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Yahoo
10-02-2025
- Business
- Yahoo
Houlihan Lokey Plans Asia Senior Hire After Trimming Debt Team
(Bloomberg) -- Global financial adviser Houlihan Lokey Inc. is planning to add a managing director in Hong Kong to oversee matters including debt restructuring, according to a person familiar with the matter. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate In New Orleans, an Aging Dome Tries to Stay Super The move came after the Asia restructuring team laid off five junior employees last quarter, said the person, who declined to be identified as the matter is private. The team counts about 30 employees as of January, the person added. A representative for Houlihan declined to comment. The unprecedented defaults in the Chinese debt market fueled a hiring spree among restructuring and financial advisers. But the statistics aren't encouraging: only three out of the 10 largest developers by total liabilities that have defaulted have won court approval for their debt plans, according to Bloomberg-compiled data. China Property Flare-Ups Resurface as Crisis Enters Fifth Year An overhaul plan involving China Evergrande Group, the largest casualty of the nation's property crisis, was thrown into disarray after the company couldn't meet conditions needed to issue new notes under a proposed debt restructuring. An investigation into the firm's founder, Hui Ka Yan, also complicated the picture. To be sure, some cases are making progress. Builder Sino-Ocean Group Holding Ltd. won a London judge's approval for its debt restructuring this month. --With assistance from Eliza Ronalds-Hannon and Jackie Cai. The Reason Why This Super Bowl Has So Many Conspiracy Theories Orange Juice Makers Are Desperate for a Comeback Business Schools Confront Trump Immigration Policies Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
09-02-2025
- Business
- Yahoo
Dollar Advances on Trump's Steel Comment as Trade Jitters Deepen
(Bloomberg) -- The dollar rallied against most major currencies after President Donald Trump said he would announce tariffs on steel and aluminum imports, spurring a renewed rush to the reserve currency. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate NYC Sees Pedestrian Traffic Increase in Congestion-Pricing Zone The currencies of Norway, Canada and Australia led a drop against the greenback after Trump said he would announce 25% tariffs on the imports on Monday, with the duties applying to metal imports from all countries. The euro fell 0.3% and China's offshore yuan slipped 0.2% on the news. 'The risk remains that they incrementally escalate over time,' Billy Leung, investment strategist at Global X ETFs, said of broad US tariffs. 'That could fuel persistent inflation pressures, keep the Federal Reserve cautious on rate cuts, and reinforce policy divergence factors that support a stronger dollar.' The dollar's gains extended Friday's 0.3% advance after Trump signaled that he would announce reciprocal levies on trading partners, without specifying the details. The world's reserve currency has climbed around 7% from its September low, and has gained against every Group-of-10 peer in the past six months. The Reason Why This Super Bowl Has So Many Conspiracy Theories Business Schools Confront Trump Immigration Policies Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P.
Yahoo
09-02-2025
- Politics
- Yahoo
Ecuador Exit Poll Shows Narrow First Round Win for Noboa
(Bloomberg) -- Ecuador President Daniel Noboa narrowly scraped to a first round win in Sunday's election, according to an exit poll broadcast by local TV channel Teleamazonas. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate NYC Sees Pedestrian Traffic Increase in Congestion-Pricing Zone The incumbent's main rival, socialist candidate Luisa González, obtained 42.2%, according to the survey by Diego Tello cited by the network. Official results from the electoral authority are expected later on Sunday evening. (Adds González vote in second paragraph) The Reason Why This Super Bowl Has So Many Conspiracy Theories Business Schools Confront Trump Immigration Policies Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P.
Yahoo
09-02-2025
- Business
- Yahoo
Trump Plans to Unveil 25% Steel, Aluminum Tariffs on Monday
(Bloomberg) -- Supply Lines is a daily newsletter that tracks global trade. Sign up here. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate NYC Sees Pedestrian Traffic Increase in Congestion-Pricing Zone President Donald Trump said he will announce 25% tariffs on all imports of steel and aluminum on Monday. Trump, speaking to reporters Sunday on Air Force One, said the tariffs will apply to the metal imports from all countries. He didn't specify when the duties would take effect. The president also said he would announce reciprocal tariffs later in the week on countries that tax US imports. Those tariffs will not go into effect the same day as the announcement, which could be Tuesday or Wednesday but soon after, Trump said. The moves are Trump's latest in a series of threatened tariffs on countries and specific sectors. The scale of Trump's overall tariff ambitions remain unclear. He has also said he would impose tariffs on other goods, including pharmaceuticals, oil and semiconductors and said he's considering import duties on the European Union. Trump last week imposed a 10% tariff on Chinese goods. Beijing also announced retaliatory measures slated to take effect later this month that were more calibrated in scope, targeting only imported goods from the US valued at $14 billion in 2024. That marked a more cautious approach from China than in Trump's first term, when the world's two largest economies traded tit-for-tat trade levies for years.e Markets will be watching to see if the two countries can strike a deal before the Chinese levies on the US take effect on Feb. 10. White House Press Secretary Karoline Leavitt told reporters last week that a call between Trump and Chinese President Xi Jinping is being scheduled to take place 'very soon.' Trump has alternated between tough talk against Beijing and signals that he wants to work with Xi as he seeks more balanced trade. The US president has ordered an agreement he signed in 2020, known as the Phase One deal, to be reevaluated, suggesting tariff talks with China could drag on. But he is also seeking Xi's help in stopping Russia's war in Ukraine, and pushing for China to split ownership of video app TikTok with a US company. Trump had vowed to hit China, Canada and Mexico with tariffs, accusing the nations of failing to do enough to help stem the tide of illegal drugs and undocumented migrants across US borders. But last week, Trump shelved plans for the 25% tariffs on on the two North American countries — with a 10% rate on energy from Canada — after their governments made modest pledges to help address his border concerns. The Canada and Mexico tariffs were paused until March 4. While Trump could reverse course and move again to impose trade levies, the decision nevertheless reinforced the perception that the new president is unwilling to follow through on his tariff threats and instead prefers using them as a negotiating tool. Trump has embraced tariffs as a centerpiece of his bid to remake the US economy, shrink trade deficits and find new sources of revenue to help deliver on his tax agenda. The moves though threaten to wreak economic havoc, with economists saying the levies will raise costs for US manufacturers who import goods, raise prices for consumers already weary from inflation, reduce trade flows and fail to bring in the revenue Trump has predicted. The Trump administration and allies have touted the measures Mexico and Canada have promised on the border as a win for the president's approach. 'We've seen a lot of pearl clutching when this was announced, but we've also seem immediate results from Mexico and Canada,' Peter Navarro, one of Trump's trade advisers, said at an interview event last week hosted by Politico. The announcement comes as the US steel industry is looking to recover from its worst year since Trump's first term in office. The domestic steelmakers have complained that a renewed uptick in imports has hurt their profits and production numbers. Steel and aluminum were among Trump's earliest tariffs during his first term, implementing a 25% duty on steel and a 10% duty on aluminum in 2018 on grounds of national security. The steel tariffs also come amid a stalled deal by Japan's Nippon Steel Corp. to buy US Steel Corp. for $14.1 billion. The transaction was blocked by former President Joe Biden and is also opposed by Trump. Trump said Friday after a meeting with Japanese Prime Minister Shigeru Ishiba said that Nippon Steel is now considering investing in US Steel instead of purchasing the company outright. Trump told reporters on Sunday that Nippon Steel cannot have a majority stake in the US firm. The two companies are challenging the US block on the deal in court. (Updates with additional context throughout) The Reason Why This Super Bowl Has So Many Conspiracy Theories Business Schools Confront Trump Immigration Policies Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P.
Yahoo
09-02-2025
- Politics
- Yahoo
Colombia's Petro Loses Another Minister After Cabinet Quarrel
(Bloomberg) -- Colombia's environment minister said she handed in her letter of resignation, the third member of the Gustavo Petro administration to quit, after a chaotic televised cabinet meeting last week ended in recriminations and tears. Nice Airport, If You Can Get to It: No Subway, No Highway, No Bridge Sin puente y sin metro: el nuevo aeropuerto de Lima es una debacle The Forgotten French Architect Who Rebuilt Marseille Citadel to Leave Namesake Chicago Tower as Employees Relocate NYC Sees Pedestrian Traffic Increase in Congestion-Pricing Zone Susana Muhamad announced her decision in an interview Sunday on channel Los Danieles. Jorge Rojas, the head of the presidency's administrative department and Culture Minister Juan David Correa quit earlier. She said more resignations would follow as Petro enters the final stage of his government before 2026 elections. A cabinet reshuffle 'is logical after what happened,' Muhamad said. Along with other officials, in the meeting Muhamad questioned the return to government of Armando Benedetti, a former ambassador to Venezuela, and the promotion of 30-year-old Laura Sarabia to the post of foreign minister. They argued that the two loyalists don't represent the political project that helped make Petro the country's first leftist president. Interior Minister Juan Fernando Cristo proposed the entire cabinet resign en masse. Muhamad, who was named at the start of the government in 2022, was seen as one of the closest figures to Petro's political project which has made fighting climate change a priority. She led the 16th United Nations Biodiversity Conference, held in Cali, Colombia last year and said in the interview that she's hoping she'll be able to stay in her post until pending agreements discussed at the COP are reached later this month. Even before the televised meeting, cabinet changes had been expected given that anyone wishing to participate in the 2026 elections must leave office one year before the pre-electoral period, which begins around March. Read also: Trump's Return Forces Colombia to Rethink $40 Billion Green Plan --With assistance from Sebastian Boyd. The Reason Why This Super Bowl Has So Many Conspiracy Theories Business Schools Confront Trump Immigration Policies Orange Juice Makers Are Desperate for a Comeback Believing in Aliens Derailed This Internet Pioneer's Career. Now He's Facing Prison Inside Elon Musk's Attack on the US Government ©2025 Bloomberg L.P.
