• PR Newswire

    Veoneer and Volvo Cars Finalize Split of Software Joint Venture Zenuity

    The automotive technology company, Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), has finalized the split of Zenuity, its software and ADAS joint venture with Volvo Cars. As part of the split, Veoneer received IP licenses and strengthened its software and systems team with around 200 software engineers joining the Company.

  • U.S. New Cases Top 50,000; France Corrals Outbreak: Virus Update
    Bloomberg

    U.S. New Cases Top 50,000; France Corrals Outbreak: Virus Update

    (Bloomberg) -- U.S. daily coronavirus cases topped 50,000 for the first time ever with reopenings halted in areas including New York City and California. France said its outbreak was under control and that it’s able to contain any new clusters and Germany’s infection rate remained below a key metric.U.S. cases continue to hit records amid increases in big states including Florida, Texas and California, while reopenings were pulled back and more local governments instituted mask requirements. Outbreaks at fraternities in Washington state and a mass quarantine of school principals south of San Francisco cast further doubts on school reopenings.China recorded just one new case in Beijing as the nation appears to have brought the latest flareup under control, while Japan found more than 100 new cases in Tokyo, exceeding that number for the first time since May 2 when the city was still in the midst of its state of emergency, NHK reported. Key Developments:Global Tracker: Global cases pass 10.6 million; Deaths top 516,000Life, liberty and face masks: a virus preys on AmericaRetail apocalypse gets darker for U.K. landlordsUnderstanding the virus and its unanswered questionsAustralia opens borders for international studentsHow a Chinese firm jumped to the front in vaccine raceSubscribe 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.Hungary Tightens Travel Rules, Rejects EU (3:05 p.m. HK)Hungary won’t heed a European Union recommendation to gradually start opening its borders to travelers from outside the trading bloc, Prime Minister Viktor Orban said, citing health concerns amid a resurgence of the virus abroad.The EU recommended earlier this week that member states start lifting travel restrictions for 14 countries as well as China, pending confirmation of reciprocity. Of the nations on the list, Hungary will only allow unfettered travel to and from neighboring Serbia, Orban said on Thursday after meeting with his virus task force in Budapest.Spain Businesses Most Anxious Over Future (3 p.m. HK)Businesses in Spain are the most concerned about the economic fallout of the coronavirus pandemic among Europeans while companies in the Netherlands are least worried, according to a new survey from Swedish debt collector Intrum AB.Of the 9,980 companies surveyed across Europe, two-thirds of respondents now rank the risk of pan-European recession within the top three challenges hindering the ability of customers to pay on time during the next 12 months. That’s an increase of more than 20% since before the Covid-19 outbreak.In Spain, however, more than 90% of respondents list a recession among their top three concerns. Musk Says Tesla Is Building RNA Microfactories (2:52 p.m. HK)Tesla CEO Elon Musk said on Twitter that his company is building RNA microfactories for vaccine maker CureVac and possibly others at Tesla Grohmann, a manufacturing automation company based in Prum, which Musk bought in 2017.Musk said he thinks synthetic DNA and RNA have “amazing potential” and therefore make “the solution to many diseases a software problem.”France Says Virus Contained on Mainland (2:17 p.m. HK)All indicators are showing the coronavirus is under control in mainland France after the some 200 clusters identified since lockdown measures were loosened were contained, French Health Minister Olivier Veran said in an interview on RTL radio.The government is putting in place new restrictions in French Guiana, where cases have increased and is increasing nationwide testing this week to around 300,000. Any reopening of night clubs would be problematic, Veran said.California Principals Quarantined After Exposure (1:26 p.m. HK)More than 40 school principals in the South Bay are in quarantine after being exposed to Covid-19 during an in-person meeting held by the Santa Clara Unified School District, the San Francisco Chronicle reported.German Infection Rate Stays Below Benchmark (1:24 p.m. HK)Germany’s coronavirus infection rate remained below the key threshold of 1.0, and the number of new cases stayed much lower than the levels at the height of the outbreak.The reproduction factor -- or R value -- edged higher to 0.86 on Wednesday from 0.83 the previous day, according to the latest estimate by the country’s health body, the Robert Koch Institute. The value remains far below its level last week, when local outbreaks and increased testing lifted the number as high as 2.88.There were 475 new cases in the 24 hours through Thursday morning, up from 376 the previous day and bringing the total to 195,893, according to data from Johns Hopkins University. That compares with almost 7,000 at the peak of the pandemic in late March.Thailand Reports 6 More Cases, Total 3,179 (12:38 p.m. HK)Thailand confirms six new coronavirus cases Thursday, all found in state quarantine after returning from Indonesia, South Africa and Sudan, according to Panprapa Yongtrakul, a spokeswoman for the Covid-19 center.Australians Drain Their Pension Accounts (12:17 p.m. HK)About 480,000 mostly younger Australian workers have drained their retirement savings accounts after the government allowed early access to alleviate financial hardship during the coronavirus outbreak, according to an industry group.An estimated 395,000 people aged under 35 have eroded their retirement accounts, Industry Super Australia said on Thursday. The move could leave more people reliant on the government pension later in life, ISA says.Manhattan Home Sales Fall Most on Record (12:04 p.m. HK)Manhattan home sales plunged the most on record in the second quarter as New York was shut down to prevent the spread of Covid-19.Purchases of co-ops and condos in the borough tumbled 54% from a year earlier to 1,357, according to a report Thursday by appraiser Miller Samuel Inc.and brokerage Douglas Elliman Real Estate. It was the biggest annual decline since the firms started keeping the data in 1990.Japan Finds More Than 100 Cases in Tokyo (11:44 a.m. HK)Tokyo found more than 100 new cases of coronavirus on Thursday, exceeding that number for the first time since May 2, NHK reported, citing unidentified people.Thai Glove Maker Surges after $480 Million IPO (11:41 a.m. HK)Sri Trang Gloves (Thailand) Pcl, the nation’s largest glove maker, gained as much as 77% in the Thai stock exchange’s first listing since the novel coronavirus outbreak.The medical-standard glove maker is expected to see a five-fold increase in profit this year as novel coronavirus boosts demand for its products, Jaroonpan Wattanawong, an analyst at Maybank Kim Eng Securities (Thailand) Pcl, wrote in note Wednesday.U.S. Cases Top 50,000 for First Time Ever (11:05 a.m. HK)U.S. daily cases rose above 50,000 for the first time ever on the first day of July, according to data from Johns Hopkins University and Bloomberg News.New cases rose by 51,374 on Wednesday. They rose 1.95% from Tuesday, the fastest rate since mid-May.Taiwan Mulls Easing Border Controls Gradually (11:01 a.m. HK)The government will gradually lift border controls without compromising virus containment efforts, depending on Covid-19 situation globally and domestically, Mainland Affairs Council says on its website. Decision will be announced in a timely manner.Washington Frats Record Widespread Infections (10:57 a.m. HK)At least 80 students living in a dozen fraternity houses at the University of Washington campus tested positive, with hundreds of results pending, the Seattle Times reported.Three fraternity residents had symptoms of COVID-19, and public health officials noticed a spike in cases from the area among people ages 18 to 20, said university spokeswoman Michelle Ma, according to the newspaper.U.S. House Extends Small Business Loan Plan (10:08 a.m. HK)The House gave congressional approval Wednesday to extending the popular Paycheck Protection Program for small businesses until Aug. 8, hours after the deadline for applications lapsed with more than $130 billion still available.The Senate passed the extension Tuesday, shortly before the Small Business Administration was to stop accepting new loan applications at 11:59 p.m. Both chambers used expedited procedures to send the bill to President Donald Trump, who was expected to sign it, according to a person familiar with the matter.Australia’s Victoria Records 77 Cases (9:28 a.m. HK)Victoria on Thursday said it had 77 new infections in the previous 24 hours, while most other states and territories have recorded few, if any, community transmissions for weeks.The new infections means that Victoria has 415 active cases that its aware of, which state Chief Heath Officer Brett Sutton said on Thursday “means there are other infections still to be found out there and they’re all at risk of transmitting to others.”South Korea Confirms 54 Coronavirus Cases (9:16 a.m. HK)South Korea found 54 more confirmed Covid-19 cases in 24 hours, raising the total tally to 12,904, according to data from Korea Centers for Disease Control & Prevention.Of the new cases 44 were locally infected, while 10 were imported. The death toll remained unchanged at 282.China Reports 3 Coronavirus Cases, 2 Imported (8:54 a.m. HK)China reported three new cases, including one in Beijing and two imported cases in Shanghai and Guangdong, according to a statement from China’s National Health Commission.On Wednesday, the nation reported three local cases in Beijing, down from seven the day before. China has reported 83,537 confirmed coronavirus cases, and the total death toll now stands at 4,634.Hotel Quarantine Lapses Probed in Australia (8:35 a.m. HK)Australian police are probing alleged security lapses at Melbourne hotels used to quarantine overseas arrivals, including claims guards slept with guests.Health authorities are investigating whether the breaches have contributed to a resurgence of coronavirus in the nation’s second-largest city.Australian Health Minister Greg Hunt said on Thursday he supported a judicial review into “strong claims of inappropriate behavior” by guards employed by security companies contracted by Victoria’s state government.Mexico Now Has Sixth Deadliest Outbreak (8:33 a.m. HK)Mexico’s Covid-19 deaths rose by 741 to reach 28,510, leading the country to overtake Spain and have the world’s sixth deadliest outbreak, according to data released by the Health Ministry Wednesday night.Confirmed cases rose by 5,681 to 231,770. Deaths and cases in Mexico have increased steadily in recent weeks as Latin America has emerged as a hot spot for the pandemic. The country is also likely to soon overtake France, which has 29,864 deaths, according to data from Johns Hopkins University.JetBlue Guarantees No Furloughs in Pilot Accord (7:53 a.m. HK)JetBlue Airways Corp. agreed not to furlough any pilots involuntarily until May 1 in exchange for unspecified contract concessions designed to help the carrier cut expenses.The deal doesn’t include changes to pay rates or significant modifications in work rules, the JetBlue unit of the Air Line Pilots Association said Wednesday in a letter to members. The union said it couldn’t yet disclose short-term changes in portions of its contract from October through April, which will return to normal earlier “if demand for flying recovers.”Top Copper Producer Scales Back as Workers Fall Ill (7:38 a.m. HK)BHP Group announced plans to scale back one of its copper mines in Chile, while unions in the country push for safer conditions as more workers fall ill. In the first mining cutback since Covid-19 infections began to explode in Chile six weeks ago, BHP said its Cerro Colorado operation will “significantly” reduce activities and trim its workforce.Cerro Colorado is small and has a short mine life, but the decision stokes concerns over whether the top copper-producing nation can maintain output at high levels as the virus spreads.Brazil Delays Municipal Election By a Month (7:13 a.m. HK)Brazil delayed this year’s municipal elections by a month as the country struggles to control the coronavirus pandemic.Brazil’s lower house of congress approved on Wednesday a constitutional amendment to postpone the first round of the election, initially scheduled to October, to November 15. Run-off votes will take place on November 29th. The proposal, which had already been approved by the Senate, is ready to be signed into law by the president of Congress.Delivery staff at Brazil’s biggest mobile app providers staged a one-day nationwide walkout Wednesday to demand better working conditions and highlight the country’s increased dependence on the informal labor market. Demands by staffers for apps such as Uber Eats, Rappi, Loggi, and iFood include increased pay per delivery, benefits such as life insurance and coverage for on-the-job injuries, personal protective equipment during the pandemic, and meal vouchers.Trump Says Masks ‘Good’ But Questions Mandates (6:46 a.m. HK)President Donald Trump said he’d wear a mask if he were “in a tight situation with people” but that he’s not convinced they should be required even as coronavirus cases are spiking in parts of the U.S.“I don’t know if you need mandatory,” Trump said Wednesday in a Fox Business Network interview. “I’m all for masks, I think masks are good.”Trump has mocked his Democratic challenger, Joe Biden, for wearing a mask and hasn’t publicly worn one, though he is facing calls to do so. His comments come a day after Surgeon General Jerome Adams said: “Please, please, please wear a face covering when you go out in public.”Trump added that Americans should “do what makes you feel good” and follow guidelines, and alluded in both interviews to wearing a face covering during a tour of a ventilator plant in Michigan. In that visit, he opted not to wear the covering in front of the media but was photographed masked during a private part of the tour.McDonald’s Halts Resuming U.S. Dine-In (6:20 a.m. HK)McDonald’s Corp. is pausing the resumption of all dine-in services in its U.S. restaurants as the coronavirus outbreak flares up in areas across the country.The halt will last for 21 days, the fast-food chain said in an internal letter that was viewed by Bloomberg. Locations that have already reopened their dining rooms should consult guidance from local and state officials on whether to roll back services, according to the letter, which was signed by Joe Erlinger, McDonald’s U.S. president, and Mark Salebra, head of the National Franchisee Leadership Alliance.Florida’s Miami-Dade to Require Masks (6 a.m. HK)Miami-Dade County, Florida’s most populous, will start requiring masks in all public spaces.Mayor Carlos Gimenez said he will sign an emergency order later Wednesday, according to an emailed statement. Masks were previously required in indoor public spaces and outdoors when effective social distancing was not possible.Under the new rules, masks must be used outdoors “with few exceptions,” the statement said.Europe Says It Has Enough Covid Drug (12:30 p.m. NY)Countries including Britain, Germany and Switzerland sought to allay concerns that they won’t have sufficient stocks of Gilead Sciences Inc.’s remdesivir, one of two drugs shown to treat Covid-19, after the U.S forged a deal to snap up almost all the supplies for three months.The U.K. worked with Gilead in May to secure remdesivir in advance and has enough of the medicine to treat every National Health Service patient who needs it, officials said in an email response to questions Wednesday. Switzerland has supplies of the drug set aside for seriously ill patients, according to a government spokesman.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.

  • Oil Edges Higher With U.S. Stockpiles Draw Offsetting Virus Fear
    Bloomberg

    Oil Edges Higher With U.S. Stockpiles Draw Offsetting Virus Fear

    (Bloomberg) -- Oil rose for a second day as a bigger-than-expected draw in American crude stockpiles and plunging output from OPEC producers outweighed nervousness about a coronavirus resurgence in the U.S.Futures in New York edged above $40 a barrel after rising 1.4% Wednesday as the Energy Information Administration reported U.S. inventories shrunk by 7.2 million barrels last week, the most this year. Sentiment was also aided by a survey showing OPEC output fell to the least since 1991 last month.The coronavirus continues to run rampant through the world’s largest economy, with cases surging in California, Texas and Florida, the three most populous states. Many areas have now paused or reversed re-opening measures, weighing on energy demand. There was some optimism on the vaccine front, however, with a successful early trial from Pfizer Inc. and BioNtech SE.Oil has traded in a narrow range around $40 this week as supply cuts from OPEC+ and elsewhere are balanced by demand that’s still well below pre-virus levels and at risk of regressing. Indian consumption of petroleum products is at 88% of year-ago levels, the country’s oil ministry said. Demand growth for refined oil products will never get back to where it was before the pandemic as fewer people fly and use their cars, according to Citigroup Inc.“Concern about the renewed surge in Covid-19 cases in the U.S. is keeping a lid on further gains in oil pricing,” said Victor Shum, vice president of energy consulting at IHS Markit. Most countries have been experiencing a rebound in energy demand since April but it’s still below year-earlier levels, particularly for gasoline and jet fuel, he said.West Texas Intermediate for August delivery rose 0.6% to $40.07 a barrel on the New York Mercantile Exchange as of 7:57 a.m. in London. Brent for September settlement added 0.7% to $42.31 on the ICE Futures Europe exchange after rising 1.8% on Wednesday.The global benchmark crude’s six-month timespread was 83 cents in contango -- where prompt prices are cheaper than later-dated contracts -- indicating there’s still some concern about over-supply.U.S. crude stockpiles shrunk by around 7.2 million barrels in the week through June 26, compared with the median estimate for a 500,000 barrel decline in a Bloomberg survey. The Organization of Petroleum Exporting Countries cut output by 1.93 million barrels a day to less than 23 million barrels a day last month, according to another survey.In another possible risk for oil demand, there are concerns about a potential new flare-up in tensions between Beijing and Washington. The U.S. House of Representatives passed a bill imposing sanctions on banks that do business with Chinese officials involved in cracking down on pro-democracy protesters in Hong Kong.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.

  • PR Newswire

    Exercise of Over-allotment Option and End of the Stabilization Period

    Citigroup Global Markets Inc. ("Citigroup"), in its capacity as Joint Global Coordinator, notifies that the stabilization period relating to Calliditas Therapeutics AB (publ)'s ("Calliditas" or the "Company") American Depositary Shares ("ADSs"), traded on The Nasdaq Global Select Market has ended and no further stabilization transactions will be effected. The over-allotment option is partially exercised by Citigroup and Jefferies LLC on behalf of the underwriters, which means that 706,676 new common shares, represented by 353,338 ADSs, will be issued by the Company.

  • Financial Times

    City Bulletin: Primark profits set to drop by two-thirds after lockdowns

    Primark sales slumped by three-quarters compared to last year in the three-and-a-half months to mid-June, showing the effect lockdown had on one of the country’s largest retailers. The hit from store closures means Primark’s profits for the year (which ends in September) could be down by two-thirds to between £300m and £350m, rather than the £913m the brand raked in last year. Sales have picked up since Primark started reopening stores in Europe on May 4.

  • GlobeNewswire

    New Course from ChildCare Education Institute on Preventing Sexual Harassment in the Workplace

    ChildCare Education Institute® (CCEI), an online child care training provider dedicated exclusively to the early care and education workforce, is proud to introduce PROF107: Preventing Sexual Harassment in the Workplace to the online child care training course catalog. In this era of "MeToo" and "Time’s Up", people are becoming increasingly aware of institutionalized sexual harassment. While these two movements helped bring women’s struggles in the workplace to the forefront of people’s thoughts, neither movement pioneered sexual harassment awareness.

  • GlobeNewswire

    COVID-19 provokes turning point, as industry leaders drive action to invest in climate resilient infrastructure

    With US$90 trillion in infrastructure investment needed globally over the next decade to achieve global growth expectations, success will not be possible without a systemic shift in the way projects are financed to build resilience to climate change, warned a group of industry leaders yesterday at an event organised by the Coalition for Climate Resilient Investment (CCRI). With the need for systemic resilience to shocks and stresses made clear by the COVID-19 crisis, CCRI brought together over 200 policymakers, scientists and investors and business leaders to discuss challenges and solutions to better integrate physical climate risks in investment decision making.

  • Moody's

    Hero FinCorp Limited -- Moody's extends review for downgrade on Hero FinCorp's ratings

    Moody's Investors Service has today extended its review for downgrade on Hero FinCorp Limited's Baa3 local and foreign currency issuer ratings. The rating review was initiated on 13 April 2020 and reflects Moody's expectation that the company's asset quality will deteriorate on the back of rising loan delinquencies and defaults, as some customers and businesses will struggle with payments given declining earnings due to the economic disruption caused by the coronavirus outbreak. Although the Reserve Bank of India's (RBI) loan repayment moratorium will help borrowers without affecting Hero FinCorp's asset quality classifications, the company's liquidity will come under strain as loan collections decline.

  • Bank of England Supports New Software Quality Assurance Benchmarks
    PR Newswire

    Bank of England Supports New Software Quality Assurance Benchmarks

    The Bank of England has agreed to partner QA Media, a London-based information business, with a three-year subscription for a new service that allows banks and other financial firms to compare the effectiveness and return on investment of their software quality assurance processes.

  • PR Newswire

    Tellwut survey finds 39% will not return to gym or will return less frequently after COVID-19, Revolutionizing the Fitness Industry

    Covid-19 has forced gyms and fitness centers to temporarily close down, but the longer exercise facilities remain closed, the more comfortable people become in their home workout routines. As people discover the ease in which they can work out at home, the desire to return to their expensive gym memberships diminishes. Another aspect which makes a return unlikely is the investment people are putting into their home gyms, making their houses better suited for working out, while also incentivizing them to stay home and continue to use them.

  • AlgaEnergy Expands to France and North Africa
    PR Newswire

    AlgaEnergy Expands to France and North Africa

    AlgaEnergy S.A., a global leader in microalgae biotechnology, continued its global expansion with the appointment of Bachar Blal as Regional Business Manager of its new subsidiary in France and North Africa. Blal has 25 years of agricultural experience in the biological input business in Europe and Africa, as well as other regions.

  • Vonage Powers Messaging Capability and Customer Support for PT. Telekomunikasi Indonesia
    Business Wire

    Vonage Powers Messaging Capability and Customer Support for PT. Telekomunikasi Indonesia

    Indonesia’s largest telecommunications and network provider, PT. Telekomunikasi Indonesia (NYSE: TLK), has chosen Vonage (Nasdaq: VG), a global leader in cloud communications helping businesses accelerate their digital transformation, to enhance its customer communications and experience.

  • Carbon Clean Solutions closes $22 million Series B round with Equinor and ICOS as new investors
    Business Wire

    Carbon Clean Solutions closes $22 million Series B round with Equinor and ICOS as new investors

    Carbon Clean Solutions Limited, a leader in low-cost carbon capture and separation technology, has closed a $22m Series B funding round.

  • Telstra Wholesale deploys ADVA technology in Australian-first Ethernet service
    Business Wire

    Telstra Wholesale deploys ADVA technology in Australian-first Ethernet service

    ADVA (FSE: ADV) today announced that Telstra Wholesale has deployed its FSP 150 packet edge device with LTE backup to deliver the new Ethernet Access – Mobile Backup service. Unique to the Australian market, the offering improves service availability and strengthens business continuity. With Layer 2 mobile backup capabilities, ADVA’s technology automatically switches traffic to Telstra Wholesale’s 4G mobile network if fiber connectivity fails. This helps to provide peace of mind for enterprise customers that no longer have the burden of configuring costly mobile backup and recovery systems. The new service is the latest stage in a long-standing partnership between ADVA and Telstra Wholesale, which has been key to advancing the reliability and resiliency of Ethernet services for Telstra Wholesale customers throughout Australia.

  • Gutterglove Goes Galactic
    PR Newswire

    Gutterglove Goes Galactic

    Gutter guard manufacturer Gutterglove® has recently become the first company to send their gutter guards into space. Twenty years ago, when Gutterglove® embarked on a mission to invent gutter guard technology that would perform the task it was made to—protect the homes of its customers—they hadn't thought to extend their reach beyond the stratosphere. But now, as the provider of the Nation's Most Trusted Gutter Guards®, Gutterglove® has set about focusing on a new mission: offering their product as the future Most Trusted Gutter Guards in the Galaxy.

  • RDIF and ChemRar Announce Increased Production of Avifavir for Treatment of Coronavirus and Begin Export Deliveries
    PR Newswire

    RDIF and ChemRar Announce Increased Production of Avifavir for Treatment of Coronavirus and Begin Export Deliveries

    The Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and ChemRar Group produced the first 100,000 courses of the Russian coronavirus drug Avifavir in June, significantly exceeding initially planned production levels of 60,000 courses.

  • GlobeNewswire

    Publishing of Valmet's Half Year Financial Review January – June 2020 on July 23, 2020

    Valmet's Half Year Financial Review for January – June 2020 will be published on Thursday, July 23, 2020 at approximately 3:00 p.m. Finnish time (EET). The stock exchange release and presentation material in English and in Finnish will be available at that time on Valmet's website at www.valmet.com/investors. Valmet will arrange a news conference in English for investment analysts, investors, and media on Thursday, July 23, 2020 at 4:00 p.m. Finnish time (EET).

  • CA Global Partners Inc. Further Expands its Presence in the EMEA Region with the Appointment of Dan Main as Director of Business Development
    PR Newswire

    CA Global Partners Inc. Further Expands its Presence in the EMEA Region with the Appointment of Dan Main as Director of Business Development

    CA Global Partners Inc. (CAGP) - A global leader in asset management and capital recovery, further expands its presence in the EMEA region with the appointment of Dan Main as Director of Business Development.

  • Ukrainian Leader Appeals to Investors as Central Bank Boss Quits
    Bloomberg

    Ukrainian Leader Appeals to Investors as Central Bank Boss Quits

    (Bloomberg) -- Ukrainian President Volodymyr Zelenskiy sought to reassure markets after the head of the central bank unexpectedly stepped down citing sustained political pressure against him and his colleagues.The shock departure comes not only as the eastern European country -- like the rest of the world -- battles the Covid-19 pandemic. The government late Wednesday also priced a $1.75 billion sale of Eurobonds and recently agreed on a $5 billion loan program with the International Monetary Fund after months of negotiations.The hryvnia plunged 1.3% on Thursday to its lowest level against the dollar since April.“Ensuring the central bank’s independence remains our priority,” Zelenskiy’s office said after Governor Yakiv Smoliy’s shock resignation.The words will be scant comfort to Smoliy, who’s complained for months about pressure -- including from Zelenskiy and his lawmakers -- to lower interest rates and aid exporters by facilitating a weaker national currency.Some members of his ruling party have even sided with billionaire Igor Kolomoisky’s efforts to overturn the central bank-led nationalization of the country’s biggest lender, Privatbank, four years ago.“For a long time, systematic political pressure was applied to the central bank,” said Smoliy, who was appointed in 2018 and is widely respected by foreign investors. “This makes it impossible for me to efficiently fulfill my duty as governor and to cooperate with other government bodies.”His exit still needs to be accepted by Zelenskiy, who must also pick a successor, and approved by parliament. Yulia Mendel, the president’s spokeswoman, couldn’t immediately be reached for comment outside of working hours. The central bank said the rest of its board would remain in place.Smoliy, who joined the bank in 2014 after Ukraine toppled its Kremlin-backed leader, is credited for helping tame inflation, keep the hryvnia stable through the pandemic and negotiate the recent IMF deal. He oversaw a reduction in benchmark borrowing costs to a post-communist low last month.‘Enormous Loss’“Smoliy did an outstanding job,” Tim Ash, a strategist at BlueBay Asset Management LLP in London, said in an emailed comment. “This is an enormous loss.”Central banks around the world have faced increasing political pressure in recent years to adopt policies that are more friendly to economic growth. Before the pandemic, U.S. President Donald Trump regularly chided Federal Reserve Chairman Jerome Powell over monetary policy. Turkish President Recep Tayyip Erdogan ousted his central bank chief in 2019 for not lowering interest rates aggressively enough.In Ukraine, Smoliy isn’t the first governor to face pressure. Protesters hounded his predecessor, Valeriya Gontareva, who on one occasion saw a coffin containing a cutout of her wearing a prison inmate’s uniform delivered to the central bank’s headquarters. She also alleges Kolomoisky burned down her family home in Kyiv, which he denies.The bank accused the tycoon in November of orchestrating an intimidation campaign through public demonstrations and negative media coverage in a bid to win back control of Privatbank.“I want my resignation to be a warning against further attempts to undermine institutional grounds of central bank in Ukraine,” Smoliy said.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.

  • Fox Business

    PPP borrowers may be buried in spam after names are released

    Business names, addresses and other data points are expected to be released this week.

  • McDonald's halts U.S. reopening plans
    Reuters Videos

    McDonald's halts U.S. reopening plans

    U.S. customers that want to dine in at McDonald's will have to wait another 3 weeks. The prolonged shutdown is sure to bring further pain to the fast food chain. McDonald's saw its sales around the world dip by 30% in the first two months of the current quarter. A letter seen by Reuters Wednesday (July 1) showed the brand plans to keep its U.S. dining rooms shut for 21 days. That's as the health crisis has surged to new record highs daily across the country this week. Stay-at-home restrictions in many states have hit the restaurant industry particularly hard. They've limited fast food restaurants' operations and seen fewer meals sold. Now, with case numbers rising again as Americans emerge out of lockdown state governments are being forced to rethink their reopening plans. And there's no telling when restaurants will be able to return to normal capacity. Nearly 99% of McDonald's restaurants in the U.S. remain open for drive-through, delivery and take-out options.

  • Australian Dollar Forecasts Show Split Over V-Shape Recovery
    Bloomberg

    Australian Dollar Forecasts Show Split Over V-Shape Recovery

    (Bloomberg) -- For an idea of how disparate predictions are for the world’s post-coronavirus rebound, look no further than forecasts for Australia’s dollar.Bulls such as Morgan Stanley see the currency rising to 73 U.S. cents by year-end as the worst of the pandemic eases. At the other end of the spectrum, JPMorgan Chase & Co. and Rabobank say it may tumble to the low 60s level due to slowing global growth amid a second wave of infections and U.S.-China tensions.The Aussie’s fortunes have waned since it rebounded from a 17-year low as a new surge in virus cases threatens to upend the global rebound narrative. Further gains for the currency are contingent on firmer commodity prices and a recovery in Chinese demand, reflecting the tenuous outlook for the world economy.The biggest factor driving the risk-sensitive Aussie will be “the performance of the global economy,” said Ben Jarman, senior economist at JPMorgan, who sees the currency dropping to 64 cents by year-end. “And particularly, its ability to vindicate the rapid recovery in risk assets.”Among the optimists, Morgan Stanley’s David Adams is confident the Aussie will enjoy “front-loaded gains” as Australia’s growth outpaces that of developed market peers. The nation’s expansionary fiscal policy also helps, as well as the Reserve Bank of Australia’s policy which is less dovish than global peers, according to a June 19 report.The currency of the iron ore and natural gas exporter was trading near 69 cents on Thursday.Central bank Governor Philip Lowe has done little to damp the enthusiasm, noting last week that it’s “really hard to argue” the Aussie was overvalued.“We see further upside through to the end of the year, with the Aussie comfortably rising above 0.72 in the most likely scenario of a ‘swoosh-shaped’ global growth recovery,” said Ranko Berich, head of market analysis at Monex Europe Ltd. in London. Still, the currency’s rise won’t be smooth, especially if any of the major economies re-impose a lockdown, he said.Trade RiskSome point out that Australia’s economic fortunes depend on China, and given Beijing’s dispute with Washington over the virus outbreak, uncertainties abound. Case in point: the Aussie slid almost 1% when there was a brief bout of confusion over the fate of the U.S.-China trade deal last Tuesday.Such swings may recur and Canberra’s request for an inquiry into the coronavirus’ origin adds to the risks, according to Rabobank strategist Jane Foley, who expects the Aussie to end the year at 62 cents.And then there’s the renewed spike in Australian infections. The state of Victoria has imposed a four-week lockdown across parts of Melbourne to try to contain the spread of the virus.For their part, asset managers have dialed back their bearish conviction. Short positions, which have been in place since October 2017, fell to the least in more than two years in the week ended June 23, according to data from the Commodity Futures Trading Commission.“Going forward you’ll have periods of risk on and risk off that will impact the Aussie,” said Adam Kibble, investment specialist at Insight Investment, predicting the Aussie will end the year at 70 cents. “And in those periods of risk off, there’ll be an opportunity to increase your hedging levels and reduce your foreign-currency exposure.”(Adds Monex’s views 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.©2020 Bloomberg L.P.

  • Dubai Sugar Refinery Runs at Full Speed on Good Demand
    Bloomberg

    Dubai Sugar Refinery Runs at Full Speed on Good Demand

    (Bloomberg) -- Sugar market concerns over weaker demand and falling premiums aren’t deterring Dubai giant Al Khaleej Sugar Co. from producing as much as much as it can.The owner of the world’s largest port-based sugar refinery expects to keep operating its plant at full capacity of 7,000 tons a day for the next three months, according to Managing Director Jamal Al Ghurair. He said demand has remained strong after drought pummeled Thailand’s crop, reducing supply.“Based on demand we will keep running to fulfill our contractual obligations, and for the time being we are occupied for the next three months,” Al Ghurair said in a phone interview. “The reduction in Thai capacity due to the drought has given us a good chance to make up for it. If they have a similar crop next season then we will continue on the same basis.”Thailand’s worst drought in 40 years and consumer stockpiling during coronavirus lockdowns helped push white sugar’s premium over the raw variety to a seven-year high in late May, making it more profitable for refiners to process. While the premium has since slumped about 34% as output increased, it’s still slightly above the five-year average.Al Khaleej’s plan to keep running at full capacity comes even as global shutdowns, slowing economic growth and falling incomes weigh on the outlook for sugar demand. Analysts and traders at Czarnikow Group, Citigroup Inc. and the U.S. government have forecast consumption to drop this season.“Consumption might be going down in some countries, but it doesn’t mean it’s a worldwide phenomenon,” Al Ghurair said. “Our export demand from the world market has remained the same.”The company saw an initial surge in demand amid virus-related panic buying from consumers. So far the pandemic has had no impact on its refinery operations, according to Al Ghurair.“We didn’t face any problem in terms of labor, delivery or supplies,” he said. “On the demand side, the panic effect lasted for one month and demand has returned back to normal after that.”White-sugar futures closed at $358.20 a ton in London on Wednesday, little changed for the year so far.Al Khaleej is also pressing ahead with plans to begin production from a beet processing plant in Egypt early next year. More than 70% of the facility has been constructed and the company is targeting processing 18,000 tons of beets a day for the local market from January or February.(Updates with sugar price in penultimate 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.

  • Alfa Laval Wins SEK 130 Million Offshore Order in China
    PR Newswire

    Alfa Laval Wins SEK 130 Million Offshore Order in China

    Alfa Laval - a world leader in heat transfer, centrifugal separation and fluid handling - has won an order to supply Framo pumping systems to an FPSO (Floating Production, Storage and Offloading) vessel to be built in China. The order has a value of approximately SEK 130 million. It was booked late June in the Pumping Systems unit of the Marine Division, with deliveries scheduled for 2021.

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