FT News Briefing Argentina debt holders greenlight restructuring, Lebanon’s new PM, European contact tracing woes
Sep 1, 2020
Argentina has successfully restructured nearly all of its $65 billion debt, receiving near-unanimous support from creditors. Global equities are soaring, marking the best August in decades. In Lebanon, a new prime minister has been appointed amid calls for governance reform. Meanwhile, Europe faces significant challenges with contact tracing as COVID-19 cases surge, complicating travel plans and pushing for a unified system to ensure safety. The airline industry is also adapting by eliminating change fees to encourage more travelers.
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Argentina's Debt Restructuring
- Argentina restructured $65B in debt, lowering returns from 7% to ~3%.
- This ends Argentina's ninth sovereign debt default.
August Equity Boom
- Global equities experienced their best August since 1986, rising over 6.5%.
- This surge is attributed to a weak dollar, stimulus efforts, and company recoveries.
Zoom's Pandemic Success
- Zoom, defying the pandemic dip, reported a 355% revenue increase, reaching $663.5M.
- Shares rose 10% after-hours, highlighting its pandemic-driven success.