Israel Adesanya On Top 🏆

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Admin
April 10, 2023

Good Morning,

Italy last week became the first Western country to ban ChatGPT, the popular AI chatbot, Spark released its three-year strategy which will see it invest further in data centres and 5G, Israel Adesanya claims UFC title after defeating Alex Pereira with a second-round knockout, Japanese companies are selling record high amounts of short-term bonds.

Let’s jump in!

Before The Bell

Markets

  • Morgan Stanley's Michael Wilson - among the most prominent bearish voices on US equities - warns the furious rally in tech stocks isn't sustainable and that the sector will return to new lows (BBG)

  • New property listings around the country last month plunged to a 16-year record low for the month of March, according to latest figures. (RNZ)

  • The Reserve Bank of Australia (RBA) has pressed pause on its historic cycle of interest rate hikes, keeping the cash rate target on hold at 3.6 per cent. (9 News)

  • Consuming spending in New Zealand on the Wordline NZ electronic payments network was up 8.3% YoY to $3.14B (NZD) (Stuff)

  • The Reserve Bank of New Zealand increased the offical cash rate by 50 basis points to 5.25%. This was more than the market expected (Stuff)

Earnings & Data

  • Tesla Inc delivered 422,875 vehicles for the first three months of this year, up 4% from the previous quarter. However, quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed (RT)

  • Dairy giant Fonterra has lowered its forecast milk price payout for the current season to a range of $8.00 to $8.60 per kilogram of milk solids (kgMS). (RNZ)

  • Italian luxury sneaker brand Golden Goose reported a 30% rise in revenues last year and sees scope for further growth by expanding beyond its core product range. (RT)

  • Airbus deliveries fell by 11% on an industrial basis to 127 jets in the first quarter, underscoring pressure on global supply chains, industry sources told Reuters (RT)

  • Toyota Motor Corp will introduce 10 new battery-powered models and target sales of 1.5 million EVs a year by 2026, aiming for steep growth in a market where it has long been lapped by rivals (RT)

News Summary

Monday

  • Former U.S. President Donald Trump is set to fly from Florida to New York City ahead of his scheduled arraignment related to hush money paid to a porn star before the 2016 election (RT)

  • Fonterra has lowered its forecast milk payment to farmers for this season as global demand weakens (Stuff)

  • Microsoft is among the first to buy 'bins with brains' from Wellington based Method Recycling (Stuff)

Tuesday

  • The latest NZIER Quarterly Survey of Business Opinion suggests the economic rebalancing being engineered by the Reserve Bank is underway, with signs that labour shortages were easing. (Herald)

  • Cameras made by Hikvision and Dahua - both of which are partly state-owned by the Chinese Communist Party - have been found in New Zealand government buildings. (RNZ)

  • Italy last week became the first Western country to ban ChatGPT, the popular AI chatbot. (CNBC)

Wednesday

  • New Zealand Aluminium Smelter has agreed a new deal with Meridian to reduce its energy usage if the system is under stress (Stuff)

  • Spark released its three year strategy which will see it invest further in data centres and 5G (NBR)

  • NZ Windfarms announced they have applied for resource consent for a new wind farm development that would increase capacity by 37.8 MW (NZX)

Friday

  • UBS Group AG's reported plan to lay off as many as 36,000 workers would make it the company with the largest job cuts globally in the past six months (BBG)

  • The Crusaders have given Richie Mo'unga a win in his 100th game for the Canterbury Super Rugby franchise although they were made to work by a vastly-improved Moana Pasifika outfit looking to rain on their parade (1 News)

  • The founder of the global fashion giant Culture Kings has laughed off reports he’d lost $500 million in a stock market crash (Herald)

Weekend

  • New 3D scanners allow passengers on aircrafts to no longer have to remove liquids, tablets and laptops (NBR)

  • Israel Adesanya claims UFC title after defeating Alex Pereira with a second round knockout (Stuff)

  • Japanese companies are selling record high amounts of short-term bonds (BBG)

Deal Flow

Investments / M&A

Australia & New Zealand

  • Hoyts is back on the auction circuit after the cinema chain's Chinese owner, Wanda Cinema Line, sent Credit Suisseand Nomura out to hunt for a new owner in what is expected to be a $1 billion AUD sale (AFR)

  • A US class action led by the New Zealand Methodist Trust Association, alleging false and misleading statements by executives at one of the world’s biggest tech companies, has won a US$75 million settlement. (NBR)

  • The power company Mercury has inked a long-term deal with tech giant Amazon for renewable energy for its Auckland data centres, due to launch next year. (RNZ)

  • Viva Energy has acquired OTR Group for $1.15B (AUD) (AFR)

Key Global

  • Melbourne-based skincare group Aesop has been offloaded by its Brazilian parent, Natura & Co, to global giant L’Orealin a deal that values the Australian-founded company at $US2.53 billion ($3.7 billion), including debt. (AFR)

  • World Wrestling Entertainment Inc (WWE.N) will combine with Endeavor Group-owned (EDR.N) mixed martial arts franchise UFC to form a new, publicly listed entertainment giant valued at about $21 billion, the companies said on Monday. (RT)

  • PE firm Navis Capital has taken a majority stake in Caring Group a provider of in-home and complex care. The deal was worth ~$150m (AUD) (AFR)

  • Mexico agreed to buy a fleet of natural gas plants and a wind farm for $6B (USD) from Spain’s biggest power company Iberdrola (BBG)

  • Vodafone Group has approaches for its Spanish business which could be valued at more than $4B (USD)(BBG)

  • Apollo has made a final $2B (USD) bid for Scottish engineering company John Wood Group (BBG)

  • Holcim has acquired Sivyer Logistics, a British company that recycles construction and demolition waste in London (RT)

  • British gambling group Entain Plc said on Wednesday it acquired sports media business 365scores for up to $160 million USD to improve its interactive content and experience for users (RT)

  • iNova Pharmaceuticals is in advanced talks to acquire the over-the-counter business of Mundipharma International Ltd., according to people familiar with the matter (BBG)

VC & Fundraising

  • B.spkl, the first spin-out from crown research institute GNS Science, has raised $2.5 million in a seed round to scale up its breakthrough technology (NBR)

  • Brokers for ASX-listed Tribeca Global Natural Resourcesare hitting the phones with a shortfall offer to wholesale investors after shareholders shrugged at the entitlement (AFR)

  • Software startup Clear Dynamics is trying to raise $20m (AUD) at a $40m pre-money valuation (AFR)

  • Australian startup Art Money has received investment from the VC arm of auction house Christie's (AFR)

  • EnCap Investments is exploring the sale of two Permian basin-focused oil and gas producers that could collectively fetch the private equity firm nearly $3 billion USD, people familiar with the matter said on Thursday (RT)

Equity Raises

Australia & New Zealand

  • Uranium mining company ERA has put a $369m (AUD) rights issue to shareholders (AFR)

  • Gas play Hartshead Resources was seeking $20m (AUD)

  • African oil and gas explorer Invictus Energy was seeking $10m (AUD) (AFR)

Key Global

  • Frontier Digital Ventures, which owns stakes in marketplace businesses in emerging economies, has put a $12 million raising to investors to help square off earnouts from past acquisitions (AFR)

  • Abu Dhabi's Adnoc is seeking ~$1B (USD) in an IPO of its logistics unit (BBG)

  • Yibin City Commercial Bank is considering a Hong Kong IPO that could raise between $200m and $300m (USD) (BBG)

  • Fung Group is exploring an initial public offering in Singapore for its retail brands unit that could value the business at about $500 million USD, according to people with knowledge of the matter (BBG)

  • Hoppecke, a German manufacturer of energy storage units and power supplies, is weighing an initial public offering of its specialist lithium-ion unit, people with knowledge of the matter (BBG)

Debt, Restructuring & Bankruptcy

  • More than 30 jobs will be lost in Hawke's Bay with Ngāti Kahungunu announcing the closure of struggling fisheries company Takitimu Seafoods after years of losses. (RNZ)

  • BWX has entered receivership (AFR)

  • Virgin Orbit has filled for bankruptcy (BBC)

Job Board

New Zealand

  • ANZ graduate roles - Apply here

  • BDO graduate and intern roles - Apply here

  • DLA Piper insight programme, summer clerkships and clerk roles - Apply here

  • EY graduate and intern roles - Apply here

  • KPMG graduate and intern roles - Apply here

  • PWC graduate and intern roles - 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

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

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