SBF sentenced

Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud, Vanguard has admitted to misleading conduct about its ESG screening, Synlait has halted trading in its shares and bonds, and Kathmandu founder Jan Cameron sentenced for failing to disclose A$14 million in shares.

March 30, 2024

Good Morning,

Sam Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud, Vanguard has admitted to misleading conduct about its ESG screening, Synlait has halted trading in its shares and bonds, and Kathmandu founder Jan Cameron sentenced for failing to disclose A$14 million in shares.

Let's jump in.

Before The Bell

Markets

  • The New Zealand sharemarket on Thursday headed into the Easter break in a happy place with a rise of nearly 1 per cent. (GR)

  • New Zealanders’ purchasing power has declined 19.4 per cent since March 2018. (Herald)

  • S&P 500 closes higher to secure strongest Q1 since 2019. (RT)

News Summary

  • Kathmandu founder Jan Cameron sentenced for failing to disclose a A$14 million shareholding in baby formula company Bellamy’s Australia. (NBR)

  • Australian Senate slams PwC ‘cover up’ of tax scandal. (NBR)

  • Vanguard has admitted to misleading conduct about its ESG screening. (NBR)

  • F&P Healthcare initiates $12m voluntary recall of Airvo devices. (NBR)

  • Synlait has halted trading in its shares and bonds pending outcome of talks with its banking syndicate on $130 million of debt repayments. (NBR)

  • Petition urging more support for Gaza tabled in House. (RNZ)

  • Labour urges greyhound racing ban. (RNZ)

  • Three charged after allegedly painting over Gisborne’s rainbow crossing. (Stuff)

  • Bankman-Fried sentenced to 25 years for multi-billion dollar FTX fraud. (RT)

  • Blackwells sues Disney over disclosure in hedge fund relationship. (RT)

  • Goldman, Morgan Stanley win dismissal of lawsuits over Archegos collapse. (RT)

Deal Flow

Investments / M&A

  • Privately owned cash delivery company Armourguard has agreed to buy competitor ACM New Zealand from Linfox Armaguard for an undisclosed price. (NBR)

Debt

  • Blood products giant CSL is continuing its tradition of issuing ultra-long bonds, gearing up to print a pair of 10-year and 30-year US dollar senior unsecured bonds. (AFR)

  • Listed medicinal cannabis company Cannasouth has gone into voluntary administration after failing to raise much-needed money from investors, after reporting a full-year loss of $8.8 million in the year ended December. New Zealand's medicinal cannabis industry has struggled to achieve profitability since legalisation in 2020. (RNZ)

Daily Picks

  • The best new TV shows and movies to stream this Easter. (Stuff)

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