Tuna Bond Scandal Settled

Author

Admin
October 03, 2023

Good Morning,

NSW is suffering from bushfires, Starlink is expanding its services in Africa, severe weather has hit New Zealand, coal power generation has hit a record low in Aussie, Americans are still spending up large, Slovakia appears set to join Putin sympathisers & Indonesia opened its new high-speed railway backed by China.

Let's jump in!

Before The Bell

Markets

  • The NZX dropped lower on a day with very light turnover (GR)

  • The ASX fell to close near its three-month low as investors wait for the RBA and RBNZ meeting decisions (AFR)

  • European natural gas prices declined as mild weather offsets the supply risk (BBG)

Earnings and Data

  • Pacific Edge fell 15% after the FDA released for public comment rule changes that would have lab-developed tests regulated as medical devices (NBR)

News Summary

  • Severe weather has hit New Zealand, causing power outages and ferry and flight disruptions (Stuff)

  • The Labour Party in NZ has proposed to step in to help open new supermarkets (Stuff)

  • The NZ government has agreed to give a further $7.35m (NZD) to Ruapehu Alpine Lifts (Stuff)

  • NZ Parliament has passed the Artist Resale Royalty Act (NBR)

  • NSW is suffering from bushfires (9 News)

  • Coal power generation has hit a record low in Aussie (AFR)

  • Westpac has grown its mortgage book ahead of its rivals for the third month running in Aussie (AFR)

  • Starlink has partnered with e-commerce firm Jumia to expand its services in Africa (BBG)

  • BAE Systems has won a £3.95B submarine contract (BBC)

  • Indonesia opened its new high-speed railway backed by China (BBC)

  • Rishi Sunak refuses to comment on Manchester Link (BBC)

  • Americans are still spending up large (WSJ)

  • Slovakia appears set to join Putin sympathisers (NYT)

  • The Bank of Japan will buy additional bonds to curb the rise in sovereign yields (BBG)

  • HP will move the manufacturing of Chromebooks to India (BBG)

  • Credit Suisse & Mozambique have settled the tuna bond scandal outside of court (RT)

Deal Flow

Investments / M&A

  • Singapore Telecommunications has sold its 98% stake in cyber security business Trustwave to MC2 Titanium (RT)

  • Aussie Broadband hired Goldman Sachs to help it prepare its $3.15 (AUD) per share takeover offer for Symbio (AFR)

  • Chinese Steel giant Baowu is looking at potentially selling its 50% stake in Queensland’s Eagle Downs coking coal mine (AFR)

  • Australian superannuation and investing start-up Spaceship is looking for buyers again (AFR)

  • At least four NBIOs have been received for Queensland-headquartered Cura Day Hospitals. Firms that have lobbed bids include PEP, QIC, Intermediate Capital Group & Partners Infrastructure (AFR)

  • Hungary plans to sell non-strategic assets to help fund its purchase of Budapest Airport (RT)

Equity Raises

  • Mandatum, a spin-off from Nordic insurance company Sampo Oyj, has debuted on Helsinki’s stock market at €3.70, giving it a market value of €1.86B (BBG)

  • Indonesia’s Barito Renewable’s is poised to raise $203m (USD) via an IPO in in Jakarta (BBG)

  • NZX-listed software company TradeWindow has issues with its recently signed partnership with UK company nChain. It has been revealed that nChain can not fund its promised capital injection (NBR)

Daily Picks

  • Read more on the Big Four banks mortgage business here

  • Could Bill Ackman be combining with X (Twitter). Read more here

  • Read more on the Endeavour board war here

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