Chevron axes 9000 jobs

👋 G’day

Today’s brief:

• Chevron is next up to slash jobs, cutting 9,000 workers globally.

• South32 rejects Trump’s aluminium tariff plan.

• Dutton proposal to strip citizenships is unconstitutional, says experts.

Happy Valentine's Day to you all 🫶 

We don’t have roses, but we do have the latest to put you ahead 👇

PRACTICE POINTS

Coalition’s crypto plans

• If the Coalition wins the election, crypto regulation will be at the top of their to-do list to ensure the local industry doesn’t fall behind. Australian crypto companies have long been complaining that the lack of clear rules is keeping institutional investors at bay. The plan? Legislation that ensures exchanges actually hold the assets they claim, along with a “light touch” approach to market regulation that still meets Australian Financial Services license requirements: Capital Brief

• The WA government has just passed a new Privacy Act. Now, WA public entities are officially ‘IPP entities,’ meaning they’ll be held to Information Privacy Principles and Responsible Information Sharing Principles. And, these new rules are stricter than the Federal equivalent. Information collected must be necessary to the activities or functions of the IPP entities (vs ‘reasonably necessary’ as required under the Federal Privacy Act). Plus, any ‘notifiable information breaches’ must be reported to the new WA Information Commissioner, and affected individuals have to be notified ASAP.

• The ACCC has applauded the passage of the Scams Prevention Framework Bill, which places enforceable obligations on sectors like banking, digital platforms, and telecommunications to combat scams. In a world-first Bill (apparently), the ACCC will monitor compliance, investigate breaches, and slap fines of up to $50m on businesses that fail to tackle scams. It also allows consumers to seek recourse from companies that don’t meet their obligations. With the National Anti-Scam Centre already in play, the ACCC is working with the government and industry to roll out a unified approach to tackle scams.

WORD ON THE STREET

Law firm bans AI

• International law firm Hill Dickinson pumping the brakes on AI? After spotting a massive 32,000+ hits on ChatGPT in just one week, they’ve decided to rein it in. The issue? Too much use that is not in line with their AI policy. From now on, staff will need to request access to AI tools. Maybe they realised their employees were getting way too efficient, i.e. hurting their bottom line: BBC

• Government work is booming, and Hall & Wilcox is jumping on the bandwagon. They’ve just become the third law firm in a month to expand their government practice, snagging defence expert Steve Patrick from government tech provider DMTC: Lawyerly

• Big moves at McCabes. The fast-growing firm is relocating its Brisbane offices after poaching a 10-person insurance team from HBA Legal. And if that wasn't enough, they also promoted 11 professionals in January, including a partner: Lawyers Weekly

TALKING POINTS

The“pretty bullsh*t” course?

• The College of Law is feeling the heat for its “transparently extortionate” fees—especially since most of the course is online, and let’s just say it’s not exactly known for its rigour. Students are calling it what it is: “pretty bullshit”, as copying other's answers is normalised (we’ve all been there). At the same time, the College is burning its cash sending directors to multiple overseas conferences, while only handing out two full scholarships from its $180m in retained earnings: AFR

• Hot on the heels of a High Court ruling granting judicial immunity to a judge who wrongly jailed a Queensland father, the Labor government is now facing mounting pressure to establish a federal judicial commission. Back in Sep 2022, Attorney-General Mark Dreyfus agreed in principle to the Australian Law Reform Commission’s recommendation for one. But more than two years on, little has been achieved: The Australian

• Opposition leader Peter Dutton has made a push to allow the Government to strip citizenships over comments by two NSW nurses that could need a referendum, according to a constitutional lawyer. Dutton insists a “proper process” is needed to understand how the individuals became Australian citizens. However, a 2022 High Court ruling struck down the Home Affairs Minister's powers to strip citizenship, calling it unconstitutional. The debate has sparked accusations of a “bidding war” between party leaders on who can be tougher on the issue: The Guardian

• Office attendance may impact your salary and bonuses. After years of flexible work, companies are using attendance data to enforce return-to-office policies, sparking worker backlash. Large employers, especially in finance and consulting, are tightening rules and tracking attendance through security and tech tools to assess performance and compensation. Employers argue that in-office collaboration boosts productivity, but strict policies could push people to walk out, especially among high performers who value flexibility. The WFH debate is heating up: AFR

TREASURY

DEAL ROOM

Why Nissan-Honda talks fell apart

• So, why did the Nissan-Honda merger talks end? After years of struggling sales and management headaches, Honda swooped in with a $60bn lifeline to help both carmakers fend off the rising threat of Chinese competitors. But the deal’s been canned, and here’s why:

  • Honda pushed for deep cuts to Nissan's workforce and factory capacity, but Nissan wasn’t having it. Those cuts would’ve forced a write-down of their on-paper value.

  • Honda suddenly changed the terms, suggesting Nissan would become a subsidiary.

  • Honda became frustrated with Nissan’s painfully slow decision-making. The result? A merger that never got off the ground: Reuters

• Epiroc is in the running to buy Potentia Capital’s $1.2bn+ mining software firm, Micromine, making it the biggest tech deal of 2025 so far: AFR

• Australia's top pathology players, Healius and Australian Clinical Labs, are back at the table for a $2bn merger. The last time they were in talks, things got heated when ACL made a hostile takeover bid for Healius—only to be fended off. But this time, Healius has sold its diagnostic imaging business, making it a pure-play pathology provider. Meanwhile, ACL’s former PE owner, Crescent Capital, has exited with its final stake: The Australian

• KKR is eyeing a takeover of Alinta Energy, the largest residential gas retailer in WA. They’ve brought on Barrenjoey as its financial advisor and have been working on a proposal for the past two months: AFR

SECTOR SPECIFIC

Chevron to axe 9000 jobs

🚜 DIGGERS

• Chevron is planning to slash its global workforce by 15% to 20% next year, with up to 9,000 jobs potentially on the chopping block. Chevron has been trailing Exxon Mobil for the past three years, struggling to keep up with its rival's production growth. Looks like they’re hoping to trim the fat and get back on track: AFR

• Australia’s iron ore hub is bracing for its strongest cyclone since 2007, putting port facilities and major mines run by Rio Tinto and BHP at risk: The Guardian

• South32’s CEO isn’t buying Trump’s aluminium strategy. Tariffs will just hike costs for end users like aerospace and construction. And as for boosting US supply? Forget it. Kerr says building new smelters needs cheap, renewable power—something the US lacks compared to Canada’s vast hydro resources. S32 sees little chance of Canada—home to Alcoa and Rio’s aluminium production—losing its grip on the US market: The Australian

• MinRes has confirmed that Ellison will step down as MD within the 18-month timeline set last November and claims there have been no further corporate failures since then: AFR

🏦 FIN

• Minotaur Capital, a Sydney-based hedge fund startup using AI to replace traditional analysts, has crushed the global stock market in its first six months, racking up a 13.7% return while slashing research costs. Founded by Armina Rosenberg, ex-portfolio manager for tech mogul Mike Cannon-Brookes, and Thomas Rice, a former Perpetual Ltd. manager, the firm’s AI-driven approach is proving to be a game changer: Bloomberg

• Online investing platform Pearler is just weeks away from launching a superannuation offering, having raised $3m in a pre-Series A funding round: AFR

• Top execs from our $4.1 trillion super industry are heading to Washington this month to meet with senior officials from Trump’s administration and explore investment opportunities in the US, says PM Albanese: Bloomberg

🏡 RETAIL & REAL ESTATE

• The battered office market is bouncing back, with the ASX Sydney office selling for $250m. It’s a steal for the buyers—especially since the seller paid $335m in 2017. But there’s growing chatter that the devaluation cycle is nearing its end, especially with the return-to-office push: AFR

• ASX-listed Treasury Wine Estates warns that global consumers opting for fewer, pricier bottles are squeezing profits from its low-cost brands, and it will hit full-year earnings. Despite strong Penfolds sales, the wine producer may sell off its budget wine brands to pivot to the change in consumer demand: Reuters

📱 TECH

• Accounting software giant Xero is firing back at allegations from software engineer Ann Montagu-Navarrete, who claims the company breached the Fair Work Act by paying higher salaries to her male colleagues, Tristan Boyd and Steven Tran. Xero’s lawyers, McCullough Robertson, argued that Boyd had “more experience and capabilities,” while Tran was “the highest performer.” Ouch: Capital Brief

• A consortium led by Elon Musk will pull its US$97.4bn bid for OpenAI’s non-profit arm if the ChatGPT maker backs off its plan to become a for-profit entity, Musk’s lawyers said in a court filing.

Want to tell us something? 

Reply to this email to tell us what we should cover.

New here?

👋 You’re in good company. You’re reading this alongside readers from HSF, KWM, Allens, and Baker McKenzie. Sign up now for insights delivered directly to your inbox.