Latest News

Exclusive-Glencore, Chad creditors agree in principle on terms of debt treatment – source

Exclusive-Glencore, Chad creditors agree in principle on terms of debt treatment – source By Reuters

Breaking News


Economy 19 minutes ago (Nov 10, 2022 23:28)

© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, July 18, 2017. REUTERS/Arnd Wiegmann/File Photo

By Andrea Shalal

WASHINGTON (Reuters) – Switzerland-based Glencore (LON:GLEN), China and Chad’s other creditors have reached an agreement in principle on a debt treatment plan for the African country that should be finalized in coming days, a source close to the negotiations said on Thursday.

Chad’s bilateral creditors – China, France, India and Saudi Arabia – agreed several weeks ago that the country did not require debt relief at the moment given higher oil prices, but that they would reconvene and offer Chad help if needed.

Glencore , a major private creditor, agreed late in October or early November to join the other creditors in what will be the first debt treatment reached under a framework set up the Group of 20 major economies and the Paris Club in late 2020 to help poor countries weather the COVID pandemic, the source said.

The deal, which should be finalized in coming days, also calls for Chad’s creditors to reprofile Chad’s debt in 2024, the last year of its current Extended Credit Facility (ECF) with the International Monetary Fund (IMF), to ensure that its debt level remains below the threshold of “moderate risk of debt distress.”

Exclusive-Glencore, Chad creditors agree in principle on terms of debt treatment – source

Exclusive-Behind FTX’s fall, battling billionaires and a failed bid to save cryptoBy Reuters – Nov 10, 2022

By Angus Berwick and Tom Wilson (Reuters) – On Tuesday morning, Sam Bankman-Fried, owner of cryptocurrency exchange FTX, caught his employees off-guard with a somber message. “I’m…

Analysis-FTX debacle sparks investor rethink of battered crypto marketBy Reuters – Nov 10, 2022

By Gertrude Chavez-Dreyfuss and Elizabeth Howcroft NEW YORK/LONDON (Reuters) – With major cryptocurrency exchange FTX on the brink of collapse, some investors are beginning to…

In nod to Catalonia, Spain’s PM seeks to replace sedition in penal codeBy Reuters – Nov 10, 2022

MADRID (Reuters) – Spain’s ruling coalition will propose legal changes to replace the crime of sedition, which has landed many Catalan separatists in prison, with a lesser crime…

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

© 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Latest News