☕️ Trade Temptations

Goldman Sachs analyst found guilty of insider trading.

Good morning.

A former Goldman Sachs analyst has been found guilty of insider trading and fraud by a London jury, in a case brought by the UK Financial Conduct Authority.

The 35 year old was convicted of using information obtained at the bank to trade, financed with fraudulent loans, to rake in around £140,000 ($270,500). On one occasion, Zina bought shares in AI juggernaut Arm one hour after receiving information related to Softbank Group Corp’s plan to buy the chipmaker in 2016.

Zina’s defence argued that his decision to continue working weekend shifts at a local Sainsburys supermarket when he took the GS role gave him the chance to stay grounded. The jury found him unanimously guilty on all counts.

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

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Market movers

Altium shares soared almost 30% to $66 during trading yesterday, on news that Japanese semiconductor business, Renesas, announced it will acquire the ASX-listed software firm for $9.1 billion. Renesas confirmed it will pay $68.50 per share, a 34% premium to the Thursday closing price of $51.26 and 31% above its previous record highs. JP Morgan advised Altium on the deal, which represents one of the largest all cash cross-border transactions in ASX history.

The quick sync

  • Energy wars reignite as Labor and the Coalition are preparing radically different pathways to reach net-zero by 2050. (The Australian)

  • Australia’s merger law debate has reached a critical juncture as the government hears Competition Taskforce recommendations, and the ACCC and merger lawyers continue their standoff. (Capital Brief)

  • Finserv execs set to launch new M&A firm Australian Wealth Advisors Group on the ASX after completing $5m raise. (AFR)

  • Venice Energy has been approached by several interested buyers for its LNG import terminal in SA. (The Australian)

  • CBA slapped with the largest fine in wage-theft history at $10m, for knowingly underpaying thousands of staff over $16m. (AFR)

  • The UK economy contracted more than expected during the fourth quarter last year, at 0.3%, tipping it into a recession. Japan also reported weak domestic consumption and investment data, pushing it into a recession. (Bloomberg)(Bloomberg)

  • Latest figures show Magellan upped its carrying value for Barrenjoey by $3.7m, and based on Magellan’s ownership share, this implies Barrenjoey turned a $10m+ profit for the half. (AFR)

  • Shares in smaller AI firms including Arm Holdings surged yesterday after Nvidia disclosed that it held stakes in a selection of tech investments. (Reuters)

Trading floor


  • Wesfarmers eyes next major acquisition. (The Australian)

  • Swedish renewables developer OX2 seeks buyer for Victorian wind farm. (AFR)

  • Viva Leisure eyes acquisitions amid gym sale surge. (The Australian)

  • Government's Indigenous Land Corp. conducts a strategic review of Voyages Tourism. (AFR)

  • Blackstone sizes up AirTrunk in a potential $15b deal amid data centre fervour. (AFR)

  • Observers might have missed a crucial point in Seven West Media's recent results: its market value is nearly equivalent to its net debt. (The Australian)

Capital Markets

  • Origin Energy CEO hails profit surge, indicates the capital will cover energy transition. (AFR)

  • BHP announces $10.3b writedown, risking Australian jobs. (SMH)

  • Brandon BioCatalyst secures a $50m grant for dementia innovation. (BNA)


  • Together AI, a reseller of Nvidia server chips, is raising over $100m in new funding. (Capital Brief)

People moves

  • Nancy Tchou, formerly of Morgan Stanley Australia, is set to join Greenhill in May to bolster its infrastructure advisory efforts. (AFR)

  • Melanie McQuire, Maple-Brown Abbott's chief operating officer, steps in as acting CEO following Sophia Rahmani's departure. (Capital Brief)

  • Magellan Financial Group to name Sophia Rahmani as new CEO. (AFR)

  • Macquarie's $58m exec faced competition for top role. (AFR)

☝️ Know about a deal or people move we don’t? Hit reply.

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