As November elections approach the role social media plays in political advertising and misinformation is top of mind. Commissioner Ellen Weintraub of the FEC joins The Final Round to discuss what this means for voters.
As November elections approach the role social media plays in political advertising and misinformation is top of mind. Commissioner Ellen Weintraub of the FEC joins The Final Round to discuss what this means for voters.
A cooling of the U.S. stock market's taste for plant-based meat makers has raised doubts among some investors and analysts about Impossible Foods' plans to achieve a $10 billion flotation. Impossible is seeking to go public through an initial public offering or via a merger with a blank-check company within the next 12 months, sources told Reuters this month. "It's pretty shocking when you see some of these valuations come out," said Patrick Morris, whose Eat Beyond vehicle has invested in three Canada-listed plant-based ventures.
Carmaker Stellantis said on Wednesday it would replace digital speedometers with more old-fashioned analogue ones in one of its Peugeot models, in a fallout from a global shortage of semiconductor chips that is roiling the auto industry. The change will only affect Peugeot 308 cars, among group brands that include Chrysler, Citroen and Jeep since France's PSA Group merged with Italian-American company Fiat-Chrysler this year to form Stellantis. "It's a nifty and agile way of getting around a real hurdle for car production, until the 'chips' crisis ends," a spokesman for Stellantis told Reuters.
Oil prices were little changed on Thursday as concerns lower crude production in Libya offset worries that rising coronavirus cases in India and Japan would cause energy demand to decline. Brent futures rose 8 cents, or 0.1%, to $65.40 a barrel by 11:30 a.m. EDT (1530 GMT), while U.S. West Texas Intermediate (WTI) crude rose 7 cents, or 0.1%, to $61.42. "The market realized that a global come-back in oil demand cannot come without a come-back of the world’s largest economies," said Bjornar Tonhaugen, head of oil markets at Rystad Energy, noting "India is diving deeper and deeper into a major crisis with infections setting new records every day."
(Bloomberg) -- The Bank of Canada took the biggest step yet by a major economy to reduce emergency levels of monetary stimulus as it hailed a stronger-than-expected recovery from the pandemic.Policy makers led by Governor Tiff Macklem said Wednesday they would scale back their purchases of government debt by a quarter to C$3 billion ($2.4 billion) and accelerate the timetable for a possible interest-rate increase.The upbeat turn toward plotting a return to more normal policy has been resisted by counterparts elsewhere, including the U.S. Federal Reserve. Investors reacted by driving the Canadian dollar to its biggest gain since June.“This is a fairly hawkish message cast by the Bank of Canada,” Simon Harvey, a senior foreign exchange analyst at Monex Canada, said by email. “They seem quite confident that once the current wave of infections subsides the economic recovery will be robust.”The central bank reiterated its guidance that it won’t raise its benchmark interest rate, currently at 0.25%, until the recovery is complete and inflation is sustainably at 2%. But it changed its projections on when that would happen.New TimelineIn new quarterly economic projections, it revised higher its growth estimate for 2021 by more than two percentage points, to 6.5%, and brought forward its forecasts for when slack would be absorbed.“Based on the Bank’s latest projection, this is now expected to happen some time in the second half of 2022,” the bank said in its latest Monetary Policy Report.At a subsequent press conference, Macklem emphasized that the central bank’s commitment is not to raise interest rates before the economy fully recovers, and that any future hike would reflect economic conditions at the time.The Federal Reserve, by contrast, says it won’t begin scaling back the pace of its $120 billion-a-month bond purchases until it sees “substantial further progress” on employment and inflation. Economists surveyed by Bloomberg ahead of the Fed’s March meeting didn’t expect that to happen until 2022.Macklem’s growth revisions bring policy makers more into line with economist projections. Markets had already been pricing in a rate increase in 2022 before Wednesday’s changes. Investors have also been anticipating that Canada’s central bank would be more aggressive than the Federal Reserve in its normalization path.Swaps trading suggests about a 50% chance of a hike in Canada this time next year. Almost three hikes are fully priced in over the next two years, and five hikes over the next three years.Chair Jerome Powell, for his part, has been careful to avoid putting a date on beginning to taper asset purchases in the U.S., though his No. 2, Vice Chair Richard Clarida, has said he doesn’t expect those thresholds to be met this year.Powell has promised to give investors plenty of warning that officials are beginning to debate the timing of a move. He’s been up front in wanting to avoid surprising markets and re-running the 2013 Taper Tantrum, when unexpected news that the Fed was thinking of paring its purchases sent financial markets into a spasm with harmful economic consequences.Loonie SoarsThe Canadian dollar rose 0.9% to C$1.2495 per dollar at 3:47 p.m. in New York, after gaining as much as 1.2%. The market consensus was for the Bank of Canada to pare back its government bond purchases in line with the bank’s new guidance, without altering expectations for no rate hike before 2023.Even before Wednesday’s statement, investors were anticipating the Bank of Canada to be among the most aggressive advanced economies in unwinding stimulus. One reason may be that Canada’s jobs market has recouped 90% of losses during the pandemic, versus just over 60% in the U.S.Still, policy makers remain cautious despite the more positive tone, saying there’s more uncertainty than usual that might affect its estimates for slack. Officials also highlighted concern about the uneven recovery and the potential for scarring in the labor market.What Bloomberg Economics Says...The “Monetary Policy Report includes discussion of several factors that could soften the need to pull forward a rate hike into 2022, in our view. We continue to think a rate move is likely to be delayed into the first quarter of 2023.”--Andrew Husby, economistFor full report, see hereOn technical grounds alone, the central bank’s purchases of Canadian government bonds need to be pared back as the government’s financing requirements drop. It now owns more than 40% of outstanding bonds and is on pace to go above 50% in a few months as Prime Minister Justin Trudeau’s government reduces its issuance by about C$90 billion this year.It’s actually the second time the Bank of Canada has tapered during the pandemic. Macklem reduced the bank’s minimum weekly purchases in October, which had been C$5 billion initially. But at the time, officials characterized the taper as neutral in terms of stimulus, because they shifted purchases toward long-term bonds concurrently.This time, the central bank acknowledged that its reduction of asset purchases will impact the “incremental” amount of stimulus being added to the economy from quantitative easing.(Updates with Bloomberg Economics comment. A previous version of this story was corrected to remove a reference to the Canadian dollar at highest since January.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The market drama surrounding China Huarong Asset Management Co. is prompting investors to become more selective with their purchases of Chinese dollar bonds, exacerbating the divide between the most established issuers and the rest of the market.Bank of China Ltd. units raised the equivalent of $2.35 billion in a multi-currency bond sale late Wednesday, with yield spreads on two dollar-denominated notes coming in tighter than recent comparable offerings from the bank. That followed a $4.15 billion deal from Tencent Holdings Ltd. last week, as well as recent issuance from China Construction Bank Corp.’s Hong Kong unit and a handful of well-known property companies including Kaisa Group Holdings Ltd.At the same time, only one first-time Chinese dollar-bond issuer has tapped the market since Huarong shocked investors by missing a deadline to report earnings at the end of March, down from a monthly average of about eight deals from debut issuers last year. Speculation that Huarong may restructure its debt pushed spreads on a Bloomberg Barclays index of investment-grade Chinese dollar bonds to nine-month highs last week. They remain elevated despite signs that the government may provide Huarong with financial support.While Chinese policy makers may welcome more bond-market differentiation as they try to wean investors off implicit government guarantees, it’s unclear how big an adjustment Beijing is willing to tolerate. If lesser-known issuers struggle to sell bonds or face dramatically higher borrowing costs, it could prompt authorities to put a greater emphasis on resolving Huarong’s challenges without inflicting too much pain on bondholders.So far, spreads have remained well below levels that would suggest investors anticipate a severe impact on funding. But that could change quickly if Huarong announces a bond restructuring. The distressed-debt manager, which is controlled by China’s finance ministry, is among China’s most systemically important companies outside the nation’s state-owned banks. “We do think there will be lingering impact on China, particularly investment-grade bond spreads in the foreseeable future,” Jenny Zeng, co-head of Asia-Pacific fixed income at AllianceBernstein, said in an interview on Bloomberg TV.Investors are assessing which sectors with low transparency or high leverage show similarities to Huarong, how government support should be priced going forward and how to interpret different reactions in offshore and onshore markets, Zeng said.Worries about Huarong have been most acute among offshore bondholders, in part because most of the company’s dollar debt contains a form of credit protection called a keepwell agreement that has yet to be fully tested in court. It’s unclear whether Huarong would be compelled to make good on more than $20 billion in dollar bonds if its offshore units were unable to repay.The company has said it has adequate liquidity and plans to announce the expected date of its 2020 earnings release after consulting with auditors.Huarong and China’s three other big state-owned managers of bad debt have about $5.2 billion of dollar bonds maturing this year, according to data compiled by Bloomberg.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Credit Suisse Group AG moved to contain the fallout from two of the worst hits in its recent history with a surprise capital increase and a sweeping overhaul of its business with hedge funds.Switzerland’s second-largest bank is raising $2 billion from investors to shore up capital depleted by $5.5 billion in losses from the collapse of Archegos Capital Management. Chief Executive Officer Thomas Gottstein, who until recently had brushed off concerns that Credit Suisse was taking excessive risks, struck a humble tone Thursday, vowing to slash lending in the hedge fund unit at the center of the losses by a third.Gottstein, in the role for little more than a year, is trying to persuade incoming Chairman Antonio Horta-Osorio that he’s the right person to lead Credit Suisse, after the bank was hit harder than any competitor by the collapse of Archegos, the family office of U.S. investor Bill Hwang. The timing could hardly have been worse, coming just weeks after the lender found itself at the center of the Greensill Capital scandal, when it was forced to freeze a $10 billion group of investment funds.“Clearly this loss came as a big surprise,” Gottstein said about Archegos. “Is it an isolated case? I definitely hope it is and I think it is, but we are obviously reviewing the entire bank now just to make sure that our risk processes and systems are where they should be.”Credit Suisse fell as much as 6.9% in Zurich trading and was 5.3% lower as of 1:54 p.m. local time, taking this year’s losses to about 22%. It’s the worst-performing major bank stock this year and has also suspended a share buyback and cut the dividend.Having taken on the position more than a year ago, the CEO had stumbled over other hits before Greensill shattered what was supposed to be a new era of calm. While seeking to placate investors hurt by the losses, he also now faces the fresh challenge of navigating enforcement proceedings announced by Swiss regulator Finma on Thursday.The scandals have left the CEO standing while many once powerful members of his management board had to leave. Gone are investment banking head Brian Chin and Chief Risk Officer Lara Warner, along with a raft of other senior executives including equities head Paul Galietto and the co-heads of the prime brokerage business. Asset management head Eric Varvel is also being replaced in that role by ex-UBS Group AG veteran Ulrich Koerner.The bank now plans to reduce risk at the investment bank, including cutting about $35 billion of leverage exposure at the prime brokerage unit that services hedge funds, Gottstein said in an interview with Bloomberg Television. That’s about a third of the leverage its extends in that business. Going forward, the bank plans to only service clients in that unit if they do business with other parts of Credit Suisse as well, such as the wealth management unit.Bloomberg reported earlier that Credit Suisse was planning a sweeping overhaul of the prime business in an effort to protect other parts of the investment bank, which just had a banner quarter. Yet even as Gottstein was explaining steps to prevent future losses, analysts revived a discussion that has haunted Credit Suisse for the past decade, and which executives had hoped to have put to rest with a painful restructuring under Gottstein’s predecessor -- whether it needs such a big investment bank.“Although capital has been mainly addressed, we still see questions remaining in terms of strategy and risk management,” JPMorgan Chase & Co. analysts wrote in a note to investors. “Capital has been clearly the main focus.”The bank said Thursday it expects to raise more than 1.8 billion francs by selling notes convertible into stock to core shareholders, institutional investors and high net worth individuals. The sale will help bring the bank’s CET1 ratio -- a key metric for capital -- nearer its target 13%. That number had dropped to 12.2% at the end of the first quarter.In addition to the enforcement proceedings announced by Finma, Credit Suisse said that the Swiss regulator has told it to hold more capital to guard against losses by taking a more conservative view of its risk. The bank increased its assets weighted according to risk for both Archegos and Greensill. While the capital raise came after Finma boosted capital requirements, Gottstein said the decision was the bank’s own.“This was not as a reaction to any request by Finma or any other regulator,” Gottstein said on a call with analysts. “It was our proactive view that, together with the board, we decided to issue these two mandatories and that will really help us also against any possible market weakness over the coming months.”The Greensill debacle is also far from over. Credit Suisse has so far returned about half the $10 billion in investor money held by the funds at the time of their suspension. While the bank marketed the funds as among the safest investments it offered, investors are left facing the prospect of steep losses as the assets are liquidated. Credit Suisse is leaning toward letting clients take the hit of expected losses in the funds, a person familiar with the discussions said earlier this month.“We have good visibility for a large portion of the remaining positions,” Gottstein said. “There are three more distinct positions which we will work through in the next months and quarters. We are not planning to do any form of step-in. We are very clearly focused on getting the cash back to our investors.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The owner of the MailOnline site alleges the search engine has hidden links to its coverage on certain topics.
3iQ has received regulatory clearance for the dual listing of its bitcoin ETF on Nasdaq Dubai.
(Bloomberg) -- U.S. regulators are considering tougher disclosure requirements for investment firms in response to this year’s implosion of Archegos Capital Management and trading gyrations in GameStop Corp.Securities and Exchange Commission officials are exploring how to increase transparency for the types of derivative bets that sank Archegos, the family office of billionaire trader Bill Hwang, according to people familiar with the matter. The regulator also faces pressure from Capitol Hill to shed more light on who’s shorting public companies after the GameStop frenzy.The review is in its early stages and Gary Gensler, who took over as SEC chairman last week, will decide how to proceed, the people said. A spokesman for Gensler declined to comment.The SEC is focusing on public documents known as forms 13F and 13D that reveal big stock holdings of hedge funds, mutual funds and family offices. Investment firms that own shares worth at least $100 million must file a 13F detailing their portfolios every quarter, while funds issue a 13D once their stake in a single corporation exceeds 5% -- alerting other investors that they may be pursuing a hostile takeover or the breakup of the company.Archegos, which doesn’t appear to have ever filed a 13F or a 13D, used swaps rather than common stock to stealthily amass huge positions, including an estimated $10 billion wager on ViacomCBS Inc. Like derivatives, short-sales are also largely excluded from the forms, an issue that became a flashpoint this year when lawmakers questioned how hedge funds made bearish bets that were seemingly bigger than GameStop’s market value without anyone knowing who was behind the trades.Read More: Archegos Exposes SEC Blind Spots, Dithering on Market OversightAmong issues the SEC is evaluating are whether filings should include derivatives and short positions, and if firms should submit 13Fs more frequently than every three months, said the people, who asked not to be identified in discussing internal conversations. An overhaul might help regulators and Wall Street spot risks that are building up in the financial system. The billions of dollars in losses that Archegos triggered for Credit Suisse Group AG and other firms show the consequences of having such blind spots.“Current reporting is both too slow and it’s incomplete,” said Andrew Park, a senior policy analyst at Americans for Financial Reform, a Washington-based group that pushes for stringent financial regulations. “Few people knew about Archegos until after it had blown up.”New details on the Archegos fallout emerged Thursday with Credit Suisse saying it would slash its lending to hedge funds by a third after the blow up cost the bank $5.5 billion. The losses were among the costliest in the firm’s history and have prompted it to tap investors for $2 billion in fresh capital.If the SEC requires more transparency, it would be welcomed by business groups that have long argued that investors should be compelled to disclose bets against companies and derivatives that are directly linked to share prices.But hedge funds and activist investors would likely lobby to fend off changes. Such firms claim that having to reveal short positions would make them targets of corporate smear campaigns and deter trading that can expose badly run companies or even frauds. The industry also says more disclosure isn’t necessary because market participants already know the level of negative wagers made against specific companies even if they can’t see who’s making the trades.One thorny issue the SEC is examining is how much legal flexibility it has to revamp rules, some of the people said. Current disclosure requirements are based on equity stakes that give investors the right to vote shares in corporate elections, not complex financial instruments like derivatives or options.Democrats on the House Financial Services Committee are also evaluating whether regulations should be tightened, including by making family offices like Archegos file confidential forms to the SEC that are meant to help identify threats to market stability, a congressional aide said. Even when family offices file 13Fs, they often avoid reporting their investments publicly because the SEC permits them to submit parts of the documents covertly.Read More: How New Wealth, Few Rules Fueled Family Office BoomThere isn’t yet a push to pass legislation because lawmakers would like to give Gensler time to get up to speed in his new job, according to the aide. In addition, some congressional members believe the SEC has all the authority it needs to make changes.Any move to increase transparency would be a reversal from what was proposed during the Trump administration when the SEC sought to exempt firms from filing 13Fs unless they held stock worth at least $3.5 billion. The plan was scuttled late last year amid heavy criticism from public companies.(Updates with details on Credit Suisse losses in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Kinder Morgan Inc. surprised investors with a $1 billion dollar windfall from the historic winter storm that crippled Texas and boosted natural gas and power prices.The deadly mid-February storm swelled first-quarter results, President Kimberly Dang said during a conference call with investors on Wednesday. The gain was so outsized that the pipeline operator results surpassed the average estimate by almost three times.Kinder Morgan “was not really on anyone’s list of potential winners from Winter Storm Uri,” said Gabriel Moreen, an analyst at Mizuho Americas LLC. “Shame on us.”Kinder disclosed a $116 million net gain from voluntarily curbing power use during the disaster and reselling it at sky-high prices, which implies an $880 million windfall from gas sales. A Kinder Morgan spokesperson declined to comment on the figures.Losers, WinnersPower producers and utilities across the Lone Star state incurred billions of dollars in losses when the Arctic blast hobbled the electricity grid and disrupted gas deliveries, pushing prices to unprecedented levels. On the other side of that market, Kinder and drillers such as Comstock Resources Inc. reaped fat profits.Investors and analysts will be closely watching for similar positive surprises among Kinder’s pipeline-sector peers as they disclose first-quarter results in coming weeks.“Our storage assets performed exceptionally well, allowing us to deliver gas into the market throughout the storm,” said Chief Executive Officer Steve Kean. “These storage withdrawals, along with gas we purchased before and during the event, enabled us to deliver significant volumes of gas at contractual or prevailing prices.”RamificationsMuch of the extra gas Kinder sold went to power generators whose normal suppliers were shut down or blacked out as the catastrophe intensified, Kean said.The storm may have long-term ramifications for Kinder if costumers pay up to guarantee uninterrupted gas deliveries, which in turn would elevate the value of the company’s conduits and storage facilities, Moreen said in an interview.Peers such as Energy Transfer LP also may be poised to show hefty profits from the disaster. The units jumped as much as 3.3% to the highest since March 15. Energy Transfer is scheduled to release quarterly results on May 11.Kinder’s first-quarter net income reached a record $1.41 billion, compared with the $550 million average of analysts’ estimates compiled by Bloomberg. The shares rose as much as 0.9% in New York.(Adds analyst’s comment in third paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
‘It seems this person is entitled to nothing, but as he was a co-signer of the loan, my friend is in a tough spot.’
Wall Street's main indexes were set to open flat on Thursday as investors assessed earnings from U.S. airlines and AT&T, while data showed fewer Americans filed fresh claims for unemployment benefits last week. Shares of American Airlines Group Inc and Southwest Airlines Co rose more than 2% each after the two airlines reported a smaller-than-expected quarterly loss.
The digital asset manager added large numbers of altcoins to its holdings including horizen and livepeer.
The numbers: Existing-home sales declined for the second straight month, reflecting the challenges buyers continue to face in the competitive real-estate market. Existing home-sales fell 3.7% to a seasonally-adjusted, annual rate of 6.01 million in March, the National Association of Realtors reported. “The sales for March would have been measurably higher, had there been more inventory,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.
It seems that all year I’ve been warning about valuations being out of whack with reality, especially in small-cap tech, which includes most SPACs. SPACs are being slammed as former “diamond hands” turn into weak-handed sellers who are (rightly, in most cases) trying to stop losses that are piling up in their portfolios. Speaking of SPACs, the markets are still suffering from SPAChaustion and a Coinbase Overhype Top, as I’ve also been saying for a few weeks now.
The ECB maintains its accommodative stance, which delivered few surprises. The press conference could be an altogether different proposition, however.
When you’re planning (and managing) your retirement finances, arguably your most important goal should be to avoid running out of money. If you can meet your needs taking out 3%, you’re in very little danger of running out of money.
(Bloomberg) -- A slide in the rupee is exacerbating a slump in Indian corporate dollar notes that are now among the worst performers in Asia, just as concerns mount that companies are hedging less.The securities have lost about 0.1% in April, worse than a 0.4% gain for a broader Asian dollar bond gauge, according to a Bloomberg Barclays indexes. All the other countries in Asia have posted positive returns, except China which lost about 0.4% after the stumble by China Huarong Asset Management Co.The weaker rupee pushes up servicing costs on foreign debt. The currency has plunged about 2.4% against the dollar this month, making it Asia’s worst-performer. Spiking Covid-19 cases threaten to worsen the selloffAbout 5 out of 10 Indian firms hedge their foreign borrowings in India as compared to about 8 several years ago before the RBI eased rules on hedging, said Samir Lodha, chief executive officer at QuantArt Market Solutions, a Mumbai-based advisory firm. “The drop in the rupee this month may prompt more local companies with foreign borrowings to consider at least some low-cost hedging.”Primary Market -- Foreign Borrowings SlowThe weaker rupee is also making borrowers hesitate to tap what would otherwise be some of the lowest borrowing costs ever in the dollar bond market. Just one Indian company has settled a note this month: a $585 million deal from ReNew Power. That leaves issuance set for the lowest in six monthsLocal firms have also shunned foreign-currency loans in April after borrowings of $7.2 billion in the previous quarter“Most corporates will definitely pause their plans to issue fresh foreign-currency debt as they wait for the rupee to stabilize,” said Abhishek Goenka, founder of IFA Global, a Mumbai-based advisory firm. “Pandemic-induced currency volatility is making it difficult for borrowers to assess their foreign debt costs.”Firms may be turning more to the local credit market, even though there have been fresh obstacles there tooThey sold 47.6 billion rupees of bonds this week and still plan as much as 80.5 billion rupees more. If all those sales go through, that would be higher than in the previous two weeks combinedStill, offerings have fallen to 139.9 billion rupees ($1.9 billion) this month, the slowest start to a financial year since 2014. That’s due in part to rules that took effect April 1 strengthening the role of trustees for secured bonds backed by assetsSecondary Market -- Sovereign Rating ConcernsThe latest wave of coronavirus infections is also bad for India’s sovereign rating. The country has the lowest investment-grade score with a negative outlook at Moody’s Investors Service and Fitch Ratings“We expect a repeat of 2020’s sudden crash in economic activity in the coming months,” said Timothy Wee Lee Tan and Jason Lee, Bloomberg Intelligence analysts. “With a downgraded GDP growth outlook for FY22, India’s debt burden will be higher than the current IMF forecast, implying an elevated risk of ratings falling into speculative grade.”Any official gross domestic product downgrade may lead to pre-emptive widening of the option-adjusted spread for Indian dollar credits, with an actual offshore sovereign rating downgrade likely to push premiums up to 90 basis points wider to trade closer to Brazil and South Africa, according to Bloomberg IntelligenceDistressed Debt - ARC Rules Under ReviewReserve Bank of India formed a six-member panel Monday to review rules for Asset Reconstruction Companies or ARCs, which help India’s banking system deal with one of the world’s worst bad loan ratios among major economiesARCs have been in the spotlight in recent weeks:Mar. 18: India’s Ministry of Corporate Affairs is investigating allegations of financial irregularities at the asset reconstruction arm of Edelweiss Financial Services Ltd., according to people with direct knowledge of the matter. Edelweiss said it hasn’t received any intimation of any inspection by the ministryMar. 14: India’s central bank has rejected Yes Bank Ltd.’s proposal to set up an ARC for acquiring bad loans on conflict of interest concerns, Mint reported citing people it didn’t identifyMeanwhile, Infrastructure Leasing & Financial Services, whose default in 2018 triggered a prolonged credit crisis in the country, plans to resolve 500 billion rupees ($6.6 billion) of its debt by the end of September, Chairman Uday Kotak said last week. Investors are closely watching the debt resolution as a test case for group insolvencyKotak, who is heading the IL&FS board after government seized control of the shadow lender in 2018, expects to resolve about 62% of its 1 trillion rupees of debtAnother group facing challenges in servicing its debt is Future Group. The Indian supermarket-operator Future Retail Ltd. approved a debt resolution plan that eases some immediate concerns as a legal battle with partner Amazon.com Inc. threatens to delay an asset sale to Reliance Industries Ltd. India’s top court scheduled a final hearing in the matter to May 4Best and Worst Performing Corporate Dollar Bonds Last 12 MonthsFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Some early filers are waiting for a tax refund more than six weeks already -- far longer than typical -- as the IRS deals with tax credits and fraud.
LAWRENCE A. CUNNINGHAM'S QUALITY INVESTING As the old joke goes, St. Peter had some bad news for an oil prospector who appeared at the pearly gates of heaven: “You’re qualified for admission,” said St.