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Tue, 12 Nov 2019 03:02
Yahoo News - Latest News &Headlines
Bolivian Debt Is No-Go as Morales Exit Fuels Investor Doubt(Bloomberg) -- Bolivia’s first change in government in more than 13 years opens the door for a reformist administration that could eventually bolster economic growth. For bond investors, though, it’s far too early to bet on a revival.That’s the conclusion of analysts at BNP Asset Management and Aberdeen Asset Management Plc, who expect more instability after a disputed election last month triggered weeks of violence, military intervention and the resignation of President Evo Morales. Absent clear leadership or a date for new elections, Bolivia’s dollar bonds are likely to keep sliding, the analysts said, though they’re leery of predicting exactly how much. Morales has been granted asylum by Mexico, according to that nation’s foreign minister.“If uncertainty prevails, we may see further selling because the positive that Morales brought was stability, and now any uncertainty may be potentially worrisome,” said Emilia Matei, an emerging-market analyst at Aberdeen in London. “The first hurdle has passed, though, that of political change. It remains to be seen whether the change will be for the better.”Bolivia’s $1 billion dollar-denominated bonds due in 2028 fell 5 cents since a disputed presidential election on Oct. 20 and were fetching around 92 cents on the dollar last week, yielding 5.715%. That’s in line with Ivory Coast, which shares Bolivia’s Ba3 rating from Moody’s Investors Service, but higher than other peers such as the Dominican Republic, Senegal and Serbia. TheU.S. bond market was closed on Monday for the Veterans Day holiday. Bolivia’s dollar bonds were steady in London trading early on Tuesday morning.While the Morales government sought to shore up the economy with public spending, that also sparked an uptick in the nation’s public debt and eroded international reserves. Public debt rose to 53% of gross domestic product from 38% between 2014 and 2019, while reserves shrank to a 10-year low of $7.9 billion in March from about $15 billion, the most recent data show.Expect more instability in coming days and a rocky political transition, said Jean-Charles Sambor, the London-based deputy head of emerging-market fixed income at BNP Asset Management. Credit fundamentals have deteriorated in recent years as the fiscal deficit expanded, slowing economic growth and siphoning reserves, he said, adding that Bolivian debt is worth buying only if there are improvements in governance and in curbing deficits.Granted, the bonds could rebound if a reformist leader emerges from the transition with enough support and credibility to make policy changes. Opposition candidate Carlos Mesa, the runner-up in the election, could be an option, Aberdeen’s Matei said. On Monday, Mesa urged lawmakers from Morales’ MAS party, which dominates the legislature, to attend Congress to ensure a quorum for a session to accept the president’s resignation and appoint a replacement. Bolivia last defaulted on international debt in 1988.“Elections are highly likely to occur, and when they do, the opposition is set to come out on top,” Eurasia Group analysts Filipe Gruppelli Carvalho in Washington and Risa Grais-Targow in New York wrote in a report. “The outlook for an opposition-led administration is probably more constructive than a fourth Morales term, but the need for significant reforms and the energetic opposition of pro-Morales groups suggest a challenging scenario.”Prolonged uncertainty would hurt growth and exacerbate the erosion of fiscal and external buffers that are key supporters of Bolivia’s credit profile, according to William Foster, a senior credit officer at Moody’s. The firm rates Bolivia one notch below Brazil.(Adds dollar-bond trading in fourth paragraph. Earlier versions of this story corrected the spelling of Grais-Targow and a party affiliation reference.)To contact the reporters on this story: Aline Oyamada in Sao Paulo at aoyamada3@bloomberg.net;Andres Guerra Luz in Houston at aluz8@bloomberg.netTo contact the editors responsible for this story: Carolina Wilson at cwilson166@bloomberg.net, Alec D.B. McCabeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Bolivian Debt Is No-Go as Morales Exit Fuels Investor Doubt
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Australian bushfires hit Sydney suburbsBushfires raging across eastern Australia on Tuesday singed the Sydney suburbs, where firefighters were forced to scramble planes and helicopters to splatter a built-up neighbourhood with water and red retardant. Twin blazes in the north shore suburb of Turramurra -- around 15 kilometres (nine miles) from the centre of Australia's largest city -- tore through a eucalypt forest park and sparked spot fires in homes, before eventually being brought under control. More than 100 bushfires are burning up and down Australia's east coast, fanned by gale-force winds, scorching temperatures and tinder-dry bushland that has brought some of the most dangerous conditions the country has seen.
Australian bushfires hit Sydney suburbs
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Huawei to give staff $286 million bonus for helping it ride out U.S. curbsChinese telecoms giant Huawei Technologies said on Tuesday it will hand out 2 billion yuan ($286 million) in cash rewards to staff working to help it weather a U.S. trade blacklisting. The cash is a mark of recognition for work in the face of U.S. pressure, Huawei's human resources department said in a notice to staff seen by Reuters. The cash rewards will likely go to research and development teams and those working to shift the company's supply chains away from the United States, the spokesman said.
Huawei to give staff $286 million bonus for helping it ride out U.S. curbs
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Nissan reports 70% second-quarter profit slump, slashes full-year outlookNissan Motor Co Ltd reported a 70% profit tumble on Tuesday and cut its full-year outlook to an 11-year low, as the Japanese automaker continued to grapple with falling sales and the aftermath of the ouster of former Chairman Carlos Ghosn. Operating profit at Japan's second-biggest automaker by sales came in at 30 billion yen ($274.98 million) during the July-September period versus 101.2 billion yen a year earlier. Nissan, whose financial performance has been in the doldrums for nearly two years, cut its forecast for operating profit to 150 billion yen in the year through March 2020, from a previous forecast for 230 billion yen.
Nissan reports 70% second-quarter profit slump, slashes full-year outlook
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South African state airline says could cut more than 900 jobsSouth Africa's struggling state-owned airline South African Airways (SAA) could cut more than 900 jobs as it restructures to stem severe financial losses, the airline said in a statement. The airline has not made an annual profit since 2011 and is grappling with severe funding difficulties and an inefficient and ageing fleet of airplanes. South African officials have been searching for an investor to take a stake in the airline, but their efforts have so far been unsuccessful.
South African state airline says could cut more than 900 jobs

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