Rishi Sunak resigns after Labour's landslide election win

Good Morning,

Keir Starmer pledges to stabilise UK as Labour win huge majority, NZ tax revenue surges in 11 months to May, OpenAI's internal AI details stolen in 2023 breach, Bitcoin set for worst week in over a year on Mt. Gox liquidation fears, Biden says ‘I’m not going anywhere’ as calls to quit race grow, IRD targets cryptocurrency users not declaring it in taxable income.

Let's jump in.

Before The Bell

Markets

• Retail spending slump nearly surpassing '80s sharemarket crash (RNZ)

• Bitcoin set for worst week in over a year on Mt. Gox liquidation fears (RT)

• AbbVie cuts 2024 profit forecast on R&D expenses (RT)

• U.S. markets were closed for the July 4 holiday

Earnings and Data

• Infratil announced an increase of A$466 million in the valuation of its 48.3%-owned data centre business CDC (NBR)

• Samsung flags better-than-expected profit rise as AI boom lifts chip prices (RT)

• Shell sees up to $2 Billion writedown after biofuels delay (BBG)

News Summary

• Ousted Kāinga Ora board member slams government plans as 'wanton folly' (RNZ)

• New targets set to mental health sector as $10m fund opens (RNZ)

• IRD targets cryptocurrency users not declaring it in taxable income (RNZ)

• ASB brings Reserve Bank rate cut prediction forward to November (RNZ)

• Treasury figures showed a deficit of $7.75 billion for the 11 months ended May compared with a forecast of $8.75b (RNZ)

• Council rates rises blamed for rocketing rents (RNZ)

• Laybuy in receivership: Deloitte considers offers for NZ and Australia operations (Herald)

• Elon Musk’s X to get final European Union warning over dangerous content (Herald)

• Labour warns Oranga Tamariki cuts will ‘decimate’ youth justice system (Herald)

• Office for Māori Crown Relations mulls staff cuts; further reduction planned at Justice Ministry and Corrections (Herald)

• Aussie Senate wants regulator ASIC split in two (NBR)

• Biden says ‘I’m not going anywhere’ as calls to quit race grow (AFR)

• Starmer pledges to stabilise UK as Labour win huge majority (RT)

• UK PM Sunak to resign as prime minister and Conservative leader (RT)

• OpenAI's internal AI details stolen in 2023 breach (RT)

Deal Flow

Investments / M&A

• Private equity investor Direct Capital has reinvested in Bayley Corporation as the real estate group raised capital to fund its acquisition of a stake in its Australian counterpart McGrath. Filings on July 4 show Direct Capital was issued 1.06 mil shares for 17% of Bayley, two years after it sold out of a long-term holding (NBR)

• GSK buys COVID, influenza vaccines from retrenching CureVac (RT)

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