Shock electricity prices are coming⚡️

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Admin
March 16, 2023

Good Morning,

Trade Window will cut up to 35 roles which is one-third of their workforce, the NZ pipfruit crop is estimated to be down 21% post-Cyclone Gabrielle, electricity prices are set to increase by 20% in some Australian states, US CPI was in line with market expectations at 6% YoY, Honduras is seeking official relations with China, Meta is laying off 10,000 staff & OpenAI has announced ChatGPT successor GPT-4.

Our job board is now in full force with intern and grad season upon us. We will shift our focus to more general roles once this is over. If your company would like to advertise a role, please get in touch with us at [email protected] 

Let's jump in.

Before The Bell

Markets

  • The NZX was up 0.2% after a day of bouncing around

  • The ASX rose 0.9% on the back of US CPI coming in as expected and reduced concerns about the US banking crisis. Australian financial stocks were up 0.9%, with regional banks up over 2% (AFR)

  • The US markets jumped as bank stocks rallied

  • Bitcoin hit a nine-month high

Earnings and Data

  • Argentina's inflation hit 102.5% YoY in February (BBC)

  • Briscoe Group reported a profit of $88.4m (NZD), up from $87.9m (NZD) last year. It also increased sales by 5.5% and will pay a dividend of 16c per share (Stuff)

  • US CPI rose 6% YoY and was up 0.4% in February. This was in line with market expectations (CNBC)

News Summary

  • NZX-listed software company Trade Window will cut up to 35 roles which is one-third of their workforce (Stuff)

  • Liquidated company NZ Tiny Homes have had to hand over nearly and partially completed homes (Stuff)

  • NZ Police Minister Stuart Nash has resigned from the role but has kept his other portfolios (Herald)

  • The NZ pipfruit crop is estimated to be down 21% post-Cyclone Gabrielle (Herald)

  • Electricity prices are set to increase by 20% in some Australian states (9 News)

  • HSBC has cut base pay for some UK bankers by 25% ahead of the potential reforms (BBG)

  • The RAF and German jets intercepted a Russian aircraft near Estonian airspace (BBC)

  • A US drone has crashed into the Black Sea following an encounter with a Russian fighter jet (BBC)

  • Honduras is seeking official relations with China in a blow to Taiwan (BBC)

  • Meta is laying off 10,000 staff and will leave 5,000 vacancies unfilled (BBC)

  • OpenAI has announced ChatGPT successor GPT-4 (BBC)

Deal Flow

Investments / M&A

  • Samsung plans to invest $230.8B (USD) over 20 years in South Korea, which will be put towards five chip factories (BBC)

  • ByteDance was valued at ~$220B (USD) when UAE Royal's G42 bought a $100m + stake (BBG)

  • Saudi Arabia plans to buy 121 Boeing 787 Dreamliner Planes costing ~$37B (USD) for its new airline Riyadh Air and existing airline Saudia will purchase 39 planes (BBG)

  • Apollo Global will buy chemical maker Univar Solutions for $8.1B (USD), including debt (BBG)

  • Blackstone is buying event software company Cvent Holdings in a deal which values the business at $4.6B (USD) (BBG)

  • HKBN, a broadband provider in Hong Kong, could be the party of a bidding war between PE firms PAG and I Squared Capital. A bid could value the company at more than $1B (USD) (BBG)

  • I Squared Capital, a PE fund focused on infrastructure investments, is considering selling a minority stake in the Indian natural gas supplier Think Gas Distribution at more than $1B (USD) (BBG)

  • Kelsian Group, an ASX-listed transport group, has purchased the bus company All Aboard America! for $487m (AUD). The acquisition will be funded via a mixture of debt and equity (AFR)

  • Close the Loop, an ASX-listed sustainability-focused recycling business, has purchased US refurbished electronics business ISP TEK Services for $66m (USD) (AFR)

  • An hour after Sandon Capital disclosed a new 5.6% holding in Global Data Centre Group, stockbroker Aitken Murray crossed a line of 7.7m shares. The stake was worth 10% and believed to have come from Regal Funds (AFR)

  • A private-public partnership backed by BlackRock Alternatives plans to buy a 31.25% stake in Lake Turkana Wind Power, Africa's largest wind farm located in north Kenya (BBG)

  • There is at least one external bidder in the mix for Sun Cable, along with Mike Cannon-Brookes and Andrew Forrest (AFR)

  • Next Capital is mulling its options for non-bank lender SilverChef's hospitality business and has bought in Grant Samuel's for advice. It is considering either a debt refinancing or sale (AFR)

  • Insurance broker Honan Insurance Group, which is backed by TA Associates, has acquired its sixth business in the past six months. The latest purchase was Certus Insurance Brokers, a kiwi-firm. The acquisition was funded via a debt facility from Macquarie (AFR)

  • Spaceship Financial Services has been testing M&A interest (AFR)

  • Chipper Cash, an African-focused fintech that was backed by FTX and SVB, is weighing its options, including a sale or seeking new investors (BBG)

  • US regulators have started soliciting interested bidders for Signature Bank (BBG)

  • The Saudi National Bank who is the biggest shareholder of Credit Suisse has ruled out investing more (BBG)

VC & Fundraising

  • General Catalyst, a venture capital firm, aims to raise $5B (USD) for its next flagship fund (BBG)

  • The City of Sydney has chipped in $29m to help fund a new city centre hub for climate technology startups (AFR)

  • NZ rum startup Bayside Rum is seeking to raise $130k (NZD) via Pledge Me (Stuff)

  • NZ Agri-tech startup WayBeyond has received investment from the VC arm of global chemical and seed giant BASF and is seeking to raise further capital this week (NBR)

Equity Raises

  • PT Trimegah Bangun Persada, an Indonesian metal and mining firm known as Harita Nickel, started taking orders for its IPO, which could raise as much as $647m (USD) (BBG)

  • Kelsian Group's acquisition of All Aboard America! will be funded via a $281m (AUD) equity raise underwritten by Macqauire and a $2m (AUD) vendor conditional share issued (AFR)

  • Eco-shop, a budget retail chain in Malaysia, is weighing an IPO in Kuala Lumpur that could raise as much as $179m (USD) (BBG)

  • Close the Loop is raising $40m (AUD) to fund its acquisition of ISP TEK Services (AFR)

  • Credit Suisse executives say they expect the First Boston IPO to be complete by 2025 (BBG)

Debt and bankruptcy/restructuring 

  • Brookfield is tapping Australian and overseas banks to bankroll its private hospital business Healthscope after securing a core group of banks for a $1.6B (AUD) senior debt package (AFR)

  • Kelsian Group will draw down $226m (AUD) in debt to fund the acquisition of All Aboard America! (AFR)

  • Receivers have been appointed to early childhood services Rainbow Corner and Porse (Stuff)

Daily Picks

  • If you want to learn more about the first energy company in New Zealand to become Toitū climate positive certified, click the link here

  • Want to know more about the Silicon Valley and Signature Bank collapse, read this article by the BBC

  • Want to learn why Counter Press SPAC's bid for a stake in Werder Breman failed, check this article by Bloomberg

Job Board

New Zealand

  • ANZ graduate roles - Apply here

  • BCG graduate roles - Apply here

  • BDO graduate and intern roles - Apply here

  • Bell Gully summer intern roles - Apply here

  • BNZ graduate roles - Apply here

  • Buddle Findlay summer clerkships - Apply here

  • Chapman Tripp winter and summer clerkships and clerk roles - Apply here

  • Deloitte intern roles - Apply here

  • Deloitte graduate roles - Apply here

  • DLA Piper insight programme,summer clerkships and clerk roles - Apply here

  • Duncan Cotterill summer clerkships and grad roles - Apply here

  • EY graduate and intern roles - Apply here

  • Forsyth Barr associate analyst (Wellington) - Apply here

  • Forsyth Barr associate analyst global equities (Wellington) - Apply here

  • Grant Thornton graduate roles - Apply here

  • KPMG graduate and intern roles - Apply here

  • PWC graduate and intern roles - Apply here

  • Russel McVeagh summer clerkships - Apply here

  • Russel McVeagh clerks - 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

    • Women in banking scholarship - Apply here

    • Winter internships - Apply here

    • 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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