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Aussie Inflation Exceeds Expectations 📈
Barker Carroll
June 05, 2023
Good Morning,
E-commerce giant Amazon will launch a hiring blitz for more than 1000 seasonal workers across Australia, Alcohol excise rates will increase by 6.5% this year in New Zealand, Swedish furniture giant Ikea is about to begin construction on its first New Zealand store at Auckland's Sylvia Par, and UBS is considering delaying its quarterly results till the end of August.
Let’s jump in!
Before The Bell
Markets
Philippine headline inflation could ease early next year below the central bank’s goal of 2% to 4%, Governor Felipe Medalla said, giving monetary authorities leeway on monetary policy (BBG)
ANZ Bank economists are picking the housing market may start to rebound in the second half of the year but the Reserve Bank will surprise with one more rate rise as inflation remains stubborn. (RNZ)
US Home Prices Climb as Tight Market Collides With Demand Uptick (BBG)
Nivdia briefly reached a market cap of $1 Trillion USD (BBC)
Stocks climbed after the debt-ceiling deal passed its last Congressional hurdle, with traders now looking to US jobs data later Friday that may clarify the Federal Reserve’s policy path (BBG)
Earnings & Data
Smartpay Holdings has reported a 62% increase in annual revenue and a 300% rise in net profit after tax, on the back of strong revenues from its Australian business (NBR)
Trade Window Holdings has reported a net loss after tax of $9.8 million for its 2023 financial year to the end of March, having narrowed from a $10.8m loss in FY22. (NBR)
Australian inflation came in at 6.8% YoY which was higher than expected (AFR)
New Zealand’s trade deficit narrowed to $3.2 billion NZD in the March 2023 quarter, compared with $3.9b NZD in the March 2022 quarter, Stats NZ said today (Herald)
The United Nations food agency's world price index fell in May to its lowest in two years, as a slump in prices of vegetable oils, cereals and dairy outweighed increases for sugar and meat (RT)
News Summary
Monday
An extra $11 million NZD will help extend the Government's "incredibly popular" fog cannon subsidy scheme for retailers, Prime Minister Chris Hipkins has announced (1 News)
E-commerce giant Amazon will launch a hiring blitz for more than 1000 seasonal workers across Australia as the company prepares for its busy mid-year sales period (9 News)
Go Airlines India Ltd. plans to raise salaries of captains by 100,000 rupees ($1,211 USD) a month and by 50,000 rupees for first officers as it tries to salvage its operations after filing for insolvency on May 2 (BBG)
Tuesday
Retirement village provider Arivda Group has criticised the Government’s effort to address long-standing pay issues amongst aged care nurses, saying it has had no “discernible impact” on addressing worker shortages. (NBR)
The Neom hydrogen project, part of a $500 billion industrial and tourist development on Saudi Arabia’s Red Sea coast, will begin producing fuel for transportation next year, according to the head of the venture. (BBG)
Mercuria Energy Group’s ship-fueling business Minerva Bunkering started deliveries in Egypt, becoming the first international service to enter the market after being awarded a license to do so earlier in May. (BBG)
Wednesday
Friday
Swedish furniture giant Ikea is about to begin construction on its first New Zealand store at Auckland's Sylvia Park, and expects it to open its doors at the end of 2025 (Stuff)
Consumer NZ is accusing Air New Zealand of “greenwashing” and misleading passengers with a statement on its compostable cups (Stuff)
Twitter's head of trust and safety, Ella Irwin, told Reuters on Thursday that she has resigned from the social media company, which has faced criticism for lax protections against harmful content since billionaire Elon Musk acquired it in October (RT)
Weekend
Indian Authorities have stated they have concluded their rescue operations on Sunday following the country’s most fatal rail crash in over two decades (RT)
UBS is considering delaying its quarterly results till the end of August following encountering complexities over its takeover of Credit Suisse (RT)
Karim Benzema plans to leave Real Madrid after joining the club 14 years ago (RT)
Chinese warship intercepted a US guided-missile destroyer and a Canadian frigate as they transited the Taiwan Strait (AFR)
Deal Flow
Investments / M&A
Australia & New Zealand
Asda has struck a deal to buy EG Group’s UK and Ireland gas-station business in a move that aims to create a convenience retailing empire. (AFR)
Kiwi SMS business Modica Group is being shopped around by Lazard in Australia. A deal would likely value the business at over $150m (AUD) (AFR)
RedEarth Energy Storage has gone with MA Moelis Australia and Ord Minnett to oversea a strategic review of the $100m (AUD) business that could result in a sale (AFR)
Key Global
Boeing Co working on a deal to sell at least 150,737 Max jetliners to Saudi Arabian startup Riyadh Air. (RT)
Wesfarmers in talks to acquire online prescriptions biz InstantScripts (AFR)
British online estate agent Purplebricks Group Plc said on Friday it had received an indicative takeover proposal from one of its top shareholders Lecram Holdings (RT)
French tyre maker Michelin said on Friday it was selling its Russia Tyre Manufacturing Company (MRTMC) and Camso CIS in Russia to Power International Tires, a tyre distributor in the country (RT)
Investors in Aster DM Healthcare are in talks to sell a 30% stake in the company's India business for about $300 million USD, two sources with direct knowledge said, the latest potential deal in India's booming healthcare sector (RT)
German utility EnBW has sold around a quarter of its high-voltage transmission grid TransnetBW to a savings banks-led consortium for around 1 billion euros ($1.1 billion USD) (RT)
Liberty Mutual Insurance Co. agreed to sell its Latin American business to HDI International AG for about €1.38 billion ($1.48 billion USD) as it seeks to refocus on its core operations in the US (BBG)
ConocoPhillips exercised its right to acquire TotalEnergies SE’s 50% stake in the Surmont oil-sands field for as much as $3.33 billion USD, giving it full control of the Canadian operation and thwarting efforts by Suncor Energy Inc. to buy into the site (BBG)
Tesla Inc CEO Elon Musk told Chinese foreign minister Qin Gang on Tuesday that he was willing to expand business in the country, the Chinese foreign ministry said on Tuesday after a meeting between the two in Beijing. (RT)
Industrial gas maker Messer SE secured an investment from GIC that values the business at over $12.9m (USD) (BBG)
Asda will buy Issa Brother’s filling station business for just under £2.3B (BBG)
Mexican Coca-Cola bottler Femsa sold ~€3.3B of its shares in the Heineken Group (BBG)
Macqaurie are weighing a sale of its $2B + (USD) South Korean gas business DIG AirGas Co (BBG)
SVB Securities management is in talks to buy back the investment bank from bankrupt SVB Financial Group, according to people familiar with the matter (BBG)
EQT AB is exploring a sale of Ellab that could value the industrial technology company at about €1 billion ($1.1 billion USD), people with knowledge of the matter said (BBG)
EQT AB agreed to buy UK veterinary drugmaker Dechra Pharmaceuticals Plc for a lowered price of £4.46 billion ($5.6 billion USD) in what is still the biggest European take-private this year (BBG)
Utility firm Constellation Energy Corp said on Thursday it would acquire NRG Energy Inc's stake in a nuclear plant in Texas in a deal valued at $1.75 billion USD (RT)
VC & Fundraising
Japan Startup Gitai Raises $30 Million to Build Space Robot Workforce (BBG)
Pear VC has raised $432m (USD) for a new fund (BBG)
School lunchbox delivery start-up Lilly’s Little Lunchbox is trying to raise up to $1m (AUD) via crowdfunding (AFR)
Metallurgical coal miner Bowen Coking Coal was passing around the hat for a $50 million AUD raising on Friday morning to speed up production at its Burton Complex (AFR)
Zhejiang Geely Holding Group Co. is considering raising funds for the maker of London’s iconic black cabs, people familiar with the matter said, as the Chinese automaker looks to bolster its electric fleet (BBG)
Hybe Co., the South Korean music agency behind BTS and Ariana Grande, is seeking to raise around 500 billion won ($380 million USD) to fund acquisitions in the US and expand its business beyond K-pop (BBG)
Equity Raises
Australia & New Zealand
Immunotherapy biotech Immutep is raising $80m (AUD) via a $50m (AUD) institutional placement and a $30m (AUD) non-renounceable pro rata entitlement offer to shareholders. The raise is being run by Bell Potter, Jefferies and Wilsons (AFR)
Aurelia Metals is raising $40m (AUD) via a $10m (AUD) placement and a $30m (AUD) pro rata accelerated non-renounceable entitlement offer. Bank of America and Ord Minnett are on the ticket (AFR)
Key Global
Cummins Inc. spinoff Atmus Filtration Technologies Inc. rose 11% in its trading debut after raising $275 million USD in an initial public offering priced in the middle of a marketed range (BBG)
Saudi Arabia’s First Milling Co set the pricing at the top of the range for its IPO. After receiving over $18B (USD) in orders more than 69 times what is available (BBG)
WE Soda is seeking an IPO on the London Stock Exchange with a $7.5B (USD) valuation (BBG)
Hidroelectric could be Romania’s biggest-ever listing as it looks to raise $2.1B (USD) (BBG)
Indonesian gold miner PT Amman Mineral Internasional plans to raise $860m (USD) via an IPO in Jakarta (BBG)
Russian state-owned lender VTB on Friday set the price for its secondary public offering (SPO) at 0.018225 roubles per share, implying a maximum capital raising of 169.5 billion roubles ($2.18 billion USD) (RT)
WE Soda, the world's largest producer of natural soda ash, is looking to raise at least $800 million USD for its parent Ciner Group in an initial public offering (IPO), its chief strategy officer told Reuters, in a show of confidence in London's capital markets (RT)
Job Board
New Zealand
Australia
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