Key Vehicle Manufacturers in Hot Water 🚘

May 13, 2023

Good Morning,

NZ Kindergarten teachers agree to pay rises, More than 2 million Toyota users face the risk of vehicle data leak in Japan, Tesla Recalls 1.1 Million Cars in China Over Braking Defect, Elon Musk says he has found new Twitter CEO, Meta unveils A.I. ‘testing playground’ to help advertisers build campaigns, and Monthly Mortgage Payments Could Surge 22% If US Defaults.

Let's jump in.

Before The Bell

Markets

  • Markets were mixed over the past day. The NZX 50 gained +0.4%, to 11,938.84, the ASX 200 increased +0.1% to 7,256.70, the S&P 500 decreased -0.2% to 4,130.62 and the Nasdaq grew 0.2%. All treasury bond yields decreased.

Earnings and Data

  • Britain's economy grew by 0.1% in the first three months of 2023, a period that was once expected to be part of a long recession, but an unexpectedly sharp 0.3% drop in March underscored how fragile its recovery remains (RT)

  • UK's THG shares dive 20% as another suitor bites the dust (BBG)

News Summary

  • A 13-year-old girl from Wellington who was missing for two days has been found "safe and well" (1 News)

  • A Wellington brothel owner has been sentenced to 11 months home detention after pleading guilty to two charges of tax evasion - failing to pay $663,513 (1 News)

  • An influencer who staged a California plane crash to make a YouTube video of himself parachuting to safety has agreed to plead guilty to obstructing the investigation by destroying the wreckage, the US Justice Department said today (1 News)

  • Kindergarten teachers have settled their pay dispute, but primary and secondary school teachers are continuing their own attempts to negotiate (1 News)

  • Chris Hipkins tells Māori Party to be 'careful' with policy demands (Stuff)

  • Tesla Inc. will need to fix almost every car it’s ever sold in China due to an issue with the vehicles’ acceleration systems (BBG)

  • The disgraced former NRL star Jarryd Hayne will be in jail for at least another two years for sexually assaulting a woman after the 2018 NRL Grand Final (9 News)

  • PwC Global intervenes in Australian tax leaks scandal (AFR)

  • The U.S. on Friday ended COVID-19 border restrictions that blocked many migrants at the border with Mexico, immediately replacing the so-called Title 42 order with a sweeping new asylum regulation meant to deter illegal crossings (RT)

  • Toyota Motor Corp said on Friday the vehicle data of about 2.15 million users was left publicly available in Japan for about a decade from November 2013 to mid-April (RT)

  • Netflix’s $2.5 billion USD investment in Korean content appeals to audiences worldwide (CNBC)

  • UBS Chief Executive Sergio Ermotti said on Friday that the situation at Credit Suisse has stabilized and he did not think outflows at the embattled bank were continuing (CNBC)

  • Elon Musk said on Thursday he has found a new chief executive for Twitter but did not name the person, while the Wall Street Journal reported that Comcast NBCUniversal executive Linda Yaccarino was in talks for the job (RT)

  • Super Rugby Pacific leaders stunned in New Plymouth (Herald)

  • Higher mortgage rates are another potential risk facing the economy if the US defaults on its debt (BBG)

Deal Flow

Investments / M&A

  • Toshiba Corp said on Friday it was working with Japan Industrial Partners (JIP) to quickly complete a $15-billion USD buyout by the private equity firm, as the industrial conglomerate forecast another year of weak earnings (RT)

  • Renault wants to attract further investors to its electric vehicle unit Ampere and premium sports brand Alpine, CEO Luca de Meo said on Thursday (RT)

  • Australian lithium producer Allkem surged more than 14% on Thursday after announcing a $10.6 billion merger with U.S- based Livent to create the third-largest producer of the key component used in electric-vehicle batteries (RT)

  • GSK Plc raised ÂŁ804 million ($1 billion USD) selling a stake in Haleon Plc, the consumer health-care division it spun off as a separate company last year (BBG)

  • IGO sells into Wyloo’s takeover offer for Mincor (AFR)

  • Waterman Capital principals boost stake in Allied Farmers (NBR)

VC & Fundraising

  • FWD Group Holdings Ltd. is weighing a private funding round as the Asian insurer’s long-planned initial public offering is set to be delayed again amid weak market conditions, according to people familiar with the matter (BBG)

  • EQT AB is in talks with lenders to raise up to ÂŁ1.2 billion ($1.5 billion) to support its potential takeover of veterinary drugmaker Dechra Pharmaceuticals Plc in what would be one of the largest take-private deals in the UK this year (BBG)

Equity Raises

  • Saudi Aramco has seen progress slow for the planned initial public offering (IPO) of its energy trading unit, two sources with knowledge of the matter said on Thursday (RT)

  • SoftBank Group Corp. has started testing investor appetite for an initial public offering of British chip designer Arm Ltd., which could raise as much as $10 billion USD, people with knowledge of the matter said (BBG)

Daily Pick

  • Bargain hunting shoppers boost sales at discount retailer The Warehouse (Stuff)

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

The Daily Deck is sponsored by Industrial Equity, LLC

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