CK Hutchison confirms period expired for talks with BlackRock consortium
The group, however, remains in discussions with members of the consortium, it said, with a view of inviting a major strategic investor from China to join as a member of the consortium.
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Reuters
14 minutes ago
- Reuters
India's GMR Energy in talks with investors to issue 5-year bonds
MUMBAI, July 29 (Reuters) - India's GMR Energy plans to raise 16 billion rupees ($184 million) via five-year bonds, two sources told Reuters on Tuesday, as the holding firm for two major power units taps the market for fresh funding. The company will offer an internal rate of return (IRR) of 14.60% to the investors of this issue, which include some alternative investment firms, foreign investors and foreign banks, the sources said. The sources requested anonymity as the talks are private. The company did not respond to a Reuters email seeking comment. The company is the holding company for GMR Kamalanga Energy and GMR Warora Energy, both of which operate thermal power plants. The proceeds of the issue will be used for inter-group lending, including repayment of an existing loan. The bonds would be redeemed in installments, with 20% each at the end f the third and fourth year and 60% at the end of the fifth year. The issue will have a put option at the end of February 2028 and at the end of every four months thereafter. The bond will also have a make-whole call, wherein it will buyback 5 billion rupees of bonds in 12 months from the date of issue and the remaining 11 billion rupees in 21 months. The company had previously raised funds through bonds in December 2023. ($1 = 86.8100 Indian rupees)
Reuters
14 minutes ago
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First Hong Kong stablecoin licences may be issued early next year, HKMA says
HONG KONG, July 29 (Reuters) - The first batch of Hong Kong stablecoin issuer licences is expected to be granted early next year, the Hong Kong Monetary Authority (HKMA) told a media briefing on Tuesday. Hong Kong's stablecoin bill is set to take effect on August 1. The market had earlier expected that the first batch of issuer licences might be issued within this year, but Tuesday's comments showed the city's de facto central bank's cautious stance. Darryl Chan, deputy chief executive of HKMA, emphasized that only "a handful" of licences will be granted for the first batch. Investors piled into crypto-related stocks in Hong Kong since the city passed stablecoin bill in May to boost its status as a global digital asset hub. Shares of Guotai Junan International ( opens new tab have surged 450% after the broker said it obtained regulatory approval in Hong Kong to offer cryptocurrencies trading services last month. HKMA has been actively flagging risks around the growing frothiness of the market around stablecoins most recently. In a statement on Tuesday, HKMA reminded market participants "to exercise due caution in their public communications, as well as refrain from making statements that could be misinterpreted or create unrealistic expectations." It said that no stablecoin licence has been issued by the HKMA as of Tuesday. HKMA suggested interested institutions to apply for a licence before August 31 to receive feedback from the regulator. Institutions that have so far spoken with the HKMA are mostly exploring HKD- and USD-pegged stablecoins, Chan said. He added stablecoins backed by offshore yuan will still need to clearly specify their use cases and the assets used as reserves.
Reuters
44 minutes ago
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Shares mixed, euro little changed as tariff costs counted
LONDON, July 29 (Reuters) - World shares were mixed on Tuesday, as a lift from European earnings was offset by lower Asian markets, while the U.S.-EU trade deal brought home to investors the prospect that punishing tariffs might erode growth and spur inflation. The initial relief over Europe's 15% levy dissipated when considered against the 1% to 2% tariff the continent had faced prior to U.S. President Donald Trump taking office. Still, European earnings helped stocks rebound on Tuesday after falling a day earlier as leaders in France and Germany lamented the trade deal outcome as potentially being a drag on growth. Trump also flagged a "world tariff" rate of 15% to 20% on all trading partners that were not negotiating a deal, among the highest rates since the Great Depression of the 1930s. "While the worst case scenario was averted, the implied EU tariff increase from 1% in January is a significant tax increase on EU exports," wrote economists from JPMorgan in a note. "This is a very big shock that unwinds a century of U.S. leadership in global free trade," they said. "While we no longer see a U.S. recession as our baseline from this shock, the risk is still elevated at 40%." A further risk to world growth came from a sudden spike in oil prices after Trump threatened a new deadline of 10 or 12 days for Russia to make progress toward ending the war in Ukraine or face tougher sanctions on oil exports. An air of caution saw MSCI's broadest index of world shares (.MIWD00000PUS), opens new tab tick down about 0.1%. European shares recovered after Monday's sell-off. Europe's broad STOXX 600 (.STOXX), opens new tab was up 0.6%, helped by some positive reactions to quarterly earnings. French (.FCHI), opens new tab and German (.GDAXI), opens new tab stock indexes rose over 1%. China stocks ended higher on Tuesday as a new round of Sino-U.S. trade talks continued while Japan's Nikkei lost 0.8% (.N225), opens new tab. The euro was flat at $1.1580 , after falling 1.3% overnight in its largest drop since mid-May. The dollar index was up at 98.714 , after the rush out of short dollar positions lifted it 1% overnight, while it eased a one-week high on the yen to stand at 148.48 . Wall Street futures held firm on hopes for upbeat results from mega caps this week that include Apple (AAPL.O), opens new tab, Meta Platforms (META.O), opens new tab, Microsoft (MSFT.O), opens new tab and Amazon (AMZN.O), opens new tab. S&P 500 futures nudged up 0.2%, while Nasdaq futures added 0.4%. Yields on 10-year Treasuries held at 4.408%, having crept higher on Monday as markets braced for another steady decision on interest rates from the Federal Reserve. Futures imply a 97% chance the Fed will keep rates at 4.25%-4.5% at its meeting on Wednesday and reiterate concerns that tariffs will push inflation higher in the short term. Analysts also assume one, or maybe two, Fed officials will dissent in favour of a cut and supporting wagers for a move in September. The odds could change depending on a slew of U.S. data this week including gross domestic product for the second quarter, where growth is seen rebounding to an annualised 2.4%, after a 0.5% contraction in the first quarter. Figures on job openings are due later on Tuesday that will help refine forecasts for the crucial payrolls report on Friday. "The equity rally has narrowed, valuations are stretched, and market internals are flashing caution, and consumer data—particularly around housing and retail—show signs of fatigue," said Bruno Schneller, managing director at Erlen Capital Management, Zurich. "This is the start of a 'show-me' phase—for both policymakers and cooperates. Markets will demand confirmation: from earnings, from macro, and from the Fed," Erlen added. Canada's central bank also meets on Wednesday and again is widely expected to hold rates at 2.75%. In commodity markets, prices for copper and iron ore were under pressure while gold was up roughly 0.3% at $3,324 an ounce . Brent climbed over 30 cents to $70.37 a barrel, while U.S. crude gained over 40 cents to $67.14.
