By Reuters Staff
1 Min Read
SOFIA, June 9 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday it would extend up to 60 million euros ($73.10 million) in a five-year senior loan to Eurohold for its acquisition of Czech CEZ’s Bulgarian assets.
Bulgarian financial and insurance group Eurohold will use the proceeds from the EBRD loan, along with a planned capital increase and other senior loans to complete its 335 million euro deal with CEZ by the end of June.
Eurohold has mandated JP Morgan to structure the debt financing for the overall acquisition, which it sees at about 490 million euros. The EBRD estimated the total costs at 525 million euros.
German Finance Minister Olaf Scholz said on Tuesday a proposal by economic advisers to raise the retirement age further to 68 was wrong and that citizens could rely on his Social Democrats (SPD) to block any such move after September's federal election.
5 Min Read
BARCELONA (Thomson Reuters Foundation) - Investment in clean energy in emerging and developing economies needs to rise by more than seven times, topping $1 trillion per year by 2030, to put the world on track for net-zero emissions by 2050, the International Energy Agency (IEA) said on Wednesday.
In a report carried out with the World Bank and the World Economic Forum, the IEA said that, without far stronger action, energy-related carbon dioxide emissions from those economies – mostly in Asia, Africa and Latin America – would grow by 5 billion tonnes over the next two decades.
By contrast, carbon emissions are projected to fall by 2 billion tonnes in advanced economies and plateau in China.
Hungary cannot cut its budget deficit to 3% of economic output next year in one step as it would deal too big a shock to the economy, Prime Minister Viktor Orban said on Wednesday, affirming a 5.9% target for the 2022 election year.
2 Min Read
FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS/Lee Jae-Won
NEW YORK (Reuters) -The Federal Reserve’s reverse repurchase window on Wednesday took in $503 billion in cash, hitting a record peak for a third consecutive session, as financial institutions flush with liquidity flocked to the Fed facility to park their cash and secure Treasury collateral.
The U.S. Treasury has targeted a $450 billion cash balance by the end of July, the debt ceiling deadline. To get there, the Treasury needs to spend its cash, which usually ends up on bank balance sheets, often in the form of money market funds.