As part of the agreement, Beijing and the other creditor countries – known as the Official Creditor Committee (OCC) – pushed for comparability of treatment (CoT) principle in which private bondholders would have to offer comparable debt relief.
Patrick Curran, a senior economist at research firm Tellimer, said official creditors were averse to nominal haircuts, preferring longer maturity extensions and lower interest payments instead. Bondholders, on the other hand, tended to prefer some level of upfront nominal haircuts in exchange for earlier payments in the form of higher coupons and shorter maturities.
China and other official bilateral creditors want bondholders to take a larger haircut than what Zambia’s government or the IMF deemed necessary.
This did not go down well with private investors, who said the decision was “extraordinary” and would have “significant adverse consequences, most immediately for Zambia”.
The company blamed the shortfall on the departure of “multiple senior executives and key personnel” and the 2021 death of founder Xie Zhikun, who “played a pivotal role in decision-making” at the group.
She added that authorities were unlikely to bail out the company. “Most of the hit will be taken by wealthy individual investors, so we don’t see the state stepping in this time around.”
Canadians in participating provinces and territories can expect a test alert on their television, radio and compatible wireless devices on Wednesday, Nov. 15.
Those houses were built by state-backed actors to support growing urbanization and create a housing surplus for that urbanization to give the workers more power since they no longer have to deal with aggressively rent-seeking private landlords.
Israel's Defence Minister Gallant warns Hezbollah: Israel can do in Beirut what it's doing in Gaza (m.jpost.com)
Asia’s central banks snap up gold in ‘new normal’ to reduce risk from US dollar (www.scmp.com)
Trans rights boosted in China as court backs sacked worker, calls for ‘respect’ (www.scmp.com)
Canada's surging cost of living fuels reverse immigration (www.reuters.com)
FDA Approves First Gene Therapies to Treat Patients with Sickle Cell Disease (www.fda.gov)
Chad and Mauritania pave way to dissolve G5 anti-jihadist alliance (www.rfi.fr)
Maduro orders the 'immediate' exploitation of oil, gas and mines in Guyana's Essequibo (apnews.com)
Biden says Hamas raped, mutilated women during Israel assault (www.reuters.com)
As expected, Bank of Canada holds interest rate steady at 5% (www.cbc.ca)
US Commerce Secretary Calls China the 'Biggest Threat We've Ever Had' (news.antiwar.com)
China’s Manufacturing Activity Expanded in November, Caixin PMI Shows (www.wsj.com)
Brazil to join OPEC+ in 2024, not expected to adjust oil output: delegates (www.spglobal.com)
Canada's economy unexpectedly shrinks 1.1% in Q3 but skirts recession (www.reuters.com)
Post-affirmative action, Asian American families are more stressed than ever about college admissions (www.latimes.com)
China, IMF and investors can’t reach a deal on Zambia’s debt. What does it mean for other distressed African nations? (www.scmp.com)
Small Kentucky town urged to evacuate after train derails, spilling chemical (apnews.com)
Chinese shadow bank Zhongzhi faces $36bn shortfall after ‘management ran wild’ (www.ft.com)
India resumes electronic visa services for Canadians (www.cbc.ca)
China’s CO2 emissions may be falling already, in a watershed moment for the world (www.telegraph.co.uk)
Over 100 Palestinians reported killed in Gaza as attack continues despite ceasefire deal (www.theguardian.com)
Party of Dutch anti-Islam populist Wilders to win most seats: Exit poll (www.aljazeera.com)
US considers redesignating Houthis as ‘terror’ group after ship seizure (www.aljazeera.com)
Yesterday, following an Israeli airstrike about 1km away from Nasser Hospital in Khan Younis in the #Gaza Strip, where MSF teams are working, 122 patients arrived at the hospital within minutes. (twitter.com)
While 70 people were dead upon arrival, dozens of injured, including many children, arrived in critical conditions with severe burns....
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Milei Wins Argentina’s Presidential Election as Massa Concedes (www.bloomberg.com)
Spavor blames fellow prisoner Kovrig for Chinese detention, alleges he was used for intelligence gathering (www.theglobeandmail.com)
Dozens killed as Israeli forces attack al-Fakhoora School in northern Gaza (www.aljazeera.com)
18+ CNN analysis: Video suggests IDF might have rearranged weaponry at Al-Shifa prior to news crew visits (edition.cnn.com)
The Joe Biden-Xi Jinping Summit: Nothing Accomplished? (nationalinterest.org)
Israel drops leaflets warning people to flee southern Gaza towns (www.theguardian.com)
Taiwan’s opposition KMT, TPP agree to joint ticket in presidential race (www.scmp.com)
Test of Canada’s public alerting system, Alert Ready, coming Wednesday - The Weather Network (www.theweathernetwork.com)
Canadians in participating provinces and territories can expect a test alert on their television, radio and compatible wireless devices on Wednesday, Nov. 15.
Biden, Xi to Announce Deal for China Fentanyl Crackdown at APEC in San Francisco (www.bloomberg.com)
Ukraine's Defence Ministry is considering dismissing three commanders (www.pravda.com.ua)
Communist Filth/Capitalist Filth (lemmy.ml)
Gaza Pediatric Hospitals Encircled By Israeli Tanks After Brutal Night of Airstrikes (new.thecradle.co)
How China's BYD went from bargain battery maker to Tesla's biggest rival (asia.nikkei.com)
Report: 7 October testimonies strike major blow to Israeli narrative (www.middleeastmonitor.com)