The "World - Mixes and Doughs - Market Analysis, Forecast, Size, Trends and Insights" report has been added to ResearchAndMarkets.com's offering.
Joint organisers BolognaFiere Group and Informa Markets have decided upon strategies to create more inclusivity for Cosmopack and Cosmoprof Asia 2020 including a specialty one-time consolidation of both collocated events held under one roof at the Hong Kong Convention & Exhibition Centre (HKCEC) from 11-13 November. In addition, the team plans to launch a Digital Week of activities held right after the physical event as to offer more companies and professionals the ability to participate virtually.
Dow futures jumped as China markets soared and Covid-19 deaths remain low, with the coronavirus stock market rally at highs. What's next for Tesla?
The "World - Roundwood - Market Analysis, Forecast, Size, Trends and Insights" report has been added to ResearchAndMarkets.com's offering.
Terrence Malick-produced English-language costume drama “The Book of Vision,” directed by Italy’s Carlo Hintermann, will open the Venice Film Festival’s independently-run Critics’ Week section on Sept. 2. (Watch an exclusive clip from the film above.) Venice, barring complications, is set to be the first major international film event to hold a physical edition after the […]
The "Global Osteoporosis Drugs Market By Route of Administration, By Drug Class, By Region, Industry Analysis and Forecast, 2020-2026" report has been added to ResearchAndMarkets.com's offering.
Chinese regulators are urging struggling corporate bond issuers to seek voluntary debt restructuring in talks with their bondholders as a way to avoid default, as regulators last week issued new rules that seek to enforce investors' protection amid rising defaults.In building a more uniform, transparent approach for corporate bond issuers to handle a default, the People's Bank of China has called for more debt restructuring, a practice that has long existed in other markets but is still relatively new in China.The notice, jointly issued with the China Securities and Regulatory Commission and the National Development and Reform Commission, also includes the role that bond trustees should play in pursuing claims on behalf of bondholders. The statement followed its initial consultation launched last December."The encouragement of debt restructuring using market mechanisms may give companies more time to avoid outright defaults," said Jenny Huang, Fitch Ratings' director in China corporate research based in Shanghai.The notice has come amid expectations that onshore corporate bond defaults will rise in the second half, as the total principal amount of onshore bonds issued by private enterprises coming due will swell to 361.2 billion yuan (US$51.1 billion), more than doubling from 164.1 billion yuan in the first half, according to Fitch Ratings.As the repayment ability of private companies weakened significantly during the first quarter in light of the coronavirus epidemic crippling the country's economy, Fitch expects China's corporate default rate will rise from about 0.3 per cent during the first five months this year.China's corporate bond market already showed signs of repayment failures this year, with examples such as Hainan Airlines, flagship of debt-laden HNA Group, defaulting on a 750 million yuan 270-day note that fell due in April."Issuers and bondholders can, through voluntary negotiations, restructure their debt through bond swaps or maturity extensions," the regulators said, adding that these restructurings would be one avenue towards achieving more efficient default management by corporate bond issuers that is based on free market principles.Hainan Airlines was in talks with bond holders earlier this year. Photo: Reuters alt=Hainan Airlines was in talks with bond holders earlier this year. Photo: ReutersThe latest notice represents the regulators' attempt to reduce uncertainties that bondholders face in getting their money back from corporate issuers in the world's second largest bond market, at 70.23 trillion yuan (US$9.84 trillion).Despite several index providers have included Chinese onshore government bonds as part of their global indexes since 2019, today very few foreign investors would venture beyond the highly rated government and policy bonds due to the uncertainty about the recovery after a bond default. China's first onshore bond default was only recorded in 2014. "With as much as 28 per cent of the defaulted issuers which neither enter a bankruptcy process or pay back bondholders since China's maiden onshore bond default, there is a significant amount of defaulted payment that did not get recouped under the existing legal framework," said Huang.A debt restructuring through bond swap and maturity extension could shorten the time needed for issuers managing their bond default, analysts said, as the local courts often face pressure from local governments which are often keen to avoid a struggling company falling into bankruptcy, on the grounds of preserving employment and social stability. Such intervention increases the uncertainties on whether investors could ever recoup their money.But the flip side is that there is no guarantee that a debt restructuring would make bondholders whole even as the company succeeds in buying more time. Also, as issuers could avoid outright defaults, these restructurings tend to distort the real extent of China corporate default rates, said Huang. Credit rating agencies tend to label such debt restructurings as technical defaults.One example is water and sewage treatment company, Beijing Sound Environmental Engineering, which became the first ever issue in March to complete an onshore bond swap. As it failed to pay back investors on a 500 million yuan note on time, which paid a 6.5 per cent coupon, it offered investors an option to swap their investment into a new bond paying 7 per cent. Chinese media, Caixin Global, reported in June that it still failed to repay investors' their principle from the new note that came due that month.Still, a bond swap could improve secondary market liquidity for distressed bonds, Fitch said.This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2020 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.
Coronavirus is impacting every aspect of our lives, not least how we go shopping. With social distancing rules and the closure of brick-and-mortar stores, a huge surge in e-commerce was inevitable – and many companies that were previously just paying lip service are quickly finding just how crucial a strong online presence really is, not just a "nice to have."
On 16 July, at 08:00 CET, Swedish Orphan Biovitrum AB (publ) (Sobi™) will publish its report for the second quarter 2020. Investors, financial analysts and media are invited to participate in a telephone conference, which will include a presentation of the results, on the same day at 13:00 CEST. The event will be hosted by Sobi's CEO and President, Guido Oelkers, and the presentation will be held in English.
Stock futures get lift from surge in Chinese markets; Uber to buy Postmates for $2.65 billion in stock; Warren Buffett snaps up Dominion Energy's natural gas assets.
(Bloomberg) -- Turkey imposed a ban on six foreign banks from betting against the nation’s stocks in a move that appeared to contradict recent steps toward easing such restrictions. Shares in Istanbul gained, tracking an advance across emerging markets Monday.Goldman Sachs Group Inc., JPMorgan Chase & Co., Merrill Lynch International, Barclays Bank Plc, Credit Suisse Group AG, and Wood & Co. have been barred from short-selling stocks for up to three months, Borsa Istanbul said in a statement.The announcement comes less than a week after the Capital Markets Regulator removed a short-selling ban on the largest listed companies, easing a blanket restriction introduced in February to help shield the markets from bouts of volatility. MSCI Inc. warned last month that it may start consulting on a proposal to reclassify the MSCI Turkey Index to frontier-market or stand-alone status if the “already deteriorating accessibility level of the Turkish equity market were to worsen.”Investors say that would lead to sizable stock outflows and reputational damage. Authorities have already burnt bridges with foreign investors by drastically limiting their access to the currency and making it difficult for them to trade Turkish assets. Earlier this year, the banking regulator briefly barred local lenders from trading liras with Citigroup Inc., BNP Paribas SA and UBS Group AG.“When you are not winning the game and you control the rules, you change them,” said Hasnain Malik, the head of equity strategy at Tellimer in Dubai. “Turkey has been doing that in the currency and equity market over the last year. This will also add weight to fears that an MSCI downgrade is on the way, ultimately.”The heavy-handed approach has compounded an outflow of capital, with foreign investors reducing their share of the local-currency bond market to a record low of less than 5%. They have pulled $4.4 billion from Turkey’s equity market over the past 12 months, the biggest exodus since at least 2015.“Anything that makes a market more opaque is bad news for investors,” said Nigel Rendell, a senior analyst at Medley Global Advisors LLC in London. “The market becomes less attractive and it heightens the chances that the authorities will introduce other liquidity restrictions in the future.”The Borsa Istanbul 100 Index jumped as much as 2% on Monday, in line with MSCI’s gauge of emerging markets, advancing as investor optimism over economic stimulus outweighed concerns about rising coronavirus cases. A wave of buying by locals propelled a more than 10% surge in Turkish stocks in June, the biggest in the world.Here’s more of what Tellimer’s Malik had to say:“The quick effective re-imposition of the short-selling ban will add to top-down concerns on market-unfriendly policies, which are putting foreigners off Turkey’s excellent corporates.”More from Medley Global’s Render:Timing of the move is “somewhat surprising for several reasons:”Foreign participation in the Turkish equity market is low at the momentThe equity market is doing reasonably well, it is now broadly flat since the start of the year, so there’s next to no selling pressureIt comes in the face of the MSCI warning that Turkey could be relegated from emerging-market status -- the premier league -- to the frontier division“Investors are concerned by the continuing inflation problems in the wake of rapid cuts in interest rates over the past 12 months. Credibility over monetary policy is still sadly lacking, which adds to downside risks to the currency over the medium term.”“For many, there are more attractive markets than Turkey at present. By imposing these latest bans on short selling, it seems that the authorities bizarrely want to reinforce this view.”(Adds comments to seventh paragraph and bullets, adds chart and updates prices.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
European stocks rose on Monday, as signs of economic progress offset worries about growing coronavirus cases in the U.S. as well as India.
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITYRule 8.5 of the Takeover Code.
The "World - Fiberboard - Market Analysis, Forecast, Size, Trends and Insights" report has been added to ResearchAndMarkets.com's offering.
New York, July 06, 2020 -- Reportlinker.com announces the release of the report "Blister Packaging Equipment Market Research Report by Product, by Technology, by End User -.
(Bloomberg) -- Just over a month after turning more upbeat on the economy, the Bank of Israel is still unlikely to tinker with its near-zero interest rates even as it confronts a renewed surge in Covid-19 cases and strengthening shekel.Coronavirus infections plummeted after the government imposed a near-total shutdown from mid-March through late April, but opening up the economy has brought the disease back to new daily highs. The second wave of contagion is almost certain to complicate plans by the central bank to step aside in favor of a primarily fiscal response to the crisis, forcing investors to reassess its appetite for market intervention.While analysts surveyed by Bloomberg unanimously expect the monetary committee on Monday to leave the key rate at an all-time low of 0.1%, it may follow the U.S. Federal Reserve and consider more policy guidance or discuss a commitment to limit the yields on government bonds.“What we could see is a more clear and sort of forceful forward guidance regarding future government bond purchases and yield curve control, which is the big topic these days,” said Jonathan Katz, an economist for Tel Aviv-based Leader Capital Markets Ltd., who expects no change to the benchmark rate this week.Since March, the Bank of Israel rolled out a series of crisis programs to boost liquidity and credit including 50 billion shekels ($14.6 billion) of government bond purchases. Officials have raised the possibility of expanding the program or broadening it to include corporate debt.The Bank of Israel’s forecasts are also in focus after its research staff in May improved this year’s outlook to a 4.5% contraction of gross domestic product. New macroeconomic forecasts will follow Monday’s decision, alongside a news conference by Governor Amir Yaron.The renewed rise in virus cases and accompanying partial lockdowns -- combined with the International Monetary Fund’s recent global downgrade -- has economists bracing for slower Israeli growth forecasts this year and next.‘Truly Scary’“The economic results are truly scary,” said Victor Bahar, chief economist at Bank Hapoalim Ltd. He expects the Bank of Israel to cut its growth forecasts for this year and next “because of the second wave and the data. We’re not seeing the jobs market recover.”Alongside a worsening outlook for the economy, the central bank also has to contend with the steepest annual fall in consumer price since 2004. Over the past month, the shekel has appreciated about 0.7% against the dollar, increasing fear that it could further limit inflation and hurt exporters.In recent days, officials have stepped up their warnings on the appreciation. The Bank of Israel has already ramped up its program of foreign-currency purchases designed to weaken the shekel and rouse inflation. But despite tripling the amount it bought to $2.6 billion in May, consumer prices fell an annual 1.6% to stay below zero for a second month.Beyond a stronger signaling of its resistance to shekel gains, the central bank’s options are limited unless it’s willing to carry out unsterilized currency intervention, an operation that Yaron has said remains a possible tool.Some economists also believe there’s a good chance that the Bank of Israel will cut its key rate to zero at approaching meetings -- or possibly even on Monday -- though policy makers are hesitant to enter negative territory.“The focus now needs to be mostly on the shekel,” said Rafi Gozlan, chief economist for Israel Brokerage and Investments Ltd. in Tel Aviv, who sees a 50% chance for a rate cut to zero. Foreign exchange is where the Bank of Israel “can be more effective and influence the economy -- it can be more aggressive there.”(Updates with shekel performance in ninth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Global stock markets are starting the week with a bang after China’s influential state media stoked bullish enthusiasm. The dollar index fell for a fifth day and Treasuries dipped.Banks, construction and insurance shares pushed the Stoxx Europe 600 Index higher, and U.K. homebuilders rallied after a report that the government is considering a temporary increase in the threshold at which buyers pay stamp duty. Copper is on the cusp of erasing this year’s losses after virus-related disruptions tightened supplies. A front-page editorial in China’s Securities Times on Monday said that fostering a “healthy” bull market after the pandemic is now more important to the economy than ever. Chinese social media exploded with searches for the term “open a stock account,” with bullish sentiment also lifting the yuan. The Shanghai Composite Index closed up 5.7%, the biggest advance since 2015.The MSCI World Index is now at the highest level since early June, with investors putting their faith in an economic recovery powered by historic government stimulus.But there’s a long way to go before the economy gets back to normal. Goldman Sachs Group Inc. cut estimates for U.S. growth this quarter and said consumer spending appears likely to stall this month and next. Still, economists led by Jan Hatzius said other economies have proved it’s possible to resume activity and changes in behavior such as wearing masks will help too.“The willingness of investors to look through the current disruption to an anticipated recovery this quarter is imperiled by still rising virus infection rates,” said Michael McCarthy, a markets strategist at CMC Markets Plc in Sydney.Here are some key events coming up:Monetary policy decisions are due Tuesday in Australia and Malaysia.The EIA crude oil inventory report comes Wednesday.All eyes will be on the U.S. weekly jobless claims report on Thursday.Singapore holds its general election on Friday.These are the main moves in markets:StocksStocksFutures on the S&P 500 Index increased 1.1% as of 10:18 a.m. London time.The Stoxx Europe 600 Index gained 1.2%.The MSCI Asia Pacific Index increased 1.7%.The MSCI Emerging Market Index climbed 1.8%.CurrenciesThe Bloomberg Dollar Spot Index fell 0.3%.The euro advanced 0.3% to $1.1284.The British pound gained 0.1% to $1.2497.The Japanese yen was little changed at 107.55 per dollar.BondsThe yield on 10-year Treasuries gained one basis point to 0.68%.Germany’s 10-year yield dipped one basis point to -0.44%.Britain’s 10-year yield advanced two basis points to 0.206%.CommoditiesWest Texas Intermediate crude gained 1.2% to $40.79 a barrel.Gold strengthened 0.3% to $1,777.31 an ounce.LME copper gained 1.3% to $6,095 per metric ton.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITYRule 8.5 of the Takeover Code.
Dublin, July 06, 2020 -- The "Air Freight Industry- Growth, Trends, and Forecast (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering..
The "Laser Processing Market with COVID-19 Impact Analysis by Laser Type (Solid Lasers, Liquid Lasers, Gas Lasers), Configuration (Fixed Beam, Moving Beam, Hybrid), Revenue (System Revenue, Laser Revenue), Application, End-user Industry, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
Shares in mainland China and Hong Kong surged as state media threw its weight behind a rally driven on hopes of a swift economic recovery from the coronavirus pandemic. China’s CSI 300 index of Shanghai- and Shenzhen-listed shares jumped as much as 5.7 per cent on Monday, the biggest one-day rise since February 2019. It closed at a five-year high, still 13 per cent off its previous peak.
The "World - Chlorides (Excluding Ammonium Chloride) - Market Analysis, Forecast, Size, Trends and Insights" report has been added to ResearchAndMarkets.com's offering.
The Canadian company has sued Cineworld, seeking damages after the British cinema operator scrapped its $1.65 billion buyout deal last month. The Cineplex claim seeks damages, including about C$2.18 billion that Cineworld would have paid upon the closing of the deal. Cineworld said on Monday it did not breach any obligations or duties, adding if Cineplex's claim is successful, it would be limited to its costs and expenses incurred as part of the deal.
Moody's Investors Service has assigned a Ba1 rating to the proposed USD senior unsecured notes to be issued by Yankuang Group (Cayman) Limited and guaranteed by Yankuang Group Company Limited (Yankuang, Ba1, stable). Yankuang is one of China's leading coal companies.
The "World - Copper Tubes and Pipes - Market Analysis, Forecast, Size, Trends and Insights" report has been added to ResearchAndMarkets.com's offering.