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Winston Peters compares co-governance with ‘Nazi Germany’
Maren Ishak
March 18, 2024
Good Morning,
Investors faced a complex market picture this week. Bond yields jumped due to surprising inflation news, pushing the 10-year Treasury to a February high. European stocks defied the odds, extending their winning streak to eight weeks on encouraging earnings and hopes of an ECB rate cut in June. France, Italy, and the UK led the charge with gains exceeding 0.9%. Even China's markets rose, with Shanghai and CSI 300 climbing despite a lackluster economic forecast, likely buoyed by recent government measures to stabilize the market. Hong Kong's Hang Seng surged an impressive 2.25%.
Let’s jump in!
Before The Bell
Markets
Bond yields surged on surprise inflation news, with 10-year Treasuries reaching a February high. (TRP)
European stocks rose for an eighth week, gaining 0.31% with encouraging earnings and hopes ECB would cut rates in June. France (+1.70%), Italy (+1.61%), and UK (+0.94%) outperformed. (TRP)
Chinese stocks rose (Shanghai +0.28%, CSI 300 +0.71%) despite a weak economic outlook, buoyed by the government's recent market stabilization measures. Hong Kong's Hang Seng surged 2.25%. (TRP)
Earnings & Data
A total of $443 million of taxpayers' money has been set aside for the decommissioning the ill-fated Tui Oil Field - far higher than earlier estimates. (Stuff)
Statistics NZ data out today showed retail spending using debit, credit, and charge cards fell a seasonally adjusted 1.8% last month, compared with January. (NBR)
Cathay Pacific Airways Ltd. has finally shaken off the lingering effects of the pandemic, reporting a record operating profit. (BBG)
News Summary
Monday
Tuesday
A fisherman who reeled in a human body wrapped in plastic has revealed new details about the gruesome discovery in north Auckland. (Stuff)
The sole rail line connecting Western Australia to the rest of the country is likely to remain closed for several days as parts of the state experience a year's worth of rain over a few days. (Stuff)
Minister for Workplace Relations and Safety Brooke van Velden has told an audience of the Auckland Chamber this evening that now the coalition Government’s 100-day plan has been achieved, her next priority is improving the Holidays Act. (NBR)
Wednesday
TVNZ union members have raised serious concerns about a proposal to restructure the newsroom at the public broadcaster. (Stuff)
Both Joe Biden and Donald Trump won primary elections in Georgia, Mississippi and Washington state on Tuesday, soldidifying a rematch a majority of voters aren’t looking forward to. (Guardian)
Google has confirmed it is restricting the types of election-related questions users can ask its Artificial Intelligence (AI) chatbot Gemini. (BBC)
Thursday
Friday
Weekend
Deal Flow
Investments / M&A
Australia & New Zealand
49% of prime Westfield retail properties in Auckland and Christchurch, valued at $1.4 billion, are for sale, likely to attract international investors, with Scentre Group holding a 51% stake and managing the properties, and the seller believed to be the Government Investment Corporation of Singapore (RNZ)
Task Group attracts A$310m offer from NYSE-listed Par Technology (NBR)
Bostock Brothers to stay involved after selling chicken venture for $35.3m (NBR)
Singaporian Sqreem’s A$30m buyout of Trade Indy (AFR)
Qantas, Airbus and Idemitsu tip in for sustainable fuel play Jet Zero (AFR)
Cameron Partners chases buy-side role for Fisher Funds stake (AFR)
Kernel launches NZ-first target maturity bond funds (GR)
Future Super keeps an ear out for potential buyers (AFR)
Government-owned institutions ACC and the Super Fund are seen as among the few local potential buyers of a 34% stake in Fisher Funds, reportedly put on the block by private equity firm TA Associates. (NBR)
Listed transport company Move Logistics is in a dispute resolution process following the decision to abandon plans for a new coastal shipping vessel last year. (NBR)
Swedish private equity investor EQT Partners has put up its hand for Melbourne-born human resources software business PageUp, where US tech investor Battery Ventures wants to part with its 80 per cent stake. (AFR)
It’s never been a better time to be in insurance, as the price of policies heads higher and higher. And a red-hot market means it’s never been a better time to have an insurance business on the auction block. (AFR)
Selling a business in cybersecurity, cloud computing, data or AI? Pitch it to Five V Capital’s Mantel Group. Street Talk can reveal the Melbourne-based IT services business is preparing to spend at least $100 million on bolt-on acquisitions over the next 18 months, as it bulks up to take on sector incumbents such as Accenture and Deloitte Digital. (AFR)
Fortlake Asset Management, which was founded three years ago by former UBS fixed income portfolio manager Christian Baylis, has agreed terms to bring in Colonial First State as a strategic partner, Street Talk can reveal. (AFR)
Singtel is in advanced discussions to sell Optus, Australia’s second-largest telecommunications group, to Toronto-headquartered private equity giant Brookfield in what would be a blockbuster deal worth some $16 billion, Street Talk can reveal. (AFR)
GPG Australia, the renewables platform put up for sale by Naturgy and Wren House Infrastructure, has snagged the attention of a couple of Australia-based big shots. (AFR)
Key Global
Canadian infrastructure giant Brookfield’s private hospitals business Healthscope has called in restructuring specialists, as health insurers tighten the screws on payouts. (AFR)
Swisscom says it will buy Vodafone Italia for 8 billion euros (US$8.70 billion) and merge the business with its Italian subsidiary Fastweb. The transaction consideration will be 100% cash and will be fully debt-financed, Swisscom said. (RT)
Apple has bought artificial intelligence startup DarwinAI and added dozens of the Canadian company's staffers to its AI division. The deal value has not been reported yet (RT)
Other Global
VC & Fundraising
New business, Interlune, announced itself publicly this week by saying it has raised $US18 million ($27 million) and is developing the technology to harvest and bring materials back from the moon (AFR)
Former Young Rich Lister lands A$12.5 million for second start-up (AFR)
Aussie IVF company GenEmbryomics plans Nasdaq listing (AFR)
The backers of New Zealand’s first climate-focused venture capital fund are going back to the market to raise an extension of up to $50 million to support early stage companies, although there’s been a couple of tweaks to its investing mandate. (NBR)
Fleecegrow has developed a sustainable material out of New Zealand wool to grow seedlings, with alternative uses also under investigation. The research startup hoped to raise between $30,000 and $80,000 through angel investment, convertible note, or SAFE (simple agreement for future equity) to do further trials and set up a micro production line. (NBR)
Pet medicinal cannabis company raising $2m for further studies (NBR)
Equity Raises
Key Global
Shares of Arm Holdings, the British chip designer backed by Softbank Group (9984.T), opens new tab, gained 2.1% to $129.50 on Tuesday as markets braced for increased trading activity following the expiration of the lockup period tied to its blockbuster initial public offering (IPO). (RT)
German perfume retailer Douglas aims to sell as much as €907 million ($991 million) of stock in its initial public offering, as owner CVC Capital Partners capitalizes on a rebound in European listings. (BBG)
South African cannabis firm, Cilo Cybin Holdings Ltd.,moves toward IPO in Johannesburg. The special purpose acquisition company is opening the sale of 10% of its shares on Thursday and aims to raise 7.1 million rand (US$381,000) (BBG)
Debt, Restructuring & Bankruptcy
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