Africa

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South Africa Overhauls Utility Eskom's Board, Orders New CEO

South Africa appointed a new board at struggling utility Eskom Holdings SOC Ltd., with Jabu Mabuza becoming chairman, and ordered a new permanent chief executive officer to be named within three months. As well as the appointment of Telkom SA SOC Ltd. Ch ...

Daily Headline - global.abi.org - 01/21/2018 - 18:51 - 0 comments

Steinhoff Secures 60 Million Euros Lifeline for European Operations

Retailer Steinhoff’s South African lenders have backed a move to prop up its troubled European operations with liquidity from healthier South African subsidiaries as the group scrambles to close a funding gap, Reuters reported. A first instalment of 60 m ...

Daily Headline - global.abi.org - 01/18/2018 - 23:20 - 0 comments

S&P Sees ‘Clear Danger’ of Default by South Africa’s Eskom

debt, Bloomberg News reported. The company needs 20 billion rand ($1.6 billion) of funding by the end of ... rising 54 basis points to 6.37 percent, the highest since Nov. 14, at 1:29 p.m. in Johannesburg. Read ...

Daily Headline - global.abi.org - 01/18/2018 - 23:21 - 0 comments

Angola Woes Risk Sharpening Focus on Africa’s Debt

The oil price has hit $70 a barrel, its highest level in more than three years, but that’s not proving much help for a country which generates 95 per cent of its foreign earnings from petrodollars. Angola, sub-Saharan Africa’s third-largest economy, bega ...

Daily Headline - global.abi.org - 01/16/2018 - 09:09 - 0 comments

Business Community Calls for Review of Draft Law on Insolvency and Bankruptcy

The Private Sector Federation (PSF) has called for a review of the 2017 draft law on insolvency and bankruptcy, saying it is silent on some key issues, like how to handle cases of bankruptcy among individuals and NGOs, the New Times reported. Deus K ...

Daily Headline - global.abi.org - 01/10/2018 - 22:11 - 0 comments

Angola Plans to Ditch Currency Peg to Dollar, Restructure Debts

Angola has announced plans to ditch its currency peg to the dollar and restructure its debts, becoming the latest previously high-flying African country to bite the default bullet, the Financial Times reported. Jose de Lima Massano, the central bank ...

Daily Headline - global.abi.org - 01/03/2018 - 23:10 - 0 comments

From Angola to Zimbabwe: A Guide to Africa's Key Markets in 2018

For bond investors, Africa was a happy hunting ground last year. Its local-currency and dollar securities easily outperformed those of emerging markets overall as investors piled into a continent offering high yields and starting to recover from the comm ...

Daily Headline - global.abi.org - 01/01/2018 - 23:00 - 0 comments

Lungowe v Vedanta appeal highlights important points regarding parent company liability

This landmark judgment from the Court of Appeal means that 1,826 Zambian villagers can bring a claim in the English courts against UK-based Vedanta and its Zambian subsidiary KCM. This decision raises important questions about whether parent companies can be liable alongside their non-UK ...

Resource Article - twallace@abiwor... - 11/22/2017 - 10:48 - 0 comments - 0 attachments

Kenya Airways Agrees Debt-for-Equity Restructuring Terms

48.9 per cent of Kenya Airways and the banks 38.1 per cent after the debt-for-equity swap, agreed in ... 19.1 per cent of the airline, which is mired in negative equity and some $2bn in debt. Its stake in ...

Daily Headline - global.abi.org - 11/13/2017 - 23:19 - 0 comments

Senior management responsibility in banks

Regulators have made clear their view that responsibility for the culture of a bank sits at the top; if senior management create the right culture, good regulatory practice and procedures will naturally follow. Following the financial crisis banks’ s ...

Resource Article - twallace@abiwor... - 11/08/2017 - 09:02 - 0 comments - 0 attachments

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