Monday April 4 2016 Housing and Economic stories

TOP STORIES:

SandRidge eyes bankruptcy, restructuring in U.S. shale bust - (www.reuters.com) SandRidge Energy Inc (SDOC.PK) confirmed on Wednesday it has hired advisers to evaluate options including a bankruptcy filing, in what could be the most high-profile reorganization yet in U.S. shale oil industry. The company, battered by a 60 percent slide in oil prices since mid-2014, said in a regulatory filing there was substantial doubt about its financial viability. The company "has engaged advisors to assist with a private restructuring or reorganization under Title 11 of the U.S. Bankruptcy Code in the foreseeable future," the filing said.

SunEdison at risk of bankruptcy, unit says; shares plummet 60 percent - (www.reuters.com) U.S. solar energy company SunEdison Inc (SUNE.N), whose aggressive acquisition strategy has saddled it with almost $12 billion of debt, is at "substantial risk" of bankruptcy, one of its two publicly listed units warned on Tuesday. A bankruptcy would rank among the largest involving a non-financial company in the past 10 years, according to bankruptcydata.com. SunEdison declined to comment. SunEdison's shares - already reeling from a Wall Street Journal report on Monday that the company was being investigated for overstating its cash position - fell as much as 60 percent to a record low of 50 cents.

ECB could give 1,300 euros to bloc’s citizens, Nordea says - (www.reuters.com)  The European Central Bank could give 1,300 euros (1,029 pounds) to every person in the euro zone if it found no other way to revive inflation, Nordea Bank said on Thursday. The ECB has distanced itself from the idea of handing out cash – so-called helicopter money – after its chief economist said it was an option, in theory. The ECB is already spending billions through its quantitative-easing programme to stimulate the economy and ward off deflation. “Helicopter money is not currently part of the discussion in the Governing Council,” ECB Executive Board member Benoit Coeure said on Wednesday. “To be honest, I don’t see how it could work without some kind of risk-sharing with governments, which could be practically and legally problematic.”

Hong Kong Retail Sales Plunge the Most in 17 Years - (www.bloomberg.com)  Hong Kong’s retail sales in February have plunged the most since 1999 as fewer Chinese tourists visited the city during the Lunar New Year holiday. Retail sales dropped 21 percent in February to HK$37 billion ($4.8 billion) year on year, according to a statement from Hong Kong’s statistics department. Combining January and February, sales fell 14 percent. The monthly decline is the worst since January 1999 when sales were also down 21 percent. “Apart from the severe drag from the protracted slowdown in inbound tourism, the asset market consolidation might also have weighed on local consumption sentiment,” a government said in a statement on Thursday. “The near-term outlook for retail sales will still be constrained by the weak inbound tourism performance and uncertain economic prospects.”

BlackRock Plans to Cut About 400 Jobs in Coming Weeks - (www.bloomberg.com) BlackRock Inc. plans to cut about 400 jobs in what may be the biggest round of layoffs to date at the world’s largest money manager, according to people with knowledge of the matter. The reductions, equal to about 3 percent of the firm’s 13,000 employees, will be announced in the coming weeks, said the people, who asked not to be identified because they weren’t authorized to speak. Despite the cuts, the firm will continue to invest and hire in key areas and expects to end the year with a higher headcount, according to one person. Farrell Denby, a company spokesman, declined to comment. In a memo to employees, BlackRock said the job cuts have not yet been finalized and that those affected by the changes will be treated fairly and with respect.

OTHER STORIES:

Yellen Outsources U.S. Monetary Policy to the Financial Markets - (www.bloomberg.com)
Family spending is stretching budgets
China's Big Three Airlines Take $2.5 Billion Currency Hit - (www.bloomberg.com)
Top Chinese Banks Cut Dividends as BOC Head Bemoans New Normal - (www.bloomberg.com)

What is the Petrobras scandal that is engulfing Brazil? - (www.ft.com)
Mexico Risks Rating Downgrade on Pemex Woes, Moody's Says - (www.bloomberg.com)
PBOC's Zhou Outlines Plans to Promote IMF Currency Basket Use - (www.bloomberg.com)
China hits property policy jam as regional market gap widens - (www.reuters.com)
PBOC Discloses Currency Forward Positions Amid Intervention Bets - (www.bloomberg.com)