PwC in the firing line again

Author

Admin
June 01, 2023

Good Morning,

Business confidence has lifted in New Zealand, alcohol excise rates will increase by 6.5% this year in New Zealand, Australian inflation came in higher than expected, Jim Chalmers has let rip at PwC, Roger Cook will be the premier of WA, Elon Musk is visiting China for the first time in 3 years & Elizabeth Holmes has started her 11-year prison sentence.

Let's jump in.

Before The Bell

Markets

  • The NZX finished down for the day. There was large volumes traded though due to the indices being rebalanced (GR)

  • The ASX hit a two month low as investors price in an increased chance of RBA rate hikes after higher than expected inflation data (AFR)

  • US stocks were flat after a deal to increase the debt celling was reached

  • Nivdia briefly reached a market cap of $1 Trillion USD (BBC)

Earnings and Data

  • Australian inflation came in at 6.8% YoY which was higher than expected (AFR)

News Summary

  • Alcohol excise rates will increase by 6.5% this year in New Zealand (Stuff)

  • Auckland fire should be extinguished (Stuff)

  • Business confidence has lifted in New Zealand (Stuff)

  • Nikki Connors business have been liquidated at massive discounts (NBR)

  • Jim Chalmers has let rip at PwC again over the tax scandal (AFR)

  • Roger Cook will be the premier of WA (9 News)

  • Cigarettes and vapes are about to look very different in Australia after new laws are proposed (9 News)

  • Queensland have won the first State of Origin game (9 News)

  • North Korea say they spy satellite they launched crashed into the sea (BBC)

  • One of the Godfathers of AI said he would have prioritised safety over usefulness if he knew the role out of AI would have been as quicker as it has been (BBC)

  • Elon Musk is visiting China for the first time in 3 years (BBC)

  • Theranos CEO Elizabeth Holmes has started her 11-year prison sentence (BBC)

Deal Flow

Investments / M&A

  • Industrial gas maker Messer SE secured an investment from GIC that values the business at over $12.9m (USD) (BBG)

  • Asda will buy Issa Brother’s filling station business for just under £2.3B (BBG)

  • Mexican Coca-Cola bottler Femsa sold ~€3.3B of its shares in the Heineken Group (BBG)

  • Macqaurie are weighing a sale of a its $2B + (USD) South Korean gas business DIG AirGas Co (BBG)

  • Kiwi SMS business Modica Group is being shopped around by Lazard in Australia. A deal would likely value the business at over $150m (AUD) (AFR)

  • RedEarth Energy Storage has gone with MA Moelis Australia and Ord Minnett to oversea a strategic review of the $100m (AUD) business that could result in a sale (AFR)

  • Downer’s Repurpose It business unit sale has hit a snag after the Victoria government budget means growth estimates need to be changed (AFR)

  • X-Team a software development company has bought in Blackpeak Capital to run a strategic review (AFR)

  • Up for sale Intermediate Capital Group’s SCF Containers has purchased New Zealand trade player CSL Containers (AFR)

  • BWX receivers KPMG have appointed Greenhill to sell the company (AFR)

  • Glencore is working on a better deal for Teck Resources (BBG)

VC & Fundraising

  • Pear VC has raised $432m (USD) for a new fund (BBG)

  • School lunchbox delivery start-up Lilly’s Little Lunchbox is trying to raise up to $1m (AUD) via crowdfunding (AFR)

Equity Raises

  • Saudi Arabia’s First Milling Co set the pricing at the top of the range for its IPO. After receiving over $18B (USD) in orders more than 69 times what is available (BBG)

  • WE Soda is seeking an IPO on the London Stock Exchange with a $7.5B (USD) valuation (BBG)

  • Hidroelectric could be Romania’s biggest ever listing as it looks to raise $2.1B (USD) (BBG)

  • Indonesian gold miner PT Amman Mineral Internasional plans to raise $860m (USD) via an IPO in Jakarta (BBG)

  • Immunotherapy biotech Immutep is raising $80m (AUD) via a $50m (AUD) institutional placement and a $30m (AUD) non-renounceable pro rata entitlement offer to shareholders. The raise is being run by Bell Potter, Jefferies and Wilsons (AFR)

  • Aurelia Metals is raising $40m (AUD) via a $10m (AUD) placement and a $30m (AUD) pro rata accelerated non-renounceable entitlement offer. Bank of America and Ord Minnett are on the ticket (AFR)

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

  • Citi intern roles and women in banking scholarship - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

The Daily Deck is sponsored by Industrial Equity, LLC

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