☕️ Swindler Success

Kogan.com has been conned by US supplier, a second time.

Good morning.

Kogan.com has been swindled by a US supplier for over $232,000 worth of goods. The online retailer is pursuing a US businessman named Harish ‘Harry’ Chatlani in California courts, after Kogan placed orders (paid for in full) with the supplier between 2020 and 2022, which were missing items, never arrived or (in one instance) paid for twice.

Founder and CEO Ruslan Kogan tried to personally intervene, sending Whatsapp messages to Chatlani directly. He was left on read.

Turns out this is the second run-in with a fraudster for Kogan.com, after paying a different US ‘supplier’ $1.5 million for sneakers that never arrived in 2023.

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

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Market movers

ASX-listed shares of Afterpay parent, Block, surged over 16% to $118.02 on Friday, before settling at $117.94 by market close. The gains came after the company reported a surprise fourth-quarter profit and outlined March quarter earnings above market estimates. Confirming Capital Brief’s initial reports, CEO Jack Dorsey revealed that one of his major priorities this year was to replace the Afterpay brand with Cash App in a letter to shareholders on Friday.

The quick sync

  • Treasury analysis shows wage growth has pushed the average fulltime salary above $100,000, becoming the biggest driver of consumer price inflation. (AFR)

  • Amex has been quietly carving out market share despite a backdrop of increased BNPL and digital debit card competition. (Capital Brief)

  • The big four consulting firms have seen a decline in the value of contracts awarded to them by the government since the PwC tax scandal rocked the sector. (The Australian)

  • The government will have to balance rising unemployment alongside business’ struggle to find talent in its upcoming May budget. (Capital Brief)

  • KKR is closing-in on a US$3.8 billion ($5.79 billion) deal to acquire a software business unit from Broadcom Inc. (Bloomberg)

Trading floor

M&A

  • Newmont plans to sell Newcrest's Telfer mine stake; Regis, Gold Road potential buyers. (The Australian)

  • Transurban withdraws bid for Northwest Parkway. (AFR)

  • Charter Hall's Paradice Investment Management buyout raises concerns amid valuation decline. (AFR)

  • Accolade Wines eyes merger with Australian Vintage or Pernod Ricard ANZ. (The Australian)

  • Rumours are intensifying about Bendigo Bank's potential acquisition of its $1.3b industry counterpart, Judo Bank. (The Australian)

  • Altium's impending departure from the ASX following a lucrative bid from Renesas Electronics has sparked interest in potential M&A targets within the sector. (AFR)

  • Speculation persists over potential M&A moves for Santos post-Woodside talks. (The Australian)

  • BGH Capital will see dealmakers converge on Melbourne for the private equity firm’s AGM. (AFR)

Capital Markets

  • CSR shares surge in trading frenzy after takeover report. (AFR)

  • Investor confidence wanes in Rivian and Lucid as EV demand cools. (SMH)

VC

  • Morgan Stanley urges Seek to reframe its $2.3 billion venture capital fund. (AFR)

People moves

  • None

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

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