Countdown Cracking Down on Self-service Thieves 📸

Good Morning,

FIFA Women's World Cup breaks even but Gianni Infantino dismisses equal prize money push, Countdown trialling cameras at self-service checkouts to prevent theft, Fonterra cuts farmgate forecast again, to $6.75/kg midpoint, and Australian unemployment spikes higher to 3.7%.

Let's jump in.

Before The Bell

Markets

• Markets were down over the past five days. The NZX 50 lost -1.9%, to 11,836.71, the ASX 200 increased -2.6% to 7,340.10, the S&P 500 dropped -2.2% to 4,468.83 and the Nasdaq decreased -3.1%. All treasury bond yields increased.

• A period of unusual calm in crypto markets ended abruptly this week as the notion of higher-for-longer interest rates sparked a selloff in risk assets like Bitcoin, leading to mass liquidations of bullish bets (BBG)

• Stocks slumped, putting MSCI’s global benchmark on track for the biggest weekly loss since March, as worries about China and higher global interest rates sapped sentiment (BBG)

• A rekindled bond market firestorm and simmering China property crisis have dragged world stocks to two-month lows, but the sell-off in Treasuries appeared to ease somewhat on Friday and more credit easing is now expected from Beijing next week (RT)

Earnings and Data

• Spark has posted a bumper NZD$1.1 billion annual profit on the back of an NZD$584m gain it had previously booked in its half-results from the sale of a majority stake in its cellphone towers (Stuff)

News Summary

• FIFA president Gianni Infantino says the Women's World Cup has "broken even" after generating more than US$570 million (NZD$963 million) in revenue, a statement that will intensify calls for equal prize money (Stuff)

• Lender Latitude has posted an AUD$98.2million loss from continuing operations in the first half of its financial year following the huge cost of dealing with a massive cyberattack it suffered in March (Stuff)

• Countdown is trialling security cameras at self-checkouts to prevent theft. The technology, which is being trialled at five stores across the country, records the shopper and the transaction and detects when items aren’t scanned correctly (Stuff)

• Fonterra has, for the second time this month, cut its milk price forecast due to weak Global Dairy Trade (GDT) auction prices (Herald)

• Australian unemployment spikes higher to 3.7% (NBR)

• After an astronomical rise in its first day of trading, VinFast Auto Ltd. is now coming back to Earth — erasing a chunk of its billionaire founder’s fortune (BBG)

• Taiwan’s economy is likely to grow less than 2% this year, according to the government’s latest forecast, in another sign the global electronics slump may persist longer than expected (BBG)

• Norway's USD$1.4 trillion wealth fund, the world's single largest stock market investor, is to step up pressure on the companies it invests in to have more women board members and to also reduce excessive executive pay, a top fund official said (RT)

• Chocolate makers like Hershey and Mondelez face tougher trading conditions over the next year as they attempt to pass on soaring cocoa costs to cash-strapped consumers who are cutting back (RT)

• Some of the world's biggest advertisers, from food giant Nestle to consumer goods multinational Unilever are experimenting with using generative AI software like ChatGPT and DALL-E to cut costs and increase productivity, executives say (RT)

Deal Flow

Investments / M&A

• Private equity firm EQT AB said late on Thursday it plans to take SUSE private in a deal to be funded by a special dividend issued by the Frankfurt-listed software company (RT)

• Investment company Exor was able to build a 15% stake in Dutch healthcare group Philips without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show (RT)

• Britain's BAE Systems on Thursday agreed to buy Ball Corp's aerospace assets for about USD$5.55 billion in cash, snapping up a key U.S. contractor in areas such as space, national security and intelligence in its largest deal ever (RT)

• Investment firm GQG Partners bought an 8.1% stake in India's Adani Power for USD$1.1 billion via block deals on Wednesday (RT)

• U.S. oil and gas producer Occidental Petroleum on Tuesday agreed to pay USD$1.1 billion for technology supplier Carbon Engineering Ltd to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change (RT)

• Trucking firm Estes Express Lines has struck a USD$1.3 billion deal to acquire all of Yellow Corp.’s terminals out of bankruptcy, an offer that’s subject to higher bids should any materialise in the coming weeks (BBG)

• Malaysia’s Yinson Holdings Bhd. secured a USD$300 million from RRJ Capital for its floating production storage and offloading vessel in Angola, marking the private equity firm’s first investment in Malaysia (BBG)

• Swire Pacific Ltd., a Hong Kong-listed conglomerate, is in advanced talks to buy a minority stake in Indonesian healthcare group PT Pertamina Bina Medika IHC, according to people with knowledge of the matter (BBG)

Equity Raises

• Western Australia gold and nickel explorer Lunnon Metals was drumming up interest in an AUD$20.5 million equity raising on Tuesday to bankroll work at its projects including Silver Lake-Fisher (AFR)

• Instacart Inc. is planning an initial public offering as soon as September, according to people familiar with the matter, adding to a potential rebound for US listings (BBG)

• Saint Bella, a Chinese maternity care company that partners with upscale hotels to provide women with luxurious spaces to recuperate in after giving birth, is considering an initial public offering in Hong Kong as early as next year, according to people with knowledge of the matter (BBG)

Debt

• Money-losing private jet charter company Wheels Up Experience said on Tuesday it would give up 95% of its common stock in return for a USD$500 million lifeline from Delta Air Lines and two investment firms (RT)

Daily Pick

• Ralph Lauren CEO Louvet Targets Young Shoppers in the Metaverse (BBG)

Job Board

New Zealand

• ASB rural banking graduate - Apply here

• Waterman Capital investment analyst - Apply here

Australia

• Citadel Securities graduate and intern roles - Apply here

• Goldman Sachs Investment Banking Intern - Apply here

• IMC graduate and intern roles - Apply here

• Jarden

  • Graduate role - Apply here

  • Summer internships - Apply here

• Macquarie graduate roles - Apply here

• Optiver

  • Graduate role - Apply here

  • Internships - Apply here

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