A bill currently under consideration in New York State could reshape sovereign debt renegotiations around the world by making private creditors accept the same losses as the U.S. government would as a sovereign creditor instead of holding out for a full payback.
The bill comes as countries like Zambia and Sri Lanka face their loan renegotiations being dragged out for years as U.S.-based private lenders stonewall to obtain better deals. 52% of the ...
Day: November 9, 2022
More Evidence that the Africa-China Relationship is Increasingly Driven by Politics, Not Commodities
For centuries, many assumed that Africa's greatest contribution to the global economy was through selling stuff that comes out of the ground. That was certainly what drew the Chinese to Africa back in the early 2000s. Today that's no longer the case.
Chinese Oil Buying in Africa Plunges Amid Shift to Suppliers in Russia, Persian Gulf
Chinese oil imports from African countries dropped 22.6% year-on-year in the January-September period, highlighting a decade-long transition away from the continent to suppliers in Russia, the Persian Gulf and Brazil. The drop in 2022 further eroded Africa's total ...
Algeria is the Latest Developing Country to Get in Line to Join the BRICS Group
The Algerian Ministry of Foreign Affairs officially submitted its application this week to become a new member of the BRICS club. Algeria now joins a growing list of developing countries, including Argentina, Saudi Arabia, and Iran, that all want to join the Chinese-initiated group. ...
Chinese Foreign Ministry Spokesman Said He’s “Not Aware” of Reports Xi Will Travel to Saudi Arabia Next Month
Chinese Foreign Ministry Spokesman Zhao Lijian tried to tamp down mounting speculation that President Xi Jinping will travel to Saudi Arabia next month to attend a pair of summits. Zhao brushed aside a question on the issue from Reuters at the regular press briefing ...
Chinese State Media Tries to Put a Positive Spin on Trade Ties With Tanzania
The Communist Party-run tabloid Global Times is trying its very best to send a positive message about the state of China's trade with Tanzania. On Tuesday, the newspaper featured an interview with Chinese ambassador Chen Mingjian who touted the recent announcement to remove tariffs on ...
Analysis from Cobus van Staden
Proposed New York Law Could Reshape Debt Negotiations Around the World
Just as in Nigeria, Kenyan Lawmakers Are Also Confused About What It Means to Waive “Sovereign Immunity” in Chinese Loan Contracts
Anger is mounting across Kenyan society over the terms of the loan agreements with the China Exim Bank for the multi-billion dollar Standard Gauge Railway that were released by the government on Sunday. Members of Parliament are sounding off in the ...
New Undersea Cable Will Link China to a Trio of Countries in Southeast Asia
Six telecom carriers from four countries in Asia signed an agreement to build a new regional undersea high bandwidth cable. The $300 million Asia Link Cable system will stretch 6,000 kilometers from southern China to the Philippines, Brunei and Singapore.