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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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Pakistan has secured commitments from China, Saudi Arabia and the United Arab Emirates to rollover debt for a year, a boost for the nation as it awaits a final approval for its new $7 billion loan program with the International Monetary Fund, Bloomberg News reported. The amount of rollovers will be the same as last year, Pakistan’s Finance Minister Muhammad Aurangzeb told reporters in Islamabad after a parliamentary committee meeting. Pakistan has $12 billion in bilateral loans that have been extended for the past few years.
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Selina Networks filed for bankruptcy on Monday, citing a 95% drop in stock value since its IPO, massive debts, and an inability to meet financial obligations with its investors, the company informed the Inter-American Development Bank, YnetNews.com reported. Listed on NASDAQ 18 months ago with a valuation of $1.2 billion, Selina's stock price has plummeted by 99%, leaving the company valued at about $20 million. Facing potential delisting from NASDAQ, the company's stock price has fallen below the minimum threshold.
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Under Cairo’s baking summer sun, a forecourt of heavily discounted new Toyotas showcases a surprising side-effect of March’s dramatic currency devaluation: prices for big-ticket items are tumbling, Bloomberg News reported. They’ve fallen so much, in fact, that would-be buyers of everything from sofas to refrigerators and automobiles are holding off, convinced they can wait for a better deal. Almost no one is splashing out — and that’s an issue Egypt’s consumer-led economy needs to overcome.
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Egypt kept interest rates at an all-time high for a second consecutive meeting, looking to ensure a slowdown in inflation continues after a dramatic currency devaluation, Bloomberg News reported. The central bank maintained the benchmark deposit rate at 27.25% and the lending rate at 28.25%, its Monetary Policy Committee said Thursday in a statement. “The Committee judges that the current monetary stance is appropriate to support the sustained moderation of inflation, and will continue to assess its transmission to the economy in a data-driven manner,” it said in the statement.
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The Suez Canal's annual revenue dropped by almost a quarter in its latest financial year as some shippers switched to alternative routes to avoid attacks by Iran-aligned Houthis in the Red Sea, Reuters reported. Osama Rabie, the head of the Egyptian canal's authority said on Thursday revenues fell to $7.2 billion in its 2023-24 financial year from $9.4 billion the year before. Since November, the Houthis have been attacking commercial vessels in the Red Sea and Indian Ocean to show support for Palestinian militant group Hamas in its fight against Israel.
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