Alejandro Garcia Padilla, governor of the Puerto Rica’s central bank, Government Central Bank, has announced an executive order on Saturday. The order restricts withdrawal of funds except for the emergency services in a bid to avoid default in $423 debt repayment scheduled on May 1. Analysts have already warned that failure in debt repayment will definitely attract a default status for GDB.
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Malysia has been witnessed to rock heavily centering 1MDB scandal. Both Malaysian currency and stock have been nose-dived over the past year and capital outflow taken place more frequently. The existing economic turmoil has led Moody’s to change Malaysia’s economic outlook from positive to stable citing 1MDB related economic turmoil as the reason.
Future Land Development shares have witnessed a fall of around 14% and appear to be the lowest since September 7. Meanwhile, Moody’s has changed outlook on the business to negative from stable on Monday. Fearing further price falling, the company has arranged suspension of its shares listed in the Hong Kong and Shanghai Stock Exchange.
Oil and gas market have been tattering due to existing sharp downtrend in price. Many oil companies have been writing down the value of shale assets over the past 20 months since prices started crashing. BHP Billinton Ltd. has also become dependent on bank debts to maintain soaring expenses and plans to cut dividends for the first time in 25 years. Finally, following the industry trend, BHP has announced for writing down US energy assets worth $7.2 billion.
Indian Prime Minister Narendra Modi has scored high on overall performance during his first three months in office, but many are disappointed with his new administration's efforts to bring down inflation, an opinion poll showed.
Moody's: EMEA high-yield market remains set for another record year, as private equity IPOs continue
With high-yield bond issuance of USD13.8 billion in May, and cumulative issuance reaching USD70 billion, 2014 looks well placed to set another issuance record according to Moody's
With activist hedge funds increasing their campaigns, credit rating agency Moody's cautioned that their increasing power has just added more risk to owning corporate bonds, the Financial Times reported.
Moody's says the outlook for the Australian infrastructure sector is stable, underpinned by a resilient economy.
Alan Joyce, chief executive of Qantas Airways Ltd, has ruled out Australia's national carrier raising fresh capital to compete with arch-rival Virgin, saying the airline still has a lot of flexibility.
Moody's the ratings agency said that the Islamic banking sector of Oman would grow between six and eight percent in the next five years.
Although Nokia's restructuring efforts kept it financially afloat, Moody's predicted a wavering position for the Finnish company in the smartphone market.
