Business

Wed,21Feb2018

Business

Steinhoff CFO steps down as crisis-hit retailer shuffles top team

Shoppers make their way along the wide shopping avenues inside the Mall of Africa in Midrand, South Africa, April 28, 2016. Photo: Denis farrell/AP/SIPASteinhoff's finance chief stepped down from the role on Thursday to focus on helping the South African retailer plug a $2.9 billion hole in its finances after an accounting scandal.

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Tanzania shuts 5 small community banks to protect financial stability

In this photo of July 11, 2015, Tanzania's then public works minister John Pombe Magufuli speaks at an internal party poll in Dodoma, Tanzania.Photo: Khalfan Said/AP/SIPATanzania's central bank on Thursday revoked the licenses of five "critically undercapitalised" community banks to protect financial stability in East Africa's No. 3 economy. 

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Nigeria agrees $550 mln satellite deal with China

 In this photo, the satellite is ready at Xichang Satellite Launch Center in southwest China's Sichuan Province, on May 14, 2007. China launched a communications satellite for Nigeria, the first of its kind in Africa. Photo: Li Gang/AP/SIPANigeria has agreed a $550-million deal to buy two Chinese communications satellites and hopes to sign the contract before the end of the month, the communication minister said on Wednesday.

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Entrepreneurs developing online cross border trade between U.S., Africa

Management student Ndeye Mane Toure, uses an internet meeting site to chat with new acquaintances at a cyber cafe in Dakar, Senegal, Aug. 8, 2006. Photo: REBECCA BLACKWELL/AP/SIPAEntrepreneurs in the United States have been developing a new online cross border trade between the U.S. and Africa due to the recent demand for goods between the two regions.

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Kenya regulator ditches plan to break up Safaricom

A Kenyan man talk on a mobile phone at a shop selling Safaricom products, Friday, June 6, 2008 in the Kibera slum in Nairobi, Kenya.Photo: KHALIL SENOSI/AP/SIPAKenya's telecoms regulator has ditched a proposal to break Safaricom up into separate telecoms and financial services businesses due to its dominant size, Kenya's Business Daily newspaper said on Wednesday.

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Steinhoff says account doubts stretch back to at least 2015

Shoppers make their way along the wide shopping avenues inside the  Mall of Africa in Midrand, South Africa, April 28, 2016. Photo: Denis farrell/AP/SIPAFinancial troubles at South African retailer Steinhoff deepened on Tuesday as it said its 2015 results would have to be restated and maybe earlier figures as well, having already warned on its 2016 numbers.

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Sudan, Saudi Arabia to restore banking ties

 A woman displays Sudan's currency at the central bank in Khartoum, Sudan, Sunday July 24, 2011. Photo: Abd Raouf/AP/SIPASudan and Saudi Arabia have agreed to re-establish banking relations, the official Sudanese news agency SUNA said, a move that may help restore confidence in Sudan's economy after the lifting of U.S. economic sanctions.

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