Ashurst Perkins Coie is officially open for business, and it has a new look and new pitch. Mint and dark teal colouring and a "built for what's next" pitch. The merged firm is betting big on three sectors: technology, energy and infrastructure, and financial services. With 950+ partners across 52 offices in 20 countries, it's also landed on a single global profit pool: Point Blank

⚖️ Consumer: Coles and Woolworths are now subject to the world's first supermarket-specific anti-price-gouging laws, operative from 1 July under amendments to the Food and Grocery Code of Conduct. The rules prohibit pricing "significantly excessive compared with the cost of supply plus a reasonable margin", but there's no fixed threshold. Only retailers clearing $30bn in annual revenue are caught, so Aldi, Amazon and Chemist Warehouse sit safely outside. The ACCC says its first-year focus is monitoring, not enforcement. Still, the penalties aren't small: $10m, three times the benefit gained, or 10% of annual turnover, whichever is greater: AFR

⚖️ Duty of Care: When does a local distributor breach its duty of care to consumers over a product defect it didn't know about? The NSW Court of Appeal tackled that very question after Mr and Mrs Alizadeh's fridge caught fire in 2019. The fridge was manufactured by LG's South Korean parent and distributed in Australia by its wholly owned subsidiary, LG Australia. The parent had flagged a microswitch defect in a 2011 voluntary recall, but the Alizadehs' serial number fell outside the recall range. They argued LG Australia should've pushed the parent for more information. The Court disagreed: a distributor can rely on its parent's information without further inquiry, as long as it has no reason to doubt its accuracy: Maddocks

⚖️ Corporate: David Fairfull, former CEO of AI marketing company Metigy, has been sentenced to nine years' imprisonment after pleading guilty to making false and misleading statements to investors and dishonestly using his position as a director for personal gain. Between 2018 and 2021, Fairfull fed investors fabricated revenue figures across multiple capital raisings, pulling in just over $39m on the back of those lies. He also caused Metigy to lend him $7.7m to fund a residential property purchase. Justice Abraham called the conduct "deliberate, premeditated, sophisticated and rational": ASIC

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Albo's CGT shake-up is already rattling the property market, with auction clearance rates hitting their lowest since COVID lockdowns in Melbourne and Sydney. CBA is tipping flat prices, while NAB reckons a 2% drop is coming. The PM says that's actually the point — fewer investors overbidding means first-home buyers get a fairer crack: AFR, ABC

Corporate Australia is getting a nasty surprise: AI costs compound fast once you tell everyone to use it. Uber burned through its entire annual AI budget in three months. Now, Westpac's CEO tracks his own token usage in real time, while CBA is capping consumption: AFR

👟 Accent Group, owner of HypeDC and Athlete’s Foot, is urging shareholders to knock back Frasers Group's zero-premium 65c-per-share hostile bid, warning the British retail giant hasn't paid its own shareholders a dividend in 15 years and intends to cut Accent's payouts immediately if it gets control: AFR

🏗️ FDC Group has lodged its IPO prospectus with ASIC, targeting a $400m raise at $3 a share ahead of a 9 July ASX listing. UBS and MA Moelis are JLMs, with Allens, Deloitte and KPMG advising: Capital Brief

⛏️ Wiluna Mining is targeting a $160m–$200m IPO at 65-70c a share, valuing the WA gold miner at up to $320m on relisting after four years off the market following voluntary administration: AFR