Africa

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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

Nigeria’s Recovery Plan Gives Grounds For Hope

A seasoned economist in Ghana likens his country to a plane perpetually trundling down the runway, never quite taking off. Extend the metaphor along the coast, and Nigeria’s economy, the largest in Africa in dollar terms before the collapse in world oil ...

Daily Headline - global.abi.org - 03/09/2017 - 20:59 - 0 comments

Mozambique to Seek Partial Debt Restructuring, Says Prime Minister

Mozambique will seek to negotiate a restructuring of part of its debt, its prime minister said on Wednesday. The southern African nation is struggling to repay loans of more than $2 billion that were not approved by parliament or disclosed publicly, Reut ...

Daily Headline - global.abi.org - 03/01/2017 - 21:32 - 0 comments

Bad Loans, Rate Cap Cuts Barclays Bank of Kenya's 2016 Profit

Barclays Bank of Kenya will focus on growing its non-interest income after a jump in bad debts and a government cap on lending rates cut its 2016 pretax profit by 10 percent, it said on Wednesday. The cap on lending rates, introduced last September, was ...

Daily Headline - global.abi.org - 02/22/2017 - 22:48 - 0 comments

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