Edmonds Pastry Discontinued 🥐

Author

Jay Geris
September 09, 2023

Good Morning,

Standard and Poor's maintains NZ's credit rating, forecasts just 0.2% GDP growth, Edmonds pastry discontinued due to being 'no longer commercially viable', Magnitude 6.6 earthquake strikes Kermadec Islands, no tsunami risk for NZ, and US Probes Made-in-China Chip as Alarm Over Huawei Grows.

Let's jump in.

Before The Bell

Markets

  • Markets were mostly down over the past three days. The NZX 50 lost -0.8%, to 11,437.25, the ASX 200 decreased -2.2% to 7,314.30, the S&P 500 increased +0.2% to 4,497.63 and the Nasdaq grew +0.7%. All treasury bond yields decreased.

Earnings and Data

  • Apple shares fell about 3% on Thursday, following a 4% decline on Wednesday, after several reports suggesting that Chinese government workers could be banned from using iPhones (CNBC)

News Summary

  • Waka Kotahi has been ordered to pay $40,000 in compensation to a former tenant after human waste back-flowed through the toilet and the shower drain on four occasions (Stuff)

  • Businesses passed over buying more than 13 million carbon credits with a supposed market value of almost NZD$900 million that were offered at a government auction on Wednesday (Stuff)

  • Standard and Poor's maintains NZ's credit rating, forecasts just 0.2% GDP growth (Stuff)

  • Edmonds’ pastry range will be flaking from shelves. The iconic brand is quitting the pastry category due to it being no longer commercially viable (Stuff)

  • The long-touted Northern Beaches tunnel has been officially abandoned by the Minns government, with the roads minister saying it would be "irresponsible" to spend AUD$10 billion on the road (9 News)

  • Principals, teachers and school staff have gathered on the steps of state parliament in Melbourne to protest a chronic teacher shortage (9 News)

  • The US government has begun an official probe into an advanced made-in-China chip housed within Huawei Technologies Co.’s latest smartphone, a revelation that’s set off a debate in Washington about the efficacy of sanctions intended to contain a geopolitical rival (BBG)

  • China delivered 2.24 million cars wholesale in August, the most for a month this year and a record high for what is usually a slow period.

    Deliveries of China-made electric vehicles and plug-in hybrids reached 716,000, up 35% from August 2022, the China Passenger Car Association said Friday (BBG)

  • The offshore yuan weakened toward its lowest on record against the dollar, as a cut to the daily reference rate for the managed currency stoked bets China is comfortable with a gradual depreciation (BBG)

  • Faruk Fatih Ozer, who ran crypto exchange Thodex until it imploded in 2021, was sentenced to 11,196 years in prison by a Turkish court for crimes including fraud (BBG)

  • Saudi Arabia faces the risk of an economic contraction this year following its decision to extend crude production cuts, highlighting its still heavy reliance on oil as reforms to diversify are slow-moving (RT)

Deal Flow

Investments / M&A

  • Private equity firm Thoma Bravo agreed to acquire health-records software company NextGen Healthcare Inc. Thoma Bravo will pay $23.95 in cash for each NextGen share (BBG)

  • Jared Kushner’s Affinity Partners is acquiring a USD$150 million minority stake in an Israeli car company, marking the first investment in Israel for the Miami-based private equity firm that is backed by Saudi Arabia’s sovereign wealth fund (BBG)

VC & Fundraising

  • Toby Thomas-Smith wants to change how the world lives with his accommodation app, and he and his co-founder have just raised nearly NZD$10 million to get started in the United States (Stuff)

  • Listed audiovisual networking business Audinate was making the most of its post-results rally, putting a AUD$50 million capital raising to listed equities investors (AFR)

  • Eroad is launching a AUD$50 million capital raise, with net proceeds used to repay debt and provide headroom to pursue the company’s growth strategy in the North American market (NBR)

  • Alchemy Copyrights has agreed to buy music copyright-focussed investment firm Round Hill Music Royalty Fund for about USD$468.8 million (RT)

  • Repsol said it had entered the U.S. onshore wind market by buying renewable energy developer ConnectGen for USD$768 million, expanding its presence in a country the Spanish energy firm sees as a key market (RT)

Equity Raises

  • Private equity firm KKR Group plans to list Kokusai Electric Corp.’s shares in Tokyo as early as October at a valuation north of ¥400 billion (USD$2.7 billion) (BBG)

  • Amer Sports, the maker of Wilson tennis rackets and Salomon ski boots, has filed confidentially for a US initial public offering that could value the group at as much as USD$10 billion (BBG)

Debt

  • Rogers Communications Inc. priced the largest corporate bond issuance so far this year as the telecom company refinances debt after it completed the acquisition of a smaller rival (BBG)

Daily Picks

  • A new emergency SOS iPhone feature has been used for the first time in New Zealand to rescue hikers in Canterbury (1 News)

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

  • 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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