Leap year glitch sparks fuel station outages

Good Morning,

A leap year technical glitch is being blamed for causing outages at fuel stations across the country, Aussie finfluencer, the ‘ASX Wolf’ hit with bankruptcy order, and Newshub's investigations correspondent says staff are planning to put forward a counter proposal to save the outlet's news operation.

Let's jump in.

Before The Bell

Markets

• As February’s varied earnings season wrapped up, Thursday’s trading on the New Zealand stock exchange produced more of the month's flavour: slow and steady decline. (GR)

• Australia’s GDP growth fears firm on tepid business spending figures. (AFR)

• US stock futures edged lower and bonds fell as investors braced for a print of the Federal Reserve’s key inflation metric, which will help identify the path forward for interest rates. (BBG)

Earnings and Data

• Harvey Norman shares jumped 4.4 per cent after founder Gerry Harvey told investors sales improved in January and he was confident of an extended rebound. (AFR)

News Summary

• Newshub's investigations correspondent says staff are planning to put forward a counter proposal to save the outlet's news operation. (RNZ)

• Closure of five ASB branches sparks concern for older customers. (RNZ)

• Trade Me estimates the average New Zealander has more than $1000 worth of unwanted possessions lying around their house. (RNZ)

• Property developer offers to buy Wellington's Reading Cinema complex. (RNZ)

• A leap year technical glitch is being blamed for causing outages at fuel stations across the country. (RNZ)

• Horror week for media continues with lay-offs at Stuff. (NBR)

• Aussie finfluencer, the ‘ASX Wolf’ hit with bankruptcy order. (NBR)

• Tardy airlines in select committee’s spotlight. (NBR)

• Ban on GMOs in NZ could be lifted by end of 2025. (NBR)

• Magnitude 4.7 quake shakes lower North Island. (Stuff)

• Macquarie ups the ante on big four banks with A$5b deposit attack. (AFR)

• Winklevoss twins’ crypto firm Gemini to return US$1.7b to customers. (AFR)

• Goldman sees ANZ investors waking up to activism. (BBG)

• WeightWatchers shares drop as Oprah Winfrey decides to exit board. (RT)

• US regulators investigate whether OpenAI investors were misled, say reports. (Guardian)

• First North Korea spy satellite is ‘alive’ and being controlled, experts say. (Guardian)

Deal Flow

Investments / M&A

• Tasmania's ABEL Energy is seeking A$65 million in funding for its $1.7 billion Bell Bay Powerfuels project to produce green methanol for shipping. (AFR)

• Fletcher Building has engaged Miles Advisory to manage the divestment process for its underperforming Tradelink plumbing supplies division in Australia, with the sale aimed to alleviate financial pressures and execute an executive shake-up. (AFR)

• New Zealand tech company Rakon is weighing a $NZ1.70 per share offer from Skyworks Solutions, with investor scrutiny on board engagement. (AFR)

• Record Point launches auction for Snap Fitness, attracting interest from Australian private equity, boasting 333 facilities in the Asia-Pacific, with $21 million EBITDA last year, aided by Stifel Financial Corp in the sale process. (AFR)

Daily Picks

• Blink-182 finally addressed the cancellation of their Christchurch show by taking a jab at the city while performing in Melbourne. (Stuff)

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