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Prudential Reports $1.6bn Q2 Profits; To Complete Demerger of US Business
Prudential Plc reported H1 adjusted operating profits of $1.57bn, up 22% YoY. The insurer’s annual premium equivalent sales in Asia and Africa increased 21% to $2.08bn, and new business profits grew 29% to $1.57bn. Along with the results, the company said that they...
YPF’s Losses Narrow, Revenues Jump 72%
Argentinan oil major YPF reported 1H2021 net losses of $486mn vs losses of $810mn in 1H2020. Revenues were up 72% to $3.35bn YoY, beating analysts’ estimates of $3.10bn. YPF attributed its revenue increase to shale production jumping 22% QoQ, primarily as a result of...
Cathay’s H1 Losses Narrow Slightly while Revenues Dip
Cathay Pacific reported its 2021 interim results with revenues for 1H2021 dropping 43% to HKD 15.85bn ($2.04bn) in the previous year due to challenges posed by the pandemic. The company however managed to narrow its net loss by 23% YoY to HKD 7.57bn (970mn). Net...
Mexico considers using $12bn of IMF Reserves to Pay Debt
Mexican President Andres Manuel Lopez Obrador (AMLO) said that his administration could use part of the recently approved $12bn IMF reserves to pay Mexico’s debt. The IMF on August 2 approved a $650bn allocation of IMF Special Drawing Rights (SDR) effective August 23....
BondEvalue has been named under the ‘Forbes Asia 100 to Watch’ list
BondEvalue has been named under the 'Forbes Asia 100 to Watch' list for making bonds more widely accessible to individual investors with the BondbloX Bond Exchange, the world’s first fractional bond exchange that allows trading in minimum denominations of $1,000....
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
S&P gained 0.1% to close at another all-time high as the $1tn infrastructure plan was passed by the US Senate. The tech heavy Nasdaq on the other hand shed 0.5%. Energy and Materials rose 1.7% and 1.5% while Industrials and Financials closed 1% higher. Real Estate...
Evergrande’s Dollar Bonds Jump on Report of Units’ Stake Sale
Dollar bonds of Evergrande jumped over 2.5 points after Reuters reported that the developer is in discussions with state-owned and private companies to sell stakes in its HK-listed new-energy vehicle and property service units. They added that Evergrande is also...
SoftBank’s Quarterly Profits Fall 39%
SoftBank reported a 39% YoY fall in its Q1 net income to $6.9bn while revenues rose 16% to $13.4bn. SoftBank's earnings showed unrealized gains from the listing of portfolio companies Didi, DoorDash, Full Truck Alliance and Dingdong, though shares plunged last month....
HNA Restructuring Postponed as State-owned Carriers Back Away
Heavily indebted and distressed Chinese conglomerate, HNA Group, whose debts amount to at least $187bn, has been reported to delay the submission of a proposal for the restructuring of its airlines-to-property business by three months. Sources said that China’s three...