- A + A TOKYO/SYDNEY/LONDON (Oct 3): Governments and companies around the world are facing unprecedented costs to refinance bonds, a burden that’s set to deepen fissures in debt markets and expose more vulnerabilities among weaker borrowers. A corporate treasurer or finance minister looking to issue new notes now would likely have to pay interest that’s about 156 basis points higher on average than the coupons on existing securities, after that gap surged to a record in recent days. That all adds up to about US$1.01 trillion in additional costs if all those securities were refinanced, according to calculations using a Bloomberg index tracking some US$65 trillion of government and corporate debt across currencies. That broad benchmark of global debt lost 6.8% last quarter, its second-worst drop after a record slide in the previous three months, data stretching back to 1999 show. Monday brought little relief, with spreads on Asian high-grade dollar bonds little … [Read more...] about A US$1 tril burden looms for world borrowers refinancing debt
European ambivalence undermines
- A + A SHANGHAI/LONDON (Oct 3): Commodities face a daunting array of challenges in the final stretch of a turbulent year after capping their first back-to-back quarterly loss since 2019. Demand disruption as central banks hike rates to fight inflation, Europe's energy crisis, extreme weather risks, and deep policy uncertainty in China are among the major features that investors will need to navigate. In the near term, traders are focused on the Organization of the Petroleum Exporting Countries and allies (Opec+) this week as the alliance weighs a major supply cut, while gas markets will be on alert as Moscow escalates tensions with Europe. Elsewhere, Hurricane Ian's impacts are under scrutiny as US President Joe Biden heads to Florida, while China is off for a week-long break as the pivotal Communist Party congress looms in mid-October. Goldman Sachs Group Inc now reckons that commodities are caught up in a negative feedback loop driven by the dollar and shifts in … [Read more...] about What to watch as commodities face crisis-wracked run to year end
- A + A IN “Westminster”-type parliamentary systems of government like Malaysia’s, a general election is preceded by a formal dissolution of the elected lower house. This is an executive function, performed by the Yang di-Pertuan Agong (Agong) on the advice of the Prime Minister (PM). The position is governed by Articles 40 and 43 of the Constitution. Under Article 40(1) and (1A) it is clear that the Agong must ordinarily act on the advice of the Cabinet. However, Article 40(2) provides for some exceptions to this, which include the appointment of a PM, and the withholding of consent to a request for the dissolution of Parliament. These exceptions are familiar ones in parliamentary systems. But Article 40(2) has led to confusion over the power to dissolve Parliament. Crucial here is that the text refers to withholding (not granting) consent to a request for dissolution. This refers to the situation whereby the PM has lost his majority in Parliament, which is deal … [Read more...] about Dissolution of Parliament: A discretion to refuse?
- A + A (Oct 3): Oil surged near US$83 a barrel on indications the OPEC+ alliance is considering slashing production by more than one million barrels a day to revive plunging prices when it meets this week. A reduction of that magnitude would be the biggest since the pandemic, although OPEC+ delegates said a final decision on the size of the cuts won’t be made until ministers gather in Vienna on Wednesday. West Texas Intermediate rose almost 5%, putting prices on track for the first gain in three sessions. “It is interesting that OPEC+ is considering a production cut already when Brent has hardly touched below US$85 a barrel,” said Helge Andre Martinsen, senior oil analyst at DNB Bank ASA. “Most of the OPEC+ players, including Russia, are producing below its production due to capacity constraints. Hence, the majority of the group will feel no pain by supporting a production cut.” Oil fell by a quarter in the three months through September as a slowing global … [Read more...] about Oil jumps as OPEC+ mulls biggest production cut since pandemic
LONDON – The final quarter of the year got off to a shaky start on Monday, with world stocks languishing at their lowest levels since late 2020 – when the global economy was still reeling from the COVID-19 pandemic. Oil prices jumped more than 4 percent as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, said it would consider reducing output, while sterling rallied after the UK government said it would reverse a controversial tax cut that had rocked British markets. But sentiment across markets remained frail given worries that aggressive interest rate hikes from the likes of the U.S. Federal Reserve raises global recession risks. European equity markets were a sea of red, with the STOXX 600 index down 1.4 percent. Shares in beleaguered Swiss bank Credit Suisse fell around 10 percent in early trading, reflecting market concern about the group as it finalizes a restructuring program due to be announced on Oct. 27. Asian stocks … [Read more...] about Q4 off to shaky start as stocks stumble, but oil jumps by more than 4%
FILE PHOTO: A symphony of light consisting of bars, lines and circles in blue and yellow, the colors of the European Union, illuminates the south facade of the European Central Bank (ECB) headquarters in Frankfurt, Germany, Dec. 30, 2021. REUTERS/Wolfgang Rattay FRANKFURT – The European Central Bank will raise interest rates for the first time in 11 years on Thursday with a bigger-than-flagged move seen as increasingly likely as policymakers fear losing control of runaway consumer price growth. With inflation already approaching double digit territory, it is now at risk of getting entrenched above the ECB’s 2-percent target, requiring rate hikes even if that slows – or crashes – an economy already suffering from the impact of Russia’s war in Ukraine. But policymakers appear far from united on just how fast the ECB should move with some arguing that it is already a long way behind the curve, especially compared to global peers like the U.S. Federal Reserve, while others point to … [Read more...] about ECB to finally join rate hike club with big move on agenda
Representative image A professional match gets interrupted for various reasons; fans wanting a selfie with their favourite athlete, activists bringing awareness to a cause, and sometimes furry four-legged friends enjoying a stroll on grass. An Ecuador fan ran onto the pitch to click a selfie with Leo Messi. Loved by everyone pic.twitter.com/chuu5jfLAH — Arsalan Let us also not forget the time when a protestor parachuted (you read that right) onto the field before the Germany vs. France match in the 2021 European Championships in Munich. However -- especially in the Indian context -- a match interrupted by a slithering reptile is not a very common sight. In the 7th over of India's innings in the T20 match against South Africa in Guwahati, an uninvited guest halted play for a good few minutes. Snake also reached to watch the cricket match of India and South Africa at the stadium in Guwahati. #Guwahati #Cricket #snake #SnakeAtTheStadium #INDvsSA … [Read more...] about India-SA T20 | When a snake stopped play!
Share to Twitter Share to Linkedin The group stage draw for the UEFA Women's Champions League threw up several intriguing ties as on the back of a season which set records for attendances and viewing figures throughout the continent, UEFA hope to make the most of the gap in the European men's club season created by the winter World Cup to consolidate the growth of the women's game. Eight-time champions Olympique Lyonnais have been drawn in the same group as the only English winners of the competition, Arsenal. as well as Italian champions Juventus. Spanish champions, FC Barcelona will play twice against German side FC Bayern Munich and English champions Chelsea FC, who went out in the group stage last season will have to finish ahead of either Paris Saint-Germain or Real Madrid to reach the last eight this time. Ten of the clubs in this year's group stage, the first in the competition's history also played in it last season but there are six new teams and … [Read more...] about Women’s Champions League Poised To Take Center Stage During Men’s World Cup
BEIRUT — When the bulk cargo ship Laodicea docked in Lebanon last summer, Ukrainian diplomats said the vessel was carrying grain stolen by Russia and urged Lebanese officials to impound the ship. Moscow called the allegation “false and baseless,” and Lebanon’s prosecutor general sided with the Kremlin and declared that the 10,000 tons of barley and wheat flour wasn’t stolen and allowed the ship to unload. But an investigation by The Associated Press and the PBS series “Frontline” has found the Laodicea, owned by Syria, is part of a sophisticated Russian-run smuggling operation that has used falsified manifests and seaborne subterfuge to steal Ukrainian grain worth at least $530 million — cash that has helped feed President Vladimir Putin’s war machine. AP used satellite imagery and marine radio transponder data to track three dozen ships making more than 50 voyages carrying grain from Russian-occupied areas of Ukraine to ports in Turkey, Syria, Lebanon and other countries. … [Read more...] about Russia smuggling Ukrainian grain to help pay for Putin’s war