Wednesday, August 4

REU

PMN Business, PMN Economy, REU

Bondholders back in for Virgin Australia after administrator selects rival Bain deal

Article content continuedVirgin Australia entered voluntary administration in April owing A$7 billion ($4.89 billion) to creditors, having been struggling financially even before the coronavirus pandemic slammed the travel and airline industries.According to a court submission, the original proposal by Broad Peak and Tor – which hold around A$300 million of the airline's A$2 billion of unsecured bonds – involved interim funding to allow Virgin to continue operating.It also provided for the conversion of noteholders' and certain other unsecured creditors' debts into equity worth around 69 cents on the dollar, with an option for creditors to sell their shares for cash.A Deloitte spokesman said on Monday that a proposal had been received and his firm had no further comment.Deloitte told cr...
PMN Business, PMN Economy, REU

Virgin Australia bondholders submit rival proposal to administrator

Article contentSYDNEY — Virgin Australia Holdings Ltd bondholders on Monday submitted a draft deed of company arrangement proposal to the airline's administrator Deloitte to rival one from Bain Capital, according to a spokesman for the bondholders.The proposal is “substantially the same” as a recapitalisation pitch last month, the bondholders' spokesman said in a statement.That proposal by bondholders Broad Peak Investment Advisers and Tor Investment Management involved interim funding to allow Virgin to continue operating, the conversion of noteholders and certain other unsecured creditors' debts into equity worth around 69 cents on the dollar with an option for creditors to sell their shares for cash, according to a court submission. (Reporting by Jamie Freed; Editing by Christian Sch...
PMN Business, PMN Economy, REU

Rupiah dives as virus cases surge, politics hurt baht

Article content continuedthe size… would be the question here," said IG Market Strategist Jingyi Pan.Philippine stocks, which have been under pressure as virus cases continue to climb,recouped some recent losses and gained 0.5%.HIGHLIGHTS:** Indonesian 3-year benchmark yields are down 6.5 basis points at 5.962%** Top losers on the Jakarta stock index include Garuda Metalindo Tbk down6.99%, Inter Delta Tbk down 6.96% and Eka Sari Lorena Transport Tbk down6.9%** In the Philippines, top index gainers are Metro Pacific Investments up 4.6%,Ayala Land up 4.57%, Robinsons Land up 2.82%Asia stock indexes and currencies at 0413 GMTCOUNTRY FX RIC FX DAILY% FX YTD% INDEX STOCKS DAILY% STOCKS YTD%Japan -0.34 +1.17 0.10 -3.96China -0.03 -0.43 2.62 8.14India +0.00 -4.85 0.98 -9.53Indonesia -0.81 -5.8...
PMN Business, REU

EU leaders say progress in virus recovery summit, but warn talks could still fail

Article content continuedThere have been differences over a proposed new rule-of-law mechanism that could freeze funding to countries flouting democratic principles. Hungary, backed by Poland, threatened to veto the package if its disbursement was made dependent on meeting conditions on upholding the rule of law .For some, the summit was a critical moment for nearly 70 years of European integration, and failure to agree could both unnerve financial markets and fuel doubts about the bloc's future. ($1 = 0.8752 euros)(Additional reporting by Kate Abnett, Marine Strauss, Tom Sims, Bart Meijer, Toby Sterling, Jan Lopatka, Marton Dunai, Balazs Koranyi, Andreas Rinke and Jessica Jones, Writing by John Chalmers and Gabirela Baczynska Editing by Timothy Heritage, Sonya Hepinstall and Michael Pe...
PMN Business, REU

Brazil boosts oil exports to Asia as global rivals make record cuts

Article content continued“If we had more oil available, China would buy it,” Petrobras Chief Executive Roberto Castello Branco told Reuters in a written response to questions.Castello Branco said there was no more to sell to further boost exports, because demand in Brazil has been recovering.China is now the destination for 70% of the country's exports, Petrobras said in a statement to Reuters.Asia imported an average of 1.07 million barrels per day of oil from Brazil in the first half of the year, 30% year-on-year hike, according to Refinitiv Eikon's trade flows data.A record 1.62 million bpd of Brazilian crude arrived in Asian ports in June, almost triple the volume in June 2019, according to the data. Graphic showing Asia's oil imports from Latin America: https://graphics.reuters.com...
PMN Business, REU

NZ economy doing better than expected, finance minister says

Article contentWELLINGTON — New Zealand's economy is currently doing better than predicted due to the country's early economic and health response to the COVID-19 pandemic, the finance minister said on Monday."The economy is doing better than expected and is more open than anywhere else in the world," Grant Robertson said in a news conference.Robertson also said NZ$14 billion ($9.16 billion) from a COVID Response and Recovery Fund that was announced in the annual budget earlier this year will now be set aside in the event the country experiences a second wave of infections. ($1 = 1.5277 New Zealand dollars) (Reporting by Praveen Menon; Editing by Himani Sarkar) business.financialpost.com
PMN Business, REU

EU leaders struggle with’mission impossible’ at deadlocked recovery summit

Article content continuedThere were also differences over a proposed new rule-of-law mechanism that could freeze funding to countries flouting democratic principles. Hungary, backed by Poland, threatened to veto the package if its disbursement was made dependent on meeting conditions on upholding the rule of law .For some, the summit was a critical moment for nearly 70 years of European integration, and failure to agree could both unnerve financial markets and fuel doubts about the bloc's future. ($1 = 0.8752 euros)(Additional reporting by Kate Abnett, Marine Strauss, Tom Sims, Bart Meijer, Toby Sterling, Jan Lopatka, Marton Dunai, Balazs Koranyi, Andreas Rinke and Jessica Jones, Writing by John Chalmers and Gabirela Baczynska Editing by Timothy Heritage, Sonya Hepinstall and Michael Pe...