NZ Avoids Technical Recession....For Now

September 16, 2022

Good Morning,

NZ escapes technical recession with GDP result, Infratil to sell $100 million (NZD) slice of Wynyard Quarter, Billionaire boss of Patagonia gives firm to charity, Missile hits near President Zelensky's home city, Pushpay deal talks closing on decision time, Baker Tilly allows working OE, Negotiations continue as US rail-strike deadline nears and Erling Haaland stamps his claim as one of the best players in world football.

Let's jump in.

Before The Bell

Markets

  • NZ markets were flat as investors look to the Reserve Bank's next move.

  • World markets were mixed as traders assessed the Fed's rate path.

News Summary

  • New Zealand's economy shows underlying signs of slowing, suggesting further hikes are needed. (NBR)

  • Pushpay deal talks closing on decision time. (NBR)

  • More businesses are using private health insurance to lure workers. (NBR)

  • Baker Tilly allows employees to work for the firm whilst overseas. (NBR)

  • Air New Zealand set to receive first sustainable jet fuel drop. (NBR)

  • Infratil to sell $100 million (NZD) slice of Auckland's Wynyard Quarter. (Herald)

  • Missiles hits near President Zelensky's home town. (BBC)

  • Pakistan dengue cases soar after record flood. (BBC)

  • Negotiations continue with US rail workers as the deadline nears. (BBG)

  • Turkish revenue swung to a narrow surplus on tax revenue in August. (BBG)

  • South Korea 'cryptocrash' boss faces arrest warrant. (BBC)

  • A solid jobs report supports the case for RBA to keep up rates pace. (AFR)

  • Ethereum completed a long-awaited energy-saving 'merge'. (AFR)

  • Virgin Australia is on track for a 2023 IPO. (AFR)

  • Founding Barrenjoey partner Anna Schibrowski has resigned. (AFR)

  • Citi offers junior bankers lower hours in the sun with their new Malaga office. (BBC)

  • Haaland finished acrobatically to give Manchester City all three points against Borussia Dortmund in the Champions League. (BBC)

Deal Flow

Investments/ M&A

  • Computer software company Adobe has agreed to buy software design start-up Figma Inc in a deal worth ~$20B (USD). (BBG)

  • Drugmaker Apollomics agrees to merge with Maxpro SPAC, valuing the company at about $1B (USD). (BBG)

  • Former Barclays CEO Bob Diamond takes stake in investment bank Cascadia Capital. (BBG)

  • The world's largest hedge funds have built stakes in smokeless tobacco company Swedish Match. (BBG)

  • AFC Bournemouth's owner has revived his interest in selling the club after it returned to the premier league. Its believed to be valued at ~$150m (USD). (BBG)

  • Boss of Patagonia Clothing to transfer ownership of the firm to two charities. (BBC)

  • Total Energies sold its 18% interest in the Iraqi Sarsang oil field. (RT)

VC & Fundraising

  • Prime Movers Lab, a VC firm focusing on breakthrough scientific startups, has raised a $500m (USD) early growth fund. (PR)

  • Bluestar Energy Capital, a global renewable energy platform, has raised $100m (USD) of initial capital. (BW)

  • Sonder, an Australian workplace well-being start-up, has raised $35m (AUD). (AFR)

Equity Raises

  • AIG's Corebridge raises $1.68 billion (USD) at the bottom of its IPO range. (BBG)

  • Dubai is considering increasing the size of Salik's IPO after high demand. (BBG)

  • Peter Botten- chaired Conrad Asia Energy set to IPO on ASX (AFR)

  • Listed lithium play Anson Resources offer share placement of $45 million (AUD) to investors (AFR)

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