Latest news for Bureau Veritas (OTC:BVRDF) Stock

Bureau Veritas is a testing, inspection, and certification company. Its primary activities include testing products or materials, inspecting sites/equipment, and certifying products and systems to maintain global standards. Bureau Veritas is one of a handful of companies in the TIC sector that operates globally across numerous industries, including marine, industry, commodities, construction, and consumer products. Bureau Veritas was listed in 2007; it was previously privately owned by the Wendel Group, which retains a significant holding.

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Forex Experts Discuss Turkey, Lira Meltdown

Bureau Veritas SA

Bureau Veritas

<p>Turkey&#39;s&nbsp;national currency, the lira, continues to trade near all-time lows against the U.S. dollar, and the country is <a href="https://www.bbc.co.uk/news/business-45165629">approaching an economic crisis</a>, the BBC reported. Here&#39;s&nbsp;what investors need to know Monday morning.</p>

<h3>The Analysts</h3>

<ul>
	<li>Jose Luis Daza, chief investment officer at QFR Capital Management.</li>
	<li>Vincent Deluard of INTL FCStone Financial.</li>
	<li>Mark Newton, technical analyst at Newton Advisors.</li>
</ul>

<h3>Daza: Potential Credit Crisis</h3>

<p>Turkey&#39;s <a href="https://www.benzinga.com/government/18/08/12184039/the-turkish-crisis-what-you-need-to-know-about-erdogan-the-lira-turkey">financial problems</a> are so large, they will require &quot;something very special to short-circuit the crisis,&quot; Daza said on&nbsp;<a href="https://www.cnbc.com/video/2018/08/13/turkeys-problems-could-mutate-into-credit-crisis-says-cio.html">CNBC&#39;s &quot;Squawk Box&quot; segment</a>&nbsp;Monday. As it stands now <a href="http://www.benzinga.com/topic/turkey">the country&#39;s </a>financial problems are limited to its currency, but the situation could transform into a credit crisis, as many&nbsp;Turkish&nbsp;companies owe debt denominated in U.S. dollars, he said.&nbsp;</p>

<p>Turkey&#39;s central bank holds the lowest level of net international reserves of all emerging markets with a very large current account deficit, Daza&nbsp;said. The government needs a significant amount of funding from abroad just to maintain its current spending needs, he said.&nbsp;</p>

<h3>Deluard: 3 Companies With Biggest Exposure</h3>

<p>The three companies with the largest exposure to Turkey&#39;s economy include France&#39;s&nbsp;<strong>BNP Paribas</strong> (OTC:<a class="ticker" href="/stock/BNPQY#OTC">BNPQY</a>), Italy&#39;s <strong>UniCredit SpA</strong> (OTC:<a class="ticker" href="/stock/UNCFF#OTC">UNCFF</a>), and Spain&#39;s <strong>Bureau Veritas SA</strong> (OTC:<a class="ticker" href="/stock/BVRDF#OTC">BVRDF</a>), Deluard <a href="https://www.cnbc.com/video/2018/08/13/turkeys-currency-decline.html">separately said</a> during Monday&#39;s &quot;Squawk Box&quot; segment.</p>

<p>It is&nbsp;important to keep in mind that&nbsp;bank&nbsp;exposure to Turkey comes from investments in joint ventures with local banks, Deluard said. European banks can simply &quot;walk away&quot; from the country if the currency decline continues and let their Turkish partners &quot;deal with the mess,&quot; he said.&nbsp;</p>

<p>Foreign banks will need to assume an unpleasant write-off in Turkey, but even under the worst-case scenario there is &quot;limited liability,&quot; he said. Many European banks are trading below one times their book value, which implies a scenario of this magnitude is already priced in, he said.&nbsp;</p>

<h3>Newton: Don&#39;t Get Burned</h3>

<p>In conjunction with Turkey&#39;s currency declines, the <strong>Turky Invststbl Mrkt</strong> (NASDAQ:<a class="ticker" href="/stock/TUR#NASDAQ">TUR</a>) ETF is seeing its worst annual performance so far. Investors looking to buy the dip on a belief in limited downside&nbsp;may want to reconsider, <a href="https://www.cnbc.com/2018/08/10/turkish-slump-could-mean-a-bounce-but-be-careful-not-to-get-burned.html">Newton said</a> during a recent CNBC &quot;Trading Nation&quot; segment.</p>

<p>The ETF, which holds a basket of Turkish stocks, is flirting with the lowest levels seen since the 2008 and 2009 financial crisis, Newton&nbsp;said. From a&nbsp;short-term perspective, a &quot;capitulation-type low is potentially at hand,&quot;&nbsp;and from a technical point of view a bounce back to the $25 to $27 level could be seen, he said. In the intermediate-term, investors would need to see signs of stabilization before buying the ETF, as the downtrend is &quot;very well-established.&quot;</p>

<p>The expert said he &quot;wouldn&#39;t touch this with a 10-foot pole for anything more than three to five days.&quot;</p>

<p><em>Related Links:</em></p>

<p><em><a href="https://www.benzinga.com/news/18/08/12183454/defensive-unit-on-field-concerns-over-turkeys-currency-put-risk-back-at-play">Defensive Unit On Field: Concerns Over Turkey&#39;s Currency Put Risk Back At Play</a></em></p>

<p><em><a href="https://www.benzinga.com/news/18/08/12190488/26-stocks-moving-in-mondays-pre-market-session">26 Stocks Moving In Monday&#39;s Pre-Market Session</a></em></p>


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