Stats NZ's Christmas Surprise

November 18, 2023

Good Morning,

Stats NZ proposes to cut 39 jobs by Christmas, RBNZ takes out big foreign exchange insurance policy, Apple agrees to improve texting between iPhones and Androids, Crude oil has fallen more than 20% from year’s high, New Zealanders are predicted to spend 10% more on Black Friday this year despite the cost of living crisis, and Barbie ‘contributed over £80m to the UK economy’.

Let's jump in.

Before The Bell

Markets

  • The S&P/NZX 50 Index had its second successive fall and closed at 11,176.97, down 0.48%. (Herald)

  • Australian shares struggled to make any headway on Friday, tracking a subdued Wall Street session, with energy stocks heavily weighing after oil prices tumbled more than 4 per cent overnight on worries about US and Chinese demand. (AFR)

  • US jobless claims rise to highest in almost two years. (BBG)

  • Crude oil has fallen more than 20% from year’s high in September (BBG)

News Summary

  • Luxon says there is more work to be done before an agreement is reached as coalition talks continue over the weekend. (Stuff)

  • Despite the cost-of-living crisis, New Zealanders are predicted to spend 10% more on Black Friday this year than last. (RNZ)

  • Bunnings will stop selling engineered stone bench tops by the end of the year after the products were found to be linked to silicosis. (Stuff)

  • An Auckland woman who washed millions for international drug cartel gets record prison term for money laundering. (Herald)

  • A Japanese-owned forestry company, Juken New Zealand, has decided to close the nearly 30-year-old mill. (RNZ)

  • Stats NZ proposes to cut 39 jobs by Christmas (RNZ)

  • RBNZ takes out big foreign exchange insurance policy. (Herald)

  • Staff at Awanui Labs will strike again after last-ditch pay talks failed to break the long-running impasse. (RNZ)

  • EY fired an Australian partner accused of promoting a tax minimisation scheme and receiving more than $700,000 in unauthorised payments from clients. (Guardian)

  • Pressure mounts on FDIC chief to resign after sexual misconduct report. (RT)

  • Apple agrees to improve texting between iPhones and Androids. (Guardian)

  • Britain’s economy has lost billions of pounds in investment since 2010 amid government “flip-flopping” on its industrial growth plans as it churned through 11 different economic strategies, according to a report. (Guardian)

  • David Cameron in Ukraine on first mission as UK foreign secretary (Guardian)

  • Barbie ‘contributed over £80m to the UK economy’ says Warner Bros. (Guardian)

  • SpaceX prepares for second test flight of world’s largest rocket. (Guardian)

  • China, Japan reaffirm strategic relations in rare leader talks. (RT)

  • China’s transition to EVs is so fast that Volkswagen is on track for its worst local sales in years. (CNBC)

  • The Bank of Japan Ueda says weak yen isn’t only negative for Japan’s economy. (BBG)

Deal Flow

Investments / M&A

  • American technical professional services firm Jacobs Solutions Inc is in advanced talks to merge its government consulting arm at a valuation of more than US$4 billion with private equity-owned Amentum Services Inc. (RT)

  • Britain's Octopus Energy said its renewables investing arm had launched a dedicated fund with Japan's Tokyo Gas to invest 3 billion pounds (US$3.7 billion) in offshore wind projects by 2030. (RT)

  • The Aston Martin Formula One team agreed to an investment by U.S. private equity firm Arctos Partners in exchange for a minority shareholding. The stake sale, terms of which were not disclosed, values the racing group at 1 billion pounds (US$1.24 billion). (RT)

  • Insurance broker roll-up Steadfast Group, secured backing for its latest M&A venture and a concurrent A$280 million institutional placement. JPMorgan and UBS concluded the variable price bookbuild at $5.14 per share overnight, surpassing the $5.06 floor price by 8 cents. (AFR)

VC & Fundraising

  • Ballistic Ventures, a venture capital firm dedicated to funding and incubating cybersecurity startups, is looking to raise as much as US$300 million for a new fund. (TC)

Equity Raises

  • American private investment firm, Bain Capital LP raised US$7.1 billion for its new buyout fund dedicated to Asia-Pacific. (BBG)

  • Sydney small caps investment house Eley Griffiths Group has launched its mid-cap strategy, with A$25 million in seed capital. (AFR)

  • Amaero International, a small cap with advanced manufacturing ambitions, rounded up investors for an A$8 million placement via Alpine Capital. (AFR)

Daily Picks

  • Snoop Dogg has some blunt news, he’s decided to give up smoking. (Stuff)

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