Your Daily Scan of the New Global Economy

United States

Intel United States

  • 'Birds Of Prey' Director Opens Up About 'Undue' Expectations From Female-Led Movies

    “Birds Of Prey” was perhaps one of the few big releases of 2020 that got a good amount of time to spend in the theaters before the shutdown. The movie was expected to be a huge financial success and was on course to have a bumper opening weekend. But it all came crashing down since the movie failed to live up to expectations at the box office despite getting positive reviews.


  • Boeing Extends Factory Shutdown In Washington State

    Boeing has said it will indefinitely extend a shutdown at its factories in Washington state because of the coronavirus pandemic.
    The aerospace giant had already halted production at its Puget Sound facility near Seattle, where the company builds the long-range 777 jet and other models, after announcing a two-week stoppage last month.
    It had also shut its other major state factory at Moses Lake because of the 737 MAX grounding.


  • Curious to know if Bitcoin is here to stay ?

    Read the latest developments from the cryptocurrency space, breaking news and analysis on Bitcoin and blockchain on RTTNews. Know more about altcoins, mining, ICOs, warnings and regulation. Find out how to acquire and trade digital currencies.


  • Factbox - Markets revise trading rules, hours, circuit breakers as volatility surges

    Factbox - Markets revise trading rules, hours, circuit breakers as volatility surgesMany markets have shortened trading hours, and others are mulling whether to follow suit. ** India’s market regulator halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares in a bid to curb “abnormally high” volatility.


  • Monster Storm Strengthens In Pacific, Lashing Vanuatu

    A deadly Pacific cyclone intensified as it hit Vanuatu on Monday, threatening a natural disaster that experts fear will undermine the impoverished Pacific nation’s battle to remain coronavirus-free.
    Tropical Cyclone Harold, which claimed 27 lives when it swept through the Solomon Islands last week, strengthened to a scale-topping category five superstorm overnight, Vanuatu’s meteorology service said.
    The cyclone is now packing winds of up to 235 kilometres per hour (145 mph), prompting red alerts across several provinces.


  • NMC Crisis Widens as Banks Count Debt, ADCB Urges Administration

    NMC Crisis Widens as Banks Count Debt, ADCB Urges Administration(Bloomberg) — The scandal surrounding NMC Health Plc is widening, with United Arab Emirates’ banks disclosing more than $2 billion of exposure and one of its biggest creditors calling for the struggling hospital operator to be put into administration.Shares in Dubai Islamic Bank PJSC ended limit down on Sunday after the lender revealed it has $541 million of exposure to NMC, which risks erasing almost half of its annual profit. Abu Dhabi Islamic Bank PJSC also closed down by the maximum allowed after revealing it extended $291.4 million to the U.A.E.’s largest private health-care provider. Abu Dhabi Commercial Bank PJSC also slumped after it asked a court to put the company into administration.Abu Dhabi Commercial Bank Exposure to NMC Health at $981 MillionThe collateral damage from the implosion of NMC and its sister companies is piling up, dragging in the U.A.E.’s top lenders, central bank and health-care system. The fallout comes as banks battle to contain the impact of low oil prices and the global coronavirus pandemic. The central bank on Sunday unlocked new aid to support lending and liquidity, and slashed reserves requirements after business conditions worsened at a record pace as the virus shut down much of the economy in March.“It looks like this is going to be a very painful episode for the banks,” said Joice Mathew, head of equity research at United Securities in Oman. “When the regional economy is suffering with the challenges of the coronavirus, low oil prices and declining asset prices, the sheer size of these exposures will add further pressure on the profitability of these banks and weigh heavily on their shares.”London-listed NMC, founded by Indian entrepreneur Bavaguthu Raghuram Shetty, had seen its stock plunge before it was suspended from trading amid allegations of fraud. Most of NMC’s senior management has resigned since it revealed more than $4 billion of undisclosed debt, and the company has lost its elite status as a member of the FTSE 100 index.With a market value of $2.4 billion and total debt of $6.6 billion, NMC now faces an investigation by U.K.’s Financial Conduct Authority.AdministratorsAbu Dhabi Commercial Bank on Saturday said it applied to the U.K.’s High Court for administrators to take control of the company, prompting the company’s new chairman to counter that such an action would endanger lives as the coronavirus spreads across the U.A.E. The lender, which hired investment bank Lazard Ltd. to manage the situation, said its combined exposure to NMC and Finablr Plc totaled $1.16 billion. Shares dropped 4.6%, extending its losing streak to a seventh day.“ADCB is putting its own interests above not only other creditors, but also the health and safety of U.A.E. residents amid an escalating pandemic,” Faisal Belhoul said.The U.A.E. has so far reported 1,799 cases of the novel coronavirus, known as COVID-19, including 10 deaths.Belhoul asked for patience from creditors, seeking a standstill on debt repayments to give the company time to prepare a recovery plan. In a later statement, he said he’s open to adding individuals to the board as recommended by Abu Dhabi Commercial Bank and other creditors, and accused the lender of disregarding the principles of the informal standstill accord.Global BanksBesides local banks, global lenders including HSBC Holdings Plc, JPMorgan Chase & Co. and Standard Chartered Plc also have large outstanding loans to the Abu Dhabi-based company. Some of the lenders are in talks to set up a committee to discuss ways to recover funds.“It is surprising that banks, including big foreign banks, who had much better access to the financials of the company also got carried away by the euphoria,” said Mathew. “It being touted as one of the biggest success stories from the Gulf, banks were competing to get a share of the pie, and the risk oversight has resulted in high exposures.”The widening scandal has also put a spotlight on the country’s central bank, which last month took the rare step of assuming control over UAE Exchange that’s linked to NMC through its founder Shetty and cross-ownership. As well as monitoring the company’s currency exchange and remittance operations in the Gulf state, it also supervises the nation’s commercial lenders. UAE Exchange has defaulted on about $300 million worth of foreign-exchange loans, people said last month.Finablr’s Exchange Business Said to Default on $300 Million LoanThe U.A.E. last week replaced the central bank governor, choosing a former head of its biggest lender to take the helm. Abdel Hamid Saeed, who was previously in charge of First Abu Dhabi Bank PJSC, took over from Mubarak Al Mansoori, who had been in the job since 2014.(Updates with U.A.E. corona numbers in 9th, Lazard appointment in 13th)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 drops over $1 on oversupply after OPEC+ delays meeting

    Oil prices slipped more than $1 a barrel on Monday, after the world’s top producers delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.


  • Oil skids on oversupply fears, stocks jump on virus slowdown

    Oil prices skidded on Monday after Saudi-Russian negotiations to cut output were delayed, keeping oversupply concerns alive, while stocks jumped as investors were encouraged by a slowdown in coronavirus-related deaths and new cases.


  • Tesla engineers show ventilator prototype on YouTube

    Engineers at Tesla Inc showed a prototype for a ventilator on Sunday evening in a video published on the company’s YouTube channel, as hospitals around the country overwhelmed by coronavirus patients face device shortages.


  • U.S. Stocks May Open Lower On Disappointing Jobs Data

    Stocks are likely to move to the downside in early trading on Friday, giving back ground after ending the previous session mostly higher. The major index futures are currently pointing to a lower open for the market, with the Dow futures down by 93 points.


We are using cookies to give you the best experience. You can find out more about which cookies we are using or switch them off in privacy settings.
AcceptPrivacy Settings


  • By using this site, you agree to our Terms of Service and Privacy Policy

By using this site, you agree to our Terms of Service and Privacy Policy

Please read our Privacy Policy and our Terms of Service before Accepting agreement.