Ashurst's risky bet

PRACTICE POINTS

Harassment code sets new standards

• The Sexual and Gender-based Harassment Code of Practice 2025 is now in force, offering practical guidance for all workplaces under the WHS Act. The code:

  • gives examples of what harassment looks like

  • addresses “good practice” for investigations

  • sets out a four-step risk management process

  While not law, courts can rely on it when assessing what’s reasonably practicable: K&L Gates

• Defamation suits continue to rise. A Pac-Man and Donkey Kong gamer James Mitchell has secured a $350k claim against an Australian YouTuber, Karl Jobst. Despite past cheating scandals, the Queensland District Court found Jobst’s video—alleging to link Mitchell to another YouTuber’s suicide—caused reputational harm, warranting aggravated damages. Critically, His Honour compared the gamer’s reputation within the gaming community before and after Jobst’s statements. And despite 4/5 of the statements being substantially true, the defence of contextual truth failed because the statements further harmed Mitchell's reputation.

• ASX says it's fine to treat securities with differing terms (like strike prices, expiry dates or performance conditions) as a single class of security, provided the securities are the same type or they’re issued under the same employee incentive scheme. For entities that often issue new securities under incentive schemes, consolidating securities under a single code is administratively easier over multiple tranches.

WORD ON THE STREET

A&O’s AI agents

• In a major AI play with Harvey, A&O Shearman is rolling out AI agentic tools to tackle antitrust, cybersecurity, fund formation and loan review—work it calls “high-value”. These bots can now do in minutes what kept juniors up until 3am. Internal rollout first—then clients and rivals can subscribe or pay-per-use, handing A&O a new revenue stream.

• Ashurst doubles down on risk advisory. The firm has expanded its advisory arm – Ashurst Advisory. Partner Lea Constantine explained that the firm’s new legal-led consulting model offers both legal advice and related services, such as risk management and board preparation, to help clients navigate complex issues like cybersecurity and compliance. Ashurst’s continues to gun for its target of becoming Australia’s leading law firm by 2027: Capital Brief

• Mills Oakley just scored big in Melbourne. Former EY adviser Tania Sibree and K&L Gates property pro Randall Gerkens have joined the partnership, bringing deep funds and real estate firepower. The hiring spree has pushed its national partner count past 170: Lawyers Weekly

• Clayton Utz has promoted two partners in a move to strengthening its public sector and workplace relations practices. Cynthia Elachi, based in Sydney, and Elizabeth Forbes, who will relocate to Darwin, will help expand the firm's capabilities in the NT: Lawyers Weekly

TALKING POINTS

Historic strike hits hospitals

• Over 5000 Sydney hospital doctors are walking off the job this week in a historic strike, forcing the cancellation of hundreds of surgeries and putting pressure on EDs. The union wants a 30% pay bump in one year—NSW Health’s offer is 10.5% over three. NSW Health Minister Ryan Park warns patient safety is on the line: SMH

• The ASX is poised to open higher today amidst extreme market volatility with the VIX jolting 49%. The US market briefly eased over a tariff pausing rumour, but then the White House declared it “fake news.” Luckily, Treasurer Jim Chalmers forecasts only minor economic impact from Trump’s tariff shootout. But supers remain mixed – Aware Super eyeing up cheaper stocks, while UniSuper upgrades recession risk and pulls back from US investments: CNN, Bloomberg

• Looks like Trump's wealthiest backers are now feeling buyer's remorse. Hedge fund titan Bill Ackman, once giddy for Trump, is now begging him to pause the ‘Liberation Day’ tariff blitz, warning of a “self-induced economic nuclear winter”. Even self-nominated VP, Elon Musk appears to oppose tariffs entirely, calling for a "zero tariff" pact with Europe: Capital Brief

• Here’s your fun fact of the day: the average Aussie stands to receive $706k in inheritance money at the age of 55. And with Baby Boomers set to transfer $3.5tn in wealth over the next two decades, expect more high-stakes disputes over wills—good time to become wills and estate lawyer? AFR, YahooFinance 

TREASURY

DEAL ROOM

Market mayhem

• CoStar’s $2.8bn Domain bid is looking shaky, with no break fee payable unless formal scheme docs are signed. Domain shares dropped 5% below the offer, as CoStar stock slid 8%. Trump’s tariff blitz and market chaos are fuelling broader deal doubts—James Hardie-Azek, Peabody-Anglo, and Insignia are now all under scrutiny: The Australian

• Woodside has struck a $9.5bn infrastructure deal with Stonepeak, selling 40% of its Louisiana LNG export terminal to ease balance sheet strain and pave the way for a final investment decision. Stonepeak will cover 75% of near-term capex, with further sell-downs likely as Woodside aims to cut its stake to ~50%: AFR

• Abacus Storage King has received a $1.9bn takeover bid from Ki Corporation and Public Storage. The proposal offers $1.47 per share, a 27% premium over ASK's last closing price of $1.16 per share. If the deal proceeds, Ki and Public Storage would each own 50% of the shares. Abacus Group, which holds 19.77% of ASK, is currently considering the proposal. KWM acts for ASK: Capital Brief

SECTOR SPECIFIC

AI replaces HR?

🚜 DIGGERS

• MinRes debt now trades at a discount, spooking investors as its $5.8bn debt pile overshadows its $3.3bn market cap. Shares are down 33% in a week, with lithium price falls, haul road blowouts, and mothballed mines rattling confidence: AFR

• China wants to use rare earths as a trade weapon in retaliation to Donald Trump’s tariffs. China, responsible for nearly 70% of global rare earth production, is using these minerals, vital for tech and military industries, to secure national interests. The move has caused stock surges for China Rare Earth Holdings and Lynas Rare Earths. Trump ruled out discussions with Beijing after he threatened to impose an additional 50% tariff on China: Mining.com, AFR

🏦 FIN

• Bitcoin dropped below US$80k on Sunday, sliding 3% in two hours as Trump’s new US tariffs spooked global markets. Ethereum tanked 8%, and the GMCI 30 Index, tracking the top 30 crypto, fell 6% in a day, now down 32% YTD: CoinMarketCap

• CBA and Westpac may ditch credit card numbers, with Mastercard pushing “numberless” cards to fight $1bn-a-year card fraud. No digits = nothing to steal if retailers are hacked. But critics say it’ll complicate online shopping, as Aussies still punch in card numbers. AMP Bank launched the first numberless card in Jan: AFR

🏡 RETAIL & REAL ESTATE

• Star hands the keys to Bally’s. The Star Entertainment Group has inked a $300m rescue deal with Bally’s Corp, handing the US giant a 56.7% stake in Star via 8c convertible notes. The first $100m lands this week, with the rest pending shareholder and regulatory sign-off: Capital Brief

• Virgin Australia has appointed former Macquarie chairman, Peter Warne to its board as part of preparations for a re-listing on the ASX. The airline’s controlling shareholder, Bain Capital, has also appointed Pippa Downes and Charles Lawson as non-executive directors. This move is part of Virgin's efforts to return to the stock market after a five-year absence, eyeing a June float: AFR

📱 TECH & START UP

• Revolut is letting AI run the HR desk, rolling out tools for AI-led interviews, feedback and performance reviews. The tech scores candidates, automates feedback, and flags talent going above and beyond. Without the need to manually record insights, interviewers can now focus on the conversation: Finextra

• This AI-powered energy startup has secured a $7.6m backing. Gridsight, an energy data start-up founded by Dr Brendan Banfield, has won over VC funds, including Airtree Ventures. The company optimise bidirectional flow of energy, aimed at doubling solar power exports, providing services to over half of Australia’s grid operators. Gridsight’s innovative approach addresses challenges posed by the growing uptake of solar panels, batteries, and electric vehicles: The Australian