HOW BROKE ARE THEY?
- Saudi Arabia to sell bonds after it secures syndicated loan
- Kingdom plans on setting up a two or three-year program
Saudi Arabia to Seek International Debt as Early as September
Saudi Arabia plans to tap international debt markets for the first time as early as September and set up a bond program amid an unprecedented economic shakeup.
The kingdom will prepare for a sale and start a two or three-year program once it concludes a syndicated loan deal, Minister of State Mohammad bin Abdulmalik Al-Sheikh said during a meeting between Bloomberg News and Deputy Crown Prince Mohammed bin Salman and some of his top aides in Riyadh. The government is in talks with banks to raise about $10 billion through a syndicated loan, two people familiar with the matter said this year. Al-Sheikh declined to confirm the details.
While the timing of the bond sale depends on market conditions, Al-Sheikh hopes “to work with our financial institutions and our lawyers to prepare ourselves to tap into the markets as early as September,” he said. “We may have our inaugural deal as a one-off deal, but then start a program after that. Ultimately by 2017, we will have a program to borrow internationally.”
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This morning we got another confirmation of how supranational organizations "plan" European crises in advance to further their goals, when Wikileaks published the transcript of a teleconference that took place on March 19, 2016 between the top two IMF officials in charge of managing the Greek debt crisis - Poul Thomsen, the head of the IMF's European Department, and Delia Velkouleskou, the IMF Mission Chief for Greece.
It may not be hard time, but it’s a far cry from the giddy days when the Kaupthing bankers hosted parties for clients aboard yachts in Monte Carlo and hired the likes of pop legend Tom Jones to serenade guests at London galas. In sentencing these financiers to serve terms of up to 5½ years, the Icelandic courts have done something authorities in the world’s two great banking capitals, New York and London, haven’t: They’ve made bankers answer for the crimes of the crash. “The Icelandic banks went overboard,” says Olafur Hauksson, the onetime small-town police chief who in January 2009 was appointed special prosecutor to investigate the banking cases. “They were basically bankrupt.”
Since '00, the population of 55+ Americans has grown by 27 million (+45%) and full time employment among this segment risen by 10 million (+93%). A large swath of boomers did not and have not retired maintaining existing or establishing new full time work. Theoretically, they are willing to work for less to maintain medical benefits and bridge shortcomings in their retirement savings.
Canada’s Ever-Shrinking Oil Industry Braces
for More Job Cuts
After almost two years of sinking oil prices and at least 40,000 job cuts, Canada’s petroleum industry still isn’t finished tackling its bloated operations. The next round of layoffs has already begun with Cenovus Energy Inc. and Murphy Oil Corp. announcing workforce reductions last week. Ongoing cuts by Suncor Energy Inc., Encana Corp. and others will likely result in thousands more jobs lost by the end of the year as the Canadian industry shaves billions worth of spending in order to continue operating in one of the world’s most expensive oil-producing regions. “It will probably take another six months before some of the bloated staffing levels are tackled,” said Todd Hirsch, chief economist at ATB Financial in Calgary. “Many of these companies are getting employment levels down to the bare bones and over the spring and summer there will be more layoffs.” Crude that averaged about $90 a barrel […]
