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Yahoo News - Latest News & Headlines
The latest news and headlines from Yahoo! News. Get breaking news stories and in-depth coverage with videos and photos.
Trump vetoes bipartisan measure against DeVos' loan rules
Fri, 29 May 2020 19:56:55 -0400
President Donald Trump on Friday vetoed a measure that would have overturned a policy that Education Secretary Betsy DeVos issued in 2019 making it harder for students to get their loans erased after being misled by for-profit colleges. The Senate gave final approval to the bipartisan measure in March, dealing a rare rebuke of DeVos from the Republican-led chamber. In issuing his veto, Trump said the rules created by former President Barack Obama ‚??defined educational fraud so broadly that it threatened to paralyze the nation‚??s system of higher education.‚?Ě
Co-Founder & Executive Chairman Foo Wah Lam Just Bought A Handful Of Shares In High Fashion International Limited (HKG:608)
Fri, 29 May 2020 21:03:56 -0400
Investors who take an interest in High Fashion International Limited (HKG:608) should definitely note that the...
Delta Announces the Acquisition of Trihedral, a Canadian SCADA and IIoT Software Company to Strengthen our Industrial Automation and System Integration Business
Fri, 29 May 2020 23:03:00 -0400
Delta Electronics, Inc. (hereinafter referred to as "Delta") today announced the signing of a definitive agreement pursuant to which Delta Electronics (Netherlands) B.V., a wholly-owned subsidiary of Delta, will acquire 100% of the shares of Trihedral Engineering Limited (hereinafter referred to as "Trihedral"), a Canadian SCADA and IIoT software company, for CAD 45 million (approx. NTD 965 million)*. The acquisition will unite the strengths of Delta's hardware and Trihedral's software in the rapidly growing field of Automation, AI, and Data Analytics, which is expected to further strengthen the sales expansion in various fields such as industrial automation for smart manufacturing.
Hong Kong leaders say Trump 'completely wrong' for curbing ties
Fri, 29 May 2020 21:10:26 -0400
Senior Hong Kong government officials lashed out on Saturday at moves by U.S. President Donald Trump to strip the city of its special status in a bid to punish China for imposing national security laws on the global financial hub. Speaking hours after Trump said the city no longer warranted economic privileges and some officials could face sanctions, security minister John Lee told reporters that Hong Kong's government could not be threatened and would push ahead with the new laws. "I don't think they will succeed in using any means to threaten the (Hong Kong) government, because we believe what we are doing is right," Lee said.
UK helps employers with slow phase-in of job shield costs
Fri, 29 May 2020 23:46:25 -0400
British finance minister Rishi Sunak offered fresh help to employers hammered by the coronavirus shutdown on Friday in the form of a gradual phase-in of contributions by them to the government's hugely expensive wage subsidy scheme. The government has been paying since March 80% of the wages of workers who are temporarily laid off, and who now total 8.4 million, to limit a surge in unemployment. In August the companies will have to resume pension and social security payments, building up to 10% of wage costs in September and 20% in October, a lesser requirement than reported by media before the announcement.
Should You Be Impressed By Wise Ally International Holdings Limited's (HKG:9918) ROE?
Fri, 29 May 2020 20:52:15 -0400
Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is...
Why You Should Like SEM Holdings Limited‚??s (HKG:9929) ROCE
Fri, 29 May 2020 21:09:10 -0400
Today we'll look at SEM Holdings Limited (HKG:9929) and reflect on its potential as an investment. Specifically, we'll...
CWA-Represented Employees Vote to Ratify West Wireline Agreement
Fri, 29 May 2020 21:35:00 -0400
Leadership of Communications Workers of America District 9 has notified AT&T;* that CWA-represented employees have voted to ratify the West wireline agreement.
Nikola And Ryder Terminate Service Partner Agreement To Allow Each Other To Expand Partnership Opportunities
Fri, 29 May 2020 20:00:00 -0400
Nikola Corporation, a global leader in zero-emissions and infrastructure solutions, and Ryder System, a leading supply chain solutions, dedicated transportation and commercial fleet management company, have mutually agreed to terminate their exclusive partnership with respect to the hydrogen electric semi-trucks. As a result, both companies are able to explore emerging opportunities within the rapidly growing commercial transportation industry. Nikola and Ryder view this decision positively and are both now open to business arrangements with other partners as the industry continues to evolve.
Chile, Peru secure credit lines from IMF amid pandemic
Fri, 29 May 2020 20:10:34 -0400
The IMF approved a two-year $24 billion credit line for Chile on Friday as the South American nation battles the growing impact of the coronavirus pandemic. The announcement came a day after Peru secured a two-year, $11 billion credit line, and as Latin America becomes a growing hotspot for COVID-19. The Flexible Credit Line is a renewable funding mechanism granted to countries with strong economic policy track records, and Chile is only the fifth country to receive one.
Why You Should Like HJ Capital (International) Holdings Company Limited‚??s (HKG:982) ROCE
Fri, 29 May 2020 20:18:27 -0400
Today we'll evaluate HJ Capital (International) Holdings Company Limited (HKG:982) to determine whether it could have...
Coronavirus: Renters struggle most with pandemic costs, report says
Fri, 29 May 2020 20:03:38 -0400
Private renters are struggling with housing costs more than mortgage-payers, new research suggests.
'What is it going to take to get people to listen?': George Floyd protests in Minneapolis continue into fourth night despite curfew
Fri, 29 May 2020 21:30:46 -0400
Protests in the wake of George Floyd's death continued in Minneapolis and nationwide following the arrest of fired police officer Derek Chauvin.
Coronavirus (COVID-19) Update: Daily Roundup
Fri, 29 May 2020 20:01:00 -0400
Coronavirus (COVID-19) Update: Daily RoundupPR NewswireSILVER SPRING, Md., May 29, 2020SILVER SPRING, Md.
GODADDY INVESTIGATION INITIATED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Investigates the Officers and Directors of GoDaddy Inc. - GDDY
Fri, 29 May 2020 22:50:00 -0400
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF has commenced an investigation into GoDaddy Inc. (NYSE: GDDY).
CleanToShine Offers Thorough End of Lease Cleaning Melbourne Service From $160.00
Fri, 29 May 2020 23:00:00 -0400
CleanToShine ‚?? a Melbourne end of lease cleaning company ‚?? shares why every tenant should seek lease cleaning services.
ProfNet Expert Alerts for May 29, 2020
Fri, 29 May 2020 20:00:00 -0400
Below are experts from the ProfNet network who are available to discuss timely issues in your coverage area.
Is Hilton Worldwide Holdings Inc (HLT) Going to Burn These Hedge Funds?
Fri, 29 May 2020 19:54:47 -0400
Insider Monkey has processed numerous 13F filings of hedge funds and successful value investors to create an extensive database of hedge fund holdings. The 13F filings show the hedge funds' and successful investors' positions as of the end of the first quarter. You can find articles about an individual hedge fund's trades on numerous financial [‚?¶]
Missouri's only abortion clinic wins licensing battle against state health department
Fri, 29 May 2020 23:31:11 -0400
The Midwestern state's health officials last year declined to renew the license of the St. Louis clinic, operated by women's healthcare provider Planned Parenthood, on the grounds that it failed to meet their safety standards. The arbiter, Administrative Hearing Commissioner Sreenivasa Rao Dandamudi, overruled the state on Friday after finding the Planned Parenthood clinic "provides safe and legal abortion care."
Edging closer to bailout, Lufthansa accepts tweaked demands by Brussels
Fri, 29 May 2020 23:26:23 -0400
Lufthansa's management board accepted a more favourable set of demands made by the European Commission in exchange for approval of a 9 billion euro (8.13 billion pounds) government bailout, the carrier said on Saturday, paving the way for its rescue. The agreement comes after Lufthansa's supervisory board on Wednesday rejected an initial deal with Brussels including conditions that were significantly more painful. Lufthansa and the rest of the airline sector have been hard hit by what is expected to be a protracted travel slump due to the coronavirus pandemic.
Hedge Funds Continue Cashing Out Of 3M Company (MMM)
Fri, 29 May 2020 19:54:28 -0400
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F [‚?¶]
Bad tempered post-Brexit talks enter crucial phase
Fri, 29 May 2020 23:51:15 -0400
Britain and the EU will attempt to revive their imperilled trade talks on Tuesday, entering a crucial week of negotiations that could mark the final hope for a deal. Hundreds of officials will hold video talks all week from London and Brussels, the fourth and last scheduled round of negotiations since Britain formally left the EU on January 31. The previous round ended in acrimony with the EU Brexit negotiator Michel Barnier asking his UK counterpart David Frost to watch his "tone" in a tetchy exchange of letters.
Northern Vertex announces interest payment on convertible debentures
Fri, 29 May 2020 20:00:00 -0400
Northern Vertex Mining Corp. (TSX.V: NEE) (OTC Nasdaq Intl.: NHVCF) (the "Company" or "Northern Vertex") announces that under the terms of the convertible debentures issued under the convertible debenture indenture dated July 14, 2016 (the "Indenture") between the Company and Computershare Trust Company of Canada, it has elected to satisfy its obligation to pay an aggregate of $167,500 in interest accrued on the convertible debentures by issuing to such debenture holders on the interest payment date of June 1, 2020 an aggregate of 598,196 common shares in the capital of the Company (the "Common Shares"). The Company will pay to each such debenture holder approximately 8.93 Common Shares per $100 principal amount of debentures held as at the applicable interest payment record date. Under the terms of the Indenture, no fractional Common Shares will be delivered upon payment of the interest obligation and the Company is not required to pay the cash equivalent of any amount less than $5.00. The issuance of Common Shares in payment of interest remains subject to approval of the TSX Venture Exchange (the "Exchange").
PROPETRO INVESTIGATION CONTINUED BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Continues to Investigate the Officers and Directors of ProPetro Holding Corp. - PUMP
Fri, 29 May 2020 22:50:00 -0400
Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC ("KSF"), announces that KSF continues its investigation into ProPetro Holding Corp. (NYSE: PUMP).
Facebook declines to take action against Trump statements
Fri, 29 May 2020 22:14:09 -0400
Twitter responded to the president‚??s post, which suggested violence against protesters, by hiding it behind a warning labelAs Twitter for the second time in a single week took unprecedented action¬†against a tweet by Donald Trump, Facebook declined to take any enforcement action against the president‚??s statements.Trump‚??s threatening statement on Twitter, Facebook and Instagram on Thursday night, ‚??Any difficulty and we will assume control but, when the looting starts, the shooting starts,‚?Ě¬†echoed¬†a racist 1960s police chief known for ordering patrols of black neighborhoods with shotguns and dogs. It was widely interpreted as a threat and potential incitement to violence against residents of the Twin Cities who have erupted in protest against the alleged police killing of George Floyd, a black man who begged for his life as a white police officer knelt on his neck for several minutes.Twitter responded by invoking a¬†policy it enacted in June 2019¬†to address the then-hypothetical situation of a major world leader violating its rules in a way that could cause real world harm. The policy allows the company to maintain the tweet for the purpose of accountability and the public record, but hide it behind a warning label.‚??We‚??ve taken action in the interest of preventing others from being inspired to commit violent acts, but have kept the tweet on Twitter because it is important that the public still be able to see the tweet given its relevance to ongoing matters of public importance,‚?Ě the company¬†explained.Facebook, on the other hand, left the Trump post on the platform. The company has explicit rules¬†against speech that could inspire or incite violence, but it has taken no action against Trump‚??s statement. As of Friday evening, the Facebook¬†post¬†had been shared more than 65,000 times and received 196,000 likes, 32,000 heart emojis, and 6,600 laughing emojis.The text was also overlaid on a photo of Trump for the president‚??s¬†Instagram account, where it has received more than 433,000 likes.And while Facebook has made a controversial decision to exempt politicians from its third-party fact-checking process, there is no such exception for incitement to violence.On Friday evening, Facebook CEO Mark Zuckerberg defended Facebook‚??s decision to allow the post by arguing that Facebook has a policy to allow warnings of the use of force by state actors.It was not immediately clear if that policy had ever been articulated by Facebook before. In 2019, a Facebook spokesperson declined to clarify the company‚??s policy around violence and hate speech by state actors on the record to the Guardian. The Guardian has contacted Facebook for comment.In a post on his personal Facebook page, Zuckerberg also appeared to suggest that if Facebook had decided Trump‚??s post was intended to incite violence by civilians, they would have taken it down, writing, ‚??Unlike Twitter, we do not have a policy of putting a warning in front of posts that may incite violence because we believe that if a post incites violence, it should be removed regardless of whether it is newsworthy, even if it comes from a politician.‚?ĚZuckerberg also criticized Trump, saying: ‚??Personally, I have a visceral negative reaction to this kind of divisive and inflammatory rhetoric ‚?¶ I disagree strongly with how the president spoke about this, but I believe people should be able to see this for themselves, because ultimately accountability for those in positions of power can only happen when their speech is scrutinized out in the open.‚?ĚThreats of violence by state actors on its platforms has long been a tricky topic for the company. Facebook was used by Buddhist extremists and military officials in Myanmar to incite hatred and violence against that country‚??s Muslim minority, the Rohingya, in 2017 ‚?? a campaign of ethnic cleansing that culminated in the killing of 25,000 Rohingya and the forced displacement of 700,000 more. Facebook¬†admitted to failings¬†in Myanmar in 2018 and eventually banned many of the hate preachers and military leaders who had used the platform to inspire genocide.
Coronavirus updates: New Jersey allows in-person graduations; Costco's free samples are coming back; Trump to scrap relationship with WHO
Fri, 29 May 2020 20:47:54 -0400
President Trump blasted the World Health Organization. NYC is on track to begin reopening in June. Consumer spending sank. More COVID-19 news Friday.
Harborside Inc. Announces Intent to Restate Certain Historical Financial Statements and Delay in Filing Annual Financial Statements and MD&A
Fri, 29 May 2020 22:53:00 -0400
Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR), a California-focused, vertically integrated cannabis enterprise, has announced today that due primarily to changes in the application of accounting treatments related to certain transactions by its reverse takeover acquirer, FLRish Inc., the previously issued financial statements for the fiscal years ended December 31, 2017 and 2018 and the interim periods ended March 31, 2019, June 30, 2019 and September 30, 2019, and any corresponding management's discussion and analyses (collectively, the "Restated Documents"), will be restated and reissued. The primary accounting changes addressed by the restatements will include the reclassification and re-measurement of certain financial instruments and the change in the accounting for a common control acquisition to a business combination under IFRS 3. The accounting changes will include the recognition of fair value adjustments as part of the acquisition. The effect of the restatements does not impact the Company's ongoing operations, cash position, or its expected positive operating results for Fiscal 2019 and First Quarter 2020 as described in more detail below.
Amid unprecedented growth on its platform, Acorns cuts roles and shuts down an office
Fri, 29 May 2020 20:51:41 -0400
Acorns, which helps millions of people invest their spare change in the stock market, has laid off between 50 to 70 people, TechCrunch has learned from multiple sources. The Irvine, Calif.-based company would not confirm the total number of people laid off, but did confirm that there were cuts at the company as a result of broader business changes. The news emerged days after the fintech company closed its Portland office earlier this week, one of four offices the company maintained.
'This is not a protest ... This is chaos': Atlanta Mayor Keisha Lance Bottoms pleads for peace amid fiery George Floyd protests
Fri, 29 May 2020 23:50:03 -0400
Images and videos showed fiery demonstrations in Atlanta on Friday night, prompting an impassioned plea for peace from Mayor Keisha Lance Bottoms.
White House was locked down as protests over Floyd's death reach nation's capital
Fri, 29 May 2020 20:34:00 -0400
The protests over George Floyd's death hit the nation's capital the same day the president tweeted about rioters in Minneapolis.
Trade Alert: Xiaoyong Li At MOBI Development Co., Ltd. (HKG:947), Has Just Spent CN¬•380k Buying 1.0% More Shares
Fri, 29 May 2020 21:33:59 -0400
Even if it's not a huge purchase, we think it was good to see that Xiaoyong Li, a MOBI Development Co., Ltd. (HKG:947...
Should We Be Delighted With Wah Wo Holdings Group Limited's (HKG:9938) ROE Of 31%?
Fri, 29 May 2020 21:33:52 -0400
One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will...
Who Has Been Buying Chinlink International Holdings Limited (HKG:997) Shares?
Fri, 29 May 2020 22:23:15 -0400
It is not uncommon to see companies perform well in the years after insiders buy shares. The flip side of that is that...
Lilly's CYRAMZA¬ģ (ramucirumab) Receives FDA Approval as First-Line Treatment for Metastatic EGFR-Mutated Non-Small Cell Lung Cancer
Fri, 29 May 2020 21:07:00 -0400
Eli Lilly and Company (NYSE: LLY) today announced that the U.S. Food and Drug Administration (FDA) has approved CYRAMZA¬ģ (ramucirumab injection, 10 mg/mL solution), in combination with erlotinib, for the first-line treatment of people with metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 (L858R) mutations. With this approval, CYRAMZA has now received six FDA approvals to treat certain types of lung, liver, stomach and colorectal cancers.
Asia Today: S Korea has another 39 cases linked to warehouse
Fri, 29 May 2020 23:04:27 -0400
South Korea on Saturday reported 39 new cases of the coronavirus, most of them in the densely populated Seoul area where officials have linked scores of infections to warehouse workers. Figures from South Korea‚??s Centers for Disease Control and Prevention brought national totals to 11,441 confirmed cases and 269 deaths. KCDC Director Jeong Eun-kyeong said Friday that at least 102 infections had been linked to workers at a massive warehouse operated by Coupang, a local e-commerce giant that has seen orders spike during the epidemic.
Why SOCAM Development Limited‚??s (HKG:983) Use Of Investor Capital Doesn‚??t Look Great
Fri, 29 May 2020 20:35:21 -0400
Today we'll evaluate SOCAM Development Limited (HKG:983) to determine whether it could have potential as an investment...
Australia Will Urge States to Scrap Payroll Tax, Treasurer Says
Fri, 29 May 2020 22:53:56 -0400
(Bloomberg) -- Australia‚??s government will call on states to eliminate payroll taxes as part of the nation‚??s efforts to jump-start the economy and create jobs, Treasurer Josh Frydenberg said in an interview with the Daily Telegraph.‚??I‚??d love the states to get rid of the payroll tax,‚?Ě he said. They ‚??have also got their own balance sheets, and their own economic capacity, and we‚??ve already announced very significant support, and will continue to look at opportunities, but the states will be required to do more I suspect going forward as well.‚?ĚThe government‚??s coronavirus recovery plans will involve changes to taxes on income, and for small and medium businesses, Frydenberg said in the interview. The proposals are expected to be finalized ahead of the government‚??s annual budget release in October, he said, according to the report. The Treasurer is also looking at reforms that would make it easier for small businesses to borrow, he told the Telegraph.New South Wales Treasurer Dominic Perrottet said earlier this month he was considering altering payroll taxes in his state as part of a major overhaul of the local taxation system.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.
Calculating The Intrinsic Value Of Kwan Yong Holdings Limited (HKG:9998)
Fri, 29 May 2020 22:47:56 -0400
How far off is Kwan Yong Holdings Limited (HKG:9998) from its intrinsic value? Using the most recent financial data...
The Executive Chairman & MD of Great Eagle Holdings Limited (HKG:41), Ka Shui Lo, Just Bought A Few More Shares
Fri, 29 May 2020 20:33:52 -0400
Those following along with Great Eagle Holdings Limited (HKG:41) will no doubt be intrigued by the recent purchase of...
Canada immigration sharply curtailed by virus: study
Fri, 29 May 2020 20:10:10 -0400
Canada had hoped to welcome a record wave of immigrants in 2020 but will likely take in approximately half the previously expected number of people due to the coronavirus pandemic, a study published Friday showed. In March, the government announced that it planned to accommodate some 370,000 new permanent residents this year. Ottawa announced its plan to allow a heightened number of immigrants just four days before Canada implemented travel restrictions that have virtually halted immigration.
/C O R R E C T I O N -- Stewart Information Services Corporation/
Fri, 29 May 2020 21:54:00 -0400
Stewart Information Services Corporation (NYSE:STC) today announced that its Board of Directors had declared a cash dividend of $0.30 per share for the second quarter 2020, payable June 30, 2020, to common stockholders of record on June 15, 2020.
'Black history is this country‚??s history': George Floyd protests intensify across US, from Atlanta to Indianapolis to Milwaukee
Fri, 29 May 2020 23:38:52 -0400
Outrage over George Floyd's death in Minneapolis sparked¬†protests, both peaceful and contentious, in cities across the nation on Friday night.
Virus-battered Italy faces worst recession since WWII
Fri, 29 May 2020 22:32:14 -0400
Facing its deepest recession since World War II and with business confidence collapsing, the coronavirus pandemic is hitting Italy's economy hard. Business confidence in the eurozone's third largest economy in May plummeted to its lowest level since official statistics institute ISTAT started the index in March 2005.
STARK Industries, LLC Awarded NASA JPL - VITAL Ventilator Manufacturing License to Combat the Global COVID-19 Crisis
Fri, 29 May 2020 20:05:00 -0400
STARK Industries, LLC has been awarded a manufacturing license for the NASA JPL ‚?? VITAL Ventilator, designed to help meet the domestic and global demand for ventilators during the COVID-19 global crisis.
U.S. pipeline operator Energy Transfer warns of coming job cuts
Fri, 29 May 2020 21:23:30 -0400
Marshall McCrea, chief commercial officer for the Dallas-based company, said in a recorded message to employees the cuts would begin Monday and affect about 6% of the company's staff, according to two people familiar with the recording. U.S. oil and gas producers have curtailed or shut in wells in response to crude prices down 45% since the start of the year, reducing deliveries to pipeline operators.
Should You Be Impressed By Huijing Holdings Company Limited's (HKG:9968) ROE?
Fri, 29 May 2020 21:58:33 -0400
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like...
Nike takes a social stand on race relations: 'Don't turn your back on racism'
Fri, 29 May 2020 21:07:32 -0400
As protests continue over George Floyd's death, Nike took to Instagram Friday to post a socially conscious message: "Don't turn your back on racism."
Lake of the Ozarks pool partier tests positive for coronavirus
Fri, 29 May 2020 20:04:40 -0400
A Missouri resident who arrived at the lake on Saturday "developed illness" on Sunday, according to a news release from Camden County.
The Pandemic Isn‚??t India‚??s Only Curve to Flatten
Fri, 29 May 2020 20:00:07 -0400
(Bloomberg Opinion) -- The spread of the coronavirus in India is showing¬†no sign of abatement.¬†Unless it catches a lucky break, Asia‚??s No. 1 pandemic¬†hotspot is still a month or more away from a peak in infections (currently above 165,000) despite a severe¬†lockdown. Tricky as the situation¬†is for¬†the country‚??s¬†patchy healthcare infrastructure,¬†the disease won‚??t be¬†India‚??s only curve to flatten.¬†The squiggly line that joins the cost of money at different maturities ‚?? the yield curve ‚?? deserves just as much attention. It‚??s unhealthy in an economy headed for a recession that 10-year funds cost nearly 5.75%, almost 275 basis points more than the three-month treasury bill yield. The central bank is slashing short-term rates and flooding banks with liquidity, and yet the long-term cost of capital is refusing to head lower.¬†In large developing economies deeply challenged by the virus, from Brazil to Indonesia, the yield curve, or the excess of longer-term bond yields over shorter-term bill rates, has steepened appreciably from¬†a year ago. In the U.S., Europe¬†and Japan, as well as in China, where the outbreak started,¬†the difference has either remained at similar levels or gone down. Bond investors are more comfortable with fiscal expansion as a strategy to deal with the pandemic in countries that can issue large amounts of debt in¬†their own currencies without facing exchange-rate instability or runaway inflation.¬†The surge¬†in India‚??s yield differentials has been¬†both pronounced and problematic: Capital wasn‚??t cheap to begin with for corporate borrowers, and it‚??s getting more expensive. This comes just as migrant rural workers have¬†been driven out of urban production centers because of shuttered factories, unpaid wages, and ‚?? in many cases ‚?? no¬†food or shelter. Even if this¬†labor is safely put back on, say, road construction,¬†concessionaires might still go bankrupt before completing any projects. That‚??s¬†because their annuity payments from the government are¬†linked to falling short-term policy¬†rates, whereas their long-term borrowing costs are both high and sticky.¬†¬†To face a downturn with a stubbornly elevated¬†cost of borrowing¬†is a recipe for a vicious cycle in which¬†the economy produces and earns little, consumes less, and fetches¬†meager taxes for the government. This limits avenues for purchasing faster growth with fiscal pump-priming. About 10% of real gross domestic product may be permanently lost, according to¬†Crisil, an Indian affiliate of S&P Global Inc.Official¬†data released Friday pegged GDP growth at 3.1% in the March quarter from a year prior, slowing sharply from 4.1%¬†in the previous three months. Worse is yet to come. Getting stuck in a slow-growth, deflationary rut is a real possibility¬†because capital was already expensive. Credit¬†spreads, or what businesses have to pay over and above government bond yields, were wide even before the pandemic. Creditors‚?? trust¬†in corporate borrowers ‚?? especially real-estate developers and shadow banks¬†‚?? was ebbing. Now, when 30%-plus of most credit portfolios are taking advantage of a six-month moratorium, nobody knows what delinquencies will be like when¬†lenders finally get to demand¬†repayment of the¬†interest accumulating through the freeze.One thing is certain. The thriving¬†consumer credit culture that was driving India in the absence of corporate investment before Covid-19 is on¬†its last legs. Almost¬†360 million people who earn between $130 and $260 a month are¬†staring¬†at a¬†56% drop in April incomes¬†from February,¬†says¬†research firm CreditVidya, which estimates this mass-market segment will be¬†unlikely to fulfill its¬†installment obligations beyond two months.¬†India‚??s¬†legacy corporate bad loan problem is far from¬†resolved. According to Credit Suisse Group AG, accelerating ratings downgrades pose¬†a refinancing risk for $33 billion in loans. Thanks¬†to the lockdown, unsecured consumer credit is also toast. At the very least, Prime Minister Narendra Modi‚??s government will have to rescue state-owned banks. Credit Suisse estimates a recapitalization bill of $13 billion. Amid¬†rising¬†welfare expenditure,¬†collapsing tax collections¬†and¬†fading hopes of privatization revenue, the falling¬†debris of a broken financial system¬†will hit¬†India‚??s budget hard.¬†¬†Shutting down¬†congested cities doesn‚??t defeat a contagion in the absence of aggressive testing. India‚??s untamed Covid graph demonstrates¬†that. Unruly yields underscore¬†the difficulty of convincing markets that the government will¬†somehow¬†limit the supply of new debt¬†by using its¬†fiscal firepower sparingly.The 6.5%¬†of GDP in budgetary resources that Team Modi has committed to support the Covid-hit economy is heavily centered on credit guarantees. The deficit needle will move higher by just¬†0.8% of GDP, Nomura Research says. The pusillanimity is making investors¬†nervous.New Delhi¬†was less than sensitive to¬†migrant workers‚?? precarious existence¬†before launching its hasty lockdown in March.¬† Now, when it comes to restarting the economy, the government is too fearful¬†of a fragile currency, sovereign downgrades and capital outflows¬†to spend¬†boldly and pay for it by printing money.¬†The strategy is simply not credible, and the yield curve shows that.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.¬©2020 Bloomberg L.P.
Young Minneapolis mayor in spotlight after police killing, protests
Fri, 29 May 2020 19:54:11 -0400
Disturbing footage showing a Minneapolis law enforcement officer pressing his knee into Floyd's neck and the ensuing unrest after the 46-year-old's death have drawn international attention to Mayor Jacob Frey, a 38-year-old attorney and former professional athlete who ran for office on a platform of reforming the police. "Being black in America should not be a death sentence," Frey declared at a news conference after Floyd's killing, and called openly for the arrest of the officer involved, Derek Chauvin. A former civil rights and employment attorney, Frey's political future may hinge on his handling of Floyd's death and its violent aftermath, which have followed the coronavirus pandemic that shut down his city for two months.
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