Rate rises all round + banking crisis over?

Good Morning,

Last week there were rate rises by central banks, the potential end of the banking crisis, a coronation and power relief payments.

So let’s jump in to see what else happened!

Before The Bell

Earnings & Data

• Xpansiv, one of the world’s largest carbon exchanges, has reported losses of more than $227 million in the last year, with auditors warning that ongoing operations were in doubt if it lost the support of its financiers (AFR)

• Seven West Media downgraded its outlook for the $4.2 billion television market, which it said fell about 11 per cent in the three months to March, exceeding the “mid to high single-digits” it forecast in February (AFR)

• There were bumper profits at BP of $5bn for first three months of the year, outstripping analysts’ forecasts of $4.3bn (Guardian)

• Uber stock surges 11.5% after beating Q1 revenue estimates and releasing a smaller than expected loss (NYT)

• Pfizer reported earnings and revenue beat expectations despite a 29% reduction in vaccine sales (CNBC)

• The Bank of New Zealand has posted a 13% rise in profits on the back of growth in lending but warned that challenging times are ahead. (RNZ)

• Sales in homeware business Briscoes increased by 2.85% to $109.9m in the quarter, while sporting goods sales at Rebel Sport increased by 2.78% to $71.3m. (Stuff)

• Shell was accused of a “profiteering bonanza” after it made record first-quarter profits of more than $9.6bn (£7.6bn) in the first three months of this year (Guardian)

• ANZ has recorded a 14%​ increase in half-year profits compared to the same time a year earlier (Stuff)

• Apple reported second-fiscal quarter earnings on Thursday that beat Wall Street’s soft expectations, driven by stronger-than-anticipated iPhones sales (CNBC)

News Summary

Monday

• ANZ will cut the interest rate it charges on its two- and three-year home loans (Stuff)

• Insurance group IAG has deployed 145 bots (AFR)

• Automotive distributor Ateco Group, which converts RAM pick-up trucks to right hand drive is in the crosshairs of a suitor (AFR)

Tuesday

• Qantas board has decided on Vanessa Hudson as new CEO (AFR)

• The Australian central bank raised its cash rate by 0.25 of a percentage point to 3.85 per cent (AFR)

• Vice Media Group, the company behind popular media websites such as Vice and Motherboard, is preparing to file for bankruptcy (RT)

Wednesday

• Lawyer Alwyn O’Connor has been found guilty of taking around $200,000 worth of funds from his imprisoned client’s bank account (NZherald)

• The Aussie broking firm Ord Minnett has been fined $950,000 for favouring a significant shareholder of Arowana International in a share buyback prior to being delisted from the ASX (AFR)

• US fentanyl-related overdose deaths have more than tripled since 2018 (RT)

Thursday

• Retail investment platform Sharesies has revealed its soon-to-be launched KiwiSaver product will give consumers the option to “self-select” how a portion of their savings are invested (NBR)

• The European Central Bank raised interest rates by 25 basis points to 3.25% (RT)

• The Federal Reserve increased its key interest rate by 0.25 percentage points - its 10th hike in 14 months (BBC)

Friday

• Embattled Green MP Elizabeth Kerekere has quit the Green Party, according to a statement from its co-leaders (1 News)

• Tesla raised the price of its more expensive Model S and Model X cars in China (CNBC)

Weekend

• Ram raids continued across New Zealand

• The Australian budget will contain a power relief payment of up to $500 AUD (9 News)

• King Charles III has been crowned (BBC)

• Russia has evacuated a town near the Zaporizhzhia nuclear plant (BBC)

Deal Flow

Investments / M&A

Australia & New Zealand

• 2degrees has been cleared to sell its cellphone towers for $1.08 billion to Connexa, which separately took over Spark’s cellphone tower network last year in a $900m NZD deal, the Commerce Commission has ruled (Stuff)

• Chile-based lithium heavyweight SQM intends to double down on what is already a multibillion-dollar investment in Western Australia alongside Wesfarmers (AFR)

• Medibank Private expects to log up to $45 million in one-off cybercrime expenses this financial year following its cyberattack (AFR)

• Betr, the News Corporation-backed wagering group launched last year, has put itself up for sale after receiving inbound interest. (AFR)

• Kiwi retailer HealthPost buys two Australian competitors after parent company's insolvency (RNZ)

Key Global

• Canada's Toronto-Dominion Bank Group called off its $13.4 billion acquisition of First Horizon Corp on Thursday, triggering a drop of around 40% in the U.S. regional bank's shares in premarket trading. (RT)

• The bankers running the sale process of Subway have given the private equity firms vying for the sandwich chain a $5 billion acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company’s asking price of more than $10 billion USD (RT)

• Sinopec and TotalEnergies SE are in talks with Jafura development as they look to invest $10 billion to assist in new project developments (BBG)

• Europe’s top satellite and aerospace companies have teamed up to bid for the European Union’s €6 billion ($6.6 billion) satellite project known as IRIS² (BBG)

• Japan’s Astellas Pharma said on Monday it agreed to buy U.S. drugmaker Iveric Bio Inc for about $5.9 billion in its biggest acquisition, giving it access to a range of ophthalmology treatments (RT)

• Apax teams up with Canada Pension Plan Investment Board for potential $2 billion bid for IT firm Thoughtworks Holdings Inc (BBG)

• JPMorgan Chase & Co will buy most of First Republic Bank’s assets in a last-ditch rescue led by U.S. regulators, marking the third major U.S. institution to fail in two months (RT)

VC & Fundraising

• Potentum Partners, the fund-of-funds manager set up by the Future Fund’s former private equity team, has mopped up a $300 million AUD raising for its inaugural global PE fund (AFR)

• Information search software specialist Pingar has raised $800,000 in a fresh funding round designed to accelerate growth following the opening of the company’s Auckland office (NBR)

• 4D Medical, the four-dimensional lung imaging software company backed by Australia’s Medical Research Future Fund, was in the market for fresh funds on Friday, buoyed by a new contract win with the US Department of Defence (AFR)

Equity Raises

Key Global

• British microchip designing giant Arm has filed to sell its shares in the US, setting the stage for what could be the biggest stock market listing this year (BBC)

• Montano Aerospace advances on its IPO progress as it looks to select banks for a potential $549 million deal (BBG)

• Air France-KLM said on Thursday it engaged with private equity firm Apollo Global Management for a 500 million euro ($550.70 million USD) capital injection for one of its engineering and maintenance units (RT)

• German air taxi firm Lilium NV announces it looks to raise up to $250 million to fund its electric vertical take-off and landing jet (RT)

• According to people familiar with the matter, Xiamen Yan Palace Bioengineering Co., a Chinese edible bird’s nest producer, is considering a Hong Kong initial public offering that could raise about $200 million USD (BBG)

• Alibaba Group Holding Ltd.’s international online shopping unit is exploring a US initial public offering as it weighs options to spur growth for the business that includes major e-commerce brands Lazada and AliExpress (BBG)

Debt, Restructuring & Bankruptcy

• Canadian investment giant Brookfield Asset Management has covered the book for its big refinance of private hospital owner Healthscope (AFR)

• India’s Go First airline files for bankruptcy and blames Pratt & Whitney’s “faulty” engines (RT)

• Egg farmer Indus Valley, whose Zeagold unit sells under the Farmer Brown and Woodland brands, has entered a sale and leaseback deal on farming property as part of a scheme to pay down debt (NBR)

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

• Optiver

  • Graduate role - Apply here

  • Internships - Apply here

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