December 4, 2023
METRO Pacific Tollways Corp. (MPTC) is in talks with local and foreign banks to raise at least P45 billion in a bid to reduce its debt. “The general outlook is that we need to raise money to reduce our debt level,” MPTC President and Chief Executive Rogelio Singson said. “Our level is about P145 billion-P150
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COLOMBO: Sri Lanka’s inflation more than doubled to 3.4 percent in November, the statistics office said on Thursday, a day after Colombo announced a deal to restructure nearly $6 billion in bilateral debt. The benchmark Colombo Consumer Price Index rose to 3.4 percent from 1.5 percent in October, official statistics showed. However, the latest inflation
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Cash-strapped Ethiopia has secured a $1.5 billion debt relief agreement with creditors, its central bank chief said. Cash-strapped Ethiopia has secured a $1.5 billion debt relief agreement with creditors, its central bank chief said, temporarily easing the country’s financial burden as it seeks a wider funding programme. The accord was announced on Wednesday by National
READ MORESri Lanka said Wednesday that it has reached an agreement in principle with a group of creditors including India and Japan on debt restructuring, a crucial move toward unlocking a second instalment of a $2.9 billion bailout package from the International Monetary Fund. The agreement with the Official Creditor Committee covers approximately $5.9 billion of
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The US national debt has exceeded $33 trillion and counting. For decades, people have predicted that the dollar will crumble to dust and gold will rise to the moon. They have applied to the Austrian School of Economics to no avail. Then you have the opposite side pushed by economists like Nobel Prize-winning economist Paul
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PARIS: A subsidiary of the telecoms and media group Altice owned by French-Israeli billionaire Patrick Drahi said on Tuesday it has unloaded a majority stake in its data centers to US bank Morgan Stanley. Drahi built the group which has operations in several European countries and the United States via borrowing, but announced in September
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When Germany enshrined a “debt brake” in its constitution in 2009, it was celebrated as a victory for fiscal rectitude and a definitive break with the profligacy of the past. Fourteen years later, with Olaf Scholz’s government in the throes of a burgeoning budget crisis, the strict curb on public deficits does not seem such
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Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Investors are pouring cash into US corporate bond funds at the fastest pace in more than three years, signalling a growing appetite for risky assets as markets call the peak in interest rates. More than
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PHILEX Mining Corp. said Tuesday that a wholly owned subsidiary had secured a $100-million syndicated debt facility from local banks to support its ongoing development project. The mining firm said that Silangan Mindanao Mining Co. had signed an omnibus loan and security agreement with Union Bank of the Philippines, Security Bank Corp. and Bank of
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THE country’s external debt service burden more than doubled at the end of August following a surge in both interest and principal payments, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. At $8.89 billion, the external debt service burden was 125 percent higher compared to the $3.95 billion recorded a year earlier. Both principal and
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