☕️ Hard bargain
America's major automakers have come to a ceasefire with workers – for a price.
GM has become the last Detroit automaker to reach a tentative agreement with workers who have been picketing factories across town.
It potentially ends the long-running battle with the United Auto Workers union after Stellantis and Ford came to the negotiating table earlier.
But the deals will come at a price. A 25% pay increase over four years would add almost US$1,000 of costs to each Ford vehicle for example, and could hand a competitive edge to Detroit’s rivals.
*Stock data as of the market close. Commodities and crypto data in USD.
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Market News: The owner of Australia’s largest hard rock lithium mine has warned investors it might have to cut production if demand remains weak.
In a quarterly production update on Monday, IGO said challenging market conditions out of China could create a surplus in the first half of 2024.
As a result, the ASX-listed owner said “it may be necessary to reduce production” at Australia’s Greenbushes mine, in which it has a 25.5% stake.
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THE QUICK SYNC
BlackRock warns investor to get behind mining or risk the green transition. (Financial Times)
Tesla shares have dropped after battery partner Panasonic stoked fears over EV demand. (CNBC)
X says its now worth US$19 billion, down from US$44 billion last year. (New York Times)
‘Streamflation’ has arrived in Australia as Apple hikes and Disney looks to follow. (Capital Brief)
Meta has rolled out an ad-free subscription service for Instagram and Facebook. (CNBC)
Palisade Investment Partners joins the contest for Queensland Airports Limited. (The Australian)
Diverger's agreed Count Limited deal faces competition from COG Financial Services. (AFR)
Bell Rock sells most of its Whitehaven shares after the management campaign. (Capital Brief)
Zhaojin Mining enlists Standard Chartered and Herbert Smith Freehills for the Tietto Minerals acquisition. (AFR)
Zhaojin Capital's Tietto Minerals bid may spark interest in undervalued West African gold miners. (The Australian)
Aussie Broadband offers $258m for Symbio, becoming Australia's fourth-largest internet provider. (AFR)
Jarden is in talks with NAB for an M&A deal. (The Australian)
Superloop is unlikely to re-enter Symbio bidding despite Aussie Broadband's lower offer. (The Australian)
PE firm Crescent Capital Partners has picked up a stake in Walski Clinical Research. (AFR)
Leigh Jasper, creator of Aconex, launches Firmable with $9m in backing from investors. (AFR)
University of Queensland professors launch AQC with $3m for advanced quantum hardware. (Startup Daily)
Investible and Mandiri Capital will launch a global climate tech fund. (Startup Daily)
Mutinex secures $9.5m for AI-driven marketing platform expansion, valuing the company at $75m with EVP Partners as the primary investor. (AFR)
Endeavour shares drop 2.5% as first-quarter sales show modest gains. (Capital Brief)
Cuscal will proceed with a backend bookbuild as investors voice concerns over market volatility, sparked by the Middle East crisis, and fund lockup worries. (AFR)
Pacific Equity Partners set to launch Fund VII, its largest fundraising to date. (AFR)
Qantas admits to pandemic flight cancellations but denies deliberate disruption in 2022. (BNA)