Disney prepares for bitter battle

December 16, 2023

Good Morning,

Disney is bracing for a bitter proxy battle as activist investor Nelson Peltz nominated himself and an ally to its board, the number of people applying for jobs rose for a second consecutive month in November, Temu claims rival Shein is intimidating suppliers to limit its growth in the United States, the Dow’s record outruns central banks, Rakon shareholder gives board the hurry-up, and confident Putin declares ‘victory will be ours’ in Ukraine.

Let's jump in.

Before The Bell

Markets

  • The New Zealand sharemarket took a pause from its six-week rally, weighed down by some profit-taking. However, the market was still heartened by the continuing fall in wholesale interest rates. (GR)

  • Stats NZ says a 0.3% fall in GDP in the September quarter was driven by a slowdown in manufacturing. (Stuff)

  • The ASX rally followed on from a strong overnight session on US indexes, after the Fed kept rates on hold and improved its 2024 forecast. (AFR)

  • Asian shares hit a four-month peak on Friday as sharp declines in the dollar and U.S. yields extended the Fed-fuelled rally, but pushback on rate cuts from central banks in Europe may deal a blow to the global pivot hopes. (BBG)

  • Dow’s record outruns central banks, counts on aggressive rate cuts. (AFR)

News Summary

  • Finance Minister Nicola Willis has promised to “open the books” on the state of the country’s economy, claiming she has “inherited a toxic trifecta”. (Herald)

  • Employers spoilt for choice in tight job market. (RNZ)

  • 91kg Dunedin cocaine bust ends in breakfast arrest. (RNZ)

  • Person dead after report of gas explosion on Great Barrier Island. (RNZ)

  • Greater Wellington Regional Council chair warns councils on breaching water limits. (RNZ)

  • FIFA Women's World Cup exceeds expectations, returning New Zealand more than $100m. (Stuff)

  • Rakon shareholder gives board the hurry-up. (NBR)

  • The Department of Internal Affairs has handed real estate agent Mills Gibbons and Co a formal warning, for failing to comply with anti-money laundering rules. (NBR)

  • KiwiRail contractors will 'demobilise' staff after ferry project funding request denied. (RNZ)

  • AirAsia X pulling out of Auckland in blow to transtasman competition. (Herald)

  • Online retailer Temu claims rival Shein is intimidating suppliers to limit its growth in the United States. (Herald)

  • Confident Putin declares ‘victory will be ours’ in Ukraine. (AFR)

  • Arvida’s shares jump on news it turned down takeover offer. (NBR)

  • Musk's X receives Pennsylvania money license in push toward payment features. (RT)

  • US judge tentatively rules Musk must testify again in SEC's Twitter probe. (RT)

  • Disney prepares for bitter battle as activist Peltz seeks two board seats. (RT)

  • Citigroup offers partial early bonuses to encourage staff departures. (BBG)

Deal Flow

Investments / M&A

  • Several Woodside Energy investors have approached chairman Richard Goyder and senior management to voice concern about the oil and gas producer’s potential A$80 billion merger with smaller rival Santos, arguing the tie-up makes no sense. (AFR)

  • Hong Kong's Vinda International said on Friday Indonesian billionaire Sukanto Tanoto-owned Royal Golden Eagle has made an offer to acquire the tissue and diaper maker for up to HK$26.13 billion (US$3.35 billion). (RT)

  • Private equity firm Pacific Equity Partners is said to be investing NZ$245 million for a 35% stake in a combined Jarden/JBWere NZ wealth management business, valuing the overall new entity at $700m. (NBR)

VC & Fundraising

  • Paris-based VC firm Singular raises US$435 million for its second fund. (TC)

  • Auckland start-up, Inviol, has raised NZ$2.5 million in seed money for its AI technology that helps customers like Woolworths, Placemakers and Vulcan Steel monitor and reduce workplace risks. It was a case of ‘paying it forward’ as Kiwi entrepreneurs who had enjoyed earlier hits chipped in with funds. (Herald)

Daily Picks

  • A British boy who went missing in Spain six years ago has been found “alive and well” after escaping from a “spiritual community” in France. (Stuff)

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