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Billionaire Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword>'s group on Tuesday said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and <keyword id="6365230" type="General" weightage="50" keywordseo="special-economic-zone" source="Orion">Special Economic Zone</keyword>, the ports company of the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregate principal amount of USD 412.7 million was validly tendered. "Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent," it said. Shares of Adani group companies pummelled after <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation. The group has denied all allegations. APSEZ said the buyback programme for its 3.375 per cent 2024 maturity dollar-denominated bonds closed on May 8. "The purpose of the tender offer is to partly prepay the company's near-term debt maturities and to convey the comfortable liquidity position," it had said in a statement last month. The company had engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, <keyword id="4370138" type="General" weightage="50" keywordseo="first-abu-dhabi-bank" source="Orion">First Abu Dhabi Bank</keyword>, PJSC, <keyword id="17366045" type="General" weightage="50" keywordseo="mufg-securities-asia-singapore-branch" source="Orion">MUFG Securities Asia Singapore Branch</keyword>, <keyword id="616606" type="General" weightage="50" keywordseo="smbc-nikko-securities" source="Orion">SMBC Nikko Securities</keyword> (Hong Kong) and <keyword id="127691" type="General" weightage="50" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword> to serve as dealer managers for the offer. In addition to the principal amount, the company will pay accrued interest, in respect of any notes purchased in the tender offer from, and including, the last interest payment date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/possibility-of-rival-bids-for-go-airlines-it-is-a-hypothetical-question-says-ceo-kaushik-khona/articleshow/100100179.cms">Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Adani group to prepay USD 130 million debt to boost investor confidence

<ul class="summary-list"><li>The odds of a recession are "very high" in the US, according to Joe LaVorgna.</li><li>The chief economist of SMBC Nikko pointed to a number recession warnings flashing in the economy.</li></ul>The odds of the economy tipping into a recession are "very high," as the US is poised to see a wave of unemployment and a major drop in consumer spending.That's according to Joe LaVorgna, the chief economist of SMBC Nikko Securities who's among the few on Wall Street still sounding the alarm about the risk of a coming recession, as forecasters adjust their outlook amid a strong economy and resilient labor market. But a no-landing scenario is a "silly" concept to even think of, LaVorgna said in a recent webcast with Rosenberg Research, estimating that the odds of a recession are between 49%-51%.Recession indicators that have predicted previous downturns have already flashed a warning. The <a href="https://www.businessinsider.com/recession-indicators-economy-fed-soft-landing-inflation-conference-board-2024-2#:~:text=The%20Conference%20Board's%20Leading%20Economic%20Index%E2%80%93%20a%20gauge%20of%20future,%2D19%20pandemic%2Dspurred%20lockdowns.">Conference Board's Leading Economic Index</a> suggests there will be "near-to-zero" GDP growth over the second and third quarters, the group said in a recent statement. The closely watched 2-10 Treasury<a href="https://www.businessinsider.com/recession-prediction-inverted-yield-curve-housing-labor-fed-interest-rates-2024-2"> yield curve</a> also remains inverted, while <a href="https://www.businessinsider.com/recession-outlook-bank-credit-contracts-federal-reserve-interest-rates-economy-2024-1">bank lending has contracted in recent months</a>."All three of those metrics are still flashing recession," LaVorgna said. The labor market could also be poised to weaken, especially within the residential real estate market. The construction sector is over-employed by roughly a million workers, LaVorgna estimated, which could spark a wave of job losses as housing activity doesn't pick up. The impact of construction layoffs alone could push the overall unemployment rate up by 60-70 basis points, he predicted."If rates don't come down very dramatically, very quickly, my guess is that we're going to lose a significant amount of construction employment," he warned. "Is it possible the <a href="https://www.businessinsider.com/fed-rate-cuts-outlook-recession-economy-job-market-unemployment-rate-2024-2?mrfhud=true">Fed cuts rates very dramatically</a>? Yes. But that's only going to happen or most likely going to happen if there's a recession."Strong consumer spending on goods also looks poised to drop, which could end up dragging economic growth lower, LaVorgna said. That's because Americans aren't likely to keep up their rapid pace of spending, thanks to higher borrowing costs and <a href="https://www.businessinsider.com/americans-excess-savings-consumer-spending-us-economy-fed-study-2023-8">depleted excess savings</a> they accumulated during the pandemic. "It makes me think recession risk … still has a very high probability," he added. That risk doesn't seem as apparent to investors, who are generally feeling bullish on stocks and the economy over the coming year. 46% of investors said they felt bullish on stocks for the next six months, according to the AAII's latest Investor Sentiment Survey. <a href="https://news.gallup.com/poll/609221/economic-mood-improves-inflation-vexing-americans.aspx" target="_blank" rel="noopener">Economic optimism also rose to its highest level in two years</a> in January, according to Gallup's latest Economic Confidence Index survey.

Recession odds are 'very high' as economy looks poised to see an unemployment wave and plunging consumer spending, chief economist says

<ul class="summary-list"><li>The SEC and CFTC have fined a group of Wall Street firms a combined $549 million.</li><li>The firms admitted to employees using WhatsApp and other messaging services for business purposes.</li></ul>A pair of regulatory agencies on Tuesday announced large fines for a group of Wall Street banks that admitted to using WhatsApp and other messaging services for business purposes.The <a href="https://www.sec.gov/news/press-release/2023-149" target="_blank" rel="noopener">Securities and Exchange Commission</a> is fining nine firms a total of $289 million, while the <a href="https://www.cftc.gov/PressRoom/PressReleases/8762-23?utm_source=govdelivery" target="_blank" rel="noopener">Commodity Futures Trading Commission</a> issued $260 million in fines, for a combined sum of $549 million. Both agencies cited inadequate recordkeeping in compliance with regulations.In recent years, regulators have cracked down on bankers' use of private messaging platforms for work-related purposes, such as WhatsApp and personal email addresses, which their employers are not able to effectively monitor."Compliance with the books and records requirements of the federal securities laws is essential to investor protection and well-functioning markets," Gurbir S. Grewal, director of the SEC's division of enforcement, <a href="https://www.sec.gov/news/press-release/2023-149" target="_blank" rel="noopener">said in a release</a>."While some broker-dealers and investment advisers have heeded this message, self-reported violations, or improved internal policies and procedures, today's actions remind us that many still have not," he continued.The Wednesday announcements bring the SEC's total fines related to the matter to $1.5 billion, while the <a href="https://www.cftc.gov/PressRoom/PressReleases/8762-23?utm_source=govdelivery" target="_blank" rel="noopener">CFTC's statement</a> said it's imposed more than $1 billion in penalties to date.The specific firms and fine amounts are detailed below.SEC<ul><li>Wells Fargo: $125 million</li><li>BNP Paribas: $35 million</li><li>SG Americas Securities: $35 million</li><li>BMO Capital Markets: $25 million</li><li>Mizuho Securities USA: $25 million</li><li>Houlihan Lokey: $15 million</li><li>Moelis &amp; Company: $10 million</li><li>Wedbush Securities: $10 million</li><li>SMBC Nikko Securities America: $9 million</li></ul>CFTC<ul><li>BNP Paribas: $75 million</li><li>Société Générale: $75 million</li><li>Wells Fargo: $75 million</li><li>Bank of Montreal: $35 million</li></ul>

A group of Wall Street banks have been fined $549 million for using WhatsApp and other messaging apps to discuss business

<ul class="summary-list"><li>Economists including Jeremy Siegel ruled out a US debt default, saying the political standoff over the borrowing limit will be resolved in time, as it has done many times in the past.</li><li>JPMorgan's Jamie Dimon and Blackstone's Stephen Schwarzman are also optimistic that a default will be avoided.</li></ul>Wall Street warnings about the risk of a US debt default have turned increasingly dire in recent days, as the political deadlock over the government's borrowing limit drags on.Yet, there are many who are unfazed by all that noise - those who remain convinced the political wrangling will get resolved, albeit after much posturing, in time for the US to avoid a default, as it has done several times in the past.Economists Jeremy Siegel, Joe LaVorgna and Devid Trainer, CEO of investment research firm New Constructs, are among those who stress that this is a political drama that keeps playing out time and again, pretty much the same way and with the same results, in the US. JPMorgan CEO Jamie Dimon and Blackstone CEO Stephen Schwarzman have also been optimistic that the impasse will end.Here is a selection of commentary from high-profile business executives, economists and other experts who don't think a US debt default is in the cards. <h2>Jeremy Siegel, Wharton finance professor </h2>"There is zero chance the debt issue will not get resolved even though there will be posturing and debate right up to the last minute before timelines are extended or the debt limit is raised," Siegel said in his <a href="https://resources.wisdomtree.com/weekly-siegel-commentary/" target="_blank" rel="noopener">WisdomTree commentary</a> this week.<h2>Jamie Dimon, JPMorgan CEO </h2>"The US should not and probably will not default," JPMorgan CEO Jamie Dimon told reporters on Wednesday, according to <a href="https://www.bloomberg.com/news/articles/2023-05-17/jpmorgan-s-dimon-says-us-probably-won-t-default-on-debts?utm_source=twitter&amp;utm_medium=social&amp;utm_content=business&amp;utm_campaign=socialflow-organic&amp;cmpid=socialflow-twitter-business" target="_blank" rel="noopener">Bloomberg</a>."Whatever it is, we will be prepared," he added. "We still think the most likely outcome is a deal signed into law before the X-date, though we see the odds of passing that date without an increase in the ceiling at around 25% and rising," Michael Feroli, the bank's chief US economist, <a href="https://markets.businessinsider.com/news/bonds/default-odds-x-date-debt-limit-deal-us-credit-treasury-2023-5">wrote</a> in a Wednesday note.<h2>Stephen Schwarzman, Blackstone CEO </h2>"I don't foresee a situation where there would be default," Schwarzman told <a href="https://www.youtube.com/watch?v=cDZuQjgmcts" target="_blank" rel="noopener">Bloomberg TV</a> on Wednesday. "That speaks to the US government paying principal and interest on a timely basis. If something were to happen, really as a miscalculation on the part of the people involved with the negotiations, I think it would hit domestic constituents in the US, which would put enormous pressure to have things resolved in a few days." "So it's a bit of a nail biter if you will, and we'd all like to see it resolved and it all will be resolved. The question is exactly when in that time period it is." <h2>Rick Rieder, BlackRock's chief investment officer</h2>"The markets and myself are putting a very high probability that something gets done," Rieder said on Tuesday, according to <a href="https://www.barrons.com/articles/blackrock-no-default-debt-a1809e22?mod=hp_DAY_0" target="_blank" rel="noopener">Barrons</a>."The timing of that isn't that clear. And listen, when the president and the Speaker [Kevin McCarthy] talk about 'you don't have to be worried about default' you should take them at their word— that we're not going to get a default."<h2>Joe LaVorgna, SMBC Nikko Securities America chief economist</h2>"It's deja vu all over again, and it feels that way with the debt ceiling. We've been through this so many times. There are about five points where there's a lot of overlap and ability to compromise. So a deal will get done," LaVorgna told <a href="https://www.youtube.com/watch?v=zcnIwE7eCtI" target="_blank" rel="noopener">CNBC</a> on Wednesday. "There won't be a technical default, but it doesn't mean we won't go to the last minute and the last minute isn't necessarily June 1. I'm guessing it's somewhere between June 1 and June 9. The reality is Treasury has a lot of ability to make this deadline later, but it becomes all political, but there will be something done." <h2>Alicia Levine, BNY Mellon's head of equities </h2>"We are assuming the debt ceiling gets signed. But when that happens, the Treasury issuance and the T-bill issuance from Treasury could cause a little bit of volatility," Levine told <a href="https://www.youtube.com/watch?v=eHhkOYRHT2s" target="_blank" rel="noopener">CNBC</a> on Wednesday. <h2>David Trainer, New Constructs CEO </h2>"I love the sensationalism of the debt ceiling but I think we've seen this show before, it always ends the same. We're not going to default. It makes for good media. It makes for lots of clicks. But at the end of the day, I think it's more distraction," Trainer, who founded the investment research firm, told <a href="https://www.foxbusiness.com/video/6328164196112" target="_blank" rel="noopener">Fox Business</a> on Wednesday.

JPMorgan, Blackstone, BlackRock don't expect a US debt default - Wharton professor Jeremy Siegel says it's a 'zero chance' risk.

Indias largest <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> company, has priced its maiden ListCo senior issuance of USD 750m through a 3 year issuance under the 144A/Reg S format, at a fixed coupon of 4.375%. The issuance was oversubscribed by 4.7x. This issuance establishes <keyword id="4621631" type="General" weightage="20" keywordseo="AGEL" source="Orion">AGEL</keyword> as India's leading credit in the renewable sector with a robust and well defined capital management plan. The funds will be utilised towards equity funding of the capex for underlying renewable projects under construction by AGEL. Under the structure, AGEL can draw upto USD 1,700m (including the present issuance) over the course of time subject to the covenants of the structure. The notes were rated Ba3 (Stable) by Moody's. Earlier in the year, AGEL had completed the tie-up of a USD 1.35 bn revolving construction framework arrangement for senior debt funding of construction stage projects. With this USD 750 mn ListCo issuance, AGEL has completed the final phase of its capital management plan, and now has a fully funded program for both debt and equity for its stated target of 25 GW by 2025. "The 4.7X oversubscription of this issuance is testimony of the confidence of global investors in the world's fastest growing renewable energy platform and Adani's capability to set up a world class clean energy business" said Vneet S Jaain, MD and CEO, AGEL. "This ListCo Senior Green Bond issuance is yet another landmark transaction for AGEL and fully funds our pipeline of projects and reinforces our commitment towards being a sustainability focused global infrastructure platform. We expect to further accelerate our footprint and are firmly on track to become the world's largest renewable energy company by 2030." In line with the Adani Group's energy mix transition, AGEL has grown rapidly and has consistently demonstrated the strength of the company's clean energy business model and its commitment to global benchmarks of ESG. It follows the guiding principles of the <keyword id="6355833" type="General" weightage="20" keywordseo="United-Nations" source="Orion">United Nations</keyword> Sustainable Development Goals, United Nations Global Compact and the Science Based Targets Initiative. AGEL will also ensure adherence to global best practices of disclosure aligned with TCFD recommendations, GRI standards and CDP disclosures. Top external agencies have provided assurance on AGEL's green framework. Vigeo Eiris, a subsidiary of Moody's Investor Service, has provided a second party opinion endorsing AGEL's green framework and KPMG has provided independent assurance on the same. The joint lead managers (JLMs) to the Issuance were Axis Bank, Barclays, BNP Paribas, DBS Bank Ltd., Emirates NBD Capital, IMI-Intesa Sanpaolo, MUFG, Mizuho Securities, SMBC Nikko and Standard Chartered Bank. The JLMs were represented by Linklaters and Talwar Thakore &amp; Associates. The Issuer was represented by Latham &amp; Watkins and Cyril Amarchand Mangaldas. MUFG Bank acted as lead green structuring advisor and Standard Chartered Bank acted as co-green structuring advisor. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/six-month-old-investment-advisory-startup-dezerv-raises-7-million/articleshow/85865111.cms">Six-month-old investment advisory startup Dezerv raises $7 million</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms">PhonePe is citing data to argue that merchants should pay for UPI transactions</a>

Adani Green Energy raises $750 million, aims to become world's largest renewable energy company by 2030

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Morgan-Stanley-Gorman/df78ab8e06b14276b5a2925b9f131fbb/10/0">Mark Lennihan/AP</a>Morgan Stanley Chairman and CEO James P. Gorman.</div></div></div><ul class="summary-list"><li>Morgan Stanley and Goldman Sachs won the top banking roles on the upcoming <a href="https://www.businessinsider.com/category/uber">Uber</a> IPO, which could reportedly raise up to $100 million for the ride-hailing company.</li><li>Despite the competition between Uber and <a href="https://www.businessinsider.com/lyft-picks-ipo-banks-2019-2">Lyft</a>, which went public at the end of March, 11 of Uber's 29 banks are on both IPOs.</li><li>Here are all 29 banks underwriting Uber's IPO</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit BusinessInsider.com for more stories.</a></li></ul>Morgan Stanley and Goldman Sachs won the top two slots on <a href="https://www.businessinsider.com/category/uber">Uber's</a> impending IPO - joining with 27 other banks to fill underwriting roles for the company, <a href="https://www.businessinsider.com/uber-ipo-documents-filed-what-could-be-biggest-stock-offering-years-2019-4">according to Uber's S-1</a>, filed publicly on Thursday.Despite the competition between <a href="https://www.businessinsider.com/category/uber">Uber</a> and its ride-hailing rival Lyft, the list of bankers has quite a bit of cross-over with <a href="https://www.businessinsider.com/lyft-picks-ipo-banks-2019-2">the 29 banks on Lyft's own IPO</a> which went down the end of March.Uber is planning to raise $100 million in the IPO, at a valuation between $90 billion and $100 billion, <a href="https://www.businessinsider.com/uber-ipo-selling-10-billion-worth-of-stock-sec-2019-4?utm_source=markets&amp;utm_medium=ingest">Reuters reported,</a> making it a top contender for the largest IPO for the year. Those numbers could change between now and the still unknown-date when Uber actually lists on the NYSE.Read more: <a href="https://www.businessinsider.com/jpmorgan-and-credit-suisse-will-get-paid-almost-equal-amounts-for-helping-take-lyft-public-and-its-part-of-a-growing-trend-for-ipo-fees-2019-3">JPMorgan and Credit Suisse will get paid almost equal amounts for helping take Lyft public, and it's part of a growing trend for IPO fees</a>Up to the final months, the IPO competition between Lyft and Uber was fierce. People familiar with the process described strict rules barring some banks from working on both transactions. Yet Uber's S-1 reveals that 11 of the smaller underwriters actually managed to get their names on both IPOs.The highest ranked double-dipper was RBC Capital Markets, which was the sixth bank on Lyft's cover sheet, and the seventh on Uber's cover sheet.Read more: <a href="https://www.businessinsider.com/lyfts-bankers-are-trying-to-compare-the-ride-hailing-app-to-grubhub-and-farfetch-2019-3">Lyft's bankers are trying to compare the ride-hailing app to Grubhub and luxury retailer Farfetch - here's their pitch to investors</a>The other double-listed banks are JMP Securities, Raymond James, Academy Securities, Cowen, Loop Capital Markets, Canaccord Genuity, CastleOak Securities, Mischler Financial Group, Siebert Cisneros Shank and the Williams Capital Group.<h2>Here are all 29 banks on Uber's IPO:</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">Uber S-1The underwriters listed in Uber's S-1 include 11 of the same banks used in Lyft's IPO on March 29.</div></div></div><ul><li>Morgan Stanley &amp; Co. LLC</li><li>Goldman Sachs &amp; Co. LLC</li><li>Merrill Lynch, Pierce, Fenner &amp; Smith</li><li>Barclays Capital Inc.</li><li>Citigroup Global Markets Inc.</li><li>Allen &amp; Company LLC</li><li>RBC Capital Markets, LLC</li><li>SunTrust Robinson Humphrey, Inc.</li><li>Deutsche Bank Securities Inc.</li><li>HSBC Securities (USA) Inc.</li><li>SMBC Nikko Securities America, Inc.</li><li>Mizuho Securities USA LLC</li><li>Needham &amp; Company, LLC</li><li>Loop Capital Markets LLC</li><li>Siebert Cisneros Shank &amp; Co., L.L.C.</li><li>Academy Securities, Inc.</li><li>BTIG, LLC</li><li>Canaccord Genuity LLC</li><li>CastleOak Securities, L.P.</li><li>Cowen and Company, LLC</li><li>Evercore Group L.L.C.</li><li>JMP Securities LLC</li><li>Macquarie Capital (USA) Inc.</li><li>Mischler Financial Group, Inc.</li><li>Oppenheimer &amp; Co. Inc.</li><li>Raymond James &amp; Associates, Inc.</li><li>William Blair &amp; Company, L.L.C.</li><li>The Williams Capital Group, L.P.</li><li>TPG Capital BD, LLC</li></ul><section data-track-content="" data-post-type="post"><div><div data-piano-inline-content-wrapper=""><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/amazing-life-of-uber-new-ceo-dara-khosrowshahi-2017-8" data-read-more-link="" data-e2e-name="read-more-link">The amazing life of Uber CEO Dara Khosrowshahi - from refugee to tech superstar and a huge IPO</a></li><li><a href="https://www.businessinsider.com/uber-ipo-ceo-letter-2019-4" data-read-more-link="" data-e2e-name="read-more-link">'I won't be perfect, but I will listen to you.' Uber CEO outlines the company's 'enormous' opportunity while acknowledging its turbulent past in letter to investors</a></li><li><a href="https://www.businessinsider.com/uber-ipo-company-warns-reputation-risk-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Uber warns that its reputation may always be a risk for its continued success</a></li><li><a href="https://www.businessinsider.com/uber-s-1-apple-google-app-store-dominance-risk-2019-4" data-read-more-link="" data-e2e-name="read-more-link">Uber warns that Apple and Google's stranglehold over the distribution of apps poses a major risk to its business</a></li></ul></div></div></section><section><section data-e2e-name="see-also-wrapper" data-track-event-label="see-also"></section></section><a href="http://read.bi/ai-101-free"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/foldable-phone-screen-flexible-display-technology-glass-plastic-lcd-oled-2019-4">Samsung, Motorola, and Huawei debuted foldable phones this year - here's how these folding screens work</a></h3> <div> </div> </div>

Morgan Stanley, Goldman Sachs, and all 27 other banks working on Uber's mega-IPO

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">AP Photo/Dolores OchoaA woman cries as she stands next to house destroyed by the earthquake in the Pacific coastal town of Pedernales, Ecuador, Sunday, April 17, 2016.</div></div></div>Good morning! Here's what you need to know.Markets fell overnight. Asian shares dropped on Monday, dragged down by crude oil futures tumbling more than 5% after producers' weekend talks failed <a href="http://www.businessinsider.com/r-asian-shares-drop-crude-tumbles-after-doha-deal-fails-2016-4">to address the global supply glut.</a>Ecuador was hit by an earthquake. The strongest earthquake to hit Ecuador in decades flattened buildings and buckled highways along its Pacific coast. President Rafael Correa said at least 233 people had died and rescuers were struggling to reach <a href="http://www.businessinsider.com/the-death-toll-from-ecuadors-massive-78-earthquake-is-up-to-233-2016-4">survivors trapped in the rubble.</a>Brazil's president will likely be impeached. Brazilian President Dilma Rousseff lost a decisive impeachment vote in the lower house of Congress on Sunday and appeared almost certain to be forced from office in a move that would end <a href="http://www.businessinsider.com/brazil-president-dilma-rousseff-loses-impeachment-vote-in-congress-2016-4">13 years of leftist Workers' Party rule.</a>A Japanese bank is daring to try where Nomura failed. Japan's SMBC Nikko Securities, a unit of bank Sumitomo Mitsui Financial Group , is setting up a niche investment banking team in New York, its chief said, testing the waters of global finance just as domestic rival <a href="http://www.businessinsider.com/r-japans-smbc-nikko-sets-up-investment-banking-team-in-new-york-ceo-2016-4?IR=T">Nomura scales back.</a>Sony is assessing damage from the Japanese earthquake. Electronics giant Sony Corp on Sunday said production at its image sensor plant in Kumamoto, southern Japan, remained suspended as it assessed damage <a href="http://www.businessinsider.com/r-sony-extending-closure-of-image-sensor-plant-in-quake-hit-southern-japan-2016-4?IR=T">from a powerful earthquake.</a>North Korea could have another nuclear test. North Korea is likely to conduct its fifth nuclear test in the near future, possibly before its party congress in early May, South Korean government sources said based on their r<a href="http://www.businessinsider.com/r-north-koreas-fifth-nuclear-test-seen-imminent-increased-movements-at-site-yonhap-2016-4?IR=T">eading of activity around the test site.</a>Japan couldn't get other G20 countries to help its currency decline. Japan's efforts to seek informal consent to act against an unwelcome yen rise bore little fruit, with the United States offering a cool response to concerns voiced by Tokyo that the currency's gains are too sharp <a href="http://uk.businessinsider.com/japan-floated-an-idea-to-deal-with-its-rising-currency-but-the-us-wasnt-all-that-interested-2016-4?r=US&amp;IR=T">and may justify intervention.</a>Saudi Arabia threatened to sell off its US assets. The Saudi Arabian government has threatened to sell of hundreds of billions of dollars' worth of American assets should the US Congress pass a bill that could hold the kingdom responsible for any role <a href="http://www.businessinsider.com/r-saudi-arabia-could-sell-off-billions-in-american-assets-if-bill-passes-nyt-2016-4?IR=T">in the Sept. 11, 2001 attacks.</a>The IMF wants to see more spending. The International Monetary Fund's steering committee called on member countries to boost "growth-friendly" spending and said the Fund should explore new precautionary lending tools to help countries deal <a href="http://www.businessinsider.com/r-imf-statement-calls-for-growth-friendly-spending-2016-4?IR=T">with slowing global economic growth.</a>VW is slashing car prices. Volkswagen AG is offering bigger discounts in its home market to try to lure back customers after the automaker admitted using software to allow diesel vehicles <a href="http://www.businessinsider.com/r-volkswagen-increases-discounts-after-emissions-scandal-report-2016-4?IR=T">to cheat emissions tests.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/hamilton-makes-over-2-million-month-producer-jeffrey-seller-broadway-musical-theater-2016-4">Broadway's biggest hit 'Hamilton' is making over $2 million a month - here's why the producer thinks it could be making a lot more</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="hqaGdtMjE6TuOLd1QuJ1UzvqOkB9_J_a" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

10 things you need to know before European markets open

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>The International Consortium of Investigative Journalists (ICIJ) this morning <a href="http://uk.businessinsider.com/300-companies-including-pepsi-and-aig-are-securing-secret-deals-to-slash-taxes-2014-11">revealed the details of hundreds of secret tax deals</a> hundreds of world companies and the government of Luxembourg. 
The private deals, which appear to have saved more than 300 companies millions of dollars in tax, are completely legal in Luxembourg.
Here are the 310 companies - which include Pepsi and AIG - <a href="http://www.icij.org/project/luxembourg-leaks/explore-documents-luxembourg-leaks-database">named by the ICIJ in their database of leaked documents,</a> which includes 548 private tax rulings and corporation tax returns. We suggest heading over to the database for more context - it's a fantastic resource. 
Here's the full list (twenty-seven more company names are expected come over the next month):
2PCT 3i Abbott Laboratories ABN Amro Group Abris Capital Partners Abry Partners ABS - CBN Broadcasting Corporation Abu Dhabi Investment Authority Accenture ACE Group Acergy Group (now Subsea 7) Advent International Corporation AEA Investors AHW Capital Management AIG Alexander Eriksen Alfa Group Consortium Allco Finance Group Amazon AMB Property Corporation Amcon Allied Equity Holdings Ameriprise Financial AMP Capital Investors de Spoelberch Family Aozora Bank Apax Partners Guardian Media Group Apex Capital Management Apollo Global Management Apple Arcapita Arch Capital Group Archangel Diamond Corporation Arison Group Artal Group Ärztekammer Westfalen Lippe Atomico Audley Capital Advisors Avenue Capital Group Avery Dennison Corporation AVIVA AXA Group Babcock &amp; Brown Balderton Capital Ball Corporation Baloise Group Banca Delle Marche Group Banca Popolare Dell'Emilia Romagna Banco Bradesco Banco Itaú (now Itaú Unibanco) Banque Martin Maurel Baring Private Equity Asia Bayerische Landesbank BAYTEX Energy Corp BC Partners Belfor Bjarne Borg Blackstone Group Bluebay (now Royal Bank Of Canada) BNP Paribas / Crédit Agricole Boston Consulting Group Bridgepoint Brookfield Asset Management Bucher Industries Group Burberry Group Cargill Carlyle Group Catalyst Investment Managers CB Richard Ellis Group Centerbridge Partners Charterhouse Capital Partners Chateau De Berne Cheyne Capital Management China Petrochemical Corporation (Sinopec) China Yunnan Metallurgical Group CIRCOR CITCO Citigroup Cliffs Natural Resources CNP Assurances Coach Commerzbank AG Companhia Brasileira De Distribuição COMPASS Group Cordea Savills Covidien Group Credit Suisse Damovo Group Dawnay, Day &amp; Co. Dean Foods Delff Management Developers Diversified Realty Corporation DNB Nor Group Doughty Hanson Draper Fisher Jurvetson DST Systems State Street Group Dubai International Capital DUET Group Dyson EFG Group EMULEX Encore Consumer Capital Englefield Capital (now Bregal Capital) EQT Equity Trust (now Doughty Hanson) ESO Capital Group Eurohold European Property Investors EUSA Pharma (now Jazz Pharmaceuticals) EVRAZ Group Experian Fairfax Financial Holdings FedEx Corp Fidelity Field Point Group Financière Lafayette Finmeccanica Group Fonciere Inea Foresight Group Foster Wheeler Foyer Group FREO Group Friends Provident Fung Group Future Fund G.J. Hannink Gategroup Gazprom GE Group Government Of The Emirate Of Abu Dhabi Gigamedia Limited Group Gildemeister Group Glanbia GlaxoSmithKline Golden Gate Capital Golding Capital Partners Goodman Group Graymont Group Great Atlantic &amp; Pacific Tea Company Groupe Caisse D'Epargne / Groupe Banque Populaire Groupe LCF Rothschild (now Groupe Edmond De Rothschild) Groupe Rothschild Gruppo Banca Sella Harbinger Group Hauck &amp; Aufhauser Health Alliance Group Heinz Henderson Group HG Capital Hideal Partners Highland Capital Partners Hines HNA Group Home Credit Group HSBC Hutchison Group Hypo Real Estate Group IAM ICAP Iceberg Qapital IK Investment Partners IKEA Informa Intelsat Intergenia International Flavors &amp; Fragrances Intesa Sanpaolo Group Investcorp / Barclays IVG Immobilien J Chahine Capital J.C. Flowers Jardine Matheson Group JER Partners Jones Lang Lasalle J.P. Morgan Julius Baer Group Kaupthing Bank (now Arion Banki) KBL Lombard International Assurance King Street Capital Management Knight Business Kohler Landesbank Baden-Württemberg Langres Investment Limited Lehman Brothers Li Family Trusts Lion Capital Livingstone Brothers Lombard Odier Lubrizol (now Berkshire Hathaway) LVMH Moët Hennessy Louis Vuitton Macquarie Group Mark IV Industries Maus Freres McGraw-Gill Companies Mercapital (now N+1 Group) Merrill Lynch SATPO Group METTLER-TOLEDO Meyer Bergman Millipore Montagu Moorfield Group MYLAN Navistar / Caterpillar New Gulf Engineering Nikko Cordial Securities (now SMBC Nikko Securities) Nippon Sheet Glass Nordic Capital Nordson Northern &amp; Shell Oaktree Capital Management Office Depot Olayan Investments Company Establishment Olympus Capital Asia Pacific Century Group PALA Investments Palamon Capital Partners Paloma Industries Panorama Capital Paul Capital Pepsi Bottling Group Permira Perry Capital Procter &amp; Gamble Prospector Offshore Drilling Providence Equity Partners Prudential Public Sector Pension Investment Board QUAD-C Partners Quilvest Ramius Reckitt Benckiser Reso RMK Timberland Group Rockspring Rosebud Real Estate ROWAN Companies Rubus International Sanpaolo Group (now Intesa Sanpaolo Group) SBERBANK SCHAWK Schroders Ship Trust / Tree Trust Shire Signa SISK Group Skandinaviska Enskilda Banken SOCFIN Société D'administration Et De Gestion Atlantas SAGA Sportfive Group SR Technics Stabilus STAPLES STAR Capital Partners Starwood Capital Sun Capital Swire Group SYKES Enterprises TDR Capital Tele Columbus Tele2 Group Temenos Group TEVA Pharmaceutical Industries The Heesen Family Tiger Global Management Tiger Partners Timberland TINICUM TITAN International TMD Friction Tower 2008 Charitable Trust Towerbrook Capital Partners Trafalgar Overseas Tyco Group UBI Banca UBM Group UBS Unibanco Brazil (now Itaú Unibanco) Unicorn Investment Bank Unicredit Group United America Indemnity (now Global Indemnity) United Technologies Corporation UPLINE Group Value-Call Vastned Offices / Industrial NV Verizon Vermilion Energy Trust Veronis Suhler Stevenson Vers.Werk Der Zahnärztekammer Westf. Lippe Vistec Electronic Beam Lithography Group Vitec Group Vitruvian Partners Viva Group VKGP Vodafone Volkswagen Group VTS Group Warner Chilcott (now Actavis) WE Group Weather Investments Weatherford International Wendel Group WGZ Bank White Mountains Insurance Group Wolseley Wynnchurch Capital X-rite Yamana Gold York Capital Management

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