South Africa

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Roadblocks Ahead for South Africa's Ramaphosa After Moody's Win

South Africa's new president Cyril Ramaphosa will need to call on all his dealmaking skills to overhaul ailing state-owned firms and tackle land reform if he wants to capitalize on Moody's decision not to downgrade the country's debt to ju ...

Daily Headline - global.abi.org - 03/26/2018 - 21:17 - 0 comments

Gordhan Plans Sweeping Changes for South Africa's State Firms

Extensive changes are in the offing at South Africa’s troubled state-owned companies as new Public Enterprises Minister Pravin Gordhan moves to tackle their many management and financial failings, Bloomberg News reported. Power utility Eskom Holdings SOC ...

Daily Headline - global.abi.org - 03/20/2018 - 00:00 - 0 comments

Eight Gupta Firms Seek Insolvency Protection in South Africa

At least eight companies owned by the wealthy Gupta family accused of corrupt ties to former president Jacob Zuma, have filed for protection from creditors, documents showed on Friday, Reuters reported. The Indian-born billionaire business associates of ...

Daily Headline - global.abi.org - 02/25/2018 - 23:00 - 0 comments

Steinhoff Appoints Ex-KPMG Partner as Restructuring Chief

Steinhoff has appointed a former KPMG partner to head restructuring efforts as it tries to rebuild its balance sheet in the wake of an accounting scandal, the Financial Times reported. The South Africa-based retail conglomerate said in January it was ...

Daily Headline - global.abi.org - 02/15/2018 - 21:42 - 0 comments

Steinhoff Says Immediate Liquidity Needs 'Largely Addressed'

Steinhoff International Holdings NV said it has secured enough money to keep its businesses running in the immediate term and can now start talks with a broader group of creditors, Bloomberg News reported. The troubled South African retail group has arra ...

Daily Headline - global.abi.org - 01/29/2018 - 00:31 - 0 comments

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 - 19:51 - 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 - 01/19/2018 - 00:20 - 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 - 01/19/2018 - 00:21 - 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 - 10:02 - 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 - 23:18 - 0 comments

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