Africa

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Air Zimbabwe Considers Long-Haul Routes to Fight off Insolvency

Air Zimbabwe Ltd., the state-owned carrier that declared itself insolvent this month, is considering long-haul routes and seeking partners in an effort to repair its finances, Bloomberg News reported. The airline will decide by the year end whether to st ...

Daily Headline - global.abi.org - 03/29/2015 - 21:56 - 0 comments

Iron Ore Mining Company African Minerals Appoints Administrator

Sierra Leone-focused mining company African Minerals has appointed administrators, it said on Thursday, having being battered by a rout in iron ore prices and costs related to the Ebola outbreak in West Africa, Reuters reported. After failing to repay it ...

Daily Headline - global.abi.org - 03/26/2015 - 22:20 - 0 comments

Telecel Teeters On Brink Of Insolvency

Zimbabwe’s beleaguered mobile network operator Telecel Zimbabwe’s finances are in a sorry state amid indications the company is bankrupt. The company reportedly has management inefficiencies, high director fees and is riddled with hefty management fees p ...

Daily Headline - global.abi.org - 03/22/2015 - 22:00 - 0 comments

Iron Ore Producer African Minerals To Go Into Administration

Sierra Leone-focused mining company African Minerals said on Friday it will appoint administrators after failing to repay its lender and partner in the Tonkolili iron ore project Shandong Iron and Steel Group, Reuters reported. After taking on some of Af ...

Daily Headline - global.abi.org - 03/08/2015 - 22:12 - 0 comments

African Bank's Lending Below Levels To Sustain "Good Bank"

administrators said in a statement to investors. "The holy grail is about 1 billion a month," ...

Daily Headline - global.abi.org - 03/03/2015 - 22:34 - 0 comments

China's Shandong Calls In African Minerals Debt

African Minerals said on Friday its Chinese partner in its sole asset, the Tonkolili iron ore project in Sierra Leone, has taken on some of its multi-million dollar debt and is demanding repayment, Reuters reported. The loan is secured against certain as ...

Daily Headline - global.abi.org - 03/01/2015 - 21:37 - 0 comments

Power Crisis Knocks South Africa Economy

and raises income tax 1 per cent for all but the country’s lowest earners. It is the first such tax ...

Daily Headline - global.abi.org - 02/25/2015 - 22:04 - 0 comments

South Africa Records Worst Growth In 5 Years

down to 1.5 per cent for the year. Mining and manufacturing however rebounded in the fourth quarter, with the economy expanding 4.1 per cent on a quarter-on-quarter basis. But the annual growth compared ...

Daily Headline - global.abi.org - 02/24/2015 - 21:51 - 0 comments

South Africa's Ellerine Rescue Yields More Cash Than Expected

The business rescue plan for the furniture arm of failed South African lender Abil has realised a better cash position than had been earlier hoped, administrators said in a report. The retailer with debts adding up to around 1.3 billion rand ($115 million) was forced into business rescue last year, ...

Daily Headline - global.abi.org - 02/09/2015 - 00:27 - 0 comments

Angola Seeks $1 Billion In Loans As Oil Price Falls

Angola has dramatically slashed its budget for the year and is reaching out to the World Bank and international lenders for at least $1bn in loans as Africa’s second-biggest oil producer and one of the ... budget for the year and is reaching out to the World Bank and international lenders for at least $1bn in ...

Daily Headline - global.abi.org - 02/05/2015 - 23:28 - 0 comments

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