NZ to Tighten Visa Rules

Good Morning,

New Zealand police officers have “overwhelmingly rejected” the Government’s latest pay offer and given it one last chance to “lift their game”, New Zealand will tighten its visa rules for some migrants as the coalition government moves to overhaul the immigration system it says has led to “unsustainable” levels of migration & Explorer and environmentalist Bertrand Piccard has called for a renewed focus on cutting energy waste, saying it’s “hopeless” to shift to renewables without improving efficiency.

Let's jump in.

Before The Bell

Markets

• The easing of the annual inflation to its lowest level in three years might be met with applause, but economists are cautious to celebrate when the underlying figures show there is more to the story. (RNZ)

• The ASX ended its fifth consecutive session in the red on Wednesday as traders continued to weigh the uncertain outlook in the Middle East and interest rates remaining high for longer than expected. (AFR)

Earnings and Data

• Games Global, the UK-based maker of online casino-styled games, recorded a more than 80% jump in revenue in 2023, it revealed on Tuesday in its paperwork for an initial public offering (IPO) in the United States. (RT)

News Summary

• The Marlborough gymnastics coach who committed more than 250 offences against young athletes he coached and took away to competitions has been sent to prison for 15 years and nine months. (Herald)

• New Zealand police officers have “overwhelmingly rejected” the Government’s latest pay offer and given it one last chance to “lift their game”. (Herald)

• A High Court judge has rejected Tauranga City Council’s bid to recoup $25million over a failed car park building that the council sold for a dollar when serious defects were discovered. (Stuff)

• Wellington City Council last week passed a historic resolution to establish a local ethnic advisory group, fulfilling a long-standing demand by ethnic communities in the capital. (RNZ)

• New Zealand will tighten its visa rules for some migrants as the coalition government moves to overhaul the immigration system it says has led to “unsustainable” levels of migration. (Guardian)

• Father Isaac Royel has been released from hospital after he was stabbed in an alleged terror attack on Monday, as police make their first arrest of an alleged rioter gathered after the stabbing. (9 News)

• The Federal Court has found stockbroker Adam Blumenthal’s market-rigging breaches of shares in cannabis start-up Creso Pharma were serious, deliberate and repeated. (AFR)

• MPs have backed a plan to ban anyone born after 2009 from buying cigarettes, effectively ensuring it will become law. (BBC)

• Explorer and environmentalist Bertrand Piccard has called for a renewed focus on cutting energy waste, saying it’s “hopeless” to shift to renewables without improving efficiency.(CNBC)

Deal Flow

Investments / M&A

• International Paper Co. agreed to buy DS Smith Plc for £5.8 billion ($7.2 billion), besting rival suitor Mondi Plc in the battle for the UK packaging company. (BBG)

• Street Talk understands suitors are set to meet the $619 million-a-year businesses’ top brass, including boss Paul Scurrah and chief financial officer Keith Neate, in meetings that are to be held virtually in May. (AFR)

• Street Talk understands the $US101 billion ($157 billion) global investment firm Vista Equity Partners has approached Australian software-as-a-service company CriticalArc, seeking to buy the outfit for up to $US37.5 million ($58.4 million). (AFR)

VC & Fundraising

• Business software startup Rippling is in talks to raise new funding at a valuation of between $13 billion and $14 billion, according to people familiar with the discussions. (BBG)

Equity Raises

• Rubrik Inc., a cloud and data security startup backed by Microsoft Corp., is seeking to raise as much as $713 million in its initial public offering, as investor appetite for technology listings continues to rebound. (BBG)

• China Vanke Co. is seeking to sell its entire stake in logistics firm GLP Pte, according to people familiar with the matter, as the state-backed developer seeks to amass cash to stave off a debt crisis.(BBG)

• Executives at CVC closely watched the conflict in the Middle East over the weekend as they prepared to unveil the buyout group's IPO plans, launching the deal on Monday only after assessing markets' reaction to the latest spike in tensions. (RT)

Debt

• Two former BNP Paribas bankers have raised almost $100 million for a new fund which aims to unlock billions of dollars of funding for climate-aligned infrastructure projects in Africa. (RT)

Daily Picks

• Why the big fall in inflation isn’t as good as it looks (and is Taylor Swift to blame?) (Herald)

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