| Liberia: IMF Pledges $842m Deal for Debt Relief
Member states of the International Monetary Fund (IMF) have made pledges totaling more than 842 million dollars, to provide debt relief for Liberia. IMF Managing Director Dominique Strauss-Kahn Monday announced in Washington, DC, that the International Monetary Fund secured these financing pledges from member countries as a deal to allow the Fund provide debt relief to Liberia. A release from the Liberia Embassy in Washington, DC, quoted the IMF Managing Director as saying that when these pledges are formalized, a process will be followed to clear the arrears for Liberia to qualify for new Fund financing that will enable the delivery of Heavily Indebted Poor Countries (HIPC) Initiative and other debt relief to the country. .
14-11-2007: Credit Suisse: Outperform on BCHB
CREDIT Suisse Research is maintaining its Outperform recommendation on Bumiputra-Commerce Holdings Bhd (BCHB), which reported a net profit of RM1.03 billion for the third quarter (3Q) ended Sept 30, 2007. It said that despite a 39% quarter-on-quarter decline (decline of 1% on-year) in 3Q core net profit to RM404 million, the nine-month net profit of RM2.3 billion (including RM628 million insurance gain) was well on track to meet its full-year estimate of RM2.77 billion and consensus estimates of RM2.69 billion. The research house said the on-quarter dip in profit was due mainly to a 42% drop in non-interest income (lower investment banking and treasury income). Basically, BCHB only needs a flat on-quarter performance in 4Q to meet street's expectations. “Management expects stronger 4Q as capital market conditions has improved (pick up in deal pipeline), loan base has grown and provisions could drop (potential writeback of general provisions)," it said.
(AFX UK Focus) 2007-11-16 17:29 GMT: Virgin says would repay 'significant' part of BoE debt under Northern Rock bid
LONDON (Thomson Financial) - The Virgin Consortium bidding to take over Northern Rock said it would repay a "significant proportion" of the company's Bank of England borrowings immediately if its bid is successful. It also said a "clear timeline" is envisaged for full payment of the borrowings. Sir Richard Branson's group said in a statement that it is assembling a board to run the company as a going concern, led by Sir Brian Pitman as chairman and with Sir George Mathewson as a senior adviser. The bank would be rebranded as Virgin if the bid succeeds. Today was the deadline for preliminary bids for Northern Rock. The bank was expecting to receive between six and eight proposals to buy all or part of the struggling banking group, according to reports. Branson's consortium is said to include US bankruptcy veteran Wilbur Ross, London hedge fund Toscafund, AIG, Dubai International Capital and Hong Kong investor Victor Chu.
Singapore Airlines, Temasek in landmark deal with China Eastern
China Eastern Airlines aircrafts sit on the tarmac of the International Airport in Beijing. Singapore Airlines and the city-state's Temasek Holdings have signed a final agreement to buy 24 percent in China Eastern Airlines, the nation's third-largest carrier, the firms said Friday. .
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