☕️Deepfake Candidates

Good morning.

As we enter the ‘Super Election Year,’ with at least 64 countries heading to the polls, it’s more than slightly concerning that audio deepfakes have emerged as the information warfare tool of choice.

This week, New Hampshire’s attorney-general received complaints that an ‘artificially-generated’ voice in the likeness of Joe Biden was robocalling voters to dissuade them from voting in this week’s primaries. Unicorn and VC darling, ElevenLabs, has changed the audio-deepfakes game according to the FT, meaning that nominees across the globe will be waging war not only on rival candidates but on tech too.  

🏆 LOI Subscriber #TBD

Market movers

Shares in Judo Bank surged 16.8% Tuesday after posting unaudited numbers that included a bumper 24% profit (before tax) of $67 million for H1 2023. Judo was prompted to release the figures after Citi downgraded the bank from a ‘buy’ to a ‘sell’ on Monday, stating that Judo is “least preferred of the regional banks.”

The quick sync

• Labor is set to overhaul contentious Stage 3 tax cuts, keeping the 37% marginal rate. (Capital Brief)

• Netflix enters live events with its purchase of wrestling show ‘WWE Raw’ for US$5b ($7.62b). (Wall Street Journal)

• Germany wants to invest $660m into a ‘green hydrogen funding plan’ to kick-start Australian projects. (AFR)

• Key lessons Australia should take from Singapore and New Zealand’s startup policies to boost the local economy. (Capital Brief)

• Mining union launches bid for the first multi-employer agreement for pay and conditions, that mining companies fear could halt entire parts of the industry. (AFR)

• As Nvidia rides a golden AI wave, rivals zero-in on the tech giant’s success with competing products. (Capital Brief)

• Brex is cutting 20% of its workforce to slow cash burn as revenue growth slows. (The Information)

• Equity benchmarks rally as Chinese authorities weigh up a potential stock market rescue package. (Bloomberg)

Trading floor

M&A

• Global Power Generation Australia is ready to launch a sale process for a major renewables auction after recent meetings with potential bidders. (AFR)

• Aspen Group is launching a new off-market bid to acquire Eureka Group Holdings for $166m, with a scrip-based offer valued at a net asset value of 52c per share. (BNA)

• Greenhill’s Australian arm is set for expansion after completing its $550m sale to Mizuho including a decline in M&A and fee reductions. (AFR)

Capital Markets

• None

VC

• Property and infrastructure software startup, Willow, raised over $18.2m in a recent equity round to strengthen its balance sheet. (AFR)

• Aquila, the deep tech startup, successfully tests wireless drone charging technology in regional Victoria with its Lightway System, wirelessly charging drones that are over 50-metres away. (Smart Company)

• Biotech Aravax secures $66m, including $12m from Breakthrough Victoria, for peanut allergy treatment development. (Capital Brief)

People moves

• Gilbert + Tobin is set to welcome back M&A partners Chris Flynn and Nirangjan Nagarajah, who had left for White & Case, as they return to their former roles. (AFR)

• Star Entertainment continues its organisational restructuring, appointing Daniel Finch to lead its Brisbane operations. (Capital Brief)

• Dovetail co-founder Bradley Ayers has resigned from the customer research start-up, last valued at $960m. (AFR)

The watercooler