☕️ Surge Costs

US restaurants are using ‘dynamic pricing’ during peak hours.

Good morning.

The concept of the stock market bar has been around for years, where the price of drinks rises and falls every few minutes depending on what is being sold. While the gimmick holds a certain novelty for first dates and rowdy birthday celebrations, the news that the concept is being applied by restaurants comes with somewhat less appeal. Dynamic pricing, or ‘surge pricing’ in tech parlance, is allowing restaurants in the US to up the price of certain menu options depending on demand and sales patterns. The idea is to charge higher rates at peak times and reduce prices during quiet periods.

Let’s hope inner city cafes don’t get the memo, lest the price of an 8:45am flat white begin to impact our credit ratings.

ASX as at market close. Commodities and crypto in USD.

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Market movers

Shares in Virgin Money UK soared over 32% during trading on Friday, closing at $4.08, on news that the UK’s Nationwide Building Society reached an agreement to buy the banking and financial services brand. The £2.9 billion ($5.63 billion) deal will see Nationwide offer 220 pence per share which includes a 2 pence final dividend. The Virgin Group and the Virgin Money board are expected to recommend the offer. Nationwide said it would continue to use the Virgin Money brand initially, but plans to phase it out over a six year period after the takeover is completed.

The quick sync

  • Three directors of $2b Breakthrough Victoria Fund which invests in startups are stepping down, amid calls for the fund to be wound up. (AFR)

  • Tech Council of Australia thinks AI will play a key role in reigniting productivity growth across the economy. (Capital Brief)

  • Coles urges suppliers to cut costs, says reducing costs of groceries is a “joint obligation” of both the supermarket and supplier base. (The Australian)

  • CIA-backed Visionary Machines prepares to commercialise its tech after five years of R&D. (Capital Brief)

  • eToro is considering pursuing an IPO in New York or London, seeking a valuation of over US$3.5b. (Financial Times)

  • Jim Chalmers set to abolish 500 ‘nuisance tariffs’ on imports to save businesses $30m each year. (The Australian)


  • Antony Catalano raises his stake in Southern Cross Media to 6%. (AFR)

  • OreCorp shareholders, valued at $270m on the ASX, have experienced bid fluctuations. (AFR)

  • Speculation mounts over the potential sale of fibre assets by OneNZ. (The Australian)

  • GPG Australia auction slows as owners seek $4b valuation. (AFR)

  • Ainsworth Game Technology faces shareholder criticism amid strategic review. (AFR)

  • North Queensland Airports Group, including Cairns Airport, could be up for sale soon, managed by Macquarie Group. (The Australian)

  • Brookfield ultimately decided against pursuing talks with Downer's board. (The Australian)

Capital Markets

  • On top of orchestrating an $8.8b reverse listing of Chemist Warehouse, David Di Pilla’s HMC Capital also secured a stake in Ingenia Communities. (AFR)

  • Tasmea readies for ASX debut with $50m IPO. (AFR)


  • None

People moves

  • None

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