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...Concerns that the Behshad is involved in providing targeting information to the Houthis have heightened since an attack this week on the True Confidence, carrying steel and trucks from China to Saudi Arabia...
...They refuse to pick up the phone, they refuse to reply to the mails,” he said, adding that Gupta’s Liberty Steel group recently bought the Dunaferr steel mill in Hungary while debts to suppliers have remained...
...Unions have held a “crisis meeting” to warn against the “risk of Europe’s steel production capacities becoming severely damaged and the green steel challenge unmet due to Mr Gupta’s irresponsible management...
...That is in line with current market expectations given that a default at Kemble earlier this month sent the price of a second-ranking “Class B” bond plunging to little over half of its face value....
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...Send me your thoughts: robert.armstrong@ft.com. Can spreads ever be too tight? To the extent that markets people are worried about an overheated market, their concerns are focused on US stocks....
...Traders are marking a riskier £250mn “class B” bond at little over 60 pence in the pound....
...Robert Solow, the US economist who won the 1987 Nobel Prize for economics, has died at the age of 99....
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...Robert ArmstrongYeah, right when Brexit happens. You have to ask an additional question. A, does Brexit have something to do with this? And B, does that make any sense? Ethan WuYeah. It’s irrational....
...It’s not like a competition between two steel producers where they grind away at each other trying to make their cold-rolled steel one penny less than the others, you know, and eventually the lower-cost...
...robert.shrimsley@ft.com...
...Container ships mostly carry manufactured goods in steel boxes....
...Wyelands was part of Gupta’s GFG Alliance steel-to-finance conglomerate....
...Email us: robert.armstrong@ft.com and ethan.wu@ft.com....
...Normally features such as artificial islands or steel “sacrificial dolphins” embedded in the river floor would be built to divert vessels on a collision course, he added....
...Arthur makes a distinction between classic production industries, for steel and the like, and knowledge-based industries....
...The ship, which was carrying a cargo of steel products and trucks from the Chinese port of Lianyungang to Jeddah in Saudi Arabia and Aqaba in Jordan, was flying the flag of Barbados....
...Email me: robert.armstrong@ft.com. Friday Interview: Torsten Slok Torsten Slok is one of Wall Street’s most closely followed economists....
...What kind of vessels were the Robert E Lee and the Natchez, which took part in a celebrated race on the Mississippi in 1870?...
...Container ships mostly carry manufactured and semi-finished goods, in steel boxes, while dry bulk vessels carry bulk commodities unboxed in large holds....
...For example: “In my view, [public markets aren’t] differentiating enough between office Reits that hold B-tier assets and office Reits that hold A-tier assets.”...
...We like boxes B and C. Will the long end follow the short end down, and why? We can debate how much short rates will come down, but it seems pretty clear that they will fall....
...and several other European countries to Gupta’s Liberty Steel group....
...Spreads over Treasuries of triple-B (lowest rung of investment grade) and double-B and single-B (upper parts of high yield) bonds were higher earlier this year, before long term interest rates jumped, and...
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