Apr.27 — The Japanese government is weighing the need to extend the state of emergency beyond early May, according to local reports. Meanwhile, Singapore is emerging with the region’s highest number of coronavirus cases after China and India, the world’s two most populous countries. Selina Wang reports on “Bloomberg Markets: Asia.” …read more […]
Normally bustling with activity and colour, Chinatowns in California have come to a standstill as a lockdown to slow the spread of the coronavirus pandemic forces most shops to close. Business has dropped up to 80 per cent, driven initially by racially charged fears about Covid-19, and later by a statewide shelter-in-place order. There are growing fears that many independent restaurants in the area may not survive the pandemic.
In a letter to workers Guillaume Faury reportedly said the firm’s existence was now threatened. …read more […]
Apr.26 — Kelvin Loh, chief executive officer of IHH Healthcare Bhd., which operates hospitals and other facilities in Southeast Asia and beyond, discusses how the coronavirus outbreak is affecting demand for its services and the industry. He speaks with David Ingles and Tom Mackenzie on “Bloomberg Markets: China Open.” …read more […]
(Bloomberg) — Soured investments, a forecast record loss and a rating cut are not turning SoftBank Group Corp. analysts and investors into bears on the stock.That’s because they believe a massive $23 billion share buyback plan will buoy SoftBank’s shares for months to come, more than offsetting the hit from the Vision Fund’s write-downs.Masayoshi Son’s tech giant last month boosted the size of planned share repurchases to 2.5 trillion yen, to be funded with proceeds from asset sales. The stock is up more than 40% since then, continuing to rise even after it said earlier this month that it will …read more […]
The U.S. government notified lenders on Sunday that it will cap how much each bank can lend under the emergency loan program designed to keep workers on payrolls amid the coronavirus pandemic, hours ahead of the reopening of the lending program. The Small Business Administration (SBA) will impose a maximum dollar amount for individual lenders at 10% of Paycheck Protection Program funding, or $60 billion per lender, and pace the applications filed, according to SBA guidance on Sunday to lenders that have received a significant number of applications. The SBA was due to reopen PPP funding at 10:30 …read more […]
Brazilian planemaker Embraer SA has been thrust into an uncertain future with no immediate plan B, while not ruling out seeking a bailout after Boeing Co jettisoned a $4.2 billion commercial aerospace tie-up amid the coronavirus crisis. The company’s shell-shocked chief executive, in the job for a year with little aerospace experience, sought to rally staff after the board held late-night talks to review the collapse of plans for surviving mounting aerospace competition. “Our history is full of difficult moments, and we have overcome all of them,” Francisco Gomes Neto told Embraer’s 20,000 staff before giving them a …read more […]
(Bloomberg) — A narrow waterway off Singapore has become even more congested as oil-laden tankers wait out a slump in global fuel consumption that’s crimped demand and boosted the use of ships to store cargoes.About 60 clean fuel tankers are currently anchored along the busy strait, up from the usual 30-40 ships, according to Rahul Kapoor, head of commodity analytics and research at IHS Markit. Some vessels are being used to hoard fuel at sea as onshore tanks fill up. Others are probably parked, waiting to be redirected to any willing buyer across Asia and the world as the coronavirus …read more […]
(Bloomberg) — Bank of China Ltd.’s estimate for the carnage to retail investors from the collapse in a product linked to U.S. crude oil futures surged 11-fold to more than 7 billion yuan ($1 billion) as it consolidated reports from its nationwide network, according to people familiar with the matter.The estimate of losses to customers across China increased from about 600 million yuan in the middle of last week as more information was gathered from its more than 10,000 outlets, said the people, asking not to be identified discussing a private matter. The number isn’t final and subject to further …read more […]
(Bloomberg) — National Australia Bank Ltd. will raise A$3.5 billion ($2.24 billion) in a share sale and slashed its dividend to boost capital after first-half profit plunged, kicking off what promises to be a horror earnings season for the nation’s lenders.Cash earnings slumped 51% to A$1.4 billion in the six months ended March 31, the Melbourne-based bank said in a statement Monday. The dividend was sliced to 30 Australian cents a share, from 83 Australian cents last year — a hit to the income of retail investors who hold almost 50% of the bank’s shares.Click here or more details on …read more […]
(Bloomberg) — The narrowing group of winners in the S&P 500 doesn’t bode well for the future performance of U.S. stocks, according to Goldman Sachs Group Inc.The U.S. benchmark is around 17% below its February record, but the median stock trades 28% from its peak, Goldman strategists including David Kostin wrote in a note Friday. Meanwhile, the five largest companies make up 20% of the gauge’s market capitalization, exceeding the 18% level the measure reached in March 2000 and raising investor concerns about narrow market breadth, they said.“Sharp declines in market breadth in the past have often signaled large market …read more […]
Apr.26 — Speculation about North Korean leader Kim Jong Un’s health intensified over the weekend following tantalizing — yet unverified — reports. Stephen Engle reports on “Bloomberg Daybreak: Australia.” …read more […]
Stock futures kicked off the overnight session slightly higher Sunday evening as investors mulled a patchwork of state plans to slowly roll back social distancing measures. …read more […]
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