South Africa’s credit rating has been cut to junk status by the ratings agency S&P Global. The agency said that political upheaval, including the recent sacking of finance minister Pravin Gordhan, was endangering the economy. S&P also expressed concern over government debt, and in particular the expense of supporting the state energy firm Eskom. The … Read more
South Africa’s credit rating has been cut to junk status by the ratings agency S&P Global. The agency said that political upheaval, including the recent sacking of finance minister Pravin Gordhan, was endangering the economy. S&P also expressed concern over government debt, and in particular the expense of supporting the state energy firm Eskom. The … Read more
Toshiba has approved a plan to place its US nuclear unit in bankruptcy protection, a report said Wednesday, as the troubled division wrestles with multi-billion-losses and accounting fraud claims. Japan’s Nikkei business daily said Toshiba’s board gave Westinghouse Electric the green light to make a Chapter 11 filing in a US court, which temporarily shelters … Read more
Shares in Toshiba plunged Monday on a report that said its loss-hit US nuclear unit could be placed into bankruptcy protection as early as this week. Westinghouse Electric could file for Chapter 11 on Tuesday, while the troubled unit is eyeing Korea Electric Power to help with a subsequent restructuring, Japan’s Nikkei business daily said, … Read more
Standard & Poor’s cut its credit rating on Toshiba again Friday, warning that the troubled company’s finances were quickly deteriorating owing to huge losses at its US nuclear unit. The ratings agency slashed its outlook on the Japanese industrial giant by two notches to ‘CCC-‘, pushing it further into junk status after earlier downgrades in … Read more
US Treasury Secretary Steven Mnuchin on Thursday announced his department is suspending contributions to government retirement and disability funds in order to keep the country’s debt under the mandated limit. Mnuchin said the new financing steps were required, and permitted by law, to avoid breaching the roughly $20 trillion debt ceiling set by Congress. “I … Read more
President Donald Trump, facing mounting concern that millions of Americans could lose their health insurance, met Monday with “victims of Obamacare” to highlight the Republican replacement for his Democratic predecessor’s plan. The White House has spent the past week grappling with maintaining party unity as conservatives and moderates alike bashed the new initiative, for likely … Read more
Donald Trump has thrown his full weight behind a contested plan to repeal and replace Obamacare, battling to overcome resistance from the Republican Party’s right wing and meet a key campaign pledge 50 days into his presidency. With Democrats expected to unite against the new health care plan, Trump can ill afford defections from within … Read more
An economist, Courage Kinsley Martey, is warning Ghana’s economy is likely to be downgraded further by international rating agencies. His prediction is premised on the country’s rising debt. Ghana’s total debt stock had risen from GHc9.5 billion in 2009 to GH¢122 billion by the end of 2016, representing 74 percent of the Gross Domestic Product … Read more
An economist, Courage Kinsley Martey, is warning Ghana’s economy is likely to be downgraded further by international rating agencies. His prediction is premised on the country’s rising debt. Ghana’s total debt stock had risen from GHc9.5 billion in 2009 to GH¢122 billion by the end of 2016, representing 74 per cent of the Gross Domestic … Read more
South Africa’s Finance Minister Pravin Gordhan delivers the annual budget in parliament Wednesday as he battles to revive the economy and head off loyalists of the president who seek to oust him. Gordhan, a popular figure in South Africa and among international investors, is widely seen as being at loggerheads with President Jacob Zuma, who … Read more
Chinese banks lent more money in January alone than the annual GDP of South Africa, as borrowers rushed to take advantage of government policies intended to stimulate the economy with easy credit. But the free-for-all has had unintended consequences, creating a tottering tower of unsustainable debt, with Beijing now trying to tighten monetary policy and … Read more
Ghana’s President Nana Akufo-Addo has taken power with ambitious plans to revive once spectacular economic growth, only to discover a $1.6 billion hole in the budget and a deficit twice as high as expected. He may have a strong sense of deja vu. The country has a vigorous democracy, with voters ready to eject any … Read more
Ghana might record a possible downgrade by credit rating agencies during their periodic assessments of economies in Africa. The recent publications by Standard & Poor rated Ghana B- with a stable outlook, Moody’s rated Ghana B3 with a stable outlook, and Fitch’s credit rating for Ghana was a B with negative outlook. Ghana’s poor economic … Read more
Ghana might record a possible downgrade by credit rating agencies during their periodic assessment of economies in Africa. The recent publications by Standard & Poor rated Ghana B- with a stable outlook, Moody’s rated Ghana B3 with a stable outlook and Fitch’s credit rating for Ghana was a B with negative outlook. Ghana’s poor economic … Read more
Canada’s main stock market in Toronto retreated on Thursday, as declines in materials and energy stocks outpaced gains in telecommunications. The Toronto Stock Exchange’s benchmark Standard & Poor’s/TSX Composite slipped 28.32 points, or 0.18 percent, to finish the session at 15,615.52 points. Six of the ten sub-groups ended the day in negative territory. The TSX … Read more
Japan’s Toshiba Corp (6502. T) said it will unveil the extent of the writedown on its U.S. nuclear business on Feb. 14 when it reports its results for the quarter ended Dec. 31. The laptops-to-engineering conglomerate, still recovering from a $1.3 billion accounting scandal two years ago, shocked investors in December by announcing major cost … Read more
The Bank of Ghana (BoG) has entered into a partnership with the International Finance Corporation (IFC) to promote sound corporate governance in the country’s banking sector. “I believe this laudable initiative will go a long way to engender sound corporate governance principles in our banking system, to further enhance public trust and confidence,” said the … Read more
A Private Legal Practitioner Kwame Adofo has suggested to the Chairperson of the Electoral Commission of Ghana (EC) Mrs Charlotte Osei to willingly resign from her position. A High Court Judge on Friday directed the EC to allow the presidential nominee of the Progressive People’s Party (NPP) Dr Papa Kwesi Nduom to rectify the anomalies … Read more
The dollar was steady in early trading on Thursday, as investors awaited the final debate before next month’s U. S. presidential election as well as a European Central Bank meeting later in the day. While most recent opinion polls favour Democrat Hillary Clinton, Republican presidential nominee Donald Trump will try to use the third and … Read more