Nvidia Becomes Worlds Most Valuable Company

Good Morning,

Auckland’s rail network has been blasted as “third world” after fresh disruptions today which saw services across the entire network suspended for about seven hours, throwing commuters’ travel plans into chaos, Prime Minister Christopher Luxon defends decision to let Chinese Premier Li Qiang avoid media questions & Nvidia became the world’s most valuable company after its share price climbed to an all-time high on Tuesday.

Let's jump in.

Before The Bell

Markets

• ASX tips lower; energy stocks gain, WA1 Resources soars 25pc. (AFR)

• The Reserve Bank may have to lift the cash rate as soon as August, according to an increasing number of economists and traders, as the central bank’s patience on inflation appears to be growing thin. (AFR)

News Summary

• Auckland’s rail network has been blasted as “third world” after fresh disruptions today which saw services across the entire network suspended for about seven hours, throwing commuters’ travel plans into chaos. (Herald)

• Television personality Clarke Gayford has been targeted by scammers who are running Facebook ads disguised as fake news articles in a bid to dupe Kiwis – and Meta, Facebook’s parent company, is monetising the bogus posts. (Herald)

• Prime Minister Christopher Luxon defends decision to let Chinese Premier Li Qiang avoid media questions. (Stuff)

• Health Minister Shane Reti's hard line around funding 13 new cancer treatments is a "lose-lose" for patients, oncologist Chris Jackson says. (RNZ)

• Microplastics have been discovered in penises for the first time, raising questions about a potential role in erectile dysfunction. (Guardian)

• The federal government and opposition are bracing themselves for a referendum on energy at next year's election after the Coalition unveiled some details of its long-awaited nuclear power plan. (9 News)

• Nvidia became the world’s most valuable company after its share price climbed to an all-time high on Tuesday. (BBC)

• India's capital Delhi is reeling under a prolonged heatwave that has sent power demand soaring to a record 8,647 megawatts (MW) this week. (BBC)

Deal Flow

Investments / M&A

• Singapore-headquartered Campana Group, backed by Japanese trading and investment house Mitsui, is getting cosy with a little-known ASX-listed tiddler as it set its sights on a $400 million reverse takeover on the local bourse. (AFR)

• Allianz in $1b refi of Hunter Premium Funding, calls off auction. (AFR)

• Five years after storming into the asset class, John Wylie’s investment house Tanarra Capital is poised to rule off its first private equity exit. (AFR)

VC & Fundraising

• Nvidia Corp. has agreed to buy Shoreline.io, a startup for software developers founded by a former Amazon Web Services executive, people familiar with the matter said. (BBG)

Equity Raises

• Vodafone Group Plc subsidiaries have raised about $1.8 billion in proceeds by selling shares in India’s Indus Towers Ltd. (BBG)

• CVC Capital Partners Plc is planning to list Zabka Polska SA in an initial public offering expected to value Poland’s biggest convenience store chain at $7.5 billion to $8 billion, according to people familiar with the matter. (BBG)

Debt

• UK Fintech Zilch Taps Deutsche Bank to Raise £100 Million Debt. (BBG)

Daily Picks

• In a shock move, Kane Williamson has elected to turn down a New Zealand Cricket (NZC) central contract. (Herald)

  
  

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