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(Bloomberg) -- After securing more than $20 billion in investment from the likes of Google and Facebook Inc., Indian billionaire Mukesh Ambani laid out a vision for his digital venture as he seeks to build a homegrown technology titan that could rival global giants.Outlining plans for Jio Platforms Ltd. at the annual shareholders meeting of his conglomerate Reliance Industries Ltd. on Wednesday, Asia’s richest man talked mostly technology. He unveiled a slew of services, including a fifth-generation wireless network as early as next year and a mega video-streaming platform that will bring Netflix, Disney+ Hotstar, Amazon Prime and dozens of other TV channels under one umbrella.“I believe that the time has come for a truly global digital product and services company to emerge from India, and to be counted among the best in the world,” the tycoon told the 300,000-plus people who logged into the virtual conference from 41 countries.Ambani, 63,...
(Bloomberg) -- The New York University professor who developed one of the best-known formulas for predicting corporate bankruptcies has a warning for U.S. credit investors: this year’s spate of “mega” insolvencies is just getting started.More than 30 American companies with liabilities exceeding $1 billion have already filed for Chapter 11 since the start of January, and that number is likely to top 60 by year-end after companies piled on debt during the pandemic, according to Edward Altman, creator of the Z-score and professor emeritus at NYU’s Stern School of Business. Global firms have sold a record $2.1 trillion of bonds this year, with nearly half coming from U.S. issuers, data compiled by Bloomberg show.While the stimulus-fueled rally in credit markets since March has helped borrowers stay afloat during the coronavirus crisis, Altman and others have warned that many companies are just delaying an inevitable reckoning. Fitch Ratings estimates that worldwide corporate...
(Bloomberg) -- The New York University professor who developed one of the best-known formulas for predicting corporate bankruptcies has a warning for U.S. credit investors: this year’s spate of “mega” insolvencies is just getting started.More than 30 American companies with liabilities exceeding $1 billion have already filed for Chapter 11 since the start of January, and that number is likely to top 60 by year-end after companies piled on debt during the pandemic, according to Edward Altman, creator of the Z-score and professor emeritus at NYU’s Stern School of Business. Global firms have sold a record $2.1 trillion of bonds this year, with nearly half coming from U.S. issuers, data compiled by Bloomberg show.While the stimulus-fueled rally in credit markets since March has helped borrowers stay afloat during the coronavirus crisis, Altman and others have warned that many companies are just delaying an inevitable reckoning. Fitch Ratings estimates that worldwide corporate...
The Treasury has launched a review of the capital gains tax system to “ensure the system is fit for purpose”....
(Bloomberg) -- Travel and leisure stocks climbed ahead of the opening bell on Wednesday after early data from a Moderna Inc. coronavirus vaccine trial raised hopes for a return to normalcy.Airlines, cruise ship operators and hotels were among the biggest premarket gainers after results published late Tuesday showed the vaccine produced antibodies in all patients tested in the initial safety trial. American Airlines Group Inc., Royal Caribbean Cruises Ltd., Norwegian Cruise Line Holdings, United Airlines Holdings Inc. and Carnival Corp. rose more than 6%.Other notable gainers included casino companies MGM Resorts International and Wynn Resorts Ltd. Restaurants, movie theater and amusement park operators may also rise, as well as gym operator Planet Fitness Inc. and concert promoter Live Nation Entertainment Inc.(Updates throughout with Wednesday premarket stock moves.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P....
A look at the shareholders of Spirit Airlines, Inc. (NYSE:SAVE) can tell us which group is most powerful. Large......
