☕️Tax Buffet(t)

Good morning.

Warren Buffett told investors that Berkshire Hathaway has paid the US government over US$101 billion ($151.93 billion) in taxes over the past 60 years, the most tax paid by any firm in history, Bloomberg reports. Rather than bemoaning the whopping sum, Buffett’s annual letter to shareholders saw the Oracle of Omaha boast about the “record-shattering” US$26.8 billion Berkshire paid in taxes in 2024 alone.

Making a rather pointed statement about the current US administration, Buffett addressed part of the renowned letter to “Uncle Sam,” writing: “Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024,” he wrote. “Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better.”

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Market movers

As Nine weighs CoStar’s $2.6 billion bid for Domain—sending its stock soaring 40% and knocking rival REA down 11%—acting CEO Matt Stanton’s final audition for the top job is overshadowed by investor scrutiny, strategic uncertainty, and questions over whether Nine will push the offer higher.

The quick sync

• ASIC’s lawsuit against NGS Group tests the murky limits of Australia’s crypto laws, with the firm arguing even the regulator wasn’t sure what rules applied. (Capital Brief)

• The RBA has stepped aside and the real action is now in Canberra—where economic data and political posturing are setting the stage for a possible election. (Capital Brief)

• Rio Tinto’s CEO is considering a share sale to shift investor power back to Australia, challenging the company’s London dominance. (AFR)

• Westpac’s AI agents, built with Accenture, are slashing coding times from six days to one hour—and may soon reshape how mortgages are processed. (AFR)

• A rogue email exposing Slater & Gordon staff salaries and slamming executives has rocked the firm, with police and cybersecurity experts now on the case. (AFR)

Trading floor

M&A

• Krispy Kreme is exploring a sale of its Australia and New Zealand operations through JPMorgan. (AFR)

• Private equity eyes media buyouts; oOh!media in focus, with Nine Entertainment a potential bidder. (The Australian)

• Perpetual reviews KKR’s revised $2.2b bid. (AFR)

• Seven & i Holdings has chosen Bain Capital as the preferred buyer for a major stake in York Holdings, its non-core asset, in a deal valued at over US$4.7b. (Reuters)

• Mecca founders are considering a $2b sale after years of rejecting investment bankers. (AFR)

• US firm MidOcean Energy is reportedly interested in acquiring a stake in Santos’ $5.8b Barossa gas project. (AFR)

Capital Markets

• Apple drops cloud encryption in UK after backdoor order. (Bloomberg)

• Trump is considering tariffs on countries imposing digital services taxes on U.S. tech firms, reviving trade war measures. (FT)

• Bybit’s $1.5b hack, the largest in crypto history, overshadowed Coinbase’s legal victory and reignited concerns over industry risks. (Bloomberg)

• Labor’s $8.5b Medicare boost focuses on bulk billing. (Capital Brief)

• Genesis Capital returns to general practice with Ochre Health. (AFR)

• Zenith Energy shareholders may expand stakes instead of selling externally. (The Australian)

• Queensland may downsize the $18.4b Borumba hydro project due to cost overruns and cultural site concerns. (AFR)

• Ramsay eyes Healthscope hospitals, potentially managing rather than acquiring them. (The Australian)

• Berkshire Hathaway’s Q4 operating profit surged 71%, driven by higher interest rates and strong insurance performance. (Bloomberg)

• Australia’s eSafety Commissioner fined Telegram nearly $1m for delaying its response on measures against harmful content. (The Australian)

• Star Entertainment’s board must finalize its “going concern” status by Friday as it faces a critical deadline. (AFR)

• Liverpool Partners may seek funding for Genea amid IVF industry challenges. (The Australian)

• The ASX faces increased sell-off pressure as bank stocks decline and weak US economic data weighs on markets. (AFR)

• NGS Group disputes ASIC’s crypto lawsuit over unclear regulations. (Capital Brief)

• ASIC is scrutinising private markets as they grow at four times the rate of public markets and pull investor dollars away from the ASX. (AFR)

VC

• None

People moves

• China dismisses Australia’s naval drill concerns as exaggerated. (Capital Brief)

• Germany’s conservatives won the election, but with no majority, coalition talks are necessary. (Capital Brief)

• PIMCO’s Robert Mead steps down as managing director but remains Australia chairman and adviser. (AFR)

• Chalmers to discuss trade and tariffs with US Treasury in Washington. (Reuters)

• WiseTech founder Richard White cuts ties with controversial property deals. (AFR)

• Richard White's marriage to lawyer Zena Nasser is under scrutiny, with allegations of blackmail, assault and legal battles exposing a volatile relationship that has alarmed WiseTech's board. (AFR)

• Sydney accountant Filomena Kyriacou ran a firm that advised tax dodgers, dealt with organised crime figures and was linked to some of Australia’s biggest tax scams—yet has never faced criminal charges. (AFR)

• Fuelled by Adderall and long nights at Wells Fargo, investment banker John Femenia masterminded an insider trading scheme that made $11m before landing him in prison. (WSJ)

The watercooler