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“Zimbabwe’s history of hyperinflation and failed monetary experiments means it remains highly dollarized. The U.S. dollar is the main medium of exchange, while
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Statement of affairs shows the multi-million pound debts of Colwyn Bay firm
Penrhyn Ltd was transferred land to the east of the old Civic centre in Colwyn Bay(Image: Google maps)
A property development company that has gone into liquidation owes millions of pounds to creditors – including nearly £500K to Conwy council.
Penrhyn Ltd, that was based in Colwyn Bay, was involved in property development – including homes and other schemes.
It was involved in the redevelopment of land around the Civic Hall in Colwyn Bay – with charges lodged against land to the east of the former council offices. A charge is a form of security a company gives a lender over its assets to secure a loan.
Conwy council vacated the Grade II Listed site and a number of…
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COLOMBO (News 1st); Sri Lanka has entered into a bilateral agreement with Denmark as part of its ongoing external debt restructuring process.
This milestone underscores Colombo’s unwavering commitment to achieving debt sustainability and revitalizing its economy.
The agreement follows extensive bilateral discussions after Sri Lanka concluded a Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC). Under the terms, Denmark will extend a debt relief measure by rescheduling outstanding obligations amounting to USD 39 million.
The pact was formally signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, representing the Government of Sri Lanka, and Lars Løkke…
COLOMBO (News 1st); Sri Lanka has entered into a bilateral agreement with Denmark as part of its ongoing external debt restructuring process.
This milestone underscores Colombo’s unwavering commitment to achieving debt sustainability and revitalizing its economy.
The agreement follows extensive bilateral discussions after Sri Lanka concluded a Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC). Under the terms, Denmark will extend a debt relief measure by rescheduling outstanding obligations amounting to USD 39 million.
The pact was formally signed by Dr. Harshana Suriyapperuma, Secretary of the Ministry of Finance, Planning and Economic Development, representing the Government of Sri Lanka, and Lars Løkke…
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Johannesburg: South Africa will host the G20 summit this weekend, aiming to secure commitments on debt relief for developing countries and to tackle global inequalities as the United States boycotts the event.
US President Donald Trump, who has clashed with South Africa over its G20 agenda, is skipping the summit amid a wider US retreat from multilateralism that has rattled global order.
President Cyril Ramaphosa told reporters ahead of the November 22-23 event that the US absence is “their loss”.
The United States is the most powerful of the 19 countries in the G20, which represents 85 percent of global GDP and about two-thirds of the world’s population, and also includes the European Union and the African Union.
Mediation in India is an accepted non-adversarial alternative dispute resolution to settle disputes between parties. The introduction of it in the Indian insolvency regime for corporate insolvency or liquidation wherein complex commercial issues arise is the need of the hour in order to curtail litigation, promote entrepreneurship, enforce business relationship and ensure that there is least deterioration of assets. This essay attempts to explain how this could be achieved.
Failed hospitality tycoon Jon Adgemis funded his luxury lifestyle with credit cards and money flowing through his collapsed pub empire, according to a new bankruptcy report detailing the businessman’s complex financial dealings and mounting debts.
“Zimbabwe’s history of hyperinflation and failed monetary experiments means it remains highly dollarized. The U.S. dollar is the main medium of exchange, while the share of ZiG in monetary aggregates is small at around 17%. Prices are rarely quoted in ZiG, and salaries and goods and services transactions are typically either fully or partially paid in U.S. dollars.”
While stabilizing inflation is undoubtedly positive, the landlocked nation will need to remain steadfast regarding other challenges, before unlocking national sovereignty. Zimbabwe’s public debt, which reached $23.2 billion in 2024 (72.9% of GDP), per the World Bank, remains a discouraging barrier to foreign investment.
