Prince Harry v Murdoch

👋 G’day

Today’s brief:

• Prince Harry confronts Rupert Murdoch’s tabloids in court.

• These environmental law changes will affect businesses.

• An Aussie rocket prepares for orbital test flight.

Want to know the 15 things that might be making you a bad lawyer? Read to the end for more.

Enjoy your morning coffee ☕️

PRACTICE POINTS

NSW EPA name and shame register

• The NSW EPA is stepping up its game with a new public warning register to call out businesses with poor environmental practices. Directors, businesses, and even aliases could be named and shamed if they repeatedly breach environmental laws.

• Cyberattacks are up, and companies are “lawyering up” to avoid the shame of admitting breaches. But new cyber laws, passed late last year, could change the game. Holding Redlich’s Lyn Nicholson points to the benefit of the new “no fault” investigations. The Cyber Incident Review Board will share anonymised insights to boost security—while protecting victims’ identities.

• New tweaks to the Carbon Credits (Carbon Farming Initiative) Rule 2015 are live, making the ACCU Scheme more transparent. The changes will result in the publication of more ACCU Scheme project data and information on the Clean Energy Regulator's website, including project activity details, estimation approach used, links to any enforceable undertakings, and the names of people significantly involved in project administration.

WORD ON THE STREET

Whistleblower uncovers $300m tax scandal

• Anthony Watson, who blew the whistle on Lendlease’s dodgy tax practices, has filed sensitive evidence in his wrongful dismissal case, threatening to unravel Lendlease’s tax treatment. Watson claims the company misapplied tax deductions in its retirement villages business—leading to a potential $300m tax bill. When he flagged the issue, he says he was told to "not rock the boat”. 

• DLA Piper has picked up White & Case finance partner David Kirkland, a 20-year veteran of complex debt finance transactions.

• WA-based full-service firm Lavan promotes 13 lawyers to more senior positions, including 3 to partners. 

• McCabes is also in the promotion swing, promoting 11 of its practitioners. Victoria Branson was promoted to partner after serving as special counsel in the firm’s Perth office.

TALKING POINTS

Big litigation on the rise

• NRF’s latest litigation survey shows that more companies are gearing up for court battles. 43% of respondents say they’re "very prepared," up 14% from last year. Nearly half of that group are firms with over US$1bn in revenue, signalling bigger litigation budgets ahead.

• Prince Harry is squaring off against Rupert Murdoch’s UK tabloids in a London courtroom this week, chasing justice over alleged phone hacking and dodgy info-gathering by News Group Newspapers. Refusing to settle, Harry’s rolling the dice on hefty legal costs, calling this his “last chance” to hold the press accountable.

• Trump 2.0 starts with a bang – Donald Trump’s second act isn’t waiting for Day 1. The incoming president just launched his own cryptocurrency, $TRUMP, now valued at a staggering US$75.45bn, with 80% of tokens linked to Trump-tied entities. Meanwhile, he’s reportedly locked and loaded with 100 executive orders set to shake up Washington from every angle.

• More workers will clock in at the office in their 9-to-5 this year. Bendigo Bank, AMP, and Coles are among the companies pushing for more time on-site. The standoff over remote work seems to be fading, with recruiters noting that staff are increasingly accepting their return-to-office fate.

• A long-awaited ceasefire has officially begun in the Gaza Strip, ending 15 months-long conflict.

TREASURY

DEAL ROOM

Glencore-Rio merger talks gone cold

• Glencore approached Rio late last year about combining the two entities, but talks are reportedly dead, a source close to the matter said.

• Insignia grants CC Capital due diligence in order for CC Capital to consider lobbing a further bid. KWM acts for Insignia.

• US search engine Perplexity AI has approached ByteDance with a bid to merge with TikTok US, believing its merger proposal is a better bet than a straight-up sale.

• Findi is snapping up digital financial products distributor BankIt Services for around $27m, and is expected to add an astounding $31m in revenue to Findi’s books in its first full year. While Findi’s known for running ATMs for Indian banks, this acquisition will give it the infrastructure needed to level up into a fully-fledged payments bank.

SECTOR SPECIFIC

$129m exec pay

🚜 DIGGERS

• While the Rio-Glencore merger failed, it shines a light on Australia’s shaky grip on mining. BHP-Anglo and Glencore-Rio both point to copper as the hot new commodity. And where does Australia fit in? Nowhere. Glencore’s copper’s all in South America and the DRC, while Rio’s is in Mongolia, South America, and Utah. These miners have been warning for years—Australia’s approval processes, industrial relations, and taxes are driving their investment dollars offshore. After being at the centre of mining for decades, is Australia now on the outer?

• In more Rio news, the mining giant plans to create a standalone lithium division following its $6.7bn acquisition of Arcadium Lithium. It’s a clear signal of how much value Rio places on lithium.

• Key industrial ports in WA, including Dampier and Ashburton, have shut down as Tropical Cyclone Sean brews off the Pilbara coast. Australia’s largest iron ore export hub, Port Hedland, was also closed Saturday. Authorities warn the storm could escalate to a category 3 cyclone, threatening the iron ore-rich region.

🏦 FIN

• It’s payday. Goldman Sachs just handed its top two execs retention awards worth US$80m (A$129m) each and rolled out a program offering leaders a cut of carried interest from private equity funds. The move is to keep pace with the big paychecks at top alternative-asset managers.

• Australia’s super system isn’t helping retirees figure out how to spend their nest egg, leaving many anxious about their future, according to a new Grattan Institute report.

• MA Financial Group locked in $171m in cornerstone backing for its first listed investment trust, the MA Credit Income Trust. Floating in March, it’s chasing returns of the RBA cash rate plus 4.25%, tapping into credit investments across Australia, NZ, and beyond.

🏡 RETAIL & REAL ESTATE

• Australia’s second-largest super fund, Australian Retirement Trust, plans to scale back its equity exposure and shift more of its members' money into infrastructure and real estate, betting that real assets are a more attractive prospect.

• In a last-ditch plea on Friday, Star Casino CEO Steve McCann urged the NSW and Queensland governments to step in with a financial lifeline, requesting a temporary pause on gaming taxes to protect jobs and tourism. NSW Premier Chris Minns has stuck to his guns, ruling out further support, while Queensland Premier David Crisafulli keeps the door ajar, saying he’ll consider all proposals.

• Allens advised Greystar on its $1.6bn purpose-built student accommodation acquisition – the largest in the Australian market.

📱 TECH

• Aussie aerospace company Gilmour Space is gearing up for its first orbital test flight—the nation’s first purely Australian orbital launch vehicle.

• TikTok stopped working for its 170 million US users late Saturday, just before the ban kicked in on Sunday. But a day before his inauguration, President-elect Donald Trump took to Truth Social, posting, "SAVE TIKTOK!". TikTok has not started restoring service in the US after Trump’s bid to grant the tech company a lifeline.