Business News
Oil down on stronger dollar, oversupply concerns
Oil prices fell on Tuesday weighed down by a stronger dollar and oversupply concerns after it was announced that a trio of Gulf producers would end voluntary output cuts.
Month: June 2020
Business News
S&P revises Japan’s outlook to stable
S&P Global Ratings said it has revised Japan’s outlook to stable on increased uncertainty around debt stabilization.
Business News
Household spending plunge pulls down euro zone GDP in first quarter
A plunge in household spending and investment pulled down euro zone gross domestic product in the first quarter as the COVID-19 pandemic struck, but the fall was slightly smaller than first estimated, the European Union’s statistics office said.
Business News
Europe turns red as bulls run out of charge
Stock market bulls were forced to a halt on Tuesday and high-flying currencies like the euro and Australian dollar lost altitude, as a weeks-long risk rally ran into some turbulence.
Business News
U.S. failed to properly oversee Chinese telecom carriers: Senate panel
A U.S. Senate report released Tuesday says the U.S. government failed to properly oversee Chinese-owned telecommunications companies for nearly two decades.
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GE Opens Parts Of $3 Billion Debt Offering To Boost Liquidity
General Electric Co. (GE) said it reopened portions of its prior debt offerings as it seeks to raise $3 billion in total proceeds to bump up its cash buffers to cope with the coronavirus crisis.The company said the reopening was in “response to a reverse inquiry from a long-term strategic investor”. Shares rose 7.4% to $8.46 on Monday.GE expects to use these proceeds to reduce shorter-duration debt, including repaying a portion of GE’s intercompany debt obligations to GE Capital and lower GE Capital’s outstanding debt obligations.“The combination of transactions is expected to be leverage neutral over time,” the company said …read more […]
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Libya’s Biggest Oil Field Shuts Down, Threatening Export Revival
(Bloomberg) — Libya’s battered oil industry suffered another blow as the conflict-ravaged North African country’s biggest field closed less than two days after resuming following a five-month halt.Work at the Sharara deposit in the southwest has stopped, according to people with knowledge of the matter who asked not to be identified as the information isn’t public. Armed men had entered the field on Monday and told employees to end activities.The setback threatens a revival of exports from Libya, which has been producing almost no crude since January because of a civil war that led to almost all its ports and …read more […]
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Business News
Japanese traders gird for Fed to anchor yields, clip dollar’s wings
Japanese investors have clipped the wings of a resurgent U.S. dollar as they position for the likelihood that the U.S. Federal Reserve will take steps to flatten the Treasury yield curve.
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Macy’s Spikes 15% After-Hours On New Financing Deal
Shares in Macy’s, Inc. (M) spiked 15% in Monday’s after-hours trading after the company announced the closing on approximately $4.5 billion of new financing.This included its previously announced $1.3 billion of 8.375% senior secured notes, as well as a new $3.15 billion asset-based credit agreement.In addition, the company has amended and substantially reduced the credit commitments of its existing $1.5 billion unsecured credit agreement. Macy’s intends to use the proceeds of the notes offering, along with cash on hand, to repay the outstanding borrowings under the existing $1.5 billion unsecured credit agreement.With the closing of these financings, M now expects …read more […]
Business News
Exclusive: Banks to Berlin – Loosen coronavirus cash rules for firms
Germany’s bank lobby is set to urge the government to drop some of the conditions attached to a trillion euro rescue scheme, arguing that companies are so reluctant to take the help that it threatens any recovery from the coronavirus outbreak.
Business News
Hong Kong government to lead $5 billion rescue package for Cathay Pacific
Cathay Pacific Airways Ltd revealed on Tuesday the Hong Kong government will lead a recapitalisation plan worth HK$39 billion ($5 billion) to help it through the coronavirus pandemic, the latest public rescue for a troubled airline.
Business News
Hong Kong government says does not intend to hold Cathay Pacific stake long-term
Hong Kong’s government does not intend to hold a stake in Cathay Pacific Airways Ltd long term after leading a rescue package to help it through the coronavirus pandemic, Finance Secretary Paul Chan said on Tuesday.
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Stocks Slip After Historic Rally; Dollar Rises: Markets Wrap
(Bloomberg) — European stocks and U.S. futures edged lower, as momentum slowed in risk assets after a historic rally. Treasuries advanced.The Stoxx Europe 600 Index opened with declines in banks undercutting gains in travel shares. Asian shares continued higher, just hours after investors pushed the S&P 500 Index back into positive territory for 2020. The dollar strengthened for the first day in nine sessions.With global equities rebounding to their levels in February, concern that the bounce back has far overshot the economic recovery continues to weigh on investors. The World Bank warned the global economy will contract the most since …read more […]