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Good Morning,

Newshub has reported on its own demise during its 6pm bulletin tonight, airing heartfelt coverage and comments from some of its journalists, and shock at today’s “devastating” announcement, the Reserve Bank of New Zealand has held the official cash rate at 5.5%, Joe Biden has won the Democratic primary in Michigan and The Great Barrier Reef’s management authority is preparing to carry out aerial surveys across the entire length of the marine park after helicopter flights confirmed extensive coral bleaching across the southern section of the world’s biggest coral reef.

Let's jump in.

Before The Bell

Markets

• The Reserve Bank of New Zealand surprised pundits by appearing less inclined to raise interest rates further, sending the local currency and bond yields lower as traders sharply trimmed the chance of further tightening. (AFR)

• European stocks struggled for traction and US futures slipped as traders brace for a slew of economic data in the second half of the week that will help determine the path of monetary policy. (BBG)

Earnings and Data

• Annual losses more than halved in 2023, coming in smaller than market expectations, after selling prices reached record levels as the British luxury carmaker delivered its Valkyrie models and other special edition cars. (RT)

News Summary

• Newshub has reported on its own demise during its 6pm bulletin tonight, airing heartfelt coverage and comments from some of its journalists, and shock at today’s “devastating” announcement. (Herald)

• The Reserve Bank of New Zealand has held the official cash rate at 5.5%. (Stuff)

• Under the hull of a vessel trying to remove two duffel bags containing 91kg of cocaine an Australian tradie questioned his life choices. (Stuff)

• Air New Zealand has admitted it made a mistake when it tried to charge two US tourists $13,000 to change their flights after one of them received a grave medical diagnosis. (RNZ)

• Joe Biden has won the Democratic primary in Michigan – but a concerted effort by anti-war activists to vote “uncommitted” in the race could overshadow his win. (Guardian)

• The Great Barrier Reef’s management authority is preparing to carry out aerial surveys across the entire length of the marine park after helicopter flights confirmed extensive coral bleaching across the southern section of the world’s biggest coral reef. (Guardian)

• Scientists have looked back in time to reconstruct the past life of Antarctica's "Doomsday Glacier" — nicknamed because its collapse could cause catastrophic sea level rise. (9 News)

• The two were gunned down outside a restaurant in Durban a year ago, in a killing that shocked South Africans. (BBC)

Deal Flow

Investments / M&A

• Global mid-market buyout firm The Riverside Company is sending its road rehabilitation business, Hiway Group, back into the arms of its old owner. (AFR)

• The Abu Dhabi Investment Authority has sold its entire $NZ262 million ($245.8 million) stake in Precinct Properties in a fully underwritten after-market block trade. (AFR)

• Suitors for defunct coal miner New Wilkie Energy have been asked to prepare non-binding indicative bids by March 22, as Houlihan Lokey hunts for a party to resurrect the Surat Basin asset. (AFR)

VC & Fundraising

• American venture capital firms that used to look down their noses at Australian investors are now seeking their cheques, showing how badly the industry needs cash after the start-up bubble burst, and why local VC firms are struggling to raise new funds. (AFR)

Equity Raises

• Investors put in about $40 billion of orders for Saudi Arabia’s Modern Mills for Food Products Co.’s initial public offering, as demand for share sales in the Middle East shows no signs of abating. (BBG)

Debt

• NYSE-listed alternatives giant Ares Management Corporation has signed up to provide a $450 million senior funding facility to Pallas Capital, in a deal that will help the Sydney-based non-bank lender write bigger cheques. (AFR)

Daily Picks

• Israel Adesanya has revealed he expected to fight for the UFC middleweight title at UFC 300 in Las Vegas in April, but the offer fell through. (Herald)

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