Thursday, August 6

Day: 9 July 2020

Trade Finance Under Scrutiny in Singapore – Treasury and Risk
Commodities

Trade Finance Under Scrutiny in Singapore – Treasury and Risk

Photographer: Wei Leng Tay/Bloomberg When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a US$76.5 million fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than $9 billion in potential losses for global lenders. At the same time that Hin Leong Trading Pte. was pledging the fuel to back the loan, it allegedly agreed to sell the same cargo to another trader, who sought letters of credit from three banks including Credit Agricole. This line of credit merry-go-round was among many allegedly fraudulent tools used by Hin Leong, one of Singapore’s biggest oil traders before its spectacular collapse in April that left 23 banks on the hook for $3.5 billion, according to ...
The Ratings Game: Bed Bath & Beyond stock sinks more than 24% after earnings miss but analysts see opportunity
Stock News

The Ratings Game: Bed Bath & Beyond stock sinks more than 24% after earnings miss but analysts see opportunity

Bed Bath & Beyond Inc. stock took a 23.8% nosedive in Thursday trading after COVID-19-related closures drove wider-than-expected losses and steep sales declines, but analysts are upbeat about the path forward for the troubled home retailer. Bed Bath & Beyond BBBY, -25.02% reported a fiscal first quarter adjusted loss of $1.96 per share and a 49% sales decline to $1.31 billion. The FactSet consensus was for a loss of $1.27 per share and sales of $1.39 billion. June sales fell just 7%, according to Gustavo Arnal, Bed Bath & Beyond’s chief financial officer, who spoke on the Thursday earnings call. And year-over-year digital growth was 80%. Nearly all of the company’s stores have reopened but about 200 store closures are planned in the next couple of years. Read:Brooks Broth...
The Tell: How negative interest rates help gold act like a ‘risk-on’ asset as it pushes toward all-time high
Stock News

The Tell: How negative interest rates help gold act like a ‘risk-on’ asset as it pushes toward all-time high

Gold is traditionally thought of as a haven asset — a safe port in a storm. But that hasn’t stopped it from rising to a near nine-year high, and within striking distance of its record, even as equities and other assets traditionally viewed as risky remain buoyant as they rebound from the pandemic-inspired selloff suffered earlier this year. Chalk it up, in part, to opportunity costs. Efforts by global central banks to push down interest rates, which have fallen into negative territory in real, or inflation-adjusted terms, in the U.S. and are outright negative in many parts of the world, mean that investors who hold gold aren’t missing out on the yield they would earn from holding bonds in more usual circumstances. “As real yields turn negative, opportunity costs for holding non-yielding...
Foreign exchange rate of euro to other currencies
Forex News

Foreign exchange rate of euro to other currencies

FRANKFURT, July 9 (Xinhua) -- The following are the foreign exchange reference rates of euro to other currencies at the European Central Bank on Thursday: One euro to: U.S. dollar 1.1342 Chinese yuan renminbi 7.9230 Japanese yen 121.67 Danish krone 7.4503 British pound 0.89655 Swedish krona 10.3970 Swiss franc 1.0634 Norwegian krone 10.6173 Russian ruble 80.0425 Turkish lira 7.7845 Australian dollar 1.6239 Canadian dollar 1.5314 Hong Kong dollar 8.7901 New Zealand dollar 1.7223 Enditem Credit: Source
Job losses remain ‘enormous’: Coronavirus unemployment claims are worst in history – CNBC
Stock News

Job losses remain ‘enormous’: Coronavirus unemployment claims are worst in history – CNBC

A woman wearing a face mask walks past the closed Arlington Cinema and Drafthouse movie theater amid the coronavirus pandemic on May 14, 2020 in Arlington, Virginia. Photo by OLIVIER DOULIERY/AFP via Getty Images The number of Americans filing for unemployment benefits over the last four months is worse than any other time in modern history. The fact that new applications for jobless aid remain elevated weeks into the coronavirus crisis points to a fragile economic situation and continued financial pain for many households. Though the trend has been improving in recent weeks, a spike in coronavirus infections around the country and extinguished federal aid risk more layoffs in the near future. Sixteenth straight week Out-of-work Americans filed 2.3 million new claims for ...
Stock Market Tips for Tomorrow 10th July 2020
Top Trading, Trading Tips

Stock Market Tips for Tomorrow 10th July 2020

SELL IGPL (NSE Code) Sell Below 178.90 after cooling period. SIGNAL : BEARISH ENGULFING PATTERN NEAR MINOR TOP WITH HIGHER VOLUME. Stop Loss : 195.90 Target : 165.85 (Short term) HOT BUZZING STOCKS (10.07.2020) NSE SYMBOL      CLOSING RATE MSTCLTD    168.30 GUFICBIO    90.45 PTL    43.65 TCPLPACK    316.40 SELAN    120.65 AFFLE    1852.70 IBREALEST    68.35 VARROC    222.35 SAGARDEEP    126.95 SHEMAROO    65.00 GULFPETRO    48.45 SORILINFRA    60.70 ALOKINDS    43.25 ADANIGREEN    373.60 BORORENEW    92.95 IDBI    46.00 FLFL &n...
The Top 10 Forex Coaches To Follow in 2020 – Yahoo Finance
Forex News

The Top 10 Forex Coaches To Follow in 2020 – Yahoo Finance

NEW YORK, NY / ACCESSWIRE / July 9, 2020 / The foreign exchange, also known as Forex, has given birth to a new generation of traders who have been able to create financial freedom from their computers. Trading these markets successfully takes time, experience and patience - and a little bit of guidance. Here we present 10 of the Forex coaches leading the way and helping their clients thrive: 1. Hassan Mahmoud @hassansmahmoud Growing up, Hassan Mahmoud's experience of the U.S.A didn't quite live up to the ‘American Dream' he and his family had hoped for. Hassan's family moved from Palestine to America, where he was born, and it didn't take long before Hassan had the entrepreneurial itch. Starting his first successful entrepreneurial venture selling candy while in school, Hassan drop...
Brave Browser Fork Makes a ‘Bold’ Move Citing Legal Pressure
Crypto News

Brave Browser Fork Makes a ‘Bold’ Move Citing Legal Pressure

Blockchain browser formerly known as ‘Braver’, which originally forked from the open-source Brave browser, rebranded itself to ‘Bold Browser’ earlier today citing legal threats from a ‘certain party.’ Anti-adware fork Braver Browser launched in June following reports of Brave auto-filling the company’s affiliate link into searches for certain crypto exchanges like Binance and Coinbase. Announcing the project in a now-deleted tweet on June 6, the Braver team said it had removed Brave's referral link injection, adding that the full release was going to delete “all adware”, including the Basic Attention Token (BAT) — in-house ERC-20 utility tokens that are awarded to Brave content makers for promoting the platform. Around the same time, Brave co-founder and CEO Brendan Eich tweeted that the...
RIL, BP launch fuel and mobility joint venture
Stock News

RIL, BP launch fuel and mobility joint venture

Mumbai: Oil-to-telecom conglomerate Reliance Industries (RIL) and energy major BP on Thursday announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility(RBML). After the initial agreements in 2019, BP paid RIL $1 billion for a 49 per cent stake in the joint venture, with RIL holding 51 per cent. The JV will operate under the “Jio-BP” brand and aims to become a leading player in India's fuels and mobility markets. The venture will leverage RIL’s presence across 21 states and its millions of consumers through the Jio digital platform, while BP will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions. RIL said the JV has received the marketing authorization for transpo...
Lebanon’s Currency Crisis Paves The Way To A New Future – Forbes
Currencies

Lebanon’s Currency Crisis Paves The Way To A New Future – Forbes

Once known for its dynamic food, music and culture, Lebanon is now in the midst of the worst economic crisis in modern history. With no clear resolution in sight, the country is experiencing rolling blackouts, a shortage of food and a monthly inflation rate of 56%. The Lebanese Lira joins a list of dozens of failed fiat currencies including the Venezuelan Bolivar, the Zimbabwean Dollar and Argentinian Peso. TOPSHOT - A protester holding the Lebanese flag runs as protesters block the Jounieh Tripoli highway ... [+] with flaming tires set aflame during a demonstration against dire economic conditions in Jal el Dib North East of the Lebanese capital Beirut late on June 11, 2020. - The Lebanese pound sank to a record low on the black market on June 11 despite the authorities' attempts ...