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Bush and Bus Burn in NZ While Bank Shares Burn Worldwide 🔥📉

March 25, 2023

Good Morning,

Banking stocks fell again, High Court rules decision to allow British anti-transgender activist Posie Parker into the country was lawful, Auckland fire crews responded to two blazes on Friday evening, a bush ablaze on a clifftop property and a bus fire, NZ secondary and area school teachers to strike next week, Twitter to Begin Culling Legacy Verified Marks From April 1, Do Kwon Charged With Fraud by US Prosecutors in New York, and TikTok wants to distance itself from China — but Beijing is getting involved.

Before The Bell

Markets

  • Markets were a mixed bag on the day. The NZX 50 was down -0.1% to 11,580.81, the ASX 200 decreased -0.2% to 6,955.20, the S&P 500 gained +0.3% to 3,948.72 and the Nasdaq grew +1.0%. All treasury bond yields decreased.

  • Banking stocks fell again on Friday after a tumultuous week with investors worried that the worst problems in the sector since the 2008 financial crisis were not yet contained (RT)

Earnings and Data

  • Deutsche Bank shares fell for a third day on Friday, after a sharp jump in the cost of insuring against the risk of default late the day before fuelled concerns about the overall stability of Europe's banks (RT)

  • Emirates Airline has a "substantial" amount of ticket sale revenue trapped in Nigeria and has made only slow progress in repatriating blocked funds out of Africa's biggest economy, it said on Friday (RT)

News Summary

  • Leicester Fainga’anuku has continued his hot form for the Crusaders tonight, scoring two tries to help his side to a 35-17 victory in Christchurch against the previously unbeaten Brumbies (1 News)

  • Auckland fire crews responded to two blazes on Friday evening, a bush ablaze on a clifftop property and a bus fire (Stuff)

  • The government's decision to allow British anti-transgender activist Posie Parker into New Zealand was the right one, the High Court has ruled (RNZ)

  • Thousands of secondary and area school teachers are to strike next week after members of the Post Primary Teachers Association (PPTA) voted in favour of more industrial action (RNZ)

  • Chiefs claim ugly 24-14 Super Rugby Pacific win over Waratahs in Sydney (Stuff)

  • Twitter will begin removing so-called legacy verified marks from user accounts next week, as it works toward a model where only paid subscribers and members of approved organizations have that status (BBG)

  • Block Inc. co-founder Jack Dorsey’s net worth was hammered after Hindenburg Research’s latest report, which alleged the payments company ignored widespread fraud (BBG)

  • Terraform Labs co-founder Do Kwon was charged by US prosecutors with orchestrating a yearslong cryptocurrency fraud that wiped out at least $40 billion in market value (BBG) 

  • Consumers Foot the Bill for Traders ‘Manipulating’ UK Power Market (BBG)

  • UBS has promised retention packages to wealth management staff in Asia at Credit Suisse, two people with knowledge of the matter said, as the Swiss bank tries to stem a talent exodus after the takeover of its former rival (RT)

  • India's parliament on Friday disqualified opposition Congress party leader Rahul Gandhi as a lawmaker after a lower court found him guilty of defamation and sentenced him to two years in prison, according to a parliament notice (RT)

  •  Crypto firm Tether says it has around $1.6 billion in excess reserves to back its USDT stablecoin (CNBC)

  • TikTok wants to distance itself from China — but Beijing is getting involved (CNBC)

  • China and U.S. tensions grow over a guided-missile destroyer in the South China Sea (CNBC)

Deal Flow

Investments / M&A

  • Bain Capital lobs $3 a share bid for Estia Health, Morgan Stanley on ticket (AFR)

  • Customers Bancorp Inc is exploring a deal for all or part of the failed Silicon Valley Bank, Bloomberg News reported on Thursday, citing people familiar with the matter (RT)

  • London-listed investment banks Cenkos Securities and finnCap Group will merge in a 21 million pound ($25.9 million USD) all-stock deal, creating one of the UK's biggest financial services advisory firms focused on small-cap growth companies (RT)

  • Citizens Financial Group Inc is working on a bid to acquire the private banking business of failed Silicon Valley Bank, two people familiar with the matter said on Thursday (RT)

  • Canada Pension Plan Investment Board is exploring buying the shares of ReNew Energy Global Plc that it doesn’t already own and taking the Nasdaq-listed firm private, according to people with knowledge of the matter (BBG)

VC & Fundraising

  • Billionaire Richard Branson's cash-strapped satellite launch company Virgin Orbit Holdings said on Thursday it is in talks with "interested parties" about an investment in the company (RT)

  • Farizon Auto, Zhejiang Geely Holding Group Co.’s new energy commercial vehicle brand, is considering raising as much as $300 million USD in fresh funds ahead of a potential US initial public offering, according to people familiar with the matter (BBG)

Equity Raises

  • Oldenburgische Landesbank AG, the private equity-backed German lender, has paused work on a planned initial public offering that was expected to take place as early as in May, people with knowledge of the matter said (BBG)

  • Alternergy Philippine Holdings Corp. had a lacklustre debut on Friday as investors shied away from the Southeast Asian nation’s first listing for the year amid high-interest rates (BBG)

Daily Picks

  • Pandemic Pet Adoptions Propel Rise of a $500 Billion Global Market (BBG)

  • Coffee drinkers take 1000 extra steps a day, but sleep less for every drink they consume, study shows (Stuff)

Job Board

New Zealand

  • BCG graduate roles - Apply here

  • BDO graduate and intern roles - Apply here

  • Bell Gully summer intern roles - Apply here

  • BNZ graduate roles - Apply here

  • Buddle Findlay summer clerkships - Apply here

  • Chapman Tripp winter and summer clerkships and clerk roles - Apply here

  • Deloitte intern roles - Apply here

  • Deloitte graduate roles - Apply here

  • DLA Piper insight programme,summer clerkships and clerk roles - Apply here

  • Duncan Cotterill summer clerkships and grad roles - Apply here

  • EY graduate and intern roles - Apply here

  • Forsyth Barr associate analyst - Apply here

  • Forsyth Barr associate analyst (global equities) - Apply here

  • Grant Thornton graduate roles - Apply here

  • KPMG graduate and intern roles - Apply here

  • PWC graduate and intern roles - Apply here

  • Russell McVeagh summer clerkships - Apply here

  • Russell McVeagh clerks - 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

    • Women in banking scholarship - Apply here

    • Winter internships - Apply here

    • Graduate role - Apply here

    • Summer internships - Apply here

  • Macquarie graduate roles - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

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