June, 2020

• 14 June

  Germany may make property sales harder

  

  Bloomberg Germany’s construction minister, Horst Seehofer, wants to help protect tenants by making it more difficult to convert rental apartments into condominiums, Frankfurter Allgemeine Zeitung reported. Seehofer is proposing to introduce a threshold of at least two-thirds of the flats in an apartment building having to be sold to tenants or their family members for any conversion plan to gain …

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• 14 June

  Stock pickers are failing to beat whiplashed pandemic market

  

  Bloomberg Stock pickers are getting schooled on just how hard it is to outsmart the coronavirus pandemic-driven market. After the S&P 500’s biggest plunge since the March madness, expectations are rising that shares will move in lockstep again, a headwind for stock pickers looking to divine winners and losers. Add the fact that fewer companies are leading market gains this …

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• 14 June

  There’s still room for gains in emerging stocks, says Goldman

  

  Bloomberg The recent rebound in emerging-market stocks isn’t over yet as investors move to assets that benefit from an improved outlook for the global economic recovery, according to Goldman Sachs Group Inc. “We’re quite positive on EM stocks on a tactical basis,” said Caesar Maasry, a New York-based emerging-market strategist at the firm. “There has been an increasing preference for …

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• 14 June

  Oil’s weekly winning streak ends with demand recovery shaky

  

  Bloomberg Oil’s weekly winning streak has stopped in its tracks. After six straight periods of gains, US benchmark crude futures dropped 8.3% this week. Market sentiment soured after the Federal Reserve warned of the coronavirus pandemic’s prolonged damage to the economy. Plus, fears over a second wave of virus infections threaten to disrupt any demand recovery. While crude has pushed …

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• 14 June

  Investors may pull $100bn from hedge funds in 2020

  

  Bloomberg Investors may pull as much as $100 billion from the hedge fund industry this year, as a result of the economic fallout from the coronavirus crisis. The outflows — which may range from $50 billion to $100 billion — would mark the largest drawdown since the global financial crisis, when the industry saw $154 billion in withdrawals in 2008, …

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• 14 June

  Shale drilling slump worsens as Permian nears record low

  

  Bloomberg Explorers slashed drilling in the world’s biggest shale patch for a 13th straight week as they wrangle with a global pandemic that’s crimping demand for crude and leaving many strapped for cash. The number of active drilling rigs in the Permian Basin of West Texas and New Mexico fell by 4 to 137, just 3 above a record low …

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• 14 June

  Australia fast-tracks a $1b coal mine

  

  Bloomberg A giant Glencore Plc coal project in Australia has been fast-tracked as the nation turns to its vast natural resources to lift the economy out of its first recession in almost three decades. The A$1.5 billion ($1 billion) Valeria mine in Queensland has been designated a “coordinated project”, which the state said would help to get new jobs happening …

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• 14 June

  ‘Exxon eyes gas power plants in boost to US trade’

  

  Bloomberg Vietnam said Exxon Mobil Corp is considering investments in the nation’s power sector, a move that would support trade with the US and open a potential new frontier for the upstream-focused oil and gas major. The Texas-based company is weighing stakes in two power plants and the gas import infrastructure to feed them, as well as in the oil …

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• 14 June

  Johnson faces fury of Europe’s three biggest airlines in court

  

  Bloomberg It’s not often rival carriers join forces on anything in the competitive aviation industry. But last week, three of Europe’s biggest airlines teamed up to sue the UK government over plans to force visitors to self-isolate for 14 days. British Airways, EasyJet Plc and Ryanair Holdings Plc said they asked for London judges to hear a case against the …

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• 14 June

  Edgars needs buyers to make binding offers

  

  Bloomberg Edgars needs buyers to make binding offers by the end of June to prevent the start of wind-up proceedings, putting at risk the future of a South African clothing chain that has traded for almost a century. Administrators for parent Edcon Holdings Ltd put the retailer up for sale alongside sister companies Jet and Thank U after measures to …

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