Africa

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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 - 21:06 - 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 - 22:33 - 0 comments

South Africa's Abil Could List As Early As February

by other local lenders. It also separated Abil's good loans from a 17 billion rand($1.6 billion) ...

Daily Headline - global.abi.org - 09/14/2014 - 21:16 - 0 comments

UN to Debate Debt Restructuring Reform

On Tuesday September 9 the United Nations General Assembly will meet to debate a new legal framework to serve as a guide for nations restructuring their debt, as is the current case with Argentina, teleSur reported. More than 130 developing countries hav ...

Daily Headline - global.abi.org - 09/08/2014 - 23:06 - 0 comments

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

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