☕️Rule Sticklers

Good morning.

The Australian banking regulator has no plans to follow the US Federal Reserve in lightening prudential capital requirements on banks, pointing to ongoing uncertainty in the financial system and global economy.

Australian Prudential Regulation Authority member Therese McCarthy Hockey, told Capital Brief: “That leverage ratio in the US they’re talking about, you can see some of the rationale they’ve put behind it, but the way it applies is different to Australia.”

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Market movers

NIB Holdings shares surged Monday after UBS upgraded the health insurer to ‘buy’ with a bullish $7.85 price target.

The quick sync

• OpenAI is urging the Albanese government to introduce AI tax breaks, claiming it could add $115 billion a year to Australia’s economy by 2030. (AFR)

• Corporate Australia shifts focus from inflation to AI, gender equity and climate as annual reports reveal changing priorities. (Capital Brief)

• Anduril’s $50m Aussie build-up hides the kicker: half its booming revenue comes from its own parent. (Capital Brief)

• The Albanese government’s flagship $15b NRF slammed for flying blind on strategy while funnelling hundreds of millions into early deals, but gets a pass on governance. (Capital Brief)

• Sydney’s commercial courts outpace their Victorian and Federal rivals, raising tough questions for slower jurisdictions. (AFR)

Trading floor

M&A

• Stan buys Optus Sport assets and EPL rights in $20m deal. (Capital Brief)

• MinRes sells Yilgarn Iron project, keeps gold and lithium rights. (Capital Brief)

• EQT fields bids for Nexon Asia Pacific, drawing PE interest. (The Australian)

• TA Associates takes stake in ex-Westpac advice firm Viridian. (AFR)

• Gumtree to sell HotCopper and StockHouse to UK’s ADVFN by 30 June. (Capital Brief)

• Private equity circles as Kelsian sells $200m in tourism assets. (AFR)

• DroneShield lands $9.7m Latin American deal, boosting $2.41b pipeline. (Capital Brief)

• Buyers revisit $1bn RetireAustralia after Aveo sale sparks interest. (The Australian)

• Shipping container firm Tradecorp eyes sale after $93m year. (AFR)

• AZEK shareholders approve $14b James Hardie takeover, closing July 1. (Capital Brief)

• Google inks first fusion power deal with Commonwealth Fusion. (Capital Brief)

• I-MED seals $1.8b refi as sale talks with Stonepeak stall. (AFR)

• Coronado edges toward asset or full sale amid talks with Indonesian groups. (The Australian)

• BGH Capital and Gary Weiss push Webjet to return $100m, stir rival bids. (AFR)

Capital Markets

• Brickworks to take $75m hit on North American business amid weak market. (Capital Brief)

• Superloop expects its FY25 EBITDA to exceed previous guidance, with final results due August 20. (Capital Brief)

• 6K Additive launches $15m raise ahead of ASX float. (AFR)

• Tetratherix jumps 7% on ASX debut after $25m raise for bone repair tech. (Capital Brief)

• Zuckerberg launches Meta Superintelligence Labs, taps Wang as AI chief. (AFR)

• Anduril spends $50m expanding in Australia amid profit boost from parent sales. (Capital Brief)

• Nuheara investors urge ASIC probe into hidden debts, insolvency. (AFR)

• Hamish Douglass sees AI as a looming wrecking ball for markets and jobs. (The Australian)

VC

• None

People moves

• Contact Energy adds Manawa chair Deion Campbell to board ahead of merger. (Capital Brief)

• Luminis names 33-year-old Cameron Wilson youngest partner. (AFR)

• Liontown Resources' CFO Jon Latton and COO Adam Smits have resigned, with interim and permanent successors appointed ahead of their departures. (Capital Brief)

• Sandon Capital has hired Scarlett Dorney from Morgan Stanley Wealth Management. (AFR)

• Jason Pellegrino to lead Domain again if CoStar takeover, delisting approved. (Capital Brief)

• Elon Musk hires former X critic, relentless user as product head. (Capital Brief)

• Law graduates remain in high demand even as AI does the grunt work. (AFR)

• SunCable has lost managing director Cameron Garnsworthy and chief development officer Martin Hay. (The Australian)

The watercooler