Quebec to offer loans to Bombardier CSeries buyers

(Reuters) - The Quebec government will offer commercial-priced loans to purchasers of Bombardier's made-in-Quebec CSeries plane, according to a document published in the province's Official Gazette this week.

The document said the government would offer loans totaling up to $1 billion, and stated that Bombardier had requested government involvement in financing the planes.

The official decree orders Investment Quebec, a provincial government business credit agency, to provide the financing "to the clients of Bombardier Inc. for the purchase of CSeries airplanes assembled in Quebec, up to a maximum cumulative amount of US$1 billion."

Quebec said the manufacturing of airplanes was of significant economic interest to the province.

The CSeries will be Bombardier's biggest aircraft, and it takes the company into a new market segment, competing with smaller jets from industry leaders Boeing Co and Airbus.

The new jet is not just an engineering challenge. Bombardier must win over customers as well, and orders have been sluggish. As of late March, it had 148 firm orders of its targeted 300, though that figure excludes a 32 jet commitment to Russia's Ilyushin Finance Co that needs shareholder approval.

Bombardier said last month that it is behind schedule in developing the plane but expects the first test flight by the end of June.

(Reporting by Janet Guttsman and Allison Martell; Editing by Nick Zieminski)

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Quebec to offer loans to Bombardier CSeries buyers

(Reuters) - The Quebec government will offer commercial-priced loans to purchasers of Bombardier's made-in-Quebec CSeries plane, according to a document published in the province's Official Gazette this week.

The document said the government would offer loans totaling up to $1 billion, and stated that Bombardier had requested government involvement in financing the planes.

The official decree orders Investment Quebec, a provincial government business credit agency, to provide the financing "to the clients of Bombardier Inc. for the purchase of CSeries airplanes assembled in Quebec, up to a maximum cumulative amount of US$1 billion."

Quebec said the manufacturing of airplanes was of significant economic interest to the province.

The CSeries will be Bombardier's biggest aircraft, and it takes the company into a new market segment, competing with smaller jets from industry leaders Boeing Co and Airbus.

The new jet is not just an engineering challenge. Bombardier must win over customers as well, and orders have been sluggish. As of late March, it had 148 firm orders of its targeted 300, though that figure excludes a 32 jet commitment to Russia's Ilyushin Finance Co that needs shareholder approval.

Bombardier said last month that it is behind schedule in developing the plane but expects the first test flight by the end of June.

(Reporting by Janet Guttsman and Allison Martell; Editing by Nick Zieminski)

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Pakistani Taliban withdraw peace talk offer

PESHAWAR, Pakistan (AP) — The Pakistani Taliban have withdrawn their offer of holding peace talks with the government.

Spokesman Ahsanullah Ahsan says in a video sent to reporters on Monday that the group "temporarily postponed" its offer because the government had not shown a serious effort to follow through with negotiations.

He called on Pakistanis to boycott the upcoming national election expected in May, saying Islamic law should be enforced instead.

He advised people to avoid rallies held by several major parties, including the Pakistan People's Party that led the latest government.

At the end of last year, the Pakistani Taliban leadership said they were open to peace talks.

The government responded positively, but apparently little progress has been made.

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First Quantum extends Inmet offer after strong support

TORONTO (Reuters) - First Quantum Minerals Ltd said it will extend its C$5.1 billion ($4.97 billion) hostile bid for its smaller rival Inmet Mining Corp by a few days after a majority of Inmet shareholders tendered shares in favor of the offer.

Vancouver, British Columbia-based First Quantum said in a statement on Tuesday that a total of 43.2 million Inmet shares, representing about 61.5 percent of outstanding shares, had been tendered in favor of its offer. The offer has now been extended to 11:59 p.m. EDT on March 21.

The strong endorsement from Inmet shareholders takes First Quantum a step closer toward acquiring Inmet and winning control of the prized Cobre Panama project. The $6.2 billion project in the Central American country has one of the world's largest undeveloped copper deposits, which would ease First Quantum's dependence on mines in Africa, particularly Zambia.

Inmet had strongly urged its shareholders to reject First Quantum's offer, arguing that the bid was inadequate.

First Quantum also said its offer has been varied to allow the minimum tender condition to be satisfied if more than 50 percent of Inmet's outstanding shares have been deposited before the new expiry time of the offer. The offer was previously contingent on more than two-thirds of the shares being tendered in favor of the deal.

The cash-and-stock bid, which was earlier set to expire at 11:59 p.m. EDT on Monday, was worth roughly C$5.1 billion, or C$72 a share, when it was announced in mid-December, above First Quantum's two previous offers for Inmet.

Inmet has said it would be willing to enter into discussions with First Quantum, if the company made a "fair" offer.

"While the long-term fundamental value of Inmet has not changed, the value of the First Quantum offer has declined," said Inmet in an open letter to shareholders last week.

Inmet shares rose 1.9 percent to C$69.90 in early trading on the Toronto Stock Exchange on Tuesday, while First Quantum's shares were roughly flat at C$20.65.

(Reporting by Euan Rocha; Editing by Jeffrey Benkoe and Grant McCool)

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NY court eyeing Argentine swap offer in debt case

BUENOS AIRES, Argentina (AP) — A New York court has ordered Argentina to explain how it would issue new bonds rather than comply with a $1.3 billion cash judgment to resolve debts unpaid for more than decade.

Two days after the oral hearing in NML Capital Ltd. vs Argentina, the appellate judges asked just how, when and at what interest rate Argentina would pay installments on these new bonds.

President Cristina Fernandez has said she'll never pay the plaintiffs she calls "vulture funds." The compromise offer of a new debt swap was floated months ago by Economy Minister Hernan Lorenzino, who said Argentina would pay no more than the same terms 92 percent of Argentina's defaulted debt holders accepted in two previous debt swaps.

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