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Congo In Talks With Russia’s VTB For $1 bln Investment

Congo In Talks With Russia’s VTB For $1 bln Investment

  Democratic Republic of Congo is in talks with Russian state-owned bank VTB over potential investments worth as much as $1 billion, Congolese officials said, though VTB said there had been no discussions about bilateral lending. Africa’s top copper producer has been hit hard by low commodity prices in recent years. It has only enough […]

Kenya Reviews Mining Laws as Industry Struggles to Grow

Kenya Reviews Mining Laws as Industry Struggles to Grow

Kenya is reviewing its mining code, a year after enacting new legislation, as it seeks to attract investment into an industry that’s barely grown over the past five years. The government is working with the U.K. Department for International Development-funded Extractives Hub to come up with a revised law that balances investor returns with government-revenue […]

Goldman to Review Commodities After Worst Start in a Decade

Goldman to Review Commodities After Worst Start in a Decade

Goldman Sachs Group Inc., the dominant commodities trader on Wall Street, is reviewing the direction of the business after a slump in the first half of the year, according to people with knowledge of the matter. By reconsidering the bank’s long-held view that the downturn in profitability is cyclical and will eventually reverse, Chief Executive […]

IMF Approves $312 million 3-year Credit For Chad

IMF Approves $312 million 3-year Credit For Chad

The International Monetary Fund has approved a $312 million three-year credit programme for Chad to help boost an economy hit by low oil prices, big debt and lasting security issues. The Extended Credit Facility, $48.8 million of which will be made available immediately, aims to help diversify the economy away from oil, reduce debt and […]

KPMG Watched as Guptas Moved S. Africa Public Funds for Wedding

KPMG Watched as Guptas Moved S. Africa Public Funds for Wedding

KPMG South Africa failed to raise the issue when businesses controlled by the Gupta family — friends of President Jacob Zuma — diverted the equivalent of $3.3 million of public money to pay for a family wedding and their auditing firm, documents show. KPMG was also aware that the family’s companies were categorizing the wedding […]

Ghana Signs $10 bln MOU with China for Bauxite Project

Ghana Signs $10 bln MOU with China for Bauxite Project

Ghana has signed a $10 billion memorandum of understanding (MOU) with China to develop its bauxite industry, the country’s Senior Minister Yaw Osafo-Maafo said on Wednesday. Growth in the West African country slowed sharply in 2014 due to a fiscal crisis and tumbling commodity prices following years of economic expansion at around 8 percent on […]

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 […]