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Escalating COVID-19 second wave heightens downside risks to India's FY22 GDP, says S&P


Escalating COVID-19 second wave heightens downside risks to India s FY22 GDP, says S&P
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A drawn-out Covid-19 outbreak will impede India s economic recovery, the pace and scale of which had important implications for the country’s sovereign credit rating, it said. India’s rating currently stood at BBB-, the lowest rung of S&P’s investment grade rating.
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Global rating agency S&P said India’s escalating second wave of Covid-19 infections heightened downside risks to gross domestic product (GDP) and posed a significant contagion risk to other geographies.
Terming the resurgence in cases “serious”, the negative credit spillover to its rated portfolio remained limited, the agency said in a note on Wednesday, adding that the situation was fluid. ....

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Nomura puts Archegos hit at $2.9 billion, affirms commitment to U.S. business


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TOKYO (Reuters) -Nomura Holdings Inc said it would incur $2.9 billion worth of pain from the collapse of U.S. investment fund Archegos but added that while it was beefing up risk controls, it had no plans to scale back its U.S. business.
FILE PHOTO: The logo of Nomura Securities is seen at the company s Head Office in Tokyo, Japan, November 28, 2016. REUTERS/Toru Hanai/File Photo
Taking the second-largest hit from the Archegos debacle after Credit Suisse, Japan’s biggest brokerage and investment bank posted a fourth-quarter net loss of around $1.4 billion, its largest quarterly loss since the 2008 global financial crisis. ....

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Nomura Q4 Loss Widens, Revenues Down


Nomura Q4 Loss Widens, Revenues Down
Loss per share was 50.78 yen, wider than loss of 11.31 yen a year ago.
Loss before income taxes was 166.1 billion yen or $1.5 billion, compared to loss of 24.72 billion yen a year ago.
Net revenue in the fourth quarter was 170.04 billion yen or $1.5 billion, down 28 percent from prior year s 237.47 billion yen a year earlier. Net revenues fell 58 percent sequentially.
Retail reported fourth quarter net revenue of 96.8 billion yen was up 9 percent year on year. Asset Management net revenue of 36.6 billion yen jumped 5.2 times from last year.
In the full year, attributable net income fell 29.4 percent from last year to 153.1 billion yen or $1.4 billion. Net revenue was 1.40 trillion yen or $12.7 billion, an increase of 9 percent year on year. ....

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Nomura posts biggest quarterly loss in over a decade on $2.3 billion Archegos hit


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FILE PHOTO: The logo of Nomura Securities is seen at the company s Head Office in Tokyo, Japan, November 28, 2016. REUTERS/Toru Hanai/File Photo
TOKYO (Reuters) -Nomura Holdings Inc reported on Tuesday a $2.3 billion hit from the collapse of U.S. investment fund Archegos, causing it to log its biggest quarterly net loss since the 2008 global financial crisis.
Japan’s biggest brokerage and investment bank said while it expects to book a further $570 million in charges related to Archegos this financial year and would be beefing up its risk controls, it saw the debacle as an isolated incident.
“We are not planning to make major changes to our U.S. and global business strategy,” Nomura CEO Kentaro Okuda told a media briefing. ....

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India's business activity saw its steepest weekly fall in over a year: Nomura


India s business activity saw its steepest weekly fall in over a year: Nomura
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Nomura was optimistic that pent up demand would return as it expected the pace of vaccinations to increase in June. India’s weekly vaccination rate dropped to 2.6 million per day from 3.2 million a week earlier, the report said.
Declining mobility is one of the key factors behind the fall in economic indicators.
Business activity in India registered its steepest weekly fall in over a year during the preceding week as the second wave of the pandemic continued to weigh on the economy, but the overall impact will be limited to the April-June quarter, according to Japanese brokerage Nomura. ....

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