Credit Rating

DOF chief: Draft federal charter could force massive gov’t job cuts

Finance Sec. Carlos Dominguez III. INQUIRER PHOTO/LYN RILLON Finance Secretary Carlos Dominguez III, the head of the Duterte administration’s economic team, warned that the draft federal Charter could lead to massive job losses in the public sector, reduce funds for the government’s ambitious infrastructure program, widen the budget deficit and downgrade the country’s credit ratings. “The possible repercussions could result in dire, irreversible economic consequences,” Dominguez said in a statement on Friday. Dominguez explained that “to avoid this negative economic…

0
Read More

Greece to lose access to cheapest European Central Bank cash (UPDATE)Nile International

The European Central Bank (ECB) will revoke from Aug. 21 an exemption granted to Greece from its minimum credit rating requirement, it said on Friday, shutting banks’ access to cheap central bank cash because Greek government bonds are rated junk. Greece will exit its third bailout program later this month, and the “waiver” from the ECB’s minimum credit rating requirement can only be granted to countries in bailout programs. While revoking the waiver could increase funding costs for banks and…

0
Read More

SOMEONE ELSE’S WINDOWS: What’s with federalism? (3)

CAGAYAN DE ORO CITY (MindaNews/10 August) – At least three things stand in the way of the Duterte administration’s push for a federal form of government – absence of consensus within the president’s circle on the supposed benefits of federalism, poor public awareness and acceptance, and the lukewarm attitude of the Senate toward the proposal. No consensus Finance Secretary Carlos G. Dominguez on Wednesday warned the draft federal Constitution would bring the country’s current investment grade credit rating status along with…

0
Read More

Managing Cash Flow is Key to Business Success

By Steve Julal Cash flow is the lifeblood of every small business but many business owners underestimate just how vital managing cash flow is to their business’s success. In fact, a healthy cash flow is more important than your business’s ability to deliver its goods and services. While that might seem counterintuitive, consider this: if you fail to satisfy a customer and lose that customer’s business, you can always work harder to please the next customer. If you fail to…

0
Read More

Erdogan tells Turks to buy plunging lira as Trump doubles metals tariffs

ISTANBUL/ANKARA (Reuters) – President Tayyip Erdogan told Turks on Friday to exchange gold and dollars into lira as the country’s currency plunged as much as 14 percent on worries about his influence over monetary policy and worsening relations with the United States. FILE PHOTO: A money changer counts Turkish lira banknotes at a currency exchange office in Istanbul, Turkey August 2, 2018. REUTERS/Murad Sezer/File Photo U.S. President Donald Trump said he had authorized higher tariffs on imports from Turkey, imposing…

0
Read More

Turkish Lira rate: Turkey on verge of economic crisis as currency hits record low… but Erdogan tells people to ‘have no worries’

Turkey could be on the brink of an economic crisis after the lira hit a new record low. The lira stood at 5.75 against the dollar on Friday morning, weakening even further from Thursday’s 5.55. Credit rating agency Fitch said Turkey “needs to halt the sharp slide of the lira quickly”. It has lost about 30 per cent of its value against the dollar since the New Year. The decline comes on the back of Turkey’s widening rift with the…

0
Read More

A Guide to Indonesia’s Looming Election Season

by Thomas Kutty Abraham and Rieka Rahadiana | Bloomberg August 10 at 4:07 AM With Indonesia’s April 17 election on the horizon, President Joko Widodo looks in a strong position to secure a second term. His only challenger in the the world’s third-biggest democracy (after India and the U.S.) will be Prabowo Subianto, the former general he bitterly sparred with in the previous poll in 2014. Subianto will highlight the Southeast Asian country’s recent economic woes, including a currency selloff…

0
Read More

Fonterra’s rating safe but Shareholders’ Council unhappy

Friday, 10 August 2018, 7:21 pmArticle: BusinessDesk Fonterra’s credit rating safe but Shareholders’ Council labels payout cut ‘unacceptable’ By Rebecca Howard Aug. 10 (BusinessDesk) – S&P Global Ratings said there is no immediate impact on its rating on Fonterra Cooperative Group from the group’s lower farmgate milk price and dividend guidance for the year ended July 31, issued this morning. However, the Fonterra Shareholders’ Council expressed deep disappointment, saying “the fact that we find ourselves in this situation is unacceptable”…

0
Read More

Tesla’s board is seeking more information on Elon Musk’s financing plan

(Reuters) — Tesla’s board has not yet received a detailed financing plan from CEO Elon Musk, and is seeking more information about how he will take the U.S. electric car maker private in a proposed deal worth $72 billion, people familiar with the matter said on Thursday. While Tesla’s board has held multiple discussions about Musk’s proposal, which first became public on Tuesday, it has not yet received specific information on who will provide the funding, one of the sources…

0
Read More

S&P settles landmark derivatives-rating lawsuit in Australia

SYDNEY (Reuters) – Standard & Poor’s said on Friday it has settled a lawsuit in Australia over claims by pension funds and local governments that the credit rating firm had overlooked risks when awarding high ratings to opaque investments that imploded in the global financial crisis. Australia’s Federal Court approved the settlement on Thursday, S&P said in an emailed statement which did not disclose the settlement sum or terms. “S&P Global is pleased to reach a settlement on the class…

0
Read More

Fonterra cuts dividend for farmers and investors for second half of 2018 financial year

Fonterra’s NZX-listed units dropped a three year low after the co-op announced a cut in its milk price forecast forecast and poured cold water on the likelihood it paying a second half dividend. In a statement to the NZX, Fonterra said it would cut its milk-price forecast for 2017/18 by 5c to $6.70 per kg and said it won’t pay farmers and investors a dividend for the second half of that financial year. Fonterra’s units, which allow investors outside the…

0
Read More

Federalism still Duterte priority, says Malacañang

Despite the fears of the government’s economic managers about the havoc a shift to federalism could wreak on the Philippine economy, the change remains a priority for President Duterte, Malacañang said on Thursday. Presidential spokesperson Harry Roque said the whole Cabinet supported President Duterte on the proposed change to federalism. “I think there’s a hundred percent agreement that we are pushing for federalism. The exact mechanics of how to do it well, no one can claim a monopoly,” Roque said.…

0
Read More

At-home genetic testing could influence some insurance rates

When you do an at-home genetic test like 23andMe, you may get more than you bargained for. Turns out when you’re shopping for certain kinds of insurance policies, the insurance company has the right to use your test results to shape your insurance quote! RELATED: Best and worst auto insurance companies Genetic testing can impact some kinds of insurance Direct-to-consumer genetic test kits like those sold by 23andMe, Helix and MyHeritage are all the rage these days. People seem fascinated to…

0
Read More

House of Fraser just days away from collapse without new funding | Business

House of Fraser has just days left to secure new funding to prevent it falling into administration, which would put more than 17,000 jobs at risk. On Thursday the ailing department store told its investors that it needed to secure fresh investment by 20 August. Potential bidders including Mike Ashley, the owner of Sports Direct, Philip Day, the owner of Edinburgh Woollen Mill, and restructuring expert Alteri, have all been asked to put forward their best offers this week as…

0
Read More

Nokia’s credit rating rises out of junk territory at Fitch

Nokia Corp.’s NOK, -0.67% credit rating was upgraded to BBB- from BB+ at Fitch Ratings, effectively lifting the Finland-based network infrastructure giant’s credit out of junk territory. The rating outlook is stable. Nokia’s U.S.-listed shares slipped 0.7% in midday trade. “The upgrade reflects the successful implementation of Nokia’s cost savings programme, integration of Alcatel Lucent and visibility…

0
Read More
About

Business on the Web provides the latest Business News: Breaking Personal Finance, Company,  Financial and Economic News.

Our blogs are an excellent place for technology professionals to get up-to-date industry news. Blogging about the hottest education technology issues.

Social Links