Iran air defences reported activated as Trump orders ‘shoot and kill’

Good morning. Here’s what happened overnight and what you need to know today.

1.

Iran war: Donald Trump ordered the US Navy to "shoot and kill” any boat laying mines in the Strait of Hormuz, just days after extending a ceasefire with Iran to allow peace talks to resume. The order came after Iranian forces had seized two container ships in the strait the previous day and escorted them to the port of Bandar Abbas. US forces also boarded the sanctioned tanker M/T Majestic X in the Indian Ocean, the Pentagon said. Meanwhile, Iran’s air defence systems were activated over Tehran, with state media reporting they were engaging “hostile targets,“ Reuters reported. Iran’s Mehr news agency also published footage of flashes in the night sky over west Tehran. A third US aircraft carrier, the USS George HW Bush, arrived in the region after sailing around the southern tip of Africa. Elsewhere, Israel’s defence minister Israel Katz said his military was awaiting a “green light” from Washington to resume war on Iran. In Australia, plans to impose a windfall gas tax appear to have been shelved amid fears of angering key trading partners at a time when the country is relying on other nations such as Malaysia, Korea and Japan for vital fuel supplies disrupted by the Iran war, the AFR reported. And Bloomberg reported rare diesel cargoes from the US West Coast began arriving to address a domestic fuel shortfall. (Reuters)(WSJ)(Bloomberg)(FT)(AP)(AFR)

2.

Yang yoinked: ANZ hired its first ever chief data and AI officer, poaching another senior executive from Nuno Matos’ former employer HSBC as the Australian bank looks to close its technology gap with rivals. Capital Brief can reveal ANZ recruited Kai Yang to take on the newly created role, moving across from HSBC where he is the chief data and analytics officer for Asia and the Middle East. Currently based in Hong Kong, Yang will move to Sydney when he joins in July to spearhead ANZ’s AI agenda. Confirming the appointment, an ANZ spokesperson said Yang will accelerate the bank’s responsible use of the technology throughout the enterprise as it looks to deliver better outcomes for customers. Yang marks the second big tech leader ANZ has hired from HSBC under Matos, who was head of wealth and personal banking there until he replaced Shayne Elliott at the helm of the bank in May last year. (Capital Brief)

3.

Crude market: US stocks fell and oil surged past USD105 a barrel after reports emerged of Iran’s air defence systems being activated over Tehran, sending crude futures jumping more than USD5 a barrel. There were also unconfirmed reports Iran’s Parliament Speaker Mohammad Bagher Ghalibaf had resigned from the negotiating team. The S&P 500 fell 0.41%, the Dow lost 0.36% and the Nasdaq dropped 0.89%. Brent crude settled 3.1% higher at USD105.07 a barrel. A deepening divide within tech weighed further on markets. ServiceNow tumbled nearly 17.6% and IBM slumped about 8% after earnings rekindled fears of AI-driven disruption in software. Chipmakers bucked the trend, with Texas Instruments surging 19.4% after a strong outlook. Tesla fell 3.6% after revealing plans to spend more than USD25 billion ($35 billion) on capital expenditure this year.  Separately, the White House accused China of “industrial-scale” theft of US AI intellectual property through distillation attacks using tens of thousands of proxy accounts, in a memo first reported by the Financial Times. China’s embassy called the accusations “pure slander.” (WSJ)(Reuters)(Bloomberg)(FT)

4.

All that gL1tters: L1 Capital flagged plans to launch its next vehicle in the second half of 2026, as it prepares to float its $950 million gold fund on the ASX in the biggest listing so far this year. The actively managed long/short portfolio of gold and precious metals securities, along with gold futures, has returned about 158% since its inception last March. The gold fund will transition to becoming a listed investment company (LIC) when it lists on the ASX today. While the IPO aimed to raise between $500 million and $1 billion, the company scaled back its broker offer following interest that Russell said “exceeded expectations”. After today’s float, L1 will be looking to launch another fund during the second half of the year, but CEO Julian Russell would not be drawn as to what the product would be: “It’s up in the air as to whether or not that’ll be an LIC or a unitised private product.” (Capital Brief)

5.

Watchdog defeat: ASIC lost its long-running battle against Nuix, with the Federal Court dismissing ASIC’s claims that the software provider misled investors when it listed in 2020 and ordering the regulator to pay all costs. Nuix, which listed in December 2020 at $5.31 per share, surged over $11 in January 2021 before plummeting 32% in February after its half-year results disappointed. ASIC accused Nuix of continuous disclosure breaches, alleging that the software company made misleading or deceptive statements in ASX updates in February and March 2021 when reaffirming forecasts made in its prospectus, and accused then-directors of breaching their duties. ASIC argued that Nuix failed to act quickly enough to notify shareholders about changes in its guidance. “I am not satisfied that Nuix did not have reasonable grounds for the reaffirmation of the Prospectus Revenue Forecast on 26 February 2021,” Judge Scott Goodman said. ASIC has 28 days to file a notice of appeal. (Federal Court)(Nuix)(Capital Brief)

6.

Exit windows: Microsoft offered voluntary buyouts to eligible US employees for the first time in its 51-year history, with about 7% of its US workforce, or roughly 8,750 people, qualifying for the program, according to media reports. Announced in a memo from chief people officer Amy Coleman first reported by CNBC, the one-time retirement program is open to US workers at senior director level or below whose age and years of service at Microsoft add up to 70 or more, excluding those on sales incentive plans. “Our hope is that this program gives those eligible the choice to take that next step on their own terms, with generous company support,” Coleman wrote in the memo. The move  comes as the company continues to spend dozens of billions in capital expenditure to build out data centre capacity for AI. Meanwhile, Meta confirmed to staff a Reuters report from last week that it will lay off about 10% of its workforce, or roughly 8,000 employees, from 20 May. The news agency had reported last month that total cuts could reach 20% or more of its global workforce, with further layoffs planned for later in 2026. (Capital Brief)(CNBC)(Bloomberg)(Reuters)

7.

Signed off: KPMG is also cutting about 10% of its US audit partners after a voluntary retirement scheme persistently failed to reduce the size of a partnership the firm considered bloated, the Financial Times reported. According to the report, the cull was revealed in a meeting Wednesday local time where attendees were told the cut was needed because the partnership was large relative to both business volume and rival Big Four firms Deloitte, EY and PwC. KPMG declined to say how many partners would be affected but the FT reported several dozen of the firm’s 1,400 partners and MDs in the audit and assurance practice would lose their jobs. “This action is connected to a multiyear strategy to align the size, shape and skills of our team to the power of our audit platform,” KPMG said. Affected partners will receive placement support, it added. Closer to home, the FSU yesterday said CBA will eliminate another 120 roles. (FT)

8.

Losing patience: Some market watchers doubt Credit Corp will persist with its non-binding indicative proposal for BNPL business Humm Group, which values the company at $385 million. Since November, Humm Group shareholders have been embroiled in a civil war against major shareholder, director and founder Andrew Abercrombie, who tried to buy the company in 2025 for $286 million. Abercrombie has been ordered by the Takeovers Panel to divest 15,000,000 shares he acquired under “unacceptable circumstances” in December. The Takeovers Panel is still reviewing the divestment order, but upheld the “unacceptable circumstances” declaration last week. A thrice-postponed extraordinary general meeting is scheduled for 1 May, asking shareholders to vote on a “cleanout” of Abercrombie and fellow directors Robert Hines and Andrew Darbyshire from the board. But Harvest Lane’s managing director and lead portfolio manager Luke Cummings questions whether Credit Corp would even be interested in proceeding to a takeover with the possibility of Abercrombie retaining a disruptive minority interest in the company. (Capital Brief)