☕ No lead

Good morning. It was Memorial Day in the US overnight, so there’s no strong lead for the Aussie markets to follow today. The US markets are yet to react to the debt deal, which will see the ceiling suspended until 2025.

May 30, 2023

Good morning. It was Memorial Day in the US overnight, so there’s no strong lead for the Aussie markets to follow today. The US markets are yet to react to the proposed debt deal, which will see the ceiling suspended until 2025.

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MARKET MOVERS

*Stock data as of the market close. Commodities and crypto data in USD.

Market News: IDP’s monopoly over the English language tests used by Canada to grant student visas will end in August 2023.

On Monday morning, heavy selling in its shares forced IDP to acknowledge that rival English tests will be accepted for Canadian student visas.

IDP reckons it won’t have a material impact on FY23 revenue or earnings, but analysts are predicting a 10-15% hit to FY24+ earnings.

THE QUICK SYNC

  • PwC boss to take action as battle to release names heats up. (SMH)

  • PwC orders nine partners to go on leave amid tax scandal fallout. (ABC)

  • From accounts clerk to managing director of a $1b company. (AFR)

  • The Betoota Advocate’s former publisher in talks to leave satirical site. (SMH)

  • Mark McGowan’s shock exit is bad news for Anthony Albanese. (AFR)

  • Temasek cuts salary of staff responsible for its failed FTX investment. (TB)

TRADING FLOOR

M&A:

  • APG and Bouwinvest have signed a JV with Scape Australia’s principals for a $1.5bn build-to-rent fund. (AFR)

  • Wesfarmers has been engaged in discussions with InstantScripts. (AFR)

  • Intermediate Capital Group’s prepares to relaunch a sale process for SCF Containers. (AFR)

  • Japan’s Seven & i Holdings has engaged BofA, Nomura and Baker McKenzie as it considers a tilt for 7-Eleven. (AFR)

  • Pemba Capital is considering a sale of its majority-owned pet clinics roll-up Vets Central. (AFR)

  • St Barbara rebuffs a September invitation from Silver Lake to discuss a potential gold mining deal. (AFR)

  • NIB and McMillan Shakespeare are understood to have made approaches to IFM to buy its My Plan Manager business. (The Australian)

  • AMP and Westpac wealth transactions didn’t progress because the financial group’s shareholders would not support a transaction. (The Australian)

  • Johns Lyng Group said it had plans for three acquisitions in Australia and two in the US. (The Australian)

Capital Markets:

  • Thames Capital is spruiking a new decarbonisation investment series to wholesale investors. (AFR)

VC:

  • Cleverbean, an edtech startup, has raised $200K in Seed funding from Victorian early-stage investor Skalata Ventures. (StartupDaily)

Others:

  • Tenmile has poached Bell Potter’s analyst, Dr Tara Speranza (AFR)

  • Pacific Equity Partners invites the wealthy into a ‘privileged’ PE club. (AFR)

  • HealthCo is watching GenesisCare as a chapter 11 bankruptcy is set to be announced in the coming days. (The Australian)

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