☕️ Strike Out
GM workers have vacated a key factory as the automaker's costs pile up.
United Auto Workers (UAW) strikes at General Motors are costing the automaker around US$200 million a week after factory workers walked out of one of its most important plants on Tuesday. The strike has cost GM US$800 million in operating profit so far.
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Market News: Shares in Zip Co rose 6.6% to $0.32 on its first quarter earnings after reporting its US business saw 40% year-on-year revenue growth for the three months to September.
The Sydney-based buy now pay later firm also said it expects to see positive cash earnings for the 2024 financial year, and will slightly relax its credit criteria in the US as loss rates improve.
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THE QUICK SYNC
Forty one American states are suing Meta over claims its products harm children for profit. (Washington Post)
The price of Bitcoin jumped by almost 10% to its highest level in almost 18 months amid speculation of an incoming ETF. (Reuters)
Californian regulators have banned GM’s Cruise driverless cars from its roads over public safety concerns. (Financial Times)
UK-based fintech CAB Payments’s shares plummeted 72% as revenue projections were dragged lower by volatility in African currencies. (Financial Times)
China has made a rare budget tweak, issuing more sovereign debt as it ramps up economic stimulus. (Bloomberg)
Costco CEO Craig Jelinek will step down and be replaced by COO and president Ron Vachris in January. (WSJ)
Regional pubs owner Harvest Hotels is preparing to exit eight assets worth $220m in a platform deal. (AFR)
Monadelphous secures $170m in new contracts and extensions, with an 8.4% YTD share increase. (Capital Brief)
Barrenjoey and Macquarie Capital share Queensland Airports Limited sell-side mandate as The Infrastructure Fund increases divestment to 74%. (AFR)
A consortium led by Liang and Dr. Jonathan Brown is the preferred bidder for Crescent Capital's 24-7 Healthcare. (AFR)
Azure Minerals is in a trading halt as SQM, a 19.9% shareholder, proposes a buyout. (The Australian)
Fresenius Medical Care and Citi demand commitment from first-round bidders in the $500m-plus Cura Day Hospitals auction's second round. (AFR)
Lazard is favoured as AustralianSuper's adviser in Origin Energy negotiations with Brookfield and EIG. (The Australian)
Vinci Group consults banks for potential EastLink motorway acquisition. (AFR)
Special situations shops are monitoring coal export terminals as a refinancing cliff looms. (Capital Brief)
Microsoft partners with the Australian government to enhance cybersecurity in $5bn cloud and AI investment. (Startup Daily)
Qantas has named Rachel Yangoyan as the new CEO of its regional and charter business, QantasLink. (Capital Brief)
Dexus's $2.5bn Brisbane Waterfront development is set to be the premier legal precinct with DLA Piper and Allens pre-commitments. (BNA)
Perseus shares rise on improved production, cost reduction, and gold price uptick in a quarterly update. (Capital Brief)
Bubs Australia reports a strong Q1 FY24 performance. (BNA)
Piper Alderman explores class action against International Capital Markets for CFD trading losses to Australians worth hundreds of millions. (BNA)
Will Farrant, former Credit Suisse asset finance head, is now a partner at Ares Management in the credit group. (AFR)
Paladin Energy is now a market darling with a 43% share rise, valuing it at $2.82bn pre-production. (The Australian)
Banking analyst Brian Johnson returns to cover Australian banks at MST Financial after leaving Jefferies. (AFR)