Kellogs to Rebrand to Kellanova

October 04, 2023

Good Morning,

Sanitarium cuts supply of Weet-Bix to The Warehouse for 3 days, before continuing. Costco workers sign an agreement regarding pay, a broken pipe has leaked sewage onto an estuary and went unreported for 6 weeks, and a man is charged with home detention after attacking a man with a samurai sword over a road rage incident.

Let's jump in.

Before The Bell

Markets

  • Australian inflation is past its peak and recent data suggests that it may fall back into the RBA’s 2% to 3% target range by late 2025, according to a statement from the central bank today. (NBR)

  • A torch has been lit under the housing market, driven by increased migration and a view that now is a better time to buy, even if high interest rates and cost-of-living bites into household budgets. (NBR)

  • Business confidence has improved further as it becomes easier to find staff in a bigger labour market, while South Island regions are top performers with open borders and tourism. (NBR)

  • Russia’s seaborne crude exports jumped to the highest in three months in the week to Oct. 1, lifting four-week average flows to a level that’s broadly in line with the country’s pledge to reduce overseas shipments. (BBG)

Earnings and Data

  • KiwiRail has recorded an above rail operating surplus of $156.5 million in the year to the end of June, up 17% on the previous year. (NBR)

  • The number of instances of greenwashing by banks and financial services companies around the world rose 70% in the past 12 months from the previous 12 months, a report on Tuesday showed. (RT)

News Summary

  • Sanitarium believes its decision to cut the supply of Weet-Bix to The Warehouse was not a breach of the Commerce Act. (NBR)

  • The Labour Party is pledging to do more to break up the country’s supermarket duopoly if it is returned to power after the October 14 election. (NBR)

  • A motorist who took a samurai sword to a dog-walker in an Auckland road rage incident has been sentenced to home detention. (Stuff)

  • A broken pipe that leaked raw sewage onto a Golden Bay estuary went undetected and unreported for six weeks. (Stuff)

  • Kellogg’s has renamed itself Kellanova. (Stuff)

  • There are now more than 18,000 mortgages on which payments are past due. (Stuff)

  • Almost 200 Costco workers who are members of the First Union have signed a pay deal that will include a starting rate of $26.50 an hour. (Stuff)

  • Apple has started requiring new apps to show proof of a Chinese government licence before their release on its China App Store, joining local rivals years that had adopted the policy years earlier to meet tightening state regulations. (RT)

  • A powerful faction of the Sinaloa cartel led by the sons of ex-Mexican drug lord Joaquin "El Chapo" Guzman has banned fentanyl production and sales in Sinaloa, according to roadside banners, though analysts doubted the group would leave such a profitable business. (RT)

  • Singapore is investigating the role that some single family offices played in one of the city’s largest money laundering cases and weighing further rules on the sector. (BBG)

Deal Flow

Investments / M&A

  • The Government made repeated efforts to get American multi-national investment company BlackRock to set up a climate investment fund here, but it still is not clear what it offered to get the fund off the ground. (NBR)

  • Superloop, the internet service provider founded by entrepreneur Bevan Slattery, is considering lobbing a higher bid for software group Symbio despite describing its last offer as its “best and final”. (AFR)

  • Eni SpA’s plan to set up plants to source approximately 700,000 tons of biofuel feedstock from Africa by 2026 will cost as much as €700 million ($735 million), according to a senior company official. (BBG)

VC & Fundraising

  • NZX-listed medicinal cannabis firm Cannasouth has announced that it is cutting jobs, will need to raise capital, and has pushed back dual listing on the Australian Stock Exchange, as verification of its dried flower product has been delayed. (NBR)

  • Machine and equipment rental business Clennett Hire has ruled off a $3 million funding round to fast-track its growth plans. (AFR)

Equity Raises

  • With SailGP Technologies relocating to the UK, its 70,000 square foot Warkworth-based manufacturing complex and 50 of its staff have been snapped up by space systems firm Rocket Lab USA Inc in a lease arrangement. (NBR)

Daily Picks

  • 'They're just meat': Russia deploys punishment battalions in echo of Stalin (RT)

  • Former crypto wunderkind Sam Bankman-Fried faces a possible 115-year jail sentence if found guilty of defrauding investors in his collapsed crypto exchange FTX, in a trial that begins this week. (AFR)

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