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US & China Working Together to Fight Climate Change?

August 30, 2023

Good Morning,

The US questions Chinese brand Shein on it’s labour policies before an IPO, the US and China plan to work together to combat climate change and develop AI, an Auckland man finds a tapeworm segment in his food, and Tesla prepares for it’s first trial involving an autopilot related death.

Let's jump in.

Before The Bell

Markets

  • The benchmark S&P/ASX 200 index rose 50.7 points, or 0.7 per cent, to 7210.5 at the closing bell, buoyed by gains on Wall Street overnight, with nine out of the 11 industry sectors finishing higher. The All Ordinaries also gained 0.7 per cent. (AFR)

  • Japan may be at an inflection point in its 25-year battle with deflation as price and wage rises show signs of broadening, the government said on Tuesday, signalling its conviction the economy was nearing an end to prolonged stagnation. (RT)

  • Disillusioned with a weak stock market at home, geopolitical risks and a falling currency, Chinese investors are pouring money into investment products with exposure to overseas assets that will also help diversify their portfolios. (RT)

  • World stocks rallied on Monday, with sentiment supported by China's efforts to shore up its battered markets and lift confidence towards the world's No.2 economy. (RT)

  • China’s largest banks are preparing to cut interest rates on existing mortgages and deposits, the latest state-directed measures to shore up growth in the world’s second-largest economy. (BBG)

Earnings and Data

  • Heartland Group has boosted its full-year profit in tough trading conditions and expects further improvement in the new financial year. Its net profit in the 12 months ended June 30 was $95.9 million, up 0.8% on the previous year. (NBR)

  • The world’s largest campervan rental company Tourism Holdings reported a $49.9 million profit in the year to the end of June, a turnaround from a $2.1m loss the previous year. Revenue jumped 92% to $663.8m. (Stuff)

News Summary

  • The man who struck and killed Megan Finlayson as she crossed a road in Lower Hutt on her way to work was speeding, on the wrong side of the road, and did not brake – then just drove on as she lay critically injured. (Stuff)

  • Two small vials of acid found at Auckland University’s Faculty of Medical and Health Sciences, saw the evacuation of students and staff, and a specialist bomb squad unit brought in to blow up the substance in an empty field. (Stuff)

  • A video of a squirming tapeworm has racked up over 20 million views for Kiwi Daniel Bond, but his backstory has left an accused business with a bad feeling in their stomach. (Stuff)

  • Australia was targeted by a China-based large scale, but often unsophisticated and irrelevant, covert influence operation spread across 50 social media platforms and forums. (AFR)

  • The post-pandemic trend of people prioritising travel could be a more permanent change in consumers' spending habits, the head of Ireland's largest hotel group Dalata said on Tuesday. (RT)

  • The United States wants to work with China to solve problems such as climate change and artificial intelligence, U.S. Commerce Secretary Gina Raimondo told China's Premier Li Qiang at a meeting in Beijing on Tuesday. (RT)

  • Russian President Vladimir Putin has no plans to attend the funeral of Wagner mercenary chief Yevgeny Prigozhin, who was killed when his plane crashed last week, the Kremlin said on Tuesday. (RT)

  • Toyota Motor will restart operations at its assembly plants in Japan on Wednesday, after a production system malfunction brought domestic output to a halt at the world's biggest-selling automaker. (RT)

  • The United States Transportation Department on Monday fined American Airlines $4.1 million for unlawfully keeping thousands of passengers on the tarmac for hours, the largest-ever penalty for violating the rule. (RT)

  • China will extend preferential tax policies for foreign nationals working in the country through to the end of 2027, the finance ministry said on Tuesday, in a boon to foreign firms struggling to attract talent post-COVID. (RT)

  • Republican attorneys general from 16 U.S. states asked the Securities and Exchange Commission to audit China-founded fast-fashion retailer Shein's supply chain for the use of forced labor ahead of its potential initial public offering. (RT)

  • Record levels of government debt, geopolitical tensions that threaten to split the global trading system, and the likely persistence of weak productivity gains may saddle the world with a slow-growth future that stunts development in some countries even before it starts. (RT)

  • Swatch Group AG is releasing a special blue plastic limited edition of the coveted Speedmaster as it moves to reinvigorate interest in its Omega MoonSwatch collaboration. (BBG)

  • Alphabet Inc.’s Google is adding artificial intelligence tools from companies including Meta Platforms Inc. and Anthropic to its cloud platform, weaving more generative AI into its products and positioning itself as a one-stop shop for cloud customers seeking to tap into the technology. (BBG)

  • Citadel Vets 69,000 Intern Applicants to Find Next Math Geniuses (BBG)

Deal Flow

Investments / M&A

  • The dark days of Covid are behind Tourism Holdings for now and the company is celebrating the return of profits and dividends in the year to June 30, even while describing the 12-month period as “still a recovery year”. (NBR)

  • Vanguard supported just 2% of shareholder resolutions on environmental and social issues at U.S. companies this year, down from 12% last year, the top mutual fund manager said on Monday, fueling a drop in investor backing overall. (RT)

  • World’s Best Large IPO of 2023 Is Indonesia Miner With 150% Gain (BBG)

VC & Fundraising

  • Listed supplements and skincare maker Me Today is considering selling off some of its assets or raising new capital following an after tax loss of nearly $13 million. (NBR)

Equity Raises

  • Next Science, owner of medical solutions to prevent surgical and wound infections, launched a $28.9 million raising on Tuesday morning split across five legs. (AFR)

  • North American lithium explorer Chariot Corp has kicked off its mooted initial public offering, booking in fund manager meetings and tapping investors for $15.5 million in fresh equity, sources told Street Talk. (AFR)

Debt

  • Private-capital backed mine site power business Zenith Energy has lined up a $320 million debt deal from a mix of existing and new lenders, as APA Group’s $1.7 billion acquisition of Alinta’s West Australian remote power assets kicks up interest in the sector. (AFR)

Daily Picks

  • Tesla Inc is set to defend itself for the first time at trial against allegations that failure of its Autopilot driver assistant feature led to death, in what will likely be a major test of Chief Executive Elon Musk's assertions about the technology. Read more here.

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