Month: July 2015

Asian equities extend selloff; Shanghai Comp down over 3%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Overnight, major US indexes ended nearly 2 percent lower as the market turmoil in China eclipsed the events in Greece and as the New York Stock Exchange suffered a nearly four hour outage.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NYSE temporarily suspends trading of all securities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Trading in all symbols was halted on the New York Stock Exchange floor Wednesday due to an apparent technical issue.

“NYSE/NYSE MKT has temporarily suspended trading in all symbols. Additional information will follow as soon as possible,” the NYSE said in a statement on its status page.

The exchange was investigating the issue that caused the halt, Reuters reported, citing a source. Trading stopped around 11:30 a.m. ET.

The NYSE said all open orders would be canceled, according to Reuters. The issues seemed to be limited to the NYSE floor, and the exchange said it did not affect the NYSE Arca and NYSE Amex/Arca Options.

The Nasdaq reported no technical issues and said it continues to trade NYSE-listed stocks.

“It’s been a little bit of a bumpy day. We had some technical problems even before the opening,” said Art Cashin, UBS director of floor operations at the NYSE, in a CNBC interview.

“This will not cause a move in any particular direction, so I would kind of wait it out and see what happens,” he added.

No indications yet point to a cyberattack on the exchange, two U.S. officials told NBC News. The glitch and an earlier computer problem that grounded United Airlines flights appear unrelated, they added.

Just after 8 am ET on Wednesday morning, the NYSE put out an alert about “a reported issue with a gateway connection” affecting certain symbols. It put out a notice at 10:37 am ET that the problem was resolved.

Separately on Wednesday, The Wall Street Journal website experienced an apparent outage.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

AirAsia hits major turbulence in Indonesia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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AirAsia’s money-losing Indonesian unit is facing fresh headwinds after the country’s transportation ministry took the unusual step of ordering the airline to raise as much as USD 225 million of funding quickly.

“It’s a black swan event,” said Mohshin Aziz, an airline analyst at Maybank-Kim Eng. “No country in the world has ever done this.”

Indonesia’s transportation ministry has ordered 13 airlines to raise funds to reach positive equity positions out of a concern that negative equity will affect safety oversight, according to media reports.

Of the 13, only AirAsia is publicly listed, and in a filing to Bursa Malaysia, Malaysia’s stock exchange, the company confirmed Tuesday that its 49-percent-owned Indonesian associate received a letter requiring it to reach the positive equity position by July 31.

That would likely mean raising more than 3 trillion rupiah (USD 224.8 million) by the deadline. AirAsia’s shares dropped as much as 13.4 percent in intraday trade in Malaysia Wednesday, tapping its lowest levels since 2010, during the European debt crisis.

Read More: Report alleges AirAsia needs to raise USD 1.9B

“There’s no chance anybody can meet that deadline,” Aziz said. “It’s a festive month. Muslims are just about to go for holiday next week. You can’t get any deals done this month, let alone find 3 trillion rupiah to comply with the regulation.”

AirAsia didn’t immediately return CNBC’s requests for comment. Phone calls to Indonesia’s transportation ministry went unanswered and emailed requests for comment weren’t immediately returned.

But if the directive is enforced, the risks for the carrier are high.

“Indonesia AirAsia (IAA) is at risk of losing its license,” Raymond Yap, an analyst at CIMB, said in a note Tuesday. “Should the ruling be enforced, it would be hugely negative to AirAsia as IAA may have to suspend or permanently shut down operations while AirAsia would have no hope of recovering its debt from IAA and would be left with 29 planes to find a home for.”

Read More: Short sellers put AirAsia in the crosshairs

While the parent company “easily” has enough cash on its balance sheet to meet the directive, it would take at least two months to prepare an emergency general meeting to gain shareholder approval to transfer the funds to the Indonesian associate, Aziz said.

It isn’t clear whether the directive will be enforced.

“We believe AirAsia is actively lobbying the Indonesian government not to enforce the ruling, which will result in a loss of 2,000 jobs and entrench Lion Air’s market dominance,” Yap said. “At the very least, IAA may be given more time to comply with the ruling. A possible cabinet reshuffle before end-July may yet give hope that the ruling will be abandoned.”

Aziz also expects the directive may be abandoned.

“Why would a government be so hasty to put this into the throats of so many airlines, which consequently leads to the loss of tens of thousands of jobs during the festive, joyous month of Eid,” Aziz asked.” The president will probably intervene.”

IAA and Batik Air are the largest of the 13 carriers affected by the reported letter from the transportation ministry, accounting for around 10 percent of domestic capacity and around 23 percent of Indonesia-Southeast Asia routes in the first half of this year, JPMorgan said in a note Tuesday.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Grexit would be ‘beginning of the end’ of euro: Piketty

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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European leaders need to take a more “realistic” outlook on Greece and yield ground on debt forgiveness, French economist Thomas Piketty said Tuesday.

He contended that German Chancellor Angela Merkel has taken a hypocritical stance, as the German economy was given more flexibility with debt reductions after World War II.

Without concessions that allow Athens to invest in infrastructure and economic growth, Greece could leave the Euro-zone – the so-called Grexit – and start “the beginning of the end” for the common currency, Piketty said.

“We have to get away from this very ideological approach and get to an agreement,” the “Capital in the Twenty-First Century” author said in a CNBC “Closing Bell” interview.

Leaders are negotiating a last-ditch deal after Greek voters on Sunday resoundingly rejected a creditor bailout proposal. Further trimming of Greece’s obligations has raised concerns that other debt-laden European countries may push for similar concessions in the future.

Read More: Empty-handed Athens ‘starting on the wrong foot’

But Piketty contended that Europe has to be “very careful” about worsening its relationship with Greece. Leaders run the risk of “pushing Greece toward Russia” and seriously disrupting the common currency, he said.

“There is a big risk that this will end up very badly” if Greece and Europe fail to reach a deal, Piketty said.
He also noted that creditors have taken on unrealistic expectations for a future Greek budget surplus.

Read More: Expert predictions on what lies ahead for Greece

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

China regulators warn of ‘panic sentiment’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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China’s securities regulator said there was “panic sentiment” in mainland stock markets on Wednesday, acknowledging the recent increase in irrational selling, Reuters reported.

Shortly after, the People’s Bank of China said it will closely watch stock market direction and guard against systematic regional financial risks.

The comments did little to soothe investor worries about tumbling mainland equities, with the Shanghai Composite sinking more than 8 percent in early trade on Wednesday.

Meanwhile, more than 500 China-listed companies announced trading halts in Shanghai and Shenzhen on Wednesday, Reuters reported, citing an analysis of corporate statements.

More measures were also unveiled on Wednesday to shore up confidence in a stock market that has slumped 30 percent over the past month.

China’s securities regulator stated that China Securities Finance Corporation (CSFC), a provider of margin financing loan services, would provide adequate liquidity for brokerages. Meanwhile, the country’s insurance regulator said that qualified insurers may increase their ratio of equity assets to 40 percent, from 30 percent previously, by buying blue-chip stocks.

Officials also said on Wednesday that the China Financial Futures Exchange (CFFE) will closely monitor market conditions in CSI500 index to control risks. The CFFE will also raise the deposit ratio and margin requirements for short positions on CSI500 index futures. On Monday, the CFFE announced it would be limiting daily trading on CSI 500 index futures.

State-owned news media outlet Xinhua added that the CFFE would also step up purchases of medium and small cap shares.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Oil crushed by worries on Europe, Iran

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Oil is expected to spiral even lower, as concerns about global growth collide with record production and the potential for more supply from Iran.

West Texas Intermediate crude futures plunged 7.7 percent Monday and were in official correction territory, with a decline of more than 11.5 percent since July 1. Brent was more than 6 percent lower.

Oil plummeted on fresh worries that Greece’s anti-austerity referendum could lead to its exit from the Eurozone, creating negative fallout across the region’s economy.

“The drop in oil is going to stop, but not for now,” said Francisco Blanch, head of global commodities and derivatives research at Bank of America Merrill Lynch. “You’ve got every cylinder pointing south. You don’t want to try to grab this falling knife.”

Other factors that contributed to the drop were apparent movement in Iran’s nuclear negotiations and new focus this weekend on China’s stock market collapse. The stronger dollar could also add pressure, as the euro skids.

Strategists see the floor for WTI oil at around $50, but some say it could continue to fall toward the lows of about USD 42 from mid-March.

Read More: Oil tumbles nearly 8% after Greece vote, Iran talks

WTI crude futures settled down nearly 8 percent Monday, down USD 4.40 at USD 52.53 per barrel.

“This week is a huge week. We have two things that people in the markets have been worried about literally for years, and they’re both happening at the same time,” said Michael Wittner, head of commodities research Americas at Societe Generale. “The oil market is a little twitchy,”

Strategists say the market is worried about potential Greek contagion that would impair the European economy. But the situation is unclear, and the uncertainty could stretch on for weeks, which could also dampen economic activity and keep the market on edge.

“On the Iran deal, I think people are waking up to the fact that Iran is … saying it wants to double its exports once the ban is lifted,” said John Kilduff of Again Capital.

Read More: Kerry says Iran nuke talks could go either way

Blanch said while there is no agreement yet, the deal over Iran’s nuclear program appears closer and the market is beginning to price in the flow of Iranian oil.

“If a deal gets done this week, maybe it’s a few more dollars down. That may be a buying opportunity,” Blanch said. Blanch said the 30 million to 40 million barrels Iran currently has in floating storage could be on the market fairly quickly.

Negotiators have set a deadline of this week for the talks between Iran, the US and five other powers. Iran is reportedly pushing for a complete lifting of the United Nation’s arms embargo.

Views vary on how quickly Iran will start to get more oil out onto the world market if there is a deal.

“I think oil markets understand very well, depending on what gets decided one way or the other, it’s going to be months,” said Wittner. “The only thing fast is the floating storage, but again, that’s going to have to wait until restrictions are lifted.”

Analysts agree it will take time for Iran to reach its potential. “You’re going to have 600,000 barrels a day of incremental supply heading into the middle of next year,” Blanch said. “All of that in my view creates a very negative backdrop for the oil market.”

As for China, traders have been watching its high-flying stock market melt down.

“So far, it’s the stock market. The argument is whether the Chinese government is worried. Are they acting aggressively on the stock market because they are worried about the real economy?” said Wittner. “That’s the issue. It’s too early to say on that one.”

But markets have been worried about slower Chinese growth, and the China stock market collapse has the potential to hurt the broader population of individual investors.

Blanch said another catalyst for lower prices will come with the Fed’s interest rate hikes, expected to begin later this year or early next year, because they could have a negative impact on emerging market economies.

A more near-term negative for crude, however, could be the slowdown in US gasoline demand, expected to be peaking this week with Fourth of July holiday driving.

Blanch does expect some relief with a pending slowdown in US oil production, so far holding near 40-year highs of 9.6 million barrels a day. He said the lower prices could make production to decline by 500,000 barrels a day, before picking up again some time next year.

Strong US production has also been met by a pickup in Saudi Arabian production, also believed to be near record highs.

Gene McGillian, an analyst with Tradition Energy, said the market is waiting for new data on traders’ positioning, expected later Monday. As of last week, longs outnumbered shorts by a wide margin.

“The question is, does the market hold USD 50 and do we pivot back to the USD 40s?” he asked, adding at some point the longs could start bailing, adding further pressure on prices.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Here’s Greece’s biggest fear after ‘No’ vote

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After a referendum in which Greece rejected its creditors’ repayment terms, Constantine Michalos, president of the Athens Chamber of Commerce and Industry, said Monday one of the country’s main economic drivers, tourism, could suffer.

“The major fear at the moment is that, since we are at the peak of tourist season, [and] we cannot supply basic goods such as food items and pharmaceuticals, we run the risk of [hurting] not just the 10.5 million Greeks, but also the tourist wave that we have during this time of the year,” Michalos said in an interview on CNBC’s “Squawk on the Street.”

On Sunday, nearly 62 percent of Greek voters said “no” to the bailout terms, which sent most global stock markets into a tailspin. The European benchmark German DAX shed slightly more than 1.5 percent Monday, while Japan’s benchmark Nikkei 225 fell nearly 2.1 percent.

Greek banks also remained closed Monday, putting the country’s economy at a “standstill,” Michalos added.

The situation with the Greek banks also has also led to many workers in the country to ask their employers not to pay them, Anastasios Economou, founder of the Monaco-based iGroup, told CNBC’s “Power Lunch” on Monday. “I think the idea is that employees trust their employer more than they trust the government,” Economou said.

Michalos said that implementing a parallel currency in order to mitigate the damage done to the tourism industry and as a way to jump-start Greece’s stagnant economy would be a “measure of last resort.”

“One needs to consider that the Greek economy is not a production-based economy. We are dependent on 52 percent of imports as far as our food requirements are concerned. We’re dependent on almost 80 percent of all our energy requirements being imported … so we don’t have the luxury, if you will, of even considering a national currency. It will be a complete nightmare for eight-to-12 months,” he said.

Nevertheless, one expert said that, while many banks and analysts now believe Greece is more likely than not to exit from the euro zone, it is in fact on the right track after the resignations of conservative opposition leader Antonis Samaras and Finance Minister Yanis Varoufakis.

Read More: Greece’s ‘nays’ have it–how markets will react

“If that’s a sign that the Greeks are more willing to take a multiparty approach, and willing to find some consensus, then that could be what it takes to keep Greece within the euro zone, which would also be in line with the wishes of the Greek people,” Elsa Lignos, senior currency strategist at RBC Capital Markets, said in another “Squawk on the Street” interview.

Samaras resigned shortly after the referendum’s result was determined on Sunday and Varoufakis followed suit on Monday.

Ian Bremmer, Eurasia Group president, also said he does not believe Greece is close to exiting the euro zone yet.

“Greece is a little bit like the NBA. It’s not worth watching until the last five minutes of the game,” Bremmer said in a CNBC “Fast Money Halftime Report” interview. “But, when I think about the problems Europe is experiencing … both domestically and internationally, Europe just looks troubled.”

Read More: Greek banks to remain closed: Bank Association

Bremmer added that, while some euro zone economies have improved slightly, the political situation will continue to weigh on the region.

“The politics around Europe have never looked so bad,” he said. “As a consequence, you’re going to see continued skepticism about long-term investments in Europe, and you’re also going to see a lot of infighting.”

‘US in good shape’

US equities managed to pare early session losses Monday despite an outpouring of Greece news.

“From the US perspective, we’re in pretty good shape,” Joe LaVorgna, chief US economist at Deutsche Bank Securities, told “Squawk on the Street.”

“In 2010, when we went through the first of many iterations of the Greek saga, S&P fell about 16 percent from April through July. They were trading around only 1,000 at their lows only a year after we exited recession. Peripheral yields are down substantially since then, so we have made some progress in ring-fencing this situation,” LaVorgna added.

This resurgence by US stocks could lead to tougher negotiations between Greece and its creditors, Daniel Speckhard, a former US ambassador to Greece and Belarus, said in a CNBC “Squawk Alley” interview.

“The Europeans will be watching the [US] markets and, if the markets are calm, they’re going to be fairly tough with Greece. At the same time, I think Greece is really the canary in the coal mine. I think it’s going to highlight some serious structural flaws in the euro zone that are going to come back to haunt them in the future,” Speckhard added.

X

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Is the party back on in Chinese stocks?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chinese stocks were on fire on Monday after Beijing pulled out fresh stops to put a floor under slumping share prices over the weekend, however strategists continue to remain on edge about the outlook for the mainland market.

The Shanghai Composite rocketed 7.8 percent to 3,975 at the start of trade before paring gains over the course of the morning session. The benchmark index was last seen up 2.2 percent. 

“In our base case, we believe these measures may stabilize market sentiment in the near term, but we believe the effects may not be sustainable,” JPMorgan wrote in a note.

“Without de-leveraging the A-share markets and deepening capital market reforms in order to attract more funds (i.e., overseas money), a rebound could be short-lived,” it said. 

As Greek voters went to the polls in a pivotal referendum, China authorities were busy drawing up a fresh package of measures to restore investors’ shaken confidence. Taking a “kitchen sink” approach, several steps were announced to shore up the market.

First, the People’s Bank of China (PBoC) pledged to provide liquidity support to China Securities Finance Corporation (CSFC) – the sole provider of margin financing loan services to securities houses. Second, new share offerings were suspended in an effort to preserve liquidity.

Third, 21 major Chinese brokerages committed to jointly invest 15 percent of their net assets, or no less than 120 billion yuan (USD 19 billion), to establish a market stabilization fund.

Read More: China brokerages pledge billions as officials halt new stock sales

Alongside these announcements, the China Central Huijin Investment, a unit of China’s sovereign wealth fund, confirmed that it had bought exchange traded funds in the secondary market and would continue to do so.

The weekend’s steps come on the heels of a slew of measures unveiled since the end of June to halt the frenzied selling, including aggressive monetary easing and relaxing rules on using borrowed money to speculate on stocks, which proved largely ineffective.

According to Fraser Howie, managing director at Newedge Singapore, China’s latest efforts reek of panic and are unlikely to instill confidence in investors.

“What they should be doing is not getting involved in the first place,” Howie said, referring to Chinese authorities. “They shouldn’t have been talking the market up. Whenever you build up a bubble with so much leverage then you’re going to have weeks like we’ve seen in the past couple of weeks and there’s really nothing you can do about it.”

Patrick Chovanec, managing director and chief strategist at Silvercrest Asset Management mirrored this view.

“The Chinese government has really thrown the kitchen sink at trying to support the stock market which in my view is insupportable. The valuations that they are trying to support are not sustainable,” Chovanec said.

To be sure, not all market watchers were pessimistic about effectiveness of the government’s latest move to stabilize market sentiment. Tommy Xie Dongming, economist at OCBC Bank, regarded the latest measures as “game changing.”

“The latest interventions from Chinese government may be controversial from market economy perspective,” he said. “Nevertheless, given previous measures failed to break the vicious cycle, it is better for those crisis management measures to come out sooner than later. We think those measures jointly will turn the soft market sentiment around to avert a hard landing in China’s equity market,” he added.

China’s stock market has tumbled almost 30 percent since hitting a seven-year peak of 5,166.35 on June 12, triggered by a host of factors including an unwinding of margin trading and concerns over lofty valuations.

Despite the recent rout, the market – which is largely driven by domestic retails investors – remains in positive territory for the year, up 17 percent since January 1.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tsipras: ‘No’ vote not a mandate to clash with Europe

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The majority of Greek voters have rejected the reform proposals from the country’s creditors, in a crucial referendum that could set the path for Greece leaving the euro zone.

After 12 hours of voting on Sunday and with over 90 percent of the votes in, the country’s Interior Ministry said 61 percent of the ballots cast had backed the “no” campaign.

But despite fears of a “Grexit,” Greek Prime Minister Alexis Tsipras said the result was not a mandate to clash with Europe.

Speaking after the majority of votes had been counted, Tsipras said Greeks hadn’t voted on whether or not to stay in Europe, and that the government would return to the negotiating table with creditors on Monday.

Stelios Kouloglou, an MEP with Greece’s ruling Syriza party, told CNBC that nobody had predicted this result. “Even with the banks closed, people can’t get money anywhere – and still, more than 60 percent voted to support the government. This is a huge vote,” he said on Sunday.

Following news of the “no” victory, opposition leader Antonis Samaras stepped down.

Kouloglou said the deal proposed by creditors—and voted on by Greeks in this referendum—was “not practical.”

With the result, Tsipras “has more strength to negotiate. The real (aim) for us is not to leave the euro zone, but to negotiate a better deal,” he added.

Before polls closed, Greek Finance Minister Yanis Varoufakis told CNBC that the government could potentially reach a deal with lenders within 24 hours if the “no” campaign was successful.

‘I think this is the end’

Despite this optimism regarding an imminent deal, however, five months of talks have so far failed to reach an agreement. Read MoreGreek banks may not re-open any time soon The radical leftwing Greek government and the so-called Troika which oversees its bailout – the International Monetary Fund, European Commission and European Central Bank – disagree on the reforms and the accompanying austerity measures required before Greece receives further financial aid.

The next steps for Greece are unclear, however, as the reform proposals being voted on are no longer on the table, after the country’s bailout program effectively ended at the end of June.

“I think this is the end — Greece will ultimately have to leave the euro,” said Philippa Malmgren, founder of advisory group DRPM. She said one option would be for Greece to temporarily leave the single currency region with the aim of re-joining once it had brought down its debt-to–gross domestic product (GDP) ratio.

Read More: Live blog: Greece votes ‘no’

“It’s true the banks won’t have enough cash to meet the demands of the depositors – they’re actually broke… Now the possibility is Greece actually abandons the positions it has had and it goes back to market forces. I’m optimistic about what it will bring,” Malmgren told CNBC.

Practicalities?

If Greece does leave the euro zone, it will be the first country to do so since the currency’s inception in 1999. It will also set a worrisome precedent, as the Maastrict Treaty was originally conceived to be irrevocable. A “Grexit” could also open the door for other debt-strapped euro countries to walk through.

Francesco Papadia, former Director General for Market Operations at the European Central Bank, said that Greece’s central bank could potentially be removed from the European Central Bank system “in weeks not months.”

“If that needs to be the case, that can be done quickly,” he told CNBC on Sunday.

“It will be complicated. I’m not sure there is a plan to do it, but my former colleagues will know how to do it if needed.”

The vote comes after Greece effectively defaulted this week on 1.6-billion-euro ($1.7 billion) payment due to the IMF, and its domestic financial system is under severe pressure, with capital controls imposed in order to prevent bank runs. However, British Conservative MEP Daniel Hannan says the long-term future for Greece now looked much better and there is “light at the end of the tunnel.” “A default and a devaluation is the least bad option for Greece,” he told CNBC on Sunday.

“It’s going to be tough in the short-run. But if Greece gets this thing right, if it goes to exploit its competitive advantages could bounce back hugely impressively.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Greek ‘no’ vote spurs risk-off sentiment in Asian stocks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Read More: The biggest risks for Asia markets this week

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow