Yen sinks, Aussie climbs as Evergrande contagion fears recede
TOKYO, Sept 27 (Reuters) – The safe-haven yen sank to its lowest in nearly three months on Monday, while the risk-sensitive Australian dollar continued to recover from an almost one-month low, as fears of widespread contagion from China Evergrande Group (3333. HK) receded. The yen also fell as higher U.S. yields attracted Japanese investor money while rising […]
Deutsche Boerse says relocation of euro clearing from London inevitable
LONDON, Sept 27 (Reuters) – Euro derivatives clearing was shifting from London to Frankfurt, showing how ending a heavy reliance on Britain after Brexit is feasible, a senior Deutsche Boerse official said on Monday. The European Union is due to decide by year-end on how to shift clearing in euro-denominated swaps to Frankfurt from the […]
Erdogan says Turkey plans to buy more Russian defense systems
WASHINGTON, Sept 26 (Reuters) – President Tayyip Erdogan said Turkey still intended to buy a second batch of S-400 missile defense systems from Russia, a move that could deepen a rift with NATO ally Washington and trigger new U.S. sanctions. Washington says the S-400s pose a threat to its F-35 fighter jets and to NATO’s […]
Italy’s Enel spins off new firm for digital grid services – report
ROME, Sept 23 (Reuters) – Europe’s biggest utility Enel (ENEI.MI) has set up a new company dedicated to digital grid services, which aims to have a revenue of 1.5 billion euros ($1.76 billion) by 2030, newspaper Il Sole 24 Ore reported on Wednesday. The spinoff, Gridspertise, will manage all activities related to digital meters and intelligent grid […]
Credit markets will withstand Evergrande shocks
LONDON, Sept 23 (Reuters Breakingviews) – Is China Evergrande (3333. HK) another Lehman Brothers moment? Not at all, according to the $40 trillion global corporate debt market. International credit investors have good reasons to be so nonchalant about the potential ripple effects of problems at the Chinese property behemoth with a $300 billion debt pile. Granted, Evergrande’s […]
StanChart says Evergrande crisis doesn’t dent enthusiasm for China
By Lawrence White LONDON, Sept 23 (Reuters) – The crisis at indebted developer China Evergrande Group (3333. HK) will not curb Standard Chartered’s (STAN.L) appetite for investing in the country, its Chief Financial officer Andy Halford told a banking conference on Thursday. Asia, Middle East, and Africa-focused lender have no direct exposure to Evergrande and “negligible” indirect exposure, he told […]
In the United States, the ‘pink sheets’ are being restructured as a securities regulator attempts to combat fraud!
If a new rule intended to wipe out fraud in this notoriously risky enclave goes into effect next week, up to 2,000 companies could disappear from retail investors’ long-favorite over-the-counter pink lists. The Securities and Exchange Commission (SEC) rule encourages investor disclosure by requiring OTC issuers, which are often small businesses that do not meet […]
Adopting transparency in the FX industry
The use of FX benchmarks has steadily and significantly increased as a result of market demand for risk transparency and more precisely defined measurement. In the forex world, they have become a mainstay trading mechanism. Even though the alternatives (WM/Refinitiv London 4 pm Fix and the Bloomberg FX Fixings (BFIX) family of benchmarks) pose significant […]
Five9 investors may do Zoom a favor
NEW YORK, Sept 22 (Reuters Breakingviews) – Zoom Video Communications’ (ZM.O) acquisition of Five9 (FIVN.O) is unraveling. Washington watchdogs are probing the transaction and Five9 investors may not vote for the all-stock deal read more. The value of what Zoom is offering has fallen from $13.6 billion to about $10.4 billion in roughly two months and is now below Five9’s market capitalization. […]
COVID-19 cases are declining in Sydney as restrictions in virus hotspots are relaxed!
The Australian state of New South Wales (NSW) confirmed the minimum daily increase in COVID 19 case scenarios in more than three weeks on Monday, following the relaxation of certain lockdown restrictions in Sydney, the state capital, allowing for higher vaccination levels. The Premier of New South Wales, Gladys Berejiklian, announced that 935 new cases had been discovered in the state, the lowest daily total since August 27 and down from 1,083 on Sunday. Four more people have died, according to the state. Berejiklian told reporters in Sydney that they’re feeling more hopeful than they […]
