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Takata, Brought Down By Airbag Crisis, Files For Bankruptcy

Takata, Brought Down By Airbag Crisis, Files For Bankruptcy

Japan’s Takata was brought down by the huge cost of its exploding airbag crisis. The company’s faulty airbag inflators, which can blast shrapnel into drivers and passengers, have resulted in the recall of tens of millions of vehicles and been linked to 11 deaths in the U.S. and several others elsewhere. With spiraling debts estimated […]

Barclays Africa to Fight $86 Million Payout Over Bankorp

Barclays Africa to Fight $86 Million Payout Over Bankorp

Barclays Africa Group Ltd., the South African bank formerly known as Absa, will go to the country’s high court to challenge a decision that it should pay the government 1.125 billion rand ($86 million) over the apartheid-era acquisition of Bankorp Ltd. “This is due to numerous misrepresentations and factual inaccuracies which form the basis of […]

Nigeria’s Half-Measures on Currency Are Only Half-Working

Nigeria’s Half-Measures on Currency Are Only Half-Working

A year after Nigeria scrapped a currency peg that sent foreign investors fleeing, it’s still battling to entice them back. But trying to placate investors by introducing multiple exchange rates isn’t going to work, bond funds and Wall Street lenders including Citigroup Inc. say. To end the dollar shortage that has hamstrung West Africa’s biggest economy and […]

Ethiopian Air Said to Plan $3 Billion Deal for Airbus A350s

Ethiopian Air Said to Plan $3 Billion Deal for Airbus A350s

Ethiopian Airlines Enterprise plans to buy 10 of Airbus SE’s newest A350 wide-body jets in a transaction worth more than $3 billion at advertised prices, according to people familiar with the plan. The deal is set to be announced this week at the Paris Air Show, according to the people, who asked not to be named […]

Botswana’s BCL To Be Sold Off Piecemeal After Sale Talks Fail

Botswana’s BCL To Be Sold Off Piecemeal After Sale Talks Fail

Collapsed state-owned Botswanan copper and nickel producer BCL Limited will be sold off piecemeal after the company failed to find a buyer, its liquidator said on Friday. BCL was placed under provisional liquidation in October after the government said it could not afford the 7 billion pula ($685 million) needed to keep the company running. […]

Miners Vow to Fight South Africa’s New Black-Ownership Rules

Miners Vow to Fight South Africa’s New Black-Ownership Rules

South Africa’s latest mining overhaul could be mired in a long legal battle as producers vowed to stop the changes even as government said it’s time the black majority benefited from the country’s mineral wealth. Mineral Resources Minister Mosebenzi Zwane unveiled new rules for so-called black economic empowerment, including tougher ownership requirements, a community-development tax […]

Ghana To Tap Stabilization Fund For Cocoa Pay Next Season

Ghana To Tap Stabilization Fund For Cocoa Pay Next Season

Ghana will probably start drawing from its stabilization fund to cover cocoa farmers’ pay during the season that starts in October as the second-biggest grower props up local prices in the face of a global slump. While Ivory Coast, the largest producer, has already slashed the price it pays farmers for the smaller of two […]

Yahoo Logs Off As Verizon Completes $4.5 bn Takeover, CEO Marissa Mayer Quits

Yahoo Logs Off As Verizon Completes $4.5 bn Takeover, CEO Marissa Mayer Quits

Verizon has taken over Yahoo, completing a $4.5 billion deal that marks the end of the Yahoo’s 21-year-old history as a publicly traded company and the five-year reign of Yahoo CEO Marissa Mayer. Tuesday’s closure of sale will result in a new management team as the company moves to bring in greater advertising revenue from […]

Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders

Nigeria Bank Divide Widens as Cash Shortage Chokes Small Lenders

  The divide between the haves and the have-nots among Nigerian banks is widening. The country’s biggest lender is so flush with cash it plans to repay $400 million of bonds when they become due in November 2018 rather than raising additional debt, while the next two largest banks sold international bonds for the first […]

Tanzanian Government Accuses Acacia of Mining Gold Illegally

Tanzanian Government Accuses Acacia of Mining Gold Illegally

Tanzania’s government accused Acacia Mining Plc of operating illegally in the East African country and said mining companies have been evading taxes. Acacia’s shares slumped. “The committee has established that Acacia Mining Plc has been conducting its mining business here in Tanzania contrary to the law,” Nehemiah Osoro, chairman of a committee ordered by President […]

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