Cairo sets external debt cap
The nation is aiming for an external borrowing ceiling of US$14.326 billion in the July 2019 to June 2020 fiscal year, a government document seen by Reuters yesterday showed. The nation expects total foreign debt to reach US$102.863 billion and aims to repay US$10.326 billion to foreign lenders, the document showed. The nation has also reached an agreement with the IMF on the release of the next US$2 billion loan instalment, the fifth under its three-year aid program, the IMF said on Wednesday. The agreement with the IMF staff is subject to approval by the executive board of the Washington-based crisis lender. The loan program was signed in November 2016, and with this payment Cairo would have received US$10 billion of the total.
Zozo ending Zozosuit
Japanese online clothing retailer Zozo Inc is scrapping its body-measuring Zozosuit, saying it has enough data to produce custom-sized clothes for customers without creating 3D models. The polka-dot spandex suit is to be scrapped by March, CEO Yusaku Maezawa said in a surprise announcement in Tokyo on Wednesday, following the company’s quarterly results. Zozo is to ship 3 million Zozosuits before shutting down the initiative, compared with its previous forecast of 6 million to 10 million units. That should result in cost savings of about ￥3 billion (US$26.5 million) in the fiscal year through March, he said.
Growth in house prices slow
House prices rose at their slowest pace in more than five years last month, as uncertainty about the economy in the run-up to Brexit weighed on the market, mortgage lender Nationwide said yesterday. Compared with October last year, prices rose 1.6 percent, down from an increase of 2 percent in September and below a median forecast of 1.9 percent in a Reuters poll of economists. That was the weakest increase since May 2013, before the UK housing market started to throw off the after-effects of the global financial crisis. Prices were flat last month in monthly terms after a 0.2 percent increase in September, Nationwide said.
Macau revenue up 2.6%
Gambling revenue in the Chinese territory of Macau rose 2.6 percent last month from a year earlier to 27.3 billion patacas (US$3.38 billion), the highest monthly total since 2014, bolstered by solid demand from Chinese punters keen to play in the nation’s only legal casino hub. Last month also marked the 27th consecutive monthly increase, although the rate of growth slowed as rising macroeconomic concerns in China dented sentiment in the high-end VIP segment.
Ping An planning IPO
Ping An Insurance (Group) Co (平安保險), China’s biggest insurer by market value, is planning a Hong Kong initial public offering (IPO) of its healthcare technology unit that could raise about US$2 billion, people with knowledge of the matter said. A listing of Ping An Healthcare Technology, which provides platforms used by hospitals, insurers and pharmacies, could take place as soon as next year, the people said. The insurer is talking to potential advisers about the planned share sale, the people said on condition of anonymity. It would join Ping An Good Doctor (平安好醫生), a separate Ping An subsidiary that offers online medical consultations, in seeking to sell shares to fund expansion after raising US$1.1 billion in a Hong Kong IPO in April.
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, is to issue NT$13.9 billion (US$469.5 million) in unsecured bonds to help fund its plan to expand production capacity, it said on Friday. In a Taiwan Stock Exchange filing, TSMC said the bonds would comprise three tranches: NT$5.7 billion payable over five years, NT$6.3 billion over seven years and NT$1.9 billion over 10 years. The interest rates would be 0.58 percent on the five-year bonds, 0.65 percent on the seven-year ones and 0.67 percent on the 10-year tranche, TSMC said. Capital Securities Corp (群益金鼎證券) is to serve as the main underwriter in