World News – UA – ASX near three-week low as virus fears undermine global markets

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Rating agency Fitch slashed prospects for Crown Resortsâ ???? BBB credit rating goes from stable to negative as regulatory storm engulfing casino giant accelerates

Fitch said the move reflected weaknesses in Crown’s governance structure revealed the ongoing NSW government’s probity investigation, which has examined, among other things, Crown’s failures to prevent money laundering at its Melbourne and Perth casinos, and its organized crime partnerships linked to organized crime tour operators

Investigation will recommend whether Crown should keep the license for its new $ 2 billion Sydney casino, which it plans to open in December

AUSTRAC has also launched an investigation into its money laundering failures while Victoria’s gambling regulator is also investigating Fitch said his demotion also reflected risks to the operations and financial profile of the Crown resulting from the potential results of various investigations, which could include fines, changes in operating conditions and regulations, or changes or loss of licensesat ????

– Fitch would consider downgrading Crown’s [issuer default rating] if regulators impose onerous regulatory conditions or fines or penalties that have a significant impact on the company’s business or financial profile

– The most severe regulatory action would be the loss of license We believe there is a low probability of this event, and have therefore captured the risks under the negative outlook

– Crown announced measures to address identified weaknesses Failure to correct these weaknesses could also result in a downgrade…

The NSW inquiry will hear final submissions next week and deliver its findings by February 1 of next year

The president and CEO of one of ASX’s largest elderly care operators, Regis Healthcare, has spoken out against what they called unfair blame and negative comments directed at the industry for Victoria’s second period wave of coronavirus

The $ 300million firm has seen a number of COVID-19 outbreaks during Melbourne’s second wave, with 12 resident deaths at its Regis Brighton and Regis Fawkner facilities

Regis chairman Graham Hodges told investors at the company’s annual general meeting this morning that the elderly care industry has been the target of ‘language of blame’

The Regis share price started the year at $ 2.75 but over the past month has traded below the dollar bar Chairman Graham Hodges told investors at the annual general meeting from society this morning that the elderly care sector had been the target of « language of blame » from the public who didn’t help things

– This blame has been detrimental to residents, clients, families and older workers and has failed for a long time to address the underlying vulnerability of retirement homes for the elderly he said

Executive Director Linda Mellors echoed this, highlighting « unfair public criticism » older care workers and – marked differences in public comment and reporting of similar epidemics between elderly care and other settings, e.g. hospitals –

Management expressed sympathies for the lost residents The AGM webcast has been dropped several times this morning due to technical difficulties, but is continuing

The shareholders will vote on the remuneration report, the board of directors choosing not to pay the incentive bonuses to the executives, given the pandemic situation

Emeco independent director Darren Yeates resigned from the board to become COO of global coal producer Peabody Energy effective November 1

In the three years since joining the Emeco Board of Directors, (Managing Director) Ian (Testrow) and the management team have achieved a remarkable turnaround for the company, â € “ at ???? M Yeates told Emeco shareholders

â ???? New personal opportunities mean that I can no longer dedicate the time necessary to continue as a director of Emeco, however, the company is now in a very strong position both financially and operationally. at ????

Shares of Emeco fell 26 percent in early trade to 755 cents, the lowest price since April 2, underperforming the materials sector, down 07 percent

Australia’s sharing market was hit early in trade, falling 1% as global markets deteriorated amid the worrying spread of the coronavirus

The ASX 200 briefly fell below 6100 for the first time in more than two weeks and after 20 minutes of trading it was down 533 points or 09 percent, to 61023

All sectors were down, with biotech CSL, big banks and mining giants all in the red Wesfarmers, Woolworths and Telstra also fell, while Afterpay was down 4% to $ 96 73

Wall Street was beaten overnight as an increase in coronavirus cases in the US and Europe put investors in a selling mood

AP reports that the slippage came as doubts mount that Washington will succeed in further stimulating the economy ahead of election day

The BlackRock Investment Institute, a research arm of one of the world’s largest investment funds, downgrades US Treasury bonds as the new Democratic government risks printing more money and allowing inflation to grow

They raised German bonds (bunds) to neutral – reflecting our greater caution on the economic outlook for Europe –

– We believe that nominal developed market government bond prices are going down, and we expect bunds to experience more modest price cuts than US Treasuries, â ??? ? BlackRock Investment Institute chief investment strategist Ben Powell wrote in a note to clients

He added that inflation-linked bonds were favorable given the potential for inflation in the years to come thanks to huge stimulus packages

M Powell said a sweep of Democrats in the election could be worth several percentage points of GDP in each of the next few years because government spending would be so much higher than if the Democrats won only the presidency

Next week’s US election result will further inform our tactical vision Democratic candidate and former Vice President Joe Biden has widened his lead in national polls over President Donald Trump and the likelihood of a Democratic sweep win the White House and the Senate â ???? increased This result would have the most impact on the market as it would lead to significant political changesâ ????

Consumer confidence gained 16% last week and is now at a six-month high, just below a neutral reading

ANZ Australian Director of Economics David Plank said the eighth consecutive weekly increase came amid a drop in the number of active COVID-19 cases and hopes for a further relaxation of restrictions

Confidence remains well below the long-term average, however, as people remain cautious about the current economic outlook

Global media monitoring service Isentia has warned its shareholders it is « urgently investigating a cybersecurity incident disrupting services » in its Mediaportal

â ???? Isentia is working closely with leading external cybersecurity specialists to assess the extent of the incident and its impact on its systems, â € “ at ???? the company told shareholders in an ASX announcement this morning

Chief Executive Officer Ed Harrison said Isentia was taking urgent action to contain the incident and conduct a full investigation into what happened and how to avoid a repeat in the future

Shares of Anglo-Swedish drugmaker AstraZeneca jumped 17% overnight after COVID-19 vaccine triggered strong immune response in older participants

The Financial Times reported data received so far from the vaccine trial, which is being produced with the University of Oxford, reported that it triggers antibodies and T cells in groups of older age, who are most at risk of disease

FT suggests latest results will be published soon in a clinical journal The US trial of the AstraZeneca vaccine resumed late last week after a long wait as research was halted in September, a participant in the test got sick

AstraZeneca shares rose to 8,077 Great British Pence, a gain of 17%, on further optimism about the project The news has also sparked new speculation that the vaccine may be ready for use in emergency in December or January

It is important to note that no timeline is in place, however, researchers have yet to complete Phase 3 studies and approve regulatory approvals.

Local biotech giant CSL has agreed to take doses of the Oxford vaccine when it gets regulatory approval, and the company said last week that it is making good progress in preparing its facilities for production – but could not confirm lead times before after product approval

Bendigo and Adelaide Bank has seen strong loan growth and a steady decrease in loan deferrals in a transaction update ahead of its annual general meeting today

The bank recorded 11% growth in total loans and 16% growth in residential loans

Bendigo & Adelaide Bank said it saw strong loan growth and a steady decrease in loan deferrals in a transaction update ahead of its annual general meeting todayCredit: Fairfax Media

The number of loan deferrals is down 69% from its May high, leaving total deferred payments at around $ 25 billion, against 6 $ 9 billion in June

Residential support plans – including deferrals and restructured loans – have fallen 74% since May for 4,408 accounts and commercial plans (totaling 2,389 accounts) have declined 49% since July

Chief Executive Officer Marnie Baker said the bank continues to work with clients on loan deferrals to enable a « smooth transition and fair results » for clients and shareholders

« It is gratifying to see that our personalized assistance has enabled more than two-thirds of these customers to get back on their feet and we are further encouraged by the Victorian Premier’s announcement to reopen Melbourneâ € ™ s trade industries. retail and the hotel industry of tomorrow « 

The company’s shares were last trading at $ 6.67 and are up 104 percent in October

Telstra, Michael Ebeid, Andy Penn, Executive

World News – UA – ASX near three-week low as virus fears undermine global markets


SOURCE: https://www.w24news.com

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