☕️ Outsourced Security

OpenAI is working with the Pentagon on cybersecurity.

Good morning.

OpenAI is working with the Pentagon on a number of projects tied to US cybersecurity. While we’re all about embracing technology, let’s not forget that the AI behemoth suffered a data breach less than 12 months ago.

Let’s also hope the US Defense Department has a better handle on information security than the SEC, after its account on X was recently "compromised” having failed to switch on two-factor authentication.

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

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Market movers

Rio Tinto shares closed down 1.3% on Tuesday, despite the iron ore producer hitting its full year guidance targets for production in 2023. Falling iron ore prices have been weighing on the industry, with Rio trading around 7% lower year-to-date, alongside BHP and Fortescue which are down 7.9% and 8.1% respectively.

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The quick sync

  • Goldman Sachs and Morgan Stanley are confident that the dealmaking drought is behind us. (Bloomberg)

  • China’s 2023 GDP grew 5.2%, the country’s Premier told World Economic Forum attendees ahead of official GDP figures on Wednesday. (Wall Street Journal)

  • A JP Morgan survey indicates business leaders aren’t perturbed by a possible recession and are optimistic about taking on debt for growth. (AFR)

  • Chip-software maker Synopsys to buy software firm Ansys for $53b, with the deal set to close in H1 2025. (Bloomberg)

  • JP Morgan and Mitsui join $456m funding round for Quantinuum, valuing the quantum computing firm at $7.6b. (Reuters)

  • Santos’ Federal Court win to proceed with its Barossa Gas Project doesn’t spell the end of cultural heritage cases brought against mining or energy groups in the future. (Capital Brief)

Trading floor

M&A

  • Rio Tinto is set to announce the sale of Lake Macleod salt operations to Leichhardt Industrial Group, led by former Dow Chemicals boss Andrew Liveris. (AFR)

  • Thomson Reuters has acquired a majority stake in Pagero, a Swedish e-invoicing firm. (Capital Brief)

  • QIC has hired Barrenjoey to conduct a strategic review of its 58% stake in Powerco, New Zealand's largest electricity distributor, while Dexus is exploring options related to its pre-emption rights. (AFR)

  • Luxury skincare brand iKOU is exploring its first majority share sale, seeking a strategic partner to drive growth. (AFR)

  • Dennis Bastas acquires Nude By Nature and Makeup Cartel for $60m, expanding VidaCorp. (AFR)

Capital Markets

  • Metals Acquisition is on track for a sizeable listing expected by the end of January. (AFR)

  • Rex Minerals plans to raise $29.8m through a strategic placement and entitlement offer, including a $12m placement to MACH Investment Enterprise at 18.5 cents per share. (AFR)

  • BlueRock has received a $5m capital injection from Sydney-based investment firm Ophir Asset Management. (AFR)

VC

  • None

People moves

  • John Carfi has been appointed the new CEO of Ingenia Communities Group, replacing Simon Owen. (BNA)

  • Tory Maguire has been appointed managing director of Nine’s publishing division. (SMH)

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

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