Tate Arrested in Romania on UK Warrant

March 13, 2024

Good Morning,

A total of $443 million of taxpayers' money has been set aside for the decommissioning the ill-fated Tui Oil Field - far higher than earlier estimates. The sole rail line connecting Western Australia to the rest of the country is likely to remain closed for several days as parts of the state experience a year's worth of rain over a few days, and online influencer Andrew Tate was detained in Romania and handed an arrest warrant issued by British authorities, his spokesperson said Tuesday.

Let's jump in.

Before The Bell

Markets

  • The S&P/ASX 200 Index rose 8.3 points, or 0.1 per cent, to 7712.5 after wiping nearly $50 billion on Monday in a hefty bout of profit taking that was led by the banks. The All Ordinaries also rose 0.1 per cent. (AFR)

  • Iron ore tumbled 6.8 per cent to $US107.35 a tonne in Singapore trading on Monday. Both gold and oil were relatively little changed. Bitcoin topped $US72,000. (AFR)

Earnings and Data

  • A total of $443 million of taxpayers' money has been set aside for the decommissioning the ill-fated Tui Oil Field - far higher than earlier estimates. (Stuff)

  • Statistics NZ data out today showed retail spending using debit, credit, and charge cards fell a seasonally adjusted 1.8% last month, compared with January. (NBR)

News Summary

  • More than 50 staff at The Gisborne Herald are waiting to learn their fate, after NZME bought the newspaper. (Stuff)

  • A friend has paid tribute to the young man who was fatally stabbed at Christchurch City Mission, saying he was a beautiful boy that never complained about anything. (Stuff)

  • The sole rail line connecting Western Australia to the rest of the country is likely to remain closed for several days as parts of the state experience a year's worth of rain over a few days. (Stuff)

  • A fisherman who reeled in a human body wrapped in plastic has revealed new details about the gruesome discovery in north Auckland. (Stuff)

  • Minister for Workplace Relations and Safety Brooke van Velden has told an audience of the Auckland Chamber this evening that now the coalition Government’s 100-day plan has been achieved, her next priority is improving the Holidays Act. (NBR)

Deal Flow

Investments / M&A

  • Government-owned institutions ACC and the Super Fund are seen as among the few local potential buyers of a 34% stake in Fisher Funds, reportedly put on the block by private equity firm TA Associates. (NBR)

  • Listed transport company Move Logistics is in a dispute resolution process following the decision to abandon plans for a new coastal shipping vessel last year. (NBR)

  • Swedish private equity investor EQT Partners has put up its hand for Melbourne-born human resources software business PageUp, where US tech investor Battery Ventures wants to part with its 80 per cent stake. (AFR)

  • It’s never been a better time to be in insurance, as the price of policies heads higher and higher. And a red-hot market means it’s never been a better time to have an insurance business on the auction block. (AFR)

  • Selling a business in cybersecurity, cloud computing, data or AI? Pitch it to Five V Capital’s Mantel Group. Street Talk can reveal the Melbourne-based IT services business is preparing to spend at least $100 million on bolt-on acquisitions over the next 18 months, as it bulks up to take on sector incumbents such as Accenture and Deloitte Digital. (AFR)

  • Fortlake Asset Management, which was founded three years ago by former UBS fixed income portfolio manager Christian Baylis, has agreed terms to bring in Colonial First State as a strategic partner, Street Talk can reveal. (AFR)

VC & Fundraising

  • The backers of New Zealand’s first climate-focused venture capital fund are going back to the market to raise an extension of up to $50 million to support early stage companies, although there’s been a couple of tweaks to its investing mandate. (NBR)

  • Fleecegrow has developed a sustainable material out of New Zealand wool to grow seedlings, with alternative uses also under investigation. The research startup hoped to raise between $30,000 and $80,000 through angel investment, convertible note, or SAFE (simple agreement for future equity) to do further trials and set up a micro production line. (NBR)

Daily Picks

  • NZ politics live: Police union say Government has delivered them 'a kick in the guts'. See more here.

  • Online influencer Andrew Tate was detained in Romania and handed an arrest warrant issued by British authorities, his spokesperson said Tuesday. (Stuff)

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