Glencore said on Thursday that its Colombian unit will commence the process of handing its mining contracts back to the Republic of Colombia, after a review found that its two mines were uneconomic to recommence operations.
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MADRID, March 5 (Reuters) - Any restructuring of state-guaranteed debt accumulated by Spanish small and medium-sized companies during the COVID-19 crisis will not be compulsory for banks, according to government and financial sources, a softening of the original aid proposal.
Socialist Prime Minister Pedro Sanchez announced 11 billion euros ($13.1 billion) of aid for SMEs on Feb. 24, without providing further detail. A government source told Reuters then the relief package would include debt write-offs for viable companies, with banks assuming part of the losses.
But after two weeks of complex negotiations between the government, the central bank and financial institutions, the decision was that any such loss-sharing would be only voluntary for banks, implemented through a “code of good practice” that all banks will sign, according to a government source.
By Reuters Staff
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BEIJING, March 5 (Reuters) - The outlook for China’s government revenue and expenditure this year is “quite grave”, the finance ministry said on Friday in its annual budget report.
“On the whole, the outlook for government revenue and expenditure in 2021 appears quite grave, with even greater difficulty in balancing the budget and risks in key areas such as debt that cannot be overlooked,” it said in the report released at the start of China’s annual meeting of parliament.
The growth of available funds that can be used this year will be modest due to a smaller deficit ratio and fewer funds carried over from previous years, as well as no issuance of COVID-19 special treasury bonds, the ministry said.
By Reuters Staff
1 Min Read
BEIJING, March 5 (Reuters) - The outlook for China’s government revenue and expenditure this year is “quite grave”, the finance ministry said on Friday in its annual budget report.
“On the whole, the outlook for government revenue and expenditure in 2021 appears quite grave, with even greater difficulty in balancing the budget and risks in key areas such as debt that cannot be overlooked,” it said in the report released at the start of China’s annual meeting of parliament.
Reporting by Lusha Zhang and Tony Munroe; Editing by Jacqueline Wong
By Reuters Staff
1 Min Read
BEIJING, March 5 (Reuters) - China’s state planner said it will firmly check increases in hidden local government debts, as well as take “proactive and prduent” steps to address existing hidden debts.
The goals were set in the National Development and Reform Commission’s work report for this year, released Friday. (Reporting by Gabriel Crossley and Colin Qian)