The Warehouse boss quits

The Warehouse boss abruptly quits, harassment in the workplace costs NZ employers around $1.5 billion a year, SkyCity agrees to A$67m Austrac penalty, Auditor-General’s worries about multi-year government spending, MP Julie Anne Genter has admitted she crossed a line when she yelled in the face of a minister in Parliament, and Qatar Airways returns with new push for more flights into Australia.

May 18, 2024

Good Morning,

The Warehouse boss abruptly quits, harassment in the workplace costs NZ employers around $1.5 billion a year, SkyCity agrees to A$67m Austrac penalty, Auditor-General’s worries about multi-year government spending, MP Julie Anne Genter has admitted she crossed a line when she yelled in the face of a minister in Parliament, and Qatar Airways returns with new push for more flights into Australia.

Let's jump in.

Before The Bell

Markets

  • The New Zealand sharemarket closed down slightly ahead of reporting season getting into swing next week. (GR)

  • Australian shares fell on Friday but rose 0.8 per cent over a week that saw traders lift bets on the Reserve Bank cutting interest in 2024. (AFR)

Earnings and Data

  • The Dow's climb to a record 40,000 points (RT)

  • Reddit shares surge 15% in after-hours training as OpenAI content deal confirmed (Herald)

News Summary

  • The Warehouse boss Nick Grayston abruptly quits (RNZ)

  • Harassment in the workplace costs NZ employers around $1.5 billion a year, reports the Human Rights Commission and KPMG (RNZ)

  • Contact Energy goes back to drawing board on new geothermal plant (RNZ)

  • Government plans for Māori wards breach The Treaty of Waitangi -Tribunal (RNZ)

  • Resignations at Christchurch City Holdings prompt call for review (RNZ)

  • Listed retail landlord Investore Property halves losses, outlook ‘soft’ (Herald)

  • Scale of retail crime leads One NZ to close Auckland store (Herald)

  • MP Julie Anne Genter has admitted she crossed a line when she yelled in the face of a minister in Parliament (Herald)

  • Key Boeing supplier Spirit AeroSystems is laying off 450 after production of troubled 737s slows (Herald)

  • Two of three men in the Auckland public projects bribery and corruption case have lost name suppression (Herald)

  • SkyCity agrees to A$67m Austrac penalty (NBR)

  • Auditor-General’s worries about multi-year government spending (NBR)

  • Qatar Airways returns with new push for more flights into Australia (AFR)

  • China unveils 'historic' steps to stabilise crisis-hit property sector (RT)

Deal Flow

Investments / M&A

  • GSK Plc to sell its remaining stake in Haleon Plc for £1.25 billion (US$1.6 billion) (BBG)

  • UK infrastructure and construction giant John Laing shops interest in Sunraysia solar farm; $400m deal mooted (AFR)

  • The board of Carnarvon Energy, the $402 million oil and gas explorer whose crown jewel is a 10 per cent stake in the Dorado project alongside Santos, has given its bankers the go-ahead to seek bids for the company or its assets. (AFR)

  • Adamanetem signs $70 million debt deal for Legend Corp (AFR)

  • Daisy Lab, a NZ company creating cow-less dairy products, given green light to expand (RNZ)

Daily Picks

  • Kim Kardashian’s Met Gala dress spotlights a market that’s set to boom (BBG)

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