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Oil Crash Risks $19 Billion Wave of Junk Debt Defaults - (www.bloomberg.com) Investors
are facing $19 billion in energy defaults as the worst oil crash in a
generation leaves drillers struggling to stay afloat. The wave could begin
within days if Energy XXI Ltd., SandRidge Energy Inc. and Goodrich Petroleum
Corp. fail to reach agreements with creditors and shareholders. Those are three
of at least eight oil and gas producers that have announced missed debt
payments, triggering a countdown to default. "Shale was a hot growth area
and companies made the mistake of borrowing too much," said George
Schultze, founder and chief investment officer of Schultze Asset Management in
New York, which has been betting against several distressed energy companies.
Investors risk appetite grows for stock, junk funds -Lipper
- (www.reuters.com) Investors showed renewed appetite for risk in
the past week, with U.S.-based taxable debt funds taking in the most cash in a
year and stock funds posting net inflows for the first time in 2016, Lipper
data released on Thursday showed. U.S.-based stock funds attracted $4.6 billion
in net new cash during the week ended March 9, the data showed, breaking a nine-week
streak of outflows. Taxable bond mutual funds and exchange-traded funds in the United
States attracted $5.8 billion in net new cash, their seventh straight week of
inflows, Lipper said. Investment-grade corporate debt funds took in $2.1
billion, while high-yield junk bond funds took in $1.8 billion, their fourth
straight week of inflows.
Sao Paulo Prosecutors Charge Brazil's Lula With Money
Laundering - (www.nytimes.com) State prosecutors in Brazil are seeking the
arrest of former President Luiz Inacio Lula da Silva on charges of money
laundering and identity fraud for concealing ownership of a beachfront
apartment, his foundation said on Thursday. The effort to arrest the former
president raised the stakes dramatically in a crisis threatening to topple his
successor, President Dilma Rousseff, and was likely to further polarize
protests on Sunday calling for her impeachment. Lula's foundation called the
motion to arrest the president "more proof of the partiality" of Sao
Paulo state prosecutor Cassio Conserino. The motion requires the approval of a
judge, which is highly unlikely, according to a presidential aide who asked not
to be named given the sensitivity of the case.
It's payback time for emerging markets' $1.6 trillion debt -
(www.nytimes.com) Recent
signs of stabilisation in emerging markets may merely be the calm before the
storm - a $1.6 trillion (£1.1 trillion) debt mountain is due for repayment in
the next five years, a steep rise in maturities that could stir fresh trouble. The
debt-servicing hump - with annual repayments jumping by more than $100 billion
by 2020 compared with 2015 - is a result of a borrowing spree after the 2008
financial crisis. From African governments to Turkish banks, developing world
borrowers flogged their debt on hard-currency bond markets in post-crisis
years, encouraged by near-zero U.S. interest rates that sent investors hunting
for higher yields.
The
Vacant Condos in Vancouver - (www.wolfstreet.com)
To get a grip on the problem,
the city commissioned a report last year, and the results were just presented
to the City Council. The idea was to figure out how many homes were vacant,
presumably owned by absentee investors. These vacant homes have been a hot
topic. “Home buyers and prospective renters have fretted for years that
investors were snapping up homes and leaving them empty, cutting supply and
boosting prices in the process,” as the Financial Post put
it. The report analyzed residential electricity consumption via a decade’s
worth of anonymized data provided by BC Hydro, the electric utility. A home was
considered non-occupied for the year if electricity use, which normally varies
dramatically during the day, showed little variability in each of the
“non-heating months August, September, and the following June and July. And one
thing stood out: 12.5% of the condos were deemed non-occupied.
Gold Climbs to One-Year High as Dollar Weakens on ECB Rate View
- (www.bloomberg.com)
Draghi: ECB Done for Now on Rates - (www.bloomberg.com)
Draghi's Stimulus Push Said to Encounter Most Opposition on QE - (www.bloomberg.com)
The Assets of the Ultrarich Come Closer to Earth - (www.nytimes.com)
Draghi: ECB Done for Now on Rates - (www.bloomberg.com)
Draghi's Stimulus Push Said to Encounter Most Opposition on QE - (www.bloomberg.com)
The Assets of the Ultrarich Come Closer to Earth - (www.nytimes.com)
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