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TikTok Controlling Data on Millions of American Users?

March 10, 2023

Good Morning,

National is promising to kick-start a build-to-rent market and open it up to institutional investors, China's government could use TikTok to control data on millions of American users, FBI Director Christopher Wray told a U.S. Senate hearing on Wednesday, Artificial intelligence is likely to be used to spread misinformation and disinformation in the lead-up to the October election, experts say.

Let's jump in.

Before The Bell

Markets

  • The mood around global equity markets was muted on Thursday. US benchmarks started slightly in the green after data releases sent bond yields down, but stock indices fell into the red at midday. European equities ended just below the zero line. Asia was mixed. A number of large cap stocks traded ex dividend (FB)

Earnings and Data

  • NBR Lister Graeme Hart’s 78%-owned packaging company Pactiv Evergreen has announced the closure of two US manufacturing plants, with the loss of 1300 jobs. The restructuring was disclosed alongside Pactiv’s annual results, featuring net profit of US$318 million from revenue of US$6.2 billion (NBR)

  • ASX-listed software-as-a-service company Xero is looking to cut up to 800 jobs globally in a bid to “streamline its operations”. The company is also exiting from Waddle, a cloud-based lending platform it acquired in 2020, for which it expected to incur a write-down of $30 million to $40m (NBR)

  • General Motors Co (GM.N) on Thursday said it was offering buyouts for most of its salaried employees and expects to take a pre-tax charge of up to $1.5 billion to cover the costs (RT)

News Summary

  • Three sisters were left scrambling to find accommodation the night before Harry Styles’ Auckland concert after the spot they booked online fell below expectations (Stuff)

  • Increasing numbers of Aucklanders are inquiring about Christchurch rental properties, and it comes at a time when the city’s rental market is already tight, some property managers say (Stuff)

  • The National Party is further positioning itself as the cost of living party, challenging the Labour Government to set up a Parliamentary inquiry into retail banking regulation and competition (Stuff)

  • National is promising to kick-start a build-to-rent market and open it up to institutional investors with a housing policy the party says would make a “substantive difference” to the housing crisis (Stuff)

  • Sky Television and TVNZ have failed to reach an agreement that would let users of Sky’s new SkyPod media player access TVNZ’s channels through its TV guide (Stuff)

  • Businesses have an important role in addressing high levels of gut cancers in New Zealand, advocates say, with moderation and healthy choices a preference over abolishing Friday night drinks and vending machines (NBR)

  • BHP’s coal fields are looming as a battlefront for the government’s workplace agenda after the miner sought to pay its in-house labour hire staff vastly different wages to those covered by traditional coal mining agreements (AFR)

  • Santos investors have joined Snowcap Research in voicing frustration at the oil and gas producer’s floundering share price, but do not agree that ditching its growth strategy is the way to go (AFR)

  • The world’s biggest precious metals exchange says it is taking the latest allegations swirling around the Perth Mint very seriously as the West Australian government stonewalls on calls for a royal commission (AFR)

  • China's government could use TikTok to control data on millions of American users, FBI Director Christopher Wray told a U.S. Senate hearing on Wednesday, saying the Chinese-owned video app "screams" of security concerns (RT)

  • Sheikh Tahnoon bin Zayed Al Nahyan will become chairman of Abu Dhabi’s $790 billion sovereign wealth fund, consolidating his power beyond roles that include the United Arab Emirates’ national security adviser and head of the country’s largest bank (BBG)

  • Uber Technologies Inc. is exploring whether to spin off its Uber Freight logistics arm in a sale or as a separate publicly traded company to streamline its focus on ride hailing and food delivery, according to people familiar with the matter (BBG)

Deal Flow

Investments / M&A

  • The five nuclear-powered submarines America plans to sell to Australia from the 2030s will not be newly built but rebadged existing Virginia class models with price tags to be determined by the US State Department, officials said (AFR)

  • Primary care group 24-7 Healthcare is in the sights of potential strategic and private equity buyers, and has called in the bankers to help capitalise on the interest (AFR)

  • Brookfield Asset Management and EIG Partners are on track to sign a binding $18.2 billion takeover for Origin Energy as early as next week, bringing to a head seven months of negotiations (AFR)

  • US private equity giant TPG Capital has called in extra troops at InvoCare, hiring Jarden to help secure the company after a successful raid earlier this week (AFR)

  • Former Lazard and UBS head of M&A Daniel Kleijn is set to spearhead stockbroker MST Financial’s entry into the world of M&A advice, starting with a focus on small and mid-cap deals (AFR)

  • CSL shares fly on ex-div day, JPM nabs $300m trade

  • Sequoia Financial Group has signed a binding deal to sell 80 per cent of its equities clearing business Morrison Securities to wealth management software business New Quantum, as flagged by Street Talk on Tuesday (AFR)

  • Lloyds Banking Group is kicking off talks with Australian dollar bond investors, ahead of a transaction slated for “the near future” (AFR)

  • Jio Platforms, owned by Indian conglomerate Reliance Industries Ltd (RELI.NS), will buy communications equipment maker Mimosa Networks for $60 million to bolster its expanding 5G and broadband services, the companies said on Thursday (RT)

  • Italy's biggest utility Enel Spa (ENEI.MI) on Thursday said it will sell its Romanian operations to Greece's Public Power Corp (DEHr.AT) (PPC) for 1.26 billion euros ($1.33 billion) as part of efforts to cut debt and focus on cleaner energy (RT)

  • Microsoft (MSFT.O) said it would license Activision Blizzard's (ATVI.O) "Call of Duty" (CoD) to Sony for 10 years to address concerns raised by Britain over its $69 billion takeover of the games maker, according to a document published by the regulator (RT)

  • German rail operator Deutsche Bahn has selected Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Deutsche Bank (DBKGn.DE) to run a sale of its logistics arm for up to 20 billion euros ($21.1 billion), sources familiar with the matter told Reuters (RT)

  • JetBlue (JBLU.O) Chief Executive Robin Hayes strongly defended the airline’s $3.8 billion plan to buy ultra-low cost carrier Spirit Airlines (SAVE.N) despite the Justice Department's lawsuit Tuesday challenging the deal (RT)

  • Informa Plc agreed to buy Tarsus in a deal valued at $940 million including debt, betting on a rebound in the events industry (BBG)

  • Vodafone Group Plc and Three UK are putting the final touches on a deal to create Britain’s largest mobile operator and may announce details of the tie-up as soon as this month, people with knowledge of the matter said (BBG)

  • Heineken NV’s purchase of South Africa’s biggest wine exporter got the final regulatory approval it needed, setting up the Dutch brewer for expansion across the continent (BBG)

Equity Raises

  • Brokers Goldman Sachs and UBS are seeking buyers for nearly 1 million shares left over from the first leg of Carsales.com’s rights issue (AFR)

  • Laser diode mircocap BluGlass Limited is making the most of its 150 per cent rally this year, putting a $10.7 million equity raising to investors on Thursday morning (AFR)

  • Byju’s, the world’s most valuable edtech startup, is seeking to raise as much as $250 million through the issuance of convertible notes by its tutoring service unit, according to people familiar with the matter (BBG)

  • Lithium Royalty Corp. slipped 0.6% in its Toronto Stock Exchange trading debut after raising C$150 million ($109 million) in Canada’s biggest initial public offering in 10 months (BBG)

  • Atlas Energy Solutions Inc. raised $324 million in an initial public offering, pricing its shares below a marketed range for what was still the second-biggest US listing of 2023 (BBG)

Debt 

  • Argentina Looks to Buy Time on $37 Billion of Maturing Debt (BBG)

Daily Picks

  • Artificial intelligence is likely to be used to spread misinformation and disinformation in the lead-up to the October election, experts say (Stuff)

  • There is a worrying amount of fraud in medical research (AFR)

Job Board

New Zealand

  • Murray & Co Investment Banking Intern and Grad Roles

    • Apply here for internships

    • Apply here for graduate roles

Australia

  • Goldman Sachs Investment Banking Intern

    • Apply here by 18th July for Melbourne and Perth and August 1 for Sydney

  • Macquarie gradate roles

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