People & Markets

  • Hard-hit firms mull market rescues as governments change support goalposts

    Hard-hit firms mull market rescues as governments change support goalposts

    Companies in sectors without government support packages in place are having to weigh moving fast for a costly private sector rescue capital against dragging their feet and hoping governments extend existing bail-out or liquidity schemes. The cost of Carnival Corporation’s $6.25bn package last week shows how painful turning to private sector cash can be, but many sectors see better prospects of receiving public money than Panama-domiciled cruise companies.

  • Rating agencies ‘doing their jobs’ in coronavirus crisis

    Rating agencies ‘doing their jobs’ in coronavirus crisis

    Investors see the rapid wave of downgrades in response to the coronavirus crisis as evidence that ratings agencies are "doing their jobs" compared to their response in the 2008 financial crisis, where they were roundly criticised.

  • Insurers bulked up on airline risk as export credit agencies pulled out

    Insurers bulked up on airline risk as export credit agencies pulled out

    Private sector insurance companies have written extensive guarantees for the purchase of new aircraft from Boeing and Airbus in the past two years, filling a gap in the market left by the retreat of US Eximbank and European export credit agencies. But with aircraft around the world grounded and airlines slashing capital expenditure, these insurance firms could be stuck with the risk.

  • Your country needs you, investment bankers

    Your country needs you, investment bankers

    The 2008 financial crisis forged a generation of investment bankers well versed in advising governments — and with many having returned to banking, they are likely to be in demand again. But history suggests banks will not be earning lucrative fees, writes David Rothnie.

  • FCA stands firm on Libor transition deadline

    FCA stands firm on Libor transition deadline

    After discussions with the Bank of England and the Sterling Risk-Free Reference Rates Working Group over the impact of Covid-19 on companies’ plans to transition from Libor, the UK’s Financial Conduct Authority said on Wednesday that the final deadline of the end of 2021 was immutable.