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- ☕ Flight to safety
☕ Flight to safety
Good morning. It's been a wild couple of weeks in the financial markets. Let us know if you think the worst is still to come or if we've weather the worst of it already.
Good morning. It's been a wild couple of weeks in the financial markets. Let us know if you think the worst is still to come or if we've weather the worst of it already.
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MARKET MOVERS
*Stock data as of the market close. Commodities and crypto data in USD.
Market news: The flight to safety amid all the banking turmoil has helped St Barbara and most gold stocks rally, with the price of the underlying metal jumping 6% over the last week.
The price of gold is trading near 15-year highs.
THE QUICK SYNC
Credit Suisse aftermath:
Eighty-two Australian children have been abducted in Japan – and it’s legal. (SMH)
Latitude cyber attack: Passport copies stolen, historical customers affected, trading suspended. (Australian)
Michael Blakiston was the highest-paid director last year as a director at BCI Minerals and chairman of Develop Global. (AFR)
TRADING FLOOR
M&A:
UBS has agreed to buy Credit Suisse for $4.5bn. (AFR | The Australian)
UBS is emerging as a rare winner in Credit Suisse's crisis. (AFR)
UBS had already been poaching Credit Suisse staff even before its announced acquisition. (The Australian)
Credit Suisse's retreat will be felt in institutional equities market. (AFR)
Australian Clinical Labs made an all-scrip off to acquire Healius. (AFR | The Australian)
Ochre Health has Highbury Partnership to find it a buyer willing to take a controlling stake. (AFR)
China Molybdenum is mulling an exit of its Northparkes mine in NSW. (AFR)
Incitec sells troubled Waggaman ammonia plant in the US for $2.5bn. (Australian)
Cosmetique has emerged as a potential owner of collapsed skincare brand Purely Byron. (SMH)
Capital Markets:
VC:
Co Ventures raises a $5m fund focused on pre-seed investments. (AFR)
Lanterne, an e-scooter software startup, raises an $880K seed backed by Skalata Ventures and Rockstart. (AFR)
Alex Bank, a Sydney fintech startup, is trying to raise $20m at a $130m valuation. (AFR)
Pivot, a Melbourne ed-tech startup, raises $1.4m led by the Catholic Diocese of Maitland-Newcastle. (StartupDaily)
Others:
Australian Shareholders’ Association told its members to vote against AMP’s remuneration report. (AFR)
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THE WATERCOOLER
THE TRADE
Strategy & Corporate Development Manager — OFX (Learn More)
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