|Bid||1,316.00 x 0|
|Ask||1,317.00 x 0|
|Day's Range||1,306.50 - 1,325.50|
|52 Week Range||12.37 - 1,795.00|
|Beta (3Y Monthly)||1.04|
|PE Ratio (TTM)||10.66|
|Earnings Date||Aug 14, 2019|
|Forward Dividend & Yield||0.50 (3.85%)|
|1y Target Est||2,079.18|
M&G's life and pensions arm said it has suspended a 164 million pound property fund, days after the British fund manager froze dealing in its 2.5 billion pound ($3.21 billion) flagship UK property fund. The ban impacts the Prudential M&G Property Portfolio Fund, a fund fully invested in M&G's Property Portfolio which was suspended on Dec. 4, an M&G spokesman said in an emailed statement on Saturday. M&G suspended dealing in its flagship UK property fund on Wednesday, blaming Brexit uncertainty and weakness in the retail sector for a surge in investor requests to cash out.
Does ServiceNow Inc (NYSE:NOW) represent a good buying opportunity at the moment? Let’s quickly check the hedge fund interest towards the company and compare it against its peers like Norfolk Southern Corp. (NYSE:NSC), Prudential Public Limited Company (NYSE:PUK), Micron Technology, Inc. (NASDAQ:MU), and Schlumberger Limited. (NYSE:SLB). Hedge fund firms constantly search out bright intellectuals and […]
(Bloomberg Opinion) -- Two- and-a-half years after the Indian central bank took the highly unusual step of directing banks to put 12 large corporate debtors into bankruptcy, the most closely watched of the “distressed dozen” cases has finally been resolved.With the Supreme Court in New Delhi clearing the decks for the sale of Essar Steel India Ltd., the Ruia family has accepted defeat. Control of the 10 million-tons-a-year integrated plant in western India will pass to ArcelorMittal, which will pay banks 420 billion rupees ($5.9 billion), or 90% of their claims.This final episode of a drawn-out legal saga, in which the Ruias made multiple attempts to hold on to their prized asset, was a nail-biter. At the last moment, the bankruptcy tribunal’s appellate authority had inexplicably jumped into the fray and ordered that more of ArcelorMittal’s money be given out to unsecured operational creditors and less to secured financial lenders.India’s $200-billion-plus bad debt mess is starting to attract serious global capital from pension and sovereign funds. Had expected recovery rates of 90% shriveled to 60%, private equity funds assembling this stock of patient money to take over secured lenders’ exposure would have fled. Thankfully, the court restored the power of the creditors’ committee to decide who gets what.It’s been a costly delay. When the Reserve Bank of India referred large cases to new bankruptcy tribunals, it was hoping to solve 25% of the country’s bad-loan problem in 270 days. There was interest among potential buyers, particularly for steel plants, because global metals demand was stabilizing. But with missed deadlines, lengthy litigation and suspected fraud holding back asset sales, liquidation has emerged as the default option, with only 15% of closed insolvency cases ending in a resolution plan. A lot has changed in India’s corporate distress landscape between 2016, when India promulgated its bankruptcy law, and now. For one thing, global demand for steel — and steel assets — is starting to sag. That isn’t all. With practically all sectors of India’s economy facing a demand funk, there’s trouble everywhere from real estate and roads to power and telecom.Each industry comes with its own unique challenges. In residential real estate, it’s the homeowners’ interest that makes creditor coordination difficult. In telecom, the difficulty comes from exorbitant government demands for spectrum fees. The danger of a voluntary bankruptcy filing by Vodafone Idea Ltd. has everyone from investors to the government worried. The mobile operator posted a $7.1 billion quarterly loss, the worst in India’s corporate history. A new complexity is that creditor institutions themselves — from shadow lenders to small deposit-taking banks — are becoming insolvent, prompting India to extend the bankruptcy law to nonbank lenders as well. This quick fix would further weigh on a system creaking under its case load. A steel plant can preserve value through a lengthy in-court bankruptcy by utilizing its fixed capacity. A lender has to continuously make new loans to stay in business. Without the trust of the financial markets, its enterprise value very rapidly falls to zero. Early liquidation is the best possible outcome for an insolvent lender’s creditors seeking to extract value, but it’s also the scenario that poses the biggest risk to stability of the existing financial system.The current law can’t solve this dichotomy. Rather than overburdening it, India must keep the bankruptcy tribunal focused on what it can actually handle. A recent example of overreach is the start of an insolvency petition against Aviva Plc’s local life insurance joint venture for not paying its landlord. Such things used to happen in Indonesia, where a Jakarta commercial court declared Canadian insurance firm Manulife Financial Corp.'s Indonesian unit bankrupt in 2002, and followed it up two years later by holding Prudential Plc’s local business insolvent. A higher court had to reverse those rulings. By setting right the balance between secured and unsecured lenders, the Essar judgment has scored a win above all for common sense. The verdict will rekindle hope in the integrity of India’s bankruptcy process, but it will take a lot more work to allay concerns about its effectiveness.To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
The Bank of England warned on Tuesday it will crack down on insurers that are overly optimistic about how much capital they need to cover growing risks from the United States and elsewhere. Gareth Truran, acting director for insurance supervision at the Bank's Prudential Regulation Authority, said the risk of reserving "deficiencies" was increasing in a sector that may be "optimistic" about its outlook. "For Lloyd's managing agents, we will continue to work closely with Lloyd's, taking into account in particular the work of Lloyd's Performance Management Directorate in approving and monitoring syndicate business plans," Truran said.
Today, we'll introduce the concept of the P/E ratio for those who are learning about investing. We'll show how you can...
The long-awaited split between Prudential Public Limited Company (NYSE: PUK) and its subsidiary M&G gives investors the option to target their investment in their preferred portion of the insurance and asset management business. Prudential will focus more on Asian markets, while the newly demerged M&G takes on a broader approach, focusing on expanding globally. In an effort to simplify operations and grow more effectively, Prudential split its business segments into two companies.
Investors who take an interest in Prudential plc (LON:PRU) should definitely note that the Group Chief Risk...
Out of thousands of stocks that are currently traded on the market, it is difficult to identify those that will really generate strong returns. Hedge funds and institutional investors spend millions of dollars on analysts with MBAs and PhDs, who are industry experts and well connected to other industry and media insiders on top of that. Individual investors can piggyback […]
Increase in profitability and industry-beating performance can be essential considerations in a stock for some...
Britain's top property investment funds have shed almost 10% of their combined assets this year as investors fret about the impact of Britain's exit from the European Union. Despite that, the FCA maintained the right for retail investors to leave such funds any day they like. Fund industry tracker Morningstar showed each of the 10 biggest open-ended property funds shed assets between January and August this year as investors pulled cash from the sector.
Investing.com -- China throws a party with ICBMs and stealth drones, while Hong Kong burns. Meanwhile, Europe's economy looks ever grimmer and Credit Suisse (SIX:CSGN) clears its CEO of wrongdoing in a spy drama. Here's what you need to know in financial markets on Tuesday, 1st October.
The following are the top stories on the business pages of British newspapers. Litigation financing company Burford Capital Ltd has launched action in the High Court seeking to obtain the identities of traders allegedly behind the manipulation of its shares during a recent short attack. French Finance Minister Bruno Le Maire has accused the French state-owned company building Britain's new nuclear plant of "unacceptable" failings as he threatened sweeping change at the group and denounced cost overruns and delays in the construction of the Hinkley Point C nuclear reactor in Somerset and similar projects in Flamanville in Normandy and Olkiluoto in Finland.
Prudential plc was fined £23.9 million ($29.4 million) by the U.K. Financial Conduct Authority over annuity sales. From July 2008 to Sept. 2017, "Prudential failed to ensure that customers were consistently informed that they may get a better deal if they shopped around and failed to take reasonable care to organise and control its affairs in breach of its obligation to ensure fair treatment of customers," the FCA said. As of Sept. 19, Prudential has offered approximately £110 million in redress to 17,240 customers. Prudential did not dispute the FCA's findings.
Nov.19 -- Nic Nicandrou, chief executive officer for Asia at Prudential Plc, talks about his growth strategy for the region. Last month Prudential shareholders approved the spinoff will allow Prudential to concentrate on its businesses in the U.S. as well as in Africa and Asia. Nicandrou speaks with Juliette Saly and Rishaad Salamat on "Bloomberg Markets: Asia."