Wellington Bars Rubix, and SugarWoods Facing Liquidation

Good Morning,

• Wellington bars Rubix and SugarWoods in liquidation as local economy bites, A drug trafficking 79-year-old woman has been spared jail time despite posting hundreds of packages containing drugs. and London's FTSE 100 inched higher on Wednesday, supported by miners, while traders sensed caution among global markets ahead of U.S. economic data, release of the Federal Reserve's July meeting minutes and speeches from policymakers this week.

Let's jump in.

Before The Bell

Markets

• London's FTSE 100 inched higher on Wednesday, supported by miners, while traders sensed caution among global markets ahead of U.S. economic data, release of the Federal Reserve's July meeting minutes and speeches from policymakers this week. (RT)

• A $5.64 billion offshore debt restructuring plan by China state-backed property developer Sino-Ocean Group, has only got support from less than 30% of creditors, two sources with direct knowledge of the matter said on Wednesday. (RT)

Earnings and Data

• China's Xiaomi Corp on Wednesday reported higher-than-expected revenue for the second quarter, revealing for the first time its auto business unit's contribution of 6.2 billion yuan ($869.2 million). (RT)

• South Africa's Sibanye Stillwater has finalised a 1.8 billion rand ($101 million) gold prepayment deal to raise cash to help repay loans after a slump in platinum group metal (PGM) prices hurt its income, the diversified miner said on Wednesday. (RT)

News Summary

• The vehicles – a four-wheel-drive and a people-mover – were travelling in opposite directions when the crash occurred, Aoraki Area Commander Inspector Vicki Walker said. (Herald)

• Wellington bars Rubix and SugarWoods in liquidation as local economy bites (Herald)

• Network And No Chill: Why Is LinkedIn So Cringe? (Herald)

• The crash marks a black week for the small South Canterbury township after a person died seven days ago when two vehicles collided north of Geraldine at the Orari one lane bridge. (Stuff)

• Even the threat of another prison sentence for stealing more than $90,000 from a business while the owner cared for his dying father last year didn’t stop the former Christchurch Casino high roller. (Stuff)

• There had been the removal of Treaty obligations from the Oranga Tamariki Act, plans to introduce the Treaty Principles Bill, a repeal of the smokefree generation plan, and calls for public servants to use less te

  reo Māori - among other things. (Stuff)

• The former US president delivered the closing speech on night two of the Democratic national convention in his home city of Chicago. Obama prompted raucous cheers as he delivered a withering critique of Trump, who succeeded him in the White House in 2017. (Guardian)

• The pair married in Las Vegas in July 2022 after re-sparking their relationship from two decades prior. Lopez, 55, and Affleck, 52, started a relationship in the early 2000s which the tabloids dubbed “Bennifer” at the time. (Guardian)

Deal Flow

Investments / M&A

• The two governments, which own 100% of Tokyo Metro, plan to arrange a meeting of brokerages within a week for a briefing on the IPO and expect to receive approval for the listing from the Tokyo Stock Exchange as soon as mid-September, the sources said. (RT)

• Self-driving technology remains experimental with robotaxi companies facing technical and regulatory hurdles. China, however, has moved aggressively to green-light trials compared to the United States. (RT)

• The portion of the IPO allocated for institutional investors, including foreign investors, banks and mutual funds was oversubscribed 19.3 times, while retail investors bid for 2.3 times the shares on offer for them. (RT)

VC & Fundraising

• U.S. Vice President Kamala Harris' election effort has raised around $500 million since she became the Democratic presidential candidate, sources told Reuters, an unprecedented money haul that reflects donor enthusiasm going into the Nov. 5 election. (RT)

• India's Adani Energy Solutions raised $1 billion through a share sale, which got bids from U.S. investors and sovereign wealth funds, the power distribution company said on Monday. (RT)

Daily Picks

• The death of an unarmed Indigenous man who was shot while fleeing custody has prompted a coroner to recommend an urgent review of laws governing the use of firearms by correctional officers. (9News)

• A drug trafficking 79-year-old woman has been spared jail time despite posting hundreds of packages containing drugs. (9News)

The Daily Deck is sponsored by Industrial Equity, LLC