Sun International's ambitions in Latin America have come to an abrupt halt due to Covid-19, ending a 12-year journey that started with the development of the Monticello Grand Casino in Chile. Just over a year ago, the hotel and casino group announced grand plans to merge its interests in the region with those of private equity group Clairvest to create the biggest casino company in Chile, with a possible listing on the Santiago bourse to follow. That's all unravelled now.

First of all, Pacifico, its joint-venture partner in Sun Dreams, reneged on a deal to increase its stake in the business to 50%. Sun International had planned to use the proceeds to pay off debt in the region, which it was still saddled with when the Covid-19 pandemic brought operations to a halt. With threats of legal action, the companies have settled their differences and Sun International now plans to sell its entire 65% stake in Sun Dreams to Pacifico in a move that will greatly reduce its debt and end its Latin American expansion. Shareholders appear relieved, sending its shares 10% higher on Friday.

More companies that have been impacted by Covid-19 released results and updates on Friday, including Tiger Brands, RCL Foods, NEPI Rockcastle, Insimbi and ARB Holdings. Read on for more detail on those.

In The Week Ahead, Chris Gilmour casts an eye back on some of the factors that drove the US market to a new record last week and previews some of the results to watch out for in the days ahead, including releases from Imperial, Bidcorp and Nedbank, amongst many others.

I hope you have a good week.

Stephen Gunnion

Managing Editor, InceConnect

Recent notes of topical interest from Ingham Analytics

Andrew Kinsey's latest note is published this morning. It analyses the Federal Reserve's latest minutes and the implications of that for asset prices in the US and around the world. There is a good reason the note is entitled "Fed fortune cookie follies".

You may also want to read this in conjunction with "Stimulus surge takes the sting out of Covid-19" - in which Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, makes an unusual but relevant appearance for financial and economic factors.