BlackRock Invests $2b in Clean Energy in NZ

August 09, 2023

Good Morning,

3 dead in separate car-related incidents in New Zealand on Tuesday, BlackRock invests $2b on clean energy in Aotearoa, and the Green Party promises free dental care, paid for by multi-millionaires. In Florida, two FBI agents are shot dead in a shootout with a paedophile, uncovering a ring of Australian child predators.

Let's jump in.

Before The Bell

Markets

  • The benchmark S&P/NZX 50 Index edged up 0.06%, or 6.584 points, to 11,943.20 on Friday. On the broader market 69 stocks gained and 55 declined with $90 million shares traded. (Stuff)

  • The S&P fell to 4501.89 a day after its biggest one-day decline in four months. The Dow Jones Industrial Average lost 0.2% to 35,215.89 and the Nasdaq composite dipped 0.1% to 13,959.72. (Stuff)

  • Italy has approved a one-off 40% tax on profits banks reap from higher interest rates after reprimanding lenders for failing to reward deposits, in a surprise move that sent banking shares plunging across Europe. (RT)

  • Moody's cut credit ratings of several small to mid-sized U.S. banks on Monday and said it may downgrade some of the nation's biggest lenders, warning that the sector's credit strength will likely be tested by funding risks and weaker profitability. (RT)

  • Russia's lack of ships and Western grain traders' shrinking appetite for business with Moscow are adding to rising costs of moving Russian wheat, at a time when the war in Ukraine has spilled perilously close to vital Black Sea supply routes. (RT)

Earnings and Data

  • The country’s dominant milk processor downgraded its forecast for farmgate milk prices this season to between $6.25 and $7.75 per kilogram of milk solids, from its opening forecast in May of between $7.25 and $8.75 per kgMS due to weaker demand from the key Chinese market. (Stuff)

  • Movie theater chain AMC Entertainment Holdings said the current quarter was off to a strong start driven by box-office hits such as "Barbie" and "Oppenheimer", after beating second-quarter revenue estimates on Tuesday. (RT)

News Summary

  • Dairy farmers slam their wallets shut after Fonterra announced the farmgate milk price drop (Stuff)

  • A cyclist who died after being hit by a drink-driving winery worker in Marlborough was cycling to a baby shower for his first grandchild. (Stuff)

  • Sean Buis was lured to a popular Dunedin park, where he was run over and left for dead – and now the man behind the wheel has pleaded guilty to manslaughter. (Stuff)

  • The Green Party is promising free dental care for all, funded by multi-millionaires. (Stuff)

  • Auckland has scored badly on productivity, commitment to reducing emissions and for the quality of its “cultural offerings”, according to a new study comparing it with overseas rivals. (Stuff)

  • A Wellington fabric manufacturing business owner was left “very stressed” and with no insurance cover after her insurer accused her of being dishonest in a claim. (Stuff)

  • Passengers on a superjumbo heading to London Heathrow suddenly found themselves affected by a coup in an African country thousands of kilometres from their destination. (Stuff)

  • A fatal shootout with an American paedophile which claimed the lives of two FBI agents unearthed the Australian arm of an alleged child abuse network, leading police to 19 paedophiles and sparking the rescue of 13 children across the country, investigators say. (Stuff)

  • PwC Australia gave former partner Peter Collins a one-off “termination payment” and initially approved ongoing retirement payments for him late last year, despite the Tax Practitioners Board finding he had shared secret government information. (AFR)

  • Novo Nordisk said on Tuesday a large late-stage study showed its obesity drug Wegovy had a clear medical benefit, in addition to weight loss, boosting the Danish drugmaker's hopes of moving beyond Wegovy's image as a lifestyle drug. (RT)

  • Walt Disney has created a task force to study artificial intelligence and how it can be applied across the entertainment conglomerate, even as Hollywood writers and actors battle to limit the industry's exploitation of the technology. (RT)

  • When Canadian dairy farmer Ben Loewith's calves are born next spring, they will be among the first in the world to be bred with a specific environmental goal: burping less methane. (RT)

  • European gas traders have begun storing natural gas in Ukraine to take advantage of lower prices and available capacity there, regardless of the risks from the ongoing war, three traders and company officials said. (RT)

Deal Flow

Investments / M&A

  • Country Garden said on Tuesday it has not paid two dollar bond coupons due on Aug. 6 totalling $22.5 million, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles. (RT)

  • TPG Capital’s $1.8 billion pursuit of InvoCare appears to be finally over, with the private equity firm and its funeral services provider target agreeing to terms for a binding offer on Tuesday, sources told Street Talk. (AFR)

  • Dual listed silver and zinc explorer Adriatic Metals had its brokers drumming up bids into a $US30 million ($45.6 million) placement on Tuesday morning, ahead of first production expected in November. (AFR)

  • Canva brings in two new investors at $39b valuation (RT)

  • Prime Minister Chris Hipkins announced a deal with American investor BlackRock, which would see $2 billion invested to fund clean energy in Aotearoa. (Stuff)

VC & Fundraising

  • Retirement funds including Hostplus and Aware Super will get their first payday from the runaway success of graphic design company Canva after the country’s largest venture capital fund, Blackbird Ventures, agreed to sell a stake to investors in the United States. (AFR)

Equity Raises

  • Sydney’s Metro Finance is eyeing its next phase of growth after ruling off a $65 million institutional equity placement. (AFR)

Daily Picks

  • A 14-year-old boy was driving a car that appears to have crossed the centreline and crashed head-on into another vehicle, killing a Christchurch woman who worked for a legal firm. Read more here.

  • An Australian woman kills 3 in a wild-mushroom lunch with her parents and in-laws. See more here.

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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