• The Android 11 beta launch event has been postponed

    The Android 11 beta launch event has been postponed

    Google's launch of the Android 11 beta has been pushed back again.

  • Reuters

    Taiwan approves Gilead's remdesivir to treat COVID-19

    Taiwan's government said on Saturday it had approved Gilead Sciences' potential COVID-19 treatment, remdesivir, to treat the illness caused by the novel coronavirus. Governments are racing to bolster supplies of remdesivir, which U.S. regulators this month approved for emergency use. California-based Gilead has said it will donate 1.5 million doses of remdesivir, enough to treat at least 140,000 patients, to combat the global pandemic.

  • Thomson Reuters StreetEvents

    Edited Transcript of IIFL.NSE earnings conference call or presentation 29-May-20 8:30am GMT

    Full Year 2020 IIFL Finance Ltd Earnings Call

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    Edited Transcript of BDT.TO earnings conference call or presentation 13-May-20 2:00pm GMT

    Q1 2020 Bird Construction Inc Earnings Call

  • Thomson Reuters StreetEvents

    Edited Transcript of LUPIN.NSE earnings conference call or presentation 29-May-20 12:00pm GMT

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    Edited Transcript of LBTYA earnings conference call or presentation 7-May-20 1:00pm GMT

    Q1 2020 Liberty Global PLC Earnings Call

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    Edited Transcript of GNC.L earnings conference call or presentation 19-May-20 7:30am GMT

    Half Year 2020 Greencore Group PLC Earnings Call

  • Per Aarsleff Holding A/S Just Missed Earnings And Its EPS Looked Sad - But Analysts Have Updated Their Models
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  • Thomson Reuters StreetEvents

    Edited Transcript of SCST.ST earnings conference call or presentation 12-May-20 6:30am GMT

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  • Bloomberg

    U.S. To Quit WHO; Wuhan Testing All Residents: Virus Update

    (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. A divided U.S. Supreme Court rejected calls by churches in California and Illinois to block restrictions on worship services during the virus outbreak.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 365,000Bodies 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 harvestEuropeans not feeling very hopeful about their economy just yetCiti 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.South Korea Reports 39 New Cases Amid Outbreak at Distribution Center (1:46 p.m. HK)South Korea reported 39 new coronavirus cases in 24 hours as health officials seek to control a new outbreak at a distribution center for Softbank-backed Coupang Corp., an e-commerce company.A total of 108 infections are related to the center, the vice head of the Korea CDC said in a briefing. That tally includes 73 employees and 35 people who might have come into contact with the employees. A separate outbreak related to nightclubs in Itaewon, Seoul have increased to 269 infections as of Saturday, Kwon said.Most Australians Support State Border Closures (1:40 p.m. HK)The majority of Australians approve of states’ decisions to shut their borders amid the coronavirus crisis, according to a new poll.More than three in four Australians surveyed this week said they back the closures, including 40% who “strongly” support them, according to a release by The Australia Institute, a public policy group that commissioned the poll. One in five opposed the states’ measures.“The strong support for state border closures shows that while there is much public relief with some public health restrictions lifting, there is also still much community concern regarding the spread of Covid-19,” Ben Oquist, the institute’s executive director, said in the release.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.

  • How Many Terna Energy Societe Anonyme Commercial Technical Company (ATH:TENERGY) Shares Did Insiders Buy, In The Last Year?
    Simply Wall St.

    How Many Terna Energy Societe Anonyme Commercial Technical Company (ATH:TENERGY) Shares Did Insiders Buy, In The Last Year?

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  • Dixie Brands 2020 Q1 Results Filing Update
    CNW Group

    Dixie Brands 2020 Q1 Results Filing Update

    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").

  • Thomson Reuters StreetEvents

    Edited Transcript of TWST.OQ earnings conference call or presentation 7-May-20 8:30pm GMT

    Q2 2020 Twist Bioscience Corp Earnings Call

  • Reuters

    TIMELINE-Key dates in Hong Kong's anti-government protests

    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.

  • Long Overdue, Berlin’s New Airport Is Still Worth Celebrating

    Long Overdue, Berlin’s New Airport Is Still Worth Celebrating

    (Bloomberg Opinion) -- Too bad I didn’t keep our plane tickets from 2012 as souvenirs. They showed us departing from Los Angeles (LAX) and arriving at Berlin Brandenburg Airport (BER), which was just about to open. But the launch, already delayed the previous year, was again called off at the last minute. So we landed instead at the charming but small Tegel airport (TXL) that dates back to the early Cold War.Over the years, other opening dates came and passed for BER, owing to construction flaws, from failing fire-safety vents to elevators too short for their shafts. Now, though, in a triumph of hope over experience, Berliners are daring to get excited once again about what’s been called their “phantom airport.” Tegel, largely cobwebbed since the Covid-19 outbreak, will start shutting down in June, and BER is actually ready to open in October. It’s ironic, of course, that Berlin is finally bringing its new airport online just as a pandemic is keeping most people from checking in.And yet BER is still worth celebrating, if only as a symbol. That’s because the tale of Germany’s runways and terminals also reflects the country’s dramatic history. Each former and current airport has a chapter in the story of a nation that used to be aggressive, tragic and divided, before becoming successful, rich and reunified. In a sense, the opening of BER confers closure on a traumatic past and marks the beginning of something resembling normality.There was a time, in the roaring 1920s, when Berlin’s oldest airport, located in Tempelhof near the city center, was actually Europe’s busiest. Then Adolf Hitler took over and rebuilt Tempelhof in the 1930s to fit his Nazi visions. A few years later, the city, country and continent lay in ruins, and the Americans took Tempelhof as theirs.Soon Tempelhof got itself a new and more heroic image. It was where American, British and French “raisin bombers” landed — every 30 seconds at one point — during the Berlin blockade of 1948-1949, to feed a population that was entirely surrounded by the Soviets.Even after the airlift prevailed, however, it was clear that German aviation during the Cold War would take new routes. Until 1990, only the airlines of the three Western allies — such as Pan Am, British Airways and Air France — were allowed to fly to West Berlin. Although the Americans kept some of the glamor of Tempelhof and the French expanded Tegel, Berlin had changed from a capital to a sideshow.So the action moved to West Germany. The region of Hesse grasped that, being in the middle of the country’s new geography, it could turn Frankfurt, often called Germany’s “secret capital,” into a continental traffic node. This had a certain economic and historical resonance. In the Middle Ages, emperors had been crowned here; later, it was where Rothschilds built financial dynasties. By the 1960s Frankfurt was becoming “Bankfurt,” a sort of German Wall Street. It was a promising place for an airport, and Lufthansa, the German flag carrier, gradually made FRA its hub.As West Germany’s postwar economy boomed, other metropolises and their airports also thrived. Stuttgart (STR) benefited from serving the Swabian heartland of Germany’s vaunted Mittelstand of family-owned firms. The main airport in the populous Rhineland is Duesseldorf (DUS), which by the late 1970s took second place behind FRA for a while.But the real success story was Munich. In the immediate postwar era, Bavaria was an economic backwater. This changed, as successive state leaders, most notably Franz Josef Strauss between 1978 and 1988, hewed to traditional culture while also wooing cutting-edge companies and entrepreneurs, a strategy later dubbed “laptops and lederhosen.”A centerpiece of this effort was a new airport, named after Strauss. The old one, Riem, was cramped and gloomy. The new one, MUC, which opened in 1992, was light-swept and transparent but still easily navigable and cosy — a perfect architectural expression of what the newly reunified Germany strove to be. MUC became a second hub for Lufthansa. At the same time, the decision was made to move the federal government from Bonn back to Berlin. So, during the 1990s, planning began for an airport appropriate to Berlin’s new role, while Tegel and Schoenefeld (SXF), formerly used by the East Germans, kept handling the booming traffic. Tempelhof, used mainly by smaller planes in its final years, was eventually closed in 2008. Today its runways are a Mecca for kite-landboarders. But even as these old names fade into history and the long-awaited BER takes over, Berlin won’t ever recapture its prewar dominance. Like the U.S. but unlike France, say, Germany is decentralized in its politics, economy and transportation infrastructure. The country has many competing hubs.To pessimists, BER symbolizes Germany’s bad developments. Its highly publicized bureaucratic and engineering fiascoes have dented the country’s former reputation — not always entirely flattering — of being relentlessly meticulous and punctual. The subtext is that Germany, whether it’s building airports or algorithms, is increasingly leaving economic dynamism to others, especially China.To optimists, this too is part of Germany’s long historical arc to “normality.” Germans today are more relaxed about their national identity and place in the world than they’ve ever been. That explains why they’ve also been nonchalant about BER’s travails. The truth is, many Germans have secretly been savoring the airport headlines as a font of gossip. Many an awkward dinner party has been saved by boozy debates about whether humans would set foot on Mars before disembarking at BER, or whether it would be more cost-effective to rebuild the capital near a working airport.Even the coincidence that BER is now opening in 2020, the annus horribilis of Covid-19, may turn out to be unexpectedly appropriate. Experts have been worrying all along that the airport would already be too small when opened. The pandemic has taken care of that. As Lufthansa enters a government rescue program and people shy away from flying, Berlin’s airport could turn out to have just the right proportions. That, too, is worth raising a glass to.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andreas Kluth is a columnist for Bloomberg Opinion. He was previously editor in chief of Handelsblatt Global and a writer for the Economist. He's the author of "Hannibal and Me." For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Investors Pin Hopes on ECB Doing More to Prop Up European Assets

    Investors Pin Hopes on ECB Doing More to Prop Up European Assets

    (Bloomberg) -- Now that the European Central Bank is the main reason most investors give for holding some of the euro area’s bonds, there’s a lot riding on Thursday’s decision.Anything less than a 500-billion-euro ($556 billion) boost the pandemic emergency bond buying fund will probably disappoint markets. If the ECB obliges, or surprises with a bigger increase, then Italian bonds, which are poised for the best May since 2003 because of the central bank’s backstop, may rally.Some analysts also expect the ECB to tweak its tiering system, which was first introduced in September to help lenders cope with the pain of negative interest rates. The system exempts as much as six times the minimum amount of reserves a bank is required to hold from paying the deposit rate of minus 0.5%.“The time is right for the ECB to adjust its tiering system,” Frederik Ducrozet, strategist at Banque Pictet & CIE wrote in a client note, adding that raising the multiple to eight times “could engineer a net transfer of several billion euros to the banking sector.”If it comes to pass, German banks will be the biggest beneficiaries, because they have the euro zone’s largest reserves, and banking stocks in the bloc will likely rise.The ECB will set policy on Thursday, followed by a press conference with President Christine Lagarde.Debt SalesEuro-area bond sales are set to dip next week with offerings from Germany, France, Spain and Austria totaling around 21 billion euros, compared with 31 billion euros in the five days through May 29, according to Commerzbank AG. French offerings, which include a new 10-year note, are set to comprise half of that.The bank says the “door is open” for syndicated sales, but expects such a German 30-year offering to take place the following week given calendar considerations and the ECB rate decision.There are no redemptions to be paid but Italy pays coupons totaling around 1.4 billion euros next weekThe U.K. will offer around 11 billion pounds ($13.6 billion) of debt across four sales next week and the BOE will maintain its bond-buying program across nine operations at a pace of 1.5 billion pounds per maturity bucketData for the coming week in the euro area, Germany and U.K. is mostly relegated to second-tier, backward-looking figures.April producer prices alongside the unemployment rates for the euro area are due on Wednesday, while April retail sales Thursday may be overshadowed by the central bank rate decisionDBRS Ltd. reviews Germany’s sovereign rating on FridayFor 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

    Argentina, Creditors Get Closer to a Deal With Deadline Looming

    (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.

  • CNW Group

    Royal Helium Announces Delayed Continuous Disclosure Filings Pursuant to Blanket Exemption Orders

    Royal Helium Announces Delayed Continuous Disclosure Filings Pursuant to Blanket Exemption Orders

  • Thomson Reuters StreetEvents

    Edited Transcript of FMBI earnings conference call or presentation 1-May-20 3:00pm GMT

    Q1 2020 First Midwest Bancorp Inc Earnings Call

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    Edited Transcript of CHCT earnings conference call or presentation 6-May-20 2:00pm GMT

    Q1 2020 Community Healthcare Trust Inc Earnings Call

  • Thomson Reuters StreetEvents

    Edited Transcript of PRA earnings conference call or presentation 8-May-20 2:00pm GMT

    Q1 2020 ProAssurance Corp Earnings Call

  • Thomson Reuters StreetEvents

    Edited Transcript of CPLP earnings conference call or presentation 6-May-20 2:00pm GMT

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    Q1 2020 Pennant Group Inc Earnings Call

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