ASIC has launched its third cyber enforcement action, this time against Fortnum Private Wealth, alleging it failed to manage cyber risk across its network of financial advisers. ASIC says Fortnum lacked basic safeguards: no dedicated cyber expert, no proper training for reps, and no functioning risk management system. That’s even after multiple cyber incidents in 2021–22, including a breach affecting 9,000 clients. ASIC is again leaning on section 912A of the Corporations Act, reinforcing its view that cyber governance is a licence obligation, not an optional extra. No directors have been sued (yet), but ASIC’s made clear that boards are on the hook for oversight. Financial services licensees should expect scrutiny not just of tech defences, but of board-level engagement, policy quality, and staff training: Allens

Webjet has been slugged with $9m in penalties after admitting it misled customers about flight prices and booking confirmations. Between 2018 and 2023, it spruiked cheap fares without including compulsory fees—some flights advertised as “from $18” cost nearly three times that after fees. Worse, it confirmed 118 fake bookings, then asked for extra payments of up to $2,120. The ACCC called it out for “serious breaches” of consumer law. While Webjet cooperated, the case serves as a reminder: price transparency matters, and fine print buried in footers or hidden from social posts won’t cut it: ACCC

The Federal Court has allowed Reacon Australia to rise from the ashes after being wound up. Justice Owens accepted a DOCA backed by 83% of creditors, supported by a $500k director contribution and verified cashflows proving the business could meet its obligations. The judge said the company’s return to solvency, creditor support, and job preservation for employees tipped the scales in favour of reinstatement. The case shows courts will unwind a winding up if the commercial case stacks up. Liquidation isn’t always final: Corrs Chambers Westgarth

Lander & Rogers has taken the top spot in GradConnection’s Most Popular Clerkship Employer rankings, dethroning last year’s winner MinterEllison. Clerkship interviews are fast approaching. Access our free winning interview guide here.

Some incoming US grads at A&O Shearman have had their start dates bumped to January. To soften the blow of a few months without Biglaw pay, the firm is offering a salary advance. It's the latest post-merger growing pain for the firm, following its $125m Trump pro bono deal and a 4-day in-office policy: Above The Law

HopgoodGanim surprised staff with its signature move — keeping promotions under wraps until their annual gala dinner. This year, the firm handed out 27 promotions across its Brisbane and Perth offices, including a new partner, Jacqi Marshall, in insurance litigation. Three were bumped to special counsel, one to SA and nine to associate: HopgoodGanim

KWM has poached a top derivatives team from Linklaters, with Chin-Chong Liew, Ying Zhou and Simon Zhang joining the firm in Hong Kong. The heavyweight trio bring deep firepower in structured finance, FMIs and digital assets. KWM says the hires bolster its cross-border capabilities in China’s financial markets: KWM

Beijing’s new national childcare subsidy will give families ¥3.6k (A$770) a year per child under 3, as China battles plunging birthrates and a shrinking population. The move follows a 50% drop in births since 2016. It’s the first nationwide measure of its kind, after local governments tried everything from housing incentives to baby bonuses to reverse the trend: Bloomberg

A ransomware attack on Clive Palmer’s party has reignited calls to scrap political parties’ privacy exemption. Unlike businesses, parties don’t have to report data breaches or follow key privacy rules, despite holding voter info, beliefs and bank details. Experts say it’s a glaring risk, the privacy commissioner says the exemption is outdated, but Labor has so far dodged reform: The Guardian

Donald Trump is pushing for a speedy deposition of the Aussie-born media mogul Rupert Murdoch, citing the 94-year-old’s frail health, in his US$10bn defamation suit against The Wall Street Journal. Trump alleges the paper falsely reported on a questionable letter he supposedly sent Jeffrey Epstein. He claims Murdoch knew the story was fake. Now, a judge wants Murdoch’s response by 4 August: Capital Brief

Ariana Resources: is racing the clock with a same-day bookbuild to raise up to $15m ahead of a dual listing on the ASX. The AIM-listed gold miner is offering 28c per CDI — a 15.6% discount to its last traded price in London. Newmont owns 4%. ASX debut is set for mid-September. Ariana’s listing follows a slew of small mining IPOs like Tali Resources, Ballard Mining and Broken Hill Mines. Perhaps ASX’s IPO dry spell is coming to an end: AFR

Figma: has upped its IPO price range to US$30–$32 per share, chasing a valuation of US$18.8bn. That puts it within striking distance of the $20bn Adobe offer it walked away from after regulatory blowback. Backed by 46% revenue growth and rising AI buzz, the design software firm is looking to raise $1.18bn when it hits the NYSE this week under the ticker FIG: Reuters

Genesis Capital: is circling Tamaki Health, New Zealand’s largest private primary care group, in a deal expected to top $366m. The firm—fresh off a $300m win for Pacific Smiles—is going head-to-head with past rival Crescent Capital: The Australian

Apparently, family means nothing at MinRes, with the miner now pulling the plug on a $135m interest-free loan to Resource Development Group, forcing the garnet miner run by Chris Ellison’s brother, Andrew Ellison, into administration. The Lucky Bay project had burned through nearly all the funds and remained cashflow negative. McGrathNicol are appointed as voluntary administrators: AFR

Black coal has edged out firmed renewables as the cheapest energy source in 2024–25, according to CSIRO and AEMO's GenCost report. Coal came in at $111/MWh, just below firmed renewables at $116/MWh. But the fossil fuel win may be short-lived: firmed solar and wind are forecast to hit $76/MWh by 2030, while coal creeps back up: The Australian

Westpac, ANZ and Bendigo Bank will refund $60m to low-income customers after ASIC found they charged unfair account fees to Centrelink recipients. ANZ leads with $48m in refunds. NAB escaped scrutiny, having scrapped such fees in 2014: AFR

ANZ boss Nuno Matos has capped internal presentations at 5 pages and cracked down on meandering meetings to “respect everyone’s time”. The memo, which sent staff into a Reddit spiral, is part of a culture reset as ANZ aims to ditch the 80-slide decks for sharper decisions: AFR

Recent RBA rate cuts have revived buyer interest in commercial property, with $59.9bn in assets changing hands in FY25. Retail surged 19.2%, outperforming as investors got choosy on once-hot sectors like childcare and medical. With more cuts tipped, buyers are eyeing fast food, service stations and leased assets in high-growth corridors: RealCommercial

Stockland and John Boyd Properties are teaming up to turn Kogarah Golf Club into a $3.5bn logistics hub. The airport-adjacent site will host multistorey warehouses targeting aviation-linked freight, e-commerce, and tech goods. Construction kicks off in 2027, cementing logistics as Stockland’s next big bet alongside global players like KKR and M&G: The Australian

WiseTech Global has named Zubin Appoo as CEO, replacing interim boss Andrew Cartledge, who’ll retire at year’s end. Appoo, a former WiseTech exec turned tech leader, rejoined in April after stints at NAB and Find a Carer. He takes the reins from controversy-filled Richard White, who now serves as executive chair and chief innovation officer: Capital Brief

Signal president Meredith Whittaker says the messaging app may exit Australia if forced to build a backdoor for law enforcement, warning it’d create a global security flaw. Her comments come as ASIO and the AFP push tech platforms to unlock encrypted messages. Whittaker says doing so would be like letting “gangrene spread”, jeopardising users' safety worldwide: The Australian