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Aramco’s Profits Almost Double to $48.4bn
Saudi Aramco reported a 90% YoY jump in its Q2 net income to $48.4bn on the back of higher crude oil prices and volumes, strong refining margins, and higher downstream margins. Revenue saw an 80% YoY growth to $149.8bn. Aramco's free cash flows rose by 53% YoY to...
Tus-Holdings Expects Default on Dollar Bonds
Chinese developer Tus-Holdings expects to default on two of its dollar bonds due in 2024, as per its HKEX filing. The bonds in question are its $380mn 7.95% 2024s and $522.5mn 6.95% 2024s issued by Tuspark Forward and guaranteed by Tus-Holdings. Tus-Holdings said that...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets was mixed on Thursday with the S&P ending flat and Nasdaq down 0.6%. Sectoral gains were led by Energy up 3.2%, followed by Financials gaining 1% while Health Care led the losses, down 0.7%. US 10Y Treasury yields rose by 9bp to 2.88% on easing...
Credit Suisse vs. SoftBank Kicking Off in London’s High Court
Credit Suisse is moving to sue Softbank in the English High Court in a dispute over losses to the Swiss lender’s clients from the collapse of Greensill Capital. For context, Credit Suisse had initially invested its client’s money into Greensill who had already been...
Turkey’s FX Reserves Increase; Current Account Deficit Widens
Turkey’s FX reserves rose by $7.4bn in the week ended 5 August, the highest jump YTD, to $109bn following money transfers from Russia for the construction of a nuclear power plant. Russia's Rosatom Corp was in the process of transferring $15bn to its Turkish...
Egypt Seeking $2.5bn Loan from Banks
Egypt is said to be in private talks with regional and international banks such as First Abu Dhabi Bank and Abu Dhabi Commercial Bank to borrow $2.5bn of foreign currency. This is to curb its widening current account deficit, which was largely due to diminishing...
Olam Posts 24.6% Revenue Growth
Singaporean agri-major Olam International reported strong revenue growth for 1H of 24.6% YoY to S$28.45bn ($20.8bn) from increased prices across many products and commodities such as grains and oilseeds, cotton, edible oils, coffee, and dairy. However, profit growth...
US HY Bond Funds Attract Cash as Recession Fears Ebb
US high yield (HY) bond funds are drawing large amounts of cash, as investors bet that the Fed will decelerate rate hikes in order to avoid an economic slowdown. This comes in stark contrast to the constant withdrawals in the first half of the year, totaling $52.25bn....
HSBC and Ping An Continue to Clash on the Notion of an Asia Spin-Off
Ping An Insurance Group, which is HSBC’s largest shareholder, is of the view that the bank’s management has not been fair in its assessment of spinning off its Asia business, SCMP reported. Since April, Ping An has asserted that separating HSBC’s Asian operations from...
