Money
The high roller caught in a net over $2 billion tuna scandal
The son of Mozambique’s former president is one of 18 individuals appearing in court today over a two billion dollar Tuna scandal
The charges relate to blackmail, embezzlement and money laundering, with the corruption case causing donors to halt funding for the nation and send the economy into a spin.
From 2013 and 2014, three new companies took on over $2 billion of debt, with the government acting as the guarantor of the loans before $500 million went missing.
The money was allegedly used to buy a large tuna factory and a shipping fleet, in which the state was the leading shareholder.
When details of the deal became public and the government admitted the scale of the operation, Mozambique’s economy immediately plunged, triggering a financial crisis.
The country’s currency fell to record lows, inflation skyrocketed and foreign donors pulled their support.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
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