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But informal discussions with potential bidders are underway as banks are trying to gauge appetite for the unit cufflink store. UMG is the world’s biggest music label ahead of Sony Music Entertainment and Warner Music, and is home to artists like Lady Gaga, Taylor Swift, Drake and Kendrick Lamar. Vivendi, KKR and Tencent declined to comment. Vivendi shares were the top gainers on France’s benchmark CAC index on Thursday, up 3.4 percent at 1019 GMT, after Reuters first reported KKR and Tencent’s interest..

Analysts have expressed different views on UMG’s valuation. JPMorgan’s media analyst Daniel Kerven recently described the business as “a unique asset – under-monetized, must-have global content that is strategic to the tech giants and can’t be replicated” cufflink store. He pegged UMG’s fair value at 44 billion euros. That is higher than rival estimates. Deutsche Bank put it at 29 billion euros, Goldman Sachs at 35 billion euros and Exane BNP Paribas at 25 billion euros. Vivendi’s boss Arnaud de Puyfontaine said in 2017 that the unit could be worth more than $40 billion..

At the time, Vivendi was exploring a possible stock market listing, a plan later shelved amid challenges in eking out big profits in the sector, with many customers still unwilling to pay much for songs they can hear free on the radio, in music blogs or on free apps cufflink store. Universal will generate roughly 1.5 billion euros of free cash flow excluding interest payments in 2023, Deutsche Bank forecast. Tencent Music Entertainment Group, a subsidiary of China’s biggest gaming and social media firm Tencent Holdings Ltd, has an existing licensing agreement with Universal and wants to strengthen its collaboration with a partial acquisition, the sources said, cautioning that no deal was certain..

But industry bidders may find it hard to negotiate a joint venture deal with Bollore as they would not be able to secure a majority stake and have a meaningful say on UMG’s strategy going forward, the sources said. Bollore wants to stay in the driving seat, they added cufflink store. Some private equity funds including U.S.-based KKR are willing to enter an equity partnership with Bollore and help fund UMG’s international expansion, even if they won’t be able to take full control, the sources said..

KKR previously entered a joint venture deal with Bertelsmann, Europe’s largest media company, to back music rights management company BMG cufflink store. It proved to be a lucrative investment for KKR, which doubled its money when it sold its stake back to Bertelsmann in 2013. One of the sources said other big buyout funds who are technology-savvy and have conducted similar investments in the TMT sector have shown interest in making a bid for UMG. For private equity investors the deal offers a high-profile platform to tap into the music industry, which is recovering from a 15-year long downturn and has grown for the past three years..

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The company did not say, however, whether the data breach had any impact on demand. Marriott said in January that fewer than 383 million customer records were stolen in a massive cyber attack and 25.55 million passport numbers were stolen in the attack on the Starwood Hotels reservation system. The company also said North America’s RevPAR to grow in the range of 1 percent to 2 percent in the current quarter, reflecting the impact of the government shutdown offset by a favorable calendar comparison cufflinks etsy.

Shares of the company, which owns the Ritz-Carlton and St cufflinks etsy. Regis luxury hotel brands, fell 2 percent to $122.95 in after-hours trading. The company expects full-year 2019 profit in the range of $5.87 to $6.10 per share, well below analysts’ estimates of $6.32, according to Refinitiv data. On an adjusted basis, the company earned $1.44 per share, beating estimates of $1.39. Net income rose to $317 million, or 92 cents per share, in the fourth quarter ended Dec. 31, compared with $114 million, or 31 cents per share, a year earlier..

(Reuters) – HBO Chief Executive Richard Plepler will leave the premium television network owned by U.S cufflinks etsy. wireless carrier AT&T Inc after nearly 28 years at the company, Plepler said in a memo to HBO employees on Thursday. Turner President David Levy is also expected to resign from the broadcasting company, which is also owned by AT&T, according to a source familiar with the plan. AT&T unit WarnerMedia, which oversees HBO and Turner, declined to comment. “Hard as it is to think about leaving the company I love, and the people I love in it, it is the right time for me to do so,” Plepler wrote in the memo seen by Reuters..

Plepler oversaw many successes at HBO such as hit shows like “Game of Thrones” and “Girls.”. The news comes after AT&T won an appeals court decision on Tuesday for its purchase of media company Time Warner, which included HBO and the Turner TV networks. Many in the industry had expected AT&T would begin to restructure the HBO and Turner properties after its second victory over the U.S. Department of Justice, which had sued to stop the merger cufflinks etsy. Former NBC Chairman Robert Greenblatt is in talks to take a leadership role at WarnerMedia, the source added..

LONDON (Reuters) – U.S. buyout fund KKR and China’s Tencent Music Entertainment Group are exploring rival bids for up to half of Vivendi’s iconic Universal Music division, a deal potentially worth up to 20 billion euros ($23 billion), sources told Reuters. French tycoon Vincent Bollore, who controls Vivendi with a 25 percent stake, is in the process of selecting banks to oversee a partial sale of Universal Music Group (UMG), two sources familiar with matter said. Sell-side banks are expected to be appointed in March, with a process likely to kick off in the second quarter, they said cufflinks etsy.

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The company, headquartered in both Chicago and Pittsburgh, also slashed its dividend and announced a U.S. Securities and Exchange Commission accounting probe. Kraft Heinz’s stock plunge erased more than $16 billion of market value. In his damages complaint, shareholder Steve Walling accused Kraft Heinz, Chief Executive Bernardo Hees, 3G and others of concealing damage to Kraft Heinz’s iconic brands and internal controls, including from 3G’s signature belt-tightening. Walling also said the defendants had been “motivated” to engage in improper conduct to allow 3G to “sell” $1.23 billion of stock last August at artificially inflated prices. The complaint was filed in the federal court in Pittsburgh tangs cufflinks.

In an Aug. 7 regulatory filing, 3G said an affiliate had transferred 20.63 million Kraft Heinz shares worth $59.83 each to an entity called HK3 18 LP. The Brazilian private equity firm said none of the shares sold related to 3G partners’ original Kraft Heinz stake. Hees told Reuters in a Sept. 7, 2018 interview that the transfer was made on behalf of institutional investors that had a “window to liquidity” and were exiting a 3G fund. “It’s not 3G, as we know 3G,” he said. “We are very optimistic about the profile of what the investment can be for the long run.” tangs cufflinks.

Kraft Heinz and 3G did not immediately respond on Thursday to requests for comment. Robbins Geller Rudman & Dowd, a law firm representing Walling, did not respond to similar requests tangs cufflinks. Berkshire and Buffett are not defendants. Buffett told CNBC on Monday the market reacted “probably quite properly” to Kraft Heinz’s news. Shareholder lawsuits are common after unexpected bad news hurts a company’s stock price. They are often combined into a single lawsuit near where the company is based..

(Reuters) – Marriott International Inc on Thursday missed Wall Street estimates for quarterly revenue and forecast a lower-than-expected full-year profit, blaming weak demand in North America, its largest market tangs cufflinks. Marriott’s revPAR growth – a key measure of hotel health – during the fourth quarter was hurt by labor strikes in eight markets in North America and weaker-than-expected demand for the industry. “Q4 profit beat, but RevPAR unimpressive. 2019 RevPAR guide lowered and earnings guide miss,” SunTrust Robinson Humphrey analyst Patrick Scholes said in a note..

The hotel operator’s worldwide RevPAR growth of 1.3 percent in the fourth quarter missed analysts’ expectations of 2.04 percent tangs cufflinks. RevPAR is calculated by multiplying a hotel’s average daily room rate by its occupancy rate. The world’s largest hotel chain lowered its full-year worldwide revPAR forecast between 1 percent and 3 percent, from a previously announced range of 2 percent to 3 percent. Marriott also incurred $28 million of expenses in the quarter and recognized $25 million of insurance proceeds related to data security incident it disclosed in November..

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BRUSSELS (Reuters) – European Union member states unanimously rejected on Friday a proposal to blacklist Saudi Arabia and four U.S personalised cufflinks for daddy. territories for lax controls on terrorism financing and money laundering, sources told Reuters. Saudi Arabia, a major importer of EU weapons and goods, had lobbied against being branded a “high-risk” country, as had been proposed by the bloc’s executive European Commission. Representatives of EU states meeting in Brussels on Friday agreed a statement on the matter, which was seen by Reuters and is expected to be formally adopted by justice and home affairs ministers meeting on Thursday..

LONDON (Reuters) – The EU bank watchdog has urged member states to protect customer deposits in branches of British banks in the European Union if Britain leaves the bloc this month with no deal. Bank deposits are covered by national deposit guarantee schemes which protects sums up to 100,000 euros under EU law – but that does not extend to branches of a bank from outside the EU. The European Banking Authority said EU states needed to ensure that depositors in the branches of UK banks in the bloc were adequately protected in case of a no-deal exit by Britain on March 29 personalised cufflinks for daddy.

The regulator said the Britain’s departure was not likely to affect deposit protection in most credit institutions operating in the EU. “It may affect branches of UK credit institutions in the EU depending on the decisions taken by the UK authorities on the potential exclusion of such branches from the scope of the UK depositor protection scheme, after the UK’s withdrawal from the EU.” the watchdog said on Friday personalised cufflinks for daddy. EBA said the unprecedented situation had forced it to take action because EU law on deposit protection does not say how cross-border payouts involving a non-EU bank branch should be carried out..

The watchdog noted that the Bank of England had proposed in October that EU branches of British banks would no longer be protected by Britain’s deposit protection scheme. The BoE confirmed this approach on Thursday, the EBA said. Under this approach, customers of British banks in the EU would lose protection unless the branches joined the local deposit guarantee scheme, EBA said. The BoE had no immediate comment on EBA’s statement. London-based EBA is moving to a new office in Paris because of Brexit personalised cufflinks for daddy.

(Reuters) – Kraft Heinz Co faces a new lawsuit questioning why controlling shareholder 3G Capital transferred $1.23 billion of stock six months before the processed foods company stunned investors with a huge writedown and other bad news personalised cufflinks for daddy. The proposed class-action lawsuit made public on Wednesday is among the first accusing Kraft Heinz, whose other controlling shareholder is Warren Buffett’s Berkshire Hathaway Inc, of defrauding shareholders about its business prospects. Kraft Heinz’s share price sank 27.5 percent on Feb. 22 after the company took a $15.4 billion writedown on its Kraft and Oscar Mayer brands and Canadian assets, as consumers shifted to healthier and fresher alternatives or private-label products..

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Powell was among three Fed officials on Thursday whose comments expanded on the Fed’s “patient” approach to further rate increases real gold cufflinks india. The policy was announced in January, suspending a three-year cycle of rate hikes amid rising risks to the U.S. and global economies, and concern inflation might be slipping from its current level near the Fed’s 2 percent target. Vice Chairman Richard Clarida earlier on Thursday said the Fed should discount any models that project a surge of inflation and wait for incoming data to prove it is happening. In Texas, Dallas Fed President Robert Kaplan said the central bank should wait until at least June before any further rate decisions..

Many investors think the Fed will be on hold for the year and that its next move may even be to reduce rates real gold cufflinks india. Powell’s comments, prepared for delivery at a dinner in his honor, were largely devoted to a call for other leaders to find ways to encourage more working-age adults to look for jobs, and to improve productivity. Economists regard those two issues as central to improving long-run growth, and Powell recently has put particular emphasis on labor force participation. While the participation rate has improved recently, Fed officials feel there is room to do better, particularly with focused efforts to improve opportunities for the less educated..

SAN FRANCISCO (Reuters) – Six Google employees on Thursday joined U.S. lawmakers to support bills that would ban mandatory arbitration in employment and consumer contracts, as the workers seek to build on recent success in getting the Alphabet Inc company to drop some arbitration provisions. Mandatory arbitration, which prevents people from taking disputes to court, has become a big target for workers’ rights activists in recent years real gold cufflinks india. They have expressed concern that requiring private arbitration helps businesses facing harassment and discrimination allegations to avoid public scrutiny..

“We cannot have an honest conversation about labor rights or restoring consumer protections until we pull back the curtain of forced arbitration, which denies employees and consumers of their ability to fully and publicly vindicate their rights,” Tanuja Gupta, a New York-based Google employee said during a news conference in Washington on Thursday real gold cufflinks india. The Forced Arbitration Injustice Repeal (FAIR) Act and several pieces of related legislation would ensure individual and class-action lawsuits are an option in a variety of disputes, members of Congress said at the news conference..

Business groups have said arbitration provides timely resolutions and that lawsuits benefit lawyers more than plaintiffs. Democratic lawmakers have attempted to curtail mandatory arbitration before but have struggled to gain support from Republican colleagues. Democratic Senator Richard Blumenthal said he expects the FAIR Act to at least pass the Democrat-controlled House this year. “This bill is about guaranteeing every individual their day in court,” Blumenthal said. Andy Phelan, a spokesperson for Representative Hank Johnson, who has long backed arbitration changes, said tech workers harmed by such provisions had never before appeared at a bill introduction real gold cufflinks india.

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“We are seeing some shift by investors putting money with private equity funds with a record of both regular buyouts and distressed investments,” said Brenda Rainey, director of the global private equity practice at Bain & Co. The private equity industry has raised nearly $3 trillion from investors since 2012, according to industry tracker Preqin. But given investors’ concerns over a potential price bubble, managers are now preparing for leaner times. “In hindsight, the last 10 years were easy,” Kewsong Lee, co-chief executive of the Carlyle Group, said ties and cufflinks. “The next 10 years will be harder.”..

SINGAPORE (Reuters) – Dianrong, one of China’s biggest peer-to-peer (P2P) lenders, is shutting down 60 of its 90 offline stores and laying off an estimated 2,000 employees, a source with direct knowledge of the matter told Reuters on Friday. The shrinking of Shanghai-based Dianrong comes amid Beijing’s multi-year crackdown on risky practices and excessive leverage in the financial system that has seen a wave of P2P company collapses and triggered protests by angry investors who lost their savings ties and cufflinks.

The company was co-founded by Soul Htite, who was also behind U.S. online lender LendingClub Corp. It is backed by Singapore sovereign fund GIC Pte Ltd and Standard Chartered Private Equity. When asked for a response to the store closures and layoffs, Dianrong said it would comment later. P2P platforms gather funds from retail investors and loan the money to small corporate and individual borrowers, promising high returns ties and cufflinks. At its peak in 2015, the sector had about 3,500 businesses in China. The P2P industry had outstanding loans of 1.49 trillion yuan ($217.96 billion) last year, far larger than the combined sector outside China..

(Reuters) – A rise in productivity last year gives more room for wages to grow without the risk of higher inflation, Federal Reserve Chairman Jerome Powell said on Thursday, offering another reason why the U.S. central bank can hold off on further rate increases ties and cufflinks. “Signs of upward pressure on inflation appear muted despite the strong labor market,” with unemployment at 4 percent and wage increases picking up of late, Powell said in remarks prepared for delivery at the Citizens Budget Commission in New York..

With sidelined workers moving back into the labor market and an improvement in productivity last year, the economy can continue filling tens of thousands of new jobs each month and support higher wages without sparking an inflation spike that might prompt the Fed to begin raising rates again. “More plentiful jobs and rising wages are drawing more people into the work force,” Powell said ties and cufflinks. “Business-sector productivity growth, which had been disappointing during the expansion, moved up. .. Rising productivity allows wages to increase without adding to inflation pressures.”..

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Soaring acquisition prices are setting off alarm bells among major institutional investors, such as public pension funds and insurance firms, that invest in private equity with the expectation that funds will achieve an internal rate of return (IRR) of 20 percent or more. According to Cambridge Associates, a private equity investment adviser, the U.S. industry’s average IRR was just under 10 percent in 2015, the most recent year for which it compiled data. At the industry’s annual get-together at the SuperReturn conference in Berlin, several prominent investors asked whether fund managers were buying at a peak, as happened in the years that preceded the 2008 financial crisis how to spot fake mont blanc cufflinks.

“There is an expectation returns will go down because there’s a lot of competition for deals and the awareness that an economic downturn could be coming soon,” Simon Marc, head of private equity at PSP Investments, a Canadian pension fund with $153 billion in assets, said on the sidelines of the conference how to spot fake mont blanc cufflinks. To be sure, many investors said they still expect private equity fund managers to significantly outperform the wider stock market. They expect to earn such a significant premium because they agree to tie up their money for up to 10 years..

Private equity fund managers earn lucrative fees on investor capital, typically a 1.5 percent management fee on the money committed and a 20 percent cut of the profits as a performance fee, subject usually to a returns threshold. As a result, they are under pressure to deploy that capital, even if the deals available are expensive. “There are beads of sweat forming on the brows of a few people thinking, Is this deal where I’m overpaying?” said Richard Hope, managing director on the investment team at Hamilton Lane Inc, a private markets investment firm how to spot fake mont blanc cufflinks.

Some private equity firms are so keen to put their swelling cash piles to work, they are paying for expensive acquisitions of companies mostly out of cash from their funds, so-called equity financing, and trimming back their reliance on debt how to spot fake mont blanc cufflinks. As a result, it is more difficult to score high returns. In a typical leveraged buyout, private equity firms juice up returns by loading up acquisitions with debt, which is often provided by banks. But in sectors such as technology, valuations are becoming so lofty that banks will no longer finance the majority of some deals. Without such financial engineering, the buyout firms are betting on the acquired companies’ projected high rates of growth to drive returns..

Close to 30 percent of deals by private equity firm lose at least some amount of money, according to Hamilton Lane. This alarms investors, who regard private equity firms as wise custodians, acquiring mature companies with stable cash flows. Private equity investors “are scared how to spot fake mont blanc cufflinks. If you lived through the financial crisis, you don’t want a repeat of that,” said Andrea Auerbach, global head of private investments at Cambridge Associates. The uncertain outlook is impacting private equity fund manager selection, with investors eager to find firms with experience in investing in down markets..

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(Reuters) – Gap Inc will separate its better-performing Old Navy brand and shutter about 230 stores of its struggling namesake apparel business, in one of its biggest restructuring efforts to energize sales, sending shares surging 25 percent on Thursday tortoise cufflinks. The company has struggled with contrasting performances of its brands. Old Navy has been a bright spot as its wide range of budget apparel made it more attractive to a broader base of customers, while its specialty Gap brand struggled in the face of competition from fast-fashion retailers and changing trends..

“It’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time,” Gap’s Chairman Robert Fisher said in a statement. The 230 Gap specialty stores the company planned to close over the next two years, along with the 68 already shut, represents nearly half of its stores, the company said. The company also said it would boost spending on marketing and developing new products for the Gap brand, but Chief Executive Officer Art Peck stopped short of saying that the brand was in a turnaround tortoise cufflinks.

“I’ve called the turn before. And I’ve eaten my words. I’m not calling a turn again. What I’m looking forward is period-over-period improvement, and I’m quite confident and comfortable with what I’m seeing.”. Gap, Athleta, Banana Republic and the remaining brands will be part of a yet-to-be-named company tortoise cufflinks. The separation of Old Navy into a publicly listed company, which Gap said will be tax free to investors, is likely to be completed by 2020. Peck will hold the same position in the new company, while Old Navy CEO Sonia Syngal will stay on as head of the standalone firm..

Old Navy has annual sales of about $8 billion, while the other brands have a combined revenue of $9 billion. “Although the proposed spin at Old Navy will enable a sharpened strategic focus on its business priorities, it reduces the diversification the brand provides to the overall entity,” said Moody’s analyst Christina Boni. The company’s shares were up 24.8 percent at $31.70 in extended trading tortoise cufflinks. Separately, Gap reported a surprise drop in overall same-store sales for the holiday quarter, down 1 percent compared with analysts’ average estimate of a 0.3 percent rise, according to IBES data from Refinitiv..

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Kangmei paid investors in full the next month. “On an annualized basis, it’s a return of several hundred percent. On an absolute basis, it was a gain of around 40 percent. And we bet heavily,” he said. More audacious investors like to buy bonds that have failed to repay investors on time. “There’s too much panic around defaults,” said Zhou Li, president of Rationalstone Investment. “Whenever a company defaults, people would assume the (bond) value would be wiped out to naught best cufflinks 2019. But that’s not the case.”..

He added that not all technical defaults – such as a delay in payment – would lead to genuine defaults. And some or all of the money can be recovered, he said, making bargain hunting profitable. Distressed asset specialists previously active only in lending markets are now venturing into troubled bonds best cufflinks 2019. Guoho AMC, a bad-loan company in eastern Anhui province, is one example. “We see mutual funds dumping them in the market. They have to. For them, it’s toxic,” said Liu Zhenhua, Guoho’s Shanghai general manager. “But as a bad-loan company, we’re good at assessing its value. You need an eye to spot gold in a junk market.”..

Skeptics say this money-making model will falter in China. Desmond Kuang, portfolio manager at Income Partners Asset Management in Hong Kong, said the typical strategy would be to buy into cheap bonds after thorough research and with some conviction that the investment can be recovered. That may not work in China, he said, where there is a lack of transparency in company disclosures best cufflinks 2019. “There will be a lot of luck required onshore,” he said. Fengshi Asset Management’s Liu said the risks could be big, and such a strategy would typically require clients with strong nerves to commit their funds for three to five years..

(Reuters) – British bookmaker William Hill Plc said on Friday that 2019 results would be in line with market expectations while reporting a slight dip in full-year adjusted operating profit, as it booked more costs to expand in the U.S. British betting companies have been pushing into the United States market because of tighter regulations at home and after the U.S. Supreme Court decided to overturn a federal ban on sports betting best cufflinks 2019. William Hill has put money into a digital launch in New Jersey and has started operations or expanded in six states, and the investments resulted in a net adjusted operating loss of 33.2 million pounds in 2018..

The company also closed a “significant” number of customer accounts after it stepped up its due diligence checks and faced higher costs from a remote gaming duty that applies to gaming over the internet and telephone. Adjusted operating profit fell to 233.6 million pounds ($309.52 million) for the 53 weeks ended Jan. 1 from 273.8 million pounds reported for the 52 weeks ended Dec. 26, 2017. On a statutory basis, the company posted a loss before tax of 721.9 million pounds, compared with a profit of 146.5 million pounds, last year best cufflinks 2019.

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“When bad news breaks about an issuer, some funds will scramble to sell the bonds,” said Liu Xiaofang, head of investment research at Shanghai Fengshi Asset Management Ltd, which launched its first vulture fund in September best cufflinks in india. But the bonds’ underlying problem might be “not that big,” creating opportunities. Zhang and Liu are among a new flock of vulture investors that have emerged in China’s corporate bond market in the last year, seeking to profit from steep sell-offs..

The risky but potentially lucrative business of trading in bonds on the verge of default is in its infancy in China, almost as new as the phenomenon of corporate defaults in the state-run economy. A regulatory source said only a handful of other hedge funds have entered the trade, including Lanjing Investment, Colight Asset Management, Jing Tang Investment and Yongle Fund Management. The source declined to be named because of the sensitivity of the matter best cufflinks in india. By some estimates, the market in such distressed bonds is worth just 10 billion yuan ($1.5 billion), a tiny fraction of the $472 billion corporate bond market..

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In all, 45 companies in sectors ranging from real estate to industrials and mining defaulted on 117 bonds with a total principal amount of 110.5 billion yuan in 2018, according to ratings agency Fitch. That is more than all the previous years’ sums combined. China’s first bond default occurred in 2014. “The (Chinese) government did not really allow defaults to happen until about four years ago,” said Ben Zhu, a Hong Kong-based distressed debt investor. “As defaults spread, the bad apples get picked out best cufflinks in india. These companies will lose access to financing, and that’s a good thing.”..

For Liu of Fengshi Asset Management, the game of hunting for “fallen angels” has been highly profitable. Last November, when Kangmei Pharmaceutical Co’s debt instruments dived on a wave of negative reports suggesting reckless fundraising and insider trading by the firm, Liu bought for 70 cents on the dollar one of its bonds that would mature soon best cufflinks in india. “The market consensus was that this company was cooking books. But we didn’t think the problem was big enough to lead to an imminent default,” Liu said..