Joe Biden calls Xi a Dictator

June 22, 2023

Good Morning,

Michael Wood has resigned as a Cabinet minister, Jarden Australia chairman Robbie Vanderziel has announced his retirement, there is hope in the search for the missing Titan sub, Elon Musk has said Telsa will go to India shortly & Joe Biden has called Chinese President Xi Jinping a dictator.

Let's jump in.

Before The Bell

Markets

  • The NZ market finished down for the day after bad earnings news from Seeka and Fletcher Building (GR)

  • The ASX fell off a two-month high on the back of a sell-off in commodity companies and warnings of a slowdown in consumer spending (AFR)

  • The US market finished down as investors awaited J Powell’s testimony

Earnings and Data

  • Fletcher Building lowered its annual profit forecast to around $800m (NZD), citing lower demand and weather conditions as reasons for the downgrade (Stuff)

  • Seeka announced it expects a net loss after tax of between $20m (NZD) and $25m (NZD) on the back of reduced kiwifruit volumes (NZX)

News Summary

  • The Commerce Commission in New Zealand say it has now opened a market study into the competition in the retail banking sector (Stuff)

  • Michael Wood has resigned as a Cabinet minister (Stuff)

  • T & G Global will cut its headcount significantly (NBR)

  • Ford Australia has confirmed plans to get rid of hundreds of jobs (9 News)

  • Jarden Australia chairman Robbie Vanderziel has announced his retirement (AFR)

  • There is hope in the search for the missing Titan sub, as sounds have been picked up (BBC)

  • Joe Biden has called Chinese President Xi Jinping a dictator (BBC)

  • Elon Musk has said Telsa will go to India shortly (BBC)

  • A safety investigation of Amazom will be carried out by the US Congress (BBC)

  • Interest rates are expected to rise in the UK after inflation came in as the same as the previous month at 8.7% YoY (BBC)

Deal Flow

Investments / M&A

  • Italian energy group Eni is closing in on a deal to acquire Neptune Energy Group, an oil and gas explorer, for ~$5B (USD) (BBG)

  • Civitas Resources have acquired assets controlled by PE firm NGP Energy Capital Management for ~$4.7B (USD) (BBG)

  • Saudi Arabia’s Public Investment Fund is leading the bidding for a 10% holding in Vale. The stake could be valued at $2.5B (USD) (BBG)

  • CVC is weighing the sale of its stake in the Philippine logistics company Fast Group. The sale could value the business at $1B (USD) (BBG)

  • De Grey Mining has acquired a 50% stake in a gold project being run by Novo Resources (AFR)

  • Harvest Lane Asset Management has turned hostile on Morphic Ethical Equities (AFR)

  • Equity Trustees are trying to sell their UK corporate and trustee services business (AFR)

Equity Raises

  • Lithium Energy is raising $6m (AUD) at an 11.1% discount to last traded price (AFR)

Debt & Restructuring

  • KKR agreed to buy up to €40B of PayPal’s Pay-Later Loan (BBG)

  • Jefferies has offered a $1.2B (AUD) debt package as part of the sale package for Ticketek owner TEG (AFR)

  • Ruapehu Alpine Lifts has officially gone into liquidation after a court hearing (Stuff)

  • Ernest Hillier, one of Australia’s oldest chocolate companies, has gone into voluntary administration (9 News)

Job Board

New Zealand

  • Waterman Capital investment analyst - Apply here

Australia

  • Goldman Sachs Investment Banking Intern - Apply here

  • IMC graduate and intern roles - Apply here

  • Jarden

    • Graduate role - Apply here

    • Summer internships - Apply here

The Daily Deck is sponsored by Industrial Equity, LLC

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