Headlines

China invited Zambia's private creditors to discuss the nation's debt later this month after official creditors agreed to a restructuring of its debt, Chinese Ambassador to Zambia Du Xiaohui said on Thursday, Reuters reported. Zambia's creditors have pledged to negotiate a restructuring of the country's debts in a move welcomed by International Monetary Fund managing director Kristalina Georgieva as "clearing the way" for a $1.4 billion fund programme.

Australia's "Big Four" banks raised their home loan variable interest rates on Thursday, after the country's central bank hiked rates earlier this week, Reuters reported. Commonwealth Bank of Australia, Australia and New Zealand Banking Group, National Australia Bank and Westpac Banking Corp increased their mortgage rates to match the hike announced by the central bank. The new rates for CBA and ANZ customers will take effect from Aug. 12, while Westpac's rates will apply from Aug. 18. The banks also raised rates on some of their products for customers with savings accounts and deposits.

Argentina’s new Economy Minister Sergio Massa pledged to stop printing money that helps fuel runaway inflation, outlining his strategy to turn around the country’s deepening crisis, Bloomberg News reported. Massa rolled out his economic roadmap Wednesday night after being sworn in by President Alberto Fernandez as the third such minister in a month. Massa’s measures also focused on boosting exports, reducing the country’s fiscal deficit and increasing the central bank’s dwindling reserves.

South Africa's Remgro Ltd said on Thursday it will buy hospital chain operator Mediclinic International in a consortium with Switzerland's MSC Mediterranean Shipping for 3.7 billion pounds ($4.49 billion), Reuters reported. The offer, which was the consortium's fourth after the earlier ones were rejected by Mediclinic's board, values the company at 6.1 billion pounds ($7.41 billion), Remgro and Mediclinic said in a joint statement. Mediclinic is South Africa's third biggest operator of hospitals and billionaire tycoon Johann Rupert's Remgro already owns up to 45% of the company.

Saudi Arabia raised oil prices for buyers in Asia to record levels, a sign the world’s largest exporter sees the region’s market remaining tight, Bloomberg News reported. Despite indications that slowing economies are starting to hit global demand for crude, state producer Saudi Aramco increased its Arab Light grade for next month’s shipments to Asian refineries to $9.80 a barrel above the Middle Eastern benchmark. That’s 50 cents more than in August. Still, traders and refiners had expected a bigger jump of $1.50, according to a Bloomberg survey in late July.

Egyptians are finding some consumer goods increasingly hard to come by, as attempts to buffer the currency ripple across the $400 billion economy that’s running short on dollars, Bloomberg News reported. Although basic commodities are freely available, shortages in more luxurious products -- ranging from summer clothes to imported cars -- are becoming common. Choices for customers have dwindled at fast fashion groups like Mango, Zara and H&M.

Rising energy and fuel bills are driving growing numbers of UK companies into insolvency, as firms struggle to cope with higher costs, supply and staff shortages, and the withdrawal of Covid support packages from the government, the Guardian reported. Corporate insolvencies in England and Wales jumped by more than 80% in the past quarter from a year earlier, while the number of firms opting to be liquidated hit the highest level in at least six decades. They accounted for almost nine in 10 of the total.

The Italian parliament has given its final approval to a highly contested bill to promote competition in product and services markets, required to help secure a new tranche worth 19 billion euros ($19.4 billion) of post-pandemic European funds, Reuters reported. The reform championed by the outgoing government of Prime Minister Mario Draghi has triggered protests from lobby groups, especially taxi drivers who were against opening up their sector to broader competition including from multinationals.

Euro zone retail sales plunged in June and factory gate prices continued to rise, data showed on Wednesday, adding to fears the 19-country single currency zone is heading for recession, Reuters reported. The European Union's statistics office Eurostat said the volume of retail sales in the 19 countries sharing the euro, already adjusted for inflation, fell 1.2% month-on-month in June for a 3.7% year-on-year decline. Economists polled by Reuters had expected unchanged monthly sales and only a 1.7% annual fall.

The German government will have to amend its energy security law again in September as its gas levy cannot yet be imposed on all consumers, including those with fixed prices contracts, government and parliamentary sources told Reuters on Wednesday. A gas levy, which had been set to come into force from October, was envisaged as a tool to collect funds from all gas consumers to support ailing gas importers that are struggling with soaring prices due to falling Russian gas export flows.