NewsSouthern Africa

Sun,26Feb2017

Southern Africa

South Africa's Liberty to buy 75 pct stake in Nigerian insurer

In this photo,  a family eats Domino's pizza at a restaurant in Lagos, Nigeria. As Nigeria’s middle class grows along with the appetite for foreign brands in Africa’s most populous nation, more foreign restaurants and lifestyle companies are entering the country. Photo: Sunday Alamba/AP/SIPASouth Africa's Liberty Holdings will acquire a 75% stake in a Nigerian long-term insurer for $12m, the company said on Friday, after reporting a 38% decline in earnings.

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South Africa's Barclays Africa CEO "deeply regrets" role in FX rigging

Women stand outside a building used by South Africa's ABSA bank in Cape Town, South Africa, Tuesday, March. 1, 2016, which is part of the Barclays Africa Group. Photo: Schalk van Zuydam/AP/SIPASouth African lender Barclays Africa asked for forgiveness on Thursday for its role in rigging the local currency, a scandal that has raised questions over the dominance of four big local banks.

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Chevron, Angola government in tax, investment talks

Exterior view of a Chevron gas station near ChevronTexaco headquarters in San Ramon, California, USA. Photo: PAUL SAKUMA/AP/SIPAUS energy company Chevron is in talks with the Angolan government and state oil firm Sonangol to revise tax terms and any future investment will hinge on those talks, a senior company official was quoted as saying on Wednesday.

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South Africa's Gordhan sees difficult political year for ruling ANC

South Africa's finance minister Pravin Gordhan delivers the annual Budget speech in Parliament at Cape Town, Wednesday, Feb. 24, 2016. Photo: Mike Hutchings/AP/SIPASouth African Finance Minister Pravin Gordhan said on Monday he sees a "difficult political year" for the ruling African National Congress (ANC) but that he saw "green shoots" of growth in an economy that is barely growing.

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South African banking shares under pressure after watchdog charges

The facade of a building used by South Africa's ABSA bank in Cape Town, South Africa, March, 2016, which is part of the Barclays Africa Group. Photo: Schalk van Zuydam/AP/SIPAShares in South Africa's banking index extended losses on Monday as investors continued to digest the competition watchdog's recommendation that banks should be fined for rigging the rand currency.

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South Africa watchdog seeks penalty against banks for FX rigging

Reserve bank governor Gill Marcus displays bank notes bearing the image of former president Nelson Mandela at a press launch, in Pretoria, South Africa, Tuesday, Nov. 6, 2012. Photo: enis Farrell/AP/SIPASouth Africa's competition watchdog has recommended fines against banks including Citigroup, Nomura and Standard Bank equal to 10 percent of their annual revenues for rigging the rand currency, it said on Wednesday.

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