☕️ Stumbling Block

Good morning.

As Block faces fresh whistleblower allegations in the US, former staff have accused the company of quashing efforts to strengthen risk controls in its pursuit of growth.

“It was a regular occurrence for some users to have tens or hundreds of connections to other abandoned accounts,” one source told Capital Brief.

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Market movers

Goodman Group shares surged on Monday. It came after Morgan Stanley analysts raised their price target in recognition of the industrial property giant being a “key enabler” to meet Australia’s growing need for data centres.

Analysis suggests it could reap $39 billion from initial developments, and far more if it expanded into turnkey projects.

The quick sync

• Media companies Nine and Seven have urged the ACCC to make AI companies pay for their content (Capital Brief)

• Citigroup has shifted hours in Asia to match the shift to T+1 settlement (Bloomberg)

• Regulators open another inquiry into Boeing over missed inspections (WSJ)

• Starbucks plans to arrest falling sales with new store revamp (CNBC)

• Private credit investor GCI finds profit where the banks won't go (Capital Brief)

Trading floor

M&A

• Geoff Wilson buys 6% of Australian Unity Office Fund below market price through Bell Potter-led deal. (AFR)

• BMO is managing the sale of Newmont's North American mining assets, inviting bidders to access confidential documents. (The Australian)

• Sierra Rutile meets with Gemcorp after granting bid extension (AFR)

• Argo Investments and Wilson Asset Management approve BHP's bid improvement for Anglo American, citing potential value in combining assets. (AFR)

• Centuria Capital Group adds $450m glasshouse facility in Goulburn Valley to its portfolio. (BNA)

• Allan Gray worries management upheaval may favour Accolade in merger talks. (AFR)

• Energy Fuels Resources nears decision on $206m investment in Astron's massive zircon project in Victoria. (SMH)

• The Ardonagh Group is close to acquiring PSC Australia for over $2bn, with a deal potentially finalised within two weeks. (The Australian)

Capital Markets

• Financy shifts from financial literacy to workplace equality SaaS platform amidst growing DEI focus. (AFR)

• Quadrant Private Equity invests in Birch & Waite and secures two board seats in the deal. (AFR)

• The Albanese government allocates $519.1m to the Future Drought Fund, recognising climate change's role. (Capital Brief)

VC

• Hometime secures $10M for expansion and M&A, backed by Fifth Estate Asset Management. (Startup Daily)

• Sydney's Brainfish secures $3.85m in funding round led by Peak XV. (Capital Brief)

• Stori rebrands as Nucanon after $500k pre-Seed raise led by Skalata. (Startup Daily)

People moves

• Optus appoints Stephen Rue, current NBN CEO, as its new CEO to reset strategy and rebuild customer trust. (Capital Brief)

• Wayne Byres, former APRA chair, joins ASX board as non-executive director. (Capital Brief)

• Bill Trotter steps down as Jarden chairman after the sale of its wealth management unit, remaining as a board director. (The Australian)

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The watercooler