A US judge has released the transcripts of allegations made against the late millionaire and financier Jeffrey Epstein.

Good Morning,

A US judge has released the transcripts made against the late millionaire and financier Jeffrey Epstein, Foodstuffs South Island suffered a net loss in the year to the end of February in a year of strong price inflation and a contraction of Kiwis’ real purchasing power, Nike shares plunge after retailer says quarterly sales will fall 10%, warns on China weakness.

Let's jump in.

Before The Bell

Markets

• Sri Lanka to save $5 billion after bilateral debt rework, president says. (Reuters).

• Nasdaq Hits Record to Kick Off the Second Half. (WSJ).

• China property firms jump after big developers show smaller sales drop. (Reuters).

Earnings and Data

• A vast $90 trillion wealth transfer over the next 20 years will likely make millennials “the richest generation in history,” according to consultancy Knight Frank. (CNBC).

•  OSK Holdings Berhad Ticks All The Boxes When It Comes To Earnings Growth. (Yahoo).

• Nike shares plunge after retailer says quarterly sales will fall 10%, warns on China weakness. (CNBC).

News Summary

• Taupō double fatal: Kim Blakeney-Williams’ medication ‘quadrupled’ two weeks before head-on smash. (Herald).

• A man who drove his boat into a ferry at speed, paralysing the skipper and damaging a historic ferry has been sentenced for the incident which was entirely preventable. (Herald).

• Two KiwiRail directors have resigned from the board after Finance Minister Nicola Willis warned a “refresh” was coming. (Herald).

• Foodstuffs South Island suffered a net loss in the year to the end of February, in a year of strong price inflation and a contraction of Kiwis’ real purchasing power. (Herald).

• House prices need to fall at least another 16% to become anything like affordable, one forecaster says. (1 News).

• A Brazilian woman has been sentenced to 10 months of home detention for her role in aiding and abetting migrant sex workers in an illegal prostitution ring. (1 News).

• Two young Māori are on a mission to raise $6000 to attend the World Indigenous Suicide Prevention conference in New York in July. (1 News).

• Donald Trump's lawyers have asked for the former US president's conviction in his hush money criminal case to be set aside and his sentencing this month delayed, American media report. (BBC).

• Chinese teen loses teeth in alleged Auckland bus assault by ‘200 kilogram woman’. (NCA).

• A US judge has released the transcripts of a 2006 grand jury investigation that looked into sex trafficking and rape allegations made against the late millionaire and financier Jeffrey Epstein. (9 News).

• Wikileaks founder Julian Assange has walked free from prison in the UK after more than five years behind bars as part of a plea deal reached with the US Justice Department. (9 News).

• Biden denounces supreme court decision on Trump immunity: ‘He’ll be more emboldened’. (Guardian).

• French left and centrists scramble to unite against far right for election runoff. (Guardian).

Deal Flow

Investments / M&A

• Global merger and acquisition deals hit $1.5tn in the first half of 2024 as a surge in US takeovers and an uptick in megamergers offset a declining number of acquisitions. (FT).

• Indonesia's Delta Dunia eyes more deals as it completes US coal buy. (Reuters).

Equity Raises

• IPO rush amid market rally boosts demand for independent directors. (WSJ).

• Hong Kong shares boosted by Chinese property developers. (Financial Times).

Debt

• Police were about $5m in debt when water coolers removed to save $11k per year. (Stuff).

• Almost 1.8 million people are now in at least £50,000 of UK student debt, data obtained by BBC News reveals. (BBC).

Daily Picks

• Redemption for tearful Ronaldo at 'last Euros'. (BBC).

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