Africa

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African Governments Let Too Many Taxpayers Off the Hook

Tax collection in Africa resembles an exasperating fishing expedition, in which the big fish wriggle into tax havens and the tiddlers hide in the informal sector. It is made even harder by a self-inflicted problem. Governments give out a range of exempti ...

Daily Headline - global.abi.org - 08/16/2018 - 22:39 - 0 comments

Lazard Drafting Plan to Bolster Balance Sheet of S.Africa's Eskom

South African state-owned power firm Eskom has hired financial adviser Lazard to draft a plan to shore up its balance sheet as it struggles to emerge from a financial crisis, two banking sources told Reuters. Cash-strapped Eskom is critical to Africa’s m ...

Daily Headline - global.abi.org - 08/14/2018 - 21:05 - 0 comments

Bank of Ghana Plans to Prosecute Executives of Failed Banks

Ghana’s central bank plans to prosecute executives of failed local lenders suspected of dissipating depositors’ funds and insider dealing, the regulator told Reuters on Tuesday. The Bank of Ghana on Aug. 1 said it had revoked the licenses of Unibank and smaller peers Royal Bank, Beige Bank, Sovereign ...

Daily Headline - global.abi.org - 08/14/2018 - 21:05 - 0 comments

StanChart and Commerzbank Targeted in Suit Over Steinhoff

Standard Chartered Plc and Commerzbank AG are among companies targeted by investors suing Steinhoff International Holdings NV to recover as much as 12 billion euros ($13.8 billion) they claim they lost because of accounting irregularities at the retail g ...

Daily Headline - global.abi.org - 08/12/2018 - 21:58 - 0 comments

Mozambique Bondholders Are Said to Eye Gas in Restructuring

due 2023 gained as much as 1 percent, and were trading at 85.05 cents on the dollar by 6:37 p.m. in ...

Daily Headline - global.abi.org - 08/05/2018 - 22:17 - 0 comments

Steinhoff Moves Two Europe Units to U.K. After Winning Debt Deal

Steinhoff International Holdings NV relocated two units at the heart of its accounting scandal to the U.K. as the retailer embarks on a new phase of recovery after reorganizing debt, Bloomberg News reported. Steinhoff Europe AG and Steinhoff Finance Hold ...

Daily Headline - global.abi.org - 08/05/2018 - 22:18 - 0 comments

Exposure to Debt-Stricken Cocoa Exporter Rocks Ivory Coast Banks

Heavy debt exposure to Ivory Coast’s largest domestic cocoa exporter, which has been ordered into liquidation, risks destabilizing the West African nation’s banking sector, bank officials said on Tuesday. A court on July 18 ordered the liquidation of the ...

Daily Headline - global.abi.org - 07/31/2018 - 22:01 - 0 comments

Ivory Coast Court Orders Liquidation of Cocoa Exporter SAF-Cacao

A court in Ivory Coast has ordered the liquidation of SAF-Cacao, the top exporter in the world-leading cocoa grower, over debts owed to the Coffee and Cocoa Council (CCC) marketing board, the company’s chief executive told Reuters. The court order was is ...

Daily Headline - global.abi.org - 07/29/2018 - 23:14 - 0 comments

Zambia to Seek Help in Eurobond Refinancing, President Says

Zambia, which Moody’s Investors Service cut further into junk this weekend, wants help to refinance its first Eurobond that matures in 2022, President Edgar Lungu said during a meeting with his Turkish counterpart Recep Tayyip Erdogan, Bloomberg News rep ...

Daily Headline - global.abi.org - 07/29/2018 - 23:15 - 0 comments

Ivorian Banks Are Said to Seek Halt to Cocoa Shipper Liquidation

Lenders in Ivory Coast are lobbying the government to help turn around the liquidation of one of the country’s biggest cocoa exporters that has left banks exposed to more than $260 million in unpaid debt, according to three people familiar with the matte ...

Daily Headline - global.abi.org - 07/26/2018 - 23:50 - 0 comments

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