RBNZ Governor raises concerns over predictions

Good Morning,

The level of inflation business leaders and forecasters are predicting is concerning the Reserve Bank governor, OpenAI introduces AI model that turns text into video, Egypt setting up area at Gaza border which could be used to shelter Palestinians, at least 12,000 people caught in health data breach, Facebook and Instagram to charge Apple service fee for posts 'boosted' via iOS apps, and Woolworths NZ apologises for pests at its stores.

Let's jump in.

Before The Bell

Markets

• The New Zealand sharemarket bounced back with a gain of more than half a per cent, helped by a recovery in Fletcher Building and a sharp rise from utilities investor Infratil. (GR)

• UK economy fell into recession as people cut spending. (RNZ)

Earnings and Data

• Coinbase Global reported a profit of US$273.4 million, its first quarterly profit since 2021 on sturdy trading volumes due to a resurgence of interest in crypto. (BBG)

• IAG New Zealand insurance profit rose to A$204 million ($218m) in the six months to December 2023, up from A$136m in the same period the prior year. (Herald)

News Summary

• The level of inflation business leaders and forecasters are predicting is concerning the Reserve Bank governor. (RNZ)

• Bankrupt company director jailed over unpaid tax. (Stuff)

• At least 12,000 people caught in health data breach. (RNZ)

• Coinbase rises after JPMorgan analyst ditches short-lived bear call. (BBG)

• Woolworths NZ apologises for pests at its stores. (RNZ)

• Nearly 300 bottles of alcohol supplied to student flat. (RNZ)

• Trump to stand trial on 25 March in New York criminal hush money case. (RNZ)

• Former world champion athlete pleads not guilty to drug charges in Auckland. (RNZ)

• Egypt setting up area at Gaza border which could be used to shelter Palestinians. (RT)

• OpenAI introduces AI model that turns text into video. (RT)

• Nike plans to cut about 2 per cent of jobs. (RT)

• Meta's Facebook, Instagram to charge Apple service fee for posts 'boosted' via iOS apps. (RT)

• DoorDash's rising labor costs weigh on Q1 profit outlook, shares fall. (RT)

• Nokia and Dell agree partnership on private 5G. (RT)

• Ex-Goldman analyst found guilty of insider trading and fraud. (BBG)

• Chinese EV maker BYD exploring Mexico factory as entry to U.S. market. (WSJ)

• Pfizer agrees to pay $93 mln to settle Lipitor antitrust lawsuit. (RT)

Deal Flow

Investments / M&A

• Global travel management company The Appointment Group (Tag) has acquired two of the country’s most prominent travel businesses, Red Hot Travel & Events and Sound Travels.

Equity Raises

• A group of 1980s industry execs are gearing up to launch their investment firm Australian Wealth Advisors Group on the ASX after raising A$5 million from investors. (AFR)

Daily Picks

• What is a Stanley cup and why are people going crazy for them? (AFR)

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