July 16 – Daily Brief of World Finance & GCC News

WORLD FINANCE NEWS BRIEF

Biggest Banks Gain $10 Billion on Fed Moves to Open Debt Markets

URL: https://www.bloomberg.com/news/articles/2020-07-15/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

URL: https://www.bloomberg.com/news/articles/2020-07-15/father-of-the-z-score-predicts-a-surge-in-mega-bankruptcies

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

URL: https://www.bloomberg.com/news/articles/2020-07-11/green-news-austria-emerges-as-hub-for-hydrogen-technology

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

URL: https://gulfnews.com/business/analysis/uae-corporate-scandals-require-a-clean-up-1.72584456

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

URL: https://menafn.com/1100489404/UAE-Julphar-rights-issue-oversubscribed-23-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.

About the author

Financial advisor to UHNWI, private entities, family offices, and companies. Certified Anti-Corruption Manager from The American Anti-Corruption Institute

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