Automotive Lighting Market value to increase by almost $ 13 Bn during 2021-2025 | Stringent regulations on road safety to be major trend

CoinDesk
Bitcoin Eyes Second-Biggest Monthly Drop on Record
The 37.5% decline in May is beat only by September 2011's 40%.
15h ago
FX Empire
DCG’s Barry Silbert: ‘Dogecoin Is Overvalued’
The Dogecoin price may be finishing May off its highs for the month, but it has still been a rock star asset after advancing more than 6,000% year-to-date.
10h ago
Bloomberg
Turkish Economy Likely Outperformed Most Peers But at a Cost
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Turkey’s economy has continued to grow at a strong pace so far this year, but that doesn’t necessarily mean its citizens are getting richer.The $717 billion economy likely outperformed all Group of 20 nations except for China in the first quarter after nearly stalling a year ago when the pandemic struck. It’s been bolstered by robust consumption on the back of last year’s government-led credit push, an expansion that came at the expense of price and currency stability.Data on Monday is likely to show gross domestic product rose 6.3% from a year earlier and 1.3% from the fourth quarter, according to the medians of forecasts in Bloomberg surveys. Treasury and Finance Minister Lutfi Elvan said Thursday that “data point to 6% growth in the first quarter.”There is an “exchange rate illusion” in Turkey’s economic growth data, according to Enver Erkan, chief economist at Istanbul-based Tera Yatirim, who’s ranked by Bloomberg as the most accurate forecaster on Turkish GDP data.Noting that the GDP per capita in U.S. dollar terms dropped nearly 40% since 2013 to around $7,700 last year, Erkan said Turkey’s recent economic model isn’t sustainable as the growth is mainly driven by consumption supported by government spending and loan campaigns.“This comes at the expense of lira and price stability,” he said.The government pushed banks to ramp up lending to help businesses and consumers ride out last year’s Covid-19 emergency. The credit boom was coupled with a front-loaded easing cycle that helped prime the economy. That growth push weakened the currency by 20% last year and kept headline inflation in double digits. The size of the economy dropped to $717 billion last year from $760.8 billion a year earlier.The currency further lost 10% against the dollar in the first quarter, especially after President Recep Tayyip Erdogan fired the central bank’s former hawkish governor Naci Agbal in March. The decision to fire Agbal, who had sought to restore the central bank’s credibility, set off a swift reversal of investor enthusiasm, sending Turkish markets into a nosedive.The data expose the challenge facing new central bank Governor Sahap Kavcioglu as he looks to restore price stability without cooling the economy ahead of the general elections in 2023.Kavcioglu has pledged policy continuity after his appointment and kept benchmark interest rate unchanged at 19% for a second meeting this month, saying the pace of price gains had peaked in April. Consumer inflation quickened for a seventh month to 17.14% in April.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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Reuters
Ethereum extends gains to rise 8%; bitcoin firms
Cryptocurrency Ethereum extended gains to rise more than 8% on Monday to $2,587 but remained 40% below a record high of above $4,300 hit earlier this month. In the latest salvo against the cryptocurrency, Bank of Japan Governor Haruhiko Kuroda said much of the trading was speculative.
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FX Empire
USD/CAD Daily Forecast – U.S. Dollar Is Under Pressure At The Start Of The Week
USD/CAD settled below the support at 1.2080 and is testing the next support at 1.2065.
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CoinDesk
Ex-Head of China’s Digital Yuan Effort Says CBDCs Could Operate on Ethereum
Central bank digital currencies will one day be more "smart," and not merely digital versions of cash, Yao Qian said.
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Bloomberg
Kenya Lawmakers Balk as Debt Servicing Costs Jump to $11 Billion
(Bloomberg) -- Kenya may be heading toward a default unless the government of President Uhuru Kenyatta revamps its debt, lawmakers said in a report.The East African nation’s debt servicing costs are poised to surge to a record 1.17 trillion shillings ($11 billion) in the year starting July 1, parliamentary budget office said in a report. That exceeds the administration’s 660 billion shillings proposed spending on development projects.The increase in debt repayments “indicates a growing level of fiscal inflexibility and therefore increased exposure to fiscal risks or debt default, in absence of debt restructuring,” according to the report by the agency, which advises lawmakers on budget policy. It implies “that borrowing for development expenditure financing might no longer be a viable fiscal principle.”Calls to revamp the nation’s rising debt are growing louder even as it plans to borrow as much as $7.3 billion in the Eurobond market over the next two years, prompting the International Monetary Fund to say that the country may be at the risk of debt distress. Meanwhile, Kenya’s lawmakers want to narrow the government’s fiscal deficit to 7.5% of gross domestic product in the next fiscal year, from 8.7%, according to the report.By the year through 2024, Kenya’s debt servicing expenses will have more than doubled from 2020, with spending on development infrastructure remaining little changed. Borrowing is restricted to funding for development projects, according to Kenya’s public finance management rules.The government should put in place mechanisms to substitute borrowings with alternative financing such as public private partnerships, particularly for large infrastructure expenditure, lawmakers said.Kenya is seeking an extension to a six-month debt service holiday that ends in June, central bank Governor Patrick Njoroge said last week Thursday.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
13h ago
Reuters
Exclusive-Eni, BP in talks over oil and gas assets in Algeria
BP and Eni are in talks over the future of their oil and gas assets in Algeria as the two groups increase efforts to refocus their businesses to tackle falling margins, rising debt and climate pressures, three sources said. Europe's top energy companies are cutting back their oil and gas portfolios to keep only the assets most likely to be profitable and redeploy capital for a transition to clean energy as uncertainty mounts over future demand for fossil fuel. The sources, asking not to be named, said BP and Eni are in early-stage talks for the Italian group to take over BP's assets in Algeria.
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Bloomberg
Turkey’s Economy Outperformed Most Peers -- But at a Cost
(Bloomberg) -- Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.Turkey’s economy has grown at a strong pace this year, outperforming most large economies as it recovers from the pandemic -- an expansion that’s come at the expense of price and currency stability.Turkey grew faster than all Group of 20 nations except for China in the first quarter after nearly stalling a year ago when Covid-19 struck. It’s been bolstered by robust consumption on the back of last year’s government-led push to cut interest rates and boost lending.Gross domestic product rose 7% from a year earlier and 1.7% from the fourth quarter. The median of 22 forecasts in a Bloomberg survey was for 6.3% growth compared to the same period in 2020.There is an “exchange rate illusion” in Turkey’s economic growth data, said Enver Erkan, chief economist at Istanbul-based Tera Yatirim. GDP per capita in U.S. dollar terms has dropped nearly 40% since 2013 to around $7,700 last year, making Turkey’s economic model unsustainable as the growth is mainly driven by government spending and efforts to boost lending, he said.The government encouraged banks to ramp up loans to help businesses and consumers ride out last year’s Covid-19 crisis. The credit boom was coupled with a front-loaded easing cycle. That growth push weakened the currency by 20% last year and kept headline inflation in double digits.The currency lost a further 10% against the dollar in the first quarter, particularly after President Recep Tayyip Erdogan fired the central bank’s hawkish governor Naci Agbal in March. The decision to fire Agbal, who had sought to restore the central bank’s credibility, set off a swift reversal of investor enthusiasm, sending Turkish markets into a nosedive.Below are some more highlights from the GDP report released by the state statistics institute in Ankara on Monday:Household consumption -- estimated to account for about two-thirds of the economy -- continues to be one of the main drivers of growth. It jumped 7.4% from a year earlier.The biggest contribution to growth came from manufacturing sector, which rose 12.2% in the first quarter on an annual basis.The size of the economy grew to $728.5 billion in the first quarter from $717 billion in current prices last year.Exports rose 3.3% on an annual basis. Imports dropped 1.1%.Gross fixed capital formation, a measure of investment by businesses, rose an annual 11.4%. Government spending rose 1.3% after a 6.6% jump in the previous quarter.The economy grew by 1.7% in the last quarter from the previous three months when adjusted for seasonality and the number of working days. Overall output rose 1.8% in 2020.The data expose the challenge facing new central bank Governor Sahap Kavcioglu as he looks to restore price stability without cooling the economy ahead of the general elections in 2023.Kavcioglu pledged policy continuity after his appointment and kept the benchmark interest rate unchanged at 19% for a second meeting this month, saying the pace of price gains had peaked in April. Consumer inflation quickened for a seventh month to 17.14% in April.There may be a limited drop in the pace of growth in the second quarter, according to Istanbul-based economist Haluk Burumcekci. “Uncertainties regarding the monetary policy makes it difficult to assess the upside risks on our growth expectation of 5.5% for 2021,” he said.(Updates with chart and more details in the bullets)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
15h ago
Bloomberg
China Huarong’s Journey From Safe Bet to Bad News: A Timeline
(Bloomberg) -- It’s nearly two months since turbulence erupted around China Huarong Asset Management Co.At the end of March, its 4% perpetual dollar bond was trading at 102 cents on the dollar as investors figured the January execution of former chairman Lai Xiaomin for bribery put a line under past wayward behavior. But the failure of the company to release 2020 results by a March 31 deadline, and a subsequent report by mainland media Caixin that the firm will restructure, sparked weeks of turmoil. The same bond is now at 57 cents.The heart of the matter is whether the central government will rescue a state-owned company that’s integral to the smooth running of the financial system. While there are signs Beijing wants to ensure China Huarong can repay its debts on time, uncertainty prevails.Here’s a look at the key events for China Huarong:May 28The company has wired funds to repay $978 million of notes maturing within the following week, according to Bloomberg News, the biggest bond payment since the 2020 results delay.May 27Liang Qiang, who currently heads another bad-debt manager, is on track to become president of China Huarong, reports Bloomberg News.May 24China Huarong dollar bonds climb after the managing editor of Caixin Media wrote in an opinion piece that the asset manager is “nowhere near” defaulting on its more than $20 billion of offshore notes.May 21Some of China Huarong’s thinly traded onshore bonds slump after having held up better than the company’s dollar-denominated notes, signaling broadening concern about the firm’s financial health.May 18China Huarong has transferred funds to repay a $300 million note maturing May 20, Bloomberg News reports, the first dollar bond to come due since the delayed 2020 results. Prices for the firm’s dollar bonds slump earlier in the day after the New York Times reports China is planning an overhaul that would inflict “significant losses” on both domestic and foreign China Huarong bondholders.May 17The company has reached funding agreements with state-owned banks to ensure it can repay debt through at least the end of August, by which time China Huarong aims to have completed its 2020 financial statements, according to a Bloomberg News report. That as at least two of its onshore bonds see big price declines in recent days, worrying some investors.May 13The firm says it’s prepared to make future bond payments and has seen no change in the level of government support, seeking to ease investor concerns after a local media report that regulators balked at China Hurarong’s restructuring plan.May 6The company says it transferred funds to pay five offshore bond coupons due the following day, its latest move to meet debt obligations amid persistent doubts about its financial health.April 30China Huarong breaks its silence, with an executive telling media it is prepared to make its bond payments and state backing remains intact. The official also says the week’s rating downgrades “have no factual basis” and are “too pessimistic.”April 29Moody’s Investor Service downgrades China Huarong by one notch to Baa1, adding the firm remains on watch for further downgrade. The cut reflects the company’s weakened funding ability due to market volatility and increased uncertainty over its future, according to the statement.April 27China Huarong units repay bonds maturing that day. The S$600 million ($450 million) bond was repaid with funds provided by China’s biggest state-owned bank, according to a Bloomberg News report.April 26Fitch Ratings downgrades China Huarong by three notches to BBB while dropping the company’s perpetual bonds into junk territory. The lack of transparency over government support for the firm may hamper its ability to refinance debt in offshore markets, Fitch said.April 25China Huarong says it won’t meet an April 30 deadline to file its 2020 report with Hong Kong’s stock exchange because auditors needed more time to finalize a transaction the company first flagged on April 1. Securities and asset-management units said in the days before that they wouldn’t release 2020 results by month’s end.April 22The China Banking and Insurance Regulatory Commission asks lenders to extend China Huarong’s upcoming loans by at least six months, according to REDD, citing two bankers from large Chinese commercial lenders.April 21China is considering a plan that would see its central bank assume more than 100 billion yuan ($15 billion) of China Huarong assets to help clean up the firm’s balance sheet, according to a Bloomberg News report. Peer China Cinda Asset Management Co. was said to be planning the sale of perpetual bonds in the second quarter.April 20China Huarong’s key offshore financing unit says it returned to profitability in the first quarter and laid a “solid” foundation for transformation. Reorg Research reports that regulators are considering options including a debt restructuring of the unit, China Huarong International Holdings Ltd.April 19Huarong Securities Co. says it wired funds to repay a 2.5 billion yuan local note.April 16The CBIRC says China Huarong’s operations are normal and that the firm has ample liquidity. These are the first official comments about the company’s troubles. Reuters reports Chinese banks have been asked not to withhold loans to Huarong.April 13Fitch and Moody’s both put the company on watch for downgrade. The finance ministry, which owns a majority of Huarong, is considering the transfer of its stake to a unit of the country’s sovereign wealth fund, Bloomberg News reports. Chinese officials signal they want failing local government financing vehicles to restructure or go bust if debts can’t be repaid.April 9China Huarong says it has been making debt payments “on time” and its operations are “normal.” Bloomberg News reports the company intends to keep Huarong International as part of a potential overhaul that would avoid the need of a debt restructuring or government recapitalization. S&P Global Ratings puts China Huarong’s credit ratings on watch for possible downgrade.April 8China Huarong is preparing to offload non-core and loss-making units as part of a broad plan to revive profitability that would avoid the need for a debt restructuring or government recapitalization, Bloomberg News reports.April 6Selling gains steam in China Huarong’s dollar bonds, following a holiday in China. Huarong Securities says there has been no major change to its operations, in response to a price plunge for its 3 billion yuan local bond.April 1China Huarong announces a delay in releasing 2020 results, saying its auditor is unable to finalize a transaction. Stock trading is suspended and spreads jump on the firm’s dollar bonds while China Huarong tells investors its business is running as usual. Caixin reports the company submitted restructuring and other major reform plans to government officials and shareholders.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
23h ago
Reuters
Ex-VW boss to pay 10 million euros in dieselgate damages - Business Insider
Former Volkswagen chief Martin Winterkorn has agreed to pay around 10 million euros ($12 million) in damages to the carmaker over the diesel emissions scandal, Business Insider reported on Monday. Volkswagen had said in March it would claim damages from Winterkorn over the scandal as it tries to draw a line under its biggest-ever crisis. Business Insider, citing a draft contract, reported that an agreement between the carmaker, Winterkorn and other former executives could be signed this week.
6h ago
Bloomberg
Credit Suisse’s RenTech Fund Holds Back Some Client Cash
(Bloomberg) -- Credit Suisse Group is temporarily barring clients from withdrawing all their cash from a fund that invests with Renaissance Technologies.The bank has seen redemption requests prompted by the poor performance of the CS Renaissance Alternative Access Fund, according to people with knowledge of the matter. Assets under management slumped to about $250 million this month, from approximately $700 million at the start of 2020, the people said, asking not to be identified as the matter is private.Redemption demands at the fund trigger a hold back clause, which means clients will receive 95% of their funds after two months, with the remaining 5% expected to be paid out in January, after the fund’s year-end audit, the people said. The hold back mechanism was put in place at the fund’s inception in 2016.The fund lost about 32% last year, in line with the decline in the Renaissance Institutional Diversified Alpha Fund International fund that it invests into, the people said. Renaissance, regarded as one of the most successful quant investing firms in the world, was rocked by billions of dollars in redemptions earlier this year after unprecedented losses in 2020. Three of its funds open to external investors fell by double digits last year.Credit Suisse and Renaissance declined to comment.Credit Suisse is currently under broader scrutiny as new chairman Antonio Horta-Osorio reviews the risk and control functions after the implosion of the bank’s supply-chain finance funds linked to Greensill Capital and the collapse of family office Archegos Capital Management.The Credit Suisse feeder fund was sold as an investment option for rich clients at the bank’s wealth arm.The Renaissance fund, which allows investors to take out money every month, also has the ability to hold back but is not invoking the clause and hasn’t ever done so, according to a person with knowledge of the matter.The fund was up 9.4% this year through May 21 after last year’s losses, the person said. Hold back clauses are a standard part of offer documents at some U.S. based hedge funds.(Updates with details on hold back clause in third paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
1d ago
CoinDesk
Chinese Traders Use OTC Desks to Bypass Regulatory Hurdles: Report
Over-the-counter activity has picked up since the Communist Party reiterated its ban on crypto services on May 18.
10h ago
Bloomberg
Malaysian Assets Fall After Government Imposes Full Lockdown
(Bloomberg) -- Malaysian stocks dropped and the ringgit weakened after the government imposed a two-week nationwide lockdown to curb a relentless surge in Covid-19 infections.The FTSE Bursa Malaysia KLCI Index fell as much as 1.6% on Monday, before paring losses to 0.7% at the close in Kuala Lumpur. The ringgit slid as much as 0.4% to 4.1480 per dollar, while 10-year bond yields rose three basis points to 3.25%. The government said on Friday that most businesses will be shut from June 1 except for essential economic and service sectors.“The government is finally biting the bullet,” said Alexander Chia, an analyst at RHB Investment Bank Bhd. “Clearly, there are downside risks to FY21 earnings growth, even if it is essentially a postponement of growth to FY22.”Malaysia’s return to a hard lockdown comes in the wake of record daily infections that saw cases top 9,000 on Saturday. A resurgence in virus outbreaks in Asia has spurred some countries including Vietnam and Singapore to tighten restrictions. A similar lockdown in Malaysia last year cost the country an estimated 63 billion ringgit ($15 billion).Vietnam tightened social distancing measures in Ho Chi Minh City for 15 days from May 31, while Singapore this month reissued some lockdown-like conditions that it put in place a year ago.Recovery DimsMalaysia’s lockdown will “drag on the country’s recovery, with a good chance that 2Q GDP growth will contract on a sequential basis,” said Khoon Goh, head of Asia research at Australia & New Zealand Banking Group Ltd. “We will likely see the ringgit continuing to underperform in the region, but its weakness is being put in check by a soft U.S. dollar.”READ: ‘Covid Zero’ Havens Find Reopening Harder Than Taming VirusPrime Minister Muhyiddin Yassin is due to announce an aid package at 9 p.m. local time Monday, according to his Facebook post.Still, Monday’s market drop pales in comparison with last year when the KLCI plunged as much as 5% a day after a nationwide lockdown was announced then.Expectations of a “mild” reaction is due to the availability of vaccines and a government plan to ramp up daily vaccination rates in the second half of 2021, Ivy Ng Lee Fang, an analyst at CGS-CIMB Securities, said in a report. Strong export sales, robust market liquidity, and low interest rates have also helped limit the market drop, she said.GDP OutlookMalaysia’s gross domestic product shrank 0.5% in the first quarter from a year earlier, the central bank said earlier in May, adding that it expects growth to remain within the 6% to 7.5% forecast range for the full year.Banks including Public Bank Bhd. and CIMB Group Holdings Bhd. dropped, while Maxis Bhd. and Supermax Corp. were among the biggest decliners in the benchmark gauge, falling more than 2%. Top Glove Corp. was the top gainer in the key stock gauge, up 1.8%.The Malaysian stock benchmark is down 6% from a December high as investor concerns about the impact of stricter curbs on movement weigh on riskier assets.The “recovery plays in the cyclical sectors will require a longer term investment perspective with a focus on achieving a favorable entry price,” said Chia of RHB Investment. “The trading angle will remain an enduring theme in the coming quarters that continues to focus on small-mid caps with resilient growth attributes.”(Updates with PM’s broadcast in seventh paragraph)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
14h ago
Bloomberg
This Time Is Different: Outside OPEC+, Oil Growth Stalls
(Bloomberg) -- “This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending.The oil industry is on the ropes, constrained by Wall Street investors demanding that companies spend less on drilling and instead return more money to shareholders, and climate change activists pushing against fossil fuels. Exxon Mobil Corp. is paradigmatic of the trend, after its humiliating defeat at the hands of a tiny activist elbowing itself onto the board.The dramatic events in the industry last week only add to what is emerging as an opportunity for the producers of OPEC+, giving the coalition led by Saudi Arabia and Russia more room for maneuver to bring back their own production. As non-OPEC output fails to rebound as fast as many expected -- or feared based on past experience -- the cartel is likely to continue adding more supply when it meets on June 1.‘Criminalization’Shareholders are asking Exxon to drill less and focus on returning money to investors. “They have been throwing money down the drill hole like crazy,” Christopher Ailman, chief investment officer for CalSTRS. “We really saw that company just heading down the hole, not surviving into the future, unless they change and adapt. And now they have to.”Exxon is unlikely to be alone. Royal Dutch Shell Plc lost a landmark legal battle last week when a Dutch court told it to cut emissions significantly by 2030 -- something that would require less oil production. Many in the industry fear a wave of lawsuits elsewhere, with western oil majors more immediate targets than the state-owned oil companies that make up much of OPEC production.“We see a shift from stigmatization toward criminalization of investing in higher oil production,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official.While it’s true that non-OPEC+ output is creeping back from the crash of 2020 -- and the ultra-depressed levels of April and May last year -- it’s far from a full recovery. Overall, non-OPEC+ output will grow this year by 620,000 barrels a day, less than half the 1.3 million barrels a day it fell in 2020. The supply growth forecast through the rest of this year “comes nowhere close to matching” the expected increase in demand, according to the International Energy Agency.Beyond 2021, oil output is likely to rise in a handful of nations, including the U.S., Brazil, Canada and new oil-producer Guyana. But production will decline elsewhere, from the U.K. to Colombia, Malaysia and Argentina.As non-OPEC+ production increases less than global oil demand, the cartel will be in control of the market, executives and traders said. It’s a major break with the past, when oil companies responded to higher prices by rushing to invest again, boosting non-OPEC output and leaving the ministers led by Saudi Arabia’s Abdulaziz bin Salman with a much more difficult balancing act.Drilling DownSo far, the lack of non-OPEC+ oil production growth isn’t registering much in the market. After all, the coronavirus pandemic continues to constrain global oil demand. It may be more noticeable later this year and into 2022. By then, vaccination campaigns against Covid-19 are likely to be bearing fruit, and the world will need more oil. The expected return of Iran into the market will provide some of that, but there will likely be a need for more.When that happens, it will be largely up to OPEC to plug the gap. One signal of how the recovery will be different this time is the U.S. drilling count: It is gradually increasing, but the recovery is slower than it was after the last big oil price crash in 2008-09. Shale companies are sticking to their commitment to return more money to shareholders via dividends. While before the pandemic shale companies re-used 70-90% of their cash flow into further drilling, they are now keeping that metric at around 50%.The result is that U.S. crude production has flat-lined at around 11 million barrels a day since July 2020. Outside the U.S. and Canada, the outlook is even more somber: at the end of April, the ex-North America oil rig count stood at 523, lower than it was a year ago, and nearly 40% below the same month two years earlier, according to data from Baker Hughes Co.When Saudi Energy Minister Prince Abdulaziz predicted earlier this year that “‘drill, baby, drill’ is gone for ever,” it sounded like a bold call. As ministers meet this week, they may dare to hope he’s right.More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
2d ago
Reuters
Dispute over A350 paint job threatens Airbus deliveries to Qatar -sources
DUBAI/PARIS (Reuters) -Qatar Airways has clashed with European planemaker Airbus over the painting of an A350 jetliner in a heated dispute that threatens to delay a resumption of European deliveries to the Gulf carrier, industry sources said. Chief Executive Akbar Al Baker has criticised Airbus without giving details of the dispute, but the sources said it involves the latest in a series of quality-control spats between the airline and Airbus. Qatar Airways and Airbus declined to comment.
8h ago
Bloomberg
Software Firm Dye & Durham Soars on $2.8 Billion Management Bid
(Bloomberg) -- Canadian software provider Dye & Durham Ltd. surged almost 18% after a shareholder group led by management offered to buy the company for about C$3.4 billion ($2.8 billion), less than a year after it went public.The Toronto-based company said Monday it will form a committee of directors to evaluate its options following an approach by executives who want to take it over for C$50.50 a share. The shares closed at C$48.24 in Toronto, up 17.7%.The disclosure may bring financial buyers into the arena, according to Canadian Imperial Bank of Commerce analyst Stephanie Price. “We see private equity as the most likely alternative bidder,” Price wrote in a note. Dye & Durham could take on “much more leverage as a private company than the public markets would be comfortable with,” she said.Dye & Durham provides software for legal and business professionals, offering clients a platform for accessing legal registries and public records data. Its products help speed up document searches, document creation and electronic records filings.The offer is 23% higher than Friday’s close and more than six times the C$7.50 price of the initial public offering last July. The board committee will consider other bidders or merger partners and will also examine a sale of assets, the company said.Mawer OpposesOne large shareholder expressed opposition to the go-private transaction. “We think Dye & Durham is an excellent company and should remain public,” Jeff Mo, lead manager of Canadian small cap strategies at Mawer Investment Management Ltd., said in an interview. Mo said he would reconsider his view if the board process leads to a bidding war. Mawer holds about 9% of Dye & Durham, he said.The company has been led since 2014 by Chief Executive Officer Matthew Proud, who has expanded it through a number of acquisitions in Canada, the U.K. and Australia.One of Proud’s companies, Plantro Ltd., sold 2.2 million shares of Dye & Durham in January, according to insider trading records. Other executives, including Chief Operating Officer John Robinson and Chief Information Officer Eric Tong, also sold shares at that time.“The decision by management to purchase the business will raise eyebrows, given recent concern on insider selling and the need to raise significant capital,” Canaccord Genuity analyst Robert Young said in a note.Deal SpreeDye & Durham been busy making deals since going public. In December, it said it would buy DoProcess LP for C$530 million from the infrastructure arm of Ontario Municipal Employees’ Retirement System. Since January, it’s announced four more deals, including a C$94 million acquisition of U.K. real estate software firm Future Climate Info Ltd.To help fund its acquisition spree, Dye & Durham has tapped equity markets on several occasions since the IPO. The most recent was a February issue of nearly 4 million shares at C$50.50 -- the same price as the proposed takeover offer.The company’s statement didn’t say which members of management are part of the group that wants to take the company private. The company said that, following recent acquisitions, it expects C$220 million in annualized pro forma adjusted earnings before interest, taxes, depreciation and amortization.Last year, Matthew Proud and his brother, Avesdo Inc. Executive Chairman Tyler Proud, were part of a failed C$58 million offer for Torstar Corp., the publisher of the Toronto Star.(Updates share price, CIBC note and other changes)More stories like this are available on bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
3h ago
Reuters
Cyberpunk maker reports slump in quarterly profit amid Playstation delisting
"Cyberpunk 2077," featuring Hollywood star Keanu Reeves, was one of the most anticipated games last year. It was delayed three times, and after a bug-ridden premiere it has been delisted from Sony's PlayStation Store for more than five months. CD Projekt did not say how many units of "Cyberpunk 2077" it sold in the quarter.
8h ago
MoneyWise
Fact check: If you get the COVID vaccine, could you lose insurance coverage?
No one wants a surprise medical bill or rejected claim.
5h ago
FX Empire
GBP/JPY Price Forecast – British Pound Pulls Back During Quiet Session
The British pound has pulled back a bit during the course of the trading session on Monday to show signs of exhaustion and what would have been quiet holiday trading.
10h ago

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Automotive Lighting Market value to increase by almost $ 13 Bn during 2021-2025 | Stringent regulations on road safety to be major trend | Technavio

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