☕️ Blocked Payments

The future of JP Morgan's WePay looks dim.

Good morning.

JP Morgan’s WePay has abruptly cut off dozens of business customers, hinting that the bank’s efforts to compete with giant payment services providers like Stripe and Square may be falling short. The Information reports that JPM once hoped the almost $600m acquisition would become Chase’s payment innovation incubator, but difficulty integrating WePay workers led to a mass departure. Last year JPM cut US WePay staff and shuttered its UK arm.

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

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Market movers

Alumina surged for a second consecutive day on Wednesday, climbing over 17% on news that Goldman Sachs upgraded the producer to a ‘buy’ rating and lifted its target price. Alumina announced plans to curtail production at its Kwinana refinery in WA on Tuesday, easing balance sheet pressure tied to its joint venture with Alcoa.

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The quick sync

  • X confirmed that the SEC’s account on the platform was breached before the regulator’s profile incorrectly posted that it had approved spot Bitcoin ETFs. (Capital Brief)

  • 2023 shipment data saw the US overtake Australia and Qatar to become world’s top liquefied natural gas exporter. (AFR)

  • Worley could face an AFP investigation over allegations of corrupt conduct tied to oil and gas contracts in Ecuador. (Capital Brief)

  • Amazon will lay off hundreds of US workers across Prime Video, MGM Studios, and Twitch. (Bloomberg)

  • Tether is riding a wave of optimism as crypto enthusiasts await the SEC’s imminent decision on spot Bitcoin ETFs. (Capital Brief)

  • SAP will pay almost $150m to settle SEC charges tied to foreign bribery schemes. (Wall Street Journal)

Trading floor

M&A

  • Mineral Resources acquires stake in Kali Metals, joining notable investors. (Capital Brief)

  • Woodside Energy must offer a premium reflecting the undervaluation of Santos' significant LNG portfolio, says activist investor Snowcap's Henry Kinnersley. (AFR)

  • Investment bankers are optimistic about an improved year for deal-making in 2024 after a slow 2023. (AFR)

  • Hewlett Packard Enterprise (HPE) will acquire Juniper Networks in an all-cash deal valued at approximately US$14b ($21b). (Capital Brief)

Capital Markets

  • None

VC

  • Canva staff and investors set to benefit from $1b secondary market sale. (Startup Daily)

People moves

  • None

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

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This isn’t your typical course. We’re not your typical instructors. That’s why you should read on.

Power Writing was created by Kal & Christopher...

  • Kal is a former Macquarie banker who started and sold Letter of Intent (yes, this very newsletter).

  • Christopher is a former McKinsey partner and COO who took a startup from 0 to a $3bn IPO in 5 years.

In other words, we aren’t professors. We’ve seen firsthand the huge impact your writing can have on your professional performance. It sounds obvious, yet no one ever teaches you to write for work. We want to change that.

Don’t let those writing habits from your uni days — big words, long sentences, dense paragraphs with no formatting, conclusions at the end — hold you back at work. Learn the techniques to be concise and precise so your work gets recognised and you get promoted.

And the best part? You can probably expense it to that L&D allowance you never touch.

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