Inflation is above a 10 in the UK

October 20, 2022

Good Morning,

Protesters glued themselves to Transmission Gully, ANZ will lift home loan rates on Thursday in New Zealand, a group is threatening to sell Medibank's customers' data, UK inflation has risen to 10.1%, the US could sell more oil from its emergency reserves & Netflix's soared pre-opening.

Let's jump in.

Before The Bell

Markets

  • It was another green day for the stock markets on the back of strong earnings from the US.

Earnings

  • Goldman Sachs beat Q3 profit and revenue expectations. Their shares jumped 2.33% on Tuesday. (CNBC)

  • Netflix smashed Q3 profit and revenue expectations as it added 2.41M subscribers (on 1.09M expected) and relayed high optimism about its new advertising business; its shares jumped over 14% immediately after the report. (CNBC)

News Summary

  • Protesters glued themselves to Transmission Gully just outside Wellington this morning. (Stuff)

  • All trains in Auckland will be replaced by buses this long weekend. (Stuff)

  • There is a shortage of Whittaker's chocolate bars. (Stuff)

  • ANZ will lift home loan rates on Thursday in New Zealand. (Stuff)

  • New Zealander's first vertical farm for lettuce and other leafy greens will be operational by the end of the year. (Stuff)

  • A group is threatening to sell Medibank's customers' data after a cyber incident. (9 News)

  • UK inflation has risen to 10.1% YOY. (BBC)

  • Meta has been ordered to sell Giphy by the CMA, the UK competition watchdog. (BBC)

  • IMF has welcomed the UK budget U-turn. (BBC)

  • Octopus Energy has created a joint venture with Italian solar and wind farm developer Nexta Capital Partners to develop 1.1GW of new onshore wind and solar farms in Italy by 2025. (RT)

  • Russia has begun evacuations from southern Kherson. (BBC)

  • The US could sell more oil from its emergency reserves. (RT)

  • Hong Kong Exchanges and Clearing plans to slash revenue thresholds for advanced tech and science IPOs. (BBG)

Deal Flow

Investments/ M&A

  • Canadian energy company TC Energy is considering selling assets or divesting from its keystone oil pipeline in the Gulf Coast as it attempts to raise $2.9B (USD). (BBG)

  • Animal food manufacturing company Darling Ingredients has agreed to buy collagen products manufacturer Gelnex for $1.2B (USD). (RT)

  • Shale mogul Daniel Rice is set to receive $975m (USD) from BP for the sale of renewable gas company Archaea Energy. (BBG)

  • British Land, a London-based real estate investment trust, is weighing the sale of three London properties, including Facebook's office, for $668m (USD). (BBG)

  • American pharmaceutical company Eli Lilly & Co will acquire Boston-based biotech company Akousos for $487m (USD) to gain their experience in developing gene therapies for inner-ear conditions. (BBG)

  • France's AXA and Credit Agricole are expected to submit bids by the end of the week for an insurance deal with Italy's Banco BPM. Bids are expected to be around $296m (USD). (RT)

  • Russian conglomerate Sistema has bought a 47.7% stake in Melon Fashion Group for $256m (USD). (RT)

  • Renewable Energy Hub has acquired environmental commodity markets broker TFS Green APAC from Traditional Asia to create CORE Markets in a deal worth $50m + (AUD). (AFR)

  • Buyout firms CDH and PAG are considering bidding for US-listed Chinese data centre company Vnet Group. (BBG)

  • MTN Group, a telecommunications company, has walked from talks to buy Telkom SA SOC after not receiving assurances that talks were exclusive. (BBG)

  • Lukoil is considering splitting its oil trading unit and selling an oil refinery in Italy to limit the impact of sanctions. (BBG)

  • Salesforce stock has jumped 6.8% after activist investor Starboard Value has taken a stake. (BBG)

  • Panmure Gordon, a British boutique investment bank controlled by Bob Diamond's PE vehicle, is in talks to acquire City of London rival finnCap Group. (BBG)

  • CQS and Napier Park are among five funds preparing to rival Elliott Investment Management for struggling UK discount fashion retailer Matalan.

  • Spanish gas network operator Enagás SA may sell assets, including its stake in Tallgrass Energy LP, to fund pipeline build-out. (BBG)

  • Three of Australia's top banks are considering bidding for payments firm Tyro. (RT)

  • Abu Dhabi's Government has transferred ownership of Etihad Aviation Group to the Abu Dhabi sovereign wealth fund ADQ. (RT)

  • Australian rural supplies group Delta Ag is auctioning off a 70-80% stake in the company. (AFR)

  • BNP Paribas hired Barclays to sell its South African financial services business RSC. (BBG)

  • Credit Suisse's loan portfolios are attracting interest from Mitsubishi UFJ Financial Group. (BBG)

  • The American family of late billionaire Julian Robertson has sold Wairarapa's Dry River Wines to Wellington businessman Charlie Zheng. (Herald)

VC & Fundraising

  • Indian Edelweiss Wealth Management, backed by Hong-Kong based PE fund PAG, is seeking to raise $362m (USD) for a new venture debt fund. (BBG)

  • Purpose Capital has led a $10m syndicate investment into Lodestone Energy, a utility-scale solar agri-voltaic company. (NBR)

  • Edtech company Clipboard has raised $3.1m (AUD) in a round led by Sydney-based VC firm EVP. (AFR)

Equity Raises

  • ASX-listed materials technology company Calix is seeking to raise $60m (AUD) at an 11.1% discount. (AFR)

  • Northern Territory resource company DeSoto Resources was asking for $8-$12m (AUD) to list on the ASX. (AFR)

  • Toubani Resources, a West African gold explorer which is listed on the Toronto Stock Exchange, was asking investors for $5.5m (AUD) for its listing on the ASX. (AFR)

  • Brazilian cosmetics maker Natura is considering an IPO for its high-end brand Aesop. (BBG)

Debt

  • Saudi Arabia has sold $5B (USD) in Islamic and conventional bonds in its first international bond sale for almost a year, for which demand topped $26.5B (USD). (RT)

  • Carnival, a cruise operator, has offered a dozen ships as collateral in its latest $2B, 10.75% coupon bond offering. (FT)

  • Abu Dhabi's sovereign wealth fund Mubadala has sold $1B (USD) worth of bonds that mature in 10.5 years. (RT)

  • Emirates NBD, the largest bank in Dubai, sold $500m (USD) worth of 5-year bonds in its first public debt offering of the year. (RT)

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