UK Banks get clean medical 🏥

Good Morning,

NZ PM Chris Hipkins has ruled out a wealth and capital gains tax, the RBNZ has left the OCR at 5.5%, the G7 will announce a long-term security package for Ukraine, North Korea fired a long-range missile & the top UK banks have received a clean bill of health from the BoE.

Let's jump in.

Before The Bell

Markets

• The NZX finished marginally down. Fletcher Building had a strong day, up 1.12%

• The ASX was up along with the US and UK markets ahead of the CPI reading from the US

• The GBP hit 15-month highs, and the USD hit a two-month low against foreign currencies

Earnings and Data

• The RBNZ has left the OCR at 5.5% (Stuff)

• KMD Brands announced it is on track to hit $1B (NZD) of sales despite harder Q4 trading conditions. It fell 8.5% to 0.95c (Stuff)

• NZ migration numbers are still high but are starting to cool (Stuff)

• USX-listed Syft Technologies has flaged that it expects to make a loss of $13.4m (NZD) (NBR)

News Summary

• NZ PM Chris Hipkins has ruled out a wealth and capital gains tax (Stuff)

• The RBA will now set interest rates eight times a year (9 News)

• Unions have publicly rejected a proposal to see pay cuts for public servants who work from home (9 News)

• Australians are struggling to pay off credit card debt (9 News)

• Microsoft has been cleared to buy Activision in the US (AFR)

• Canada is probing Nike and Dynasty Gold over claims of using Uyghur forced labour (BBC)

• Bank of America has been fined for junk fees and fake accounts (BBC)

• North Korea fired a long-range missile after threatening the US (BBC)

• The G7 will announce a long-term security package for Ukraine (BBC)

• Zelensky will meet NATO leaders after they rejected his call for a timeline for Ukraine’s membership (RT)

• China has launched the first methane-liquid rocket (RT)

• The US no longer views Donald Trump as immune from E. Jean Carroll lawsuit (RT)

• The top UK banks have received a clean bill of health from the BoE (BBG)

Deal Flow

Investments / M&A

• Broadcom’s $61B (USD) acquisition of cloud-computing company VMware is close to getting sign off from the EU watchdog (BBG)

• Eroad has rejected a $1.30 takeover bid from Canadian company Volaris saying it materially undervalues the business (NBR)

• ~17.4m shares of Cettire have changed hands in three block trades over the last couple of days. The blocks were priced at $3.46 and $3.49. (AFR)

• Apex Greenhouses, the largest greenhouse builder across Australia and New Zealand, has sold a small stake to Dutch company GreenV BV (AFR)

• Incitec Pivot is looking to separate its fertiliser and explosive divisions (AFR)

• Laurentian Bank is looking at a possible sale (BBG)

• Wealth-management software company Avantax is exploring its options, including a potential sale (BBG)

• Disney is weighing options for its Indian TV business (BBG)

• Murry & Roberts’ buyback of RUC Cementation Mining Contracts is dragging on (AFR)

VC & Fundraising

• PE firm Cinven is seeking more time to close its €12B buyout fund (BBG)

• AI Startup Alphasense is raising funds at a $2.5B (USD) valuation (BBG)

• Elevate NZ has reached its goal of $1B (NZD) in public-private funding (NBR)

• 777 Partners is seeking €200m for football investments (BBG)

• Sydney-based venture capital firm OIF Ventures has raised $55m (AUD) over the last few weeks (AFR)

• International Medical Robotics Academy has raised $5.6m (AUD) (AFR)

• Genoapay founders launched Simfuni, a new insurance payment platform. The company raised ~$3m about two months ago in a round led by Icehouse Ventures and GD1 (NBR)

Equity Raises

• CurveBeam AI, a medical imagery business, is looking to raise $25m (AUD) via an IPO. It plans on listing with a market cap of $153.7m (AUD) (AFR)

Job Board

Australia

• Goldman Sachs Investment Banking Intern - Apply here

• IMC graduate and intern roles - Apply here

• Jarden

  • Graduate role - Apply here

  • Summer internships - Apply here

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