Followers | 240 |
Posts | 12053 |
Boards Moderated | 0 |
Alias Born | 04/05/2009 |
Friday, February 26, 2016 9:12:49 AM
By Dimitra DeFotis
Venezuela’s government announced late Wednesday that it settled with Canadian mining company Gold Reserve (GDRZF), and will have a controlling stake in a new $5 billion joint venture.
Gold Reserves wanted $750 million including interest for the expropriation of its assets under the Hugo Chavez administration in 2008. The government is fighting a handful of related cases, via the International Center for Settlement of Investment Disputes (ICSID), that seek $3.2 billion in restitution with interest. The government’s bond covenants require that it pay arbitrated awards of $100 million or more within 30 days to avoid triggering defaults.
Eurasia Group analysts Risa Grais-Targow and Agata Ciesielska write that “while the deal demonstrates Venezuela’s willingness to pay its debt, liquidity constraints will still lead to a default in the fourth quarter of the year.” They add:
They note that Venezuela has other pending cases in arbitration:
Gold Reserve, which trades over the counter, was up more than 5% Wednesday. Today, the iShares Latin America 40 exchange-traded fund (ILF) was down slightly and the Market Vectors Emerging Markets High Yield Bond ETF (HYEM) was up 0.2%.
http://blogs.barrons.com/emergingmarketsdaily/2016/02/25/venezuelas-5-billion-gold-deal-progress-on-default/
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent XOM News
- Form PX14A6G - Notice of exempt solicitation submitted by non-management • Edgar (US Regulatory) • 05/13/2024 04:31:27 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/10/2024 08:57:11 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/10/2024 01:38:56 PM
- Novavax Surges 57% Post $1.4 Billion Sanofi Deal; Apple Boosts Data Centers with AI and Internal Chips, and More News • IH Market News • 05/10/2024 12:02:56 PM
- Form PX14A6G - Notice of exempt solicitation submitted by non-management • Edgar (US Regulatory) • 05/09/2024 06:02:35 PM
- Form PX14A6G - Notice of exempt solicitation submitted by non-management • Edgar (US Regulatory) • 05/08/2024 03:23:33 PM
- ExxonMobil elects Maria Jelescu Dreyfus to Board of Directors • Business Wire • 05/07/2024 09:32:00 PM
- Form PX14A6G - Notice of exempt solicitation submitted by non-management • Edgar (US Regulatory) • 05/07/2024 07:21:49 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/07/2024 06:14:34 PM
- Form PX14A6G - Notice of exempt solicitation submitted by non-management • Edgar (US Regulatory) • 05/06/2024 08:32:35 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 05/06/2024 07:13:26 PM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
- Vistra Set to Join S&P 500; Aaon to Join S&P MidCap 400; Marathon Digital Holdings to Join S&P SmallCap 600 • PR Newswire (US) • 05/03/2024 11:05:00 PM
- ExxonMobil Completes Acquisition of Pioneer Natural Resources • Business Wire • 05/03/2024 12:43:00 PM
- Tiny Firm With Big Plans Seeking to Revolutionize Oil & Gas Industry • AllPennyStocks.com • 04/29/2024 10:01:00 PM
- Exxon Mobil Net Profit Drops 28% to $8.22 Billion, Atlassian Surprises with Revenue Boost and Co-CEO Exit, and More in Earnings • IH Market News • 04/26/2024 11:47:51 AM
- U.S. Futures Climb in Pre-Market Trading Amid Tech Gains and Upcoming Inflation Data • IH Market News • 04/26/2024 11:47:25 AM
- ExxonMobil Announces First-Quarter 2024 Results • Business Wire • 04/26/2024 10:30:00 AM
- U.S. Stocks Climb Well Off Worst Levels But Close Mostly Lower • IH Market News • 04/25/2024 08:40:00 PM
- Futures Pointing To Extended Rebound On Wall Street • IH Market News • 04/23/2024 01:11:27 PM
- U.S. Stocks Close On Bright Note Despite Coming Off Day’s Highs • IH Market News • 04/22/2024 08:38:04 PM
- Nasdaq, S&P 500 Extend Losing Streaks On Tech Weakness But Dow Advances • IH Market News • 04/19/2024 08:32:14 PM
- ExxonMobil Makes Application to Cease to be a Reporting Issuer in Canada • Business Wire • 04/15/2024 10:26:00 PM
- ExxonMobil to Release First Quarter 2024 Financial Results • Business Wire • 04/12/2024 04:43:00 PM
- ExxonMobil Guyana moves forward with sixth offshore development • Business Wire • 04/12/2024 11:15:00 AM
FEATURED Element79 Gold Corp Reports Exceptionally High-Grade Results from Lucero • May 14, 2024 7:00 AM
VAYK Added New Manager for Expansion into $64 Billion Domestic Short-term Rental Market • VAYK • May 14, 2024 9:00 AM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM