China confirmed this week that its government has written off almost $80 million in debt from Cameroon following pressure from Chinese journalists who uncovered the deal. Chinese Foreign Ministry spokesperson Hua Chunying confirmed to CNN in a report published Tuesday that Beijing “agreed to waive the interest-free inter-governmental debt that Cameroon had not paid back by the end of 2018.”The two sides struck the deal when Chinese diplomat Yang Jiechi traveled to Cameroon for a meeting with President Paul Biya last month. Neither government issued any sort of public statement about debt forgiveness, but Chinese reporters sussed out the arrangement, initially assuming Cameroon’s entire $5.2 billion in debt had been waived by Beijing. Prompted by this news report, the Chinese government admitted the existence of the deal in order to correct the record about how much debt it forgave: That debt was worth $78.4 million. Cameroon’s total debt is 5.8 trillion Central … [Read more...] about China Secretly Writes Off $80 Million in Cameroon Debt
Bad debt write off
TBILISI, Georgia — The Georgian government says a charity controlled by the chairman of the ruling party is ready to write off the debts of 600,000 people, which critics have described as an attempt to buy votes ahead of a runoff in next week's presidential election. Prime Minister Mamuka Bakhtadze said in a statement Monday that the charitable foundation controlled by Bidzina Ivanishvili, billionaire and former prime minister who chairs the ruling Georgian Dream party, will buy an estimated 1.5 billion lari ($563 million) of bad loans from individuals around the country. While he did not elaborate how exactly the debts are going to be written off, Bakhtadze said it will affect roughly 600,000 people who have been struggling to pay down their debts. Some 90 percent of them have debts not exceeding 2,000 lari ($750). Voters in the South Caucasus nation will go to polls next Wednesday to cast their ballots in the runoff, choosing between two former foreign ministers, Grigol … [Read more...] about Georgian charity to write down debts of 600,000
JOHANNESBURG (Reuters) - South African clothing and homeware retailer The Foschini Group (TFG) <TFGJ.J> said on Monday its London business would be likely to incur some bad debt write-offs as a result of the collapse of House of Fraser. UK department store group House of Fraser group collapsed into administration and last month was immediately bought from administrators by Mike Ashley's Sports Direct <SPD.L>. "Whilst this consolidation creates further opportunities for TFG London's brands, the House of Fraser situation has negatively impacted TFG London's trade through the House of Fraser website and their concessions," TFG said in a statement. "In addition, whilst not material to the group, it appears likely that TFG London will incur some degree of bad debt write-off as a result of House of Fraser entering administration." TFG's clothing brands in Britain include Phase Eight, Whistles and Hobbs. TFG London contributed 18.7 percent to group turnover in the year to March … [Read more...] about Retailer TFG’s London business may face hit from House of Fraser collapse
ISTANBUL (Reuters) - The sell-off in Turkey's lira poses no risk to the country's banks, Finance Minister Berat Albayrak said in an interview, in stark contrast to recent comments from major ratings agencies about the impact of the currency crisis on lenders. Albayrak also told Reuters late on Sunday that he sees no problems or risks from overall debt levels, which he described as still low internationally, relative to GDP. Ratings agencies have in recent weeks highlighted concern about Turkey's banks. For years, Turkish firms have borrowed in dollars and euros, drawn by lower interest rates. But the lira's <TRYTOM=D3> 42 percent drop this year has driven up the cost of servicing that debt and investors fear banks could be hit by a wave of rising bad loans. "When we look at it from the balance sheet of banks and all credit channels of this period, there is already no exchange (rate), currency risk to banking," Albayrak told Reuters in an interview in Istanbul. He also dismissed … [Read more...] about Lira sell-off poses no risk to Turkey’s banks, Finance Minister Albayrak says
Angie Craig is trying to be a better candidate than she was in 2016. The Democrat, a former medical device executive from Eagan, ran in Minnesota’s 2nd Congressional District race that year as a favorite to pick up the suburban south-metro seat. Polished, poised and running a campaign that prided itself on prolific fundraising and field efforts, Craig was regarded as a cream-of-the-crop recruit by national Democrats — but she lost, by just under two percentage points, to longtime talk radio host Jason Lewis. It was one of election night’s most surprising results — Lewis had been written off by many Republicans — and a major blow to a candidate who had seemingly done everything right. This year, Craig is back on the campaign trail again, as a challenger to the now-incumbent Lewis, and she’s had a bit of time to think about what to do differently. For one, the 46-year old Democrat says she’s doing a lot more listening this time around, calling as … [Read more...] about Jason Lewis and Angie Craig square off again in Minnesota’s 2nd District. What’s different this time around?