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- My Food Bag Continues to Struggle, Markets in General are Thriving
My Food Bag Continues to Struggle, Markets in General are Thriving
Good Morning,
My Food Bag doubles down on Bargain Box offering in cost of living crisis, US, Taiwan Agree to Lift Trade, Clouding Planned China Talks, Number of Census workers alleging employment breaches doubles, Ryman profit drops, but result reveals Aussies paying less to live in retirement villages than New Zealanders, and AMP fined $24 million AUD for charging dead people insurance premiums, financial advice fees.
Let's jump in.
Before The Bell
Markets
Markets were mostly up over the past day. The NZX 50 gained +1.0%, to 12,099.74, the ASX 200 increased +0.6% to 7,279.50, the S&P 500 grew +0.9% to 4,198.05 and the Nasdaq gained 1.5%.
New Zealand will avoid a recession as more tourist arrivals, cyclone recovery and government spending support growth, according to Treasury Department forecasts (BBG)
Big European companies have delivered significantly stronger than expected first-quarter results, defying a challenging economic backdrop that includes surging inflation and rising interest rates (RT)
Earnings and Data
Ryman profit drops, but result reveals Aussies paying less to live in retirement villages than New Zealanders (Stuff)
My Food Bag is reducing staff, suspending its dividend and stepping up promotion of its most affordable Bargain Box meal kit as a cost of living crisis dents demand, pushing down annual profit 61% (Stuff)
News Summary
The number of Census workers alleging Statistics New Zealand and its recruiter have breached employment law has doubled in size. (Stuff)
Switched-on Crusaders crush Moana Pasifika to continue Super Rugby charge (Stuff)
Police and the council have set a goal to halve violent crime and antisocial behaviour in Rotorua’s CBD by 2026 (1 News)
Shaun Johnson knocks back Wests Tigers offer, Warriors halfback wants to remain in NZ (Stuff)
Tiger Woods Wins Ruling on Ex-Girlfriend’s Non-Disclosure Pact (BBG)
Target Corp. has committed to boosting outreach to older job seekers in its online job postings, according to attorneys who brought a civil rights complaint against the company alleging discriminatory practices (BBG)
The US and Taiwan agreed to boost trade ties, the first tangible results under an initiative announced last year that faces vehement opposition from Beijing and clouds the outlook for a visit to the US next week by a Chinese commerce official (BBG)
Air China Ltd. has swamped an Australian flight school with a request for commercial pilots, a sudden demand that points to a looming rebound as the vast Chinese market resumes international travel (BBG)
AMP fined $24 million AUD for charging dead people insurance premiums, financial advice fees (9 News)
Qantas will put more aircraft into service and lift international capacity faster than initially expected, pushing down airfares but leaving some investors concerned that a period of super-charged profits may be coming to an end (AFR)
Walt Disney Co is scrapping plans to build a nearly $1 billion corporate campus in central Florida that would have housed 2,000 employees, according to an e-mail to employees on Thursday, against the backdrop of its ongoing legal battle with Florida Governor Ron DeSantis (RT)
Hyundai Motor and Kia Corp agreed to a consumer class-action lawsuit settlement worth $200 million USD over rampant car thefts of the Korean automakers' vehicles, lawyers for the owners and the automakers said on Thursday (RT)
The U.K. on Friday announced up to £1 billion ($1.24 billion USD) of support for its semiconductor industry, seeking to boost its domestic chipmaking capabilities and prevent further disruptions to supply after cries for help from bosses at some of the country’s leading firms (CNBC)
Deal Flow
Investments / M&A
Brookfield Asset Management will sell two commercial properties in India to a partnership of its locally listed REIT Brookfield India and Singapore sovereign wealth fund GIC in a deal with an enterprise value of $1.4 billion USD (RT)
Bankrupt crypto exchange FTX is seeking to claw back more than $240 million USD it paid for stock trading platform Embed, saying former FTX insiders did no investigation before buying the essentially worthless bug-ridden software platform (RT)
Spanish pharmaceuticals company Esteve has agreed to sell a 26% stake to German private investment firm Lubea, which will become a strategic partner, the family-owned firm based in Barcelona said in a statement on Wednesday.
Yandex NV has received bids from billionaires Vladimir Potanin and Vagit Alekperov to buy a controlling stake in Russia’s dominant search engine that value the company’s Russian assets at about $7 billion USD, according to people familiar with the matter (BBG)
The sale of Fujitsu Ltd.’s majority stake in its air-conditioner manufacturing unit has stalled as the bidders have been unable to agree on a price with the Japanese firm, according to people familiar with the matter (BBG)
VC & Fundraising
Crypto investment firm Hashkey Group plans to raise funds at a valuation above $1 billion USD, taking advantage of Hong Kong’s digital asset push to try and entice potential investors (BBG)
Equity Raises
Planisware is working with investment bankers on strategic options, including a stock market listing of the French software group, four people familiar with the matter told Reuters (RT)
Syngenta Group is preparing to move forward with plans for its initial public offering, less than two months after the Shanghai stock exchange abruptly canceled the firm’s hearing to join the Nasdaq-like Star board (BBG)
Daily Pick
A Napier mother says changes in the Budget will make it worth her returning to work instead of being left with around $170 a week from wages after paying childcare fees (1 News)
Job Board
New Zealand
Australia
The Daily Deck is sponsored by Industrial Equity, LLC
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