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Bankrupt crypto empire FTX owes its 50 biggest unsecured creditors more than $3 billion, new court papers show, RBNZ delivers a jumbo-sized 75bp OCR increase, BDO says a third of New Zealand businesses are not prepared for geopolitical risks, China reports new daily record COVID cases, curbs tighten across country, U.S online blackmarket sales hit whopping $9 billion record, Several injured after Socceroos fans ignite flares in Melbourne.

Before The Bell

Markets

• Australian, New Zealand dollars on track for big recoveries.

• US shares have a positive week in the green

Earnings this week

• Radius Residential Care reported a net profit increase for the period 29% on a year ago to $1.72m and the company’s preferred measure of financial performance, underlying ebitda, rose from $5.1m to $7m. (NBR)

• EROAD today reported a big jump in revenue for the six months ended September 30 to $85.4 million from $48m, but that reflected a full half of its Coretex acquisition. Annualised monthly recurring revenue increased 18% to $158.3m. (NBR)

• New Zealand retail sales were slightly weaker for the three months ending September, increasing 0.4 per cent instead of the expected 0.5 per cent. (Herald)

• Argosy Property, a multibillion-dollar diversified landlord, saw last year’s $91 million revaluation gains turned to $23m devaluations or losses, pushing down bottom-line profit. [Herald]

• Dell Technologies announces financial results for its fiscal 2023 third quarter. Revenue was $24.7 billion (USD), down 6%. Operating income was a record $1.8 billion [USD], up 68%. [Barron's]

• Zoom shares slumped more than 7% in extended trading on Monday after the video-chat company issued weaker-than-expected revenue guidance for its full fiscal year. Their earnings were $1.07 per share (USD). While revenue was $1.1 billion [USD] as expected by analysts. [CNBC]

• Credit card spending in New Zealand increased to $6,734 million NZD in October from $6,271 million NZD in September of 2022. (RBNZ)

Upcoming Earnings

• Monday: Kiwi Property Group Limited, TASK group holdings limited, Third Age Health Services Limited

• Tuesday: Arvida Group Limited, Fisher & Paykel Healthcare

• Wednesday: NZ Automotive Investments Limited

• Thursday: Bank of Montreal, Marvell Technology Ince

• Friday: Genesco Inc, IES Holdings Inc

News Summary

Monday

• Borrowers warned to brace for another cost-of-living blow from the Reserve Bank of New Zealand on Wednesday. Analysts expect recent inflation data will persuade RBNZ to raise the official cash rate by 75 basis points to 4.25%. (Stuff)

• People at a club in the US state of Colorado have been hailed as heroes for subduing a gunman and preventing a deadly shooting from being even worse. (BBC)

• Bankrupt crypto empire FTX owes its 50 biggest unsecured creditors more than $3 billion, new court papers show. (BBG)

Tuesday

• Borrowers warned to brace for another cost-of-living blow from the Reserve Bank of New Zealand on Wednesday. Analysts expect recent inflation data will persuade RBNZ to raise the official cash rate by 75 basis points to 4.25%. The RBNZ will announce their latest adjustment at 11 am TODAY. [Stuff]

• Speculation is swirling around the health of Digital Currency Group, a sprawling $US10 billion ($16 billion) crypto empire which includes brokerage Genesis, asset manager Grayscale, and industry news website CoinDesk. [Herald]

• Indonesia Earthquake;Earlier on Tuesday Indonesia's national disaster response agency, the BNPB, put confirmed deaths at 103 with 31 people missing - but warned this number was likely to rise. Many casualties likely to be children. [BBC]

Wednesday

• RBNZ delivers a jumbo-sized 75bp OCR increase (NBR)

• BDO says a third of New Zealand businesses are not prepared for geopolitical risks (NBR)

• The Government is set to use urgency to push through 24 bills (Herald)

• Credit Suisse sees $1.6 billion USD fourth quarter loss (BBG)

• Manchester United owner weighs sale of the club (BBG)

Thursday

• Whitehaven boss Paul Flynn sold 900,000 shares in a move that shook investor confidence, as shares posted their third straight day of gains. (AFR)

• Russia's Federal Security Service (FSB) said on Thursday that it had prevented Ukrainian special services from carrying out what it said was sabotage on the "South Stream" gas pipeline. (Reuters)

• The chief executive of dual-listed diagnostics company Pacific Edge is confident the worst-case scenario in ongoing uncertainty over the continued reimbursement of its tests in the US is “low probability” and that it would be “unprecedented” for them to lose coverage. (NBR)

Friday

• NZ PM Jacinda Ardern makes first Chatham Islands visit, with Ngāti Mutunga settlement and housing and cost of living crisis front and centre. (Herald)

• A gauge of Asian equities fell amid a subdued tone in markets on Friday after Thanksgiving in the US. Treasuries rose as trading resumed after the holiday. (BBG)

• Security restrictions on liquids and laptops in airport hand luggage could be axed in the UK within two years thanks to high-tech 3D scanners.The government is considering rolling out the more advanced scanners by mid-2024, a source told the BBC, although a final decision has yet to be made. (BBC)

• China reports new daily record COVID cases, curbs tighten across country. (RT)

• Councillors boycott Gore mayor Ben Bell's Cromwell retreat. Some Gore district councillors boycotted mayor Ben Bell’s retreat for elected members, another left, and the council says it does not know what the final cost of the two-day meeting will be. (Stuff)

Weekend

• Singapore Airline network expands past pre-COVID levels (NBR)

• U.S online blackmarket sales hit whopping $9 billion record (RT)

• Several injured after Socceroos fans ignite flares in Melbourne (9NEWS)

Deal Flow

Investments/ M&A

• Sydney-listed mining company BHP bumps up its August cash offer price for local rival OZ Minerals by 13 per cent to $28.25 AUD per share. (AFR)

• A consortium led by Mark Stewart has made an offer to acquire Nelson-based fish oil refinery SeaDragon. (NBR)

• US infrastructure investor Stonepeak has swooped in to take GeelongPort, the second largest port in Victoria, in a joint bid worth $1.1 billion AUD with Australia's Spirit Super. (AFR)

• A thawing of Australia-China relations could spur heightened merger and acquisition interest from Beijing, the new chairman of the Australian Foreign Investment Review Board says. (AFR)

• Thoma Bravo’s pushing ahead with a $2.10 a share bid for aerial mapping business Nearmap, despite a worrying trading update and mounting litigation claims against the ASX-listed group. (AFR)

• A consortium led by Mark Stewart has made an offer to acquire Nelson-based fish oil refinery Sea Dragon. [NBR]

• The country’s biggest listed contracting/recruitment firm PeopleIN has called in the bankers to consider ways to unlock value for shareholders, including a potential private equity buyout. [AFR]

• NZX buys QuayStreet and picks up $1.6 billion NZD assets under management (NBR)

• Insurance company NIB are set to buy OrbitProject, a New Zealand company that provides insurance cover for international students (NBR)

• ConcoPhillips to take stake in Sempra's LNG US export terminal (BBG)

• A pair of Australia’s biggest homegrown whisky labels, Tasmania’s Lark Distilling Co and Sullivans Cove, have held exploratory talks about a merger and the chance to create a national whisky champion. (AFR) 

• It’s down to the short strokes at CWP Renewables, with Partners Group and its bankers finally set to bring the auction to a close. After a drawn out process, delays getting information into the data room and the like, binding bids are due on Monday with expectations of offers with a “4” in front of them. (AFR)

• Vista Equity Partners is exploring an acquisition of Coupa Software Inc., according to people familiar with the matter. The stock rose as much as 36% on the news. (BBG)

• Scottish multinational energy company SSE Plc has agreed to sell a 25% stake in its electricity transmission grid business to the Ontario Teachers’ Pension Plan Board for about £1.5 billion ($1.8 billion USD). (BBG)

• Italian multinational manufacturer and distributor of electricity and gas Enel Weighs $5 Billion Peru Operations Sale to Cut Debt. (BBG)

• Brookfield Asset Management Inc. has acquired Hong Kong-based clothing label maker Trimco Group from buyout firm Affinity Equity Partners, according to people familiar with the matter. (BBG)

• India Considers Selling Stakes in Its Mammoth Coal, Zinc Miners. (BBG)

VC & Fundraising

• Businessman, angel investor, and government adviser Rob Fyfe says he is pouring half his life's savings into a new company, Recorp, set up to manufacture aluminum beverage cans. The company's mission is to eliminate single-use plastic bottles from the New Zealand marketplace by the end of the decade.(NBR)

• Tech skills training and recruitment start-up Academy Xi’s investor Anthony Bohm has taken the reins as the chief executive officer, as the six-year-old business preps for growth and an equity raise in the coming year. [AFR]

• Citigroup Inc. joined Goldman Sachs Group Inc. in predicting that the Persian Gulf’s boom in initial public offerings is far from over. [BBG]

• Chinese nickel producer Lygend Raises $470 Million in Hong Kong IPO, Sources Say (BBG)

• Tech company Blackpearl Group first direct NZX listing this year Company waits on final approvals before planned listing on December 2, with a $45m market capitalisation. (NBR)

• Gautam Adani’s plan to raise at least $5 billion in equity aims to shut down two of the most frequent criticisms levelled against the Indian tycoon’s swelling empire: high debt ratios and a limited investor base. (BBG)

• ANZ doubled its $50 billion sustainable financing target to $100 billion by 2030, having already hit $40 billion within three years and finding itself on track to meet the $50 billion by the end of this financial year. (AFR)

Equity Raises

• Auckland-based medicinal cannabis firm Organic Genetics has finally secured early-stage investment, after raising $5 million NZD from local private investor, GCO Pharmaceuticals. (NBR)

• App-owner Life360 is seeking an equity top-up via stockbrokers Bell Potter and MST. The company and its brokers have started rustling up buyers for what's expected to be a $50 million AUD institutional placement at $6.30 a share. (AFR)

• Christchurch based outdoors and hunting company Bushbuck is undertaking crowdfunding to go toward growth and overseas expansion. (NBR)

• Dual listed natural gas and helium producer Renergen had stockbroker MST drumming up interest in a quick $10 million placement after market close on Tuesday. [AFR]

• West Australian gold hopeful, Musgrave Minerals asking investors for $8 million (AUD) equity injection (AFR)

• Business lender Prospa has kicked off meetings with institutional investors in a bid to drum up interest in a new $200 million securitisation deal. (AFR)

• Indian billionaire Gautam Adani is courting sovereign wealth funds to raise roughly $5 billion in equity across his sprawling business empire and reduce leverage, people familiar with the matter said. (BBG)

• The Middle Eastern operator of KFC and Pizza Hut outlets drew orders worth $105 billion for its initial public offering, raising $1.8 billion for its shareholders in the first-ever dual-listing in Riyadh and Abu Dhabi. (BBG)

• Lygend Resources & Technology Co., a Chinese nickel producer and trader, raised about HK$3.67 billion ($470 million USD) in its Hong Kong initial public offering, according to people familiar with the matter. (BBG)

• Sydney-based home lender Brighten Financial has hired JPMorgan, Natixis and Standard Chartered Bank to launch a $400 million residential mortgage backed security deal. (AFR)

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