Kim Jong Un to Meet With Putin

September 06, 2023

Good Morning,

Paris has banned rental e-scooters. China’s economic growth continues to slow as they aim to raise $40b for their semi-conductor industry. More pilots from Canada seek work in the US seeking higher wages, resulting in s shortage in Canada. KPMG Auckland seek police help after two incidents of spiked drinks.

Let's jump in.

Before The Bell

Markets

  • The benchmark S&P/ASX 200 ended the session down just 4.5 points to 7.314.3 as traders await Wednesday’s quarterly GDP figures. The All Ordinaries finished down 0.1 per cent. (AFR)

  • Business activity in Britain's services sector fell last month for the first time since January as higher interest rates reduced consumer and corporate demand, a survey showed on Tuesday, although the drop was less than initially estimated. (RT)

  • Oil prices dipped on Tuesday as fresh data added to gloom over the state of China's post-pandemic recovery, although expectations of an extension in supply cuts by leading OPEC+ producers limited losses. (RT)

  • Global equities fell on Tuesday as weak service sector data rekindled worries over China's sputtering post-pandemic economy, while Australia's central bank kept interest rates unchanged, pushing the Australian dollar lower. (RT)

  • Jitters about global growth caused the dollar to rise on Tuesday, sending the euro to its lowest in nearly three months and the Aussie down over 1%, not helped by underwhelming data in China and the Reserve Bank of Australia keeping rates steady. (RT)

Earnings and Data

  • Shares in casino operator SkyCity have fallen 10% in early trading after the Department of Internal Affairs sought a 10-day suspension of its casino licence. The stock opened at $2.10, down from Friday's close of $2.33 and wiping $175 million off SkyCity's market value. (NBR)

News Summary

  • Big four accounting firm KPMG has reported to Police two suspected incidents of drink-spiking at its Auckland office and launched an internal investigation to find the “grubby little coward” responsible, the firm’s executive chair Matt Prichard confirmed this evening. (NBR)

  • The gambling regulator’s application on Monday to suspend SkyCity’s casino licence is the second time the Department of Internal Affairs has sought a suspension against the NZX-listed company. (NBR)

  • A former PwC tax partner named by the firm as one of four senior personnel who appeared in emails associated with its tax leaks scandal has launched his own practice to provide advice to a group of clients who have stuck with him over the past three months. (AFR)

  • Canada is struggling to get a key tool in place for major carbon capture and storage projects, said a representative of one of the largest such ventures, as the country seeks to launch incentives vital to cutting emissions from Alberta's oil sands. (RT)

  • Huawei Technologies and China's top chipmaker SMIC have built an advanced 7-nanometer processor to power its latest smartphone, according to a teardown report by analysis firm TechInsights. (RT)

  • North Korean leader Kim Jong Un may soon meet with President Vladimir Putin and discuss potential arms deals, a U.S. national security official has said, signalling deeper ties between the two countries as they face off with Washington. (RT)

  • The number of Canadian pilots seeking to fly in the United States tripled in 2022, according to previously unreported U.S. government data, raising fears of deepening shortages in Canada as pilots seek higher wages. (RT)

  • As Shanghai sweltered in a heatwave in June, the car factory where Mike Chen works switched production to night shifts and dialled down the air-conditioning. (RT)

  • Tesla Shanghai has sued a Chinese firm over tech secret infringement and unfair competition disputes, Shanghai Securities Journal reported on Tuesday. (RT)

  • China is no longer set to eclipse the US as the world’s biggest economy soon, and it may never consistently pull ahead to claim the top spot as the nation’s confidence slump becomes more entrenched (BBG)

  • The Philippines is ready to step in and chair the Association of Southeast Asian Nations in 2026 if Myanmar gives up its turn, according to President Ferdinand Marcos Jr. (BBG)

  • OpenAI Chief Executive Officer Sam Altman is the first person to get an Indonesian golden visa as Southeast Asia’s largest economy seeks to draw foreign investors. (BBG)

  • Last Friday, Paris became the first European capital to outlaw e-scooter rentals. The ban, which doesn’t apply to privately owned scooters, was the result of a referendum this spring. An overwhelming 90% voted for the ban. (BBG)

Deal Flow

Investments / M&A

  • The New Zealand Super Fund has snapped up a 4.99% stake in Brussels-based financial markets infrastructure provider Euroclear. (NBR)

  • Walt Disney urged customers of Charter Communications' Spectrum cable service to consider switching to a live television option from Hulu as the media companies remain at odds over a new distribution deal. (RT)

  • While breezy bitcoin has bounced back, leaping by about 55% this year, investments in crypto startups have dropped for the fifth straight quarter. (RT)

  • TPG Telecom’s investors will have to wait a little longer to learn the fate of Vocus Group’s $6.3 billion bid to carve out its non-mobile fibre assets, which was revealed by Street Talk on August 1. (AFR)

  • L’Occitane fell by the most on record after its billionaire chairman ended deliberations on a potential deal to take the skincare company private – a move that would have added to a series of similar buyout deals in Hong Kong. (AFR)

VC & Fundraising

  • China is set to launch a new state-backed investment fund that aims to raise about $40 billion for its semiconductor sector, two people familiar with the matter said, as the country ramps up efforts to catch up with the U.S. and other rivals. (RT)

Equity Raises

  • Can and bottle maker Orora’s $1.35 billion equity raising to buy France’s Saverglass had been expected since August 27, but it still managed to make fund managers uneasy when it finally kicked off on Tuesday morning. (AFR)

Daily Picks

  • Rubble & Ruin: How Delhi homes were turned to rubble before the G20. Read more here.

  • Ukrainian intercepts show Russian soldiers’ anger at losses, disarray. Read more here.

  • See this article for more on China’s economic slowdown.

Job Board

New Zealand

  • ASB rural banking graduate - Apply here

  • Waterman Capital investment analyst - Apply here

Australia

  • Citadel Securities graduate and intern roles - Apply here

  • Goldman Sachs Investment Banking Intern - Apply here

  • IMC graduate and intern roles - Apply here

  • Jarden

    • Graduate role - Apply here

    • Summer internships - Apply here

  • Macquarie graduate roles - Apply here

  • Optiver

    • Graduate role - Apply here

    • Internships - Apply here

The Daily Deck is sponsored by Industrial Equity, LLC

Reply

or to participate.