Welcome to another edition of Under60 Daily - a brief rundown of the top happenings in the business world, compiled by hand to exclude the clutter and ensure you get up to speed in under a minute.
[Banks] Credit Suisse cut bonuses for its staff after the Bank lost $4.7 billion due to the Archegos Capital fallout. The company plans on saving nearly $600 million by cutting bonuses. The company also suspended its plans of a $1.6 billion share buyback and cut its dividend by two thirds to $0.11 per share.
[Airlines] United Airlines is set to be the first US carrier to repay a part of the government debt it took at the onset of the pandemic. The company had obtained a $7.5 billion credit line from the US Treasury by pledging its travel routes and flight simulators. The airline plans on repaying the $520 million outstanding on the line from $9 billion that it recently raised.
Over60: Simple Flying
[Bonds] Prices of bonds issued by China’s largest distressed debt managers sank to record lows as concerns of the financial health of the firm grew after the execution of its former chair for bribery. Ironically, the former chair of bribery was found guilty of taking Rmb 1.8 billion in bribes over ten years. Huarong Asset Management’s debt was trading at 77 cents on the Dollar.
Over60: Bloomberg Quint
[Currencies] The Taiwan Dollar dropped drastically as the likeness of the Biden Administration of assigning the ‘currency manipulator’ tag to Taiwan increased. The Taiwan Dollar dropped by nearly 2% since its peak against the US Dollar. On a different note, the Russian Rouble dropped by 5% since its peak against the US Dollar as geopolitical tensions increased. The US is considering imposing sanctions against Russia over Moscow’s military build-up at the Ukraine border.
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