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QuotedData’s morning briefing 29 April 2020

  • Barclays reported first quarter results this morning. It announced a sharp increase in its provisions for bad loans, anticipating a series of defaults from its corporate and retail clients.
  • British Airways is to reduce its workforce of 42,000 by nearly 30%. Its parent company, IAG, does not expect passenger numbers to return to 2019 levels for several years. Meanwhile, Airbus’s CEO, Guillaume Faury, says this is “gravest crisis the aerospace industry has ever known.”
  • HarbourVest Global Private Equity (HVPE) said it expects to announce its annual results for the 12 months ended 31 January 2020 on 24 June 2020. This represents an extension to the usual timetable of approximately four weeks to allow for the impact of delays to the valuation process due to covid-19.
  • The private equity company, LMS Capital (LMS), released a valuation update covering the period from 31 December 2019 to 31 March 2020. Quoted investments reduced in value by 18%, while there was a 30% reduction in the underlying valuation of the unquoted direct investments and fund investments, offset by approximately 3% unrealised foreign exchange gains.

We also have results with accompanying manager views from the hedge fund company, Third Point Offshore Investors, the split-capital trust, Acorn Income, as well as Fidelity Asian Values.

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