Goldman Sachs said it expected global real gross domestic product to contract by about 1% in 2020, a sharper economic decline than in the year following the 2008 global financial crisis.
Brent crude prices extended falls on Monday amid more action by governments to contain the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a worldwide economic contraction.
SoftBank Group Corp said on Monday it is selling or monetizing up to 4.5 trillion yen ($41 billion) in assets to buy back 2 trillion yen of its shares and reduce debt, sending its stock soaring to its biggest daily gain in nearly 12 years.
Hyundai Motor Group’s heir apparent Euisun Chung bought shares in automaker Hyundai Motor and parts affiliate Hyundai Mobis for a combined 19 billion won ($15 million), according to stock exchange filings.
(Bloomberg) — Indian assets suffered a rough start to the week as stocks extended declines as trading resumed after a system-wide halt, and the rupee tumbled to a new low following a lockdown in much of Asia’s third-biggest economy.The S&P BSE Sensex and the NSE Nifty indexes plunged 11% each as of 11:18 a.m. in Mumbai. The gauges must tumble 15% from yesterday’s close to trigger another trading halt, after a 10% fall within minutes of the opening bell triggered a circuit breaker. The currency declined 1.1% after hitting a new low of 76.1550.Prime Minister Narendra Modi and state leaders …read more […]
(Bloomberg) — SoftBank Group Corp. unveiled a plan to raise as much as 4.5 trillion yen ($41 billion) to replenish its coffers and slash debt over the coming year, moving to address investors’ concerns about its exposure to money-losing businesses during the coronavirus pandemic. Its shares surged.The Japanese investment giant said it’s authorized the sale or monetization over the next four quarters of its assets, which include major holdings in corporations from China’s Alibaba Group Holding Ltd. to sharing-economy stalwarts such as Uber Technologies Inc. Billionaire Masayoshi Son’s company also said it was establishing a new share buyback program of …read more […]
SoftBank Group Corp said on Monday it is selling or monetising up to 4.5 trillion yen ($41 billion) in assets to buy back 2 trillion yen of its shares and reduce debt, sending its stock soaring to its biggest daily gain in nearly 12 years. The share buyback will be in addition to the up to 500 billion yen buyback announced earlier this month, in the Japanese tech conglomerate’s biggest ever repurchase, and comes amid pressure from activist hedge fund Elliott Management to improve shareholder returns. The asset sales come during a growing financial squeeze on SoftBank and …read more […]
Mar.23 — Gary Dugan, chief executive officer at Global CIO Office, discusses his investment strategy for volatile markets. He speaks on “Bloomberg Markets: Asia.” …read more […]
Mar.23 — The International Olympic Committee made its most public step yet toward delaying the world’s biggest sporting event. Calling a board meeting on Sunday, The IOC says it started planning changes to Tokyo 2020 with a decision within the next month. Bloomberg’s Chris Anstey reports on “Bloomberg Markets: Asia.” …read more […]
Mar.23 — President Donald Trump didn’t make a direct comment to forgo taxpayer stimulus funds for his network of hotels and golf courses as the coronavirus pandemic ravages the travel industry. He speaks at the Virus Task Force press conference at the White House. …read more […]
Airlines canceled more flights on Monday as Australia and New Zealand warned against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and Singapore and Taiwan banned foreign transit passengers, in the coronavirus battle.
Asian shares sank on Monday as a rising tide of national lockdowns threatened to overwhelm policymakers’ frantic efforts to cushion what is likely to be a deep global recession.
(Bloomberg) — India’s stocks tumbled, triggering a trading halt as the the world’s second-most populous nation edged toward a lockdown after the number of coronavirus cases in the country approached 400.The S&P BSE Sensex Index slid 10%, setting off a 45 minute system-wide trading halt as of 9:58 a.m. in Mumbai. The NSE Nifty 50 Index sank 9.6%, tracking declines across the region as the flight from riskier assets continued. The regional MSCI Asia Pacific Index lost 2.4%.Prime Minister Narendra Modi and state leaders over the weekend imposed an almost-complete lockdown, which will probably worsen an economy already set to …read more […]
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