Beware! Shylocks come in all guises, borrow wisely
Monday January 11 2021
Borrow wisely this year and, if you’re in the business of investing, apply wisdom for the same! PHOTO | SHUTTERSTOCK
By CAROL MUSYOKA
Many years ago as a rookie banker, a colleague of mine found us a get-rich-quick scheme that would help circumnavigate bank policy that prevented employees from doing any business outside of the bank.
The colleague knew “a guy” who lent out money to individuals in dire need of help and “the guy’s” customer demands were growing faster than he could capitalise his business. My colleague approached a number of us in the bank to provide short-term loans in exchange for some serious interest returns, ranging in the lower double digits. We did. Boy did we make good money!
To some investors, Apple Inc. (NASDAQ: AAPL) s growing debt level serves as a case against investing in the company. However, it is reasonably safe to assume that Apple s debt levels won t cause any sort of financial crisis. The same can reasonably be said for some of Apple s largest technology. Read More.
Government to borrow $127 million to consolidate debt
Prime Minister Gaston Browne (file photo)
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After hours of debate from MPs on both sides of the Lower House, parliamentarians voted to consolidate government loans amounting to $127 million under the Loan Borrowing from Antigua Commercial Bank Bill 2020.
The loan will consolidate all existing public sector borrowing with a long-term bond, and a $5 million overdraft facility at the Antigua Commercial Bank (ACB).
The government has negotiated for a payback amount of $928,000 monthly at an interest rate of 6.25 per cent over a 20-year period. However, Prime Minister Gaston Browne said the interest on the overdraft which is currently at 11 per cent will have to be reduced further.