Christopher Luxon has called the allegations surrounding Te Pati Maori “pretty serious” and says they need to be investigated promptly, Rishi Sunak and Sir Keir Starmer have faced off in the first TV debate of the general election, with heated exchanges over tax, the NHS and immigration, and More than 300 jobs are set to go at the Ministry for the Environment, which would see its headcount cut by nearly a third.

Good Morning,

Christopher Luxon has called the allegations surrounding Te Pati Maori “pretty serious” and says they need to be investigated promptly, Rishi Sunak and Sir Keir Starmer have faced off in the first TV debate of the general election, with heated exchanges over tax, the NHS and immigration, and More than 300 jobs are set to go at the Ministry for the Environment, which would see its headcount cut by nearly a third.

Let's jump in.

Before The Bell

Markets

• Indian shares swung between gains and losses in early trading on Wednesday, as investors digested a narrow win for Prime Minister Narendra Modi's alliance and awaited more updates on the new government's formation. (Reuters).

• A report on Monday that online broker E*Trade may consider banning Keith Gill, the meme-stock influencer who ignited frenzied trading in shares of GameStop in 2021, has triggered a backlash on social media sites. (Reuters).

• New Zealand government books may end the financial year in slightly better shape than expected because of strong financial markets and early tax payments by trusts. (RNZ).

• Rates on U.S. government debt fell for the fourth straight session on Tuesday, fueled by evidence of slowing economic activity that could take the edge off of inflation. (MW).

Earnings and Data

• Lululemon (LULU) is set to report its first quarter results after the closing bell on Wednesday amid slowing sales growth and concerns about growing competition in the athleisure space. (Yahoo).

• Monzo, the British digital challenger bank, on Monday reported its first full year of profitability after more than doubling revenue. (CNBC).

News Summary

• Christopher Luxon has called the allegations surrounding Te Pati Maori “pretty serious” and says they need to be investigated promptly. (Herald).

• Auckland Airport baggage handler Kimela Piukana pleads guilty to Operation Selena meth import scheme. (Herald).

• A conspiracy theorist who evaded police for almost two years appeared in the Tauranga District Court on Wednesday afternoon. (Stuff).

• Man who went overboard from ferry was under police scrutiny. (Stuff).

• An accident is causing delays on Auckland’s North-Western Motorway after a car caught fire on Wednesday afternoon. (Stuff).

• Annual, sick leave changes mooted as Govt seeks Holidays Act 'certainty'. (1 News).

• More than 300 jobs are set to go at the Ministry for the Environment, which would see its headcount cut by nearly a third. (1 News).

• A viral picture has shone a light on plummeting Tesla sales, as rows of unsold cars have been left to pile up in an electric vehicle ‘graveyard’ in Melbourne. (NCA).

• A family has been left heartbroken after their two-year-old son drowned in a dam near Geelong last night. (9 News).

• Motorists are being urged to fill up at the bowser now, as already-rising petrol prices are set to spike within days. (9 News).

• President Joe Biden has issued sweeping new executive actions aimed at curbing record migrant arrivals at the US-Mexico border that have left him politically vulnerable in an election year. (BBC).

• Rishi Sunak and Sir Keir Starmer have faced off in the first TV debate of the general election, with heated exchanges over tax, the NHS and immigration. (BBC).

• Residents of Jerusalem are bracing for a rightwing flag march through Muslim areas of the Old City, an annual event often accompanied by violence. (Guardian).

• Narendra Modi’s ruling Bharatiya Janata party has lost its parliamentary majority, dealing an unexpected blow to the prime minister and forcing him to negotiate with coalition partners in order to return to power. (Guardian).

Deal Flow

Investments / M&A

• Intel and Apollo in $11 Billion Joint Venture for Chip Manufacturing Plant in Ireland. (WSJ).

• Nordic Capital to sell Sunrise Medical, one of the globally leading providers of assistive mobility solutions. (Yahoo).

Equity Raises

• Surfing legend Kelly Slater is among those looking at piling in to a new public investment round in long-running surfing magazine Tracks, which is calling for “surfing suits” to buy equity in the company to fund a major digital overhaul. (AFR).

Debt

• Brothers Beer liquidation: Kiwibank, PwC and 45 staff among creditors owed money. (Herald).

Daily Picks

• Former Brexit Champion and Trump Supporter Shakes Up U.K. Election Race. (WSJ).

• Australia has abandoned a legal battle to have graphic footage of a church stabbing in Sydney removed from Elon Musk's social media platform X. (BBC).

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