Record Hot May☀️

Good Morning,

According to the World Bank, global growth is projected to remain sluggish in 2024, Goldman Sacks is establishing a dedicated trading desk to manage Japanese power derivatives, NZ has encountered its warmest May on record and, the introduction of new regulations for vapes may form a black market.

Let's jump in.

Before The Bell

Markets

• Australian bond yields increased to multi-month highs, signalling a potential recession ahead (AFR)

Earnings and Data

• J.M. Smucker exceeded Q4 expectations, driven by successful investments in growth platforms such as Uncrustable sandwiches and Milk-Bone dog treats (YF)

News Summary

• According to the World Bank, global growth is projected to remain sluggish in 2024 (CNBC)

• Goldman Sacks is establishing a dedicated trading desk to manage Japanese power derivatives (BBG)

• Amundi, the leading asset manager in Europe, has its sights on the massive $25 trillion pension market in China (BBG)

• OpenAI, the creator of ChatGPT, has opted to remain a private entity in order to have the flexibility to make unconventional decisions (BBG)

• NZ has encountered its warmest May on record, with temperatures in parts of every region surpassing the average by 2 degrees across the entire country (RNZ)

• The introduction of new regulations for vapes in New Zealand may inadvertently lead to the emergence of a black market for these products (RNZ)

• Subway is facing challenges in attracting large-scale franchisees to purchase its sandwich shops in the United States (RT)

Deal Flow

Investments / M&A

• Teck has received multiple proposals for its coal unit in the midst of Glencore’s takeover bid (RT)

• AIG is exploring the sale of a $1.1 billion stake in Corebridge Financial, a retirement service provider. The company intends to sell approximately 65 million shares, representing around 10% of its total holding in Corebridge (RT)

• The PGA Tour has reached an agreement to merge with its Saudi-backed competitor, LIV Golf (CNBC)

• Shell has revealed its plan to sell its household energy supply business following a thorough five-month review (BBG)

VC & Fundraising

• Tribe Capital has led a $45 million Series C funding round for Intrabase, a startup offering an app platform for the analysis and comprehension of ‘unstructured’ data (TC)

• LVRHealth has led a successful $17.5 million Series A funding round for RxLightning, a startup focused on simplifying access and affordability of speciality medication (BW)

Equity Raises

• Infratil looks to raise NZ $850 million as it plans to purchase Brookfield’s 49.95% stake in One New Zealand for NZ $1.8 billion (NBR)

Debt

• Ferroro, the manufacturer of Nutella and confectionary products, has successfully raised over $1 billion through the assurance of high-grade private debt. The funds will be used to refinance a portion of the company’s existing bank loans (BBG)

Daily Picks

• Goldman Sacks is establishing a dedicated trading desk to manage Japanese power derivatives (BBG)

Job Board

New Zealand

• ASB rural banking graduate - Apply here

• Waterman Capital investment analyst - Apply here

Australia

• Citadel Securities graduate and intern roles - Apply here

• Goldman Sachs Investment Banking Intern - Apply here

• IMC graduate and intern roles - Apply here

• Jarden

  • Graduate role - Apply here

  • Summer internships - Apply here

• Macquarie graduate roles - Apply here

• Optiver

  • Graduate role - Apply here

  • Internships - Apply here

• Add poll in here

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