US layoffs start

September 02, 2022

Good Morning,

Demand for personal loans in New Zealand is up, the Albanese government commits to multi-employee bargaining, NASA orders five more astronaut missions from Space X, new china export rules hit US chip manufacturers, Snap & Bed Bath & Beyond lay off 20% of their staff, Inflation tops 9% in Eurozone & Russian oil chief Maganov dies in mysterious circumstances.

Let's jump in.

Before The Bell

Markets

  • The NZ market rose slightly.

  • The Australian market was down after the biggest company in the benchmark, BHP, went ex-dividend and dropped 7.6%. (AFR)

  • The US market was down for 4th consecutive day as the Fed's commitment to raising rates has worried investors. (Stuff)

News Summary

  • Demand for personal loans in New Zealand is up. (NBR)

  • Zespri produces blocked a vote to increase overseas kiwifruit production. (NBR)

  • Callaghan Innovation is hiring private investigators to do due diligence on potential providers. (NBR)

  • NSW government gives ultimatum to train union saying if the deal isn't presented to workers by 5 pm today, it will be torn up. (9 News)

  • NSW nurses and midwives walked off the job. (9 News)

  • The Australian government commits to multi-employee bargaining. (Guardian)

  • Ellume, a Brisbane-based biotech, will enter into voluntary administration. (AFR)

  • NASA ordered five more astronaut missions from Space X in a 1.4B (USD) deal. (RT)

  • Snap lays off 20% of its staff and pulls products back to help save $500m (USD). (AX)

  • Bed Bath & Beyond will shut 150 stores and lay off 20% of staff in cost-cutting measures. (AX)

  • US mortgage demand decreased by 23% compared to last year. (CNBC)

  • US chip manufacturers hit by new china export rules. (BBC)

  • JP Morgan's Frankfurt officer searched as part of the 'CumEx' trading scandal probe. (RT)

  • Inflation tops 9% in Eurozone. (WSJ)

  • Russia deepens Europe's energy crisis with another gas halt. (RT)

  • Russian oil chief Maganov dies in mysterious circumstances. (BBC)

  • China may have committed crimes against humanity as the UN accuses them of serious human rights abuse in Xinjiang province. (BBC)

  • The Asia Pacific region raised $14.9B (USD) via IPOs in August, led by China. (BBG)

Deal Flow

Investments/ M&A

  • Rio Tinto will buy the balance of Turquoise Hill for $3.3B (USD). (BBG)

  • RedBird and the Yankees have joined to complete a $1.3B (USD) deal for the Italian football club AC Milian. (BBG)

  • Novo Nordisk, a Danish drugmaker, has acquired Forma Therapeutics in a deal valued at $1.1B (USD). (RT)

  • US PE firm Platinum is considering selling Candian logistics firm Livingston International in a deal worth ~$1B (USD).

  • Asda, a UK supermarket group, has bought the gas station business of the Co-operative Group in a deal worth $701m (USD). (BBG)

  • Italy has picked a bid led by US PE firm Certares for exclusive talks around a majority stakeholding in ITA Airways. The offer is believed to be ~$559m (USD) for a ~60% stake. (RT)

  • Origin Energy, an Australian electric and gas company, is considering buying Vocus Group's retail telecommunications arm. A deal could be worth ~$434m (AUD). (AFR)

  • Australia's biggest wind farm Stockyard Hill and its sister project White Rock Solar Farm, are up for auction as owner Goldwind looks to sell its 51% stake in Stockyard and its 100% stake in White Rock. (AFR)

VC & Fundraising

  • SeatGeek has raised $238m (USD) in a series E round. (BW)

  • Special situation credit investor Arbitrium Capital Partners is raising a new $300m (AUD) fund. (AFR)

Equity Raises

  • Strike Energy is asking for $30m (AUD) in fresh funds at a 14.45% discount. (AFR)

  • Lotus, an Australian uranium explorer, is to raise $20m (AUD) at an 18.6% discount. (AFR)

  • Virgin Australia's IPO is on hold until financial markets stabilise. (AFR)

  • Hiro Brands, a home and personal care roll-up, has delayed its IPO for the third time. (AFR)

Debt Raises

  • Pepper Money, a non-bank lender, has raised $1.25B (AUD) from its residential mortgage-backed securities. (AFR)

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