Microsoft NZ's revenue soars to $1.2b

December 12, 2023

Good Morning,

Microsoft New Zealand’s revenue has surged to $1.2 billion for the year to June 30, Luxon promises to repeal Fair Pay Agreements and reinstate 90-day trials by Christmas, 12 people have been arrested after a part of the Treaty of Waitangi exhibition at Te Papa was defaced, and Cigna Group walking away from talks with Humana Inc. putting an end to what would have been one of the biggest deals of the decade.

Let's jump in.

Before The Bell

Markets

  • The New Zealand sharemarket slipped nearly half a percent in a day of volatility and intrigue, with two takeover moves and a significant shareholding sell-down in the offing. (GR)

  • China’s real borrowing costs are expected to stay high in 2024 as deflation pressures linger and the central bank will likely avoid aggressive policy rate cuts, posing yet another threat to growth. (BBG)

  • Oil prices rose on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support. (RT)

Earnings and Data

  • Microsoft New Zealand’s revenue has surged to $1.2 billion for the year to June 30 – a more than $121 million increase on the previous year. (Herald)

News Summary

  • Chris Luxon promises to repeal Fair Pay Agreements, reinstate 90-day trials, by Christmas. (Stuff)

  • 12 people have been arrested after a part of the Treaty of Waitangi exhibition at Te Papa was defaced. (RNZ)

  • Warning sounded over any moves to defund Covid-19 vaccine. (RNZ)

  • Tech manufacturer, Rakon, had its shares go into a trading halt on Monday and told the market it received an “unsolicited, non-binding, indicative proposal from a credible industry player”. (NBR)

  • The Bay of Plenty Regional Council is reviewing its investment in Port of Tauranga, which may include selling down its stake in the port company. (NBR)

  • Corrections has been successful in its dispute with Fujitsu New Zealand over the original procurement for rostering technology. (NBR)

  • NZ space rocket startup Argo Navis Aerospace collapses. (NBR)

  • SkyCity Entertainment will pay NZ$204 million to Macquarie to settle a long-running dispute over an Auckland car park fire. (AFR)

  • CPA Australia reels from cost overruns, exec departures. (AFR)

  • Sir Collin Tukuitonga resigns from NZ government roles, citing 'no confidence'. (RNZ)

  • Australia plans to halve migrant intake, tighten student visa rules. (RT)

  • Squid Game star sparks a 69% jump in Wider Planet Inc., a Korean AI advertising stock. (BBG)

  • Israel presses ahead in battle against Hamas in southern Gaza. (RT)

  • China proposes trading cost cuts for mutual funds, to regulate commissions. (RT)

  • Cigna Group walking away from talks with Humana Inc. put an early end to what would have been one of the biggest deals of the decade. (BBG)

  • Nvidia to expand ties with Vietnam, support AI development. (RT)

Deal Flow

Investments / M&A

  • An investor group consisting of Arkhouse Management and Brigade Capital has made a US$5.8 billion offer to take department store chain Macy's private. (RT)

  • TPG Capital spruiks for new Asia growth fund, seeks A$1.5b. (AFR)

  • TikTok has agreed to spend US$840 million to buy most of Indonesian tech conglomerate GoTo's e-commerce unit. (RT)

  • William Blair and Allier Capital are collaborating to explore strategic alternatives for RP Infrastructure, the construction and infrastructure advisory business of Anacacia Capital. (AFR)

  • Being AI is hoping to join the NZX through a backdoor listing through Sean Joyce’s Ascension Capital in a deal that’s worth $45m. (NBR)

Debt

  • Papua New Guinea's state-owned petroleum company, Kumul Petroleum, is in advanced talks with Chinese banks to help fund its stakes in the two major liquefied natural gas projects in the country. The state-owned venture must raise roughly US$1.34 billion to buy the remainder of a 5% stake in the project from Santos. (RT)

Daily Picks

  • Woman travelling in Morocco gets Arabic tattoo which reads ‘mayonnaise’ after using Google Translate. (Herald)

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