The Fed holds rates steady 📈

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Admin
September 21, 2023

Good Morning,

The latest poll has National and Act with enough seats to govern, Victoria will start taxing short-term accommodation, the Fed has held interest rates steady, UK inflation has defied expectation and fallen, China’s seafood imports from Japan are down 67% & a ban on petrol and diesel cars in the UK has been pushed from 2030 to 2035.

Let's jump in.

Before The Bell

Markets

  • The NZX, ASX and US markets fell ahead of the key rate decision by the Fed

News Summary

  • A large fire has broken out in Canterbury (Stuff)

  • The latest poll has National and Act with enough seats to govern (Stuff)

  • Hardship withdrawals increase for Kiwisaver (NBR)

  • Jobseeker payments are increasing in Australia (9 News)

  • Banks in Australia are facing a class action suit over flex commission car dealer loans (9 News)

  • Pizza Hut Australia has suffered a cyber security incident that involves customer’s details (9 News)

  • Victoria will start taxing short-term accommodation (9 News)

  • Rocket Lab is searching for the cause of launch failure (NBR)

  • The Fed has held interest rates steady (BBC)

  • Donald Trump’s son’s account was hacked and claimed Donald Trump was dead (BBC)

  • Canada and India have both expelled diplomats after Canada claimed India was involved in the killing of a Sikh separatist leader in Canada (BBC)

  • UK inflation has defied expectation and fallen to 6.7% YoY, down from 6.8% (BBC)

  • A ban on petrol and diesel cars in the UK has been pushed from 2030 to 2035 (BBC)

  • China’s seafood imports from Japan are down 67% (BBC)

Deal Flow

Investments / M&A

  • Australian-super backed Federation Mining have asked Jarden to find a new owner or capital partner for Snowy River Gold Mine. A sale could value the mine at $400m (AUD) (AFR)

  • Pacific Equity Partners has beaten IFM Investors’ Australian Infrastructure Fund (AIF) for a 50% stake in SIMS’ LMS Energy, a biogas and solar power business. It paid $272m (AUD) and will inject $200m (AUD) (AFR)

  • The Queensland Airport selldown could grow to a 74% stake, up from the original 44% stake (AFR)

  • Italy is considering an initial sale of a 15% stake in lender Monte Paschi (BBG)

  • Bostock Group, a leading apple grower, has got Craigs on board to look for new owners (AFR)

  • Pernod Ricard, a French headquartered global liquor company, has mandated Morgan Stanley and JPMorgan to carry out a strategic review of its assets in Australia and New Zealand (AFR)

  • Victorian bus group Ventura Group is preparing for bids (AFR)

  • Rival startups Mr Yum and me&u have merged in an all-stock deal (AFR)

VC & Fundraising

  • Wilison Asset Management wants to raise between $500m and $1B (AUD) for an open-ended fund version of the firm’s successful WAM Leaders (AFR)

  • Regal Partner’s resources royalties fund is raising $50m (AUD) to bankroll two deals (AFR)

  • LawVu, a Kiwi legal startup, has raised $15m (NZD) from Movac (NBR)

Equity Raises

  • Saudi Oil driller ADES has received $76.5B (USD) in orders for its $1.2B (USD) IPO in Saudi Arabia (BBG)

  • Klaviyo has priced its IPO at $30 (USD) per share, raising $576m (USD), and it jumped up 32% on its trading debut (BBG)

  • PE firm Carlyle Group and Varde Partners have put $32.8m (AUD) into Bis Industries, a mine-site trucking company (AFR)

Debt

  • Chip memory firm Kioxia is expected to get a $14B (USD) loan to help fund the merger with Western Digital Corp’s flash memory business (BBG)

  • Chinese electric vehicle maker Nio is trying to raise $1B (USD) via a convertible bond offer (BBG)

The Daily Deck is sponsored by Industrial Equity, LLC

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