US Debt downgraded

The New Zealand housing market is falling at a slower pace, there will be a parliamentary inquiry into the cancelled Commonwealth games, Fitch has downgraded the US credit rating to AA+, India’s rice ban could trigger a food crisis & Trump has been indicted on four counts!

August 03, 2023

Good Morning,

The New Zealand housing market is falling at a slower pace, there will be a parliamentary inquiry into the cancelled Commonwealth games, Fitch has downgraded the US credit rating to AA+, India’s rice ban could trigger a food crisis & Trump has been indicted on four counts!

Let's jump in.

Before The Bell

Markets

  • Markets fell globally as investors were spooked by the downgrade to US debt.

News Summary

  • The New Zealand housing market is falling at a slower pace (Stuff)

  • Unemployment in New Zealand has climbed to 3.6% (Stuff)

  • Ngāi Tahu’s proposed salmon farm off the coast of Stewart Island has been declined (Stuff)

  • Air New Zealand is seeking airports for next-gen aircraft routes (NBR)

  • Kupe oil and gas field could have over 1B more barrels of oil (NBR)

  • A rail plan for the west of Melbourne has seen two lines axed (9 News)

  • There will be a parliamentary inquiry into the cancelled Commonwealth games (9 News)

  • Fitch has downgraded the US credit rating to AA+ (BBC)

  • Trump has been indicted on four counts (BBC)

  • Russia has carried out drone strikes on grain stores in Ukraine (BBC)

  • India’s rice ban could trigger a food crisis (BBC)

  • Abu Dhabi is consolidating real estate assets under one entity (BBG)

Deal Flow

Investments / M&A

  • Apollo, Bain & KKR are among the shortlisted companies for a $2.7B (USD) controlling stake in Fujitsu’s chip packaging unit Shinko Electric (BBG)

  • Itochu Corp will pay as much as $2.7B (USD) to take its software unit private (BBG)

  • Abu Dhabi’s Emirates Telecommunications Group has bought a controlling stake in PPF Telecom Group’s assets in Bulgaria, Hungary, Serbia and Slovakia for 2.15B euros (BBG)

  • Potentia Capital’s $900m (AUD) sale of Aspen Technology has collapsed due to an issue with Russian regulatory approval (AFR)

  • Good Spirits will sell for $20.7m (NZD) and then delist from the NZX (NBR)

  • Platinum Equity is apparently interested in Accolade Wines (AFR)

  • Brookfield is testing buyer appetite for Australia and New Zealand logistics business Linx Cargo Care Group (AFR)

  • JPMorgan and BofA were involved in trades in Lottery Corp, which saw 0.6% of the company change hands (AFR)

VC & Fundraising

  • Gyder Surgical, an Australian medtech startup, is considering raising funds (AFR)

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