J Pow Hits 75 and Not Afraid to Keep Going

November 04, 2022

Good Morning,

Auckland Mayor Wayne Brown backs down from promise to get $400 million NZD from Ports of Auckland, Kiwi startup Scentian Bio gets 1.7 million USD grant from the Gates Foundation, Jerome Powell signals smaller rate hikes ahead, Elon Musk plans to cut half of all Twitter jobs to cut costs, $70 million NZD from Covid fund flows into Three Waters, North Korea fires suspected long range missile and Chelsea come from behind to beat Dinamo Zagreb in the Champions League.

Let's jump in.

Before The Bell

Markets

  • Global stock indices were heavily in the red after the Federal Reserve raised the Federal Funds Rate by 75 basis points

  • The tech heavy NASDAQ was hit the hardest, closing 3.4% down

Earnings

  • Briscoe Group's sales were up 27% in the third quarter year on year (NBR)

News Summary

  • Wayne Brown u-turns on promise to get $400 million NZD from Ports of Auckland but has asked the Port to consider a plan to develop part of the area (Herald)

  • $70 million NZD from the Government's Covid Fund has been repurposed for Three Waters policy and communication work (Herald)

  • Investment bankers gear for weakest bonus pool in decades (AFR)

  • Tech company, Scentian Bio receives a 1.7 million USD grant from the Gates Foundation (NBR)

  • Auckland Showgrounds to reopen after an interim agreement has been reached (NBR)

  • Meredith Connell lands top UK law executive as new CEO (NBR)

  • Jerome Powell signals that future rate hikes will be smaller to reach higher peak (BBG)

  • Elon Musk plans to cut half of all jobs at Twitter (BBG)

  • North Korea fires long range missile (BBC)

Deal Flow

Investments/ M&A

  • Private equity firms Regal and EQT have offered $30 AUD per share to takeover investment funds business Perpetual (AFR)

  • Shoe retailer Aquila hires adviser to explore sale (AFR)

  • Private equity firms have stepped up their chase of window and doors manufacturer Jeld-Wen Australia with bids due to auctioneer Macquarie Capital, next week (AFR)

  • Byron Allen set to bid on NFL team Washington Commanders (BBG)

  • KKR vies with Cellnex for $14 billion USD Vodafone tower arm (BBG)

  • Abu Dhabi Ports buys Dubai shipping firm stake for $800 million USD (BBG)

Equity Raises

  • Middle eastern broadcaster MBC Group said to shoulder tap HSBC and JPMorgan for IPO (BBG)

  • African Agriculture near a deal to go public through a 10X SPAC (BBG)

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