First Footage of Kate Middleton Since December Deemed Fake

Good Morning,

Parents worried their children will suffer as disability services suddenly cut, Hong Kong lawmakers passed a new national security law on Tuesday that grants the government more power to quash dissent, widely seen as the latest step in a sweeping political crackdown that was triggered by pro-democracy protests in 2019, and Elon Musk has said his use of ketamine to manage his mood should be welcomed by investors, suggesting it has helped Tesla become the world’s most valuable carmaker.

Let's jump in.

Before The Bell

Markets

• The central bank is expected to hold rates steady for the next few months, and look at cuts towards the end of the year. (NBR)

• The Reserve Bank of Australia’s decision to keep the cash rate steady, coupled with economists’ expectations for rate cuts that could begin later this year, would boost sentiment and spur more home buyers back into the market, experts say. (AFR)

• The benchmark S&P/ASX 200 Index rose 0.4 per cent, or 27.4 points, to 7703.2 after swinging between gains and losses ahead of the decision. The materials and energy sectors were the best performing of the 11 industry groups. (AFR)

• The Bank of Japan has cast off its long-standing negative interest rate regime and tightened monetary policy for the first time in over a decade in a momentous shift for one of the world’s largest economies. (AFR)

Earnings and Data

• At the close in New York, Tesla was up more than 6 per cent with Alphabet rising more than 4 per cent. Nvidia was near 1 per cent higher ahead of a speech at 8am AEDT by its CEO Jensen Huang at the company’s developer conference. (AFR)

• Copper prices surged nearly 6 per cent last week and hit an 11-month high above $US9000 ($13,700) a tonne, fuelled by supply concerns at mines and smelters in China and optimism about a spike in demand for metals used in the energy transition and the booming artificial intelligence sector. (AFR)

• Volume in the LIC hit 5.58 million – a whopping 1,516.6 per cent gain – while the stock was up 0.56 per cent. Sources said New York activist fund Saba Capital, which inched up to 8.05 per cent of the register on March 13, wasn’t the party buying on Tuesday. (AFR)

News Summary

• A decision on the fate of Otago and Southland postal workers is getting closer following the end of New Zealand Post’s workforce consultation period. (Stuff)

• Hong Kong lawmakers passed a new national security law on Tuesday that grants the government more power to quash dissent, widely seen as the latest step in a sweeping political crackdown that was triggered by pro-democracy protests in 2019. (Stuff)

• Parents worried their children will suffer as disability services suddenly cut (Stuff)

• The Government promised a new police pay offer will arrive, but nothing solid eventuated from Tuesday’s meeting - despite Cabinet discussing police pay on Monday. (Stuff)

• Drivers are not vulnerable workers, says Uber. Ride-sharing giant has kicked off its case against a 2022 decision to allow its contractors to be reclassified as employees, saying it contained ‘several errors of law’. (NBR)

Deal Flow

Investments / M&A

• Australian billionaire family-owned Seven valued Boral at A$6.67 billion. The latter’s board believes the company is worth at least $7.17b. (NBR)

• Listed micro cap Avada Group, which offers integrated traffic management services in Queensland and NSW, found itself in the middle of one on Tuesday evening as Regal Funds Management, owner of a 15.4 per cent stake in the company, pressed sell. (AFR)

• Macquarie and PSP Investments have fired the starters gun on selling down a slice of data centre tearaway AirTrunk, in a much-anticipated deal that is expected to value the company at as much as $15 billion. (AFR)

• CVC Capital Partners’ run at APM Human Services may have hit a hurdle after its period of “hard exclusivity” – whereby the target signs a written commitment that it will refrain from engaging with another party – ended last Thursday. (AFR)

• Campus Living Villages, which runs 46 on-campus student accommodation facilities across the world, is ready to test bidder appetite after bedding down a restructure. (AFR)

VC & Fundraising

• Sydney private debt house Revolution Asset Management has pulled the trigger on a new fund for the New Zealand market, where it already lends to classifieds giant Trade Me. (AFR)

• Former Wilsons stockbroker and Australian national swimmer Luke Trickett has raised $16 million for his invoice payments start-up Marmalade, which he co-founded alongside two Afterpay executives. (AFR)

• Australian workforce management software maker Deputy has cracked the billion-dollar valuation milestone, with its first external investment in six years making it the first private technology “unicorn” company to emerge since the tech funding market soured in early 2022. (AFR)

• SafetyCulture, a $2.7 billion workplace compliance software company, is lending its staff money to buy shares in the firm, as it tries to attract 200 workers globally over the next 18 months. (AFR)

Daily Picks

• Elon Musk has said his use of ketamine to manage his mood should be welcomed by investors, suggesting it has helped Tesla become the world’s most valuable carmaker. See here for more.

• Immediately after TMZ shared a video of Kate Middleton on Tuesday, the first footage seen of the princess since December, social media dashed it as a fake. Read this article for more.

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