Connect with us

Business

Greece Resumes Talks With Private Creditors

Published

14 years ago

on

Key talks between Athens and its private creditors are set to resume later to try to agree a debt write-off that would dramatically reduce Greece’s debt levels.

According to a BBC report, the two parties have so far failed to agree an interest rate on new bonds that would replace existing debts. If agreement can be reached, Greece should be in line for additional bailout funds.

Athens has said it hopes to reach a deal by Saturday.

Charles Dallara, head of the Institute of International Finance, which is representing Greece’s private creditors in negotiations with Athens, is set to resume talks on Thursday afternoon.

He was in Paris on Wednesday to discuss the negotiating position with creditors.

The IIF has said it wants the interest rate on newly-issued bonds to be four per cent, while Greece is holding out for a lower rate. Eurozone ministers have backed Athens and called for a rate of less than 3.5 per cent.

Dallara has indicated he is prepared for creditors to write-off 50 per cent of their loans to Greece, as agreed by eurozone leaders in October last year.

The head of the International Monetary Fund has also suggested that public sector creditors should write off some of their debts.

“If the level of Greek debt held by the private sector is not sufficiently renegotiated, then public sector holders of Greek debt should also participate in the efforts,” Christine Lagarde said on Wednesday.

Reaching an agreement with private creditors is a precondition of any further bailout funds from the European Union, European Central Bank and IMF.

They have indicated that 130 billion euros ($169 billion; £108 billion) is available if a deal can be struck. They are also insisting that Greece accelerates structural reforms to strengthen its economy before any funds are released.

Without the funds, Athens will not be able to make 14.5 billion euros of loan repayments that are due in March.

Agreement would also mean Greece’s massive debts would be dramatically reduced in one full swoop, as it would no longer have to repay half of the money it owes to its private creditors.

Related Topics:
Continue Reading

Business

Kenyan Runners Dominate Berlin Marathons

Published

18 hours ago

on

September 22, 2025

By

Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

Continue Reading

Business

NIS Ends Decentralised Passport Production After 62 Years

Published

19 hours ago

on

September 22, 2025

By

The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
Continue Reading

Business

FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

Published

19 hours ago

on

September 22, 2025

By

The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
Continue Reading

Trending