Grant Robertson bids farewell to Parliament

March 21, 2024

Good Morning,

Former Deputy Prime Minister Grant Robertson’s final message is to urge politicians to give hope to Kiwis that they will see a better tomorrow, The grieving sister of Adrian Humphreys who was stabbed to death in his tent at a remote campground has described the teen who murdered him as a monster, Deloitte Australia chief executive Adam Powick says a global restructure a year in the making will strip out duplicated roles and make it easier to respond to client needs and Donald Trump and his co-defendants were in talks with insurance giant Chubb for a $464 million appeal bond in the former president’s civil fraud case, but the company backed out.

Let's jump in.

Before The Bell

Markets

  • The IMF on Wednesday issued its concluding statement after its staff’s latest mission to assess the state of the New Zealand economy. (Stuff)

  • Bitcoin slid further on Wednesday, briefly dipping below the $61,000 mark after, continuing a sell-off that began after the cryptocurrency hit an all-time high last week. (CNBC)

  • Stocks edged lower as traders await the Federal Reserve’s interest-rate decision later Wednesday to see if officials stick to their outlook for cuts. (BBG)

Earnings and Data

  • Gucci sales to fall by 20% due to Asia slowdown. In comparison, its bigger rival LVMH, which owns Louis Vuitton, Moët & Chandon and Hennessy, posted higher-than-expected sales for 2023.

    (BBC)

News Summary

  • Former Deputy Prime Minister Grant Robertson’s final message is to urge politicians to give hope to Kiwis that they will see a better tomorrow that will allow them to be who they are. (Herald)

  • The grieving sister of Adrian Humphreys who was stabbed to death in his tent at a remote campground has described the teen who murdered him as a monster. (Herald)

  • Iwi in the top of the South Island have spoken of their distress and sadness at the desecration of wāhi tapu (sacred) land in Marlborough - by members of their own whānau. (RNZ)

  • A real estate agent in Australia accidentally burned a multi-million dollar house to the ground, just minutes before an open home. (Stuff)

  • Almost two million Australians aged over 15 experienced card fraud in 2022-23, with one in six victims losing more than $1000. (9 News)

  • Deloitte Australia chief executive Adam Powick says a global restructure a year in the making will strip out duplicated roles and make it easier to respond to client needs. (AFR)

  • Staff at the London Clinic could face enforcement action, including fines and prosecutions, if they are found to have accessed the Princess of Wales’s medical records, a government minister has said. (Guardian)

  • Donald Trump and his co-defendants were in talks with insurance giant Chubb for a $464 million appeal bond in the former president’s civil fraud case, but the company backed out — days after it raised eyebrows for giving Trump a bond in a separate case, according to a Trump lawyer. (CNBC)

Deal Flow

Investments / M&A

  • Mater Health, a Catholic not-for-profit hospitals group that traces its history back to 1906, has been working with KordaMentha’s restructuring experts to help it through a rough patch for the industry. (AFR)

  • Swiss financial regulator FINMA said on Wednesday it plans to carry out 40 reviews of UBS (UBSG.S), opens new tab and two stress tests this year on the bank after its 2023 takeover of rival Credit Suisse heightened concerns about "too big to fail" lenders. (RT)

VC & Fundraising

  • Ex-JPMorgan Chase & Co. banker Ryan Holsheimer is starting a new firm that will make early-stage investments and plans to start fundraising over the next two months. (BBG)

Equity Raises

  • Electro Optic Systems is capitalising on a massive run-up in its share price, with the ASX-listed defence and communications outfit tapping Bell Potter and Canaccord Genuity to launch an equity raise. (AFR)

Debt

  • The International Monetary Fund on Wednesday said it had reached a staff level agreement with Pakistan, which if approved by its board, will disburse $1.1 billion for the indebted South Asian economy also saddled with a balance of payment crisis. (RT)

Daily Picks

  • UK DJ Fred Again.. has arrived in Wellington and confirmed he will be playing a show in the city. (Herald)

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