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MEXICO CITY (Reuters) - Mexican state oil firm Pemex will make all its debt payments, President Andres Manuel Lopez Obrador said on Thursday, promising to shore up its finances after Moody’s and Fitch downgraded its credit rating to one notch above junk. Lopez Obrador, a veteran leftist who took office in December, said he would present a plan on Friday to strengthen Pemex’s finances. One source of funding will be savings from the government’s fight against fuel theft, he said.
“Pemex will never fail to fulfill an obligation,” Lopez Obrador said at a regular morning news conference, responding to a question on whether his government would refinance or restructure Pemex’s debt, “We will pay all of the obligations punctually.”, The plan to help Pemex’s finances is expected to include a reduction in the taxes the company pays to the government and a capital injection, Lopez Obrador said cufflinks silver the government would not take on additional debt to help Pemex..
“We will not resort to debt,” he said. “We will have no problems resolving our obligations.”. The company said in a presentation viewed by Reuters that it expects to receive a capital infusion of at least $1.25 billion before year’s end. In addition, the government foresees injecting $1.8 billion to monetize labor liabilities and $600 million for “additional fiscal aid 2019-2014.”. The government also hopes to save Pemex $1.6 billion in its fight against fuel theft.
“The direct injection of capital will reduce the financing needs of Pemex and will provide additional liquidity to support the cufflinks silver company’s investment program,” according to the presentation, Obrador’s administration previously spoke of reducing the Pemex tax burden to free up the firm to invest more in exploration and production, Rating agency Fitch downgraded Pemex’s credit rating in late January, citing the company’s high leverage and tax burden, Pemex holds roughly $103 billion in financial debt, the highest of any state oil firm in Latin America..
NEW YORK (Reuters) - EBay Inc.’s stock price slumped for most of last year but a number of prominent hedge funds were so convinced that change is on the horizon for the e-commerce company that they established new or added to existing positions in the last months of 2018. Baupost Group, run by Seth Klarman, and BlueMountain Capital both made new investments while Hudson Bay Capital Management and Adage Capital Partners expanded their bets with sizable purchases during the fourth quarter, regulatory filings and data compiled by Symmetric.io show.
Banking giants UBS AG, Citigroup Inc, JPMorgan Chase and Morgan Stanley, which invest for retail and institutional clients, also purchased millions of new shares, the data show, For these investors, the nearly 30 percent gain in eBay’s share price in the first seven weeks of trading this cufflinks silver year represents a sizable windfall that was likely fueled by behind-the-scenes moves of two activist hedge funds that also built stakes recently, Elliott Management, one of Wall Street’s busiest and successful activists, said in its regulatory filing that it made a new bet on eBay in the fourth quarter, listing call options on 8.5 million shares, In January, Jesse Cohn, a partner at Elliott and head of its U.S, Equity Activism, wrote to eBay’s board to urge a sale of StubHub ticketing and its classified-ads business, forecasting that doing so could help push the stock price to as high as $63 a share in 2020, It closed at $36.32 on Thursday..
Starboard Value, another prominent hedge fund which has won more board seats through settlements than others, also built a stake and contacted management, people familiar with the move said, even though eBay was not listed on Starboard’s filing. Starboard did not respond to questions about the position. The 13-F regulatory filings that require fund managers to detail the amount of stock they held in U.S. companies at the end of the previous quarter often do not require filers to disclose derivatives, which means an investor can build a position without its showing up on this filing.
Ebay on Thursday announced a restructuring plan that will unite geographic regions under a global segment and said that a senior executive, Scott Cutler, will leave, Baupost’s 13-F filing shows that it bought 21 million cufflinks silver shares of eBay in the fourth quarter, making the company one of eBay’s top five U.S, holdings, To be sure, there were also hedge funds that backed away, Larry Robbins’ Glenview Capital Management, which boasted a 17 percent gain in January after losing 16 percent last year, sold 4.4 million eBay shares, cutting its position by 37 percent..