Headlines

Ethiopia plans to restructure an additional $1 billion of debt as the government seeks to free up funds to support its economic recovery, Bloomberg News reported. Restructuring of the debt will provide a grace period of as long as six years and extend the maturity by 10 years, the Finance Ministry said in a report on its website. “$2.5 billion in principal and interest payment has been postponed for five years by commercial creditors under the first external debt restructuring scheme,” according to the report.

German airline Lufthansa raised 1 billion euros ($1.2 billion) in a corporate bond sale on Wednesday, boosting its finances after a state bail-out due to the COVID-19 pandemic, Reuters reported. Lufthansa, which was hit hard by the ensuing tourism crisis, had already issued a bond in February to repay part of last year's 9 billion euro bailout from state lender KfW. "The repeated successful placement of a corporate bond again confirms our access to a variety of advantageous financing instruments," finance chief Remco Steenbergen said in a statement.

New Zealand's closed borders have helped keep COVID-19 out of the Pacific nation, but a critical shortage of migrant labour is now fueling protests among businesses and workers struggling with a staffing crisis, Reuters reported. About 2,000 eateries stopped service and turned off lights across on Tuesday and are planning other stop work events as part of a two-month campaign to draw the government's attention to the severe shortages in skilled labour. The labour crunch comes after New Zealand sealed its border in March last year in response to the raging coronavirus pandemic.

A consortium led by Macquarie Group Ltd. is exploring a rival offer for Sydney Airport, in a potential challenge to IFM Investors Pty’s A$22.3 billion ($17 billion) bid, Bloomberg News reported. The Australian firm has been speaking with potential partners, including local pension funds, about making a joint offer. The bidding group could include funds managed by Macquarie Infrastructure & Real Assets. Macquarie may also use some of its own capital for the deal and could seek to rope in some of the MIRA funds’ investors to join the consortium.

Authorities in Greece warned Tuesday that bars and restaurants could be shut down if they defy COVID-19 distancing rules following a jump in infections among young people, the Associated Press reported. Civil Protection chief Nikos Hardalias said one-week license suspensions will be imposed on businesses that serve standing customers or ignore capacity limits, followed by two-week and indefinite suspensions if the violations persisted. Fines will range from 2,000 to 10,000 euros ($2,360-11,800) depending on the size of the business and the number of previous infringements, he said.

A former millionaire property developer facing fraud charges in Ireland is seeking to challenge the appointment of a forensic accountant as his bankruptcy trustee, the Independent reported. Philip Marley alleges that the appointment, made at the behest of a creditor, was “rogue” and “invalid”. He made the claims in the High Court before Mr Justice Richard Humphreys, the judge who approved the appointment of accountant Mícheál Leydon last March.

As payback time approaches for more than 75 billion pounds ($104 billion) of emergency state-backed loans, Britain's banks must tread a delicate path with businesses propped up during the pandemic, Reuters reported. Faced with trying to limit losses for themselves and taxpayers but also avoid a repeat of the aftermath of the 2008 financial crisis, when banks were vilified and forced to pay millions of pounds in redress for heavy handed debt repayment tactics, lenders are pledging that this time will be different.

The court in Buzău admitted at the beginning of this month the request for insolvency filed for Getica 95, the biggest independent electricity trader, a business of RON 1.5 bln (EUR 300 mln) owned by the businessman Viorel Tudose, Romania-Insider.com reported. The insolvency request was filed by creditors and not the company itself - as Tudose announced in June. Tudose said at that time that the company faces cash flow and not profitability problems and that all contracts with the end-users will be observed.

Lebanon’s caretaker prime minister warned Tuesday that the country is hurtling toward a “social explosion” and appealed on the international community for assistance to prevent the demise of the nation facing multiple crises, the Associated Press reported. Hassan Diab’s plea came as he spoke to diplomats in Lebanon, where politicians have failed to agree on forming a new government, nearly a year after Diab’s Cabinet resigned.