Denis OBriens Digicel Group has started an unprecedented cost-cutting plan and hired financial consultants McKinsey and Goetzpartners to help cut its massive debt burden as the mobile phone group grapples with declining earnings. Digicels 6.2 billion debt is at unsustainably high levels at 6.2 times earnings at the group, Michael Chakardjian, an analyst with US…
Greeces negotiations with international creditors took a turn for the worse Wednesday after the European Stability Mechanism (ESM) shelved a recently announced debt relief package in protest at the governments plan to give a one-off supplement to low-income pensioners and to keep in place a discount in valued-added tax, to eastern Aegean islands, it had…
Photo: Trey Hollingsworth Trey Hollingsworth won the 9th District congressional seat vacated by Todd Young. Indiana Representative-elect Trey Hollingsworth is asking for help repaying some of his campaign loans. Hollingsworth spent more than $3 million of his own money on his campaign for Indianas Ninth Congressional seat. Some say his attempt to recoup some of…
James Packer’s Crown Resorts has doubled down on its massive retreat from its international operations, agreeing to sell a further $300 million of its stake in its Macau casinos. Crown announced on Friday it had entered an underwriting agreement to sell 40.9 million shares in Melco Crown Entertainment to institutional investors, in addition to the 98 million shares it said on Thursday would…
The Bank of Canada said elevated levels of household debt and imbalances in the housing market remain the primary risks to the country’s financial system, dangers that new government rules will mitigate over time. “Overall, the risk of nationwide household financial stress combined with a sharp correction in house prices across the country remains ‘elevated,’”…
European creditors on Wednesday pulled a recently announced debt relief package for Greece in protest at subsequent budget spending measures announced by Athens. At a meeting of the eurozone’s 19 finance ministers, Greece’s creditors offered some immediate debt help to Greece. They include smoothing some of Greece’s repayments to prevent debt humps and a…
European creditors have pulled a recently announced debt relief package for Greece in protest at subsequent budget spending measures announced by Athens. Greek stocks fell sharply and the government’s borrowing rates jumped higher as investors fretted over a potential flare-up in the country’s bailout problems and the possibility of early elections in the country. The…
A statement by the countrys international creditors Thursday denounced the governments controversial Christmas bonus payment for low-income pensioners but left a window of hope that the crisis will be overcome by leaving the decision for short-term relief measures to eurozone countries. Euro-area member-states will decide how to proceed with the short-term debt measures agreed in…
The news is the latest development in a long-running and increasingly ugly dispute over measures to ease Greeces massive debt burden and the strict fiscal targets the country needs to meet to receive it. Yesterday, the European Stability Mechanism, which finances Greeces third 86bn bailout deal, announced that it would be putting plans for debt…