Russia Lifts Ban on Most Diesel Exports 🛢

Author

Jay Geris
October 07, 2023

Good Morning,

Air NZ extends Covid credits expiry date to 2026, Buyout process to start soon for flood, cyclone-affected Aucklanders, Russia Lifts Diesel-Export Ban That Battered Global Markets and Nobel Peace Prize awarded to jailed Iranian activist Narges Mohammadi.

Let's jump in.

Before The Bell

Markets

  • Markets were mostly down over the past day. The NZX 50 lost -0.2%, to 11,287.03, the ASX 200 increased +0.4% to 6,954.20, the S&P 500 decreased -0.1% to 4,258.19 and the Nasdaq lost -0.1%

  • Shares of Dutch health tech company Philips tumbled to the bottom of the European benchmark on Friday, after the U.S. drug regulator deemed its handling of a major product recall inadequate (CNBC)

News Summary

  • As water quality concerns continue to gain attention nationwide, Hastings is marking a significant milestone, seven years after a deadly water contamination outbreak (1 News)

  • A popular swimming event in Auckland has been knocked back a week as authorities race around the clock to bypass the crucial sewer link underneath the city's newest and biggest sinkhole (1 News)

  • The buyout process for flood and cyclone-affected Aucklanders is set to start later this month after the council agreed to a cost-sharing agreement with the Government (1 News)

  • A group of five people who caught 348 fish in one day in the Hauraki Gulf have been fined $10,500 (1 News)

  • Air New Zealand has extended the expiry date on about $200 million of Covid-related credits, which its customers have yet to use, from January next year to January 2026 (NBR)

  • Woolworths and Coles workers are preparing for their first-ever nationwide strike tomorrow, with stores in nearly all major capital cities set to be impacted (9 News)

  • Russia allowed a return to seaborne exports of diesel just weeks after imposing a ban that roiled global markets, taking other steps instead to keep sufficient fuel supplies at home (BBG)

  • Tesla has cut prices of its Model 3 compact sedan and Model Y SUV in the U.S. by about 2.7% to 4.2% to stoke demand for its electric vehicles, days after the automaker fell short of third-quarter delivery estimates (RT)

  • Nestle shares were under pressure on Friday as investors weighed the potential impact of Novo Nordisk's blockbuster weight-losing drug Wegovy and how it could reduce spending on food (RT)

  • A new U.S. employment report on Friday will show whether the labor market continued to moderate through September in what could be an important waypoint for Federal Reserve officials deciding whether to push ahead with another interest rate increase this year or sit tight (RT)

  • Nobel Peace Prize awarded to jailed Iranian activist Narges Mohammadi (CNBC)

  • Air New Zealand has revised its liquidity and leverage policy from its 2024 financial year onward, with the goal of maintaining its investment grade rating and considering further shareholder distributions (NBR)

Deal Flow

Investments / M&A

  • Sir Bob Jones’ company has acquired an office building in downtown Auckland that was recently valued at NZD$70 million (NBR)

  • Fenway Sports Group has ended its search for new investment in Liverpool FC by selling a minority stake in the English football club to New York-based private equity firm Dynasty Equity (BBG)

  • French pharmaceutical firm Sanofi is exploring a potential acquisition of cancer drugmaker Mirati Therapeutics Inc. (BBG)

  • Suncor Energy on Wednesday said it would acquire French energy firm TotalEnergies' Canadian operations for C$1.47 billion (USD$1.07 billion) to bolster its bitumen production capacity (RT)

VC & Fundraising

  • ASX-listed Wellnex Life is set to press play on a AUD$12 million equity raising (AFR)

Equity Raises

  • Eagle Football Holdings LLC, the owner of football clubs from Britain to Brazil, is considering raising USD$200 million in equity ahead of a potential listing in New York (BBG)

  • Cargo firm SAL Saudi Logistics Services Co. received orders worth USD$48.6 billion for its USD$678 million initial public offering, which is set to be the kingdom’s second-largest this year (BBG)

Debt

  • Rio Tinto has loaned $US100 million (AUD$157 million) to the Chinese and Singaporean companies that will build railways and ports for Guinea’s Simandou iron ore project, in a major show of faith in its consortium partners, rival miners and the grand plan to build an African iron ore industry (BBG)

  • The owners of Chelsea FC are considering increasing their borrowing by as much as ÂŁ250 million (USD$305 million), people with knowledge of the matter said, as they look to continue the free-spending that’s defined their short tenure in charge of the English football club (BBG)

Daily Picks

  • A world-first study has found young people whose mothers didn’t have enough to eat during pregnancy are far less likely to pass NCEA levels or reach university (1 News)

  • One NZ exposes its customer service wait times after poor Commerce Commission rating (Stuff)

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