The PwC Australia tax leak saga continues with the firm being shadow banned from future government contracts. PwC has its roots in a firm established in London in 1854. This was so long ago that criminals were still being sent to prison colonies in Australia. And it looks like their descendants may have all taken jobs at PwC.

The lowdown

• 🚫 PwC Australia is effectively shut out of future government contracts due to tax leaks.

• ⚡️ Ford enters into an agreement with Tesla for its EVs to access Tesla charging stations.

• ✈️ Lufthansa will pay 325 million euros for 41% stake in Italian flag carrier ITA Airways.

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Carl Icahn finally gets some good news

Carl Icahn has achieved a partial victory (and he could use one ($)) in a proxy showdown against Illumina, with shareholders voting to oust its chair John Thompson and approve Icahn’s nominee Andrew Teno for a position on the board.

The dispute relates to a $7 billion deal for cancer-detection company Grail. Illumina bizarrely proceeded with the acquisition despite opposition from European regulators and the FTC. Icahn describes Illumina’s actions as "inexplicable and unforgivable".

European regulators ordered Illumina to divest Grail in December and are planning to issue a fine worth up to $453 million for "gun jumping". Since the announcement of the deal in August 2021, Illumina has lost $50 billion in market value.

The content we're consuming today

• The Economist: Activist investors are needed more than ever ($).

• NY Times: An Iconic Wine Store and the Mystery of the Missing Bottles ($).

• HBR: To Regulate Big Corporations, Understand How They Got That Way.

Off-balance sheet items

• Seeing people break records is cool but seeing a person persevere to the finish line when in last place in a torrential rainstorm is cool too. That’s what Cambodian runner and unexpected national hero Bou Samnang did. Who’s cutting onions?

The bottom line