Goodbye 3G đź“ł

Author

Jay Geris
July 11, 2023

Good Morning,

2degrees to join One NZ and Spark in switching off 3G, Leaked video reveals hundreds of healthcare jobs could be cut in Victoria, and China Tightens Content Controls on Social Media Influencers.

Let's jump in.

Before The Bell

Markets

  • Markets were up over the past two days. The NZX 50 lost -0.6%, to 11,912.73 the ASX 200 decreased -0.5% to 7,004.00, the S&P 500 dropped -0.3% to 4,398.95 and the Nasdaq decreased -0.1%. All treasury bond yields increased.

  • Deflation risk in China hammer Fletcher Building and a2 shares (Stuff)

  • Australia’s bond market has positioned for a sustained era of higher interest rates as the three-year bond rate held steady at 4.23 per cent, its highest level since October 2011 (AFR)

Earnings and Data

  • Consumer inflation in China slid to zero in the last month, increasing the risk of deflation in Australia’s largest trade partner and piling pressure on Beijing to launch stronger economic stimulus (AFR)

News Summary

  • Football Ferns beat Vietnam 2-0 in their final game before FIFA Women's World Cup (Stuff)

  • 2degrees has joined One NZ and Spark in announcing a closure date for its 3G mobile network, meaning there will soon be no easy options to use tens of thousands of older mobiles in New Zealand (Stuff)

  • Revolut’s US payment flaws allowed thieves to steal US$20 million (Herald)

  • More than 300 full-time jobs will be cut from Victoria's Department of Health (9 News)

  • Small businesses suffer as the price of chocolate soars (9 News)

  • China is tightening controls on independent content creators in its latest regulatory guidelines for tech companies (BBG)

  • Taiwan’s stock exchange is expecting applications for new share listing to increase by more than 50% this year as it seeks to diversify its reliance from the technology sector (BBG)

  • Lawyer charged with falsely claiming $450k in Govt funding (NBR)

  • India is poised to become the world’s second-largest economy by 2075, leapfrogging not just Japan and Germany, but the U.S. too, says Goldman Sachs (CNBC)

Deal Flow

Investments / M&A

  • Infrastructure investor Infratil has announces a conditional deal to buy 80% of a global network business, Console Connect, for USD$160 million (NBR)

  • NestlĂ© SA is discussing a potential sale of its peanut allergy medicine to Swiss healthcare group Stallergenes Greer (BBG)

  • Alibaba Group Holding Ltd. is considering selling shares to Ant Group Co. as part of the fintech company’s planned buyback after financial regulators wrapped a nearly three-year probe into the financial technology company (BBG)

  • U.S. private investment firm Bain Capital is in talks to buy Indian ice cream maker Vadilal and also considering taking control of Vadilal Industries and Vadilal Enterprises, which make and market the ice cream (RT)

  • Buyout house TPG is buying a business unit of software provider Forcepoint for USD$2.45 billion from Francisco Partners (RT)

VC & Fundraising

  • Mid-market private equity firm Next Capital has locked in AUD$375 million for its latest fund, which saw domestic investors account for more than half of commitments and a final close ruled off last week (AFR)

  • Western Australian copper junior Cyprium Metals was asking investors for an AUD$35 million cash injection on Monday morning, offering to part with shares at a whopping 63.6 per cent discount to the last close (AFR)

  • Lindian Resources, the rare earths and bauxite explorer whose shares are up 80 per cent this year, had Euroz Hartleys rounding up investors for an AUD$30 million raising on Monday (AFR)

Daily Picks

  • Reserve Bank will leave interest rates unchanged on Wednesday, economists agree (Stuff)

  • NZ Post is the latest firm being impersonated by text scammers - with messages linking to a “convincing” fake of the company’s site (Herald)

Job Board

New Zealand

  • ASB rural banking graduate - Apply here

  • Waterman Capital investment analyst - 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

  • Macquarie graduate roles - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

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