Africa

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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

Nigerian Government Takes Over Biggest Airline, Arik Air

Nigeria's government is taking over the country's biggest airline, Arik Air, to "instill sanity" and prevent "a major catastrophe" in the aviation industry of Africa's most populous nation, the receivership corporation ...

Daily Headline - global.abi.org - 02/09/2017 - 23:39 - 0 comments

Norton Rose Fulbright in Africa

On January 11th 2017, the Parliament of the Democratic Republic of Congo adopted a new law substantially limiting subcontracting activities to companies (i) incorporated in DRC, (ii) with a Congolese share capital and (iii) “promoted” by Congolese. Its e ...

Resource Article - twallace@abiwor... - 02/08/2017 - 14:05 - 0 comments - 0 attachments

African Issuers Scrutinized After Mozambique’s Bond Default

Ltd. in London, said in an e-mailed response to questions on Feb. 1. “While the risk of contagion in a ...

Daily Headline - global.abi.org - 02/05/2017 - 22:40 - 0 comments

Mozambique Default On Eurobond Was 'Unnecessary'

Mozambique's default on a coupon payment for its dollar-denominated bond last week was "unnecessary" and a step backwards for the country's relationship with the holders of the debt, a group of creditors said in a statement on Monday, ...

Daily Headline - global.abi.org - 01/23/2017 - 22:39 - 0 comments

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