Can We Truss Her to Keep the Lights On?

September 09, 2022

Good Morning,

California avoids blackouts, Truss unveils aid plan, Biden delays decision on China tariffs put in place by Trump, Ukraine recaptures settlements from Russian forces, the Mainzeal case is back in the headlines, Apple announces new iPhone 14, Norway's economy contracts in July on lower spending, New York state ends Covid mask rules, Kim Kardashian launches private equity fund, Thomas Tuchel sacked as Chelsea boss and Napoli blast 4 past Liverpool. 

Let's jump in.

Before The Bell

Markets

  • Global markets were up as investors' fears were cooled after rates and oil prices came in lower.

  • The tech-heavy Nasdaq broke a seven-day losing streak whilst West Texas Crude Oil settled at its lowest price since January.

  • Bond yields fell around the world following a jump the previous day.

News Summary

  • A limited partnership linked to Mainzeal was controversially dissolved (NBR)

  • Meredith Connell fights the release of files on PVL (NBR)

  • One in five visa requests were approved in the month after the border opened (Herald)

  • The Australian Reserve Bank Governor hinted at a slower pace of monetary tightening going forward. (AFR)

  • 128,100 working days lost in Australia due to strike action (AFR)

  • California avoids blackouts for a third day (BBG)

  • The US has approved a $2.6B (USD) aid package for Ukraine and its allies. (BBC)

  • Fed inflation battle to spur greater economic harm than previously realised (BBG)

  • Biden to host call with allies on support for Ukraine (BBG)

  • Kim Kardashian to launch PE firm with a former Carlyle partner. (RT)

  • Suspect in Canadian stabbing spree dies after arrest (BBC)

  • The Bank of Canada lifts rates by 0.75% to a 14-year high of 3.25%. (RT)

  • Truss announced a price cap of £2,500 annually through 2024 for a typical household energy bill. The support scheme could cost up to £150B. (BBC)

  • UK bond traders cautious as Truss unveils aid plan (BBG)

  • The Queen is under medical supervision as her doctors are concerned. (BBC)

  • Zelensky hails good news as Ukraine recaptures settlements (BBC)

  • ECB poised for another big hike as inflation soars (RT)

  • The new iPhone will be available in Russia, says Russian Trade Minister (RT)

  • Thomas Tuchel sacked as Chelsea coach (BBC)

  • Alcaraz beats Sinner in US Open thriller that lasted until 3 am (BBC)

Deal Flow

Investments/ M&A

  • EQT Corp has agreed to buy Marcellus Gas and Pipeline Assets for $5 billion (USD). (BBG)

  • Sitio Royalties eyes energy gains by buying gas rights company Brigham Minerals in a $4.8 billion (USD) deal. (RT)

  • Potentia Capital and partner HabourVest have put a $1.27 bid per share in for Tyro Payments. Implying a valuation of ~$658m (AUD). Tyro rejected the offer. (AFR)

  • Nordic Capital and CVC Funds have increased their offer prices for Swedish glass repair company Cary Group to 70 kroner (USD$6.5) per share (BBG)

  • Pacific Premium Coal, a private syndicate, has put a $1 (AUD) a share bid in for coal mining company Australian Pacific Coal. (AFR)

  • Igneo has won the auction for a 60% stake in wind farm asset Lal Lal (AFR)

  • New Zealand medical courier provider Cedra Express has been snapped up by UPS Healthcare (NBR)

  • Instacart is acquiring Rosie Applications, an online grocery startup focused on local retailers and wholesalers (BBG)

VC & Fundraising

  • Compliance technology and data analytics firm SteelEye announced the completion of a $21 million (USD) Series B funding round (BW)

  • Spice AI raises $13.5 million (USD) in seed funding to enable Web3 developers to build data (BW)

  • Sator Grove Holdings announces $125 million follow on capital raise (BW)

Equity Raises

  • Lithium Power is running a $20 million (AUD) placement to fund work at its Maricunga lithium brine project in Chile (AFR)

  • Healthia Limited is readying a $15 million (AUD) capital raise as an entitlement offer (AFR)

  • Australian furniture and mattress startup Kola headlined the IPO class of 2023 meetings run by Ord Minnett. (AFR)

  • Australian miner Mineral Reserve is considering spinning off its lithium arm and listing it in the USA. (AFR)

  • AustralianSuper is in talks to buy Brookfield Infrastructure Partners-owned technology business ENE.HUB. (AFR)

Debt Raises

  • Dollar General Corporation announces pricing of $2.3 billion (USD) of senior notes (BW)

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