South Africa

Results for South Africa

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

There is a “clear danger” that South Africa’s state-owned power utility, Eskom Holdings SOC Ltd., could default on its debt, S&P Global Ratings said. “We are very concerned about liquidity issues,” Konrad Reuss, the managing director of S&P for s ...

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

South African Airways Meeting Banks to Discuss Debt Rollover

South African Airways will meet a group of domestic lenders on Tuesday to negotiate the refinancing of about 6 billion rand ($423 million) in outstanding loans, according to its new chief executive officer, Bloomberg News reported. The banks have in prin ...

Daily Headline - global.abi.org - 11/06/2017 - 22:18 - 0 comments

Debt Rising Sends South Africa's Rand Tumbling, Stocks to Record

The rand and South African bonds extended declines as foreign investors dumped the country’s notes in the wake of government forecasts for higher public debt and wider budget deficits in the next three years, Bloomberg News reported. Stocks rose to a rec ...

Daily Headline - global.abi.org - 10/26/2017 - 22:59 - 0 comments

South Africa $7.5 Billion Pensions Bid ‘Untrue’

A Bloomberg News report that South Africa’s National Treasury is seeking as much as 100 billion rand ($7.5 billion) from the government workers’ pension fund to finance struggling state companies is untrue, Finance Minister Malusi Gigaba said. The Public ...

Daily Headline - global.abi.org - 09/25/2017 - 20:21 - 0 comments

Goldman Sees Eskom as Biggest Risk to South African Economy

Debt and corruption scandals at Eskom Holdings SOC Ltd. make the utility the biggest risk to South Africa’s economy and the government needs to replace its management, Goldman Sachs Group Inc. said. Eskom plans to raise almost 340 billion rand ($26 billi ...

Daily Headline - global.abi.org - 09/24/2017 - 19:22 - 0 comments

Fairfax Is Said to Back AfriSam to Clinch African Cement Deal

Fairfax Financial Holdings Ltd. is prepared to inject as much as 5 billion rand ($386 million) to pay off bank debt owed by AfriSam Group Pty Ltd. and help South Africa’s second-biggest cement producer clinch a tie-up with larger rival PPC Ltd., accordin ...

Daily Headline - global.abi.org - 09/04/2017 - 19:34 - 0 comments

Guptas Sell South African Mining Group as They Seek to Clear Name

The Gupta business family at the centre of a political scandal in South Africa has sold its main mining company to a little-known Swiss-based group — the second sale of a prime asset this week, the Financial Times reported. Oakbay, the Guptas’ holdin ...

Daily Headline - global.abi.org - 08/23/2017 - 14:34 - 0 comments

South Africa Appoints Jarana to Turn Around Unprofitable SAA

South Africa’s National Treasury confirmed the appointment of Vodacom Group Ltd. executive Vuyani Jarana as the first permanent chief executive officer of the state-owned carrier since November 2015. Jarana will take the helm at South African Airways whe ...

Daily Headline - global.abi.org - 08/03/2017 - 18:48 - 0 comments

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