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Oil gains on Saudi supply disruption, Mideast tensions
Oil prices rose to their highest in two sessions on Monday amid concerns about oil supply disruptions from Saudi Arabia and elevated tensions in Middle East. U.S. West Texas Intermediate (WTI) crude futures were at $58.61 a barrel, up 52 cents, or 0.9%, after earlier hitting a high of $59.39. Despite efforts by the world's top oil exporter Saudi Arabia to reassure global markets that it can resume full production by the end of this month after an attack on its largest oil processing facility in mid-September, buyers and traders remained skeptical.
Tour company Thomas Cook collapses, global bookings canceled
Veteran British tour operator Thomas Cook collapsed after failing to secure rescue funding, and travel bookings for its more than 600,000 global vacationers were canceled early Monday. The British government said the return of the firm's 150,000 British customers now abroad would be the largest repatriation in its peacetime history. The Civil Aviation Authority said Thomas Cook has ceased trading, its four airlines will be grounded, and its 21,000 employees in 16 countries, including 9,000 in the UK, will lose their jobs.
Oil Resumes Gains on Rising Gulf Tension and Saudi Supply Doubts
(Bloomberg) -- Oil resumed gains as tension between the U.S. and Iran ratcheted up following the attacks on Saudi Arabia, while doubts remained over how fast the kingdom would be able restore lost output.Brent crude surged as much as 1.9% after jumping 6.7% last week, the biggest advance since January. Iran’s Foreign Minister Mohammad Javad Zarif refused to rule out war after the U.S. sent more troops and weapons to Saudi Arabia, he said in an interview with CBS. Washington on Friday slapped terror-related sanctions on the Islamic Republic’s central bank in retaliation for the strike on the kingdom’s energy infrastructure.Saudi Arabia said Iran “unquestionably sponsored” the attacks, which knocked out about 5% of global supply and led to the biggest price spike on record. Aramco’s Chief Executive Officer Amin Nasser reiterated a commitment to restore output to pre-attack levels by the end of September, adding that the company hasn’t missed any customer shipments.Rystad Energy and FGE are skeptical that Saudi Arabia will be able to meet its post-attack targets for restoring supply, while the Wall Street Journal reported repairs may take many months.“Until Saudi Arabia fully restores production, oil prices will continue to be buoyed on concerns over increased geopolitical risks,” said Will Yun, a commodities analyst at HI Investment Corp. in Seoul. “Still, it’s unlikely that we will see a war or military confrontation.”See also: Saudi Aramco Reveals Scale of Damage From Oil AttacksBrent crude for November rose 55 cents, or 0.9%, to $64.83 a barrel on the ICE Futures Europe Exchange as of 10:27 a.m. in Singapore after gaining as much as $1.22 earlier. The contract closed 0.2% lower on Friday. The global benchmark crude traded at a $6.19 premium to West Texas Intermediate.WTI for November delivery gained 56 cents, or 1%, at $58.65 a barrel on the New York Mercantile Exchange. The contract climbed 5.9% last week to $58.09.See also: The World’s Oil Security Blanket Has Been Torched: Julian LeeIran’s response has been a mix of defiance and an attempt to ease the tension. President Hassan Rouhani said on Sunday the Persian Gulf nation would lay out a peace initiative for the region at the United Nations General Assembly that would involve a coalition of regional and foreign countries, while Zarif said “I’m not confident that we can avoid a war.”U.S. penalties on Iran’s central bank are the highest ever imposed, President Donald Trump told reporters last week. More than 80% of nation’s economy is under American sanctions already, including oil, banks and steel, and the U.S. is looking to target sectors that continue to function, such as trade in manufactured goods and transportation equipment.To contact the reporter on this story: Heesu Lee in Seoul at hlee425@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Ben Sharples, Andrew JanesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Thomas Cook collapse: Operation begins to bring home 150,000 stranded holidaymakers
Thomas Cook collapses as thousands left stranded abroad FTSE 100 dipped by 0.2% on Friday, registering its first weekly loss in three Dow closed down 0.6 percent at 26,935.07 Oliver Gill: The airline bosses who will welcome Cook's fall Thomas Cook has collapsed into liquidation, a failure that consigns the most iconic name in world travel to the annals of history. Richard Moriarty, the chief executive of the UK Civil Aviation Authority (CAA), said the Government had asked his organisation to launch "the UK's largest ever peacetime repatriation". In a statement, the CAA said: "Thomas Cook Group, including the UK tour operator and airline, has ceased trading with immediate effect. "All Thomas Cook bookings, including flights and holidays, have now been cancelled." Thomas Cook collapse | Read more Around 600,000 Thomas Cook holidaymakers, 150,000 of whom are British, have been left stranded. Throughout Sunday, empty aircraft were landing at airports up and down the country as preparations finalised to bring people home. Codenamed Operation Matterhorn, dozens of charter planes, from as far afield as Malaysia, have been hired to fly customers home free of charge and hundreds of people were working in call centres and at airports. 3:13AM Fosun 'disappointed' in collapse Fosun Tourism Group, which noted it is a "minority investor with no board representation" in Thomas Cook, issued a statement after the travel operator's collapse. The Chinese conglomerate, which owns Wolverhampton Wanderers, said: "Fosun is disappointed that Thomas Cook Group has not been able to find a viable solution for its proposed recapitalisation with other affiliates, core lending banks, senior noteholders and additional involved parties. "Fosun confirms that its position remained unchanged throughout the process, but unfortunately other factors have changed. "We extend our deepest sympathy to all those affected by this outcome." 2:58AM Dozens of charter planes hired Transport Secretary Grant Shapps announces dozens of charter planes have been hired to fly customers home free of charge. In a statement, the Department for Transport (DfT) says all customers currently abroad with Thomas Cook who are booked to return to the UK over the next two weeks will be brought home as close as possible to their booked return date. A general view of the Thomas Cook check-in desks in the South Terminal of Gatwick Airport Credit: PA The DfT says Thomas Cook package holiday customers will also see the cost of their accommodation covered by the Government, through the Air Travel Trust Fund or Atol scheme. Mr Shapps said: "Thomas Cook's collapse is very sad news for staff and holidaymakers. "The Government and UK CAA is working round the clock to help people. "Our contingency planning has helped acquire planes from across the world - some from as far away as Malaysia - and we have put hundreds of people in call centres and at airports. "But the task is enormous, the biggest peacetime repatriation in UK history. So there are bound to be problems and delays. "Please try to be understanding with the staff who are trying to assist in what is likely to be a very difficult time for them as well." 2:49AM Thomas Cook chief apologies Peter Fankhauser, the chief executive of Thomas Cook, said the tour operator's collapse was a "matter of profound regret" as he apologised to the company's "millions of customers, and thousands of employees". "We have worked exhaustively in the past few days to resolve the outstanding issues on an agreement to secure Thomas Cook's future for its employees, customers and suppliers. "Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable. "It is a matter of profound regret to me and the rest of the board that we were not successful. Thomas Cook chief executive officer Peter Fankhauser Credit: PA "I would like to apologise to our millions of customers, and thousands of employees, suppliers and partners who have supported us for many years. "Despite huge uncertainty over recent weeks, our teams continued to put customers first, showing why Thomas Cook is one of the best-loved brands in travel. "Generations of customers entrusted their family holiday to Thomas Cook because our people kept our customers at the heart of the business and maintained our founder's spirit of innovation. "This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world." 2:46AM Website down Holidaymakers seeking information are being left frustrated as the website dedicated to the collapse is not up and running. The website: http://thomascook.caa.co.uk/ The CAA says: "We are aware that some users are having difficultly accessing the dedicated website for information and advice following Thomas Cook ceasing trading. Please keep checking the website as it is currently launching." 2:42AM CAA launches 'one of the UK's largest airlines' Richard Moriarty, chief executive of the CAA, said it had launched "what is effectively one of the UK's largest airlines" in order to repatriate British holidaymakers.He said: "News of Thomas Cook's collapse is deeply saddening for the company's employees and customers, and we appreciate that more than 150,000 people currently abroad will be anxious about how they will now return to the UK. "The government has asked us to support Thomas Cook customers on what is the UK's largest ever peacetime repatriation. "We have launched, at very short notice, what is effectively one of the UK's largest airlines, involving a fleet of aircraft secured from around the world. The nature and scale of the operation means that unfortunately some disruption will be inevitable. We ask customers to bear with us as we work around the clock to bring them home. "We urge anyone affected by this news to check our dedicated website, thomascook.caa.co.uk, for advice and information." 2:38AM Operation begins to bring home holidaymakers The Civil Aviation Authority (CAA) said the Government had asked it to launch a repatriation programme over the next two weeks, starting on Monday and running to Sunday 6 October, to bring Thomas Cook customers back to the UK. The CAA statement said: "Due to the unprecedented number of UK customers currently overseas who are affected by the situation, the Civil Aviation Authority has secured a fleet of aircraft from around the world to bring passengers back to the UK with return flights. "Passengers in a small number of destinations may return on alternative commercial flights, rather than directly through the Civil Aviation Authority's flying programme. Details and advice for these passengers are available on the dedicated website. "Due to the significant scale of the situation, some disruption is inevitable, but the Civil Aviation Authority will endeavour to get people home as close as possible to their planned dates. This will apply to both Atol protected passengers and those who are not protected. "Customers currently overseas should not travel to the airport until their flight back to the UK has been confirmed on the dedicated website. "Thomas Cook customers in the UK yet to travel should not go to the airport as all flights leaving the UK have been cancelled." 2:30AM Thomas Cook collapses Good morning. All eyes are on Thomas Cook this morning after the travel operator collapsed in the early hours of Monday. 5 things to start your day 1) A late-cycle surge in ‘leveraged loans’ has echoes of financial engineering before the Lehman crisis and could lead to a cascade of fire sales if conditions suddenly tighten, the world’s top financial watchdog has warned. The Bank for International Settlements said the high-risk loans have climbed to $1.4 trillion and are increasingly being sliced and diced much like subprime mortgage debt before 2007. Leveraged loans have exploded 2) London and the south east is poised to become the country’s biggest manufacturing region, overtaking Britain’s traditional industrial heartlands. A new analysis of official data by manufacturing trade body MakeUK and BDO revealed that the sector is worth £28.1bn a year in London and the south east, just £400m behind the north west’s £28.5bn. Manufacturing output by region in UK 3) Brexit is “not just a British” problem, car manufacturers from across Europe are warning, as they appeal for politicians on both sides of the Channel to avoid the UK crashing out of the trading bloc without a trade deal. 4) WeWork’s controversial chief executive Adam Neumann faces being ousted by the office space company’s board as it seeks to get its tumultuous US flotation back on track. 5) 'We're more likely to make fridges than an SUV': With one eye on the environment and one on exhilaration, McLaren boss Mike Flewitt tells Alan Tovey the GT will not please everyone. What happened overnight Thomas Cook has collapsed, a failure that will likely consign the most iconic name in world travel to the annals of history. The Government and the Civil Aviation Authority (CAA) have launched Britain’s biggest peacetime repatriation of customers. The CAA said the tour operator has "ceased trading with immediate effect". "All Thomas Cook bookings, including flights and holidays, have now been cancelled," it added. Coming up today Today Flash PMI data from France and Germany will set the tone this morning. Recent results have shown a marked divergence, with the services sector in both countries holding firm as manufacturing suffers amid pressure from global trade tensions and Brexit uncertainty. There are suggestions that the data may show a pickup, although the bigger picture may still indicate Germany is on track to enter a technical recession. Recent data from France has tended to be more perky than its neighbour. Interim results ASA Trading update Northgate Economics CBI trends (UK), purchasing managers' index (eurozone and US)
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The U.S. Finally Has a Plan for Releasing Data on Treasuries Trading
(Bloomberg) -- After years of review over a hotly debated issue, the U.S. government finally has a plan to make the $16 trillion Treasury market less opaque.Treasury Secretary Steven Mnuchin’s debt managers will on Monday reveal to an audience of Wall Street’s elite, central bankers and regulators the results of their years-long examination of transparency in the world’s biggest bond market. During an event at the Federal Reserve Bank of New York, Deputy Treasury Secretary Justin Muzinich will announce a plan for the dissemination of Treasury trading data to the public, according to another Treasury official who asked not to be named.The very basics of trading are at issue here. In the U.S. stock market, the price, size and time of transactions are usually reported within a second. For corporate bonds, it’s 15 minutes or less. Reflecting the private-club feel that’s long dominated the business, there’s no comparable disclosure in Treasuries, which set rates for trillions of dollars worth of assets like mortgages.The details of the decision will affect a broad swath of market participants, from banks to high-frequency traders. A raucous public debate stretching back to 2016, if not earlier, has pitted bond dealers against high-speed trading firms over what data should be public. Wall Street banks argue greater transparency will make it harder for them to trade. Automated market makers, which play an increasingly key role in modern trading, think more information will help them buy and sell more as well as reduce costs.This annual gathering has been part of a push by authorities to shed light on the workings of this business following an extreme bout of volatility in October 2014. The episode involved a 12-minute crash and rebound in yields with no apparent trigger. It prompted the first government review of the market since 1998 and, in 2017, the Financial Industry Regulatory Authority began collecting market data on Trace, the agency’s bond-price reporting system. For now, only regulators, including Treasury, can view the data.The Treasury market has grown to more than $16 trillion from about $7 trillion a decade ago.Citigroup Inc. and several other bond dealers opposed broad dissemination of trade information to the public, saying it would make it tough for banks to assume large amounts of risk on behalf of their clients, and increase the potential for transactions in U.S. debt -- particularly older securities that changes hands less frequently -- would move the market.High-speed trading firms such as KCG Holdings Inc. -- acquired by Virtu Financial Inc. in 2017 -- have advocated for public release, seeing it as an enhancing trading efficiency and opening up the Treasury market to more participants. Billionaire Ken Griffin’s hedge fund, Citadel LLC, has touted that more data may actually give investors a bargaining chip to win better execution from their trading partners.The protracted length of Treasury’s deliberations on this topic has frustrated market participants.After two years of work on the matter under former Treasury Secretary Jack Lew, Mnuchin’s team took over. Craig Phillips, who had been spearheading the effort before he left the government in June, said at this same gathering at the New York Fed last year that they were focused on taking the time needed so their ultimate action would “do no harm” to the Treasury market.(An earlier version of this story corrected the spelling of the Treasury’s Secretary’s name)(Adds detail on the growth of the Treasury market in paragraph 6)To contact the reporter on this story: Liz Capo McCormick in New York at emccormick7@bloomberg.netTo contact the editors responsible for this story: Benjamin Purvis at bpurvis@bloomberg.net, Nick Baker, Jenny ParisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Yemen upcycles shot-up buses to ease water shortage
Once a bus wreck peppered with bullet holes, the pristine white water tanker parked in front of a Yemen university now delivers water to students in the war-torn and cholera-hit south. Sitting among still battle-scarred buses, the tanker was repurposed by student welfare officer Nashwan el-Rebasi, who has made a mini fleet of water transporters for the university at the foot of the Taez mountains. "The idea was born out of the water shortages in the region and the total lack of a reservoir at the university," said the 35-year-old.
Thomas Cook Files for Bankruptcy After Bailout Talks Fail
(Bloomberg) -- Thomas Cook Group Plc, the 178-year travel company that became one of the U.K.’s best-known brands, has collapsed under a pile of debt, leaving tens of thousands of British tourists stranded across Europe.The company filed for administration early Monday at the High Court in London after talks to raise additional funding failed, Thomas Cook said in a statement. AlixPartners LLP was named an adviser and will work with the country’s Civil Aviation Authority to get holidaymakers back home over the next two weeks. The government called it the “largest repatriation in peacetime history.”“Although a deal had been largely agreed, an additional facility requested in the last few days of negotiations presented a challenge that ultimately proved insurmountable,” Chief Executive Officer Peter Fankhauser said.The filing caps months of negotiations with investors led by China’s Fosun Tourism Group, which proposed a $1.1 billion bailout in exchange for control of the company’s tour operations and a minority stake in its airline. The plan also involved swapping debt for equity and the issue of new shares.Formerly a member of Britain’s blue-chip FTSE 100 Index, Thomas Cook is a high-profile victim of the malaise affecting the European holiday market. For decades, tour operators such Thomas Cook and Germany’s TUI AG thrived by offering package holidays to sun-starved Europeans. But the rise of discount airlines and online distribution have squeezed profits in an industry that is highly seasonal and prone to shocks from terrorism to political turmoil.In the space of little more than a year, Thomas Cook’s business outlook degenerated from concern about the sales impact of a freak north European heatwave to a full-on fight for survival.No Government RescueThe company’s prospects unraveled quickly last week, when it filed for Chapter 15 bankruptcy protection in the U.S. On Friday, the tour operator said it needed 200 million pounds ($250 million) on top of the 900 million pounds already agreed in the bailout proposal led by Fosun, its biggest shareholder.The U.K. government had pushed back Sunday against suggestions it should step in to rescue the company. There was no strategic national interest for doing so, Foreign Secretary Dominic Raab said.Founded in the 1840s by a Victorian entrepreneur of the same name, Thomas Cook started out by organizing train trips through the English Midlands. The business expanded as Britain’s growing middle class discovered they had more time, and money, to discover the delights of Europe.The company, which was briefly absorbed into the state rail company soon after World War II, got its biggest boost in the 1970s and 1980s as Britons sought the sun on a cheap budget. The ad slogan “Don’t just book it, Thomas Cook it” entered the national psyche.But Thomas Cook labored under its large debt burden and the costs associated with maintaining a high-profile presence in Britain’s provincial towns. Nimbler online rivals ate into the company’s core business and a succession of turnaround plans failed to stick, while the sluggish European vacation market and uncertainty over the economic impact of Brexit also crimped demand.Fast forward to Monday, and the CAA said all Thomas Cook flights and vacations were canceled.“This marks a deeply sad day for the company which pioneered package holidays and made travel possible for millions of people around the world,” Fankhauser said.Numbers Fail to Add UpThe company, with more than 500 locations nationwide, generated cash flow-per-employee of just 188 pounds last year.The latest rescue plan proposed swapping existing debt into shares, leaving Fosun holding the majority of Thomas Cook’s tour-operating business while creditors would have controlled its airlines. The company had debt of almost 2 billion pounds as of March 31, according to data compiled by Bloomberg.But the challenges eventually proved insurmountable. A group of hedge funds began to organize to block the plan because it would stop them from cashing in on holdings of credit-default swaps that pay out when a company defaults. It also faced the threat that customers would stop buying vacations and flights from Thomas Cook for fear that the company wouldn’t be around to honor their bookings.(Adds detail from fourth paragraph.)To contact the reporter on this story: James Ludden in New York at jludden@bloomberg.netTo contact the editors responsible for this story: Matthew G. Miller at mmiller144@bloomberg.net, Virginia Van Natta, Linus ChuaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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India Inc. Earnings Get Up to 10% Boost From Modi’s Tax Cut
(Bloomberg) -- India’s key stock gauges’ earnings estimates have been raised by as much as 10% by analysts after Finance Minister Nirmala Sitharaman delivered a $20 billion tax break in her latest attempt to boost economic growth from a six-year low.The surprise reduction in corporate tax drove a 5.3% surge in the S&P BSE Sensex Index to 38,014.62 on Friday, its biggest gain since May 2009. The government’s move may improve earnings, margins and help initiate capacity expansion before a potential improvement in consumer demand in the festival season starting next month, according to analysts and fund managers. The NSE Nifty 50 Index also climbed 5.3% Friday, to 11,274.2.“Consensus for EPS impact purely on account of the tax change is 7-10%” analysts at Axis Mutual Fund wrote in a note last week. “A demand recovery during the upcoming festival season will further improve corporate earnings over the next few quarters,” the note added.Here is what analysts are saying:Bank of AmericaCalculations suggest the Nifty index’s 1-year forward consensus earnings estimate for FY20 could rise by 7%Capital expenditure may only pick up with some lagPrefers bank stocks on hopes of improved businessesCitigroupCut in the corporate tax rate could increase earnings of companies under coverage by as much as 8-9% from FY20Investors “will likely expect more big-ticket announcements”Raises March 2020 Sensex index target to 40,500 from 39,000Increases overweight on financial services and underweight on consumer, IT and utilities stocksICICI SecuritiesAnalysis of Nifty earnings suggest an EPS upgrade of 6% each for FY20, FY21Expects Nifty EPS to grow at a CAGR of 20.3% in FY19-21 from 16.9% before the cutBanking and consumer stocks likely to grow at CAGR of 48.2% and 18%, respectivelySoftware exporters, pharma not expected to see any upgrades due to existing lower tax ratesNifty target based on FY21 EPS is 13,150, Sensex 43,000Credit SuisseOf the total revenue foregone, 58% of will be borne by the federal government while 42% will be a loss for statesAmong consumer stocks, large tax-cut gains for Avenue Supermarts, Colgate, Nestle, Page Industries, Asian Paints, Crompton, Jubilant Foodworks, Britannia, Hindustan UnileverLower gains seen for Marico, Titan, Dabur, Emami, Godrej ConsumerExpects most consumer companies to retain gains, at best spread over two yearsIndustrial companies with shorter production cycles, like ABB, Siemens, Cummins to benefit in near term; L&T and those with longer cycles to benefit over longer termAuto companies may ask ancillary companies to pass on benefits to customers in current weak demand environmentBanks to see 10%-12% earnings impact, RoEs to improve by 100-200 bpsPrefers better capitalized banks to capture pick-up in growthKotak Institutional EquitiesExpects profit for Nifty 50 Index to grow 25% for FY20 and 19% for FY21Automobiles, banks, capital goods, staples, diversified financial and energy sector to be key beneficiariesElectric utilities, software exporters and pharma to see little or no impactFY20 EPS for Nifty 50 Index will increase by 10% from previous estimatePhilip CapitalExpects some benefits to be passed on to consumers and some getting reinvested in business expansionExpects exports to receive a meaningful boost in the long-runUpped Nifty EPS estimate for FY20/21 by 7% each; retain long-held target of 11,300-11,700To contact the reporters on this story: Nupur Acharya in MUMBAI at nacharya7@bloomberg.net;Abhishek Vishnoi in Singapore at avishnoi4@bloomberg.netTo contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Margo TowieFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Yuan Gains With U.S. Stock Futures on Trade Talks: Markets Wrap
(Bloomberg) -- The yuan climbed along with U.S. equity futures as investors monitored signs of progress in trade discussions between America and China. The yen edged lower and stocks opened mixed in Asia.Futures on the S&P 500 Index were higher. The Korean won sank as exports continued to deteriorate. Shares in Sydney rose and were little changed in Seoul and Hong Kong, while Shanghai equities slipped. Japan is closed for a holiday. China’s Ministry of Commerce said trade groups from the two nations held “constructive” talks in Washington last week. Also soothing sentiment that took a hit at the end of last week was a report that China’s withdrawal from a planned visit to U.S. farm states had nothing to do with trade talks.While traders remain on edge due to fragile negotiations on the trade front, markets are pricing increased action from many central banks around the world. Global equities are on course for an advance this month following the Federal Reserve’s second interest-rate cut of 2019.“Global growth risks are rising,” Beverley Morris, director of rates and inflation at QIC Ltd. in Brisbane, told Bloomberg TV. “It’s certainly not panic stations at this stage, but certainly in terms of our portfolio actions, we are being more cautious.”With Tokyo closed for a holiday, market moves may be exacerbated due to thin liquidity. Cash Treasuries won’t trade until the London open and Japanese equities will be shut.Elsewhere, oil advanced following a report that full repairs to Saudi oil fields hit by the drone attack may take many months.These are some key events coming up this week:New York Fed President John Williams speaks at the U.S. Treasury Market Conference hosted at his bank Monday. San Francisco Fed President Mary Daly delivers remarks in Salem, Oregon.Decisions are due Wednesday from central banks in New Zealand and Thailand. Thursday brings a monetary policy decision in the Philippines.Core PCE -- the Fed’s preferred inflation measure -- is forecast for 1.8%, the strongest reading since January. That’s due Friday.Here are the main moves in markets:StocksFutures on the S&P 500 Index rose 0.5% as of 11:30 a.m. in Sydney. The underlying gauge fell 0.5% on Friday.South Korea’s Kospi index was flat.Hong Kong’s Hang Seng Index rose 0.1%.The Shanghai Composite slid 0.3%.Australia’s S&P/ASX 200 Index added 0.4%.Euro Stoxx 50 futures dipped 0.1%.CurrenciesThe yen fell 0.2% to 107.75 per dollar.The offshore yuan rose 0.4% to 7.0990 per dollar.The euro bought $1.1019.The British pound was steady at $1.2480.The won fell 0.3% to 1,191.25 per dollar.BondsFutures on 10-year Treasuries were little changed. The yield on 10-year notes fell six basis points to 1.72% on Friday.Australia’s 10-year yield slipped one basis point to 1.01%.CommoditiesGold slid 0.3% to $1,512.49 an ounce.West Texas Intermediate crude gained 1.3% to $58.83 a barrel.To contact the reporter on this story: Adam Haigh in Sydney at ahaigh1@bloomberg.netTo contact the editors responsible for this story: Christopher Anstey at canstey@bloomberg.net, Andreea PapucFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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British travel firm Thomas Cook collapses, stranding hundreds of thousands
Chief Executive Peter Fankhauser said it was a matter of profound regret that the company had gone out of business after it failed to secure a rescue package from its lenders. The UK's Civil Aviation Authority (CAA) said Thomas Cook had now ceased trading and the regulator and government would work together to bring the more than 150,000 British customers home over the next two weeks. "Thomas Cook has ceased trading so all Thomas Cook flights are now cancelled," the CAA said.
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U.K. Government Suggests Thomas Cook Won't Be Rescued
(Bloomberg) -- Thomas Cook Group Plc, the 178-year-old travel company that became one of the U.K.’s best-known brands, is on the brink of collapse, potentially leaving tens of thousands of British tourists stranded across Europe.Last-ditch talks in London with creditors late Sunday appeared to have failed to result in an agreement. Sky News reported the company is planning a statement Monday morning, with KPMG set to oversee the insolvency. A spokesman for Thomas Cook declined to comment.The company’s prospects unraveled quickly last week, when it filed for Chapter 15 bankruptcy protection in the U.S.On Friday, the tour operator said it would require 200 million pounds ($250 million) on top of the 900 million pounds already agreed in the bailout proposal led by China’s Fosun Tourism Group, its biggest shareholder. In little more than a year, Thomas Cook’s business outlook has degenerated from concern about the impact on sales of a freak north European heatwave to a full-on fight for survival.The British government, which will probably have to work out how to repatriate several planeloads of Britons, pushed back against suggestions it should bail out the company.“We don’t systematically step in with the taxpayers’ money when businesses are going under unless there is a good strategic national interest for doing so,” Foreign Secretary Dominic Raab said on BBC TV’s “Andrew Marr” Show on Sunday.Hunt for the SunFor decades, tour operators such Thomas Cook and Germany’s TUI AG thrived by offering package holidays to sun-starved Europeans. But the rise of discount airlines and online distribution have squeezed profits in an industry that is highly seasonal and prone to shocks from terrorism to political turmoil.As many as 150,000 Britons could be stranded abroad if the company collapses and grounds airlines it owns, the Financial Times reported.The Travel Updates section on the company’s website is dominated by posts on its financial situation, with Thomas Cook reassuring clients that its flights continue to operate as normal and all bookings are covered by a government-backed travel insurance program.“We’ve got the contingency planning in place to make sure that in any worst-case scenario we can support all of those who might otherwise be stranded,” Raab said.Founded in the 1840s by a Victorian entrepreneur of the same name, Thomas Cook started out by organizing train trips through the English Midlands. The business expanded as Britain’s growing middle class discovered they had more time, and money, to discover the delights of Europe.The company, which was briefly absorbed into the state rail company soon after World War II, got its biggest boost in the 1970s and 1980s as Britons sought the sun on a cheap budget. The ad slogan “Don’t just book it, Thomas Cook it” entered the national psyche. The company even revived the slogan in 2017.Blue ChipFormerly a member of the FTSE 100, Thomas Cook labored under its large debt burden and the costs associated with maintaining a high-profile presence in Britain’s provincial towns. Nimbler online rivals ate into the company’s core business and a succession of turnaround plans failed to stick, while a sluggish European vacation market and uncertainty over the economic impact of Brexit also crimped demand.The company, with more than 500 locations nationwide, generated cash flow-per-employee of just 188 pounds last year.The latest rescue plan proposed swapping existing debt into shares, leaving Fosun holding the majority of Thomas Cook’s tour-operating business while creditors would have controlled its airlines. The company had debt of almost 2 billion pounds as of March 31, according to data compiled by Bloomberg. The restructuring proposal is due to be put to a vote on Sept. 27, a crucial step to get the plan approved by a U.K. court.The rescue efforts faced multiple challenges. A group of hedge funds began to organize to block the plan because it would stop them from cashing in on holdings of credit-default swaps that pay out when a company defaults.\--With assistance from Richard Weiss, Vivianne Rodrigues and Danielle Moran.To contact the reporters on this story: James Ludden in New York at jludden@bloomberg.net;Alex Morales in Brighton, England at amorales2@bloomberg.netTo contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Virginia Van NattaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.