No gimme: NZX directors seek $215,000 pay rise

March 22, 2024

Good Morning,

New Zealand slips into double-dip recession amid rate hikes, Fonterra reports $674 million profit, up 23%, Japanese Savers Have a Quadrillion Yen Stashed Away. Here’s How Much That Is, Somali pirates return, adding to global shipping crisis and Reddit IPO Prices at Top of Range to Raise $748 Million

Let's jump in.

Before The Bell

  • Stocks Rally on Rate Cut Hopes, Swiss Franc Sinks: Markets Wrap (BBG)

Earnings and Data

  • Fonterra reports $674 million profit, up 23% (Stuff)

  • The Warehouse to exit TheMarket.com after 'sobering' $23.7m loss (NBR)

News Summary

  • Public service cuts: Hundreds of jobs to go at MPI, Ministry of Health (Stuff)

  • TheMarket.com to close or be sold (Stuff)

  • Godfreys to close all stores, no viable buyer found (Stuff)

  • Irish Prime Minister Leo Varadkar says he's quitting as head of his party and the country (Stuff)

  • ComCom suggests Kiwibank IPO could make it genuine disruptor (NBR)

  • Fonterra farmers get dividend boost (NBR)

  • No gimme: NZX directors seek $215,000 pay rise (NBR)

  • New Zealand slips into double-dip recession amid rate hikes (NBR)

  • Trump SPAC Sues to Force Board Member’s Vote for Media Deal (BBG)

  • Cybersecurity Deals to Rise as Tech M&A Returns, Houlihan Lokey Says (BBG)

  • Japanese Savers Have a Quadrillion Yen Stashed Away. Here’s How Much That Is (BBG)

  • UBS to Shut Thousands of Smaller Credit Suisse Asia Accounts (BBG)

  • Apple CEO Opens New Shanghai Store in Show of China Commitment (BBG)

  • Nvidia’s Rise Surprises Even the Researchers Who Started AI Boom (BBG)

  • Why investors should take another look at Alibaba and China (BBG)

  • Healthscope lenders ready to bring out big guns as talks heat up (AFR)

  • Senators slam PwC global boss for rejecting tax leak request (AFR)

  • Australia to spend $5b on UK subs in AUKUS pact (AFR)

  • Somali pirates return, adding to global shipping crisis (RT)

  • Swiss central bank cuts rates in surprise move, getting ahead of global peers (RT)

  • Micron eyes record high as AI demand powers strong forecast (RT)

Deal Flow

Investments / M&A

  • Reddit IPO Prices at Top of Range to Raise $748 Million (BBG)

  • Astera Soars 72% on AI-Fueled Demand After $713 Million IPO (BBG)

  • Tritax Big Box's $1.2 bln takeover of rival gets board backing (RT)

VC & Fundraising

  • Call recording app for law firms funding entrepreneur’s moonshot (NBR)

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