Will Samsung and its union finally sync?

Good Morning,

Samsung Electronics and striking union to resume talks, NZ doctors warn fees will need to rise due to funding 'shortfall', CrowdStrike shares tank 20% in premarket after major outage hits businesses worldwide, BNZ follows other major banks and trims fixed home loan rates, Australian court fines AmEx $5.3 mln over breach of credit card rules, universities plead for more government subsidies, and a housing construction couple jailed for $800k tax evasion after splashing out on jewellery, beauty salon visits.

Let's jump in.

Before The Bell

Markets

• The New Zealand sharemarket was rescued late in the day and finished flat after a sterling two weeks of welcome gains. There was a revival in retail stocks (GR)

• World stocks edged lower on Friday as uncertainty across major economies added to headwinds for investors, while a global outage hitting services from airlines, banks and financial services capped a turbulent week in markets (RT)

• Chinese investors dump record amount of US stocks and bonds (BBG)

Earnings and Data

• Netflix earnings surge as hit shows attract big new audience. Earnings rose 48 per cent to US$4.88 a share on revenue of US$9.6 billion ($15.9b), beating Wall Street forecasts (Herald)

• CrowdStrike shares tank 20% in premarket after major outage hits businesses worldwide (CNBC)

• Swiss drugmaker Novartis raised its 2024 earnings guidance for the second time on Thursday, driven by a gain in prescriptions for drugs. Second-quarter adjusted operating income gained 17% to US$4.95 billion, beating an average analyst estimate of just over $4.6 billion (RT)

News Summary

• Global IT outage hits New Zealand banking services, flights, transport, supermarkets (Herald)

• Auckland Council wants Gulf Harbour Country Club owner to pay $200,000+ (Herald)

• Housing construction couple jailed for $800k tax evasion after splashing out on jewellery, beauty salon visits (Herald)

• First-home buyers to benefit from flat housing market - CoreLogic (RNZ)

• One in five NZers spending half their income on housing - report (RNZ)

• Doctors warn fees will need to rise due to funding 'shortfall' (RNZ)

• ERA claims against Darleen Tana's husband's business being assessed by liquidator (RNZ)

• Universities plead for more government subsidies (RNZ)

• Pharmac director quits over Government's Treaty rejection (Stuff)

• BNZ follows other major banks and trims fixed home loan rates (Stuff)

• Property investors rake in $500 billion over 30 years (Stuff)

• The Australian Prudential Regulation Authority halves A$1b Westpac penalty (AFR)

• Ultra-rich entrepreneurs threaten to desert Britain over tax (RT)

• Australian court fines AmEx $5.3 mln over breach of credit card rules (RT)

• Samsung Electronics and striking union to resume talks (RT)

• Tel Aviv hit by drone attack claimed by Iranian-backed Houthis (RT)

• Israel bombards central Gaza as tanks advance deeper in Rafah (RT)

• France races to head off ISIS-K threat to Paris Olympics (RT)

• Britain’s Labour faces an uphill battle as it looks to rein in AI’s key players (CNBC)

• Biden faces mounting speculation, pressure to drop bid (BBG)

Deal Flow

Investments / M&A

• Meta explores stake in Ray-Ban maker EssilorLuxottica. The Silicon Valley company has considered taking a small stake in the €87 billion (NZ$156.8b) Franco-Italian group, according to multiple people with knowledge of its thinking(Herald)

• Samsung agrees to acquire British startup Oxford Semantic for AI for an undisclosed amount (RT)

Daily Picks

• Temu toxicology test: Concern as lead is found in an item sold on the site (Herald)

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