Africa

Results for Africa

South African Banks: Payday Mayday

Perhaps because they had no access to banking during apartheid, poor South Africans have been gorging themselves on credit ever since. A glut of consumers impatient to enjoy a middle-class lifestyle has made the fortunes of payday lenders, which charge s ...

Daily Headline - global.abi.org - 08/14/2014 - 21:16 - 0 comments

African Bank Bonds Crushed Signal Finance Options Fading

due February 2017 slumped to 45 percent of face value yesterday, from 99 on Aug. 1, according to data ...

Daily Headline - abi_admin - 08/08/2014 - 11:06 - 0 comments

African Bank Survival in Doubt as Billions Erased in Drop

African Bank Investments Ltd., South Africa’s largest unsecured loan provider, lost about 90 percent of its market value after forecasting a record loss and saying it needs to tap investors for $791 million of fresh capital, Bloomberg News reported yeste ...

Daily Headline - abi_admin - 08/07/2014 - 14:06 - 0 comments

Ghana Seeks IMF Aid as Soon as Possible to Stabilize Cedi

Ghana Finance Minister Seth Terkper said that the country wants to sign an agreement with the International Monetary Fund as soon as possible, helping reduce borrowing costs for the government, Bloomberg News reported yesterday. Slumping gold and cocoa p ...

Daily Headline - abi_admin - 08/05/2014 - 12:59 - 0 comments

Giant Coffee Union's Receivership Now Lifted

Kenya Planters’ Co-operative Union’s (KPCU) receivership has been lifted by the Kenya Commercial Bank. The development comes after the farmers’ union agreed to the new conditions set by the bank before it could waive the bankruptcy notice, Standard Digit ...

Daily Headline - global.abi.org - 07/07/2014 - 23:09 - 0 comments

Protech Khuthele Applies For Liquidation

Civil engineering company Protech Khuthele is applying for liquidation. This was announced in a Sens statement released on Tuesday, Moneyweb reported. At the end of May, Protech announced that it had voluntarily started with for business rescue proceedin ...

Daily Headline - global.abi.org - 07/01/2014 - 23:40 - 0 comments

Cost Of Insuring Against Bank Defaults Back At Pre-Crisis Levels

The cost of insuring against global bank defaults has plunged to its lowest level since the financial crisis in a sign that investors are willing to bet the industry has become safer, the Financial Times reported. Buyers of bank debt often purchase “ ...

Daily Headline - global.abi.org - 06/15/2014 - 21:47 - 0 comments

South Africa’s Credit Rating Cut to One Level Above Junk by S&P

South Africa’s credit rating was cut to one level above junk by Standard & Poor’s as the longest mining strike in the nation’s history threatens to drag the economy into recession, curbing government revenue, Bloomberg News reported. The foreign-curr ...

Daily Headline - global.abi.org - 06/15/2014 - 21:50 - 0 comments

IMF Sounds Global Housing Alarm

The world must act to contain the risk of another devastating housing crash, the International Monetary Fund warned on Wednesday, as it published new data showing house prices are well above their historical average in many countries, the Financial Tim ...

Daily Headline - global.abi.org - 06/11/2014 - 20:42 - 0 comments

Ghana’s Risk Rising as Bank Prints Money to Pay Debt, Fitch Says

Ghana’s central bank is printing money to help finance the government’s budget deficit, threatening to fuel inflation and weaken a currency that’s already the worst performer in Africa this year, Bloomberg News reported. The first-quarter budget deficit of 2.1 percent of gross domestic product “was ...

Daily Headline - global.abi.org - 06/09/2014 - 21:14 - 0 comments

Syndicate content