Hints and tips:
...Rating agency S&P downgraded the company three notches on Thursday to triple C on “non-payment risk” and estimated it had only $200mn, or half the required funds, currently available....
...Similar low-cost Covid policies offered by Alibaba- and Tencent-backed ZhongAn Online P&C Insurance and midsized Yong An Insurance have also been removed from current product offerings....
...“There are no equivalent 100 per cent mortgages in the standard market,” says David Hollingworth of UK mortgage broker L&C....
...Mark Salem, chief investment officer at Mount Capital, a top-15 investor in Altice USA, said he believed in its “long-term potential”....
...Fitch on Wednesday became the latest group to issue a warning, slashing Evergrande’s foreign currency credit rating from triple C plus to double C and saying that a default of some kind “appears probable...
...Late on Thursday, S&P Global Ratings downgraded Evergrande for the second time in weeks to triple C minus, deeper into speculative grade, and said that the developer’s liquidity position was “eroding more...
...Canada-based Innergex Renewable Energy warned of a C$44m-C$60m hit to its Texas wind farms due to “contractual obligations to supply a pre-determined daily generation”....
...Over the past three months, sales of bonds by triple C rated companies have run at a record pace, Melentyev said....
...Peter Shaw, who owns medical equipment supplier C&P Medical, said he had been relying on a shipment of safety needles now caught in Calais to build up essential government-mandated medical stockpiles ahead...
...According to Bloomberg, consensus is currently forecasting PBT of c£185m (giving EPS of c6.9p) in FY 2020/21 and c.£340m (12.7p) in FY 2021/22....
...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%....
...However, we expect that pressure from competitors more focused on growth (and less on returns) will continue to mount....
...Management actions have likely helped to preserve cash but operating losses could continue to mount if travel restrictions remain in place....
...Headhunters say Hong Kong’s staid banking sector is seeing a jump in recruitment as newly licensed virtual banks from start-up WeLab, Standard Chartered and ZhongAn Online P&C Insurance, seek to snap up...
...As anxiety mounts, some politicians are laying the blame for a looming problem at the feet of central banks....
...The failure of business leaders to inspire a Remain outcome shows their influence is limited outside the C-suite....
...Wall Street reversed an early advance, with the S&P 500 closing 1.4 per cent lower at 1,942, having risen nearly 1 per cent at one stage....
...The appeals court rulings, handed down by three-judge panels in Washington, D.C., and Richmond, Virginia, augured a possible rematch before the U.S....
...(Financial Times) (Spiegel) Barack Obama mounts big push to bolster FDI in US: The move by Mr Obama to pitch America as open for business is more aggressive than usual from the White House, reflecting a...
...In the summer of 2011, the S&P 500 dropped nearly 20 per cent when an 11th hour deal to raise the debt ceiling was followed by Standard & Poor’s stripping the US of its triple A rating....
...(Financial Times) Merck & Co has agreed to buy Idenix Pharmaceuticals for $3.85bn in a deal aimed at bolstering its position in the hotly contested race to develop a new generation of hepatitis C treatments...
...The benchmark S&P 500 stock index hit record highs yesterday after strong jobs data....
...As concerns over Iran’s nuclear programme mount, the EU and South Korea. have said they will stop buying crude from Iran after July 1....
...Capital raises $4 bln in new funds * Oil refiners sever links to Iran * Nigerian oil workers threaten to halt output * Chinese inflation falls to 4.1% * Bomb kills Iran nuclear scientist as crisis mounts...
...Nigeria bombings kill 53 as curfew ordered * China launches English language TV service * Czechs told to take ‘bitter medicine’ * Nicaragua’s Ortega leads presidential vote * Oil rallies as tensions mount...
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