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Vedanta Ltd. Reports Subdued Quarterly Results
Vedanta Ltd., the Indian subsidiary of Vedanta Resources Ltd., reported its quarterly results yesterday, that were subdued. The company's revenue declined by 6% to INR 349.4bn ($4.2bn) and its net profit declined by 27% YoY to INR 13.7bn ($160mn) due to surging...
Lufthansa to Submit New Concessions to EU for ITA Deal
Lufthansa is expected to submit a fresh round of concessions to EU regulators over its planned €325mn ($348mn) investment in ITA Airways, after its earlier offer in May 2023 did not quell anticompetition concerns. Lufthansa has to submit "certain additional remedies...
US GDP Softens; KIB Prices $ AT1
US Treasury yields moved further higher across the curve by 6-7bp. The preliminary US Q1 GDP estimate showed a 1.6% annualized increase, much lower than economists' expectations of a 2.5% increase and the previous quarter's 3.4%. The US Core PCE Price Index for the...
Ecuador Strikes $4bn Deal With the IMF
Ecuador reached a staff-level agreement with the IMF for a four year loan amounting to $4bn. The agreement still needs to be approved by the IMF board, however, it will help provide liquidity to Ecuador in the event of a worse crisis. The deal is designed to help the...
UBS Shareholders Vote to Make AT1s Convertible to Shares
UBS's shareholders voted to change the clauses on its AT1s issued following the events at Credit Suisse last year. As per the clause change, upon the occurrence of a trigger event, these notes will be converted into equity instead of being permanently written down to...
Boeing Downgraded to Baa3 by Moody’s
Boeing has been downgraded by a notch to Baa3 from Baa2 by Moody's. The downgrade comes on back of the weak operating performance in the Commercial Airplanes segment of the company, leading to lower free cash flow generation. Moody's expects that weakness in the...
Ford Reports Strong Q1 Earnings
Ford Motors reported strong 1Q24 earnings, beating market expectations. Ford's 1Q24 revenue rose by 3% YoY to $42.8bn on back of the strong numbers from Ford pro commercial segment which registered a 36% jump YoY in the revenue. The company's CFO said that their...
Indika Energy, Ziraat Bankasi Price $ Bonds
US Treasury yields move slightly higher across the curve. Economic data continued to underscore strength in the US economy. Preliminary Durable Goods Orders indicated a 2.6% jump in March, higher than expectations of 2.5% and the prior 0.7% reading. The preliminary...
KKR-Telecom Italia Deal Checked by EU Regulators for Market Impact
Antitrust regulators in the EU are checking if the deal between KKR and Telecom Italia could lead to a larger impact on Italy's wholesale network market. This comes as KKR is buying Telecom Italia's domestic landline network for ~$23.5bn. Telecom Italia's landline...
