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Shareholder Group VEB Plans Lawsuit Against Three Banks Over Steinhoff – FT

Shareholder Group VEB Plans Lawsuit Against Three Banks Over Steinhoff – FT

A Dutch shareholder group has given notice that it plans to file a class action lawsuit against Barclays Plc, Commerzbank AG and Absa Bank Ltd over their roles in a 2015 share sale by South African retailer Steinhoff International, the Financial Times reported on Wednesday.   As required by Dutch law, shareholder group VEB gave […]

S.African Utility Eskom Asks To Recover $5.5 bln Via Higher Tariffs

S.African Utility Eskom Asks To Recover $5.5 bln Via Higher Tariffs

South African state utility Eskom is seeking to recover 66.6 billion rand ($5.5 billion) of costs incurred over the past three years through higher tariffs, saying it sold less electricity than forecast because of an economic downturn.   Eskom, which supplies around 95 percent of South Africa’s electricity, is battling to stabilise its finances under […]

Economy To Improve in 2018 As Energy Exports Recover – Ouyahia

Economy To Improve in 2018 As Energy Exports Recover – Ouyahia

Algeria’s economy will improve this year, Prime Minister Ahmed Ouyahia said on Saturday, as revenue from the OPEC member’s oil and natural gas exports picks up after falling by half since 2014. “2017 has been a difficult year, but 2018 will be much better,” Ouyahia told reporters, adding that unemployment had risen to 11.7 percent […]

New Financing Concepts Seek To Ease Housing Woes

New Financing Concepts Seek To Ease Housing Woes

Financial institutions have been urged to adopt housing micro-finance as a response to growing housing needs. This is according to a habitat for Humanity case study, Building the Business Case for Housing Micro-finance in Sub-Saharan Africa, released last week. Habitat for Humanity argues that housing micro-finance, small non-mortgage backed loans for short terms, can become […]

South Africa’s Growth Recovery At Risk From Lack of Policy Clarity: Central Bank

South Africa’s Growth Recovery At Risk From Lack of Policy Clarity: Central Bank

South Africa’s recent economic growth turnaround is unlikely to last as 2017’s boom fades and the outlook for reform remains murky, the central bank said on Tuesday. The South African economy expanded by a surprising 1 percent in 2017 as agriculture recovered from a drought the year before, and the Treasury expects growth of 1.5 […]

In Africa, Costly Data Slows Internet TV’s Growth: Naspers’ Showmax

In Africa, Costly Data Slows Internet TV’s Growth: Naspers’ Showmax

Global entertainment group Naspers is trying to persuade telecoms operators in Africa to offer customers unlimited data to help boost the growth of internet television on the continent. The high cost of data in Africa has hampered the take up of internet TV, even though the number of internet users in the region has grown […]

The Islamic Development Bank to Finance $185 mln Projects in Tunisia

The Islamic Development Bank to Finance $185 mln Projects in Tunisia

The Islamic Development Bank has agreed on Sunday to lend Tunisia $185 million to finance developments including an electricity project, an official told Reuters. The bank agreed to finance an electricity link worth $150 as well as the construction of hospitals in Kasserine and Kef worth $34 million. The agreement will be signed on Thursday […]

HSBC Freezes Account Tied to $500 Million Angolan Fraud

HSBC Freezes Account Tied to $500 Million Angolan Fraud

  HSBC Holdings Plc froze an account linked to an alleged fraud that siphoned about $500 million from Angolan state coffers, according to a person briefed on the matter.  A large transfer raised suspicions at the bank, prompting it to alert U.K. authorities at least weeks ago, the person said, asking not to be identified […]

Cocoa Farmers in Top Producer May Miss Out on Surging Prices

Cocoa Farmers in Top Producer May Miss Out on Surging Prices

Cocoa prices have surged by a third this year, but that’s still unlikely to translate into big gains for farmers in top producer Ivory Coast.  The West African nation uses forward sales to determine the minimum farmer price, so recent gains may have come too late for the smaller of two annual harvests that starts […]

DP World Wins 30-year Congo Port Concession

DP World Wins 30-year Congo Port Concession

DP World said it had won a 30-year management and development concession for a greenfield, multi-purpose port in the Democratic Republic of the Congo (DRC). The Dubai-owned port operator will set up joint venture with the Central African country’s government to manage and invest in the Atlantic Coast’s Port of Banana, it said in a […]

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