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Good Morning,

The US is reshoring some jobs from China, the 10Y US treasury yield rose above 4%, the Bank of England is going on a bond buying spree, Intel is challenging Nvidia's graphics chips, Lyft is freezing hirings, JPMorgan is increasing its UK workforce, and FTX won the auction for Voyager's assets.

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Let's dive in.

Before The Bell

Markets

• The S&P set a new 2022 low yesterday falling deeper into a bear market, while the 10Y Treasury continued to climb, surpassing 4.0%

  • The Dow also slipped ~0.4%, while the Nasdaq snuck away with a 0.25% gain

Earnings

• What we're watching this week:

  • Today: Jefferies, Vail Resorts

  • Thursday: Bed Bath & Beyond, Micron Technology, Nike, CarMax

• Full calendar here

Headline Roundup

• US core capital goods orders increased 1.3% in August with consumer confidence rising further (RT)

• US companies are reshoring jobs from China at record levels, on pace to bring back 350k jobs (WSJ)

• The Bank of England is launching a bond buying effort of "whatever scale necessary" to address recent market turmoil (WSJ)

• China is looking to tweak yuan fixing process to slow its fall (RT)

• US fined 16 Wall Street firms $1.8B total for talking deals and trades on personal apps (RT)

• Apple ditches iPhone production increase after demand falters (BBG)

• US approved the EV charging station plans for all 50 states (RT)

• The IRS failed to send child tax credit payments to ~4.1M households (WSJ)

• Intel introduced a video game graphics chip to challenge Nvidia (WSJ)

• Lyft is freezing all US hiring till 2023 as recession fears mount (RT)

• JPMorgan is planning to double its Chase workforce in UK to at least 2k by 2024 (RT)

• Hertz is teaming up with oil giant BP to install thousands of EV chargers in the US (CNBC)

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Deal Flow

M&A / Investments

• Apollo is exploring buying transportation and logistics company Ryder Systems in a potential $3.4B+ deal (BBG)

• Energy Capital Partners agreed to buy UK waste-management firm Biffa for $1.4B (BBG)

• Lender Provident agreed to buy regional lender Lakeland Bancorp in a $1.3B deal (RT)

• Permira and TA Associates are among bidders for software company A2Mac1, which could be worth $1-$1.5B (BBG)

• Papua New Guinea’s state-owned Kumul Petroleum offered to buy a 5% stake in the PNG Liquefied Natural Gas Project from Australian energy company Santos for $1.1B (RT)

• Shell and ExxonMobil have launched a simultaneous sale process of a large package of offshore natural gas assets in the southern UK and Dutch North Sea (RT)

• Canadian movie theater chain Cineplex has approached lenders to its bankrupt rival Cineworld about reviving a potential merger with the UK company's Regal Entertainment Group franchise (WSJ)

VC

• ​​Bending Spoons, an Italian mobile app developer, raised $340M in financing led by Creator Partners, Ryan Reynolds’ Maximum Effort Holdings, and others (BW)

• Farizon Auto, an EV truck brand owned by Geely, is seeking to raise ~$300M in a round set to be led by Singapore-based logistics and real estate giant GLP (BBG)

• Cloud storage startup Wasabi raised a half debt, half equity $250M Series D at a $1.1B+ valuation led by L2 Point Management (TC)

• Consumer products company Monolith raised $230M: consisting of ~$50M in equity and ~$180M in debt led by Hayfin Capital Management and Ares Management Credit Funds (BW)

• GrubMarket, which offers software and operates an e-commerce platform connecting farmers and other food suppliers with customers, raised $120M in equity at a $2B+ valuation from investors including General Mills, Squarepoint Capital, Tiger Global, and others (BBG)

• Strike, a digital payments provider built on Bitcoin’s Lightning Network, raised an $80M round led by Ten31 (BW)

• Robot cleaning manufacturer Avidbots raised a $70M Series C led by Jeneration Capital (TC)

• Customer onboarding startup Flatfile raised a $50M Series B led by Tiger Global (TC)

• Unravel Data, a platform aimed at giving developers visibility across their data stacks, raised a $50M Series D led by Third Point Ventures (TC)

• Arthur.ai, a machine learning monitoring platform, raised a $42M Series B led by Acrew Capital and Greycroft (TC)

• Tray.io, a low-code automation and integration platform, raised $40M in funding led by CPP Investments (BW)

• GlossGenius, an operations platform for spa, studio and salon owners, raised $25M in financing led by Imaginary Ventures and Bessemer Venture Partners (TC)

• Space and Time, a decentralized data platform, raised $20M in strategic funding led by Microsoft’s M12 fund (TC)

• DPL Financial Partners, a commission-free insurance marketplace, raised $20M in growth capital from Eldridge and Atlas Merchant Capital (BW)

• Kumo, a platform using AI to help solve predictive business problems, raised an $18M Series B led by Sequoia (TC)

• Virtual concert platform AmazeVR raised $17M in funding led by Mirae Asset Capital (TC)

• Elucidata, a startup building a data-centric ML platform for the life sciences industry, raised a $16M Series A led by Eight Roads Ventures (PRN)

• Disperse, a provider of building productivity systems for the construction industry, raised a $16M round led by 2150 (BW)

• Eclipse, a crypto startup enabling developers to deploy their own customizable rollups using the Solana virtual machine, raised $15M: a $9M seed round led by Tribe Capital and Tabiya and a $6M pre-seed round led by Polychain (BW)

• Tactic, a platform streamlining cryptocurrency accounting for businesses, raised $11M in funding led by FTX Ventures (PRN)

• FourKites, a supply chain visibility company, raised $10M from Mitsui (BW)

• Aspen Creek Digital, a renewable bitcoin mining operator, raised an $8M Series A led by Galaxy Digital and Polychain Capital (PRN)

• Penpot, a Spanish startup building an open-source spin on Figma, raised an $8M seed round led by Decibel (TC)

• Sexual wellness brand Cake raised an $8M Series A led by Silas Capital (TC)

• Livin Farms, an insect larvae farm, raised a $5.8M Series A led by Peter Luerseen (TC)

• Kopperfield, a startup building a platform to help make EV charger installation at home easier, raised a $5M seed round led by General Catalyst and Lachy Groom (TC)

• yWhales, a Web3 community, raised $5M in funding from its own members (PRN)

• Farmerline, a Ghanaian agtech startup, raised a $1.5M pre-Series A from Oikocredit (TC)

IPO / Direct Listings / Issuances / Block Trades

• Chinese hydrogen fuel cell company SinoSynergy is considering a Hong Kong IPO as soon as next year (BBG)

SPAC

• Harley-Davidson’s former electric motorcycle division, LiveWire, made its market debut yesterday after agreeing to merge with AEA-Bridges Impact Corp. last year (CNBC)

Bankruptcy / Restructuring / Distressed

• Crypto exchange FTX won the auction for assets of bankrupt crypto brokerage Voyager. The agreement is valued at ~$1.4B, comprising $1.3B market value of all the crypto at the platform and an “additional consideration” of $111M (BBG)

Fundraising

• Goldman Sachs Asset Management closed a $9.7B West Street Capital Partners VIII PE fund in their largest since 2007 to invest in companies with an enterprise value of ~$750M to $2B (RT)

• Cathie Wood's Ark Invest launched a new VC fund that would give investors access to the VC market for just $500 (CNBC)

Crypto Corner

• Bankrupt crypto lender Celsius' CEO Alex Mashinsky stepped down (WSJ)

• Disney’s latest job posting hints at big plans for NFT and crypto adoption (CD)

• Crypto exchange FTX.US' President Brett Harrison is stepping down (CD)

• FTX founder Sam Bankman-Fried is considering bidding for Celsius' assets (BBG)

Exec's Picks

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The Hiring Block 💼

If you're looking to break into finance, lateral, or move out, check out our job board on Pallet, where we curate highly relevant roles for you. We aim to curate jobs across IB, S&T, VC, tech, private equity, DeFi, crypto, CorpDev and more. We'll sift through all the noise on LinkedIn, Indeed, Monster, etc. so you don't have to.

If you're a company looking to hire candidates and want to list a job opening on our board and feature on Exec Sum, click the button below:

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