TikTok Fined Big Over Data Violations 👨‍💻

Good Morning,

'Up the Wahs' trademark battle ends between club and brewery, China Economy Shows More Signs of Stability on Policy Boost, TikTok Fined €345 Million for Putting EU Children’s Data at Risk, Zambia, China Agree to Increase Use of Local Currency in Trade, and Russian central bank hikes rates to 13%, issues hawkish guidance.

Let's jump in.

Before The Bell

Markets

• Markets were mostly up over the past two days. The NZX 50 lost -0.1%, to 11,357.112, the ASX 200 increased +1.7% to 7,153.90, the S&P 500 increased +1.0% to 4,461.90 and the Nasdaq grew +1.1%.

Earnings and Data

• Singapore’s home sales fell last month to the lowest since January as demand slowed amid a lack of big launches (BBG)

News Summary

• Good George Brewery is auctioning off its final ten cases of “Up the Wahs” beer after it ceased producing the drink amid a trademark battle with the Warriors (Stuff)

• In a triumphant moment for Hawke's Bay, the vital rail link connecting Hastings and Napier officially reopened today, seven months after Cyclone Gabrielle wreaked havoc and caused significant damage to the Awatoto bridge (1 News)

• China’s economy picked up steam in August as a summer travel boom and a heftier stimulus push boosted consumer spending and factory output, adding to nascent signs of stabilisation (BBG)

• TikTok, the video-sharing social-media app that’s faced a global backlash over its links to China, was fined €345 million (USD$368 million) in the European Union for alleged lapses in the way it cares for children’s personal data (BBG)

• Zambia and China agreed to encourage greater use of their own currencies in trade and investment, after a meeting in Beijing between Presidents Xi Jinping and Hakainde Hichilema (BBG)

• Airports around the world are relocating sensitive electrical equipment to rooftops to protect it from flooding, reinforcing runways to handle extreme temperature swings and revving up air conditioning as climate change complicates operations (BBG)

• Russia's central bank raised its key interest rate by 100 basis points to 13% on Friday, jacking up the cost of borrowing for the third meeting in succession in response to a weak rouble and other persistent inflationary pressures (RT)

• Swedish climate activist Greta Thunberg was charged with disobeying a police order on Friday, less than two months after she was convicted and fined for the same offence (RT)

Deal Flow

Investments / M&A

• Deepwater fishing company Sealord has agreed to buy Independent Fisheries, which would make it the country’s biggest seafood business (Stuff)

• CrownRock LP is preparing to explore a sale that could value it at well over USD$10 billion including debt, people familiar with the matter said, in what could be the largest deal for a U.S. oil and gas producer going back at least three years (RT)

• Byron Allen has submitted a USD$10 billion offer to Walt Disney Co. to acquire its ABC TV network, local stations, as well as the FX and National Geographic cable channels, according to a person familiar with his proposal (BBG)

• Taiwan’s WT Microelectronics Co. struck a USD$3.8 billion deal to acquire Future Electronics Inc., a closely held distributor of electronic components whose founder left his executive role after being accused of sexual misconduct (BBG)

• The Ardonagh Group is selling its personal insurance business in a deal that will give Chief Executive Officer David Ross an £800 million (USD$1 billion) war chest for further acquisitions in specialist insurance broking (BBG)

Equity Raises

• Grocery delivery app Instacart on Friday raised the proposed price range for its initial public offering, revising its terms to target a fully-diluted valuation of up to USD$10 billion a day after a smooth debut from Arm Holdings (RT)

Debt

• Private credit funds are in talks to lend USD$750 million for an Australian company’s bid to buy one of BHP Group Ltd.’s Queensland mines (BBG)

Daily Picks

• Man who spent Covid-19 wage subsidy on gambling and adult entertainment to remain in jail (Stuff)

Job Board

New Zealand

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• Waterman Capital investment analyst - Apply here

Australia

• Citadel Securities graduate and intern roles - Apply here

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• IMC graduate and intern roles - Apply here

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