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August 31, 2023

Good Morning,

Prominent global investment manager BlackRock is in the process of launching an office in New Zealand, National has unveiled a plan for tax cuts totalling $14.6 billion, and Apple is set to host a press event at its headquarters, where new iPhones are expected to be unveiled.

Let's jump in.

Before The Bell

Markets

  • European bonds and stocks experienced a decline following the most recent price data, which indicated that inflation might not have completely eased in the eurozone (BBG)

  • The impact of China's mortgage rate cuts falls below the level of a significant "game changer" policy (BBG)

  • Driven by the technology sector, US stocks experienced a strong increase while investors considered a larger-than-anticipated drop in consumer confidence during April

Earnings and Data

  • Best Buy's shares climbed by approximately 4% following its surpassing of Q2 analyst predictions for earnings and revenue. However, the company anticipates that the remainder of this year will witness a decline in demand for technology products (CNBC)

  • HP's stock experienced a decline of more than 5% due to its failure to meet analyst expectations for revenue and earnings in Q3. Additionally, the company has adjusted its expectations for Q4 to a more moderate level (MW)

News Summary

  • Prominent global investment manager BlackRock is in the process of launching an office in New Zealand and has gone through the formal process of registering a local company (NBR)

  • National has unveiled a plan for tax cuts totalling $14.6 billion, which will be funded through a combination of measures including a decrease in consultant expenditures, climate dividends, a foreign buyer tax, and immigration levies based on user payments (NBR)

  • Apple has revealed plans for a press event scheduled at its headquarters in Cupertino, California, on September 12. During this event, the company is anticipated to introduce new iPhones (CNBC)

  • A massive Greece wildfire has ravaged an area larger than that of New York City (RT)

  • According to Bank of America, the strength of the dollar is more reliant on China than the actions of the Federal Reserve (BBG)

  • Electric vehicle company Mullen has filed a lawsuit against Schwab and TD Ameritrade, alleging that they inflated the count of shares (BBG)

  • In a remarkable upset during the National Provincial Championship (NPC), Manawatū surprised Auckland by defeating them 33-31 at Eden Park (Stuff)

Deal Flow

Investments / M&A

  • Simplicity Living, an investor in built-to-rent properties funded by KiwiSaver, has reached an agreement to acquire a 1.4-hectare parcel of land at Ellerslie racecourse from Auckland Thoroughbred Racing (NBR)

  • Eastland Generation has secured a $25 million loan from Green Investment Finance to support the development of connection assets for its forthcoming geothermal plant located in Kawerau. Additionally, Eastland is in the process of raising capital for the same project (NBR)

  • Instem Plc's shares experienced a significant surge of more than 39% on Wednesday. This was a result of the British life sciences software company's decision to accept a takeover offer from the French private equity firm Archimed SAS. The deal is valued at £203 million ($256.5 million) (RT)

  • Orora, an Australian company, has officially acknowledged discussions regarding the potential acquisition of Saverglass, a manufacturer of glass bottles based in France (RT)

  • After the Competition Bureau's unsuccessful attempt to block the C$20-billion merger of Rogers Communications and Shaw Communications in Canada, the merger court has requested the competition bureau to pay approximately C$13 million ($9.58 million) to compensate Rogers and Shaw for the extended legal battle (RT)

  • BradyIFS, a food services company, has purchased a stake worth $1.7 billion in Envoy Solutions from Fomento Economico Mexicano, a Mexican beverage and retail company (BBG)

  • Cosmetics manufacturer Elf Beauty is set to acquire drugstore skincare brand Naturium for a total of $355 million in a combination of cash and stock (BBG)

VC & Fundraising

  • Intuition Robotics, a startup based in Israel that focuses on robotics for eldercare, has secured $25 million in a Series B funding round led by Woven Capital, a venture capital arm of Toyota (TC)

  • Apollo.io, a comprehensive sales and technology platform, has successfully secured a $100 million Series D funding round at a valuation of $1.6 billion. This funding was led by Bain Capital Ventures (TC)

Equity Raises

  • Airtel Uganda is looking to gather 800 billion Ugandan shillings (equivalent to $216 million) by selling a 20% stake. This move is intended to support and fuel the company's expansion strategies (RT)

Daily Picks

  • Apple has revealed plans for a press event scheduled at its headquarters in Cupertino, California, on September 12. During this event, the company is anticipated to introduce new iPhones (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

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    • Graduate role - Apply here

    • Internships - Apply here

  • Add poll in here

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