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Amazon Proposes Job Cuts in NZ, but Data Centre Plans Still on Track

April 29, 2023

Good Morning,

Rental demand pushing up Christchurch house prices, Minister defends lack of spending to tackle homelessness, Amazon proposes job cuts in NZ but is still committed to opening its $7.5b data centre next year, Consumers still wary about the economy - ANZ, Russia kills at least 12 in biggest Ukraine air strikes for nearly two months, and Former US Vice President Pence appears before grand jury probing Trump.

Let's jump in.

Before The Bell

Markets

  • Markets were mostly up on the past day. The NZX 50 gained +0.9%, to 12,019.84, the ASX 200 increased +0.2% to 7309.20, the S&P 500 grew +2.0% to 4,135.35 and the Nasdaq gained +2.4%

  • Spurred by Wall Street, the New Zealand sharemarket rebounded nearly one per cent, and Hallenstein Glasson reached a 12-month high on the likelihood that it will be included in the NZX top 50 (Herald)

  • European stocks were muted, poised for their first weekly loss in six, as investors weighed corporate earnings against economic growth and inflation data (BBG)

  • Asia markets rise as Japan keeps monetary policy unchanged, yen weakens (CNBC)

Earnings and Data

  • Taiwan’s economy plunged into recession after shrinking at the fastest pace since the global financial crisis, a sign of how the drop-off in global demand for chips has shown little sign of abating (BBG)

  • Huawei Technologies Co.’s profit plunged 46% in the first quarter while revenue barely grew, as the Chinese telecom equipment maker spent heavily on research to try and get around US technology sanctions (BBG)

News Summary

  • Rental demand pushing up Christchurch house prices (1 News)

  • Of the $12.6 million earmarked to help fight homelessness this year, just a tiny fraction has been spent - only $900,000 (1 News)

  • Wellington trains will be running slower than usual in the first week of May and will also have a reduced timetable as necessary inspections are carried out across the network (1 News)

  • SFO charges investment executive for fraudulently moving $2m into his own accounts (Stuff)

  • Amazon proposes job cuts in NZ but is still committed to opening its $7.5b data centre next year (Stuff)

  • Hundreds of employers have struggled with Covid-19 issues, cases show (Stuff)

  • Consumers are feeling better but not positive about the economy, according to ANZ (Herald)

  • Providoor, the Australian gourmet food delivery service that was created during the first COVID-19 lockdowns, has collapsed and will be placed into liquidation (9 News)

  • Matildas captain Sam Kerr to be Australian flag-bearer at King Charles' coronation (9 News)

  • Russia hurled missiles at cities across Ukraine as people slept early on Friday, killing at least 12 people in the first large-scale air strikes in nearly two months (RT)

  • China’s A.I. chatbots haven’t yet reached the public like ChatGPT did (CNBC)

  • Former U.S. Vice President Mike Pence appeared before a grand jury investigating former President Donald Trump's role in efforts to overturn the 2020 election, a source familiar with the matter told Reuters on Thursday (RT)

Deal Flow

Investments / M&A

  • Deutsche Bank said on Friday it had agreed to buy Numis Corp, a London-based institutional stockbroker and corporate adviser, for about 410 million pounds ($511.2 million USD) as the German company deepens links with the UK corporate client segment (RT)

  • Singapore sovereign wealth fund GIC said on Friday it would buy a portfolio of six logistics assets in Japan for more than $800 million from Blackstone Inc reflecting a strong appetite for logistics real estate (RT)

  • Suncor Energy Inc. is set to boost its carbon-intensive oil sand reserves after agreeing to buy TotalEnergies SE’s Canada unit in a C$5.5 billion ($4 billion USD) all-cash deal (BBG)

VC & Fundraising

  • Pinecone Systems Inc., a startup whose platform supports artificial intelligence software, has raised $100 million USD in a funding round that values the company at $750 million USD (BBG)

Equity Raises

  • Kenvue Inc. is serving as a spearhead to reopen the US IPO market as gains by its publicly traded peers show that the company can buck the macro headwinds holding back other potential listings (BBG)

  • Personal training and connected hardware company Interactive Strength Inc. has priced its US initial public offering at the top of a marketed range, according to people familiar with the matter (BBG)

Debt

  • Mitsubishi UFJ Financial Group Inc. said its brokerage venture sold Credit Suisse Group AG’s riskiest bonds to help clients diversify their portfolios, as the firm tries to explain what led to $700 million USD of losses for customers (BBG)

Daily Picks

  • Why food is a rip-off in New Zealand compared to Australia. A trip to the supermarket has become a miserable and taxing experience for many people in Aotearoa as food prices hit an all-time high (1 News)

  • 43-year-old used her life savings to open a bar that only plays women’s sports—it brought in almost $1 million USD in 8 months (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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