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World Food Prices Rise, as Does ANZ's Profit 📈

May 06, 2023

Good Morning,

ANZ posts half-year profit of more than $1 billion, up 14%, Supermarkets lose Supreme Court battle to extend alcohol sales hours, NZ Prime Minister Chris Hipkins has met his British counterpart Rishi Sunak for the first time in person ahead of King Charles III’s coronation, Serbian police arrest suspected gunman after a drive-by shooting leaves eight dead, and World food prices rise for the first time in a year.

Let's jump in.

Before The Bell

Markets

  • Markets were mixed over the past day. The NZX 50 lost -0.7%, to 11,889.01, the ASX 200 increased +0.1% to 7,200.00, the S&P 500 decreased -0.7% to 4,061.22 and the Nasdaq dropped -0.5%

  • A hesitant New Zealand sharemarket finished the week with a fall of more than half per cent as it awaits the latest round of company results and digests the recent interest rate rises (Herald)

Earnings and Data

  • ANZ has recorded a 14%​ increase in half-year profits compared to the same time a year earlier (Stuff)

  • Apple reported second-fiscal quarter earnings on Thursday that beat Wall Street’s soft expectations, driven by stronger-than-anticipated iPhones sales (CNBC)

  • U.S. employers boosted hiring in April while raising wages for workers, pointing to sustained labor market strength that could see the Federal Reserve keeping interest rates higher for some time (RT)

  • The United Nations food agency's world price index rose in April for the first time in a year, but is still some 20% down on a record high hit in March 2022 following Russia's invasion of Ukraine (RT)

News Summary

  • Embattled Green MP Elizabeth Kerekere has quit the Green Party, according to a statement from its co-leaders (1 News)

  • Tradies likely to go unpaid after company with six years' tax debt fails (Stuff)

  • Supermarket giants Foodstuffs and Woolworths have lost their bid to extend alcohol sales hours in Auckland and must pay Auckland Council $35,000 NZD in costs, the Supreme Court has ruled (Stuff)

  • MediaWorks is teasing a new radio station just over a month after axing Today FM and laying off at least 30 staff (Stuff)

  • NZ Prime Minister Chris Hipkins has met his British counterpart Rishi Sunak for the first time in person ahead of King Charles III’s coronation (Herald)

  • Evacuations are being carried out in Tasman after a stream has breached its banks, with orange heavy rain warnings in place there as well as for Nelson and Marlborough, Northland, Taranaki and Westland, and a heavy rain watch over Buller (Herald)

  • The Ufuk Talay era is over at the Wellington Phoenix, after a 2-0 defeat to Adelaide in the elimination final on Friday night (Herald)

  • Inland Revenue has applied to the court to liquidate an aged care business with a number of rest homes (Herald)

  • Tesla raised the price of its more expensive Model S and Model X cars in China, its website showed Friday, following other hikes to its other vehicles a few days prior (CNBC)

  • Police arrested a suspect on Friday after eight people were killed and 14 wounded in Serbia's second mass shooting in just two days, in what President Aleksandar Vucic called a "terrorist attack" as he proposed tough new gun controls (RT)

  • BMW AG is the latest carmaker to upgrade its recall of vehicles with Takata airbags, telling owners to park the 90,000 affected sedans and SUVs until the defective equipment has been replaced (BBG)

Deal Flow

Investments / M&A

  • 2degrees has been cleared to sell its cellphone towers for $1.08 billion to Connexa, which separately took over Spark’s cellphone tower network last year in a $900m NZD deal, the Commerce Commission has ruled (Stuff)

  • Bankrupt crypto exchange FTX received U.S. bankruptcy court permission on Thursday to sell its LedgerX business for $50 million USD, raising additional funds to repay creditors (RT)

  • Air France-KLM said on Thursday it engaged with private equity firm Apollo Global Management for a 500 million euro ($550.70 million USD) capital injection for one of its engineering and maintenance units (RT)

  • On Thursday, Canada's Toronto-Dominion Bank Group called off its $13.4 billion USD takeover of First Horizon Corp, triggering a nearly 40% fall in the U.S. regional bank's shares (RT)

VC & Fundraising

  • 4D Medical, the four-dimensional lung imaging software company backed by Australia’s Medical Research Future Fund, was in the market for fresh funds on Friday, buoyed by a new contract win with the US Department of Defence (AFR)

Equity Raises

  • According to people familiar with the matter, Xiamen Yan Palace Bioengineering Co., a Chinese edible bird’s nest producer, is considering a Hong Kong initial public offering that could raise about $200 million USD (BBG)

  • Alibaba Group Holding Ltd.’s international online shopping unit is exploring a US initial public offering as it weighs options to spur growth for the business, including major e-commerce brands Lazada and AliExpress (BBG)

Daily Pick

  • Even $500 Million USD a Year From Google Isn’t Enough to Save Firefox (BBG)

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

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    • Internships - Apply here

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