Finance Minister Malusi Gigaba sent a strong message in his Wednesday budget that the Treasury is determined to stabilise growth in public debt and rein in the ballooning debt-to-GDP ratio. Despite a revenue gap that will persist over the medium term, deep cuts in government expenditure are expected to narrow the consolidated budget deficit from…
One of the same banks that drove the Puerto Rico Electric Power Authority, or PREPA, into the red will now be paid to help auction it off to the highest bidder. Citigroup Global Markets Inc., or Citi, will be the main investment bank consultant in the restructuring and privatization of PREPA, the Washington-appointed Fiscal Control…
In the three years since its launch, micro-savings app Digit has helped its customers set aside over $1 billion for emergency funds, travel, and more, the company said today. The average Digit customer earns around $50,000 per year and is saving around $2,500 per year. Founder and CEO Ethan Bloch attributes the companys success to…
South Africas new president, Cyril Ramaphosa, risks alienating voters in the run-up to next years elections after his administration announced plans to raise sales tax and curb spending as it seeks to stabilize debt and prevent a third junk credit rating. The value-added tax rate will be raised to 15 percent from 14 percent, the…
I would get letters from the banks which made me feel so sick Id hide them in the wardrobe and ignore them, says Beth Rees, who lives with borderline personality disorder. I couldnt sleep for days at a time because I was worrying about what I was going to do. Rees, from Cardiff, is one…
I would get letters from the banks which made me feel so sick Id hide them in the wardrobe and ignore them, says Beth Rees, who lives with borderline personality disorder. I couldnt sleep for days at a time because I was worrying about what I was going to do. Rees, from Cardiff, is one…
RICHMOND Virginia legislators are seeking to mitigate the personal and economic consequences of their constituents student loan debt by creating a state-level ombudsman to troubleshoot problems and educate borrowers regarding college loans. In 2017, more than 1 million Virginians owed more than $30 billion in student loan debt, state officials say. Nationally, student loan debt…
WSE-listed fashion retailer Gino Rossi hopes that sale of the Simple brand will help the company curb its debt and obtain funds to boost working capital, companys CEO Tomasz Malicki said. Thanks to the sale, we will reduce debt and free the funds needed to supply the working capital necessary to increase sales and further…
An expanding Christian debt counselling service aims to clear up financial problems within five years. The Dumfries CAP Debt Centre is urging victims not to feel there is no way out of the debt spiral as there is always hope. The partnership, between the Christians against Poverty charity and the River of Life Church in…
London The Republic of the Congo is set to become the latest African country to start debt-relief talks with trading houses after borrowing $2bn from merchants, such as Trafigura and Glencore, but now find its debt levels unsustainable, sources familiar with the matter said. Trading houses regularly lend money to resource-rich clients in financial distress…