Andhra Pradesh govt order puts Rs 21,000 crore renewables sector debt at risk: CRISIL

The Andhra Pradesh (AP) government’s move to review and bring down the purchase cost of wind and solar energy could aggravate the problem of delayed payments from distribution companies and stress almost 5.2 GW of renewables projects with estimated debt exposure of over Rs 21,000 crore, credit rating agency CRISIL Research said. Nearly half of […]

Read more

Global growth to weaken to 2.6% in 2019, substantial risks seen; India seen rising to 7.5% – World Bank

kyle-ryan-687991-unsplash.jpg

Global economic growth is forecast to ease to a weaker-than-expected 2.6% in 2019 before inching up to 2.7% in 2020, the World Bank said, adding that growth in emerging market and developing economies is expected to stabilize next year as some countries move past periods of financial strain, but economic momentum remains weak. Emerging and […]

Read more

China throws Venezuela’s oil industry a $5 billion lifeline

China’s Development Bank has approved a US$5-billion loan for Venezuela’s oil industry, Bloomberg quoted the troubled South American country’s Finance Minister Simon Zerpa as saying. “We’ve received the authorization for a direct investment of more than $250 million from China Development Bank to increase PDVSA production, and we’re already putting together financing for a special loan […]

Read more

Chinese deleveraging would test commodities-dependent emerging markets, says Fitch

24236516790_d10e73cd55_o.jpg

The slowdown in the Chinese economy that would be necessary to stabilise its corporate debt ratio over the medium term would have significant knock-on effects for the global economy, strongest for emerging markets (EMs) with high commodity dependence or close Chinese trade links Fitch Ratings said in a recent report. The sovereign credit impact would […]

Read more

India’s Videocon Industries to sell off its stakes in Brazil oil blocks to cut its debt burden

India’s Videocon Industries Ltd plans to raise as much as Rs 30,000 crore by selling its stakes in oil blocks in Brazil, as part of the debt-laden company’s plan to repay bank loans. Videocon Industries has been named in India’s central bank, the Reserve Bank of India’s (RBI) second defaulter list. The company’s total debt […]

Read more

Adani Group’s debt-funded investment in Australian coal terminal at risk – report

Adani Group’s Abbot Point Coal Terminal (AAPCT) in Australia is excessively leveraged, promises negative shareholders equity, and runs the risk of becoming a stranded asset if the group’s proposed Carmichael mine does not get the A$1 billion subsidy it seeks, a report by a U.S.-based institute said. The report by the Institute for Energy Economics […]

Read more

S&P lowers China’s credit rating, citing rising financial risks and debt; Beijing hits back, calls it “wrong decision”

30860995230_c141c14621_o.jpg

Ratings agency Standard and Poor’s (S&P) lowered China’s sovereign credit rating due to risks associated with its increasing debt, but said its long-term outlook for the country remained “stable”, triggering a volley of criticism from Beijing. The credit rating agency cut China’s credit rating from A+ to AA-, putting it in the same category as […]

Read more