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A rash of failures of A-rated insurers points to a hidden weakness in the market, researchers say.
US mortgage rates increased to the highest level in five months, pushing down home-purchase applications for the fifth time in the last six weeks.
A new book by University of Virginia professor Andrew W. Kahrl argues that the country has weaponized tax collection against its citizens for more than a century.
Chinese developer Country Garden Holdings Co., one of the biggest symbols of the nation’s broader property debt crisis, won approval to push back payments on three yuan bonds, people familiar with the matter said, staving off its first local default for now.
Iron ore climbed to the highest level in seven weeks as Fortescue Ltd., the fourth-biggest producer, said full-year shipments are likely to be at the lower end of guidance after disruptions hit supplies at mines in Western Australia.
Aug 1, 2020
Bloomberg News
,(Bloomberg) --
Hammerson Plc, which owns about a dozen large U.K. malls, aims to raise as much as 600 million pounds ($785 million) from a rights issue, Sky News reported.
The owner of the Bullring in Birmingham and the Brent Cross shopping center in north London is seeking the extra cash as the coronavirus crisis slashes revenues for landlords, Sky reported, without saying where it got the information. Lazard Ltd. is advising on the deal.
Hammerson said on July 1 that it had collected just 16% of third-quarter rents due on its British properties.
The firm is also in talks to sell its 50% stake in VIA Outlets, which owns shopping destinations in several European cities, to Dutch pension fund APG, Sky reported. JPMorgan Chase & Co. and Morgan Stanley are working on the transaction.
Hammerson could raise more than 800 million pounds from the combination of the rights issue and the disposal, Sky said.
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