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Firm in China's first bond default to be restructured SHANGHAI: Creditors of the firm responsible for China's first domestic bond default have approved a restructuring plan in hopes of getting their money back, in an effective bail-out seven months after the landmark event.Shanghai-based Chaori Solar Energy Science & Technology Co. in March defaulted on interest payments of 89.8 million yuan ($14.7 million) for a five-year corporate bond issued in 2012.Under the restructuring scheme, a consortium led by a unit of Hong Kong-headquartered energy group Golden Concord will provide 1.46 billion yuan to repay Chaori's debts in return for shares, according to regulatory filings. Government-backed China Great Wall Asset Management Corp. and investment company Shanghai Jiuyang will also provide an 880 million yuan financial "guarantee" to allow holders of Chaori's bonds to be compensated, they showed.Creditors told AFP that a majority approved the restructuring plan at a meeting on Thursday. "So hard to get the money that should be ours," ...

British economy slows down in third quarter LONDON: Growth of the British economy slowed in the third quarter of this year, official data showed on Friday in a context of concerns over the uncertain global outlook.Gross domestic product (GDP) grew 0.7 percent between July and September from output in the previous three months, the Office for National Statistics said in an initial estimate.The economy had expanded by 0.9 percent during the second quarter, and by 0.7 percent in the first quarter.But despite ...
German consumer confidence stops falling: survey FRANKFURT: Consumer confidence in Germany has stopped falling, as households appear to be no longer fazed by concerns about the economic fallout from geopolitical crises, a new poll found on Friday. Following the recent declines, "consumer sentiment rose again somewhat in October and the downward trend has come to an end," market research company GfK said in a statement."Consumers appear to be less unnerved by the ongoing geopolitical tensions and the ensuing economic slowdown. Both ...
German industry downgrades growth forecast BERLIN: The German BDI industry federation downgraded Thursday its growth forecast for the current year as the outlook for Europe's biggest economy continues to cloud over. BDI chief Markus Kerber said the federation is now pencilling in growth of 1.2-1.4 percent for the current year, after already cutting the forecast in September. "The economic outlook has darkened somewhat," but Germany would not slip into recession, Kerber said. BDI had already revised downwards its growth forecast ...
Eurozone business activity picks up, worries remain: survey BRUSSELS: Business activity in the 18-nation eurozone strengthened slightly in October, a key survey showed Thursday, but overall the economy remained weak with new orders low and pressure on prices.Markit Economics said its Composite Purchasing Managers Output Index (PMI) rose marginally to 52.2 points in October from a 10-month low of 52.0 points in September.While higher, the reading "was the second-weakest reading this year" and below the average seen in the year to date, the ...
UK retail sales fall in September, hit by weak clothing demand LONDON: British retail sales fell more than expected in September, adding to signs that the country's economic recovery is losing some of its pace.Retail sales volumes fell 0.3 percent on the month, their weakest performance since January, to show growth of 2.7 percent on the year, the Office for National Statistics said.Economists had expected a fall of 0.1 percent on the month and a gain of 2.8 percent on the year.An ONS official said mild ...
Spanish unemployment falls again, but economic outlook less bright MADRID: Spain's unemployment rate fell to its lowest in almost three years in the third quarter as the services and construction sectors expanded, though the central bank warned weakness abroad could weigh on the country's economic recovery.The headline jobless rate fell to 23.7 percent, data from the National Statistics Institute showed on Thursday, down from 24.5 percent in the previous quarter and below a Reuters forecast of 24.3 percent.The figure was the lowest registered since ...

 



 
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Annual2013/14
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