McKinsey does a McKinsey to itself

February 23, 2023

Good Morning,

The RBNZ lifted the OCR by 50 basis points to 4.75%, ANZ has joined banks donating money to cyclone relief charities, Genesis Energy's wood pellet trial at Huntley was successful, Australians have been warned about increasing foreign interference attempts & McKinsey plan to eliminate 2,000 jobs.

Let's jump in.

Before The Bell

Markets

  • It was a sea of red in the markets

  • The Australian markets fell on disappointing dominos earnings and weaker iron ore prices

News Summary

  • Adrian Orr the Reserve Bank governor of New Zealand has called for more just in case thinking (Stuff)

  • The RBNZ lifted the OCR by 50 basis points to 4.75% (GR)

  • ANZ has joined banks donating money to cyclone relief charities (Stuff)

  • Genesis Energy has said the wood pellet trial at Huntley was successful (NBR)

  • Australians have been warned about increasing foreign interference attempts (9 News)

  • The only change the Australian labour government has hinted at for superannuation is a $3m cap (AFR)

  • McKinsey plan to eliminate 2,000 jobs (BBG)

  • JP Morgan have cut around 30 bankers in the Asia Pacific region (BBG)

Deal Flow

Investments / M&A

  • The German Government is discussing paying more than €20B for the local unit of power grid operator TenneT holdings (BBG)

  • Japan Post is considering selling its stake in Japan Post Bank for nearly $9B (USD) (RT)

  • ADIA is considering a $2.4B (USD) bid for a 34% stake in Associated British Ports (BBG)

  • Coca-cola is trying to sell its Queensland coal royalties they are believed to be worth $56m (AUD) (AFR)

  • A new $8.90 per share bid has been confirmed by Origin (AFR)

  • Shell is working with Lazard to sell its European retail gas and power business (BBG)

VC & Fundraising

  • Southern Innovation a Melbourne-based material testing company is trying to raise $30m (AUD) (AFR)

Equity Raises

  • Star Entertainment are expected to raise capital this week and Bruce Mathieson has emerged as a backer (AFR)

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