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...Department of Justice “to attend to the interests of the United States” by “argu[ing] any case in a court of the United States in which the United States is interested.” 28 U.S.C. §§ 517, 518....
...Morgan Lewis & Bockius O: 8; L: 7; I: 7; Total: 22The firm helped digital asset exchange Zipmex develop a restructuring plan, which was approved by the Singapore courts in March....
...In 2006, the maison bought Villa Empain in Brussels, restoring the house and turning it into a Centre of Art and Dialogue between eastern and western cultures. boghossianjewels.com C is for Brunello CucinelliThe...
...C Coaching After Wimbledon, the men’s tour will trial allowing coaching during matches....
...If the economic trajectory does indeed look more like an “L” than a “V” or “U”, portfolios will need to combine recovery stocks with cash and lower-risk bonds as well....
...It is possible that France L&S and XL Bermuda are not in a position to pay dividends next year either....
...“L&G offers a 6.3% 2020E dividend yield, 1.2% above the sector average. Pre-2016 L&G's yield averaged 0.4% above the sector.”...
...Smith & Nephew goes up to “overweight” at Morgan Stanley. A V-shaped recovery in kneecaps isn’t in the price, they say....
...The u/l WC outflow was £16.6m vs £3.9m last year, DSOs increased to 65 days (from 56) as an unwind in receivables was offset by higher accrued income (£57m from £51m at y/e, despite declining sales); the...
...Apart from negative l-f-l rental and value growth, we assume recapitalizations to an LTV of c.35% by 2021 lowering the EPS and NAV by c.49% and c.61%....
...We remain firmly in the V camp mainly because like a Unicorn, U shaped recoveries coming out of a recession don’t exist, particularly when the recession is so steep like the one we are experiencing today...
...Hooray, says JP Morgan Caz: [O]verall we see this as a reassuring message to the UK insurance industry....
...In prior recessions, the beta of dividends to earnings has been 0.4x: so a c.30% fall in EPS might mean a 12% dividend cut. While Morgan Stanley’s sort-of optimistic, relatively speaking....
...Table 1 starts with RR’s u/l EBITA in 2022E and then deducts the utilisation of cash provisions, the excess of investment over D&A, then interest and tax....
...Some are complying, particularly in Europe: a report from Morgan Stanley highlights “evidence of ESG factors behind dividend reductions or cancellations”....
...V, U, or L? The nature of Covid-19 growth impact means that some elements – e.g., production resumption, inventory restocking, and travel normalisation – would lend a natural rebound to growth....
...GILD’s c$15bn cost base vs $11bn core op.income, of which c$5bn lies in R&D/SG&A), but also require very significant job cuts at a time of global economic hardship....
...Elsewhere in sellside, Morgan Stanley has a very belated downgrade of Hurricane Energy as part of a big E&P sector thing....
...Here’s Investec (sell) to summarise: [L]ockdowns are impacting consumption in North America (c. 30% of sales), Europe (c. 20% of sales), India (c. 10% of sales), Africa (12% of sales) and many countries...
...s a slight positive)....
...It gets straight to the point: We now assume an L-shaped RevPAR recovery (previously V-shaped), based on Jefdata consumer surveys, corporate guidance and industry forecasts. .....
...We downgrade to Underperform with c.18% downside. Morgan Sindall (Buy; PT 1,550p)....
...One mystery here is the identity of the investment consortia buyers, “Gemstone Investment Holding Ltd” and “Allied Cigar Corporation, S.L”....
...Here’s JP Morgan Cazenove: The closure of hotels, restaurants, catering, airlines, schools and some offices is impacting the group, partially offset by food production, food retailing and healthcare with...
...Morgan Stanley can summarise: Sales for the quarter are down 38%....
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