☕️Promotion problem

Good morning.

Despite Australian employers notching some progress on the gender pay gap, the Workplace Gender Equality Agency is now warning some of the best paid industries in the country are facing a “promotion problem”.

Women are still struggling to climb the pay ladder at the same pace as their male peers. One of the most oft-cited reasons for the pay gap is a lack of women in the workforce, or applying for roles, and therefore unable to be selected for higher paying positions, but this is only part of the issue. 

Capital Brief reports that of the four industries where 90% of employers pay men more on average than women, one of them employs slightly more women than men: financial and insurance services. Despite having a relatively gender-balanced workforce, in this industry the pay gap midpoint is 22.2% — in favour of men.

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Market movers

Clarity Pharmaceuticals shares took a dive Monday after it unveiled ballooning R&D spending that pushed losses higher, raising investor concerns even as its drug pipeline advanced.

The quick sync

• Westpac's tech overhaul under CEO Anthony Miller may lead to the elimination of sub-brands like St. George Bank and BankSA. (Capital Brief)

• TSMC CEO CC Wei is set to announce a US$100b US investment, expanding semiconductor production with new chip factories. (Reuters)

• Carlyle plans up to US$5b in exits via IPOs and asset sales in 2025, betting on a US dealmaking rebound despite economic uncertainty. (Reuters)

• As law firms battle to keep mid-career lawyers, Holding Redlich’s Troy Lewis says the future belongs to firms that deepen client ties and rethink career pathways. (Capital Brief)

• Peter Dutton vows to scrap work-from-home perks for public servants, pushing a full return to the office while slashing jobs and public sector costs. (AFR) 

Trading floor

M&A

• Pro Medicus secures $40m imaging deal with LucidHealth. (Capital Brief)

• Canadian billionaire James Grenon has acquired a 9% stake in NZME, signaling potential changes at the New Zealand Herald and possible media shake-ups. (The Australian)

• Amcor shareholders approve $13b Berry Global acquisition. (Capital Brief)

• Nikos Property Group buys 50% of Northland Shopping Centre for $385m from GPT. (BNA)

• Medibank fully acquires Medinet to grow digital healthcare services. (The Australian)

• Prada nears €1.5B Versace buyout, boosting Capri and Prada shares. (Bloomberg)

• Avecho secures Sandoz deal for OTC CBD insomnia treatment. (Capital Brief)

• Ramsay Health Care considers selling Ramsay Sante, estimated at $2b. (The Australian)

Capital Markets

• Sandfire exits Avrupa Minerals JV after weak drilling results. (Capital Brief)

• Zelensky says a US-Ukraine minerals deal is ready but stresses security guarantees are needed for peace with Russia. (Capital Brief)

• Wilson Asset Management plans $400m IPO, focusing on ASX 300 stocks. (AFR)

• GDG completes equity raise for $320m Evidentia acquisition. (Capital Brief)

• Australian medical cannabis exports surge as German demand triples. (AFR)

• Rio Tinto restarts WA shipments, keeps 2025 iron ore target. (Capital Brief)

• KKR invests $300m in Family Doctor, a GP clinic chain with 109 locations. (AFR)

• Prohibition Liquor Co launches $4m crowdfunding to revamp Seppeltsfield distillery. (BNA)

• Guzman y Gomez shareholders may sell up to 25% of their holdings from March 10 if stock stays above $22, testing its high valuation. (Capital Brief)

• London-based fintech private equity firm Apis Partners is in advanced stages of multiple investments in Australian growth companies while meeting investors in Sydney. (AFR)

• Magellan Financial Group plans to resume its share buyback program following a steep decline in its stock price. (Capital Brief)

• Federation Asset Management to invest $1b in Asia, targeting sustainable infrastructure and finance. (Bloomberg)

• Oil prices rise on strong China data despite US tariffs. (Capital Brief)

• Zenith Energy adds 7 banks to lender group amid $1.9b refinancing and sale process. (AFR)

• February reporting season saw companies beat estimates through margin improvements, but outlooks remained cautious, especially for small caps. (Capital Brief)

• Nvidia and Broadcom are testing Intel’s 18A chip manufacturing process, which could lead to major contracts and a turnaround for Intel. (Capital Brief)

• Johns Lyng Group’s share price has halved since August-September, which may cause buyout firms KKR and EQT to reconsider their interest. (AFR)

• Gender pay disparities persist in Australian startups, banking, and law, with new data showing even newer industries struggle with equality. (Capital Brief)

• Experteeth Dental Group is exploring private equity investment and has enlisted EY to facilitate introductions. (AFR)

• Telstra and Ericsson launch APAC's first programmable 5G network, leveraging AI and APIs for telecom innovation. (Capital Brief)

• AZ NGA lands $345m debt deal to fuel expansion. (AFR)

• The SEC is offering employees a US$50,000 incentive to resign or retire as the Trump administration pushes to shrink the federal workforce. (Bloomberg)

• Private credit and structured finance pay is surging, with fierce hiring battles pushing MD salaries in private credit firms past US$2m (plus 3-15% carry interest). (Bloomberg)

• Heloise Pratt’s legal fight with ex-husband Alex Waislitz intensifies, with fresh claims he siphoned $21m into a lavish penthouse, Toorak apartments and his fiancée’s pop career. (The Australian)

VC

• Tata Group plans to list Tata Capital in an IPO targeting an $11b valuation, potentially India's biggest this year, raising up to $2b. (Capital Brief)

• ESG data startup Givvable enters global growth mode amid rising corporate demand. (SmartCompany)

• CBA's x15Ventures is expanding its Xccelerate fintech competition by inviting other corporate partners, broadening startup collaboration opportunities. (Capital Brief)

• Australian satellite startup Esper raised $5m in seed funding from Paspalis Capital and Hejaz to expand its space-based critical minerals exploration. (AFR)

• Galileo Ventures expands to San Francisco to back Australian tech founders in the US. (Capital Brief)

People moves

• MA Financial names Cathy Yuncken as independent director. (Capital Brief)

• GQG Partners CFO Melodie Zakaluk to retire in January 2026. (Capital Brief)

• Seven & i Holdings plans to appoint its first foreign CEO, Stephen Dacus, as it weighs a $47b takeover bid from Canada’s Couche-Tard. (FT)

• Synlait Milk names Richard Wyeth as CEO amid financial recovery. (Capital Brief)

• Palo Alto Networks CIO warns that the AI arms race is accelerating malware threats as Big Tech prioritizes speed over security. (Capital Brief)

• Buildkite founder and CEO Keith Pitt is stepping down, with chairman Barry Crist serving as interim CEO. (Capital Brief)

The watercooler