☕️ Open-ish banking

Good morning.

JPMorgan’s proposal to end the free data party for fintechs is spooking many but prompting rival banks to quietly run the numbers, according to the FT.

Under Biden-era rules, banks couldn’t charge for data access. But a Trump-era rollback gutted that protection, leaving a regulatory vacuum that JPMorgan is now seeking to fill.

Access to Chase customer info could reportedly come with a bill as soon as September. A trade group representing about 30 aggregators and fintech companies, claim the proposed data-access fees vary between 60% and 100% of a firm’s annual revenue.

JPMorgan’s argument seems to be they’re entitled to charge rent for all that piping they’ve done. Some fintechs are lawyering up and lobbying hard, with support from Donald Trump’s son, Donald Trump Jr, and White House crypto adviser David Sacks.

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Market movers

Ouch! Boss Energy’s share price tanked after it warned of soaring costs and production risks at its Honeymoon uranium mine.

The quick sync

• Sydney crypto fund JellyC is betting $75m on a Franklin Templeton-led blockchain pilot designed to de-risk digital assets for super funds ahead of expected crypto regulation. (Capital Brief)

• The CDR could deliver real savings and drive household productivity, but unless we fix access, trust and adoption, Australia risks falling behind, writes Dan Jovevski. (Capital Brief)

• Trump blocks Taiwan’s President Lai Ching-te from New York stopover to avoid angering Beijing during critical US-China trade talks. (FT)

• HBO Max grabs 5% of Australia’s streaming market in debut quarter, buoyed by hit shows and Foxtel tie-ins. (Capital Brief)

• Aussie banks will refund $60m in excessive fees to low-income customers, but Commonwealth Bank is withholding $270m despite pressure from the regulator. (ABC)

Trading floor

M&A

• Oaktree sells GenesisCare’s US clinics for $304m, far below their former $1.5b value, ending a tough restructuring. (AFR)

• IMDEX is buying AI geoscience firm ESA for $26m to expand its digital growth platform. (Capital Brief)

• PEP has bid for 11 Healthscope hospitals located on sites owned by Northwest Healthcare REIT, aiming to expand its Healthe Care network. (The Australian)

• CIMIC opens bids for UGL’s $100m EBIT transport unit; offers due Thursday. (AFR)

• Regis co-founder Dorman launches $133m share sell-down after major acquisition. (AFR)

• Genesis Capital is competing to buy NZ’s Tamaki Health for over NZ$400m, continuing its healthcare investment push after beating Crescent for Pacific Smiles. (The Australian)

• T-Ports is putting its $250m SA grain port assets up for sale, with Nash Advisory launching a formal bidding process after strong buyer interest. (AFR)

• Stealth Group lands exclusive iPhone case deals with OtterBox, Casetify, and Case-Mate, lifting presales and upgrading revenue outlook. (AFR)

Capital Markets

• ASX rose as real estate and tech stocks gained, but Boss Energy crashed 40% on project issues. (Capital Brief)

• KKR is investing $500m in CleanPeak to grow solar and battery projects for Aussie businesses. (Capital Brief)

• AFIC profit dipped 4%, but it declared a special dividend and reshaped its portfolio. (Capital Brief)

• Ariana Resources launches $10–15m ASX IPO amid rising gold prices and mining IPO momentum. (AFR)

• Clarity raised $203m to fund trials, pipeline growth, and prep for a product launch. (Capital Brief)

• Bowen faces $43.7m in claims and debts despite record cash flow, as refinancing efforts continue. (Capital Brief)

• JPMorgan to charge fintechs for customer data access, raising fears it aims to crush smaller competitors. (FT)

• Newmont shares rose as analysts forecast a beat to its FY25 production guidance. (Capital Brief)

• VitalTrace launches $30m raise to commercialise childbirth monitoring tech. (AFR)

• Stockland and John Boyd will turn Kogarah Golf Club into a $3.5b logistics precinct near Sydney Airport. (Capital Brief)

• Lithium stocks fell even as Canaccord upgraded its outlook and flagged rising demand. (Capital Brief)

• Westpac, ANZ, and Bendigo Bank to repay $60m in unfair fees charged to low-income, Centrelink-dependent customers. (AFR)

• Cromwell’s Australian property portfolio rose $3.5m in value to nearly $2.02b. (Capital Brief)

• HBO Max secured 5% of Australia’s streaming market with 400,000 subscribers in its first quarter. (Capital Brief)

• Metrics is planning a new wave of funds to expand its private credit offerings, even as regulatory scrutiny and risk concerns continue to grow. (Capital Brief)

• A contrarian play on Dalrymple Bay has helped LHC Capital beat the market. (AFR)

• Alt-coins outpace bitcoin as investors rotate into riskier tokens amid rising institutional interest in crypto. (AFR)

• Lithium prices have surged nearly 50% as a shock EV rebound tightens supply, with analysts tipping more gains ahead. (AFR)

• Generative AI is quietly reshaping how investment strategies are built, tested and executed at firms like JPMorgan and Robeco. (Bloomberg)

• The Albanese government will expand its scheme underwriting new clean energy projects by 25% to speed up the energy transition. (AFR)

• China launches US$500 annual baby subsidy in effort to boost births. (FT)

VC

• Updoc is expanding from a profitable consumer business into enterprise telehealth, offering one-hour doctor consults nationwide with backing from Bailador. (Capital Brief)

People moves

• Cochlear adds ex-Foxtel CEO Freudenstein to its board as Glen Boreham prepares to retire. (Capital Brief)

• CBA has axed 45 call centre jobs due to its new AI voice chatbot, marking the first time it’s directly tied layoffs to artificial intelligence. (AFR)

• Unions will push Labor to outlaw AI-driven mass redundancies, setting the stage for a major clash at next month’s productivity roundtable. (SMH)

• Wayne Pickup will become Lottery Corp’s new CEO in November, replacing Sue van der Merwe. (Capital Brief)

• Elanor’s $125m recap plan from Rockworth moves ahead without Jesse Curtis as CEO. (The Australian)

• By handing the top job to loyalist Zubin Appoo, WiseTech has dodged its succession crisis, not fixed it.(AFR)(Capital Brief)

• Bubs names ex-Darigold and Fonterra exec Joe Coote as new CEO. (Capital Brief)

• DoorDash hires Spotify global head of advertising Lee Brown as chief revenue officer. (Bloomberg)

• Mathias Cormann reappointed OECD boss with Trump’s blessing. (AFR)

The watercooler