April, 2021

• 17 April

  Veolia agrees to buy Suez, ending bitter takeover battle

  

  Bloomberg Veolia Environnement SA agreed to acquire Suez SA, ending a long and bitter takeover battle with a sweetened offer. After months of fierce resistance from Suez’s management, Veolia unlocked a deal, pledging to sell back a bigger part of its French water rival to maintain competition. It also offered “social commitments” for employees of the utility. The deal gives …

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• 17 April

  Delta outlook underwhelms as cost pressures loom large

  

  Bloomberg Delta Air Lines Inc stuck to its upbeat financial forecasts despite posting a bigger-than-expected loss in the first three months of the year and jarring Wall Street with its outlook for cost pressures tied to the travel rebound. The carrier still expects to stop burning cash this quarter and to return to profitability in the third “if recovery trends …

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• 17 April

  Avianca plans to raise $1.8b to repay debt

  

  Bloomberg Avianca Holdings SA plans to raise $1.8 billion to repay debt and provide new financing as the Colombian airline eyes an exit from the bankruptcy reorganisation it was forced into last year during the pandemic-driven travel collapse. The air carrier retained Seabury Securities LLC to help raise the exit financing, likely a combination of debt and equity, the company …

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• 17 April

  Wizz Air CEO says his optimism for summer is fading

  Bloomberg Wizz Air Holdings Plc CEO Jozsef Varadi said he’s no longer counting on a rebound in European air traffic this summer as travel restrictions persist and vaccine rollouts stutter. Uncertainty over the easing of curbs make it impossible to predict levels of demand in three or four months, and whether an envisaged increase in capacity to between 70% and 80% …

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• 17 April

  Bed Bath & Beyond shipping, e-commerce costs hurt profit

  Bloomberg Bed Bath & Beyond Inc’s shares plunged after higher shipping and e-commerce costs eroded profitability in the fourth quarter, tarnishing the results as the home-furnishings retailer reported a stronger-than-expected same-store sales gain. The increase in online sales and freight expenses led to higher costs for the company, contributing to a gross margin of 31.5%, which was below the estimate …

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• 17 April

  Big banks rake in record profits as stimulus props up consumers

  

  Bloomberg The US government piled trillions of dollars of emergency funds into Americans’ accounts during the pandemic. That’s boosting the bottom lines of the banks that store their cash. Lending giants reported blockbuster profits this week, in part because stimulus payments have helped consumers bounce back from the Covid-19 crisis and prevented more severe economic damage. The emergency funds helped …

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• 17 April

  Morgan Stanley’s record quarter stained by Archegos collapse

  

  Bloomberg Morgan Stanley surprised investors with a $911 million loss tied to the collapse of Archegos Capital Management, staining what was otherwise a record quarter for revenue and profit. “The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of …

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• 17 April

  Bank of Thailand unfazed by US currency watchlist inclusion

  

  Bloomberg The Bank of Thailand has responded to the US decision to keep the nation on watch for currency manipulation by asserting it has stepped into the market only to curb volatility in the baht. The central bank is committed to exchange-rate flexibility, with “interventions limited only to curbing excessive volatility and rapid movements of the baht on both sides,” …

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• 17 April

  Credit Suisse sued over Greensill Capital, Archegos

  

  Bloomberg Credit Suisse Group AG was sued by a small pension fund that alleges the bank misled investors and let “high-risk clients” including Greensill Capital and Archegos Capital Management take on too much leverage, in one of the first lawsuits since the twin debacles. The Michigan pension fund, City of St. Clair Shores Police & Fire Retirement System, filed the …

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• 17 April

  UBS is victim of own success in bid to cut $4.4bn fine

  

  Bloomberg A ruling slashing a record French fine against a bank seemed to bode well for UBS Group AG as it fights an even larger 3.7 billion-euro ($4.4 billion) penalty in front of the same judges. But the Swiss lender might be a victim of its own success. According to details of the April 6 decision only revealed earlier this …

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