NZ share market has a bad session

William “Bird” Hines’ Head Hunter son must forfeit nearly $90,000, a hefty bill has been sent to a major fishing company after it exposed its staff to asbestos, Joe Biden has given his starkest warning yet that Republicans are playing directly into Russian president Vladimir Putin’s hands & The New Zealand share market has had its worst single session in nearly four months.

December 14, 2023

Good Morning,

  • William “Bird” Hines’ Head Hunter son must forfeit nearly $90,000, a hefty bill has been sent to a major fishing company after it exposed its staff to asbestos, Joe Biden has given his starkest warning yet that Republicans are playing directly into Russian president Vladimir Putin’s hands & The New Zealand share market has had its worst single session in nearly four months.

Let’s jump in.

Before The Bell

Markets

  • The New Zealand share market has had its worst single session in nearly four months, closing at its lowest level in two years. (Newshub)

  • Australia’s share market extended gains in afternoon trade, as gains among healthcare stocks and iron ore majors were offset by falls in the energy sector as benchmark oil prices dropped 3.5 per cent. (AFR)

  • The UK economy shrank more than expected in October as elevated borrowing costs and wet weather took their toll, setting the stage for another quarter of stagnation that is widely forecast to persist through 2024. (BBG)

Earnings and Data

  • Air New Zealand says slowing passenger demand and competition are cutting into its earnings, and business could get tougher. (RNZ)

News Summary

  • William “Bird” Hines’ Head Hunter son must forfeit nearly $90,000 of “tainted” cash he earned from his criminal activities - including $20,000 police found in his underpants. (Herald)

  • A hefty bill has been sent to a major fishing company after it exposed its staff to asbestos. (Stuff)

  • The cyclone is producing destructive wind gusts to the Far North Queensland coast as it slowly makes landfall in the vicinity of Wujal Wujal, just north of Cape Tribulation. (9 News)

  • Joe Biden has given his starkest warning yet that Republicans are playing directly into Russian president Vladimir Putin’s hands by threatening to end military aid to Ukraine. (Guardian)

  • The COP28 summit looks set to close with a call for a global transition away from fossil fuels, after Saudi Arabia signaled it would support a new draft text on polluting energy published Wednesday morning. (BBG)

  • China’s top leaders including President Xi Jinping vowed to make industrial policy their top economic priority next year, a letdown for investors hoping to see more forceful stimulus to boost growth. (BBG)

  • Electric vehicle charging companies in Europe and the U.S. have started fighting over the best spots for fast public chargers, and industry watchers predict fresh rounds of consolidation as more big investors enter the fray. (RT)

Deal Flow

Investments / M&A

  • Eric Shehadeh, head of mergers and acquisitions at First Abu Dhabi Bank PJSC, is leaving after less than seven months at the United Arab Emirates’ largest lender, according to people with knowledge of the matter. (BBG)

  • Men’s health platform, founded by former consultants Gabriel Baker and David Narunsky, has appointed Gavin Jacobson’s Monash Advisory to explore exit options, which could result in a change of control. (AFR)

VC & Fundraising

  • The Climate Venture Capital Fund is finding plenty of investment opportunities on both sides of the Tasman, with nearly $2.5 million invested in its first full year of operations. (RNZ)

Equity Raises

  • Rare earths hopeful Arafura, which secured backing from Gina Rinehart’s Hancock Prospecting exactly one year ago, is seeking $20 million in fresh funds. (AFR)

  • Loscam shareholders going around the auction block - once again (AFR)

Debt

  • Europe’s biggest money manager is counting on Donald Trump’s return and Javier Milei’s “shock therapy” to pay off big for bond investors in Ukraine and Argentina, in a bet that right-wing populism will determine the most compelling stories in emerging markets next year. (BBG)

  • Office space provider The Executive Centre has increased its planned loan deal to $280 million, with the proceeds for refinancing debt and capital expenditure. (BBG)

Daily Picks

  • The Government has declined KiwiRail’s request for an extra $1.47 billion for portside infrastructure needed for Cook Strait’s new mega-ferries. (Herald)

  • Christmas reprieve for Māori language preschool at Auckland University site. (Herald)


The Daily Deck is sponsored by Industrial Equity, LLC

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