|
 (Bloomberg) -- Latam Airlines Group SA, Latin America's largest air carrier, sought bankruptcy court protection in New York after the Covid-19 pandemic grounded flights across the region.The Chapter 11 petition allows Latam to keep operating while the Chilean carrier works out a plan to pay creditors and turn around the business. Latam, whose shareholders include Chile's Cueto family and Delta Air Lines Inc., continues to operate on a reduced schedule, and it has commitments for a bankruptcy loan of up to $900 million.The money is coming from shareholders including the Cuetos, the Amaro family and Qatar Airways, according to a company statement. Latam also has about $1.3 billion in cash on hand.Airlines the world over -- and those in Latin America in particular -- have been hit hard by the coronavirus outbreak, which triggered travel bans and made people reluctant to fly. Avianca Holdings SA, the largest air carrier in Colombia, filed for Chapter 11 bankruptcy earlier in May, burdened by the sharp drop in fliers and its own onerous debt load.Latam's affiliates in Brazil, Paraguay and Argentina aren't part of the bankruptcy case, which was filed in the Southern District of New York.Still, the impact will be felt widely, with Santiago-based Latam previously serving more than 70 million passengers a year on more than 300 aircraft. It also carried more than $7 billion of debt.Latam has already eliminated more than 1,850 jobs in Chile, Colombia, Ecuador and Peru in recent weeks from its global workforce
|
|
 (Bloomberg) -- Fears that capital will flee Hong Kong are visible just about everywhere in the city's financial markets, yet the currency remains resistant for now.Speculators are betting on significant depreciation with derivatives, sending a measure of bearishness to near its highest level of the year. Volume on Hong Kong dollar options soared to $3.7 billion on Friday, with a third of the trades betting the pegged currency would hit or break the weak end of its trading band.Conviction that turbulence will get worse is also evident in the swaps market, where the spread between local and U.S. rates reached levels last seen in the 1990s. One-year forward points closed at the highest since 1999, suggesting a spike in demand to hedge against depreciation in the currency, which remains close to the strong end of its trading band against the greenback.The sudden bearishness is crashing against the city's elevated borrowing costs, which have kept the long Hong Kong dollar carry trade profitable since November. Liquidity in the financial system remains relatively tight for now, keeping the city's interbank rates wide versus those in the U.S. Plans from some of China's biggest companies to sell shares in Hong Kong in June should make that more pronounced by increasing the demand for cash.Hong Kong is the epicenter of escalating U.S.-China tensions following Beijing's shock decision last week to impose a law to curb dissent in the city. That stoked the Hong Kong dollar's biggest drop in six weeks and the worst stock rout
|
|
Americans celebrate Memorial Day amid coronavirus pandemic CBS Evening NewsAmericans Welcome Summer With A Somber And Surreal Memorial Day NPRPandemic brings smaller, subdued Memorial Day observances WTOPGold Star mom: My sons served our country, now I serve military families USA TODAYMemorial Day 2020 Sales, Freebies, Deals, Discounts and Food for Veterans and Military Newsweek
|
|
Biden Commemorates Memorial Day In First Outing Amid Coronavirus Pandemic NPRIlhan Omar: 'I do believe' Tara Reade's claims against Joe Biden Fox NewsCan we stop pretending Trump is fit to be president? The Washington PostBiden Can Beat Trump … if He Doesn't Blow It The New York Times
|
|
 (Bloomberg) -- U.S. and European equity futures gained and Asian stocks began the week in mixed fashion as traders weighed more signs of economies reopening around the world against the rise in U.S.-China tensions.Hong Kong shares extended Friday's slide, following police clashes with protesters marching against China's move to crack down on dissent. Stocks climbed in Tokyo, Sydney and Seoul, and fluctuated in Shanghai. S&P 500 futures nudged higher, building on a rally from late in the Friday session. European contracts also climbed. Oil traded near $33 a barrel in New York. Volumes may be light with holidays in the U.S., U.K. and Singapore. China set its daily yuan reference rate at the weakest level since 2008 after the increasing tensions drove the currency to a seven-month low.On the virus front, Japan's government is expected to lift the state of emergency in Tokyo and its surrounding regions later Monday, while more Australian children returned to schools and a hard-hit region in northern Italy reported zero fatalities for the first time. Still, the U.S. is considering restricting travel from Brazil, which now has the second-highest number of cases.Fresh turmoil in Hong Kong that spilled over into street protests at the weekend is threatening to damage an already souring Sino-U.S. relationship. The U.S. should give up its "wishful thinking" of changing China, Chinese Foreign Minister Wang Yi said, warning that American leaders are potentially pushing toward a new Cold War. Bullish
|
|
 The company has been uncooperative, says a Kenosha County (Wisc.) health officer says, who is considering having to shut the facilities down.
|
|
Private Label