NewsSouthern Africa

Fri,23Jun2017

Southern Africa

South Africa's Nedbank slashes Ecobank value by $293 million

South Africa's Nedbank booked a $293 million writedown on the value of its west African associate Ecobank on Tuesday, and reported its slowest growth in annual profit since 2009.

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South Africa's Blue Label Telecom signs deal to lower Cell C's debt

South Africa's Cell C and its creditors have agreed a deal with Blue Label Telecoms and an unnamed investor that would lower the mobile phone firm's debt to 6 billion rand ($463 million), Blue Label said in a statement.

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

South 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

South 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

US 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 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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