☕️Pizza Advice

Good morning.

Domino's exec chair Jack Cowin defended the business after being forced to take the reins of the pizza-slinging operator following the shock resignation of its CEO Mark van Dyck.

Speaking on an investor call, Cowin said the "company is not in disarray" despite what some in the market were saying as he faced a barrage of questions on why van Dyck left, reports Capital Brief.

"This was Mark's decision to resign. He was not pushed or asked to leave.”

We have to admit that asserting “this company is not in disarray” doesn’t tend to instil the greatest level of confidence that the company is in fact not in disarray.

(With mango habanero chicken and Bolognese as genuine pizza toppings on offer, the writing was arguably on the wall for some time…)

🏆 LOI Subscriber #TBD

Market movers

Shares in Pilbara Minerals jumped over 11%, alongside gains for BHP and Whitehaven Coal, as investors continued moving out of banks and into miners on rising iron ore prices.

The quick sync

• Treasury’s lock-up of Mulino’s tech briefings deepens the uncertainty for big tech and media, with Australia’s next move on digital regulation still anyone’s guess. (Capital Brief)

• Tractor Ventures cracked $100m lending to companies too risky for banks but too tame for VCs, and is doubling down on founder-friendly finance. (Capital Brief)

• As Trump’s tariff pause nears its end, Australia is unlikely to secure a better deal than the current 10% rate. (Capital Brief)

• Dina Titkova writes Australia risks missing out as global investors move into deep tech and women's health, which are set to deliver the next wave of high-impact returns. (Capital Brief)

• While politicians dither, courts are leading the charge on AI, defining the law, catching out lazy litigants and exposing the real-world risks of unchecked technology. (Capital Brief)

Trading floor

M&A

• NRW wins $167m Rio Tinto contract for mine construction work. (Capital Brief)

• JPMorgan tops ANZ dealmaking, led by Santos' $36.4b takeover. (AFR)

• Metrics acquires Taurus and BC Invest to launch Navalo and expand lending. (Capital Brief)

• Dexus sues AMP over forced $830m Macquarie Centre sale. (AFR)

• Brookfield opens bidding for $3b+ La Trobe sale, listing seen as unlikely. (The Australian)

• Coronado Global Resources slammed for confusing language amid sale talks. (AFR)

• Pro Medicus wins $190m US deals for imaging platform and cloud services. (Capital Brief)

• AGL buys Tesla’s SA battery network to expand community green power. (AFR)

• HSBC nears sale of Aussie retail bank, with big local banks circling. (The Australian)

• Keypath hires Barrenjoey to sell its APAC arm 10 months after buyout. (AFR)

• Quadrant’s move into childcare backfired, with abuse scandals and government crackdowns leaving its $650m Affinity investment mired in controversy and an uncertain future. (AFR)

• AGL buys Tesla home battery network in community power push. (AFR)

• Zurich Insurance Group agreed to buy BOXX Insurance, a Canadian cyber risk management firm. (Bloomberg)

• BlackRock is considering a sale of its stake in the leasing rights to Saudi Aramco’s natural-gas pipeline network back to the energy giant. (Bloomberg)

Capital Markets

• Beetaloo has 237 years' worth of gas, but most will be exported despite limited domestic need. (Capital Brief)

• Regal’s performance fees fall 40% amid major investment losses. (Capital Brief)

• Antipa seeks $30m for Minyari Dome after 150% share surge. (AFR)

• Vault shares fall after missing gold sales target for the year. (Capital Brief)

• Gold Hydrogen gets $14.5m from Japanese giants to advance hydrogen project. (Capital Brief)

• UBS tips July rate cut as economic momentum slows. (Capital Brief)

• GemLife shares jump after $750m IPO, Australia’s largest this year. (Capital Brief)

• Coal stocks jump as UBS sees limited downside to coal prices. (Capital Brief)

• European CEOs urge two-year pause on AI Act, citing global competitiveness risks. (Capital Brief)

• Samoa and Tonga turn to Chinese investment to keep rugby union alive, challenging Australia’s $600m NRL push and reshaping influence across the region. (AFR)

• AustralianSuper’s Mark Delaney is rotating away from crowded bank stocks towards miners, PE and global property. (AFR)

• Hasan Tevfik warns the ASX 200 could drop 5% if CBA shares return to ‘normal’ valuations. (AFR)

VC

• Tractor hits $100m lending milestone, backing scale-ups banks and VCs avoid. (Capital Brief)

• Kashcade lands $50m from Wingate to boost start-up lending. (AFR)

• Biotech start-up Aegros has avoided collapse with a $37 million funding boost. (AFR)

People moves

• Barclays Australia CEO Richard Satchwell moves to Singapore for APAC role. (Capital Brief)

• Ian Silk named chairman of rebranded Tenet after Sayers scandal. (AFR)

The watercooler