McDonald's Joins Job Cut Catalogue

Author

Euan Marshall
April 04, 2023

Good Morning,

Donald Trump is set to fly to New York ahead of a scheduled court surrender, McDonald's has temporarily closed their US offices in preparation for layoff notices, mobile service provider One NZ has announced a partnership with SpaceX and oil prices have surged after a surprise cut in global output targets.

Let's jump in.

Before The Bell

Markets

  • The central banks of Australia and New Zealand are expected to diverge in their approach to interest rate hikes when they both disclose their latest moves this week (NBR)

  • Oil prices and energy stocks jumped on Monday after the Organisation of the Petroleum Exporting Countries and its ally, Russia, delivered a shock production cut, reviving bets that the US Federal Reserve and other central banks will be forced back into tightening mode to contain resurgent inflation at the petrol pump (AFR)

  • ASX shares posted their sixth straight day of gains on Monday to close at their highest level since the collapse of Silicon Valley Bank of March 10 sparked a global selloff (AFR)

  • Morgan Stanley's Michael Wilson - among the most prominent bearish voices on US equities - warns the furious rally in tech stocks isn't sustainable and that the sector will return to new lows (BBG)

Earnings and Data

  • Tesla Inc delivered 422,875 vehicles for the first three months of this year, up 4% from the previous quarter. However, quarter-on-quarter sales growth was modest despite price cuts as rising competition and a bleak economic outlook weighed (RT)

News Summary

  • Former U.S. President Donald Trump is set to fly from Florida to New York City ahead of his scheduled arraignment related to hush money paid to a porn star before the 2016 election (RT)

  • McDonald's Corp is temporarily closing its U.S. offices this week as it prepares to inform corporate employees about its layoffs as part of a broader company restructuring (RT)

  • One NZ chief executive Jason Paris has announced a partnership with Elon Musk-owned SpaceX in an effort to provide satellite to cell phone coverage, eliminating mobile blackspots for good (1News)

  • Australian regulators are deepening their investigation into the local operations of the world's largest crypto exchange Binance, as it faces up to a comprehensive lawsuit in the United States (AFR)

  • Fonterra has lowered its forecast milk payment to farmers for this season as global demand weakens (Stuff)

  • Microsoft is among the first to buy 'bins with brains' from Wellington based Method Recycling (Stuff)

  • Darya Trepova, a 26-year-old St Petersburg resident, has been arrested on suspicion of involvement in the attack that killed a well-known Russian military blogger (Stuff)

  • Malaysia's parliament on Monday passed sweeping legal reforms to remove the mandatory death penalty, trim the number of offences punishable by death, and abolish natural-life prison sentences, a move cautiously welcomed by rights groups (RT)

Deal Flow

Investments / M&A

  • Hoyts is back on the auction circuit after the cinema chain's Chinese owner, Wanda Cinema Line, sent Credit Suisse and Nomura out to hunt for a new owner in what is expected to be a $1 billion AUD sale (AFR)

VC & Fundraising

  • B.spkl, the first spin-out from crown research institute GNS Science, has raised $2.5 million in a seed round to scale up its breakthrough technology (NBR)

  • Brokers for ASX-listed Tribeca Global Natural Resources are hitting the phones with a shortfall offer to wholesale investors after shareholders shrugged at the entitlement (AFR)

Equity Raises

  • Frontier Digital Ventures, which owns stakes in marketplace businesses in emerging economies, has put a $12 million raising to investors to help square off earnouts from past acquisitions (AFR)

Daily Picks

  • Check out AFR's six ways to ensure your stocks make it to the other side here

Job Board

New Zealand

  • BDO graduate and intern roles - Apply here

  • Bell Gully summer intern roles - Apply here

  • Buddle Findlay summer clerkships - Apply here

  • Chapman Tripp winter and summer clerkships and clerk roles - Apply here

  • Deloitte intern roles - Apply here

  • Deloitte graduate roles - Apply here

  • DLA Piper insight programme,summer clerkships and clerk roles - Apply here

  • EY graduate and intern roles - Apply here

  • Forsyth Barr associate analyst - Apply here

  • Forsyth Barr associate analyst (global equities) - Apply here

  • Grant Thornton graduate roles - Apply here

  • KPMG graduate and intern roles - Apply here

  • PWC graduate and intern roles - Apply here

  • Russell McVeagh summer clerkships - Apply here

  • Russell McVeagh clerks - 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

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