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Future Retail Suspends Supermarket Operations; Reliance Bids to Takeover
Future Retail suspended both, its online and offline supermarket operations after missing lease payments due to Reliance. Reliance had transferred leases of some stores of Future Retail to its name and sublet them to Future, but is now taking over as Future did not...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended strong after opening with sharp losses on Thursday. S&P ended 1.5% higher and Nasdaq reversed its 3.5% intraday losses to end 3.3% higher. The US 10Y Treasury yields moved higher to 1.96% after the risk-off sentiment initially saw it fall...
Lloyds Bank, Barclays Report Results
Lloyds Bank reported reported lower than expected profit in Q4 2021 with one-time charges hitting its earnings. Profit before tax rose 22% YoY to £968mn ($1.3bn) below analyst expectations of £1.4bn ($1.9bn). This was impacted by restructuring costs of £570mn ($764mn)...
Dell Earnings Miss Quarterly Estimates; Reports over $100bn Annual Revenues
Dell Technologies reported revenues of $28bn, up 7% YoY and a net loss from continuing operations of $29mn vs. a net profit of $695mn during the same quarter in the prior year. EPS missed estimates of $1.95, coming in at $1.72. Its Infrastructure Solutions Group...
Alibaba Reports Slowest Quarterly Revenue Growth on Record
Alibaba reported its slowest quarterly revenue growth since its IPO in 2014. Revenues rose 10% YoY to $38bn and net income fell 75% to $3bn, which the company said was primarily due to the impairment of goodwill of $3.9bn. Revenues in its China commerce business rose...
SIA Reports First Quarterly Profit Since The Pandemic on Travel Rebound
Singapore Airlines (SIA) reported a net profit of S$85mn (vs. a loss of S$141.8mn in Q3 2020) on total revenues of S$2.32bn, up 117% YoY for its third quarter ended December. This is the first quarterly profit for Singapore's flag carrier since the pandemic began,...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets dropped again on Wednesday with the S&P and Nasdaq down 1.8% and 2.6% with sectoral losses led by Consumer Discretionary and IT down over 2.5-3.5%. The US 10Y Treasury yields are down 10bp this morning to 1.89% on the back of Russia's "military...
Huarong Upgraded to BBB+ from BBB by Fitch
China Huarong was upgraded to BBB+ from BBB by Fitch. Its senior unsecured bonds issued by Huarong Finance II Co., Huarong Finance 2017 Co. and Huarong Finance 2019 Co. were upped to BBB+ from BBB. Its 2017 Perps were upgraded to BBB- from BB+ and its 2019 Perps to BB...
Egypt to Sell Debut Sukuk in Q2
Egypt has planned its debut sale of a sovereign sukuk to the tune of around $2bn, according to sources. It has hired banks like HSBC, Citigroup, Abu Dhabi Islamic Bank, Credit Agricole, Emirates NBD and First Abu Dhabi Bank to manage the sale. Sources note that the...
