Day: June 2, 2020

Lufthansa Gains Following Breakthrough on $10 Billion Bailout

(Bloomberg) — Deutsche Lufthansa AG shares surged after Europe’s biggest airline overcame most of the barriers to receiving a 9 billion-euro ($10 billion) bailout from the German government.

The stock gained as much as 8.3% and was priced 6.6% higher at 9.75 euros as of 9:04 a.m. Tuesday, the first day of trading on the Frankfurt bourse since last week.

Barriers to the rescue began to crumble late Friday, with Lufthansa agreeing to hand over operating slots at its main hubs to win European Union backing for the deal. Its supervisory board approved the compromise in a vote on Monday.

Why India isn’t worried about Moody’s credit rating cut: Impact to be short lived; investments to keep up

The rating downgrade is less likely to affect the cost of India’s borrowings as a large part of sovereign debt is locally-held.

Moody’s downgrade of India’s sovereign rating to lowest investment grade is mostly being overlooked by investors and economists alike since the effect of the cut is expected to be short-lived on investment flows. Moody’s downgrade was impending and is somewhat largely priced-in by the markets and any knee-jerk reaction in foreign exchange and rates markets would thus likely be short-lived, Madhavi Arora, Economist, Edelweiss, said in a report. With global policy backstops having improved global risk appetite, any

Modi reassures MSMEs of growth with revised definition; says businesses can grow ‘without any worries’

PM Modi was addressing the 125th anniversary of industry association Confederation of Indian Industry.

Ease of Doing Business for MSMEs: Prime Minister Narendra Modi on Tuesday, stressing on the self-reliance path to recovery for India and integration into the world economy, also reassured the growth for India’s vast MSME sector with the recent revision in the definition and its approval by the government. Addressing the 125th anniversary of industry association Confederation of Indian Industry (CII) Modi said that demand for clarity in the definition of MSMEs that was sought by the industry for a long time has been fulfilled.