☕️Waxing Lee-rycal

Good morning.

Former Attorney-General George Brandis was right when he spoke at Justice Michael Lee’s welcome ceremony in 2017: “I would not be surprised if in the fullness of time they would have developed something of a cult following, at least among aficionados of the idiosyncratically erudite — not a small constituency in the legal profession.”

Lee has just delivered once again, Capital Brief reports.

The judge snuck in some pearlers across the 500 pages of his reasons in the ASIC v Star Entertainment case, in which Lee found former Star CEO Matt Bekier and former general counsel Paula Martin breached their duties under the Corporations Act but seven other non-executive directors did not.

From referencing the “fabulously wealthy” Marquess of Bute, quoting Danish and Greek philosophers to former US president Richard Nixon, Lee did not disappoint.

🏆 LOI Subscriber #TBD

Market movers

Shares in Australian fuel retailer and refiner Viva Energy surged on Thursday after China ordered its top oil refiners to immediately suspend diesel and petrol exports, a move that analysts said would directly boost margins and pricing for Australian refiners already benefiting from elevated oil prices driven by the ongoing US-Israel war on Iran.

The quick sync

• Betting companies are flouting BetStop rules to lure back problem gamblers, a government report found. (Capital Brief)

• Charlie Viola on building a $3b wealth management firm in 18 months and why private markets are central to keeping clients rich. (Capital Brief)

• Australia and Canada strike critical minerals and AI cooperation deal as both nations move to reduce their exposure to US and Chinese economic coercion. (Capital Brief)

• Melbourne Storm paid $250,000 to walk away from a restraint-of-trade case over Zac Lomax it was always going to lose. (Capital Brief)

• US drafts rules requiring American approval for all AI chip exports worldwide. (Bloomberg)(Capital Brief)

Trading floor

M&A

• Australian and Canadian business councils sign deal to boost trade and investment. (Capital Brief)

• Salter Brothers–Kilara Capital JV makes first PE deal, buying 80-year-old battery wholesaler. (AFR)

• IREN acquires 50,000 Nvidia GPUs, raising $8.5b to expand AI cloud operations. (Capital Brief)

• Bingo sale shifts to US-led Moelis desk as Macquarie, lenders explore buyers. (The Australian)

• Starwood Capital is backing Blackstone’s $1.2b Hamilton Island purchase. (AFR)

• Humm Group forms independent committee to assess Credit Corp takeover. (Capital Brief)

• ANZ, Macquarie weigh options for $925m joint venture after fraud hit value. (The Australian)

• Atlas Arteria’s acquisition plans spark shareholder concerns over focus on French roads. (AFR)

• Rio Tinto partners with CATL on mining electrification and battery recycling. (Capital Brief)

• Boardroom Pty Limited preps for sale amid Asian expansion, interviews banks. (AFR)

Capital Markets

• Boss Energy maintains FY26 guidance despite rain reducing production at the Honeymoon Uranium Mine. (Capital Brief)

• I-MED taps Barrenjoey, JPMorgan, Morgan Stanley for IPO this year. (The Australian)

• Bapcor raises $43m in discounted shares to cut debt. (Capital Brief)

• SkinKandy stands alone on the ASX IPO roadshow this week. (AFR)

• Worley wins engineering services contract with Tengizchevroil in Kazakhstan. (Capital Brief)

• The Iconic posts first profit after 15 years, thanks to tech and cost focus. (AFR)

• Antipodes Partners to help manage the portfolio of Pengana International Equities. (Capital Brief)

• KKR explores options for $1b Synergis disability housing investment. (AFR)

• UBS raises 2026 oil and LNG price forecasts amid Middle East tensions. (Capital Brief)

• The Komo Club launches Cohort 3 to support founders’ personal and professional growth. (Startup Daily)

• Melbourne Storm settled the Zac Lomax contract dispute with the Parramatta Eels after a weak legal case. (Capital Brief)

• Thai tycoon backs Comvita with strategic stake amid recapitalisation. (The Australian)

• CSL’s Seqirus to supply 15m flu vaccines to Canada in a pandemic. (Capital Brief)

• POSCO slams BlueScope over tariff protection amid $14.2b takeover talks. (AFR)

• Australian household spending rises 0.3% in January, led by services. (Capital Brief)

• Canada and Australia strengthen ties on critical minerals and AI amid Trump-era global disruptions. (Capital Brief)

• Apple debuts USD599 MacBook Neo to compete in budget laptop market. (AFR)

• US jobless claims steady; productivity jumps 2.8% in Q4. (Capital Brief)

• Eli Lilly’s oral obesity drug orforglipron may launch in US Q2 2026. (AFR)

• Charlie Viola grows Viola Private Wealth to $3b by keeping client relationships “human and normal.” (Capital Brief)

• China warns traders against reselling BHP iron ore amid tighter enforcement. (AFR)

• Betting firms illegally target self-excluded gamblers, exposing challenges for the Albanese Government. (Capital Brief)

• MFS CEO Paresh Raja spent on artwork, parties, Indian rapper before collapse. (Bloomberg)

• US states sue to block Trump’s new global tariffs in second legal challenge in weeks. (Capital Brief)

VC 

• None

People moves

• The Lottery Corporation restructures operations by splitting lotteries, digital, and Keno divisions under new leaders. (Capital Brief)

• Pay.com.au preps for IPO, appoints John Herlihy as chairman.(AFR)

• Morgan Stanley to lay off 2,500 employees globally. (Capital Brief) (WSJ)

• Court finds Matthias Bekier and Paula Martin breached the Corporations Act 2001 over money-laundering oversight at Star Entertainment Group. (Capital Brief) (Capital Brief)

• Revolut seeks US banking licence, names Cetin Duransoy as US CEO. (Capital Brief)

• Trump ousts Kristi Noem as DHS chief in his first second-term cabinet casualty. (Capital Brief)

The watercooler