Business

Thu,23Nov2017

Business

Kenya to convert $243 mln debt in Kenya Airways into equity

Two men walk next to the ocean on Lamu Island, a popular tourist destination off the coast of Kenya. Photo: Ben Curtis/AP/SIPAKenya will convert its $243 million in loans to Kenya Airways into equity, the government has said, as part of a broader restructuring to nurse the ailing airline back to financial health.

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Vitol, Gunvor eye Mozambique fuel distributor privatisation: report

07062017MozambiqueGlobal oil traders Vitol and Gunvor are interested in buying Mozambique's struggling state-owned fuel distributor Petromac, local media reported on Wednesday.

 

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South Africa slips into recession, heaping pressure on Zuma

Woman asking for money on a street in Johannesburg, South Africa. Photo: Themba Hadebe/AP/SIPASouth Africa has entered recession for the first time in eight years, data showed on Tuesday, piling pressure on a government facing corruption allegations and credit downgrades.

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South Africa's Impala Platinum offers $500 mln in convertible bonds

 Miners at the Lonmin Platinum mine, South Africa, Sept. 20, 2012. Photo: Denis Farrell/AP/SIPASouth Africa's Impala Platinum (Implats) plans to sell about $500 million of unsecured bonds that will be convertible into shares with the proceeds being used to refinance existing debt, the company said on Friday.

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Nigeria's Senate passes oil governance bill: Senate Twitter

Yemi Osinbajo, Vice-President of Nigeria, speaks at the World Economic Forum in Davos, Switzerland, Jan. 17, 2017. Photo: Michel Euler/AP/SIPANigeria's Senate passed a long-awaited oil governance bill following its third and final reading, it said on its official Twitter feed on Thursday.

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Kenya Airways says recovery on course as losses reduce

An Air France plane taxies past an Alitalia plane at Roissy-Charles de Gaulle airport, Sept. 9, 2008. Photo: JACQUES BRINON/AP/SIPAKenya Airways Ltd reported a reduction in pretax losses and a return to profit at the operating level on Thursday, after carrying a record number of passengers in the past year, and said it expected a financial restructuring would be completed shortly.

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Kenya's Equity closes bank branches in war-torn South Sudan

In this 2016 photo, a UN armored personnel carrier stands in a camp for the internally-displaced in Juba, South Sudan. Photo: Jason Patinkin/AP/SIPAKenya's Equity Bank Group has closed more than half of its branches in war-ravaged South Sudan because of a mix of hyperinflation, a battered local currency and an economic slowdown, its chief executive officer said.

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