Bankrupt drugmaker Purdue Pharma filed a new bankruptcy plan on Tuesday, a major step towards finalizing a proposed opioid settlement of at least $7.4 billion after a setback in the U.S. Supreme Court last year. The payments are aimed at resolving thousands of lawsuits alleging that the company’s pain medication OxyContin caused a widespread opioid […]
Chinese data center operator GDS Holdings Ltd. is seeking a $3.4 billion-equivalent loan for its data center operations in Malaysia. The borrowing would be its biggest ever loan. It would also be among the largest financings for the sector by any borrower in Asia. The company’s international arm, DayOne, formerly known as GDS International, is […]
Oil prices traded higher on Monday after the United States vowed to keep attacking Yemen’s Houthis until the Iran-aligned group ends its assaults on shipping. Brent futures rose 41 cents or 0.6%, to stand at $70.99 a barrel by 0336 GMT, while U.S. West Texas Intermediate crude futures rose 40 cents, or 0.6%, to $67.58 […]
British finance minister Rachel Reeves’ headroom for meeting her budget rules has probably turned into a 4.4 billion-pound ($5.7 billion) deficit, requiring tough measures next week to get her back on track, a think tank said on Monday. The Resolution Foundation called on Reeves to tread carefully with any reductions to welfare spending – which […]
Australia will provide ANZ with a decade-long loan guarantee of A$2 billion ($1.26 billion), to ensure the bank maintains the branch network across the Pacific, a move seen as a diplomatic win amid growing regional competition with China. The federal government considers the likelihood of the guarantee being called is “very low”, and the agreement […]
SoftBank plans to transform a former Sharp LCD panel factory in Osaka, Japan, into a data center to support AI initiatives, as reported by the Nikkei. The project will involve an estimated investment of $677.05 million for acquisition and development, with operations expected to begin in 2026. The data center will feature a power capacity […]
Industrial and Commercial Bank of China, the world’s biggest commercial lender by assets, announced on Wednesday the launch of an 80 billion yuan ($11.04 billion) technology and innovation fund to support the private economy. The new fund aims to support “hard technology” via equity investment, referring to areas such as semiconductors and advanced manufacturing over […]
The world’s population is constantly growing and is expected to peak in the mid 2080s at around 10 billion, according to the UN. It is, therefore, no surprise that many continents are seeing new mega-cities emerge. One such mega-city can be found in Africa. The place in question is Lagos in Nigeria, which is on track to become the largest city […]
The Panama Maritime Authority, which oversees shipping and port infrastructure in the country, will request all legal and financial documents from a key transaction between CK Hutchison (0001.HK), and a consortium backed by BlackRock (BLK.N), minister to presidency Juan Carlos Orillac said on Friday. U.S. BlackRock announced this week that a group of investors, including Global Infrastructure Partners and […]
The ECOWAS currency is expected to serve as a unified medium of exchange, facilitating trade and economic integration across West Africa. Mohammed Manga, Director of Information and Public Relations at Nigeria’s Ministry of Finance, disclosed this during the 11th ECOWAS Convergence Council meeting in Abuja. The meeting, attended by Ministers of Finance and Central Bank […]