Port Hills goes into a state of emergency

February 15, 2024

Good Morning,

A local state of emergency has been declared as more than 100 firefighters and a dozen helicopters battle a huge fire in Christchurch’s Port Hills, North Korea hacked into the personal emails of an aide to the South Korean president, Elon Musk has claimed that Delaware, home to much of corporate America, is trying to prevent businesses from heeding his call to leave the state and Foodstuffs’ facial recognition trial in supermarkets causing both concerns and comfort.

Let's jump in.

Before The Bell

Markets

  • Commonwealth Bank boss Matt Comyn says the Reserve Bank may not cut interest rates until early 2025 because of “persistent” inflation, compounding cost of living pressures for borrowers counting on tax cuts and mortgage relief. (AFR)

  • Hotter-than-expected US inflation data overnight has snuffed out the last remnants of a global bond rally and expectations of an imminent rate cut by the US Federal Reserve. (AFR)

Earnings and Data

  • Fletcher Building has made a $120 million net loss after tax in its interim result and its chief executive has resigned, giving six months’ notice. (Herald)

  • Macquarie Group Ltd.’s profit fell due to reduced activity in its commodities and global markets business, while the veteran head of the division will step down later this month. (RT)

News Summary

  • A church youth leader who was found guilty of conspiring with an American rapper and three Air New Zealand baggage handlers in a thwarted attempt to smuggle $8 million worth of methamphetamine via an international flight to Auckland. (Herald)

  • A man whose company borrowed $1.3 million to buy a house must repay the loan to Westpac - despite the money being stolen by his lawyer to pay off debts and a house renovation in Devonport. (Herald)

  • A local state of emergency has been declared as more than 100 firefighters and a dozen helicopters battle a huge fire in Christchurch’s Port Hills on the anniversary of the devastating 2017 fires which killed a pilot and destroyed multiple homes. (Stuff)

  • Auckland's mayor says a meeting with key transport heads over dozens of cancellations to the city's public transport network went surprisingly well and was productive. (RNZ)

  • Grandfather Adrian Heartsch died not long after being targeted by heartless scammers, who convinced him to hand over more than $1 million worth of Apple gift cards to a stranger online, believing he'd get a fortune of gold in return. (9 News)

  • Melbourne Rebels chief executive Baden Stephenson has left the embattled rugby union club as it deals with the ongoing fallout of years worth of unpaid taxes and supplier fees. (AFR)

  • North Korea hacked into the personal emails of an aide to the South Korean president, his office has confirmed. (BBC)

  • Delivery Hero CEO Niklas Ostberg said that he’s happy holding onto the Foodpanda brand after reports that talks of potentially selling the Southeast Asian unit had collapsed, driving a huge plunge in shares. (CNBC)

  • Elon Musk has claimed that Delaware, home to much of corporate America, is trying to prevent businesses from heeding his call to leave the state, where a court invalidated his $56 billion Tesla pay package. (RT)

Deal Flow

Investments / M&A

  • The Ontario Municipal Employees Retirement System (OMERS) has rolled up its sleeves and entered the fray at NSW Land Registry Services, where London’s NatWest is running an auction to sell its 20 per cent stake. (AFR)

  • ASX-listed Wide Open Agriculture wants to pour its cash and resources into hero product Buntine Protein – a legume-based protein powder used in protein supplements – and is seeking buyers for non-core regenerative food and drink brand Dirty Clean Food. (AFR)

  • German direct investment in China rose by 4.3% to a record high of 11.9 billion euros ($12.7 billion) last year and also increased as a share of the country's overall investment abroad, official Bundesbank data analysed by the IW institute showed. (RT)

VC & Fundraising

  • Silicon Valley institution Y Combinator has released a new list of 20 types of startups it wants to join its accelerator program — calling for applications in sectors like artificial intelligence-powered robotics, space and defense technology. (BBG)

Equity Raises

  • Sony Group Corp. said it will list its financial arm in October 2025, prepping a major capital infusion after the media conglomerate cut the forecast for its core gaming division. (BBG)

  •  Hyundai Motor's planned $3 billion IPO in India will help the carmaker score two goals in one go: expand in one of the world's fastest growing markets and tackle the so-called "Korea discount" that suppresses the value of its business back home. (RT)

Daily Picks

  • How much should you tip in the US? And another money rule travellers should know. (Herald)

  • Foodstuffs’ facial recognition trial in supermarkets causing both concerns and comfort. (Herald)

The Daily Deck is sponsored by Industrial Equity, LLC

Reply

or to participate.