Africa

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Kenya Airways to Unveil Big Capital Restructuring

reflected in these [financial] results.” Operational profit was Ks897m ($8.7m), up from a loss of Ks4.1 ... tax declined to Ks10.2bn from Ks26.1bn in the previous year. Kenya Airways began a big expansion in ...

Daily Headline - global.abi.org - 05/25/2017 - 17:35 - 0 comments

Kenya Airways Near Completing Capital Restructuring

Kenya Airways is about to conclude its capital restructuring, its chairman said on Wednesday, edging closer to putting past financial woes behind it, the carrier's chairman said, Reuters reported. The airline, part-owned by the state and AirFrance K ...

Daily Headline - global.abi.org - 05/10/2017 - 20:05 - 0 comments

Mozambique MPs Back State Guarantees for Previously Hidden Debt

accounts for 2015, which included guarantees for loans worth $1.12 billion that ProIndicus and Mozambique ...

Daily Headline - global.abi.org - 04/27/2017 - 22:44 - 0 comments

Mozambique Increases Minimum Wages in Spite of IMF Warning

Mozambique increased minimum pay levels for workers including government employees, even as the International Monetary Fund urged the country to keep its wage bill under control amid a debt crisis, Bloomberg News reported. Public workers’ minimum wages w ...

Daily Headline - global.abi.org - 04/19/2017 - 18:27 - 0 comments

Zuma Dices With Junk Status For South Africa To Bolster Political Hold

Ratings agency Fitch is likely to follow rival Standard & Poor’s and cut South Africa’s sovereign credit rating to below investment-grade, analysts said, an outcome that would underscore worries about political uncertainty and prompt a further sell-o ...

Daily Headline - global.abi.org - 04/09/2017 - 18:03 - 0 comments

Mozambique's Ex-President Dragged Into $2 Billion Debt Probe

Mozambique’s attorney-general asked the country’s banks to provide details of former President Armando Guebuza’s accounts as part of an audit of $2 billion of previously undisclosed government loans, Bloomberg News reported. The office requested the info ...

Daily Headline - global.abi.org - 04/05/2017 - 21:15 - 0 comments

Nigeria's AMCON Recovers 682 Billion Naira of Bad Debt in Six Years

Nigeria's state-owned AMCON has recovered 681.5 billion naira ($2.2 bln) over the past six years from debtors in the form of cash, properties and shares, it said on Monday. The Asset Management Corporation of Nigeria (AMCON) was set up in 2010 to ab ...

Daily Headline - global.abi.org - 03/27/2017 - 19:36 - 0 comments

Alarm Sounded on African Debt

“An indebted Africa cannot be a rising Africa,” Akinwumi Adesina, head of the African Development Bank, told a gathering of the region’s heads of state, senior ministers and leading financiers last year. That warning is acquiring greater weight as govern ...

Daily Headline - global.abi.org - 03/23/2017 - 22:39 - 0 comments

Mozambique Sinks Deeper Into Default After Missing Loan Payment

Mozambique missed a $119 million payment due Tuesday on a loan Credit Suisse Group AG arranged, the second debt repayment the government failed to make in as many months, Bloomberg News reported. The $622 million facility was taken out by state-owned Pro ...

Daily Headline - global.abi.org - 03/22/2017 - 22:38 - 0 comments

Cocoa Slump Threatening Top Producer Is Deja Vu for 80s Traders

Slumping cocoa prices are testing to the limit top producer Ivory Coast’s efforts to ensure stability for farmers, heightening risks for the domestic economy and world markets, Bloomberg News reported. Authorities have warned they’ll have to cut payments ...

Daily Headline - global.abi.org - 03/22/2017 - 22:39 - 0 comments

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