Jun.22 — Hong Kong’s autonomy will be top of the agenda when European Commission President Ursula von der Leyen and European Council President Charles Michel hold video conferences today with Chinese Premier Li Keqiang and President Xi Jinping. Maria Tadeo reports on “Bloomberg Markets: European Open.” …read more […]
American Airlines Group Inc. (AAL) is planning to raise as much as $3.5 billion from stock and notes offerings, as the ailing U.S. carrier grapples with the financial fallout of the travel freeze triggered by the coronavirus pandemic.The U.S carrier plans to raise $1.5 billion from selling shares and convertible notes. It will also offer $1.5 billion aggregate principal amount of secured senior notes due 2025. Upon closure of the notes offering, the airline seeks to enter into a new $500 million term loan B facility due 2024.As part of the share and convertibles notes offering, the airline will grant …read more […]
Jun.22 — National Australia Bank Ltd. Chief Executive Officer Ross McEwan discusses how the coronavirus outbreak is affecting global businesses and the banking industry, and the business implications of the rising tensions between China and Australia. He speaks at the Bloomberg Invest Global Summit. (Excerpts) …read more […]
(Bloomberg) — Deutsche Lufthansa AG faces one of the most momentous weeks in a near 70-year history, with a clash between its biggest investor and the German government threatening to scupper a 9 billion-euro ($10 billion) bailout and push Europe’s biggest airline toward collapse.With Lufthansa fighting for survival after the coronavirus outbreak punctured a decades-long global travel boom, billionaire Heinz-Hermann Thiele is threatening to block the rescue plan — which would dilute his holding and influence — at a virtual shareholder meeting Thursday.Thiele is set to make his case to Lufthansa Chief Executive Officer Carsten Spohr and the two German …read more […]
In recent days the German payments company’s chief executive has quit and its shares have slumped. …read more […]
Jun.22 — Hong Kong Exchanges & Clearing Ltd. Chief Executive Officer Charles Li talks about the outlook for the market and China’s national security law. He speaks at the Bloomberg Invest Global Summit. (Excerpts) …read more […]
Jun.22 — None of Wirecard AG’s missing $2.1 billion of cash entered the Philippine financial system, according to the nation’s central bank, after two of its major lenders denied holding funds for the German payments processor. Wirecard said the missing cash on its balance sheet probably doesn’t exist. Su Keenan reports on “Bloomberg Markets: Asia.” …read more […]
The battery event, which Musk has touted as being “one of the most of exciting days in Tesla’s history”, had previously been scheduled in May while the shareholder meeting was due to take place on July 7. The Battery Day event will include a tour of the company’s cell production system, Musk tweeted, without elaborating. Two proxy advisors have urged Tesla investors to vote against re-electing Chairwoman Robyn Denholm to the company’s board, citing corporate governance and other concerns. …read more […]
(Bloomberg) — Asia’s richest man has entered a new league of wealth.The net worth of Mukesh Ambani, chairman of Reliance Industries Ltd., has jumped to $64.5 billion, making him the only Asian tycoon in the exclusive club of the world’s top 10 richest people, according to the Bloomberg Billionaires Index. He overtook Larry Ellison of Oracle Corp. and France’s Francoise Bettencourt Meyers, the wealthiest woman, to reach the No. 9 spot.Ambani, who owns 42% of Reliance, has benefited from a flurry of investment into the company’s digital unit, Jio Platforms Ltd., that Reliance said has made it net-debt free ahead …read more […]
The battery event, which Musk has touted as being “one of the most of exciting days in Tesla’s history”, had previously been scheduled in May while the shareholder meeting was due to take place on July 7. The Battery Day event will include a tour of the company’s cell production system, Musk tweeted, without elaborating. Two proxy advisors have urged Tesla investors to vote against re-electing Chairwoman Robyn Denholm to the company’s board, citing corporate governance and other concerns. …read more […]
(Bloomberg) — U.S. stock index futures rose, erasing losses, as investors weighed the latest infection count against prospects for reopening economies.September contracts on the S&P 500 gained 0.4% as of 11:48 a.m. in Tokyo, after sliding as much as 1.1%. Futures on the Dow Jones Industrial Average rose 0.4% and those on the Nasdaq 100 Index climbed 0.5%. Beijing reported only nine new infections, in a sign that a recent outbreak is coming under control, while South Korea saw the smallest daily increase in about a month. California’s new cases rose by a record and Florida infections jumped.“Financial conditions are …read more […]
“The Management Board of Wirecard assesses on the basis of further examination that there is a prevailing likelihood that the bank trust account balances in the amount of 1.9 billion EUR do not exist,” the company said in a statement. Chief Executive Officer Markus Braun quit on Friday as the company’s search for $2.1 billion of missing cash hit a dead end in the Philippines and as it scrambled to secure a financial lifeline from its banks. The central bank of Philippines said on Sunday that none of the $2.1 billion missing from Wirecard appeared to have entered …read more […]
(Bloomberg) — To most investors, buying shares of Chinese banks seems like a losing strategy this year.Under pressure from the government to sacrifice profits, stung by ultra-low interest rates and parrying the threat of souring loans, China’s biggest listed lenders have seen their shares sink 13% in 2020. They trade at a measly 0.7 times the projected value of their assets, near the lowest multiple since before the global financial crisis.But for one Shanghai-based fund manager, the value case for Chinese bank shares is now so compelling that the stocks comprise one of the biggest parts of his portfolio. Zhou …read more […]
The company plans to raise $1.5 billion by selling shares and convertible senior notes due 2025, the airline said in a statement. The company expects to use the net proceeds from the stock and convertible notes offerings for general corporate purposes and to enhance its liquidity position, the airline added. The stock and convertible notes offerings, first reported by Bloomberg News, include a 30-day option for the underwriters to purchase up to $112.5 million of additional common shares and up to $112.5 million of additional convertible notes respectively, the company said. …read more […]
(Bloomberg) — Wirecard AG, the troubled German payments company, withdrew its financial results, saying the missing 1.9 billion euros ($2.1 billion) of cash on its balance sheet probably doesn’t exist.Concerns over the missing money have prompted a collapse in Wirecard shares and the resignation of CEO Markus Braun, who was replaced on an interim basis by James Freis. In an indication of the company’s worsening outlook, Moody’s Investors Service said on Friday it cut Wirecard’s credit ratings six levels, putting it one step from the lowest tier of junk.“There is a prevailing likelihood that the bank trust account balances in …read more […]
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
