iMonopoly

The US alleges Apple illegally monopolised the smartphone market, David Seymour says the public service redundancy payouts could top $100 million, 403,000 people's personal information taken in MediaWorks cyberattack, a foreign agency ran a spy operation out of New Zealand’s Government Communications Security Bureau for years, and China scrutinises PwC role in US$78 bln Evergrande fraud case.

March 23, 2024

Good Morning,

The US alleges Apple illegally monopolised the smartphone market, David Seymour says the public service redundancy payouts could top $100 million, 403,000 people's personal information taken in MediaWorks cyberattack, Reddit's shares ended their first day of trading in New York up 48%, a foreign agency ran a spy operation out of New Zealand’s Government Communications Security Bureau for years, and China scrutinises PwC role in US$78 bln Evergrande fraud case.

Let's jump in.

Before The Bell

Markets

  • An earnings upgrade from heavyweight Fisher & Paykel Healthcare powered the New Zealand sharemarket to its highest close in nearly eight months, and a hot Wall Street continued to set new records. (GR)

  • Mining and energy stocks dragged the Australian sharemarket lower on Friday, shrugging off another strong session on Wall Street. (AFR)

Earnings and Data

  • Fisher & Paykel Healthcare reports a net profit for the year ending March was expected to be in a range of $260 million to $265m, which was a $5m to $10m improvement on its November guidance, with revenue up $30m to $1.73 billion. (RNZ)

  • Lululemon forecast annual revenue and profit below expectations, sending shares down 11%. (RT)

  • Nike shares dropped 5.6% on Thursday after a post-earnings conference call in which the CFO told investors the company was cutting back on supplies of Air Force 1 sneakers to focys on new products. (RT)

News Summary

  • 403,000 people's personal information taken in MediaWorks cyberattack. (RNZ)

  • David Seymour says the public service redundancy payouts could top $100 million. (Stuff)

  • The first liquidator’s report on two popular downtown Auckland venues, Everybody’s and Roxy, shows the company owes more than $1.3 million to staff, creditors and the IRD. (Herald)

  • MBIE calls on staff again to apply for voluntary redundancies. (RNZ)

  • A foreign agency ran a spy operation out of New Zealand’s Government Communications Security Bureau for years. (RNZ)

  • Trade Aid is closing stores so it can focus on imports, wholesale and online sales. (Herald)

  • US sues Apple, alleging it illegally monopolised the smartphone market. (Herald)

  • Audi issues second electric car recall due to fire risk. (AFR)

  • Embattled Star casino owner cleans out executive team. (AFR)

  • US puts pressure on Israel with Gaza ceasefire resolution as Qatar talks continue. (RT)

  • Bitcoin set for one of worst weeks in 2024 as ETF demand falters. (BBG)

  • UN adopts first global artificial intelligence resolution. (RT)

  • US banks face steeper regulatory hurdles to buy another lender under a plan from the Federal Deposit Insurance Corp. (BBG)

  • China scrutinises PwC role in US$78 bln Evergrande fraud case. (RT)

Deal Flow

Equity Raises

  • Social media platform Reddit's shares ended their first day of trading in New York up 48%. (RT)

Debt

  • Liquidators of failed construction company, Minzeal, which collapsed in 2013, received $23.8 million from settlements of litigation against three of its former directors, one of which is Dame Jenny Shipley. (NBR)

Daily Picks

  • For more than a century, it has been a crime to cheat on your spouse in New York. (Stuff)

The Daily Deck is sponsored by Industrial Equity, LLC

Reply

or to participate.