☕️ Sparks fly

EV mania remains stop-start.

Good morning.

Another day, another billion-dollar automaker. Vietnamese EV startup VinFast listed in New York this week and immediately overtook the market caps of Ford, GM and Fiat Chrysler – before plunging 20% overnight.

It’s been a while since the last wave of EV listings – think Lordstown Motors, Faraday Future and Rivian – with the market souring on all three over time.

This time it’s different, says the VinFast CEO, who claims the company will be profitable within a couple of years. The other big difference? VinFast’s founder owns 99% of all stock. Expect a bumpy road ahead.

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MARKET MOVERS

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

Market News: Australia’s largest office landlord Dexus wrote its portfolio down by $1.2 billion yesterday, or 8.8%, as it reported a $752 million loss — its first in 14 years.

The company could look to offload more properties as it bears the brunt of higher interest rates and a weaker leasing market, complaining that “large tech companies are delaying making decisions”. Dexus says that any sales would fund its infrastructure strategy where it’s hoping to “supercharge” profits.

THE QUICK SYNC

  • Vladmir Putin is considering bringing in currency controls after a 3.5% rate hike failed to arrest the rouble’s slide. (Financial Times)

  • The US Fed says more rate hikes may be needed to fight the ‘significant upside risks’ of inflation. (CNBC)

  • A regulator has given Coinbase the green light to offer crypto derivatives in the US. (CNN)

  • Argentina’s presidential frontrunner Javier Milei has promised to close the country’s central bank if he wins the election. (Bloomberg)

  • Danish pharmaceutical giant Novo Nordisk could face increased competition as Chinese drugmakers begin developing their own versions of Ozempic, its “miracle” weight-loss drug. (Financial Times)

  • Tesla has cut prices of its vehicles in China again as it looks to shift inventory in an increasingly competitive market. (CNBC)

TRADING FLOOR

M&A:

  • Stockspot has sold a sizeable stake in the business to Korea’s Mirae Asset Global Investments. (AFR)

  • Pact Group Holdings has offloaded half of its crate-pooling business to Morrison & Co. (AFR | The Australian)

  • Due date for TEG bids is abruptly extended until the end of the month. (AFR)

    • Kohlberg Kravis Roberts with partner Qantas is shaping up as the strongest challenger to Blackstone for TEG Group. (The Australian)

  • Newcrest is already moving forward with plans for a sale of its Telfer mine in Western Australia. (The Australian)

Capital Markets:

  • Imugene is asking investors for a $60m cash injection split evenly between placement and a share purchase plan. (AFR)

  • Core Lithium is fronting investors for a $120m cash injection. (AFR)

  • NBN Co tapped investors for a new five-year fixed-rate debt raising. (AFR)

  • Azure Minerals has shut down talk in the market of an imminent equity raising by the company of between $70m to $120m. (The Australian)

VC:

  • Bailador Technologies results reveal a mixed bag for investors. (StartupDaily)

  • Breakthrough Victoria , a sportstech startup, invests $148,000 in Zena Sport. (SmartCompany)

Others:

  • Dexus scraps $1bn worth of proposed developments after slumping to a $752m loss. (BNA | SMH)

  • Endeavour Group cheers profits as people have flocked back to bars and bistros after the pandemic. (SMH)

  • Vicinity remained remarkably resilient in the face of rising rates and cost of living pressures. (SMH)

  • Transurban earns nearly $1bn from Melbourne’s drivers. (SMH)

  • DoorDash has been fined $2m for more than a million spam emails and text messages sent to drivers and customers in 2022. (BNA)

THE WATERCOOLER