EU wins tariff clearance on $4 billion of U.S. imports in Boeing case

BRUSSELS/PARIS/WASHINGTON (Reuters) – The European Union on Tuesday won the right to impose tariffs on $4 billion of U.S. goods in retaliation against subsidies for planemaker Boeing BA.N – deepening a record trade spat that has already prompted Washington to slap duties on EU imports.

The World Trade Organization tariff award, which confirms a decision first reported by Reuters on Sept 30, threatens to intensify transatlantic trade tensions just three weeks ahead of the U.S. presidential election.

However, negotiators on both sides say it could also lead at last to discussions to resolve a 16-year legal battle over subsidies to aircraft manufacturers Boeing and Airbus AIR.PA.

Both the United States and the EU have signalled interest in settling the dispute over planemaker subsidies, while accusing the other of refusing to talk seriously.

Tuesday’s decision, delayed by the COVID-19 pandemic, follows a WTO ruling last year prompting Washington to begin

Read More

Read More

Delta’s $5.4 Billion Loss Underscores Airline Industry’s Painful Way Forward: Live Updates

Here’s what you need to know:

Credit…Charlie Riedel/Associated Press

Delta Air Lines lost $5.4 billion in the three months through September, and its operating revenue plunged 79 percent from the year before, as the industry weathered a deep and sustained crisis caused by the coronavirus pandemic.

The results, reported by the company on Tuesday, are an improvement over the second quarter of the year, when Delta reported a slightly larger $5.7 billion loss and an 88 percent decline in revenue, but with the peak summer travel season behind them, Delta and other airlines are bracing for a weak fall and winter.

“With a slow and steady build in demand, we are restoring flying to meet our customers’ needs, while staying nimble with our capacity in light of Covid-19,” Delta’s president, Glen Hauenstein, said in a statement. “While

Read More

Read More

China Set to Price $6 Billion Debt Deal as Soon as Wednesday

(Bloomberg) — China’s government is expected to price a potential $6 billion bond sale as early as Wednesday, ahead of possible volatility from U.S. elections next month.

The Ministry of Finance is arranging investor calls for 144a and Regulation S senior bonds Tuesday, according to people familiar with the matter who aren’t authorized to speak publicly. The ministry is seeking to raise about $6 billion via multi-tranche notes that will likely include three-year, five-year, 10-year and 30-year maturities, Bloomberg reported last week.

Officials at the ministry weren’t immediately available to comment.

The planned bond sale follows the ministry’s jumbo global debt offerings in two currencies in November, when it sold $6 billion of dollar bonds and 4 billion euro notes. The former drew bumper demand with orders at more than triple the targeted size.



chart, treemap chart: Scarce Supply


© Bloomberg
Scarce Supply

China’s fresh sovereign debt sale this week comes as uncertainty ahead of

Read More

Read More

Guolian, Sinolink End Plan to Create $13 Billion Broker

(Bloomberg) — Guolian Securities Co.’s effort to acquire bigger rival Sinolink Securities Co. has ended after the firms couldn’t agree on terms to create a $13 billion Chinese broker in the consolidating industry.



a close up of a man: HAIKOU, CHINA - MAY 09: (CHINA OUT) An investor watches the electronic board at a stock exchange hall on May 9, 2011 in Haikou, Hainan Province of China. The power companies and train markers led Chinese stocks rebounding on Monday. With the benchmark Shanghai Composite Index rose 8.57 points, or 0.3 percent, to close at 2,872.46 points. (Photo by VCG/VCG via Getty Images)


© Photographer: VCG/Getty Images AsiaPac
HAIKOU, CHINA – MAY 09: (CHINA OUT) An investor watches the electronic board at a stock exchange hall on May 9, 2011 in Haikou, Hainan Province of China. The power companies and train markers led Chinese stocks rebounding on Monday. With the benchmark Shanghai Composite Index rose 8.57 points, or 0.3 percent, to close at 2,872.46 points. (Photo by VCG/VCG via Getty Images)

Sinolink had agreed to be bought in an all-stock deal announced Sept. 20, but specific details for the combination couldn’t be agreed to, the companies said in separate but identical stock exchange filings late Monday.

The deal announcement had sent Guolian’s Hong Kong-listed stock soaring as much as 75%

Read More

Read More

Twilio Stock Jumps 8% on $3.2 Billion Segment Buy



a close up of a logo: The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.


© Source: rafapress / Shutterstock.com
The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.

Twilio (NYSE:TWLO) stock is on the rise Monday following merger and acquisition (M&A) news that it’s acquiring Segment for $3.2 billion.



a close up of a cell phone screen with text: The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.


© Provided by InvestorPlace
The Twilio (TWLO) logo is displayed over a white background on a smartphone screen.

Twilio won’t be spending cash to acquire the cloud data company. Instead, it’s going to fund the entirety of the $3.2 billion purchase price with shares of TWLO stock. This will have Segment becoming a division of Twilio.

Twilio notes that the deal will improve its customer engagement offerings to developers and companies. It will also increase its total addressable market to $79 billion. It notes that this should speed up its growth plans.

Jeff Lawson, co-founder and CEO of Twilio, said the following about the M&A news.

“Combined with

Read More

Read More

After Mismanaging Their Companies With Stock Buybacks And Lucrative CEO Pay Packages, Airlines Demand Another $25 Billion From Taxpayers

In March, the coronavirus—the name used at the time—wreaked financial havoc on the airline industry. Health experts and government officials strongly advised people to avoid nonessential travel due to the risks of catching or spreading the disease. Fear over the fast-moving virus among passengers on cruise ships terrified potential air travelers. Cognizant of the dangers associated with being confined in tight quarters with people who may have the virus (plus a required quarantine period), air travel came to a halt. It was the worst economic conditions for the airline sector since Sept. 11. 

Gary Kelly, the CEO of Southwest Airlines, announced at that time that he would voluntarily take a 10% pay cut, in response to the dramatic drop in air travel. “The velocity and the severity of the decline is breathtaking,” Kelly said. He somberly added,

Read More

Read More

India announces economic stimulus to boost demand by $10 billion

By Aftab Ahmed and Manoj Kumar

NEW DELHI (Reuters) – India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

The government will allow its employees to spend tax-exempt travel allowances on goods and services, Nirmala Sitharaman, India’s finance minister told a news briefing.

She said the government will also shore up investment by spending extra 250 billion rupees ($3.41 billion)on roads, ports and defence projects, and offering 120 billion rupees in interest-free 50-year loans to state governments for spending on infrastructure before March 31,2021.

“All these measures are likely to create an additional demand of 730 billion rupees ($9.96 billion),” Sitharaman said, adding the proposals would stimulate demand in a “fiscally prudent way.”

Prime Minister Narendra Modi’s government, which imposed a

Read More

Read More

Businessman Shetty seeks India probe of NMC, Finablr ex-CEOs over $6 billion scandal

By Abhirup Roy and Saeed Azhar



a car parked in front of a building: FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi


© Reuters/Satish Kumar Subramani
FILE PHOTO: General view of NMC specialty hospital in Abu Dhabi

MUMBAI/DUBAI (Reuters) – Indian entrepreneur BR Shetty has filed a complaint with federal investigative agencies in India seeking a probe into two former top executives of his companies and two Indian banks related to a multibillion dollar financial scandal engulfing his group.

Loading...

Load Error

Several companies linked to Shetty, including top United Arab Emirates hospital operator NMC Health PLC and payments firm Finablr PLC , have come under severe financial strain this year after short-seller Muddy Waters questioned NMC’s financials.

At issue, Muddy Waters said, were questions about NMC’s asset purchase prices and capital expenditures, which it said were both inflated.

NMC and Finablr subsequently announced far higher debts than they had previously reported.

Shetty’s 55-page complaint, a copy of which was seen by Reuters, accuses the former chief

Read More

Read More

Vanguard Returns $21 Billion in Assets to China State Funds

(Bloomberg) —



a sign in front of a building: The Vanguard Group headquarters are seen in Malvern, Pennsylvania, U.S.


© Photographer: Bloomberg/Bloomberg
The Vanguard Group headquarters are seen in Malvern, Pennsylvania, U.S.

Vanguard Group Inc. returned about $21 billion in managed assets to government clients in China as part of a global shift to focus on low-cost funds for individual investors, according to people familiar with the matter. BlackRock Inc. and Amundi SA are being considered to manage a portion of the funds returned by Vanguard.

Loading...

Load Error

The assets include about $10 billion that Vanguard had managed for each of China’s State Administration of Foreign Exchange and the China Investment Corp. sovereign wealth fund, the people said, declining to be identified as the matter is private. More than $1 billion was returned to the national pension fund, they said.

The currency regulator will probably transfer oversight of its money to other managers including BlackRock, while the pension fund is likely to pick Paris-based Amundi to manage

Read More

Read More

1 2 3 10