Greece to Increase Minimum Wage by €50 a Month From April 1
Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
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Greek Prime Minister Kyriakos Mitsotakis announced an increase of €50 ($53.9) a month to the country’s minimum wage for employees, lifting the amount to €830 from €780.
One of China’s biggest property firms delayed its earnings report while another posted a record profit decline as the nation’s real estate crisis shows no signs of easing.
The owners of Saks Fifth Avenue are in talks to raise financing to bolster the cash portion of an offer to buy competitor Neiman Marcus, according to people familiar with the matter, moving two of America’s biggest high-end department stores closer to a deal after years of on-and-off courtship.
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
Blackstone Inc. sold 48 warehouses in Southern California to Rexford Industrial Realty Inc. for $1 billion.
Jan 13, 2021
Bloomberg News
,(Bloomberg) -- China Evergrande Group was downgraded to sell by UBS Group AG analysts, who said shares of the world’s most indebted developer may lose more than half their value.
UBS cut its rating on Evergrande from neutralon Jan. 12, according to a research report led by analyst John Lam and seen by Bloomberg. The bank also slashed the 12-month target price to HK$6 from HK$15.20 set in September. The target is 59% lower than Evergrande’s closing price on Wednesday.
UBS expects Evergrande’s contract sales to decline by 2% to 707 billion yuan ($109 billion) this year, according to a separate Jan. 6 report on the developer’s property management unit. Last week, Evergrande said it aimed to reach 750 billion yuan of contract sales in 2021 -- 50 billion yuan lower than the target set by Chairman Hui Ka Yan about three years ago.
UBS didn’t immediately reply to a request for comment on Thursday. Evergrande said in a written response that the UBS estimate had no factual basis and the company is confident it will reach its 2021 sales target.
The UBS report underscores investor concerns that Evergrande’s debt-cutting efforts may force it to prioritize cash flow ahead of profitability. Evergrande’s deleveraging strategy and tight liquidity may lead to limited growth potential and uncertainty, the bank’s analysts wrote.
UBS estimated Evergrande’s earnings per share will decline to 1.11 yuan in fiscal year 2020 before rebounding to 1.24 yuan in 2021. That would still be lower than 1.86 yuan in 2019.
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