WORLD FINANCE NEWS BRIEF
Biggest Banks Gain $10 Billion on Fed Moves to Open Debt Markets
The Fed’s moves have meant a $10 billion windfall for the biggest U.S. banks as their bond traders seized on big market swings to set new records, and their bankers arranged a slew of debt deals for companies desperate to raise cash
Underwriting volumes “will definitely come down,” JPMorgan CEO Jamie Dimon told analysts on a conference call on Tuesday. “All this capital is not being raised to go spend. It’s being raised to sit on the balance sheet so that you’re prepared for whatever comes next.”
Professor Whose Formula Predicts Bankruptcies Has a Big Warning
Chesapeake Energy Corp., the pioneer of the shale gas revolution, and retailer Brooks Brothers Group Inc. have filed for bankruptcy in the U.S. in recent weeks
Defaults in the Asia-Pacific region include Virgin Australia Holdings Ltd. and Shanghai-headquartered Hilong Holding Ltd., an oil equipment and services firm.
Hottest New Fuel Proves Hard to Handle
Hydrogen has a tendency to pass through valves and gaskets on equipment designed to harness the energy of larger methane molecules in natural gas, said Robert Koubek
It’s a tricky gas and its flame burns differently,” Koubek, 54, said during a June tour of Verbund’s Mellach facility.
GCC NEWS BRIEF
UAE Corporate Scandals Require a Clean Up
The UAE had been proactive in its response to the Abraaj scandal – on April 28, new corporate governance rules for public companies came into force, which is in line with international best practice and aim to promote accountability, fairness, gender diversity and transparency.
the scandals draw attention to the fact that the UAE’s business culture, with a tendency toward interconnected businesses and closely controlled company ownership, remains at odds with the requirements of listed companies.
UAE- Julphar Rights Issue Oversubscribed 2.3 Times Shares Fall
First Abu Dhabi Bank acted as the lead manager and Matouk Bassiouny & Ibrahim as the legal counsel for the transaction.
This year, Julphar also announced the relaunch of over 80 products within Saudi Arabia, Kuwait, Bahrain, and Oman, with initial sales continuing at a brisk pace during Q2.