financing - Shore News Network

US short-term financing rate spikes as dealers close books for 2023

ReutersDecember 27, 20230

By Davide Barbuscia NEW YORK (Reuters) – A measure of the cost of borrowing short-term funds backed by U.S. Treasuries spiked this week to its highest since 2019, a move some market participants attributed to dealers closing their balance sheets for the year. The DTCC GCF Treasury Repo Index, which tracks the average daily interest rate paid for the most-traded General Collateral Finance (GFC) Repo contracts for U.S. Treasuries, jumped to 5.452% on Tuesday from 5.395% last week. That is the highest level since September 2019, when dwindling bank reserves sent the cost of overnight loans as high as 10%,

World Bank: approved $350 million financing for RISE-II operation in Pakistan

ReutersDecember 20, 20230

KARACHI, Pakistan (Reuters) – The World Bank’s board of executive directors approved $350 million in financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation in Pakistan on Tuesday. RISE-II aims to strengthen fiscal management and promote competitiveness for sustained and inclusive economic growth in the country whose economy is struggling to grow, with persistently high inflation and foreign reserves running low. “Based on the foundations laid through RISE II and parallel support by other IFIs, Pakistan has the opportunity to tackle long-standing structural distortions in its economy after the upcoming general elections,” Derek H. C. Chen, task team

Factbox-Rakuten Group’s losses, debt burden and financing efforts

ReutersNovember 28, 20230

By Anton Bridge TOKYO (Reuters) – Rakuten Group is a Japanese conglomerate centred on an e-commerce website – Rakuten Ichiba – and a suite of online financial services companies including banking, credit card, securities and insurance arms. Here are some details about its deeply troubled mobile business, the group’s operating losses, debt burden and its efforts to shore up its finances. RAKUTEN MOBILE Japan’s No. 4 mobile network was launched in April 2020. As of Sept. 30 it has 5.2 milion subscribers and about 2.5% share of the world’s third-largest telecom market. It had 351 billion yen ($2.4 billion) in

China asks some lenders to cap interbank financing costs – sources

ReutersNovember 17, 20230

SHANGHAI/BEIJING (Reuters) – China’s central bank asked some lenders to cap interest rates on an interbank debt instrument this month, people with knowledge of the matter said on Friday, referring to the rising short-term yields on bank debt and strains in funding markets. Some large-sized commercial lenders were told not to sell negotiable certificates of deposit (NCDs) at very high rates, four sources said. NCDs are a popular short-term debt instrument issued between banks for their financing needs. The latest central bank guidance underscores authorities’ intent to keep borrowing costs low in the slowing economy, even as the central and

Marketmind: Fed, financing and jobs greet November

ReutersNovember 1, 20230

A look at the day ahead in U.S. and global markets from Mike Dolan Investors wishing to put a dark October behind them first need to negotiate Wednesday’s Fed policy decision, Treasury’s debt sale plans and the beginnings of a slew of labor market updates. As world markets kick off a new month in better spirits that they were for most of the last one, overseas drama centred on Japan’s yen – which plummeted close to last year’s three-decade low of 151.94 on Tuesday after the Bank of Japan made only a minor tweak to its yield control policy. Masato

World Bank explores expanding loan guarantees for private financing

ReutersOctober 9, 20230

By Jorgelina do Rosario MARRAKECH (Reuters) – The World Bank on Monday said it is looking at ways to expand the guarantees it provides for commercial loans to boost the private financing available to developing countries. Some emerging economies have been unable to tap international markets as global interest rates soar and with uncertainty about when the U.S. Federal Reserve will reach the end of its current tightening cycle. A recent selloff in U.S. Treasuries pushed yields on 10-year notes to a 16-year high, in turn lifting borrowing costs for developing economies. “We are looking very systematically at how we

S.Korea to provide exporters $137 billion of policy financing until yr-end

ReutersSeptember 3, 20230

SEOUL (Reuters) – South Korea will provide up to 181 trillion won ($137 billion) of cheap loans to exporters until the end of this year and waive visa processing fees for Chinese tourists to spur exports and tourism, its finance ministry said on Monday. The government aims to increase the number of Chinese tourists to 1.5 million a month from the current one million by expediting waiving visa fees and coordinating tourist events with retailers. “In September, the trade balance is likely to remain in surplus while the declines in exports will further ease, and exports are likely to swing

South Korea to grant 23 trln won in financing support for exporters

ReutersAugust 15, 20230

SEOUL (Reuters) – South Korea will expand financing support for exporting companies by around 50% more this year, the financial regulator said on Wednesday, to bolster exports amid persistently weak demand. The Financial Services Commission (FSC) said it would provide a total of 23 trillion won ($17.2 billion) worth of financial support for exporters through public and private banks from September, along with other measures to ease difficulty in trade financing. It comes on top of 41 trillion won worth of financial support already provided through policy funds so far this year, the FSC said in a statement. Specific measures

Apollo Global pulls out of Yellow’s bankruptcy financing plan

ReutersAugust 15, 20230

(Reuters) – Apollo Global Management is selling off a $500 million term loan given to Yellow Corp and dropping plans to extend financing to fund the freight group’s bankruptcy, the Financial Times reported on Tuesday. The term loan was sold to a fund owned by Citadel, the FT reported. Yellow shares closed down 31% following the FT report. Yellow, Apollo and Citadel did not immediately respond to Reuters’ requests for comment. An attorney for Yellow said last Wednesday that the company would not seek court approval to borrow $142.5 million from Apollo as planned and was instead seeking time to

China vows lower business financing costs, support for property sector in H2

ReutersAugust 1, 20230

BEIJING (Reuters) – China will lower financing costs for firms, stabilise market expectations and support the property sector in coming months, the central bank said on Tuesday amid a flagging economic recovery. The world’s No.2 economy staged a better-than-expected recovery in the first quarter following COVID reopening but has lost steam since the April-June quarter as demand waned both at home and abroad. The People’s Bank of China’s (PBOC) statement followed a meeting at which officials from the bank and the State Administration of Foreign Exchange (SAFE) looked to the second half of the year. As the property sector had

China pledges financing support for small firms amid weak economic recovery

ReutersAugust 1, 20230

BEIJING (Reuters) – Chinese ministries, regulators and the central bank on Tuesday pledged more financing support to small businesses, suggesting an urgency among policymakers to revive the private sector amid a flagging economic recovery. China will encourage financial institutions to offer targeted and diversified financial support to some small and medium-sized enterprises in the manufacturing sector, according to a joint statement by the industry and finance ministries, financial and securities regulators and the central bank. Small and medium-sized enterprises in key industrial sectors will also be offered appropriate products for foreign exchange hedging, the statement said. Earlier on Tuesday, China’s

Exclusive-China’s Qingdao sets up firm to bail out its local govt financing arms-sources

ReutersJuly 13, 20230

By Samuel Shen and Tom Westbrook (Reuters) – Qingdao city in China’s debt-laden Shandong province has set up a company to bail out its cash-strapped local government financing vehicles (LGFVs), sources said, as regional governments rush to reduce debt risks in a wobbly economy. Dongdin Industrial Group, funded by policy lender China Development Bank and having a registered capital of 10 billion yuan ($1.40 billion), is tasked with providing liquidity support to Qingdao’s LGFVs – vehicles set up by local governments to finance mainly infrastructure projects, two sources said. It is the first such mechanism of a local government to

Orpea draws first 200 million euros from new financing as restructuring plan continues

ReutersJune 2, 20230

(Reuters) – French company Orpea, hit by allegations of malpractice at its care homes and a sharp drop in valuation, said on Friday it made a drawdown of 200 million euros ($214.24 million) from new financing by its main banking partners. Orpea said it will use the funds to finance and refinance corporate purposes of its real estate Niort94 subsidiary, including the reimbursement of the unit’s debt to its parent company. Orpea had a tough 2022, after the publication of a book by journalist Victor Castanet led to much soul-searching over how the elderly are treated in nursing homes in

Seven arrested as part of IS financing probe in Germany

ReutersMay 31, 20230

BERLIN (Reuters) – German authorities have arrested seven suspected supporters of the Islamic State terrorist group as part of an investigation into terrorist financing, prosecutors said on Wednesday. At the same time, authorities conducted 19 raids in Baden-Wuerttemberg, Bremen, Hamburg, Hesse, North Rhine-Westphalia and Rhineland-Palatinate, as well as in one property in the Netherlands, the federal prosecutor’s office said in a statement. The individuals arrested are suspected of belonging to an international network that solicited financial donations for IS in Syria through platforms including Telegram and subsequently transferred them to the group or its intermediaries. At least 65,000 euros ($71,552.00)

IMF staff, Kenya reach agreement on over $1 billion of new financing

ReutersMay 23, 20230

By George Obulutsa NAIROBI (Reuters) – International Monetary Fund staff and Kenya have reached an agreement that could unlock more than $1 billion of new financing, which could help relieve pressure on government finances in East Africa’s largest economy. Kenya’s finances have been under strain from rising debt repayments and the effects of the worst drought in four decades, although the IMF’s managing director said earlier this month she was not expecting the country to default. The IMF said in a statement on Tuesday that the agreements included the latest review of Extended Fund Facility and Extended Credit Facility arrangements

IMF and Niger reach staff agreement on new $133 million financing

ReutersMay 9, 20230

JOHANNESBURG (Reuters) – International Monetary Fund staff have reached agreement with Niger’s government on new financing of around $133 million and the third review of another facility that could lead to a disbursement of about $27 million, the IMF said on Tuesday. The agreement is subject to the approval of the IMF executive board, which is due to discuss it in July. The $133 million funding, under the IMF’s Resilience and Sustainability Facility, is to support structural reform efforts and investments to address rising risks associated with climate change. The latest review of Niger’s three-year Extended Credit Facility should release

Argentina could fast-track Brazilian imports in return for help financing them – sources

ReutersMay 3, 20230

By Bernardo Caram BRASILIA (Reuters) – Argentina has offered to fast-track imports from Brazil if its neighbor adopts a new credit system that reduces its dependence on the dollar, which it has in short supply, officials in both governments told Reuters. The proposal would cut the processing and payment time for Brazilian products to 30 days from 180 days at present, reducing trading risks with a country with high inflation and exchange rate variations, the sources said. Argentina’s import system SIRA would be modified to be able to handle operations in the Brazilian currency, said one source. Payment in reais

Exclusive-Kenya expects $1.2 billion Q2 financing boost, seeks fresh IMF funds

ReutersApril 12, 20230

By Jorgelina do Rosario and Joe Bavier WASHINGTON (Reuters) – Kenya expects at least $1.2 billion in financing inflows between April and May and is in talks for new funding from the International Monetary Fund (IMF) to support falling foreign exchange reserves, its central bank governor said on Wednesday. Like much of Africa, Kenya has been hit hard by the economic fallout from the COVID-19 pandemic, the war in Ukraine and global monetary policy tightening. Its debt burden, compounded by a weakening local currency and international market turmoil, have led some market participants to speculate that Kenya could follow the

South Korea to offer $5.3 billion in financing to support battery investment in North America

ReutersApril 7, 20230

By Heekyong Yang SEOUL (Reuters) – South Korea on Friday said it will provide 7 trillion won ($5.32 billion) in financial support for its battery makers seeking to invest in infrastructure in North America over the next five years to help firms cope with the U.S. Inflation Reduction Act. Government support will include lowering lending rates and insurance premiums by as much as 20% as well as providing more loans and tax credits for Korean firms’ battery and material production facilities in the region, the industry ministry said. The U.S. Treasury Department last week unveiled stricter electric vehicle (EV) tax

Goldman Sachs names Michael Marsh as EMEA financing group head – memo

ReutersMarch 28, 20230

(Reuters) – Goldman Sachs Group Inc is shaking up the leadership ranks at its global financing group after the Wall Street bank merged its investment banking and trading business into a single unit. Michael Marsh will become head of the Europe, Middle East and Africa financing group, according to an internal memo seen by Reuters. He joined the bank in 2006. The internal memo, dated March 22, also named John Greenwood as head of the Latin America financing group, in addition to his current role as head of project, infrastructure and principal finance and his leadership responsibilities for the sustainable

Pakistan PM says IMF wants external financing commitments met before it releases funds

ReutersMarch 28, 20230

By Asif Shahzad ISLAMABAD (Reuters) – The International Monetary Fund (IMF) wants external financing commitments fulfilled from friendly countries before it releases bailout funds, Pakistan’s Prime Minister Shehbaz Sharif said on Tuesday. The lender has been negotiating with Islamabad since early February to resume $1.1 billion in funding held since November, part of a $6.5 billion bailout agreed in 2019. The IMF funding is critical for Pakistan to unlock other external financing avenues to avert a default on its obligations. Its diminished central bank reserves barely cover four weeks of imports. “Now we are being told that the commitments from

Brazil’s Americanas requests financing of at least $197 million -filing

ReutersJanuary 31, 20230

(Reuters) – Brazilian retailer Americanas SA has requested debtor-in-possession financing of at least 1 billion reais ($197.12 million) as part of its bankruptcy process, according to a securities filing Tuesday. The financing aims to help the company maintain the “normal course of its business and reinforce its liquidity,” the firm said. Americanas, backed by the billionaire trio that founded investment firm 3G Capital, entered bankruptcy protection this month after disclosing “inconsistencies” in its accounting, leading top investors such as BlackRock and Capital Group to scale back their positions in the firm. It added it has been in talks with reference

Goldman Sachs among investors interested in financing Italy’s Serie A – sources

ReutersJanuary 27, 20230

MILAN (Reuters) – Goldman Sachs is one of various fund and bank investors that have expressed interest in financing the growth of the media business of Italy’s top-flight soccer league, two people with knowledge of the matter said on Friday. The two people said Goldman Sachs had come forward in October, but news of its interest emerged only after Reuters reported on Thursday rival U.S. bank JPMorgan had offered up to 1 billion euros ($1.1 billion) in financing to Serie A. Bloomberg first reported news of Goldman’s interest. Goldman did not immediately reply to a request for comment. ($1 =

Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

DOJ PressJanuary 24, 20230

NEWARK, N.J. – A Sussex County, New Jersey, woman was sentenced today to 34 months in prison for concealing her attempts to provide material support to Syrian foreign terrorist organizations, U.S. Attorney Philip R. Sellinger, Assistant Attorney General Matthew G. Olsen of the U.S. Department of Justice’s National Security Division, FBI-Newark Special Agent in Charge James E. Dennehy, and FBI Assistant Director for Counterterrorism Timothy Langan announced. Maria Bell, aka “Maria Sue Bell,” 55, of Hopatcong, New Jersey, previously pleaded guilty before U.S. District Judge John Michael Vazquez to an information charging her with one count of concealing attempts to

Sri Lanka expects financing assurances from China for IMF deal within days

ReutersJanuary 20, 20230

By Uditha Jayasinghe COLOMBO (Reuters) -Sri Lanka expects to get China’s backing for its debt restructuring plan within days to help unlock a $2.9 billion loan from the International Monetary Fund, a government official said on Friday, as India pledged further support to its crisis-stricken southern neighbour. The island nation of 22 million people has grappled with challenges during the past year ranging from a shortage of foreign currency to runaway inflation and a steep recession – the worst such crisis since independence from Britain in 1948. Sri Lanka is racing to secure a bailout from the IMF but requires