Israel bombs Iran’s state TV live on air

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

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1.

Iran control: Israel expanded its air campaign across Iran, striking the headquarters of state television live on air and claiming full aerial operational control above Tehran as the confrontation entered its fourth day. Israeli officials said more than 100 Iranian targets had been hit, including nuclear facilities, missile infrastructure and the Quds Force headquarters. Iran responded with over 370 drones and ballistic missiles, so far killing at least 24 civilians in Israel, while Tehran says 224 people, mostly civilians, have died in Israeli strikes. Benjamin Netanyahu said Israel was eliminating Iran’s security leadership “one by one”. As the conflict escalates, Iran has reportedly asked Gulf states to press US President Donald Trump to intervene and push for a ceasefire in return for nuclear concessions. Trump confirmed Iran “would like to talk” but said “they should have done that before.” Meanwhile, Reuters reported the US deployed refuelling aircraft to Europe over the weekend. (Capital Brief)(FT)(Reuters)(WSJ)

2.

NRF investigation: The Albanese government's flagship manufacturing fund is being investigated over possible misconduct following a whistleblower complaint alleging governance failures and ongoing workplace culture issues. Capital Brief can reveal that the $15 billion National Reconstruction Fund is the subject of a Public Interest Disclosures Investigation led by law firm Clayton Utz and KPMG, with oversight from the Commonwealth Ombudsman under Australia’s whistleblower protection laws. Eleven witness interviews have already been conducted, correspondence viewed by Capital Brief shows, with investigators determining that some of the allegations warrant respondent interviews to determine whether "serious disclosable conduct" has occurred. The allegations, detailed in confidential communications with the NRF board seen by Capital Brief, include claims that freedom of information requests were mishandled and subject to interference, that millions of dollars were spent on external recruitment agencies without a proper procurement process, and that roles were filled without being properly advertised externally. (Capital Brief)

3.

Gassed up: Listed energy infrastructure play APA Group has pulled out of competitive processes for two multi-billion electricity projects as the company doubles down on gas instead. Capital Brief can reveal the $11 billion ASX-listed company has pulled the pin on the New England Renewable Energy Zone as well as the VNI West project connecting Victoria and New South Wales where it was considered the preferred bidder. "APA has reviewed its electricity transmission strategy and made the decision to not participate in current tender processes underway for major, stand-alone electricity transmission projects on the east coast," a company spokesperson said in a statement. The decision to walk away from the two projects has not yet been reported, and marks the biggest moves in a strategic shift by the company. APA, traditionally a gas company, had promoted such projects as a way to future-proof its business through the energy transition. (Capital Brief)

4.

MAGA mobile: The Trump Organisation will launch a mobile phone plan and USD499 ($763.10) smartphone in the coming months. The new service called ‘Trump Mobile’ offers a USD47.45 per-month plan that includes unlimited talk, text and data, as well as roadside assistance and healthcare perks. The product, which will be “made in America” was launched by President Trump’s sons Eric and Donald Trump Jr at Trump Tower on Monday, on the 10-year anniversary of their father’s announcement that he would run in the 2016 presidential election. The telehealth benefits include virtual medical care, mental health support, and ordering and delivery options for prescription medications. Elsewhere in communications, Meta revealed that it plans to introduce paid advertising to WhatsApp, as the tech giant works to monetise the most popular messaging service in the world. Ads will begin appearing on the platform in the coming months. (Capital Brief)(The Trump Organisation)(Bloomberg)(Reuters)(FT)(WhatsApp)

5.

Paramount pitch: Paramount kicked off discussions over a new deal for the streaming and broadcast rights to the A-Leagues, as it enters the final months of its $200 million, five-year agreement with the Australian Professional Leagues. The deal, struck ahead of Paramount’s 2021 launch in Australia, gave it rights to the A-League men’s and women’s competitions on Network 10 and Paramount+. People briefed on the situation told Capital Brief Paramount is set to actively pursue a fresh rights agreement. Foxtel is currently considering all sports properties coming into the market, making it the only known media company open to a move for the A-Leagues. Nine is not currently considering a bid, according to the sources. (Capital Brief)

6.

Broker fallout: Brokers and aggregators have hit out as NAB prepares to shut down its long-running white label mortgage platform, Advantedge, in a move affecting more than 50,000 customers and $26 billion in home loans. Previously known as Challenger Mortgage Management, the platform offered brokers and aggregators a “white label” mortgage under third-party brands such as AFG or Mortgage Choice. Customers, many of whom may not know they held a loan with Advantedge, are now receiving letters advising they will be transitioned to NAB. NAB said the platform was now unable to provide features now expected in the market, like multiple offset accounts. The transition will begin in September 2025 and conclude in 2026. Industry sources told Capital Brief aggregators will be the most affected by the closure due to the income stream (both upfront and ongoing trail) paid in addition to regular broker commissions. (Capital Brief)

7.

Flying high: Airbus clinched two orders worth a combined USD17 billion ($26.08 billion) on day one of the Paris Air Show, which saw rival Boeing scale back its activity after a fatal Air India crash involving one of its jets last week. Saudi Arabia’s AviLease placed an order for 77 freighter and passenger aircraft, followed by an order by Riyadh Air for as many as 50 Airbus A350-1000 widebody jets – another Saudi lessor. The deals were overshadowed by a diplomatic dispute at the event which erupted after France shut down the stands for Elbit Systems, Rafael, IAI and Uvision, after they refused to remove weapons from display. A French government source told AFP that the booths were showing “offensive weapons” that could be used in Gaza, in violation of agreements with Israeli authorities. Israel has condemned the “outrageous and unprecedented decision” which “reeks of policy-driven and commercial considerations.” (Capital Brief)(Airbus AviLease)(Airbus Riyadh Air)(Reuters)(Bloomberg)(France 24)

8.

Executive shuffle: Renault shares slumped 8.69% after news that its CEO, Luca de Meo, would jump ship to spearhead a turnaround at French luxury group, Kering. Shares in the Gucci and Saint Laurent owner climbed over 9% on the appointment. JP Morgan unveiled a slew of new hires, with Mark O’Donovan tapped to head its international consumer bank in London, while JP Morgan’s EMEA chief and co-head of global banking, Filippo Gori, will depart London to carry out the dual-role from the big apple. Further south, DataRoom reports Macquarie Capital directors Tom Gibson and Alex Brown resigned from the investment bank with speculation growing that they’ll follow their former private equity boss, Dragi Ristevski, to JP Morgan. Elsewhere in appointments, Vice Media has hired NBCUniversal executive Adam Stotsky as its new CEO in the hope that he can boost studio and ad revenue after the outlet filed for bankruptcy in 2023. (FT)(Bloomberg)(Bloomberg)(The Australian)(WSJ)