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Millions of Chinese Firms Face Collapse If Banks Don’t Act

February 24, 2020 admin Comments Off on Millions of Chinese Firms Face Collapse If Banks Don’t Act

(Bloomberg) — Brigita, a director at one of China’s largest car dealers, is running out of options. Her firm’s 100 outlets have been closed for about a month because of the coronavirus, cash reserves are dwindling and banks are reluctant to extend deadlines on billions of yuan in debt coming due over the next few months. There are also other creditors to think about.“If we can’t pay back the bonds, it will be very, very bad,” said Brigita, whose company has 10,000 employees and sells mid- to high-end car brands such as BMWs. She asked that only her first name …read more […]

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Oil prices fall 2% on demand concerns as coronavirus spreads outside China

February 24, 2020 admin Comments Off on Oil prices fall 2% on demand concerns as coronavirus spreads outside China

Oil prices tumbled more than 2% on Monday as investors worried about a hit to demand from the coronavirus outbreak, which is spreading rapidly outside China. U.S. crude futures fell by $1.26 or 2.3% to $52.12. Concerns about the coronavirus grew on Sunday after sharp rises in infections in South Korea, Italy and Iran. …read more […]

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Aussie Drops, With Traders Cautious on Virus Woes: Markets Wrap

February 23, 2020 admin Comments Off on Aussie Drops, With Traders Cautious on Virus Woes: Markets Wrap

(Bloomberg) — The caution that’s gripped financial markets lately showed no signs of letting up as trading got underway this week, with concern that the coronavirus will hamper growth prospects hitting the Australian and New Zealand dollars. The yen gained.Equity futures indicated a soft start across the Asia Pacific after the S&P 500 Index lost 1.1% on Friday. Over the weekend, finance chiefs and central bankers from the world’s largest economies said they see downside risks to the global economy persisting as supply chains get disrupted from the deadly virus. Japan is shut for a holiday and Treasuries won’t trade …read more […]