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UK

‘Significant doubt’ for Matalan stores after debt struggles leaves them in hot water

The UK retailer has already replaced a revolving credit facility and £16.7m borrowed under the government’s Covid loan scheme, with a new £60m credit facility, and plans to repay £27m of high-interest loan from its cash reserves. But the company still has £350m of debt due for repayment early next year which will require refinancing. The Liverpool-based […]

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Finance

European debt: risk before reward

This article is an on-site version of our Unhedged newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday Good morning. Nice rally in stocks yesterday, for no apparent reason. We’re sticking with the commonsense view that market is going to stay messy until we have a better guess where […]

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Finance

Emerging markets: rising rates will add to debt pressures

A storm is brewing in emerging market debt. The Federal Reserve’s aggressive campaign against inflation has boosted the dollar. Add disruptions to the energy and food markets caused by the war in Ukraine, and you have the biggest set of challenges to developing economies for years.  The yield spread between the JPMorgan EMBI Global index […]

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Finance

China under pressure to reform debt market as foreign inflows slow

Worries over deeply entrenched structural issues in China’s $21tn debt market are keeping foreign investors at bay, even as Beijing prepares to grant unprecedented access to local currency bonds. Global fixed-income traders sold about $35bn worth of renminbi-denominated bonds in the first four months of this year, and many are warning that the outflows will […]

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Finance

ECB has ‘no limits’ in defence of euro from debt turmoil, says executive

The European Central Bank has “no limits” in its commitment to defend the euro, board member Isabel Schnabel said on Tuesday, stressing its willingness to launch a new instrument to counter any “disorderly” jump in the borrowing costs of weaker eurozone economies. The comments by Schnabel in a speech to students of the Panthéon-Sorbonne University […]

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Health

La. exhibit tells story of nearly 300 enslaved people Georgetown University sold to pay off its debt

Georgetown University’s Jesuit founders sold nearly 300 enslaved people to Louisiana sugarcane planters in 1838 to pay off the university’s debts. A former Episcopal church is now home to a permanent exhibit that tells this story. “GU272 and Ascension Parish: The Jesuit and Episcopal Connection to Slavery” is a project of the River Road African […]

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Finance

‘Horrible sinking feeling’ Retiree left in debt for five years after losing £20,000

Retiree Gary Edmunds, 71, invested a huge chunk of his life savings into what looked like a legitimate Bitcoin scheme. He did not realise that the people behind it were not bankers but scammers – and transferred over £20,000 to them. Gary cares for his partner Brenda who has Alzheimer’s. He wanted to buy them […]

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UK

Royal Family LIVE: ‘Absolute fool’ Prince Andrew embroiled in debt battle over £1.6m

Camilla, Duchess of Cornwall will finally be invested as a Royal Lady of the Most Noble Order of the Garter next week, but three key working royals are still yet to be appoint to the prestigious Order by the Queen.  Traditionally the Queen leads other knights in a procession while wearing elaborate velvet robes, and a service […]

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UK

Prince Andrew’s desperate bid to sell chalet ‘impossible over £1.6m debt’

Scandal-hit Prince Andrew is desperate to sell his £18million seven-bedroom property in a bid to raise funds to pay off his accuser Virginia Giuffre. But sources in Verbier say the idyllic chalet retreat, known as “one of the best” properties in the resort, is “under sequestration” due to debt which would make the sale “impossible”. […]

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Finance

Italian and Greek debt costs hit two-year high on eurozone rate fears

Investors rushed out of the debt of Europe’s most highly indebted countries on Friday as the previous day’s hawkish European Central Bank meeting continued to rattle markets, pushing Italian and Greek borrowing costs to their highest level in more than two years. The yield on Greece’s 10-year bond rose 0.2 percentage points to 4.26 per […]