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Archive for the Category ◊ Debt Management ◊

BRUSSELS Jan 23 The following are mergers under
review by the European Commission and a brief guide to the EU
merger process:

APPROVALS AND WITHDRAWALS

— Private equity investor Advent International Corp to
acquire industrial parts maker Brammer (approved Jan.
20)

NEW LISTINGS

— Swedish hygiene products and forestry group SCA
to acquire German bandage and plaster cast maker BSN from
private equity firm EQT (notified Jan. 20/deadline Feb.
24/simplified)

— Investment fund EQT Fund Management to acquire joint
control of Germany energy company Getec Energie Holding which is
now solely controlled by GEH GmbH (notified Jan. 18/deadline
Feb. 22/simplified)

— US investment fund HPS to acquire joint control of US
insurance broker NFP Holdings which is now solely controlled by
US private equity firm Madison Dearborn Partners (notified
Jan. 16/deadline Feb. 20/simplified)

EXTENSIONS AND OTHER CHANGES

— US chemicals company Dow Chemical to merge with
DuPont (notified June 22/deadline extended to March 14
from Feb. 28)

FIRST-STAGE REVIEWS BY DEADLINE

JAN 25

— US medical devices maker Abbott Laboratories to
acquire US diagnostics company Alere (notified Nov.
29/deadline Jan. 25 after commitments submitted)

JAN 26

— EP Investment and EP Investment II to jointly acquire
Czech utility Energeticky a prumyslovy holding, as (EPH)
(notified Dec. 14/deadline Jan. 26/simplified)

JAN 30

— ArcelorMittal Distribution Services France and
Cellino to create a joint venture Steelcame Srl active in
industrial sheet metal workshop and steel distribution (notified
Dec. 16/deadline Jan 30)

JAN 31

— Hitachi Chemical Company and Italys Fiamm to
form joint venture in automotive and industrial lead-acid
batteries (notified Dec. 19/deadline Jan 31/simplified)

— Austrias Alpha Bank and investment management
firm Centerbridge to take joint control of debt management
service coordinator Kaican (notified Dec. 19/deadline Jan
31/simplified)

FEB 2

— REI Germany Cross Docks, a unit of NN Group, and
CBRE Group Inc together with Poste Vita to acquire
indirect joint control of over 10 real estate assets in Germany
(notified Dec. 21/deadline Feb. 2/simplified)

— Canada-listed holding company Fairfax lt;FFH.TO gt;and Sagard
Holdings, a subsidiary of Power Corporation of Canada,
to acquire joint control of sports good manufacturer PSG
(notified Dec. 21/deadline Feb. 2/simplified)

FEB 3

— Private equity firm Cerberus Group to buy majority stake
in Staples Europe from Staples (notified Dec.
22/deadline Feb. 3/simplified)

— UK private equity fund adviser Apax Partners to take sole
control of diagnostic service provider Unilabs (notified Dec.
22/deadline Feb. 3/simplified)

FEB 6

— TPG Capital to acquire majority stake in Intel Corps
cyber security unit (notified Dec. 23/deadline Feb.
6/simplified)

— Bunge to buy two European oilseed processing
facilities in France and the Netherlands from Cargill (notified
Dec. 23/deadline Feb. 6)

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Bill seeks more transparency from Hawaii tourism agency
Wednesday, January 25th, 2017 | Author:

HONOLULU (AP) — State lawmakers are considering legislation aimed at making the Hawaii Tourism Authority more transparent following concerns about how the agency spends tens of millions of taxpayer dollars to market the islands.

Democratic Sen. Glenn Wakai is working on a bill that would end a 2010 law allowing the tourism agency to discuss “competitively sensitive” information behind closed doors, the Honolulu Star-Advertiser reported (http://bit.ly/2km66JE) Monday.

Under the proposed legislation, the agency would be required to provide unredacted budgets to legislators.

The bill comes weeks after the agency was criticized by the Senate Ways and Means Committee for a lack of transparency as well as unsustainable spending and debt management.

HTA gets $82 million in transient accommodation taxes for marketing and operations and $26.5 million in transient accommodation taxes for the Hawaii Convention Center.

“We aren’t able to comment on the pending legislation until we have seen what’s been introduced,” Charlene Chan, HTA’s director of communications, said in an email sent by HTA’s public relations firm, Anthology.

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8 money moves you’ll regret
Monday, July 11th, 2016 | Author:

PHOENIX (KPHO/KTVK) –

If youre like most Americans, youve probably used credit when cash was short, or splurged on a luxury instead of saving for a rainy day. Once in a while, this may not be a big deal. Yet if these bad money moves become habit, you could be in trouble.

Our grandparents put their gas and grocery money in envelopes and saved up for major purchases, said Mike Sullivan, spokesperson, Take Charge America, a national nonprofit credit counseling and debt management agency. Today, easy access to credit has resulted in a culture of instant gratification, and money habits have taken a turn for the worse.

RELATED:76M Americans struggling financially

Could your financial habits use a makeover? Sullivan notes the following eight money moves to avoid:

  1. Not budgeting: This is an easy one, yet few people actually track their monthly income and expenditures, resulting in overspending or under-saving.
  2. Overusing credit: It makes sense to borrow money to buy a home it doesnt make sense to use credit for new shoes or a lavish vacation. It can take years for people to pay off earlier extravagances. Do not charge luxury items you cannot afford to pay off at months end.
  3. Paying the minimum: The interest and payoff time will rack up quickly if you only make the minimum payment on credit cards or other debt. Whenever possible, adjust your budget to ramp up these payments. You can save hundreds or even thousands of dollars in the long run. It may require some sacrifice, meaning you spend less on entertainment or use public transportation.
  4. Raiding your emergency fund: This fund is intended for true emergencies not vacations or home improvements. Youll regret tapping these funds if your air conditioning goes out or you lose your job unexpectedly.
  5. Putting off retirement planning: Many people delay saving for retirement until their 40s or 50s. While thats better than nothing, starting earlier will give you a huge advantage for a comfortable retirement.
  6. Falling for too good to be true schemes: The Federal Trade Commission reports Americans were scammed out of $765 million in 2015. Dont fall for get-rich-quick schemes or promises of cash prizes and never wire money or give your Social Security or credit card number to unknown sources.
  7. Buying a timeshare: Timeshares promise relaxing beach getaways or perfect skiing on powdery slopes, but many consumers buy in without understanding the financial obligation, including a sizeable deposit and annual maintenance fees. The real estate market is now flooded with people trying to unload timeshares.
  8. Borrowing from your 401(k): Its tempting to dip into your retirement to pay for your childs wedding or college, but youll be taxed exorbitantly, and it could threaten your financial security later in life.

If you need help developing a budget or managing credit, call (888) 822-9193 to speak with a certified creditor counselor, or schedule a free, confidential session online.

Source: Take Charge America

Copyright 2016 KPHO/KTVK (KPHO Broadcasting Corporation). All rights reserved.

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Council approves new debt management policy
Sunday, July 10th, 2016 | Author:

It may not have been the most exciting issue on Canmore council’s agenda at the end of May, but an updated debt management policy was clearly an important one for the community’s elected officials.

During one of its regular business meetings in May, council approved unanimously an updated debt management policy as presented by manager of financial services Katherine Van Keimpema.

While first approved in 2013, Van Keimpema said she undertook a review of the policy and compared it with recommendations by the Government Finance Officers Association and best practices used by other municipalities.

“We have been doing work on our long term financial policies and one direction council provided to administration to undertake is to review our policies and bring them up to date,” she said. “As we have learned with the tax policy, it is very helpful for administration to have guidance from council in terms of policy.”

The 2013 policy, said Van Keimpema, did not include language around managing debt and that is important to include because managing the Town’s debt contributes to its financial sustainability and flexibility.

The best practices recommended for government budgets based on the GFOA recognizes that debt commits government revenues into the future and may limit the way in which a governing body can respond to changing priorities, revenue sources or circumstances. A debt policy, as recommended by the GFOA, helps ensure that debt is issued and managed prudently “in order to maintain a sound fiscal position and protect credit quality.”

The review of Canmore’s policy found it lacked several elements that Van Keimpema presented as part of the newly approved policy. Those elements include the purposes for which debt may be issued; matching the useful life of an asset with the maturity of the debt, limitations on outstanding debt and structural features like payment of debt servicing fees.

Van Keimpema said the new policy also separates debt into tax supported and self supporting debt – an important distinction for council to communicate and understand.

The Municipal Government Act sets out debt limits for a municipality and stipulates a community may not borrow beyond those limits without ministerial approval. The newly approved Canmore policy, meanwhile, sets out debt servicing considerations in addition to overall debt limits. It states Canmore shall not exceed 70 per cent of the total debt limit and shall not exceed a total debt servicing cost of 70 per cent of the Town’s debt servicing limit for tax supported debt.

For self supporting utility project debt, servicing costs shall not exceed 22 per cent of utility user fees and levies.

A copy of the policy and other financial policies approved by council is available at canmore.ca.

For its part, council was enthusiastically supportive of having strong financial policies based on industry best practices set out for administration to follow.

“I am thrilled with this policy,” said Councillor Sean Krausert. “It is comprehensive, it is smart, it is responsible and an excellent example of why our finances as characterized by our auditors are getting better year after year.”

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Endo Int’l (ENDP) Stock Up, BMO Initiates Coverage
Saturday, July 09th, 2016 | Author:

We rate ENDO INTERNATIONAL PLC as a Sell with a ratings score of D. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The companys weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

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Separately, Tesla Motors has a sell rating and a letter grade of D+ at TheStreet because of the companys deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing stock performance.

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Here’s Why Freeport-McMoRan (FCX) Stock Slid Today
Wednesday, July 06th, 2016 | Author:

This is driven by some concerns, which TheStreet Ratings team believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks TheStreet Ratings covers. The companys weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

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Nigeria: Govt Unveils New Debt Management Strategy
Tuesday, July 05th, 2016 | Author:

The federal government has unveiled a new debt management strategy to run from 2016 – 2019 aimed at a marginal increase in external borrowing and increased commitment to capital projects execution.

The Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo, disclosed the three-year debt management strategy on Monday in Abuja.

A statement by the agency quoted Nwankwo to have said that the new debt management strategy approved by the Federal Executive Council last Wednesday, is aimed at economy recovery and diversification.

The DMO boss explained that the focus of the new initiative is to develop a debt management strategy that would ensure that in the face of macroeconomic and other financial constraints, the cost and risk profile of the public debt portfolio remains within acceptable limit over time.

He reiterated that that the strategy is in line with President Muhammadu Buharis vision to generate maximum employment, reduce poverty and increase the living standard of Nigerians.

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Chinese banks defend debt management strategy
Sunday, July 03rd, 2016 | Author:

Chinese officials hit back at critics of the country’s mounting debt pile on Thursday, saying the country’s banks had taken measures to ensure non-performing loans would not pose a systemic risk to China’s financial system, the Financial Times reports. “China’s banking sector is generally stable and risks are under control,” Wang Shengbang, a senior official with the country’s banking regulator, said at a briefing. According to Mr. Wang, Chinese banks wrote off non-performing loans (NPLs) worth more than Rmb 2tn ($304bn) over the past three years after the China Banking Regulatory Commission ordered the sector to boost provisions. In the depths of the global financial crisis, the Chinese government launched a Rmb4tn investment program that was lauded at the time for providing a critical boost to world economic growth.

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Everest Amaefule, Abuja

Refinancing 30 per cent (N2.56tn) of Nigeria’s total domestic debt of N8.4tn in the next one year poses a high risk to the economy, the Debt Management Office has said.

The DMO in a document entitled: ‘Nigeria’s Debt Management Strategy, 2016-2019’, obtained by our correspondent in Abuja on Monday, stated that at least 30 per cent of the nation’s domestic debt would fall due within the one-year period.

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