Japan to Begin Releasing Treated Radioactive Water into the Ocean

Good Morning,

Auckland’s two state-of-the-art electric ferries are taking shape in the east of the city, with the first expected to be in the water in 2024. Real estate mogul Srettha Thavisin won the backing of Thailand's parliament on Tuesday to become prime minister, paving the way to a new coalition government and an end to weeks of uncertainty and political stalemate. One of the world’s most potent symbols of global trade — the Panama Canal — is falling victim to climate change as shrinking water levels force ships to part-load in order to navigate the vital waterway.

Let's jump in.

Before The Bell

Markets

• The ASX 200 closed just 6.1 points higher, or less than 0.1 per cent, to 7121.6 despite a flurry of benchmark heavyweights reporting profit results. The All Ordinaries posted a stronger performance, closing 0.14 per cent higher. (AFR)

• The Reserve Bank is keeping watch on the slowdown in China’s economy and the medium-term implications for New Zealand, deputy governor Christian Hawkesby says. (NBR)

• Chinese investors are gradually returning to Dubai’s real estate market, joining Russian and other international buyers who have already pushed property prices in the emirate to record levels. (BBG)

Earnings and Data

• Honey and wellness company Comvita today reported record revenue for the 2023 financial year, with greater China revenue surpassing $100 million for the first time. (NBR)

• Mercury NZ has boosted its dividend yet again after record-breaking rainfall led to a record year of hydro generation at the power company. (NBR)

News Summary

• Auckland’s two state-of-the-art electric ferries are taking shape in the east of the city, with the first expected to be in the water in 2024. (Stuff)

• Kiwifruit growers have accused Zespri of a lack of transparency on payments for its RubyRed fruit, but Zespri officials say the company is still adjusting to the nuances of its newest variety. (NBR)

• Australasian actuarial and analytics firm Finity is partnering with the National Institute of Water and Atmospheric to provide better information to insurance companies about the risks posed by climate change. (NBR)

• Chorus has expressed disappointment that some internet retailers are not passing on its full suite of fibre-based broadband products to their customers. (NBR)

• The wealth of New Zealanders has fallen and there are fewer millionaires, but income distribution is more even. (NBR)

• The space race India aims to win this week by landing first on the moon's south pole is about science, the politics of national prestige and a new frontier: money. (RT)

• Seven students and one teacher are trapped in a cable car dangling 274 metres (900 feet) above a ravine in Pakistan after a line snapped, with an "extremely risky" helicopter rescue mission being hampered by high winds, officials said on Tuesday. (RT)

• Real estate mogul Srettha Thavisin won the backing of Thailand's parliament on Tuesday to become prime minister, paving the way to a new coalition government and an end to weeks of uncertainty and political stalemate. (RT)

• Japan said on Tuesday it will start releasing into the sea more than 1 million metric tonnes of treated radioactive water from the wrecked Fukushima nuclear power plant on Aug. 24, going ahead with a plan heavily criticised by China. (RT)

• S&P Global cut its credit ratings and outlook on multiple U.S. regional banks on Monday, saying higher funding costs and troubles in the commercial real estate (CRE) sector would likely test their credit strength. (RT)

• Korean and Chinese magnet firms, including an Apple supplier, are set to open factories in Vietnam, according to documents and people familiar with the plans, amid a push to diversify supply chains away from China and defend against Sino-U.S. tension. (RT)

• Call of Duty" maker Activision Blizzard will sell its streaming rights to Ubisoft Entertainment in a fresh attempt to win approval from Britain's anti-trust regulator for its $69 billion sale to Microsoft. (RT)

• Iran's Defense Ministry unveiled a drone on Tuesday resembling America's armed MQ-9 Reaper, claiming that the aircraft is capable of staying airborne for 24 hours and has the range to reach the country's archenemy Israel. (BBG)

• Japan’s Prime Minister Fumio Kishida called for a discussion of economic measures next month after ordering the ruling party to present an outline of gasoline and other fuel price relief measures by the end of August. (BBG)

• Deutsche Bank AG is a creditor to a Singapore company whose two directors were arrested for their roles in an alleged money laundering and forgery ring. (BBG)

• The crash of Russia’s Luna-25 spacecraft into the moon over the weekend isn’t just a setback for President Vladimir Putin’s ambitions to overcome war-related sanctions. (BBG)

• One of the world’s most potent symbols of global trade — the Panama Canal — is falling victim to climate change as shrinking water levels force ships to part-load in order to navigate the vital waterway. (BBG)

• Singapore Prime Minister Lee Hsien Loong said he will help citizens cope with retirement and homeownership, seeking to refocus the agenda on core issues after controversies involving his ruling party. (BBG)

Deal Flow

Investments / M&A

• The New Zealand Breakers – the privately owned, Auckland-based club – appears to be on the radar of investors as the team goes toe-to-toe with the Sydney Kings for the top spot in the National Basketball League. (AFR)

• Investors injected $21 million into a failed cryptocurrency firm linked to Kim Dotcom, the first liquidator’s report shows. (NBR)

• ASX-listed traffic management operator Avada Group is back on the acquisition trail, inking a binding agreement to pick up the assets and business operations of STA Traffic Management. (AFR)

• National Australia Bank’s latest hybrid issuance had gathered $1.45 billion in bids by 8am on Tuesday, as investor demand outstripped the $1 billion expected deal size at launch. (AFR)

• Happy days for UBS deal makers Kelvin Barry and Jon Mant, who have snagged the lucrative gig of advising Premier Investments on whether to split the Solomon Lew-controlled retail and investment group into four separate ASX-listed companies. (AFR)

• Singapore buyout group Southern Capital is preparing to test buyer appetite for its medical practices business, Qualitas Health, appointing Bank of America to assist with the transaction. (AFR)

• One of Australia’s largest veterinary chains, VetPartners, has caught the attention of Swedish private equity investor EQT Partners. (AFR)

• After six months in administration, there might finally be some movement at Balmaine Gold, the local subsidiary of Singapore-listed Shen Yao. The company’s main asset, a gold mine in Ballarat, has attracted at least one bid – London’s Acheron Capital wants to buy it for $42 million. (AFR)

• Woolworths will invest $45 million in crime prevention after a 303% increase in physical assaults at stores in the past six years. (Stuff)

Equity Raises

• Fund managers were assessing four capital raisings on Tuesday as a trio of ASX-listed explorers entered trading halts. (AFR)

• Azure Minerals is seeking to capitalise on recent drilling results, launching a $120 million raise and tapping two brokers to oversee the deal. (AFR)

Daily Picks

• Bo Ellis has been a devoted member of the Air Line Pilots Association for nearly four decades, but the 64-year-old is waging a campaign against the union to extend his flying career. Read more here.

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