World Zimbabwe central bank to settle $1.2 billion (AUD $1.7 billion) of legacy debt
Deal reached to cut bankrupt Puerto Rico's debt by $24 billion
Deal reached to cut bankrupt Puerto Rico's debt by $24 billion (AUD$36.02).The deal would cut $35 billion (AUD$52.53 billion) of bonds and claims to about $11 billion (AUD$16.51 billion) as it increases the ranks of general obligation (GO) and Public Buildings Authority (PBA) bondholders that signed onto a plan to restructure core government debt and more than $50 billion (AUD$75.04 billion) in pension obligations that the board filed in U.S. District Court in September.
The Reserve Bank of Zimbabwe approved the payment of $1.2 billion (AUD $1.7 billion) in legacy debt but rejected claims for a further $861 million (AUD $1.2 billion) as the nation battles the twin effects of currency depreciation and a crippling shortage of foreign currency.
Australian Macquarie Group's third-quarter core business profit rises
Australian Macquarie Group's third-quarter core business profit risesIn a limited quarterly update, Macquarie said nine-month earnings from its funds management business, which contributes more than a third to its profit, rose on higher base and performance fees.
Settlement of the verified foreign debt will be amortised over an extended period, “with forex-denominated savings bonds” being issued to some of the creditors, the central bank said in its monetary policy statement Monday.
The southern African nation owes foreign entities, including airlines, and fuel and grain suppliers, about $2.6 billion (AUD $3.8 billion) in legacy debt since it dropped the 1:1 peg of its local dollar to the US unit a year ago, but hasn’t been able to meet payment obligations due to the severe shortage of foreign currency.
Australia's CBA beats earnings expectations, but no share buy-back
Australia's CBA beats earnings expectations, but no share buy-backDespite beating market expectations with a 4.3% fall in cash profit from continuing operations, a measure that excludes one-offs and non-cash accounting items, the lender disappointed some investors in the market who were expecting a larger cash return.
Another 350 transactions valued at $457 million (AUD $680 million) will be finalised by February 29, the bank said.
Pentagon shifts $3.8 billion (AUD $5.65 billion) towards building Mexico border wall
The US Defense Department is shifting another $3.8 billion (AUD $5.65 billion) from procurement and other operations towards paying for a wall on the US-Mexican border, official documents sent to the US Congress showed Thursday. The move took to $9.9 billion (AUD $14.72 billion) the total the Pentagon has been forced by President Donald Trump to reallocate to the barrier, after Congress repeatedly blocked funding. The president declared a national emergency last year to be able to draw federal budget funds already allocated to other needs for the wall, which aims to deter migrants from entering the country illegally.
Senior government officials have previously said they would ask creditors to take a cut on some of the debt, to save on the much-needed foreign currency.
The foreign debt of $361 million (AUD $537 million) owed by the bank was not included in the amounts, Governor John Mangudya said.
Pictures: These countries are drowning in debt (LoveMoney)
Aussie fintech investment reaches $3 billion after 250% growth… but don’t celebrate just yet .
Investment into Australian fintech has increased by a massive 252% year-on-year, according to a KPMG report, reaching a record high of $2.9 billion in 2019. KPMG’s Pulse of Fintech H2 2019 report measures investment activity, including venture capital, private equity and mergers and acquisitions, and shows a huge jump for 2019, compared to $1.14 billion invested in 2018.Dan Teper, KPMG head of fintech for Australia, called 2019 a “breakout year” for the Australian ecosystem, pointing to innovation in the banking and lending space, as well as in property, insurance and superannuation.