Trouble for Social Media Platforms

Author

Sophie Wood
May 24, 2023

Good Morning,

Copper from Auckland’s Stardome Observatory has been stripped by thieves, names of 3 victims of the Wellington Loafer’s Lodge have been released, India recalls the 2,000 rupee note, a typhoon creeps toward Guam, and Meta is fined $1b for the inappropriate handling of user data. TikTok sues in retaliation to the US state of Montana banning the app.

Let's jump in.

Before The Bell

Markets

  • Markets are volatile ahead of the impending Reserve Bank interest rate decision, with a 25 basis points hike baked in and the chance of a double hike. (Stuff)

  • The S&P/NZX 50 Index had a soft afternoon and fell 48.8 points or 0.41% to 11,944.2 as it waited for the Reserve Bank monetary policy statement, with an expected 25 basis points increase in the Official Cash Rate to 5.5%. (GR)

  • Prime Minister Chris Hipkins has told a business audience in Auckland this afternoon that migration had returned at such levels that the country was at risk of “not keeping up with it”. (NBR)

  • Upgrading last month's forecast, the IMF said it expected the UK's economy to grow by 0.4% in 2023. (BBC)

Earnings and Data

  • China imported $407 million worth of chipmaking machinery from Singapore in April, according to the latest Chinese customs data. (BBG)

  • Qantas shares lost 2.2 per cent to close at $6.36 after Australia’s flagship carrier forecast a record underlying pre-tax profit of up to $2.48 billion for the year ending June 30. The airline also said it will lift its share buyback plan by $100 million. (AFR)

  • Mercury, whose supply is mainly North Island-based, declined 11c to $6.40 after Transpower warned about rolling power cuts during the winter. (GR)

News Summary

  • The family of a Wellington street identity who perished in the Loafers Lodge fire has invited the people of Wellington to attend his funeral. (Stuff)

  • The Warehouse is to launch a home brand butter, but there’s a warning that the competition might not lead to lower prices overall. (Stuff)

  • Students at two Christchurch high schools huddled, frightened under desks for at least 20 minutes, a pupil says, after an unknown person entered the school’s corridors and showed “concerning” behaviour. (Stuff)

  • Auckland’s iconic Stardome Observatory has had its copper dome stolen in a “violating” theft that could cost the lookout $200,000. (Stuff)

  • Hawke’s Bay, New Zealand’s oldest and second-largest wine-growing region, has been named the 12th Great Wine Capital of the world alongside the likes of Bordeaux in France, Napa Valley in the US, and Adelaide in Australia. (NBR)

  • More than 500 job losses have been confirmed at Auckland Council and its agencies as part of Mayor Wayne Brown's cost-cutting budget. (RNZ)

  • Police have released the names of three men who died in the Loafers Lodge fire in Newtown last week. (RNZ)

  • Indians are exchanging 2,000-rupee ($24 ;£19) notes at banks as the country aims to withdraw the currency from circulation. (BBC)

  • Brazil has declared a six-month animal health emergency after several cases of avian flu were found in wild birds. (BBC)

  • TikTok has sued to block the US state of Montana from banning residents from accessing its social media platform. (BBC)

  • Security staff shielded Shell Chief Executive Wael Sawan and the firm's board of directors as climate protesters tried unsuccessfully to storm the stage at the energy giant's annual shareholder meeting in London on Tuesday. (RT)

  • The American Civil Liberties Union sued Florida over a law championed by Governor Ron DeSantis that bars most Chinese citizens from buying homes in the state. (BBG)

Deal Flow

Investments / M&A

  • Telecommunications company Chorus is restructuring the business and creating a new operating structure from next year. (NBR)

  • Facebook's owner, Meta, has been fined €1.2bn (£1bn) for mishandling people's data when transferring it between Europe and the United States. (BBC)

  • BlackRock Investment Institute on Monday said it was moving from "overweight" to "neutral" on credit, saying yields are not enough to compensate investors for tightening credit conditions. (RT)

  • Hong Kong said retail investors can trade crypto under its new rulebook for the sector, stepping up a drive to develop a digital-asset hub even as the industry and regulators clash elsewhere in Asia. (BBG)

Debt

  • Failed early childcare operator The Rainbow Group owes close to $20 million to creditors, the first receivers' report said. (NBR)

  • The U.S. Treasury Department reiterated Monday it expects to be able to pay the U.S. government's bills only through June 1 without a debt limit increase, leaving just 10 days for White House negotiators and congressional Republicans to reach a deal. (RT)

Daily Picks

  • Read more here about a category 4 typhoon making it’s way toward Guam.

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