over OpenAI. (Capital Brief)

• The Trump administration abruptly withdrew a list of 443 federal properties for sale after posting it for less than a day, without explanation. (Capital Brief)

• Healthscope hires KordaMentha for contingency planning amid $1.6b debt concerns and lender talks. (AFR)

• US Supreme Court blocks Trump’s $2b foreign aid freeze. (Capital Brief)

• Google’s AI Gemini is linked to reports of deepfake child abuse and extremist content, per the eSafety Commissioner. (AFR)

• Geoff Wilson builds his own ‘hybrid-like’ fund with $510m IPO. (The Australian)

• Andrew Forrest’s Fortescue has ditched its US green hydrogen deal, a fresh blow to the hyped industry as costs surge and political headwinds mount. (The Australian)

VC

• Melbourne startup Flowing Bee secured $1.6m to enhance its AI-driven marketing insights platform. (Capital Brief)

People moves

• WiseTech will appoint at least one independent director within four weeks to ensure its Audit & Risk committee complies with ASX rules after recent board resignations. (Capital Brief)

• Dave Emerson named Virgin Australia CEO, taking over from Jayne Hrdlicka on 14 March. (Capital Brief)

• IML portfolio manager Simon Conn to retire in September after 27 years. (AFR)

• RBNZ governor Adrian Orr resigns, with deputy Christian Hawkesby to serve as acting governor. (Capital Brief)

• Brent Scrimshaw to start as KMD Brands CEO on 24 March. (Capital Brief)

The watercooler