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PwC’s China unit loses two-thirds of its accounting revenues.

July 18, 2024

Good Morning,

PwC’s China unit has lost about two-thirds of its accounting revenues from mainland-listed clients this year, Swedish payments fintech Klarna is lining up financial advisers for a long-awaited initial public offering, and Venture capitalists in line for windfalls from Google’s $23bn Wiz deal.

Let's jump in.

Before The Bell

Markets

  • Investors ride the 'Trump trade' as expectations grow for a second term. (Reuters).

  • Gold prices rose to an all-time peak on Wednesday, driven by mounting hopes of a U.S. interest rate cut in September after recent comments from Federal Reserve officials. (Reuters).

Earnings and Data

  • PwC’s China unit has lost about two-thirds of its accounting revenues from mainland-listed clients this year. (FT).

  • UK inflation holds at 2% but underlying price pressures stay strong. (Reuters).

  • Inflation dips to 3-year low, prices rise just 0.4% in 3 months. (RNZ).

News Summary

  • Darleen Tana’s husband Christian Hoff-Nielsen’s bike business in liquidation after migrant exploitation scandal. (Herald).

  • The Commerce Commission said in a draft decision that Auckland Airport’s targeted returns exceed what is “reasonable”. (Stuff).

  • A meth dealer who angered his supplier had his toes almost twisted off with pliers, his knees bashed and his leg and jaw broken with a hammer as his mother and younger brother were detained in the house. (Herald).

  • The bystander killed when a sniper opened fire at a rally for former US president Donald Trump in Pennsylvania was a beloved family man and girl dad who served his community with “quiet resilience,” his loved ones say. (Stuff).

  • A car involved in a fatal crash on a busy Wellington street has been identified, with police asking the driver to come forward. (Herald).

  • Graham Mokaraka scaled a 1.8metre high glass barrier to enter a courtroom and assault the man who murdered his daughter. (Stuff).

  • Police are appealing for a man to come forward after a woman attempted to run from and was struck by a vehicle in Hamilton last night. (1 News).

  • People on their restricted driver's licence will now be able to apply to become a police officer following changes to NZ Police's eligibility criteria. (1 News).

  • Sydney doctor on $1 million bail hit with fresh accusation of raping another patient. (9 News).

  • Local police are seeking information about overseas allegations involving a Papua New Guinea minister accused of a domestic violence-related assault in Sydney. (9 News).

  • Aussie cop’s horrific sight after 298 killed on flight MH17. (NCA).

  • A man suspected of killing an Australian couple at a luxury resort in the Philippines has turned himself in, with police saying he allegedly killed the pair because he “wanted to get back at hotel management”. (NCA).

  • 'He will unite us' - Trump’s ex-rivals endorse him. (BBC).

  • Keir Starmer, the incoming U.K. prime minister, has outlined aggressive changes to the private equity sector in his party’s campaign manifesto. (CNBC).

  • Six people who died in a luxury hotel suite in Thailand were poisoned by drinks laced with cyanide, police have said. (BBC).

  • HSBC appoints Georges Elhedery as group CEO starting Sept. 2. (CNBC).

Deal Flow

Investments / M&A

  • Google parent in talks to buy cybersecurity startup Wiz for $23 billion. (Reuters).

  • Financial leverage at Europe’s biggest companies is expected to ease this year to the lowest since 2008 and the global financial crisis, potentially allowing for more dividends, buybacks and M&A. (BBG).

VC & Fundraising

  • Venture capitalists in line for windfalls from Google’s $23bn Wiz deal. (FT).

Equity Raises

  • Swedish payments fintech Klarna is lining up financial advisers for a long-awaited initial public offering in the US that will be among the most anticipated listings in recent years. (FT).

  • Canadian National Bank to Raise More Equity for CWB Deal After Shares Recover. (BBG).

  • ZIP announces $267 million capital raise to repay debt. (CP).

Debt

  • Huge debt piles among the world's biggest economies are starting to unnerve financial markets again, as elections cloud the fiscal outlook. (Reuters).

Daily Picks

  • People on their restricted driver's licence will now be able to apply to become a police officer following changes to NZ Police's eligibility criteria. (1 News).

  • The Commerce Commission said in a draft decision that Auckland Airport’s targeted returns exceed what is “reasonable”. (Stuff).

The Daily Deck is sponsored by Industrial Equity, LLC

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