DENVER , May 29, 2020 /CNW/ - Dixie Brands Inc. ("Dixie" or "the Company") (CSE: DIXI.U), (DXBRF), (0QV.F), one of the cannabis industry's leading consumer packaged goods ("CPG") companies, today announces that it will delay the filing of its interim financial statements and accompanying management's discussion and analysis for the three months ended March 31, 2020 and 2019 and is relying on the filing extension provided by the Ontario Securities Commission on March 23, 2020 , in response to the COVID-19 pandemic. The relief measures are contained in Ontario Instrument 51-502 entitled "Temporary Exemption from Certain Corporate Finance Requirements" (the "Exemption"). Dixie will be relying on the Exemption in respect of the filing of its financial statements and management's discussion and analysis and related CEO and CFO certifications for the interim financial statements for the three months ended March 31, 2020 and 2019 (the "Interim Filings").
China's decision to impose national security laws on Hong Kong has exacerbated public and international concerns over the erosion of freedoms in the city and has rekindled anti-government protests in the financial centre. The national security legislation prompted U.S. President Donald Trump to move ahead and strip the financial hub of the special treatment Washington affords it that is seen as key to its success as a finance hub. February – Hong Kong's Security Bureau proposes amendments to extradition laws that would allow extraditions to mainland China and other countries not covered by existing treaties.
(Bloomberg) -- Argentina and its key bondholders are getting closer to a $65 billion debt restructuring deal after the country defaulted on its overseas debt for the ninth time in its history.While still at odds over several key issues, the latest changes in the proposals by the government and two groups of creditors published Thursday signal the difference between both sides is narrowing. Argentina is now weighing extending the deadline for its offer beyond June 2, giving the parties more time to reach a deal, according to people with direct knowledge of the matter.President Alberto Fernandez’s government continues to work on amendments to its revised proposal, said the people, who could not be named because the talks are private. The negotiations may be extended by at least another 10 days, one of them said.The country’s debt negotiations started more than two months ago, as the country said it can’t meet its obligations amid high unemployment, a sharp drop in the value of its currency and a three-year contraction made worse by the coronavirus pandemic. The government has said it needs $40 billion in debt relief to set the nation back on the path to sustainable growth.LATAM INSIGHT: Estimating the Virus Drag Through Activity DataNew ProposalsIn its revised offer Thursday, Argentina proposed a payment moratorium for just two years, instead of three years included in its original offer, among other changes. Nevertheless, the offer won’t be binding until it’s sent for registration under the U.S. Securities and Exchange Commission.Meanwhile, two of the nation’s largest bondholder groups, which include funds such as BlackRock Inc., Ashmore Group Plc and Monarch Alternative Capital LP, also said they submitted a joint proposal Thursday that would provide the country with front-loaded cash flow relief of $36 billion over nine years. The offer would also reduce coupons by an average of 32%, and extend maturities with no amortization payments before 2025.Yet the government called the bondholders’ proposal “insufficient,” indicating that the distance between both sides continues to be relevant and that negotiations may still fail.“The group of Ad Hoc creditors moved in the right direction with respect to its previous offer, but the move was short and insufficient for the needs of the country,” Economy Minister Martin Guzman said in a statement late Thursday. “We hope to continue working with the creditors that make up this group, which today are the ones that are furthest from the restrictions that our country faces.”Argentina’s revised proposal includes a nominal haircut of 7% to the principal on global dollar bonds maturing in 2030 and a 5% reduction for global bonds maturing in 2035 and 2046. No principal would be returned to investors until 2025. There’s no haircut listed for dollar-denominated exchange notes issued after a previous default. The new bonds to come out of the exchange would have coupons that gradually increase as the maturity date approaches.Argentina also said it’s open to discussing sweeteners. An earlier proposal by the a committee of creditors known as the Exchange Bondholder Group suggested instruments tied to the nation’s gross domestic product.Read More: Argentina Bonds Climb as Investors See Headway in New OfferTime’s UpThe negotiations are now entering a crucial stage, with Argentina having already extended its official offer once through June 2. The South American nation has been in default since May 22 after failing to pay its debt obligations and faces in June almost $600 million in new payments on foreign-law bonds, according to data compiled by Buenos Aires-based consulting firm 1816 Economia y Estrategia.Argentina bonds rose this week to the highest since early March, signaling investors see the talks going in the right direction. The country’s notes have been trading flat since its default, following a recommendation by the Emerging Markets Traders Association.“We are confident our new joint proposal provides the basis for a collaborative solution that will both serve the interest of the Argentine people and help to restore the trust of the international financial community,” according to a statement sent Friday by the Ad Hoc Bondholder Group, one of the two groups that submitted the offer.That group, represented by White & Case LLP, features funds including BlackRock Inc., Ashmore Group Plc and Fidelity Investments. The Exchange Bondholder Group includes Monarch Alternative Capital LP, HBK Capital Management and VR Capital Group Ltd.A third group of investors, called the Argentina Creditor Committee, has not submitted a public proposal since May 15.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.
Royal Helium Announces Delayed Continuous Disclosure Filings Pursuant to Blanket Exemption Orders
New York Fed report confirms earlier evidence that American companies continue to pick up the bill for Trump-initiated tariffs
The details on holdings in the Fed's Secondary Market Corporate Credit Facility, one of nearly a dozen emergency programs the Fed has rolled out since March to respond to the coronavirus crisis, were published Friday. The Fed's largest investment-grade fund holding - iShares iBoxx US Dollar Investment Grade Corporate Bond ETF - contains 30 Apple bonds giving the Fed about $5.7 million of exposure to the maker of iPhones through that ETF alone as of May 19. Apple is also a holding in other ETFs the Fed bought.
(Bloomberg) -- Brazil overtook Spain to rank fifth in the world in coronavirus deaths, with no sign of easing in Latin America’s biggest economy. The U.S. will quit the World Health Organization after President Donald Trump faulted its actions with China and the virus.Wuhan city is set to complete testing all of its 11 million residents as China pours massive resources into avoiding a resurgence of infections. Mumbai’s snowballing cases are overwhelming the city’s hospitals.Moderna began a mid-stage trial of a vaccine that showed promising safety and early efficacy data this month. Singapore and China agreed to allow essential travel between the two countries starting in early June.Key Developments:Virus Tracker: Cases top 5.9 million; deaths over 364,000Bodies left on hospital beds as Mumbai is overwhelmedHow China tested 11 million people in just two weeksEvery worker has Covid at one U.S. farm on eve of harvestWatchdog warns of significant fraud with virus unemployment aidCiti breaks with rivals on whether work from home is permanentSubscribe to a daily update on the virus from Bloomberg’s Prognosis team here. Click VRUS on the terminal for news and data on the coronavirus. For a look back at this week’s top stories from QuickTake, click here.U.S. Supreme Court Rejects California Church on Virus Restrictions (12:36 p.m. HK)A divided U.S. Supreme Court refused to exempt a San Diego church from crowd limits imposed by California to stop the spread of the coronavirus.Chief Justice John Roberts joined the court’s liberals in the 5-4 majority, writing that judges should be reluctant to second-guess state officials on questions of health and safety during a pandemic. The order came hours after the court refused to intervene on behalf of two Chicago-area churches that said Illinois coronavirus restrictions were so strict they violated the Constitution.Indonesia to Open Malls Even as Virus Cases Rise (12:30 p.m. HK)The Indonesian government will gradually open shopping malls, entertainment sites and restaurants starting in June in an attempt to jump-start the economy, even as coronavirus cases continue to climb.Resumption of activities will be prioritized in so-called green zones, which are areas with a virus reproduction rate below 1, according to the Trade Ministry. There are 100 such green zones scattered across eight provinces, including the country’s capital Jakarta. Semarang, the capital of Central Java province, is deemed as one of the most ready locations, said Trade Minister Agus Suparmanto in a statement Friday.A reproduction rate of 1 means that 10 infected people are estimated to infect an average of around 10 others. The coronavirus has taken the lives of 1,520 people in Indonesia, the highest in Southeast Asia. New cases have more than doubled in May, with the total reaching 25,216 on Friday.Australia to Urge Eliminating Payroll Tax as It Seeks to Revive Economy (11:20 a.m. HK)Australia’s government will call on states to eliminate payroll taxes as part of the nation’s efforts to jump-start the economy and create jobs, Treasurer Josh Frydenberg said in an interview with the Daily Telegraph.“I’d love the states to get rid of the payroll tax,” he said.The government’s coronavirus recovery plans will involve changes to taxes on income, and for small and medium businesses, Frydenberg said in the interview. The proposals should be finalized ahead of the government’s annual budget release in October, he said, according to the report.Sotheby’s Realty Gets Trump Backing to Fight Michigan Lockdown (10:40 a.m. HK)A group of small business owners in Michigan fighting stay-at-home orders by the state’s governor, saying they threaten their livelihoods, got a boost from the Trump administration.“As the president and many states have recognized, the onerous restrictions on civil liberty that Americans have tolerated to slow the spread of Covid-19 cannot continue forever, and the Constitution will not allow them to do so,” the Justice Department said in a court filing in support of a lawsuit challenging executive orders by Governor Gretchen Whitmer.Michigan’s Democratic governor has sparred frequently with President Donald Trump over her response to one of the country’s worst coronavirus outbreaks. The lawsuit the Trump administration is backing was filed in late April by a franchise of Sotheby’s International Realty, along with a lawn and property maintenance company, an automotive glass exporter, an engine oil and auto parts distributor, a jewelry store, a dental office and an association of car washes.Singapore, China Agree to Allow Essential Travel Starting in June (9:42 a.m. HK)Singapore and China have agreed to allow essential travel for business and official purposes between the two countries in early June, according to a joint emailed statement.The Fast Lane arrangement will be first applied between Singapore and six Chinese provinces or municipalities directly under the central government, and will gradually expand to include additional areas. Covid-19 prevention and control measures will remain in place.The agreement comes as countries cautiously seek to begin so-called “travel bubbles” after the pandemic shut down borders. China, where the coronavirus first emerged, appears to have brought its cases under control, while Singapore is moving toward opening its economy after wrestling to contain an outbreak among thousands of foreign workers.China Cargo Ship Source of Two New Reported Infections (9:35 a.m. HK)Two crew members of a Chinese-registered cargo ship, Zhong Chang Rong Sheng, tested positive for Covid-19 in China’s Shandong Province after they arrived from India via Singapore, state television CCTV reported on its official Weibo account.The two Chinese nationals, and another crew member who hasn’t tested positive, have been hospitalized, while the remaining 19 people on board are still under quarantine on the vessel. It docked at Lanshan Port of Rizhao in Shandong province on May 27. The two infections are among four new coronavirus cases, all imported, reported by China.Chile Gets Flexible Credit Line From IMF for Virus (8:35 a.m. HK)The International Monetary Fund approved a $23.9 billion credit line for Chile as one of South America’s wealthiest nations grapples with a recession amid the virus that the central bank forecasts may be the worst since the 1980s.The two-year flexible credit line is a precautionary measure that should boost market confidence and provide insurance against downside risks, the fund said in an emailed statement late Friday. Managing Director Kristalina Georgievasaid that although the nation has a good track record, its trade openness exposes it to external risks.United Airlines Will Add Back International Flights in July (8:30 a.m. HK)United Airlines Holdings Inc. will add back some international flying in July, saying demand has “risen modestly” in some markets after the Covid-19 pandemic all but wiped out travel.Flights will resume or increase on 40 international routes in July, United said in a statement Friday. The Chicago-based airline will serve only 27 foreign routes in June. United has said its overall schedule will be down about 75% from a year earlier in July, compared with a 90% reduction currently.The plan to increase flying reflects a modest rebound in demand for all U.S. airlines as travel restrictions ease and economic activity picks up.Germany, EC Settle Lufthansa Aid (7:15 a.m. HK)Germany settled a dispute with the European Commission over a 9 billion-euro ($9.9 billion) bailout of Deutsche Lufthansa AG, clearing the way for the carrier to accept a rescue package to help it weather a collapse in travel demand triggered by the pandemic.The deal requires Lufthansa to reduce the number of aircraft kept at Frankfurt and Munich airports. Lufthansa said it would surrender up to 24 takeoff and landing slots, making room for new competitors at each hub.Germany on Monday offered Lufthansa a package of loans and equity investment to keep the carrier flying through the coronavirus. But after the EU demanded the carrier give up slots in Munich and Frankfurt, the airline’s supervisory board unexpectedly held off on accepting this lifeline -- throwing the rescue plan into turmoil after weeks of talks.Brazil Deaths Go Past Spain (6:30 a.m. HK)Brazil eclipsed Spain and now ranks fifth worldwide in coronavirus deaths with no sign the pandemic is slowing in Latin America’s largest economy. The country reported 1,124 new deaths Friday, pushing the total to 27,878, past Spain with 27,121. Brazil registered 465,166 cases, trailing only the U.S.Infections are reported in 70% of Brazilian cities, the Health Ministry said on Friday. Earlier this week, the ministry said the curve of cases was still growing, and a report by UBS published Wednesday said that six of Brazil’s 27 states are peaking, while total deaths are increasing in 21 states.Southwest CEO Expects ‘Brutal’ Rivalry (6:20 a.m. HK)Intense competition for airline passengers will create “a brutal low-fare environment” once coronavirus fears subside and more people start to fly, Southwest Airlines Co. Chief Executive Officer Gary Kelly predicted.Even with cuts in capacity as demand collapsed, the number of seats will far outnumber customers in the near term, he said in a video message to employees. Kelly said demand “still has a long way to go.”With a potential price war adding pressure on already struggling airlines, Southwest is preparing contingency plans in case more radical changes are required for survival, the CEO said.South Africa Cases Jump 6.7% (5:45 p.m. NY)South Africa reported a record 1,837 new infections on Friday, just three days before the nation eases a lockdown that will let millions of people back to work. The country’s cases reached 29,240, the most in Africa, and 611 deaths.Extending the lockdown -- imposed on March 27 -- is unsustainable even though infections have yet to peak, because hunger, poverty and unemployment are increasing, Health Minister Zweli Mkhize said.Moderna Begins Vaccine Trial (5:15 p.m. NY)Moderna Inc., one of the leading companies developing a coronavirus vaccine, said it had started a mid-stage trial and given doses to the first patients.The 600-person, phase 2 study will give healthy participants one of two doses of the shot, or a placebo, Moderna said in a statement. They’ll be examined for potential side effects as well as whether it creates an immune-system response that could protect against the virus that causes Covid-19.The company plans to launch a larger phase 3 study in July with many more patients, working with the U.S. government. Published results of the phase 1 study are pending, though the shot showed promising safety and early efficacy data earlier this month.U.S. Cases Rise 1.2% for Third Day (4 p.m. NY)Coronavirus cases in the U.S. increased 1.2% from the same time Thursday, to 1.73 million, according to data collected by Johns Hopkins University and Bloomberg News. That’s in line with Wednesday and Thursday’s rates, and below the average of 1.3% over the past seven days. Deaths rose 1.1% to 102,201.New York reported 67 deaths, the lowest daily total since the start of the pandemic, Governor Andrew Cuomo said. Cases rose 0.4% to 368,284, in line with the average in the past week.Florida reported 54,497 cases, up 2.3% from a day earlier, according to the state’s health department. It was the third-largest daily increase since Florida started reopening on May 4.California cases rose 2.2% to 103,886 while deaths increased 2.4% to 4,068, according to the state’s website.Texas reported a 2.1% rise in new cases, above the 1.9% seven-day average and less than the 3.2% jump on Thursday.Trump Says U.S. to Sever WHO Ties (3 p.m. NY)President Donald Trump said the U.S. will sever ties with the World Health Organization, the United Nations body he accuses of failing to provide accurate information on the spread of the coronavirus that broke out in China.“Because they have failed to make the requested and greatly needed reforms, we will be today terminating our relationship with the World Health Organization and redirecting those funds to other worldwide and deserving, urgent global health needs,” Trump told reporters in the Rose Garden of the White House. “The world needs answers from China on the virus. We must have transparency.”The U.S. contributes more than $450 million to the WHO, Trump said.NYC Set to Reopen June 8 (1:30 p.m. NY)New York City will start reopening some businesses on June 8, Governor Andrew Cuomo said, as officials meet the set of metrics the state is following to end the mandatory lockdown. The city could see 400,000 workers back on the job as the first phase of reopening begins, he said.A sticking point for the city is a high infection rate in some communities. Cuomo said the overall rate is about 20% but that in some neighborhoods in the Bronx and Brooklyn, the rate exceeds 40%. The governor said officials will concentrate on those hot spots next week, which he said will set the stage for reopening. The Metropolitan Transportation Authority, which runs the subways, commuter rail and bus services, is preparing for the return of workers, he said.“Reopening does not mean we’re going back to the way things were,” Cuomo said. “We go forward.”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.