Africa

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Lewis Wins Preliminary South Africa Approval For Ellerine Deal

South Africa's competition watchdog on Wednesday gave Lewis Group preliminary approval to purchase more than 60 stores from failed furniture firm Ellerine, paving the way for a $8 million deal that is expected to save nearly 400 jobs, Reuters report ...

Daily Headline - global.abi.org - 11/12/2014 - 20:52 - 0 comments

Abil's Furniture Firm Owes Big South African Banks $53 Million

stores and employs 8,000 people owes almost 1.3 billion rand ($117 million) and is likely to be wound ...

Daily Headline - global.abi.org - 11/05/2014 - 22:42 - 0 comments

South Africa to Sacrifice Growth to Avoid a ‘Debt Trap’

South Africa will sacrifice economic expansion in the next two years by limiting spending growth and raising more taxes as it seeks to avoid a debt trap, Bloomberg News reported. The government will cut its expenditure limit by 25 billion rand ($2.3 bill ...

Daily Headline - global.abi.org - 10/22/2014 - 20:46 - 0 comments

Novo Banco Moves Closer To Deal For Troubled Angola Arm

Portugal's Novo Banco -- the successor to bailed-out Banco Espirito Santo (BES) -- has moved closer to a rescue deal for its Angolan unit, with the African nation's central bank agreeing a recapitalisation plan for the local business, Reuters r ...

Daily Headline - global.abi.org - 10/20/2014 - 20:14 - 0 comments

Iron-Ore Miner London Mining Says To Enter Administration

Embattled West African iron-ore miner London Mining Plc said on Thursday that its board had decided to place the company into administration, Reuters reported. The company, which owns the Marampa mine in Sierra Leone, has been battling high costs, a shar ...

Daily Headline - global.abi.org - 10/16/2014 - 21:06 - 0 comments

Winding Down Failing Banks: Armageddon Delayed

“We will not kick you when you are down, at least not for a couple of days”: that is the gist of a putative deal struck by 18 global banks this week, which agreed not to pull abruptly out of contracts with each other if one of them hits the buffers. As m ...

Daily Headline - global.abi.org - 10/09/2014 - 21:38 - 0 comments

Global Banks Face 25% Loss-Absorbency Rule in FSB Plan

The largest global banks will have to hold more capital and liabilities than previously reported that can automatically be written off in a crisis -- as much as a quarter of risk-weighted assets -- as regulators take on lenders deemed too big to fail. Th ...

Daily Headline - global.abi.org - 10/07/2014 - 18:57 - 0 comments

IMF Proposes Changes to Government Bond Contracts

The International Monetary Fund Monday backed a gradual exchange of government bonds around the world with new contracts to counter risks that holdout creditors could disrupt potential debt restructurings, The Wall Street Journal reported. The IMF, a ...

Daily Headline - global.abi.org - 10/06/2014 - 20:10 - 0 comments

Unsecured Loans Beset South Africa

When in 2011, Maria Cristina Erasmus wanted to fix up her house, the 63-year-old retiree took out a bank loan of 50,000 South African rand ($4,465). When she wanted to buy furniture, she borrowed more, The Wall Street Journal reported. Mrs. Erasmus a ...

Daily Headline - global.abi.org - 09/28/2014 - 20:06 - 0 comments

Angolan Government Considers Closing Companies At Risk Of Insolvency

Forty-one public companies at risk of insolvency in Angola are being evaluated by the Economy Ministry and some may be terminated to avoid continued waste of public resources, the secretary of State of Economy said in Luanda., Macauhub reported. Laura Al ...

Daily Headline - global.abi.org - 09/22/2014 - 21:33 - 0 comments

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