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Senin, 23 September 2019

Top 5 Things to Know in the Market on Monday - Investing.com

Investing.com -- WeWork's CEO and founder Adam Neumann may go the way of Uber's Travis Kalanick, and there's no end in sight to the slowdown in global manufacturing. Here's what you need to know in financial markets on Monday, 23rd September.

1. Softbank looks for the ejector seat button

Softbank, the largest outside shareholder in We Company, is pushing for CEO and founder Adam Neumann to be replaced as chief executive of , the loss-making provider of shared office space.

The Financial Times reported that Softbank had lost patience with Neumann’s erratic behavior and leadership, which has led to delays in the company’s IPO. It added that a board meeting to demote Neumann may take place as early as this week. The move echoes events at Uber Technologies (NYSE:) two years ago, when founder Travis Kalanick was forced out by outside investors.

WeWork aside, it’s set to be a heavy week for IPOs, with exercise bike-maker Peloton also reportedly struggling to drum up interest. ’s Asia deal and European software group TeamViewer are also due in the course of the week.

2. PMIs suggest downturn still continuing

The latest raft of monthly business surveys from around the world suggested no end in sight to the global manufacturing slowdown.

The euro zone’s purchasing managers index fell at its fastest rate in over six years to 50.4, suggesting the economy nearly stalled at the end of the third quarter, according to IHS Markit. in Germany, for years the most reliable source of growth in the region, fell at its fastest since the Great Recession in 2009.

Australia’s also fell below the 50 level that separates growth from contraction. IHS’s U.S. PMI will be released at 9:45 AM ET (1345 GMT).

Outgoing ECB President Mario Draghi is due to address the European Parliament later, although it's widely expected he'll leave any further monetary reaction to his successor, Christine Lagarde.

3. Stocks to open mixed on trade hangover, economic weakness

U.S. stock markets are set to open mixed to lower on follow-through from the sell-off that happened on Friday after the mood music on trade turned slightly more confrontational.

Sentiment over the weekend hasn’t been helped by another rise in oil prices (see below) amid reports that Iran is planning another strike on Saudi oil facilities (the Islamic Republic still denies any involvement in the attacks nine days ago).

By 6:15 AM ET, were down 22 points, or 0.1%, while were flat and were up 0.2%.

Risk aversion appears to have returned to markets, with the U.S. Treasury yield falling to a two-week low of 1.69%, down 4 basis points from Friday’s levels.

4. Oil bounce fades

are vacillating sharply, rising in the wake of the reports about another Iran strike, and gaining further on the back of a Wall Street Journal report suggesting that it may take months to get Saudi Arabia’s oil installations back to fully-functional.

Saudi Arabia pushed back against the report on Monday, saying that production will be restored by the end of next week.

That’s caused crude prices to drop back again to $57.70 a barrel by 6 AM ET, their lowest since the attacks on the Abqaiq processing facility and Kurais oilfield.

On Friday, data from had shown the number of active oil rigs in the U.S. fell to its lowest since spring 2017, while the reported that hedge funds had used last week’s spike in prices to reduce long positions, apparently fearful that the economic slowdown will cause a new glut.

5. U.K. Labour to Remain?

The U.K. Labour party is set to throw its weight firmly behind remaining in the EU at the next election.

Reports suggest a motion at Labour’s annual conference today embracing Remain over the objections of leader Jeremy Corbyn will pass. Paradoxically, that may make Brexit more likely rather than less, as it could harden the split between Remain-leaning parties at the next election, which is expected by many before year-end.

The fell against the dollar in early trade in Europe, after further signs of political instability emerged over the weekend with a report that Prime Minister Boris Johnson failed to disclose large grants of public money made to a close friend and former model while he was Mayor of London.

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https://www.investing.com/news/economy/top-5-things-to-know-in-the-market-on-monday-1983676

2019-09-23 10:33:00Z
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US stocks to start the week higher on reduced trade tensions - Fox Business

U.S. equity futures were indicating a higher open on Monday when trading begins on Wall Street as trade tensions ease.

Dow Industrial futures are 0.1 percent higher, S&P 500 futures are gaining 0.1 percent and Nasdaq futures are adding 0.2 percent.

Optimism increased over the weekend as the U.S. and China referred to last week's talks as "productive" and "constructive."

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A higher-level round of talks is still scheduled to go ahead in October.

Wall Street ended last week with losses, snapping a 3-week winning streak for the S&P 500 after reports emerged that Chinese officials canceled a planned trip to farms in Montana and Nebraska.

Ticker	Security	Last	Change	%Chg
I:DJI	DOW JONES AVERAGES	26935.07	-159.72	-0.59%
SP500	S&P 500	2992.07	-14.72	-0.49%
I:COMP	NASDAQ COMPOSITE INDEX	8117.674437	-65.20	-0.80%

The S&P 500 fell 0.5 percent, the Dow Jones Industrial Average dropped 0.6 percent and the Nasdaq lost 0.8 percent.

In Asian trading on Monday, the Shanghai Composite index closed down 1.1 percent while Hong Kong's Hang Seng fell 0.8 percent after yet another weekend of violent protests.Tokyo's markets were closed for a holiday.

Fosun Tourism Group, the biggest shareholder in Thomas Cook, fell 3.8 percent in Hong Kong after the 178-year-old British tour company collapsed.

Bookings for more than 600,000 global vacationers were canceled Monday as a result.

Shanghai-based Fosun International dropped 1 percent.

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Britain's Civil Aviation Authority said Thomas Cook's four airlines would be grounded and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs.

In Europe, London's FTSE was off 0.2 percent, Germany's DAX was down 1 percent and France's CAC lost 0.7 percent.

The Associated Press contributed to this article.

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https://www.foxbusiness.com/markets/us-stocks-sept-23-2019

2019-09-23 06:26:47Z
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Minggu, 22 September 2019

Thomas Cook, one of world's oldest travel companies, fighting to avoid bankruptcy - Fox Business

The latest trends in travel

FBN's Lauren Simonetti talks to Conde Nast Traveler Contributing Editor Mark Ellwood about the last-minute travel destinations for the July 4th weekend and the latest travel trends.

Thomas Cook, a British travel company that's been around for more than 100 years, met with shareholders on Sunday in the company's fight to avoid bankruptcy.

Thomas Cook confirmed Friday that it is seeking 200 million pounds in new capital. The company's largest shareholder is Chinese investment company Fosun.

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The money required would be a "seasonal stand-by facility" and come on top of the 900 million pounds of new capital already raised, the company said.

Any failure to raise the required capital would elicit questions about the jobs of the 22,000 staff Thomas Cook employs around the world, including 9,000 in Britain.

A collapse could leave around 150,000 travelers from Britain stranded, along with tens of thousands of travelers from other countries. The British government may have to lease planes to get its citizens home.

FILE - In this May 19, 2016 file photo, a Thomas Cook plane takes off in England. Thomas Cook, one of the world’s oldest and largest travel companies, is facing a race against time to stay afloat it was announced Friday, Sept. 20, 2019. (Tim Goode/PA

United Kingdom foreign minister Dominic Raab acted as though a government bailout of the travel firm was unlikely, The Guardian reported.

Thomas Cook's predicament comes about half a year after Icelandic budget airline Wow Air said in a statement that it has ceased operations, stranding passengers.

The Associated Press contributed to this report.

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https://www.foxbusiness.com/industrials/thomas-cook-news-travel-latest-flight

2019-09-22 11:31:55Z
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UK travel giant Thomas Cook faces collapse - msnNOW

It may be the end of a long road

Running out of alternatives to bankruptcy

Thomas Cook's main shareholder appears to have decided that enough is enough

3/3 SLIDES

Thomas Cook's 178-year existence was hanging by a thread on Sunday after the iconic British travel firm struggled to find further private investment and is now relying on an unlikely government bailout.

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The operator said Friday that it needed £200 million ($250 million) -- in addition to the £900-million rescue deal secured last month -- or else face administration, which could leave thousands of holidaymakers stranded and require Britain's largest repatriation since World War II.

A source close to the negotiations told AFP on Saturday that the company had failed to find the £200 million from private investors and would collapse unless the government intervened.

But ministers are unlikely to step in due to worries about the pioneering operator's longer-term viability, the Times reported on Saturday, leaving it on the brink of collapse and stranding up to 150,000 British holidaymakers abroad.

"We will know by tomorrow (Sunday) if agreement is reached," the source told AFP.

Conservative Party minister Brandon Lewis told Sky News on Sunday that it would be "inappropriate" for him to comment on the negotiations, but said that he hoped "they come to a positive conclusion".

The firm's shareholders and creditors were to meet from 9 am (0800 GMT) on Sunday, with a meeting of the board of directors due to be held in the afternoon.

The Transport Salaried Staffs Association, which represents workers at the company, called on the government to rescue the firm.

"It is incumbent upon the government to act if required and save this iconic cornerstone of the British high street and the thousands of jobs that go with it," said TSSA General Secretary, Manuel Cortes.

"The company must be rescued no matter what."

Two years ago, the collapse of Monarch Airlines prompted the British government to take emergency action to return 110,000 stranded passengers, costing taxpayers some £60 million on hiring planes.

The government at the time described it as Britain's "biggest-ever peacetime repatriation".

- Jobs threatened -

Thousands of workers could also lose their jobs, with the company employing about 22,000 staff worldwide, including 9,000 in Britain.

Chinese peer Fosun, which was already the biggest shareholder in Thomas Cook, agreed last month to inject £450 million into the business.

In return, the Hong Kong-listed conglomerate acquired a 75 percent stake in Thomas Cook's tour operating division and 25 percent of its airline unit.

Thomas Cook in May revealed that first-half losses widened on a major write-down, caused in part by Brexit uncertainty that delayed summer holiday bookings. The group, which has around 600 stores across the UK, has also come under pressure from fierce online competition.

Cabinet maker Thomas Cook created the travel firm in 1841 to carry temperance supporters by train between British cities.

It soon began arranging foreign trips, being the first operator to take British travellers on escorted visits to Europe in 1855, to the United States in 1866 and on a round-the-world trips in 1872.

The company was also a pioneer in introducing "circular note" -- products that would later become traveller's cheques.

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https://www.msn.com/en-us/money/companies/uk-travel-giant-thomas-cook-faces-collapse/ar-AAHFyco

2019-09-22 10:00:00Z
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UK travel firm Thomas Cook holds talks to avoid a collapse - Stuff.co.nz

Thomas Cook, one of the world's oldest and largest travel companies, is holding talks with shareholders in a last-ditch bid to avoid going bankrupt.

A collapse could leave around 150,000 travellers from Britain stranded, along with tens of thousands of travellers from other countries. The British government may have to lease planes to get its citizens home.

123RF
Thomas Cook needs NZ$398 million in extra funding to avoid a collapse.

Sunday's meeting, first reported by Sky News, is taking place at the London-based law firm Slaughter & May. Officials from Thomas Cook were not available for comment.

Thomas Cook confirmed on Friday it was seeking £200 million (NZ$398 million) in extra funding to avoid a collapse. It said it was in talks with stakeholders such as the Chinese shareholder Fosun.

Unions have urged the British government to intervene financially to save jobs if the company cannot raise the necessary funds.

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https://www.stuff.co.nz/travel/news/116001606/uk-travel-firm-thomas-cook-holds-talks-to-avoid-a-collapse

2019-09-22 09:31:00Z
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Thomas Cook set for last-ditch rescue talks - BBC News

The government is ready to fly holidaymakers back to the UK if tour operator Thomas Cook collapses, Foreign Secretary Dominic Raab has said.

Mr Raab told the BBC's Andrew Marr Show contingency planning was in place to make sure no-one would be stranded.

But he dampened hopes of a government rescue bid for the firm.

Ministers did not "systematically step in" when businesses went under unless there was "a good strategic national interest", he said.

Mr Raab said he did not want to undermine the rescue talks that Thomas Cook is currently conducting with its biggest shareholder and creditors at City law firm Slaughter & May.

The tour operator could fall into administration within days unless it finds £200m in extra funds.

The Transport Salaried Staffs Association (TSSA) union, which represents Thomas Cook staff, is urging the government to step in with a bail out amid fears the company's collapse could leave about 150,000 British tourists stranded.

Analysis

Katie Prescott, business correspondent

This meeting is crucial for Thomas Cook's survival.

If there is no agreement, then the decision to wind up the company will be taken at a Board meeting this evening. It's likely (looking at the precedent of Monarch's collapse) that any announcement about that will be made late at night, once all planes are on the ground. But the company doesn't have to announce anything until the markets open at 07:00 BST on Monday.

It's low season at the moment, the time of year when Thomas Cook has to pay its suppliers for the busy summer season just gone. Hoteliers are paid on 60 to 90-day terms, once travellers have already taken their holidays. The nightmare scenario is that hoteliers who don't think they will get paid might turn out the people staying with them.

However, it is worth re-stating that the company is still trading. People are still holidaying with Thomas Cook. And while we can assume the company is reining back marketing activity around last-minute deals and offers, until any announcement is made, it is business as usual.

The foreign secretary said he did not want talk of contingency planning to become "a self-fulfilling prophecy".

But he told the BBC the government had learned lessons from the collapse of the Monarch airline in 2017. The UK's consular authorities abroad were ready to assist, he said.

A government spokesperson said: "We recognise it's a worrying time for holidaymakers and employees.

"The financial circumstances of individual businesses are a commercial matter, but the government and the Civil Aviation Authority are monitoring the situation closely."

'Being held hostage'

Meanwhile, holidaymakers staying at a hotel in Tunisia owed money by Thomas Cook have reportedly been prevented from leaving the resort until it has been paid.

Guests at the Les Orangers beach resort in the town of Hammamet, near Tunis, said the hotel was refusing to let them leave because of concerns about Thomas Cook's future.

Customers have reported that the hotel is asking visitors to pay extra money amid fears it will not be paid what it is owed by the tour operator for bookings.

Ryan Farmer, from Leicestershire, told BBC Radio 5 Live the hotel demanded all guests who were due to leave go to reception "to pay additional fees, obviously because of the situation with Thomas Cook".

Security guards closed the hotel's gates as guests refused to pay the extra fee, Mr Farmer claims.

He told the Stephen Nolan show: "I'd describe it as exactly the same as being held hostage."

Thomas Cook customers have been reminded on social media that they have Atol protection - a fund paid for through industry levies - "in the event that Thomas Cook goes into administration".

The travel firm also reassured customers on Saturday night that flights continue to operate as normal.

Rescue call

One of the world's largest travel companies, Thomas Cook was founded in 1841 to operate temperance day trips, and now has annual sales of £9bn.

It employs 22,000 staff, 9,000 of whom are in the UK, and serves 19 million customers a year in 16 different countries.

There are currently 600,000 Thomas Cook customers on holiday, of which 150,000 to 160,000 are British.

TSSA general secretary Manuel Cortes has called on Business Secretary Andrea Leadsom to help Thomas Cook "no matter what", saying it would save thousands of jobs.

Shadow business secretary Rebecca Long Bailey said "the government must consider stepping in and taking an equity stake to avoid this crisis".

Wedding worries

Chloe Hardy from Leicestershire is due to get married in Zante in October and booked the wedding package with Thomas Cook back in June 2018.

Chloe and her fiance will also have 33 family members flying out, with their trips costing more than £33,000 in total.

With the big day looming, Chloe is frustrated by Thomas Cook's handling of their booking.

"We are unsure if we will be able to fly... This is causing great concern, worry and stress to all of us involved."

Thomas Cook clients fear ruined weddings and trips

Mounting difficulties

Thomas Cook's financial difficulties have mounted over the past year, culminating with the agreement in August of a rescue deal led by its biggest shareholder Fosun.

In July, it produced a business plan saying that it needed £900m in refinancing, up from a previous estimate of £150m. The £900m would come from Fosun, the group of creditors and some other investors.

The group of lenders then commissioned an independent investigation. Its financial advisers said Thomas Cook would require an additional £200m on top of the £900m already required, which would bring the total refinancing needed up to £1.1bn.

Thomas Cook succeeded in finding a backer to provide the additional £200m, but the BBC understands it has since pulled out.

The firm has blamed a series of problems for its profit warnings, including political unrest in holiday destinations such as Turkey, last summer's prolonged heatwave and customers delaying booking holidays because of Brexit.

What are your rights?

If you are on a package holiday you are covered by the Air Travel Organiser's Licence scheme (Atol).

The scheme will pay for your accommodation abroad, although you may have to move to a different hotel or apartment.

Atol will also pay to have you brought home if the airline is no longer operating.

If you have holiday booked in the future you will also be refunded by the scheme.

If you have booked a flight-only deal you will need to apply to your travel insurance company or credit card and debit card provider to seek a refund.

When Monarch Airlines collapsed in 2017, the government organised to bring home all the stranded passengers, whether they were covered by Atol or not.

Here is more information on Atol protection and Your questions answered

Are you a Thomas Cook customer or member of staff? If you've been affected by the issues raised here, you can get in touch by emailing haveyoursay@bbc.co.uk.

Please include a contact number if you are willing to speak to a BBC journalist. You can also contact us in the following ways:

WhatsApp: +44 7756 165803
Send pictures/video to yourpics@bbc.co.uk
Upload your pictures / video here
Tweet: @BBC_HaveYourSay
Text an SMS or MMS to 61124 (UK) or +44 7624 800 100 (international)

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https://www.bbc.com/news/business-49785426

2019-09-22 07:24:50Z
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A Long-Despised and Risky Economic Doctrine Is Now a Hot Idea - Bloomberg

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A Long-Despised and Risky Economic Doctrine Is Now a Hot Idea Bloomberg

It's like a design competition. Hardly anyone thinks central banks can fix a stalling world economy with their current tools. So some of the biggest names in ...

https://www.bloomberg.com/news/articles/2019-09-22/a-long-despised-and-risky-economic-doctrine-is-now-a-hot-idea

2019-09-22 05:00:00Z
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