NZ AI stock soars 350%

Good Morning,

The NZX market regulator has issued its first “trade with caution” statement in connection of Being AI Limited, which have appreciated more than 350% since listing on April 2nd, Treasury set to axe 50 jobs, Fletcher Building CFO quits, Biden tells Netanyahu US support hinges on protecting civilians, more rats found in Dunedin supermarket, and Disney CEO’s headaches abound even after major proxy war win with activist investor Nelson Peltz.

Let's jump in.

Before The Bell

Markets

• The New Zealand sharemarket had its fourth successive fall on light trading, and in a rare move, the regulator issued a caution over investing in Being AI shares. (GR)

News Summary

• The NZX market regulator has issued its first “trade with caution” statement in connection of Being AI Limited, which have appreciated more than 350% since listing on April 2nd. (NBR)

• Treasury set to axe 50 jobs. (Herald)

• Data from the Ministry of Education shows 352 building projects across 305 schools are under a 'value for money' review. (RNZ)

• Wellington job market already tough before public sector redundancies. (RNZ)

• A “big downturn in the real estate industry” has been blamed for the collapse Auckland real estate agency Client First Realty. (Stuff)

• More rats found in Dunedin supermarket. (RNZ)

• Outage hits Apple services, including App Store and Apple TV+. (RNZ)

• Fletcher Building CFO quits. (NBR)

• Air New Zealand Koru membership price soars by 20 per cent. (Herald)

• Mental health minister scrambles as Suicide Prevention Office caught in cuts. (Stuff)

• Banking sector launches review of fraud reimbursement rules after threat of Govt regulation. (Herald)

• Warnings for ‘dangerous and life-threatening flash flooding’ across Australia. (Stuff)

• Deloitte Australia will appoint independent members to its 10-person board. (AFR)

• Police investigated sexual assault allegation against a PwC employee in Sydney. (AFR)

• Biden tells Netanyahu US support hinges on protecting civilians. (BBG)

• Meta pushes back on US FTC's bid to amend 2020 privacy settlement. (RT)

• Disney CEO’s headaches abound even after major proxy war win with activist investor Nelson Peltz. (BBG)

• Boeing's new chairman is reaching out directly to US airline CEOs to rebuild trust. (BBG)

• Trump judge refuses to delay hush-money case over immunity. (BBG)

• Rio Tinto’s Madagascar mine may face lawsuit over pollution claims. (Guardian)

Deal Flow

Investments / M&A

• Google parent Alphabet has been talking to its advisers about the possibility of making an offer for HubSpot, an online marketing software company with a market value of US$35 billion. (RT)

• Members of Paramount Global's board agreed on Wednesday to enter into exclusive merger talks with Skydance Media, favoring the independent studio over a US$26 billion offer from private equity firm Apollo Global Management. (RT)

• Credit data group Experian said on Thursday it had agreed to acquire peer illion for up to A$820 million ($542.10 million), as it taps further into a growing market in Australia and New Zealand. (RT)

VC & Fundraising

• Former Bell Gully solicitor Min-Kyu Jung relocated from Auckland to San Francisco, where he’s just raised US$4.8m in venture capital for his seven-person, 1-year-old law-tech start-up Ivo with seed stage funders Uncork Capital and Fika Ventures. (Herald)

Daily Picks

• ‘Fat gene’ found which makes adults six times more likely to be obese. (Stuff)

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