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U.S. banks signal mounting concern over real estate lending
By Robert Armstrong
Financial Times, London
Monday, September 7, 2020
U.S. banks are increasingly worried about being repaid on loans secured against commercial property, as offices, malls, and hotels continue to stand empty.
The darkening outlook of banks is laid bare by disclosures on so-called criticised loans, which are flashing warning signals about a borrower’s ability to pay.
... Dispatch continues below ...
Kodiak Drills 282 meters of 0.70% Copper
and 0.49 Grams per Tonne Gold (1.16% CuEq),
Including 45.7 meters of 1.41% Copper
and 1.46 grams per tonne Gold (2.75% CuEq)
Thursday, September 3, 2020
VANCOUVER, British Columbia -- Kodiak Copper Corp. (TSX-V: KDK; OTC: KDKCF) today reported the discovery of a significant high-grade copper-gold extension of the recently discovered Gate Zone at the company's fully owned MPD copper-gold porphyry project in southern British Columbia. The MPD project is accessible year-round from paved highways 5A and 97C.
Chris Taylor, chairman of Kodiak, said: "As compelling as our 2019 discovery of the Gate Zone was, it now appears we had only grazed the margins of a much stronger copper-gold zone that we have now successfully targeted. Our new results include discovery of a central high-grade copper-gold zone within the wider copper-gold mineralized envelope of the Gate Zone. These drill results are among the strongest reported from this well-established copper mining district. Drilling is ongoing and we will be releasing additional results throughout the coming months."
Kodiak President and CEO Claudia Tornquist said: "While we are just beginning to unlock the untapped potential of the MPD project, we view this new discovery as transformative for the project and by extension for Kodiak. Especially remarkable are the new high gold values, which we would have viewed as a successful stand-alone gold discovery in the absence of any copper. Given our 100% ownership of MPD, and its position adjacent to highways with year-round accessibility, we anticipate a very active remainder of 2020 and that 2021 will be our most exciting and productive year so far."
For the remainder of the announcement:
Among the 10 banks with the largest increases, criticised loans rose by 62 percent in aggregate in the second quarter, but criticised commercial real estate loans rose by 144 percent, to $26 billion, according to an analysis by the Financial Times.
The banks with the largest total increases include JPMorgan Chase, Bank of America, and Wells Fargo, three of the four largest banks in the U.S. by assets. Criticised loans at those banks are now equivalent to 9, 13, and 25 percent of Tier 1 equity capital -- the core measure of a bank's financial strength -- respectively, according to S&P Market Intelligence. ...
... For the remainder of the report:
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