Kiwis are 'economic refugees'?

Good Morning,

‘Economic refugees’ flee from New Zealand as cost-of-living crisis deepens, NZ telecommunications companies to come up with coverage maps, British competition regulator objects to Google’s ad tech practices, Toyota cuts 2026 global EV output plans by a third, and a NZ businessman convicted on two corruption charges gets bail to Australia.

Let's jump in.

Before The Bell

Markets

• New Zealand shares petered out ahead of US employment data seen as central to the Federal Reserve’s upcoming rate cuts, as Infratil and Fisher & Paykel Healthcare's lofty heights underpinned the weekly gain (GR)

• Surprise rallies among some of the favourite targets for local short-sellers has forced hedge funds to rework their strategies, increasingly betting against some of the ASX’s biggest names in once-hot sectors such as energy (AFR)

News Summary

• Businessman convicted on two corruption charges gets bail - to Australia (Herald)

• Foot-and-mouth outbreak could cost $14.3b in lost export revenue every year (Herald)

• Pandoro Wellington closes after nearly three decades (RNZ)

• Telecommunications companies to come up with coverage maps (RNZ)

• Porirua Women's Refuge diverted funding to new charity (RNZ)

• Australian clothing brand Sass & Bide to close Auckland store (Stuff)

• Putin has two secret sons who love Disney, investigation reveals (Stuff)

• Children's minister says there has been an alleged assault at youth justice facility (Stuff)

• Westpac allegedly bullied ‘troublemaker’ staffer who raised RAMS fraud (AFR)

• Toyota cuts 2026 global EV output plans by a third (RT)

• Volkswagen's German battery plant to stay at half capacity amid cost pressures (RT)

• Uganda athlete dies days after boyfriend set her on fire (RT)

• ‘Economic refugees’ flee from New Zealand as cost-of-living crisis deepens (CNBC)

• British competition regulator objects to Google’s ad tech practices (CNBC)

Deal Flow

Investments / M&A

• A Blackstone-led consortium is taking out an around $A5.5 billion loan package to help fund the A$24 billion AirTrunk buyout, two sources with direct knowledge of the matter said, as the U.S. firm increases its Asian exposure (RT)

• Salesforce said it would buy Own Company, a provider of data protection and management solutions, for US$1.9 billion in cash to accelerate growth of its data security and privacy products (RT)

Debt

• Synlait's biggest shareholders to vote on $218m rescue package. The proposed package would give Synlait capital to paid down debt and refinance its bank facilities, which offered a viable future for the company (RNZ)

Daily Picks

• How much should your KiwiSaver balance be at your age? (RNZ)

The Daily Deck is sponsored by Industrial Equity, LLC