NZ Migration record

January 20, 2024

Good Morning,

A record number of new migrants arrived in New Zealand, Biden admits striking Houthis won’t halt Red Sea crisis, thousands of supermarket staff working for Woolworths in the last seven years may have been underpaid, a man won a fight with NZTA over ‘offensive’ licence plate, Citigroup lays off more bosses, Michael Hill has axed senior managers and closed six stores worldwide amid a decline in New Zealand sales, and Dominican officials have arrested 6ix9ine.

Let's jump in.

Before The Bell

Markets

  • The New Zealand sharemarket chalked up its fifth down day in a row – with retail jeweller Michael Hill providing a warning of a drop in earnings because of challenging trading conditions. (GR)

  • Australian shares jumped on Friday, snapping a four-day losing streak, after a solid US labour data report bolstered optimism about the economy, sending Wall Street and risk assets into the green. (AFR)

News Summary

  • Gang leader agrees to hand over $300,000 of his ill-gotten gains to the Crown. (RNZ)

  • It’s about to get easier going through airport security in NZ, taking out your liquids and laptops is becoming a thing of the past. (Stuff)

  • Flaxmere, a town of 11,000 is about to lose its only supermarket. (Stuff)

  • Migration record as nearly 250,000 people arrive in NZ in one year. (Herald)

  • Michael Hill has axed senior managers and closed six stores worldwide amid a 10 per cent decline in New Zealand sales in the months including Christmas. (Herald)

  • Thousands of supermarket staff working for Woolworths in the last seven years may have been underpaid. (RNZ)

  • A Burger Fuel shareholder has gone to the courts to oppose a scheme of arrangement that would see close to $4.1 million returned to the company's shareholders. (NBR)

  • Greens and Te Pāti Māori criticise Luxon's non-attendance at hui. (RNZ)

  • Man wins fight with NZTA over ‘offensive’ licence plate with help from David Seymour, Simeon Brown. (Herald)

  • Nato warns of all-out war with Russia in next 20 years. (Herald)

  • Ex-ELE workers protested outside Deloitte’s Auckland office on Friday, demanding they be paid and raising concerns about the status of their visas. (Herald)

  • Queensland launches inquiry into grocery price gouging following premier’s meeting with major supermarkets. (Guardian)

  • Biden admits striking Houthis won’t halt Red Sea crisis. (AFR)

  • Red Sea shipping attacks pressure China's exporters as delays, costs mount. (RT)

  • Citigroup lays off more bosses as CEO Fraser addresses managing directors. (RT)

  • Walmart to raise annual wages for US store managers. (RT)

  • Dominican officials arrest Tekashi 6ix9ine on domestic violence charges. (Guardian)

Deal Flow

Investments / M&A

  • Hyundai Motor's Indian unit said it would invest 60 billion rupees (US$721.73 million) in the western state of Maharashtra, while also disclosing that it had completed the acquisition of General Motor's plant in the state. (RT)

  • CEVA Logistics, a unit of French shipping group CMA CGM, said on Friday it would buy British logistics firm Wincanton in an all-cash deal worth nearly 600 million pounds (about US$719 million). (RT)

  • Multi-Billionaire American technology-focused investment firm, Battery Ventures, has hired US investment bank William Blair to run a global buyer hunt for an 80 per cent stake in PageUp, which pitches its software as an end-to-end solution for companies to track employees. (AFR)

  • Farm and forestry land investor NZ Rural Land Company has agreed to sell a 25 per cent stake in its net land assets for NZ$44.2 million to an Australian fund managed by Roc Partners. (NBR)

Daily Picks

  • Madonna has been sued by two of her fans for repeatedly starting her concerts later than she promised, with claims of "deceptive trade practices" and "false advertisement". (Stuff)

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