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2024 Campaign vs. Criminal Charges: Can Trump Juggle Both?

April 01, 2023

Good Morning,

Trump criminally charged in New York, a first for a US ex-president, Chief Ombudsman reopens Nash OIA investigation, US grieves as funerals set for Nashville school shooting victims, Global breakthrough treating childhood cancer with artificial intelligence, Russia's isolation over Ukraine grows with US reporter arrest, NATO expansion, At Least 35 People Dead in India After Temple Structure Collapses During Hindu Festival, and White House Tries to Keep China Calm While Taiwan’s Tsai Visits the US.

Let's jump in.

Before The Bell

Markets

  • Markets were predominately up on the day. The NZX 50 was up +1.7% to 11,933.17, the ASX 200 increased +1.0% to 7,122.3, the S&P 500 gained +1.4% to 4,027.81 and the Nasdaq grew +1.8%. All treasury bond yields increased as well.

  • Q1 was hard to get a handle on, and a choppy Q2 beckons (RT)

  • Britain's economy grew in the fourth quarter of last year, official data showed on Friday, with a jump of business at travel agents and state support for soaring energy bills helping the country avoid falling into recession (RT)

  • China's manufacturing activity expanded at a slower pace in March, official data showed on Friday, raising doubts about the strength of a post-COVID factory recovery amid weaker global demand and a property market downturn (RT)

  • Japan said on Friday it will restrict exports of 23 types of semiconductor manufacturing equipment, aligning its technology trade controls with a U.S. push to curb China's ability to make advanced chips (RT)

  • US equity futures ticked higher and Asian stocks advanced as a gauge of global shares headed for a second-straight quarterly gain, underscoring investor optimism in the face of banking turmoil and elevated interest rates (BBG)

Earnings and Data

  • One of New Zealand's largest meat companies, Silver Fern Farms, has lifted its net profit after tax by 82 per cent (Herald)

  • Virgin Orbit is ceasing operations “for the foreseeable future” after failing to secure a funding lifeline, CEO Dan Hart told employees during an all-hands meeting Thursday (CNBC)

News Summary

  • The National Party is calling for clarity as 1600 jobs at Te Whatu Ora Health New Zealand go up for consultation (1 News)

  • Maadi Cup is the pinnacle of high school rowing but for some areas, the achievement lies in just being there (1 News)

  • Taranaki Maunga is one step closer to becoming a legal person following the preliminary signing of a collective Treaty settlement today (1 News)

  • The Chief Ombudsman today announced he has reopened an investigation into an Official Information Act (OIA) complaint against former government minister Stuart Nash (1 News)

  • Police are warning the public not to approach a "dangerous" 74-year-old woman being sought in Auckland (1 News)

  • Funeral arrangements were disclosed today for the six people killed in this week's school shooting in Nashville, as the grieving city mourns the victims of the horrific attack that transformed what should have been a normal day of school on a bright, sunny morning into wrenching tragedy (1 News)

  • New South Wales motorists have been warned that tolls will increase this week due to an agreement made by the former state government (9 News)

  • Aussie music legend John Farnham is back in hospital with a respiratory infection after undergoing surgery to remove mouth cancer last year (9 News)

  • Donald Trump has been indicted by a Manhattan grand jury after a probe into hush money paid to porn star Stormy Daniels, becoming the first former U.S. president to face criminal charges even as he makes another run for the White House (RT)

  • Russia has charged an American journalist with spying while Finland moved closer to becoming a NATO member, deepening tensions between Moscow and the West as the war in Ukraine reached its 400th day on Friday (RT)

  • The Biden administration is going to unprecedented lengths to play down the importance of Taiwan President Tsai Ing-wen’s visit to the US this week, as officials try to keep an already soured relationship with China from getting any worse (BBG)

  • Thirty-five bodies have been found inside a well at a Hindu temple in central India after dozens of people fell into the muddy water when the well’s cover collapsed, officials said Friday (BBG)

  • President Vladimir Putin signed a decree to enrol into the army 147,000 conscripts aged between 18 and 27 during the spring draft (BBG)

  • Less Than Half of US Workers Use All Their Vacation Days (BBG)

  • China’s small banks have problems — but they don’t carry the same risks as those exposed by the collapse of Silicon Valley Bank, said Zhu Min, vice president of the China Center for International Economic Exchanges, a state-backed think tank (CNBC)

  • Under Armour’s new partnership with Steph Curry will last beyond the NBA star’s retirement (CNBC)

  • Jailed former Malaysian Prime Minister Najib Razak loses final bid to review graft conviction (CNBC)

  • OpenAI is facing a new complaint to the Federal Trade Commission that urges the agency to investigate the group and suspend its commercial deployment of large language models, including its latest iteration of the popular tool ChatGPT (CNBC)

Deal Flow

Investments / M&A

  • Britain's competition watchdog said on Friday it would refer UnitedHealth Group's 1.24 billion pound ($1.54 billion USD) acquisition of healthcare technology firm EMIS for a Phase 2 investigation (RT)

  • Canada is set to approve on Friday a transfer of wireless licenses that will finally settle Rogers Communications Inc's C$20 billion ($15 billion USD) bid for Shaw Communications Inc, the Globe and Mail reported (RT)

  • Nestle SA, the world’s biggest food group, is among final bidders competing to acquire India’s Capital Foods Pvt as it seeks to boost its presence in the fast-growing economy, people familiar with the matter said (BBG)

  • Ford Motor Co. will take a direct stake in a battery-nickel plant under construction in Indonesia, deepening its role in the supply chain as carmakers try to secure materials for electric vehicles (BBG)

    • Rio Tinto Group agreed to sell a majority stake in its La Granja copper project in Peru to First Quantum Minerals Ltd., as the world’s second-largest miner focuses on flagship developments in Mongolia and the US (BBG)

    • NZX-listed trade software company TradeWindow will sell a 19.99% stake to a global blockchain company for $11.1 million NZD after last month’s $20m NZD capital raise fell well short (NBR)

    VC & Fundraising

    • Rugby Australia plans to kick off the search for new investors as soon as in the next two weeks as it gets ready for key international games, including the 2029 World Cup and to fund the growth of women’s rugby (BBG)

      Equity Raises

      • Cainiao Network Technology Co., the logistics arm of Alibaba Group Holding Ltd., has started preparations with banks for its Hong Kong initial public offering, people familiar with the matter said, paving the way to be the first of the Chinese tech firm’s six business units to go public (BBG)

      • Owner of Expat Go-to Website Dubizzle Considers UAE IPO (BBG)

      • Bed Bath& Beyond warns of bankruptcy risk in $300m (USD) offering (BBG)

      Debt 

      • ArcelorMittal SA on Friday said its Indian steelmaking joint venture with Asian peer Nippon Steel Corp has entered into a $5 billion USD loan deal with a consortium of Japanese lenders (RT)

      • Northern Star gets $US600m at 6.1pc from US debt capital markets (AFR)

      Daily Picks

      • A retired Porirua woman woke up her sleeping husband to ask if she was dreaming after discovering they'd won $7 million in Powerball on Wednesday night (1 News)

      • Researchers have found a way to make digital models of tumours to help find new treatments for childhood cancers (9 News)

      Job Board

      New Zealand

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      • Forsyth Barr associate analyst - Apply here

      • Forsyth Barr associate analyst (global equities) - Apply here

      • Grant Thornton graduate roles - Apply here

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      • Russell McVeagh summer clerkships - Apply here

      • Russell McVeagh clerks - Apply here

      Australia

      • Citadel Securities graduate and intern roles - Apply here

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