[Streaming] Netflix Inc. tumbled 35% on Wednesday, in a selloff that wiped out $54 billion in market value after it reported a surprise decline in its subscriber base. Netflix’s plunge this year amounted to 62% -- making it the worst-performing stock in the S&P 500 and the tech-heavy Nasdaq 100 indexes. The streaming service shocked Wall Street by losing 200,000 customers in the first quarter, the first time it has shed subscribers since 2011.
Over60: Bloomberg
[Russia] Russia was judged to have breached the terms of two bonds by a derivatives panel, marking another milestone on the nation’s path to its first foreign debt default in a century. The Credit Derivatives Determinations Committee said Wednesday that its payment of rubles on two-dollar bonds was a “Potential Failure-to-Pay” event for credit-default swaps. The group, which includes Goldman Sachs Group Inc., Barclays Plc and JPMorgan Chase & Co., said the potential failure happened on April 4.
Over60: Bloomberg
[Economy] Germany’s Finance Minister Christian Lindner highlighted the risk of stagflation as the country faces up to the economic perils posed by the conflict in Ukraine. Confidence in Germany’s recovery has been taking a beating as investors worry that price increases triggered by Russia’s invasion of Ukraine will dampen output. According to the Bundesbank (German Central Bank), the country’s economy is at risk of shrinking nearly 2% this year if the conflict escalates and an embargo on Russian coal, oil and gas leads to restrictions on power providers and industry.
Over60: Bloomberg
[Streaming] Elon Musk has unveiled a $46.5bn financing package to fund his takeover bid for Twitter as he pushes ahead with a deal that would be one of the largest leveraged buyouts in history. The billionaire chief executive of Tesla has lined up $25.5bn in debt — including a margin loan of $12.5bn against his shares in the electric vehicle maker — from a group of banks led by Morgan Stanley, his financial adviser.
Over60: FT