June 3, 2023

Taylor Daily Press

Complete News World

LIVE Stock Market Blog – Brussels Airlines’ new CEO; Armed Peace in Euronav

FifthSeveral European central banks, including the Bank of England, announced further rate hikes. So they were not deterred by the banking crisis. In our country, the FSMA is now opening an investigation into Telenet’s rate hike on Thursday morning.

15.59 – Kemfanen together on Euronav’s board of directors

All three threads in the saga surrounding tanker company Euronav are represented on the new board of directors, as seen after the shareholders’ meeting:

  • He. She Camp-CMB It will have two representatives, including Euronav founder Marc Saverys.
  • He. She Frontline camp There are also two driver seats, including Norwegian pole vaulter John Frederiksen.
  • three independent directors They hold their seats, and thus can represent management and/or smaller shareholders.

15.46 – Dorothea von Boksberg’s new boss at Brussels Airlines

Dorothea von Boksberg, Lufthansa Cargo’s first woman, will be the new CEO of Brussels Airlines, a subsidiary of Lufthansa, from 15 April. She temporarily succeeded CEO Christina Foerster, who resigned temporarily following Peter Gerber’s departure to the competition. Von Boxberg (1974) became the fifth CEO of Brussels Airlines in as many years.

Dorothea van Boksburg – Brussels Airlines photo

15.16 – Block’s share price plummets nearly 20% following allegations of fraud

Jack Dorsey – Eva Marie Uzcategui/Bloomberg via Getty Images

Shares in Block, Jack Dorsey’s financial technology company, fell 19.55 percent. Shareholders are selling their positions after short-term research firm Hindenburg said the company was guilty of facilitating fraud. That reports the American news site CNBC.

  • According to Hindenburg Research, Block has very lax controls, which makes it possible to commit fraudulent and criminal activities through the company’s platform.
  • Based on the interviews, the owner of the short site reports that “pressure from management has led to the neglect of Anti-Money Laundering (AML) and KYC (Know Your Customer) legislation.”
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14.47 – Euronav: Election of Mark Savers and John Frederiksen to the Board of Directors

Founder Marc Saveris, as many expected, was elected as a member of the board of directors of the Euronav tanker company. Norwegian pole vaulter John Frederiksen was also elected. This leads two rival camps – CMB (Saverys) and Frontline (Fredriksen) to the board. Two confidants of each were also elected.

14.41 – Wall Street has now turned green after the US interest rate decision

Wall Street opens in the green. The Dow Jones rose 0.6 percent and the Standard & Poor’s 500 rose 0.8 percent. The Nasdaq index rose 1.2 percent.

  • Yesterday, the US stock markets did not know how to react to the Fed’s interest rate decision. This was in part because Janet Yellen, the US Treasury Secretary, said in the Senate last night that the US Deposit Guarantee System (up to $250,000) would not be expanded to all savings in all banks. Then Wall Street ended the trading day in the red (See message 10.05 am).

14.30 – investigation of the possibility of insider trading in Telenet

As is generally expected, the FSMA, the stock market watchdog, will open an investigation into Telenet’s price increase on Thursday morning. that reports the time.

  • Then the stake rose by 10 percent for no reason, to an exchange rate of 15 euros. FSMA then suspended stock market trading for several days, until the press release about the takeover bid by Liberty, the majority shareholder, the day before yesterday.
  • The price hike suggests some investors knew something was afoot and may have been aware of Liberty’s bid, which values ​​Telenet’s stake at €22.
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14.07 – The Bank of England also raised interest rates further

As expected, the Bank of England raised its key interest rate by 25 basis points to 4.25 percent on Thursday.

  • This result was expected after the return of calm to the financial markets after the rescue of Credit Suisse last Sunday.
  • According to market experts, a pause is not ruled out, but the high and spiraling rate of inflation earlier this week limited the Bank of England’s scope not to raise interest rates, market commentators said before the decision.

13.48 – The banking crisis does not stop raising interest rates

Due to the uncertainty in the banking sector, central banks were expected to stop or limit interest rate hikes. Turns out that’s not the case for many. After the European Central Bank (ECB), the Swiss National Bank (SNB) also raised interest rates by 50 basis points. 👇

12.54 – Credit Suisse bondholders receive more information about writedowns

Swiss authorities based the write-down of Credit Suisse’s AT1 bond in the bank’s bailout last Sunday not only on the emergency law, but also on the terms of the contract. This was announced today by the organizer FINMA.

  • Under the terms of the bonds, they may be written off entirely in the event of an intervention to keep the bank viable, a ‘viability event’, and in particular if state aid is involved. “The private state-guaranteed liquidity support that Credit Suisse obtained in the bailout fulfills this requirement,” FINMA said.
  • Last Sunday, FINMA also issued an emergency decree on liquidity loan guarantees by the Swiss National Bank for banks important to the financial system. This decree also gave the power to write off AT1 bonds.
  • “The delisting was based on both the conditions and the emergency law,” Venma said Thursday. Thus the regulator is responding to the “many questions” it has received about the subordinated bonds.

12.17 – European stock markets continue to turn red

European stock markets failed to break out of the red. The Eurostoxx50 fell 0.6 percent and the Bel20 fell 1 percent.

  • Uncertainty about the protection of US savings deposits is also putting pressure on European banks (See message 10.05 am). KBC leaves 1.9 percent behind. With our northern neighbors, ING loses 2 percent
  • Colruyt is losing 1.3 percent, after gaining 13 percent yesterday. Virya Energy, in which the supermarket chain owns a 59.9 percent stake, has announced the sale of Parkwind to JERA Green.

11.39 – What route will the Euronav tanker freight company choose?

This afternoon, the long-awaited special shareholder meeting of Euronav, the oil tanker shipping company will take place in Antwerp where the power struggle has been going on for months. Contributors are presented with three divergent points of view. 👇

10.54 – The Swiss National Bank is not deterred by the turmoil in the banking sector and raises interest rates

The central banks of Norway and Switzerland raised interest rates.

  • The Swiss National Bank (SNB) raised interest rates by 50 basis points, to 1.50 percent. The increase comes just days after UBS’ acquisition of Credit Suisse. With the decision, the central bank is signaling that it cares more about inflation concerns than about the implications of the Swiss bank’s takeover
  • Norges Bank opted for an increase of 25 basis points. This brings the interest to 3 percent. For this summer, the bank expects an interest rate of around 3.5 percent, an upward revision of the forecast in December of last year.

10.29 – European stock markets turn red

Conflicting statements by Yellen and Powell also sent European stock markets lower. The Eurostoxx50 fell by 0.35 percent while the Bel20 fell by 1.15 percent.

10.05 – Yellen talks about the Wall Street drop

Yesterday, as expected, the Federal Reserve raised interest rates by 25 basis points. In doing so, the central bank has chosen the happy medium between a tough fight against inflation and a temporary interest rate halt. The markets initially seemed to be reacting positively to the news, but then suddenly they pulled back sharply.

  • Janet Yellen, US Treasury Secretary, was speaking in the Senate while commenting on the interest rate decision by Jerome Powell, Chairman of the Federal Reserve. She said that there will not be a full coverage of all savings deposits with all banks.
  • This led to an awkward situation because Powell said around the same time that savers could rest assured that their deposits were safe.

In the end, the Dow Jones and Standard & Poor’s both lost 1.65 percent. The Nasdaq lost 1.6 percent. Do you want to know more about what happened yesterday? Then click here.