Goodbye Ezibuy đŸ‘‹đŸ»

Author

Jay Geris
July 22, 2023

Good Morning,

Chinese e-retailer Temu files lawsuit in US against rival Shein, alleging antitrust violations, Online retailer Ezibuy goes into liquidation owing more than $100m, Commerce Minister wants to see supermarkets' 'super profits' come down, China Introduces More Measures to Increase Car Consumption, Food Supplies at Risk as Russia Wrecks Ukraine’s Grain Exports Again, and OpenAI, Google, others pledge to watermark AI content for safety, White House says.

Let's jump in.

Before The Bell

Markets

  • Markets were mixed over the past day. The NZX 50 gained +0.1%, to 11,940.44 the ASX 200 decreased -0.2% to 7,313.90, the S&P 500 dropped -0.7% to 4,534.87 and the Nasdaq decreased -2.1%. All treasury bond yields increased.

  • Taiwan Semiconductor Manufacturing Co. fell the most in more than five months after cutting its outlook and postponing production at its Arizona project to 2025, underscoring the challenges of expanding abroad during a protracted electronics market slump (BBG)

Earnings and Data

  • Infosys Ltd. fell its most in about three months after a cut to its annual sales forecast spurred renewed concerns that companies will hold off on technology spending for longer than anticipated (BBG)

  • British retail sales grew faster than expected in June despite continued high inflation, thanks to unusually hot weather and a rebound in food sales after King Charles' coronation disrupted spending in May (RT)

News Summary

  • Ramona Bachmann drilled her penalty kick into the left side of the net moments before halftime to set up Switzerland's 2-0 win over Philippines in the Women’s World Cup opener for both teams. (1 News)

  • Superstar midfielder Alexia Putellas only needed to take the field for the final 1inst Costa Rica in their first match of the FIFA Women’s World Cup after putting up tournament-record 46 shots on goal (Stuff)

  • Warriors continue red-hot form with golden-point victory over Canberra Raiders (Stuff)

  • Chinese e-commerce retailer Temu has filed a lawsuit in Massachusetts accusing its rival Shein of violating US antitrust law by preventing garment makers from working with it (Stuff)

  • Online retailer Ezibuy has gone into liquidation, owing creditors more than NZD$100 million (Stuff)

  • The NZ Government could resume research into the pros and cons of breaking up Countdown and Foodstuffs if it didn’t see their profit margins come down and groceries become more affordable, Commerce Minister Duncan Webb has made clear (Stuff)

  • Fire crews across NSW are ramping up controlled burns ahead of what could be the worst bushfire season in 20 years (9 News)

  • China outlined a series of measures to increase car purchases, particularly for new-energy vehicles, as the world’s second-biggest economy struggles to escape the shadow of Covid and lift growth (BBG)

  • The mystery three-week absence of China’s Foreign Minister Qin Gang, considered a rising star of Chinese politics, is fueling concerns over shrinking access to information in the world’s second guest economy (BBG)

  • China ramped up support for property construction by calling for the renovation of “urban villages” in big cities in its latest move to boost the economy (BBG)

  • Food Supplies at Risk as Russia Wrecks Ukraine’s Grain Exports Again (BBG)

  • Australia’s first-ever wellbeing framework painted a picture of a country where citizens are living longer and greener but their economic security is declining (BBG)

  • Top AI companies including OpenAI, Alphabet and Meta Platforms have made voluntary commitments to the White House to implement measures such as watermarking AI-generated content to help make the technology safer, the Biden administration said (RT)

  • Europe braces for yet another heatwave as Greek PM warns ‘hard times are clearly not over yet’ (CNBC)

  • Blackstone Inc. has become the first private equity firm to manage $1 trillion, an accomplishment tempered by a dealmaking slump that weighed on second-quarter results (BBG)

Deal Flow

Investments / M&A

  • Delivery Hero, the German online food delivery company, said Friday that it is taking full ownership of its Saudi subsidiary in a transaction valued at USD$297 million (CNBC)

  • Bain Capital has increased its offer for SoftwareOne Holding AG to as much as 3.3 billion Swiss francs (USD$3.8 billion) after an earlier bid was rejected by the IT services provider’s board (BBG)

  • Digital Currency Group is nearing a deal to sell its media company CoinDesk to an investor group (BBG)

  • Safran SA agreed to buy an aerospace business from Raytheon Technologies Corp. in cash for an enterprise value of USD$1.8 billion, adding flight-control and actuation activities alongside 3,700 employees (BBG)

  • SBB, the landlord at the center of Sweden’s property crunch, is selling 2.4 billion kronor (USD$228 million) of shares in a new subsidiary to Morgan Stanley, taking a step toward narrowing a financing gap (BBG)

VC & Fundraising

  • CVC Capital Partners has raised €26 billion (USD$29.2 billion) for the world’s biggest-ever buyout fund, defying a challenging fundraising environment (BBG)

  • Call recording and voice intelligence software company Dubber Corp is seeking to raise $10.25 million in a deal at 14Âą a share (AFR)

Daily Picks

  • Record fines handed down in Auckland husband-and-wife market manipulation case (Stuff)

  • A new foldable smartphone is becoming as popular as an Apple iPhone model in China (CNBC)

Job Board

New Zealand

  • ASB rural banking graduate - Apply here

  • Waterman Capital investment analyst - Apply here

Australia

  • Citadel Securities graduate and intern roles - Apply here

  • Goldman Sachs Investment Banking Intern - Apply here

  • IMC graduate and intern roles - Apply here

  • Jarden

    • Graduate role - Apply here

    • Summer internships - Apply here

  • Macquarie graduate roles - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

The Daily Deck is sponsored by Industrial Equity, LLC

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