As debt-laden Dubai’s economic recovery continues, with grandiose projects making a comeback, the emirate faces some near-term maturity of debt racked up during pre-crisis years but the prospects are not gloomy, analysts say.
Retailer Puregold Price Club Inc. has settled a P5.09-billion debt issue ahead of maturity as a change in the tax treatment on proceeds from these securities will otherwise make debt servicing costlier than originally envisioned.
The government’s external debt stock eased further to P1.88 trillion as of end-February despite a weakening peso. Data from the Bureau of Treasury showed that foreign borrowings went down to 35 percent of total outstanding debt, which further decreased to P5.32 trillion.
Outstanding guaranteed debt of the government declined in 2012 due mainly to loan payments made by the borrowing state-owned entities and the appreciation of the peso.
With a population of less than 30,000 but with a yearly income of almost P200 million, this town in Nueva Ecija called Pantabangan, made famous by the 36-year-old hydroelectric and irrigation dam, can only be a prosperous town.
President Barack Obama Monday warned of a new economic crisis and said global stock markets would go “haywire” unless Republicans in Congress agree to raise the US sovereign debt ceiling.
Globe Telecom has secured a foothold in financially distressed Bayan Telecommunications Inc. with the completion of its tender offer for the Lopez-led firm’s shares.
Standard & Poor’s confirmed Canada’s top-flight triple-A debt rating Monday, citing its economic strength that can weather the problems of the US economy to which it is closely tied.
The international ratings agency Moody’s cut France’s top credit rating by one notch to “Aa1″ Monday and maintained a negative outlook, meaning that another downgrade was possible.
The Bangko Sentral ng Pilipinas has again encouraged the government and private firms to prepay some of their dollar-denominated debts, saying this is a prudent move at this time when the peso is at a four-year high.
Spain’s leading daily El Pais is axing one-third of its staff and slashing salaries as it battles a growing media crisis, employees said Tuesday.
Thousands joined a protest march in the Spanish capital Sunday against the conservative government’s austerity policies amid growing uncertainty over whether the country will need a financial bailout.
