April, 2020

• 19 April

  Uranium surges 31% even amid coronavirus shutdowns

  

  Bloomberg While most commodities are getting hammered by the coronavirus crisis, uranium prices are skyrocketing. The radioactive metal used in nuclear fuel has climbed 31% this year, making it the world’s best-performing major commodity. The gains have been spurred by mine shutdowns that have wiped out more than a third of annual global output at a time when demand from ...

  Read More »
• 19 April

  S’pore oil trader Hin Leong fails to declare $800m losses

  

  Bloomberg The son of the legendary oil trader and founder of Hin Leong Trading (Pte.) Ltd said the Singapore-based company had suffered about $800 million in losses from futures trading that weren’t reflected in its financial statements, according to people with knowledge of the matter. Lim Chee Meng, the only son of Lim Oon Kuin, said he was unaware of ...

  Read More »
• 19 April

  Zimmer’s energy fund down 55% this year

  

  Bloomberg The energy fund at Zimmer Partners posted its worst quarter ever after sinking about 46% in March as oil markets plunged. The fund dropped 55% in the first quarter after losing money each month, according to an investor letter seen by Bloomberg. The fund, which ran $1 billion at the end of January, now has about $500 million in ...

  Read More »
• 19 April

  Trump says strong dollar is good yet markets beg to differ

  

  Bloomberg Just weeks after a surging dollar was causing havoc in world financial markets, President Donald Trump has decided that a muscular US currency is a good thing after all. “The dollar is very strong,” he told a press conference. “And dollars — strong dollars are overall very good.” The comment marked a U-turn from the president’s rhetoric for much ...

  Read More »
• 19 April

  IWG to raise $312mn by selling, lease-back deals

  Bloomberg IWG Plc is considering selling and leasing back offices to raise as much as 250 million pounds ($312 million) to help it weather the coronovirus pandemic, the Sunday Times reported. The firm, which owns the Regus and Spaces brands, plans to sell and then lease back more than 10 UK buildings, the newspaper said. Small business tenants of Regus ...

  Read More »
• 19 April

  Mexico’s GDP to drop 8.4% this year: Scotiabank

  

  Bloomberg Mexico’s economic contraction may be deeper than expected, according to Scotiabank. The bank now estimates Mexico’s gross domestic product (GDP) to drop 8.4% in 2020, more than the 5.77% contraction it predicted on March 20, due to the increasingly adverse economic indicators, Economia Hoy newspaper reported. The forecast was adjusted due to the lack of an effective policy response ...

  Read More »
• 19 April

  Man Group faces rise in withdrawals

  Bloomberg Man Group Plc is facing a rise in withdrawals after being hit by $10.7 billion of losses last quarter amid unprecedented volatility in global markets. The investment firm pulled in net new cash and some of its hedge fund strategies made money, but it wasn’t enough to compensate for the drop in performance. Assets under management declined to $104.2 ...

  Read More »
• 19 April

  Uber says engineer is on his own for $180mn to Google

  

  Bloomberg Uber Technologies says a guilty plea by its former star engineer is proof that he’s a liar — and supports its decision to make Anthony Levandowski alone shoulder a $180 million legal award Google won against him. The ride-hailing company, which recruited Levandowski in 2016 from Alphabet Inc.’s self-driving car program, ended up firing him after the companies became ...

  Read More »
• 19 April

  3M files lawsuits against ‘price-gougers’

  

  Bloomberg With coronavirus pandemic driving up demand for protective gear, profiteers and unscrupulous middlemen have taken advantage. Now, one of the biggest manufacturers of the products is fighting back. 3M Co. , the maker of the coveted N95 mask that drew criticism from President Donald Trump over their availability, has filed four lawsuits in the past week against alleged price-gougers ...

  Read More »
• 19 April

  Trump warns of consequences if China is ‘responsible’ for virus

  

  Bloomberg President Donald Trump raised the prospect that China deliberately caused the Covid-19 outbreak that’s killed over 39,000 Americans and said there should be consequences if the country is found to be “knowingly responsible.” Dr Deborah Birx, a member of the White House coronavirus task force, said on Sunday that the first country exposed to a pandemic has a “moral ...

  Read More »