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👋 G’day

Today’s brief:

  • Justice Raper clears Rebel Wilson

  • Law firm partner targeted by spies

  • Clifford Chance posts revenue record

Here’s your latest, PB #{{join_number}} 👇

WORD ON THE STREET

Rebel Wilson cleared

Dentons got Rebel Wilson off the hook in her defamation fight with The Deb co-star Charlotte MacInnes. MacInnes sued over Wilson's Instagram claims that she'd dropped a harassment complaint for career favours. Justice Raper found only one imputation stuck, ruled it true anyway, and said MacInnes showed no real reputational harm: Point Blank

  • A Mexican billionaire, the claimant in a £300m shares dispute, hired private spy outfit Black Cube to wine and dine the DWF partner defending the case, coaxing him into spilling his strategy and tactics over lunch and dinner in Amsterdam. The Court of Appeal wasn't having it, branding the covert op "a form of corruption" with no place in English litigation: Legal Cheek

  • Clifford Chance just posted record financial results: revenue up 9% to £2.6bn, PEP up 9% to £2.3m. The real story is the US push — revenue in the US is up 65% in three years. Meanwhile Asia Pacific stole the show with 26% revenue growth this year off the back of a capital markets bounce: Point Blank

PRACTICE POINTS

New digital duty

⚖️ Tech: The Australian Government wants to introduce a digital duty of care, requiring online services, including social media platforms, search engines and gen AI tools, to have proper systems in place to prevent foreseeable harm to users. Breach turns on a systemic failure to address illegal or harmful content, not one-off lapses, mirroring the approach already taken to the social media minimum age rules. If passed, there'll be a 12 month transition period, with serious civil penalties reserved for systemic, egregious failures: Squire Patton Boggs

⚖️ M&A: The Takeovers Panel's reasons in the Humm Group saga are a masterclass in what not to do with a takeover proposal. The Panel found Humm's Chairman should've been carved out of deliberating on Credit Corp's proposal given his own conflicted position as a rival bidder. Yet, no independent board committee was formed until the Panel forced the issue. Humm's ASX announcement said the proposal was being 'carefully evaluated', but the Panel found the board had already effectively rejected it, making the statement misleading. It also took 114 days to execute an NDA, showing the board did not genuinely engage with Credit Corp: HSF Kramer

⚖️ Regulatory: Non-bank lenders, think mortgage providers, car finance and BNPL operators, are the next sector brought into the Consumer Data Right, after banks and energy. From 13 July 2026, at least 35 new data holders must share product data such as interest rates, fees and eligibility criteria. Consumer data obligations, covering balances and transaction history, follow on 9 November 2026 for large providers and 10 May 2027 for the rest. With CDR usage already up 135% in the past year to 1.3 million users, the expansion should make it easier for borrowers to compare loans and switch providers: Mallesons

TALKING POINTS

Tariff bump

Did you hear…

From today, Trump has bumped US tariffs on Aussie exports from 10% to 12.5%. The official reason is a broader US investigation into forced labour across global supply chains, with steeper tariffs for countries deemed not doing enough to stamp it out. That's despite Australia having some of the world's toughest forced labour laws. Meanwhile, the UK, with similar laws, only cops 10%: ABC

Also…

Albanese wants to bring back a workers' court, canned by Howard back in 1997, to fast-track underpayment claims. Sounds nice in theory, but businesses aren't buying it. Given 21 of 22 Fair Work Commission appointments under Labor have union or Labor-aligned law firm ties, groups like Ai Group and ACCI think a new bench just means more union-friendly judges: AFR

DEAL ROOM

AI fuels IPOs

💰 Macquarie thinks AI mania will keep fuelling Aussie capital markets, with IPOs, placements and block trades raising $16.4 in H1 2026, up from $15.2bn last year. NEXTDC's $1.5bn raise led the charge, and Firmus could go even bigger with its IPO, potentially Australia's largest since Healthscope in 2014: Bloomberg

Frasers Group has pushed its on-market takeover offer for Accent Group out from 30 July to 30 September, still sitting at 65 cents a share against a last close of 72 cents. Accent's board keeps: Capital Brief

👀 Tesla boss Elon Musk kept merger speculation with SpaceX alive on this week's earnings call, pointing to growing overlap via the Terafab AI chip project. Analysts say it's a matter of when, not if: Reuters

SECTOR SNAPSHOT

Domino’s class action

DIGGERS

🚜 Santos has trimmed its full-year output guidance to 99-105 million barrels, after commissioning hiccups delayed the Barossa and Pikka projects' ramp-up into the second half. Barossa is now at 97% capacity, while Santos plans to lift Pikka from 23k to 80k barrels a day by September. Free cash flow should still get a boost from surging LNG prices: AFR

FIN

🏦 Macquarie has launched formal enquiries into incoming auditor KPMG, probing both its capability and the integrity of the tender process that landed it the gig, backed by an external Allens review. Meanwhile, AirTrunk insists it's "comfortable" with switching auditors to KPMG, despite emails showing the whistleblower had to get sign-off that he wouldn't be ethically compromised before he'd touch the account: Capital Brief

RETAIL + REAL ESTATE

🏠 Domino's has been found to have misled franchisees over wages, with Justice Bernard Murphy ruling it wrongly told them an outdated pay deal applied instead of award rates. After a 3.5-year class action, thousands of underpaid delivery drivers could now be in line for significant compensation: Lawyerly

TECH + STARTUPS

📱 Google burned through $8.4bn in cash last quarter, its first negative free cash flow since going public, as AI infrastructure spending ballooned. Capex guidance jumped to $205bn for 2026, with cloud revenue up 82% offering some comfort. CFO Anat Ashkenazi warned cash flow pressure will persist as the tech giant doubles down on AI infrastructure: AFR

P.S.

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