Aurelia Butler

BEIJING (Reuters) – Suriname hopes to strike a deal with China by mid-December over rescheduling interest payments on its debt beyond 2024, its foreign minister told Reuters on Wednesday, the final piece in a push to restructure its international debt.The country wants to ensure interest payments do not balloon going forward after Suriname became the second country to default on its sovereign debt in the aftermath of the COVID pandemic in 2020, after Zambia.Suriname and China have taken bilateral debt negotiations on rolling over the current agreement beyond the end of next year as far as they can and are close to a deal, Albert Ramdin said in an interview in Beijing, adding that it was important the terms aligned with what Suriname had agreed with other creditors.”At the technical level, (the Chinese side) has reached the ‘maximum’, based on what the rules and procedures of the EXIM bank allow, which is why I am here: to convince them it’s time to take this to the next level and see what can be done,” Ramdin said.”I think anything beyond that would require a policy decision at a higher level, somebody needs to take the loss,” he added, but did not say whose decision that was on the Chinese side.Suriname owes Chinese creditors around $540 million, according to the Suriname Debt Management Office, of which close to $130 million is in arrears. The terms of the loans do not include any concessions, Ramdin said, meaning that China cannot seize any of its assets should the country continue to struggle with repayments. “There are two remaining issues. One is the maturity rate – the term of the loan – as we need more time, so it fits within the debt sustainability framework of the International Monetary Fund… and the other is to seek a reduction in interest rate.” The former Dutch Colony desperately needs debt relief from creditors including the IMF, Paris Club, India, and China, whom it is struggling to repay, as its commodities exports have taken a hit with prices plunging globally and its reserves dried up as the cost of imported staples shot up during the pandemic.”With China, we are aiming for a similar deal as we have received with India, for instance,” Ramdin explained.In June, Suriname agreed to repay the approximately $39 million it owes India within 15.5 or 20.5 years, depending on the type of loan, with a maximum annual fixed-interest rate of 1.20%. Suriname needs to a secure a deal with China, the largest of its bilateral creditors, to help it improve its international credit rating so that it can attract fresh foreign funds for its oil and gas industries, Ramdin said, adding that he saw “good opportunities” for Chinese firms in these sectors once policymakers have shored up the economy. “I hope in the coming days, we’ll see that understanding translate into an acceptance: whether that will be a haircut on the interest rate or maturity… and I can go back with a proposal from their side,” Ramdin said, adding that he was due to meet with EXIM officials on Thursday.The bank did not immediately respond to Reuters’ request for comment.Ramdin said he expects EXIM officials to visit Suriname to complete the deal before the year’s end.Suriname on Monday said it had reached a deal with its private creditors to exchange $675 million of dollar bonds for new notes, with owners of more than 92% of the bonds by value signing up. More

The world’s largest generic drugmaker said on Wednesday it earned 60 cents per diluted share excluding one-time items in the July-September quarter, up from 59 cents per share a year earlier.Revenue rose 7% to $3.9 billion, with Austedo sales up 30% in North America to $339 million. Sales of migraine drug Ajovy rose 8% and generic medicine sales in North America were up 15%.”Continued solid performance of Austedo, Ajovy and our generics business delivered growth across all geographies,” said Chief Executive Officer Richard Francis. “Based on these strong and consistent results, we are increasing our revenue outlook for 2023 for the second consecutive quarter.” Analysts had forecast earnings of 61 cents a share ex-items for the Israel-based company on revenue of $3.72 billion, I/B/E/S data from Refinitiv Eikon showed.For 2023, Teva raised its revenue forecast slightly to $15.1-$15.5 billion from $15.0-$15.4 billion, after 2022 revenue of $14.9 billion.It maintained its forecast of adjusted EPS of $2.25-$2.55, versus $2.52 in 2022.Francis noted that in the wake of the war that began on Oct. 7 after Hamas gunmen rampaged through Israeli towns, killing 1,400 and taking more than 240 hostages, “our production remains largely unaffected, and we have increased our emergency medical supplies, product donations and other supporting activities.”Teva’s revenues in Israel account for about 2% of its global revenues, while production in Israel constitutes less than 8% of total global production.Teva’s Tel Aviv-listed shares were up 1.2% in afternoon trading versus declines in the broader market. More

Makhlouf dismissed notions of immediate rate reductions and denied reaching the peak of economic recovery. While he expressed optimism about inflation moving towards the 2% target, he acknowledged that core underlying inflation remains a challenge. He also voiced uncertainty about the return of low-rate environments, suggesting that the government’s role in post-pandemic life and the potential larger roles of governments in economies could be significant factors.In light of the European Central Bank’s (ECB) aggressive rate hikes aimed at achieving a 2% inflation target, Makhlouf indicated that it’s too early to consider reducing borrowing costs. This stance comes amidst a faltering euro-zone economy and intensifies speculation around the timing of crucial rate cuts.Beyond these economic concerns, Makhlouf emphasized the importance of financial literacy in school curriculums. He argued that preparing children for future financial responsibilities is essential for financial stability. This responsibility, he said, lies not only on regulation but also on consumers’ understanding of financial innovations. He applauded the government’s focus on financial literacy, viewing it as a collective obligation of parents, teachers, and governments.The period leading up to their pivotal December meeting is seen as crucial in shaping these strategies and addressing these pressing economic issues.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The Mortgage Bankers Association on Wednesday said the average contract rate on a 30-year fixed-rate mortgage dropped in the week ended Nov. 3 by a quarter percentage point to 7.61%, the lowest in about a month. It was the largest weekly drop since late July 2022.The second weekly decline further pulled home-purchasing borrowing costs down from two-decade highs near 8% reached in October while yields on the 10-year Treasury note, the benchmark for U.S. home loan rates, had been charging higher. That months-long updraft in yields saw a sharp reversal last week after the U.S. Treasury said upcoming debt issuance would be somewhat less than previously expected and the Federal Reserve left its key overnight policy rate on hold for a second straight meeting. More

The Times has been promoting its bundled offerings of news, entertainment and lifestyle articles as well as podcasts as it looks to attract and retain subscribers, making the publication a lucrative spot for advertisers.The company reported revenue of $598.3 million for the third quarter, above analysts’ average estimate of $589.4 million, according to LSEG data.Subscription revenue grew 9.4% to $418.6 million in the three months to September, above estimates, helped by introductory rates rising after discounted promotional periods ended.Strong results by technology giants Meta (NASDAQ:META) and Alphabet (NASDAQ:GOOGL) have signaled a rebound in the advertising market as firms which were earlier bogged down by high interest rates are gradually increasing enterprise spend.NYT’s advertising revenue increased 6% year-over-year to $117.1 million, exceeding market expectations as well.The company reported average revenue per user (ARPU) for bundled subscriptions of $12.81, compared with a total digital-only ARPU of $9.28.NYT has a goal to reach 15 million subscribers by 2027. It added 210,000 digital-only subscribers in the quarter, compared to an addition of 180,000 in the second quarter.The Athletic, its games and sports news offering which the company bought in 2022 for $550 million, generated revenue of $34.4 million, up nearly 46%.NYT reported adjusted earnings of 37 cents per share, beating estimates of 29 cents per share. More

To drive future growth, the drugmaker is leaning on newer products including Leqembi, postpartum depression drug Zurzuvae and the rare disease treatments acquired through its $6.5 billion buyout of Reata. The costs associated with the deal, however, pushed up Biogen (NASDAQ:BIIB)’s costs and expenses to $2.67 billion, more than double from a year ago.Still, the company beat market expectations for profit in the third quarter, helped by strong sales for its rare muscle-wasting disorder drug Spinraza, sending its shares up about 1.4% in premarket trading.”We now have the elements to grow sustainably so our focus is no longer on doing anything of significance in M&A at least for the time being,” CEO Christopher Viehbacher said on a media call. Since he was hired a year ago, Viehbacher has led efforts to cut expenses and help Biogen recover from its missteps around the controversial Alzheimer’s drug Aduhelm that never gained traction. Spinraza sales of $448.2 million beat estimates of $433 million for the quarter. The drugmaker expects full-year adjusted profit per share in the range of $14.50 to $15.00 compared with $15 to $16 forecast previously. Analysts were expecting $15.26.On an adjusted basis, Biogen earned $4.36 per share, beating analysts’ average estimate of $3.97, according to LSEG data. More

The company’s shares, down about 29% so far this year, were last up 2% in choppy premarket trading as second-quarter profit topped analysts’ estimates.Freight and raw material costs are moderating for many global companies from the spikes caused by disruptions to the supply chain during the pandemic and compounded by the Russia-Ukraine war.The athletic wear brand now expects annual gross margin to be up 100-125 basis points, compared with its previous expectation of up 25-75 basis points.The company also expects its selling, general & administrative expenses to be flat to down slightly versus the previous forecast of flat to up slightly.This has helped the retailer offset the hit from deep discounts rolled out to entice customers, mainly in the U.S., as many faced with higher interest rates and sticky inflation cut back spending on pricier apparel and footwear.Under Armour (NYSE:UA) reported a 2% fall in its North America sales, while wholesale revenues declined 1% in the reported quarter. Earlier in the day, European rival Adidas (OTC:ADDYY) said currency-adjusted sales in North America fell 8.8% due to reduced product orders from wholesalers there.Under Armour now expects fiscal 2024 net revenue to fall between 2% and 4%, compared with its earlier outlook of flat to up slightly. The company’s second-quarter profit of 24 cents per share topped analysts’ estimates of 21 cents, according to LSEG data, while net revenue of $1.57 billion was in line with expectations. More

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