☕️Red Tape

Good morning.

Former ANZ chief Mike Smith told the Startup Investor Series audience that “The bureaucracy and the corporate governance burden in Australia is the worst in the world by quite a long shot,” reports Capital Brief. While banks are “incredibly conservative animals, reluctant to change” Smith said that if firms can find ways to make that regulation “less painful” there are opportunities to make money from it.

Not realising how his comments might rattle a rebellious-anti-authoritarian-Australian’s chains, Lightspeed Group CEO Mark Fitzpatrick added: “I had great success from the European investors because they loved Australia, because we are so compliant.”

🏆 LOI Subscriber #TBD

Market movers

Capstone Copper rose Tuesday after Canadian miner Ivanhoe withdrew guidance for Africa’s largest copper mine, Kamoa-Kakula, following seismic issues that triggered a temporary suspension last week and sparked copper price gains on supply fears.

The quick sync

• HSBC slashes dozens of analyst jobs in sweeping overhaul of its investment banking research division. (Bloomberg)

• Andrew Bragg writes Labor’s super tax creates a glaring conflict of interest by excluding Prime Minister Albanese’s pension from clear rules. (Capital Brief)

• America’s ‘moron premium’ is rising as Trump’s erratic economic policies and mounting public debt threaten market stability and global confidence. (FT)

• IBM’s AI-led cull of HR jobs is forcing HR leaders to rethink their purpose and the future of work. (Forbes)

Trading floor

M&A

• Harmony Gold bids $1.6b to acquire MAC Copper, with board support and approvals pending. (Capital Brief)

• Barings, AustralianSuper, and GIC eye $3b Lendlease-backed Keyton as debt reduction sale looms. (The Australian)

• Copenhagen Infra seeks buyer for 240MW South Australian battery, backed by Origin Energy offtake. (AFR)

• Sev.en buys $40m in Coronado distressed debt, hinting at possible takeover amid miner’s financial woes. (The Australian)

• Salesforce nears US$8b deal to buy Informatica, its biggest recent acquisition. (Capital Brief)(WSJ)

• UK hedge fund Polus, a major Healthscope creditor, arrives in Sydney to influence receivership outcomes. (AFR)

• Stonepeak drops bid for I-MED; Macquarie and Bain also walk away over $3b price. (The Australian)

Capital Markets

• Circle launches IPO to raise US$624m, listing on NYSE amid shifting stablecoin rules. (Capital Brief)

• Mineral Resources lowers Onslow Iron volume guidance amid truck shortages but expects full ramp-up by Q1 2026. (Capital Brief)

• QIC raises $2b to expand Pacific Energy’s renewable project pipeline. (Capital Brief)

• Ares backs Quadrant’s $350m unitranche refinance of MotorOne, replacing bank debt with blended loan. (AFR)

• MAC Copper halts trading ahead of possible ownership change. (Capital Brief)

• Citi cuts Elders' target price after weak H1, but keeps ‘buy’ on positive outlook. (Capital Brief)

• Vulcan starts drilling German lithium project targeting 24,000t annual output. (Capital Brief)

• Endeavour shuts Oakridge winery restaurant amid wine sales slump and cost cuts. (AFR)

• BHP to open Singapore AI hub to boost safety and productivity. (Capital Brief)

• ALS profit dipped slightly; launching $350m raise to fund growth and acquisitions. (Capital Brief)

• Virgin execs meet investors as Bain Capital weighs timing of airline IPO. (AFR)

• Telstra's new strategy targets growth via digital innovation and connectivity, with stronger returns and FY25 guidance reaffirmed. (Capital Brief)

• Germany dethrones Japan as the world’s largest creditor nation after 34 years. (Bloomberg)

VC

• Fintech startup ETF Shares launches to disrupt Australian ETF market with low fees and US access, backed by ETFS Capital. (Startup Daily)

• Outset Ventures closes NZ$41.5m Fund II to back NZ deep tech startups, aided by government funding. (Startup Daily)

• Sydney AI startup Unleash Live raises $17m, valued over $100m, using computer vision for safety and productivity. (AFR)

• Creditors of collapsed medtech startup StrongRoom AI must wait until July to decide its future as a court battle over a confidential sale agreement stalls a crucial vote. (Capital Brief)

• Q-CTRL launches free quantum computing webinars to tackle skills shortage and inspire future leaders. (Startup Daily)

• NSW’s Space Industry Hub helped 80+ startups raise $56m, creating 160 jobs and generating $74 per $1 invested. (Startup Daily)

People moves

• Ex-health minister Greg Hunt to join Alvarez & Marsal, which continues to poach top consultants. (AFR)

• Lisa Davies, who helped rescue AAP from closure and secured vital funding, will exit as CEO next month, handing over a more resilient newswire. (Capital Brief)

The watercooler