☕️ Profoundly un-American

Good morning.

Sam Altman struck a calm yet sharp tone on his legal and competitive tensions with former OpenAI partner Elon Musk at the NYT’s DealBook Summit.

Altman dismissed fears that Musk’s role in Donald Trump’s incoming administration might lead to interference with OpenAI, saying it would be “profoundly un-American” to weaponise political influence for business gain.

Putting on a brave face despite Musk’s escalating lawsuits against OpenAI, he said, “he really cares about being the guy,” adding “He’s a competitor, and we’re doing well.”

At the same event, Jerome Powell shrugged off suggestions of diminished Fed independence under Trump and Bill Clinton criticised Joe Biden’s handling of his son, Hunter’s pardon, calling it a self-inflicted political wound.

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Market movers

WiseTech shares climbed on Wednesday after Goldman Sachs reaffirmed its ‘buy’ rating, applauding the software firm’s long-term growth ambitions. Goldman pointed to WiseTech’s investor day projections, which include slashing customer costs by up to 50% and strong momentum in Asian customer adoption.

The quick sync

• Australia’s Redbelly launches the world’s first blockchain built for regulated markets, promising faster, secure tokenisation of real-world assets worth trillions. (Capital Brief)

• ANU cuts its sole tech policy hub amid $250m budget crisis, as its director vows a "watch this space" revival. (Capital Brief)

• Monash University ends its funding partnership with Andrew Jaspan’s 360info, forcing staff cuts but leaving the research newswire to operate independently. (Capital Brief)

• Clyde & Co faces financial and talent exodus, with a third of its Australian partners, including entire cybersecurity group, leaving amid merger talks and profitability struggles. (AFR)

• Trump taps pro-crypto Paul Atkins to lead the SEC, signalling likely rollback of Gensler-era regulations and a lighter touch on Wall Street oversight. (NYT)

• Citi's $1.9b Goodman block trade misfire risks a $50m loss, fiasco raises client and internal questions. (AFR)

Trading floor

M&A

• Worley has won a contract to design new gas processing facilities in Abu Dhabi. (Capital Brief)

• Southern Cross Austereo's change-of-control payment clause is deterring potential bidders. (AFR)

• Monash University has ended its partnership with 360info. (Capital Brief)

• The Royal Automobile Club of WA has engaged Barrenjoey to conduct a strategic review. (AFR)

• Norges Bank has invested in Australian investment firm Perpetual. (Capital Brief)

• Real estate investment trusts, particularly Charter Hall, are considering a potential bid for Aveo, a retirement village operator. (The Australian)

• Arbor Permanent Owners acquires East West Engineering, a manufacturer and distributor of materials handling products. (AFR)

• SG Fleet's directors and major shareholder support a takeover bid by Pacific Equity Partners. (Capital Brief)

• Citigroup's attempt to sell a large block of Goodman Group shares at a discounted price failed. (AFR)

• Rio Tinto and Sumitomo Metal Mining have partnered to develop the Winu copper-gold project in Western Australia. (Capital Brief)

• AgriProve has acquired Geora to improve carbon tracking for Australian farmers. (BNA)

Capital Markets

• The Australian National University (ANU) has closed its technology policy center due to financial difficulties. (Capital Brief)

• Larvotto Resources has raised $20m through a share placement. (AFR)

• Westgold Resources has significantly increased the ore reserve at its Bluebird-South Junction mining complex. (Capital Brief)

• Close the Loop, a recycling company, has received a $2.35m grant to build a new recycling facility in NSW. (BNA)

VC

• Birchal's First Syndicate program, supported by LaunchVic, has successfully raised $1.9m for Victorian hardware technology startups in a short period. (Capital Brief)

• Investible and UNSW have partnered to invest in climate tech startups emerging from the university. (Startup Daily)

• Queensland sports tech startups will have the opportunity to pitch their ideas to the NRL as part of an innovation program. (Startup Daily)

• Melbourne startup TALY has raised $500k to improve the use of personality data in business decision-making. (Startup Daily)

• Billionaire Nicola Forrest has launched a new investment fund, Future Generation Women, aimed at promoting gender equality and philanthropy. (The Australian)

People moves

• WiseTech founder Richard White has restructured his assets to include his wife, Zena Nasser, as a significant shareholder. (AFR)

• Former abrdn Australia managing director Brett Jollie is set to become the CEO of Hearts & Minds. (AFR)

• Commonwealth Bank has appointed Luke Yeaman as its new chief economist. (Capital Brief)

• Long-time Herbert Smith Freehills partner Tony Damian is leaving the firm to join Ashurst. (AFR)

• Salus Ventures has appointed three high-profile advisors to strengthen its focus on national security and resilience investments. (Capital Brief)

The watercooler