July 25, 2019

ECB signals a rate cut, more monetary easing ahead

VIDEO1:2201:22'Significant degree' of monetary stimulus necessary, ECB's Draghi saysEuropean Central BankThe European Central Bank (ECB) prepared markets for more easing measures on Thursday, causing the euro to briefly fall to a two-year low against the dollar. The central bank said it expects its key interest rates to remain "at their present or lower levels" at least through the first half of 2020, updating the wording on previous statements and suggesting a rate cut could be on the horizon. ECB President Mario Draghi said at a following press conference on Thursday that "a significant degree of monetary stimulus continues to be necessary to ensure that financial conditions remain very favorable and support the euro area expansion." The bank also signaled that there could be additional measures to stimulate the euro zone economy. It said it was examining options, "such as the design of a tiered system for reserve remuneration, and options for the size and composition ..
July 25, 2019

Boris Johnson appoints a new Cabinet

Boris Johnson appoints a new CabinetSpeaking to the BBC Breakfast programme on 25 July, Open Europe's Henry Newman discusses the new Cabinet appointed by Prime Minister Boris Johnson. The post Boris Johnson appoints a new Cabinet appeared first on Open Europe.
July 25, 2019

Boris Johnson takes office as UK Prime Minister and reshuffles Cabinet

25 July 2019 Boris Johnson takes office as UK Prime Minister and reshuffles Cabinet The leader of the Conservative Party, Boris Johnson, took office as Prime Minister yesterday following an audience with the Queen at Buckingham Palace. Speaking on the steps of Downing Street, Johnson said that his mission was to “restore trust in our democracy” and to “fulfil the repeated promises of parliament to the people and come out of the EU on October 31, no ifs or buts.” On the subject of a No Deal Brexit, Johnson said it was “vital… that we prepare for the remote possibility that Brussels refuses any further to negotiate,” and added that it was important to prepare “to come out of the EU customs union and out of regulatory control.” He announced that his Government would prepare an “economic package” in the autumn in time for Brexit. Johnson appointed his new Cabinet last night and is chairing the first meeting this morning. 17 ministers from Theresa May’s Government, including Penny Mor..
July 24, 2019

ICRA downgrades Yes bank’s bond programme worth Rs 53000

Mumbai: Rating agency ICRA has downgraded Yes bank’s bond programme worth Rs.53000 crore to A+ from AA- owing to build-up of stressed assets in the private sector lender’s loan book. “The rating downgrade factors in the increase in stress, as reflected by the increase in BB and below rated exposures despite slippages from these exposures, as well as the lack of resolutions,” ICRA said in a press release. Yes Bank’s gross non-performing advances (GNPAs) and BB and below rated exposures increased to Rs.41558 crore in the June quarter from Rs.30772 crore in the March quarter. This is rating agency’s second such downgrade of the bank’s bonds since May this year. The outlook has been kept negative.
July 24, 2019

DHFL defaults on Rs 8.07 cr bond repayments

Beleaguered housing finance company DHFL again defaulted on bond repayments to the tune of Rs 8.07 crore on July 23, according to an exchange filing. The company on July 23, 2019 defaulted on '8.84 per cent, secured non-convertible debenture (NCD) for 3 years' with a total default amount of Rs 8.07 crore, DHFL said in a regulatory filing on Wednesday. The total amount of securities issued were of the face value of Rs 6.30 crore. In a separate filing, the company said that the National Housing Bank has imposed a fine of Rs 5,000. The fine was imposed as the housing sector regulator found DHFL to be deficient with regard to adherence of the regulations on Approval of Acquisition or Transfer of Control directions of NHB, concerning the change in directorship of the company, it said. "The penalty levied by NHB is in the normal course of business of the company and shall have no impact on any business or other activities of the company," DHFL said. The first instance of defau..
July 24, 2019

Bajaj Finance Q1: Strong profit growth likely; AUM guidance eyed

NEW DELHI: Bajaj Finance is expected to report a robust 45-55 per cent surge in growth when it reports its June quarter results on Thursday. Asset quality is expected to remain largely stable. The NBFC was in news of late after MD Sanjiv Bajaj’s comments to a TV channel sparked concerns over a possible slowdown at the company. However, the NBFC later released data, suggesting a strong 41 per cent YoY (11.3 per cent QoQ) growth in asset under management (AUM) in June quarter to Rs 1.29 lakh crore. Consumer finance momentum is expected to be strong, though some moderation in auto segment is expected, said Sharekhan. NIMs likely to expand sequentially, aided by seasonal trends and better yields-cost mix. Trends in loan growth remain key monitorable, the brokerage said. Brokerage ICICI Securities is expecting 35 per cent growth in advances at Rs 1,21,817 crore. “This quarter, the company may be a beneficiary of current NBFC business slowdown, but bank’s participation is gradually risin..
July 24, 2019

Tata Motors may report a loss in June quarter

Mumbai: Homegrown auto major Tata Motors is likely to report a loss in the June quarter, as dwindling demand wreak havoc for the sector both in the domestic as well as in the international markets, say analysts. ICICI Securities expects the automobile major to report a loss of Rs 2,347.3 crore. The brokerage expects JLR retail volumes to decline around 19 per cent and revenue of 4.7 billion pounds, down 10 per cent on a yearly basis with adjusted Ebitda margins of 6.3 per cent, up 10 basis points. On an operational basis, ICICI Securities expects JLR to report a loss of 202 million pounds on a forex loss of 50 million pounds. The automaker’s standalone business is expected to witness a topline decline of 19 per cent as the firm may post Ebitda margin drop of around 304 basis points to 5.6 per cent. The key monitorable would be China inventory situation and compliance of China EV norms, demand and discounting trends across JLR’s key markets, outlook on capital expenditure and R&D, ..
July 24, 2019

InvIT AUM may grow 5-fold in 2 years: Crisil

A slew of new infrastructure investment trusts (InvIT) may hit the financial markets in the coming years after the market regulator Securities and Exchange Board of India (Sebi) changed regulations in April this year. Sectors such as power transmission, roads, gas pipelines, telecom infrastructure and renewable energy may benefit the most from the upcoming InvITs. Crisil, which projected that InvIT issuances to grow fivefold to over Rs 2 lakh crore in the next two years, said that the long-term offtake contracts and strong counterparties provide revenue visibility, making five sectors attractive to investors. Other infrastructure assets having similar characteristics, such as ports and airports, may also be suitable for InvITs. The amendments to the Sebi (Infrastructure Investment Trusts) Regulations, 2014, are well-balanced, Crisil said. The leverage norms (debt to asset value) for InvITs have been relaxed to 70 per cent from 49 per cent, subject to trusts retaining ‘AAA’ credit r..
July 24, 2019

Here are the biggest analyst calls of the day: Apple, Micron, Amazon & more

Here are the biggest calls on Wall Street on Wednesday: Deutsche Bank said Western Digital's fundamentals are "pointing up." "WDC's shares went through a roller coaster ride in the past few months, down -35% from the April peak and up more than +50% since mid-June. While inventory build and the Huawei ban negatively impacted the early part of C2Q, the power outage at Toshiba Memory Corp and the Huawei ban reprieve drove increasing optimism that the NAND industry will soon return to supply-demand balance. Although we see some downside to our C2Q estimates (we cut our estimates on June 3 to reflect the Huawei ban), there could be upside risks to our C3Q estimates given a better pricing environment and the resumption of shipments to Huawei. " Deutsche Bank raised its target and said the computer memory and computer data storage maker could be seeing the start of an "upturn." "Given recent events, we have more confidence that F4Q19 (Aug) will be the trough quarter for MU for th..

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