👋 G’day

Today’s brief:

  • EY staffer busted, fined and suspended

  • US law firms turn offices into hotels

  • Performance reviews are out

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

WORD ON THE STREET

EY exam scandal

An EY staffer copped a ~$6k fine and had his CA ANZ membership suspended until 2027 after using his phone in two separate chartered accounting exams. He lied about it the first time until officials produced screenshots, then got busted doing the same thing three months later. He "deeply regrets" it, naturally: AFR

  • London's US firms are turning offices into five-star hotels to lure staff back. Paul Weiss topped RollOnFriday's best offices list, described as "the Ritz without the high-class hookers." Kirkland's new office is "basically a private members club." White & Case offers three free meals daily plus weekly subsidised massages. WFH doesn't stand a chance: RollOnFriday

  • Goldman Sachs GC Kathy Ruemmler pocketed US$25m in 2025 on her way out the door, up from US$22m the year before. She's stepping down in June after released files showed extensive correspondence with Jeffrey Epstein, including calling him "Uncle Jeffrey" and saying she "adored him": NB

  • Four Federal Court judges have joined the Australian Competition Tribunal as part-time deputy presidents. Beach, Button, Moore and Neskovcin start five-year terms this week, just as the ACCC's new mandatory merger notification scheme ramps up the tribunal's workload: Capital Brief

PRACTICE POINTS

Influencers misstep

⚖️ ACL: The ACCC hit PhotobookShop with penalties following two infringement notices for dodgy influencer marketing on Instagram. Between August 2024 and September 2025, the online photobook business commissioned influencers to post reviews, explicitly telling them not to disclose they'd received free products in return. It also edited one review to strip out negative comments without flagging the changes. The ACCC treated both as misleading conduct under the ACL, alleging the posts gave consumers the impression they were organic and unedited: ACCC

⚖️ Corporate/Cyber: The escalating Middle East conflict has materially increased cyber risk for Australian organisations, with state-sponsored and hacktivist attacks targeting critical infrastructure, financial services and government networks globally. Supply chain links mean local businesses face indirect but real exposure. G+T says Boards should formally acknowledge the heightened threat environment, require CISOs to review current defences and report back on gaps. Organisations should also stress-test incident response plans against conflict-linked scenarios, review cyber insurance policies for war and nation-state exclusions that insurers may try to lean on, and audit third-party suppliers with connections to the affected region: Gilbert + Tobin

⚖️ Arbitration: The English High Court has ruled that ICSID Convention awards can't be assigned to third parties for enforcement without state consent. In Operafund v Spain, a Delaware entity tried to step into the shoes of Maltese and Swiss investors who'd won an award after Spain pulled renewable energy incentives. The court read "party" in Article 54(2) strictly, meaning only original arbitration parties can seek recognition or enforcement in England. The decision's narrow, as non-ICSID award assignments remain fine, but it's a red flag for the growing secondary market in high-value awards against states and anyone buying into enforcement plays: DLA Piper

TALKING POINTS

Reviews under fire

Did you hear…

Do you think performance reviews actually work? Well, a Gallup poll found just 2% of chief HR officers reckon their own review systems work. Companies like Deloitte and Adobe ditched the once-a-year ritual years ago in favour of regular check-ins — Deloitte reckons the switch saved 2 million hours a year. Now firms are using AI to draft reviews, but staff say the feedback feels hollow: FT

Also…

The fuel crisis has the International Energy Agency recommending people work from home, and Energy Minister Bowen called it "sensible." Now every CBD landlord and business leads aren’t having it. Tim Gurner, Bunnings' Mike Schneider and the Business Council of Australia all say governments should butt out and let businesses decide: AFR

DEAL ROOM

Debt drama

🗑️ Bingo Industries says “it's not for sale”, but nobody seems to have told the buyers. Owner Macquarie is sitting on close to $1bn in junk-rated debt trading at ~70¢ in the dollar. Suitors including Boral and Heidelberg are circling, some exploring offers direct to lenders to bypass Macquarie entirely: The Australian

🏗️ Emmerson Resources is set to be snapped up by JV partner Pan African Resources in a $311m scheme of arrangement, consolidating ownership of the Tennant Creek mineral field in the NT. The London and Johannesburg-listed gold producer plans to add a foreign exempt ASX listing. Corrs is advising Pan African. Thomson Geer is repping Emmerson: Australian Lawyer

SECTOR SNAPSHOT

Apple maps ads

DIGGERS

🚜 BHP's nickel sell-off is hitting a snag: the tailings dam at its Kambalda concentrator sits on tenements controlled by Andrew Forrest's Wyloo, giving it effective veto power over any sale. Bids are due end of March but the deadline's being extended. Glencore's Murrin Murrin is set to become WA's last nickel mine standing: The Australian

FIN

🏦 AussieSuper is trimming equity exposure and upping its exposure to resources as the Iran conflict and AI disruption rattle markets. The $410bn fund's head of asset allocation says geopolitical risk leaves investors with few safe havens short-term. Since the Iran war kicked off, the ASX 200 has dropped over 8% while Brent crude has surged nearly 60%: Capital Brief

RETAIL + REAL ESTATE

🏠 At least three major Brissy hotels are hitting the market as owners eye the 2032 Olympics window. Syrian investor Ghassan Aboud is listing the Crystalbrook Vincent for up to $100m, while German fund managers are offloading the Voco and Hotel Indigo for around $150m. Meanwhile, Qantas is overhauling its booking platform so frequent flyers can see reward seat availability across 12 months, including Oneworld partners: The Australian, AFR

TECH + STARTUPS

📱 Apple is preparing to roll ads into Apple Maps, letting retailers bid on search terms just like Google Maps. The move bolsters a services division already clearing US$100bn a year. Meanwhile, Oracle has opened an AI customer excellence centre in Sydney, offering training, certification and pilot programs to help businesses adopt cloud and AI tech: Bloomberg, Capital Brief

JOBS

Senior Lawyer, Sydney

Infrastructure, Energy and Major Projects

Associate, Sydney

Restructuring & Insolvency

P.S.

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