Israel Storms Gaza's Main City

December 06, 2023

Good Morning,

An LGBTQI+ travel magazine has named Wellington one of the best places for rainbow tourists to visit in 2024, a rundown brick-and-tile house at 115 George St, Papatoetoe that went to auction with $1 reserve has sold under the hammer for $1.425 million NZD, and half of all Australian 15-year-olds do not meet the expected performance of their age group in maths.

Let's jump in.

Before The Bell

Markets

  • At today’s meeting the RBA (Reserve Bank of Australia) board decided to keep official rates on hold at 4.35%, a move which was widely expected after recently monthly inflation data for October showed the CPI at 4.9%, down from 5.6% in September. (NBR)

  • Australia’s main housing markets will soften next year even though the Reserve Bank of Australia is likely to hold the benchmark lending rate at 4.35 per cent, economists and housing market leaders said after the central bank left the cash rate unchanged at its last meeting for 2023. (AFR)

  • An epic rally in U.S. stocks has sent Wall Street's fear gauge to a post-pandemic low. Options strategists believe market gyrations may stay subdued for some time - potentially smoothing the way for further gains in equities. (RT)

Earnings and Data

  • The Government has gathered more tax revenue than expected, while the deficit went deeper into the red. Core Crown tax revenue was 0.7% above forecast at $38.6 billion NZD. (NBR)

  • Crypto companies spent $18.96 million USD in the first three quarters of 2023 on lobbying, compared with $16.1 million USD during the same period in 2022. That was despite last year's spectacular meltdown of crypto exchange FTX, which had been a top-ten spender. Last year, companies including FTX spent nearly $22 million USD on lobbying in total. (RT)

  • Johnson & Johnson (JNJ.N) on Tuesday forecast revenue growth of 5-6% for the next year, as it banks on strong demand for cancer treatments Darzalex and Carvykti and resilient sales of blockbuster drug Stelara. (RT)

News Summary

  • An LGBTQI+ travel magazine has named Wellington one of the best places for rainbow tourists to visit in 2024. (Stuff)

  • A 56-year-old tourist has died after taking a leap from one of the world’s highest bungy jumps, at China’s Macau Tower. (Stuff)

  • Thousands took to the streets around the country on Tuesday morning to unite for National Māori Action Day, the same day MPs were sworn into Parliament. (Stuff)

  • A hunter who was fatally shot in the Te Urewera Ranges in Ruatāhuna “will leave a massive hole in everyone’s hearts,” his family has said. (Stuff)

  • The risk that wasn’t: A rundown brick-and-tile house at 115 George St, Papatoetoe that went to auction with $1 reserve has sold under the hammer for $1.425 million. (Stuff)

  • For the second year running, and after a considerable tightening up of the criteria, Meridian Energy retains its top position on a list compiled by Forsyth Barr looking at whether the country’s largest listed companies are walking the walk on their carbon, environmental, social, and governance (C&ESG) aims. (NBR)

  • In the middle of winter in 2017, the Ministry for Primary Industries’ hotline got a call raising concerns about a dairy farm near Oamaru. Within days, the presence of mycoplasma bovis (M.bovis) was confirmed by laboratory testing. The day after – July 23 – the farm, which is part of the Van Leeuwen Group (VLDG) was put under a biosecurity lockdown, with the other 15 farms in the group facing strict controls on the movement of stock. (NBR)

  • In a post-Covid recovery effort, the new Government has launched the Regional Infrastructure Fund (RIF), expanding on the controversial Provincial Growth Fund’s focus to now include diverse infrastructure projects. Minister of Regional Development Shane Jones, overseeing the RIF, assured strategic support for climate-resilient infrastructure projects, with a specific commitment to boost the aquaculture and mining sectors. (NBR)

  • Half of all Australian 15-year-olds do not meet the expected performance of their age group in maths, but overall literacy, numeracy and scientific skills have stayed stable despite the disruption of the COVID-19 pandemic. (AFR)

  • Brittany Higgins says she received about $2.3 million AUD from the federal government of Australia to settle the civil claim stemming from her alleged rape in Parliament House. (AFR)

  • Israeli forces launched their storm of the main city in the southern Gaza Strip on Tuesday, where hospitals were overrun with scores of Palestinian wounded and dead. (AFR)

Deal Flow

Investments / M&A

  • The New Zealand Shareholders’ Association will request a ‘please explain’ from Radius Care when it meets with the company this week, regarding past related party transactions with its executive chair and major shareholder, Brien Cree. (NBR)

  • The founder and managing director of an ASX-listed bottled water company has pleaded guilty to manipulating the company’s share price through using trading accounts held in the name of his family. (NBR)

  • Sharebroker and investment banking group Forsyth Barr has added to its advisory network with the acquisition of Auckland-based Hobson Wealth. (NBR)

  • Evolution Mining will pay a Chinese company almost $720 million AUD for the lion’s share of the Northparkes copper and gold mine in Central Western NSW after becoming part of a bidding war for the asset. (AFR)

  • Medibank Private is set to become the controlling shareholder in GP clinics chain Myhealth after months of negotiations, Street Talk can reveal. (AFR)

  • LGT Crestone, the ex-UBS wealth management business that is now owned by the Liechtenstein royal family, has lifted five advisers from rival Escala Partners, which has been bleeding top talent this year. (AFR)

  • Evolution Mining defeated Metals Acquisition Corp to buy an 80 per cent stake in Northparkes copper mine for up to $US475 million ($718 million AUD), after a sale process run by Citi and Standard Chartered. (AFR)

VC & Fundraising

  • Amsterdam-based medtech Nicolab International, which counts Washington H. Soul Pattinson, Regal Partners and Ellerston Capital among its investors, is back on the fundraising trail after just seven months. (AFR)

Equity Raises

  • Listed uranium developer Boss Energy was chasing nearly $200 million AUD in fresh equity to bankroll an M&A bet after market close on Tuesday evening. (AFR)

  • Navigator Global Investments was in the market on Tuesday morning with a $120m AUD equity raise. (AFR)

Daily Picks

  • What's next for Kiwi boxing trio Mea Motu, Jerome Pampellone and Lani Daniels? Read more here.

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