7.2 Magnitute Earthquake Strikes Taiwan

Good Morning,

The New Zealand sharemarket tumbled half a per cent as investors became nervous about the timing of interest rate cuts, Donald Trump is again seeking to remove the judge overseeing his upcoming New York criminal trial from the case, North Korea successfully test-fired a new hypersonic missile and Rescue efforts are taking place in Taiwan after a powerful earthquake struck off its east coast on Wednesday, killing at least four people.

Let's jump in.

Before The Bell

Markets

• The New Zealand sharemarket tumbled half a per cent as investors became nervous about the timing of interest rate cuts. (Herald)

• Australian shares are poised to fall, taking direction from New York where US equities weakened for a second session to start the quarter and bond yields extended their advance too. (AFR)

• Rising Treasury yields could provide the latest test for a rally that has made U.S. stocks increasingly expensive while taking them to fresh record highs. (RT)

News Summary

• A lawyer who “clumsily” made himself the sole beneficiary of an elderly client’s entire estate, leaving the woman’s two daughters with nothing, has been ordered to stump up $22,000 for the blunder. (Herald)

• Job losses in the public sector are "unfortunate" but the government has to ensure agencies are exercising restraint, Minister of Employment Louise Upston says. (RNZ)

• Donald Trump is again seeking to remove the judge overseeing his upcoming New York criminal trial from the case, arguing the judge’s daughter’s work for a political consultancy with Democratic clients poses a conflict of interest. (Guardian)

• Opposition Leader Peter Dutton has accused Coles and Woolworths of stifling competition by sitting on undeveloped land near their stores and vowed measures to protect consumers from higher prices. (AFR)

• Rescue efforts are taking place in Taiwan after a powerful earthquake struck off its east coast on Wednesday, killing at least four people. (BBC)

• North Korea successfully test-fired a new hypersonic missile, state news agency KCNA said on Wednesday, the latest step in a plan its leader Kim Jong Un described as aimed at using solid fuel to power missiles of all ranges. (RT)

• Uganda's constitutional court upheld an Anti-Homosexuality law on Wednesday, declining to nullify it. (RT)

Deal Flow

Investments / M&A

• Austal chairman John Rothwell is weighing up his future with the ASX-listed shipbuilder as it confronts a trio of potential suitors. (AFR)

• AirTrunk’s looming $15 billion-plus sale has been shrouded in mystery. But now, Street Talk has obtained as much detail as any of the carefully vetted bidders currently signing the non-disclosure agreements. (AFR)

VC & Fundraising

• Israel-based chipmaker Hailo has raised $120 million in a new funding round, valuing it at $1.2 billion, and released a high-performance generative AI chip. (RT)

Equity Raises

• Zeekr, the premium electric vehicle (EV) brand of Chinese automaker Geely (0175.HK), opens new tab , has restarted stalled plans to raise up to $500 million in a New York initial public offering (IPO), according to two sources with direct knowledge of the matter. (RT)

• BlaBlaCar, the Paris-based online car-pooling service, has raised a €100 million ($108 million) credit line so it can buy other firms and grow larger before going public. (BBG)

Debt

• Mining equipment hire business National Group’s founder and CEO Mark Ackroyd has a few plates spinning. There’s a $250 million debt refinancing that needs to be bedded down by August 30, and Jefferies’ bankers are bracing to open the data room for a sale process this month. (AFR)

Daily Picks

• Wellington university students drinking to ease social anxiety. (Herald)

• Joseph Parker v Dillian Whyte 2? Kiwi heavyweight calls out Brit in hilarious Take That cover. (Herald)

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