☕️Svalbard Scandale

Good morning.

In a party disaster that gives Billy McFarland a run for his money, the billionaire Pinault family’s company Ponant, is being sued in France by TRVL, a Russian-owned Dubai travel company.

TRVL is suing Ponant for cancelling an USD8.5 million ($13 million) crypto cruise for 150 elite Russians aboard Ponant’s icebreaker, after the US arrest of Russian crypto entrepreneur Iurii Gugnin, founder of the broker Evita Investments.

Gugnin was arrested by the FBI in New York in June and charged by US prosecutors with sanctions violations and money laundering.

In court filings seen by the FT, TRVL alleges that Ponant failed to refund it USD5.8 million of the total USD8.5 million chartering cost after the collapse of the high-end trip, and is seeking over EU7 million in damages.

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Market movers

Xero shares dropped over 6% Wednesday after CEO Sukhinder Singh Cassidy fronted questions over her $23.3 million remuneration and the $4 billion Melio deal. The losses came as new AI features launched at Xerocon failed to shift investor focus from executive pay and acquisition risks.

The quick sync

• After StrongRoom AI blew up, Misha Saul’s short VC stint at EVP ends the way many expected: quietly. (Capital Brief)

• Digital marketplaces are moving beyond basic payments, using embedded finance to cut friction, unlock revenue and build full-service platforms that sellers don’t want to leave, writes Huw Griffiths. (Capital Brief)

• Trump’s tariffs and tax shifts have spooked Aussie investors, but renewables in the US are still getting funded, just with less fanfare. (Capital Brief)

• Labor says AI is breaking FOI, but critics warn the real threat is a government trying to dodge transparency behind a national security smokescreen. (Capital Brief)

• Apple is building an AI-powered web search tool to rival OpenAI and Perplexity with a major Siri overhaul. (Bloomberg)

Trading floor

M&A

• Morningstar sees Platinum–L1 merger as certain and sensible. (Capital Brief)

• MACG acquires two Melbourne aged care homes for $200k per bed. (AFR)

• Advent to acquire Automic Group, backing tech and global growth. (Capital Brief)

• Attalis buys ATF Services from Investec in $70m carve-out with NZ ACC backing. (AFR)

• Tabcorp extends exclusive NFL betting deal to 2030, covering 2026 Melbourne game. (Capital Brief)

• Santos-led GLNG is set to acquire Westside Energy’s Meridian gas project in Queensland’s Bowen Basin, with the deal awaiting joint venture approvals. (The Australian)

• Potentia sells entire $123m Vista Group stake via Jarden. (AFR)

• Airwallex buys OpenPay to launch global billing platform, develops AI CFO tool. (Capital Brief)

• Blackstone readies partial selldown of AirTrunk’s $24b Sydney data centre. (AFR)

• Fleet Space partners with teen F1 driver Joanne Ciconte to spotlight women in STEM. (Startup Daily)

• ASIC investigates Mayne Pharma and Jefferies over $672m Cosette bid. (AFR)

Capital Markets

• Citi lowers WiseTech target to $121.35 on near-term growth slowdown. (Capital Brief)

• CEFC backs $3.8b Marinus Link, its largest deal, to connect Tasmania and Victoria’s grids. (Capital Brief)

• KFC sales surge while Guzman y Gomez and others lag. (The Australian)

• Samsara Eco launches first enzymatic recycling plant to scale circular materials. (Capital Brief)

• Australia’s GDP rose 0.6% in June quarter on household and government spending. (Capital Brief)

• Chinese automakers BYD, GWM, MG, and Chery break into Australia’s top 10 carmakers. (AFR)

• RBA tests AI chatbot “RBAPubChat” to boost research efficiency, not set policy. (Capital Brief)

• Vinyl releases 5m escrowed shares, testing investor commitment amid White’s controversies. (The Australian)

• Australian funds stick with US renewables despite Trump policy changes. (Capital Brief)

• Country Road posts first loss in decades amid weak sales and discounting. (Capital Brief)

• KordaMentha secures Whyalla port control, easing steelworks sale. (AFR)

• US stocks rallied after Alphabet and Apple won an antitrust case, easing investor fears of forced breakups. (Capital Brief)

• The Fed’s Beige Book shows the US economy is stagnating, with weak consumer spending and tariff-driven inflation spreading across most regions. (Capital Brief)

• Embedded finance is reshaping marketplaces with integrated financial services. (Capital Brief)

• Ooshies-maker Headstart hires advisers to explore strategic options. (AFR)

• Salesforce shares fall after weak Q3 sales forecast. (Capital Brief)(CNBC)

• Seek accuses Employment Hero of misusing data to lure new customers. (AFR)

• Scale AI sues rival startup Mercor, alleging trade secret theft. (Bloomberg)

• ConocoPhillips says it will cut workforce by 20-25% (Reuters)

• Trump’s attack on the Fed fires up gold bulls betting on crisis. (Bloomberg)

VC 

• Melbourne medtech startup Nutromics raises A$7.5m for wearable biosensor patch. (Startup Daily)

• LVLY co-founder Hannah Spilva raises funds for new haircare startup Done. (Smart Company)

• Australian biotech startup Samsara Eco opens $25m NSW R&D plant to boost plastic recycling. (Smart Company)

People moves

• Lion names Anubha Sahasrabuddhe as first female CEO. (AFR)

• V2 AI hires Bojan Zivic as director to boost enterprise AI work. (Startup Daily)

• UTS forced to pause job cuts over mental health risks. (AFR)

• xAI’s CFO Mike Liberatore departs after only a few months on the job, the latest in a string of executive departures. (WSJ)

The watercooler