Russia negotiating with more than 30 countries over sales of its MiG-35s

Russia is targeting export sales of at least $10 billion for the new MiG-35, the country’s most advanced jet fighter, as it prepares to offer the aircraft commercially from next year. Negotiations are underway with more than 30 countries that fly the older MiG-29 about upgrading their existing fleets or adding extra planes, Ilya Tarasenko, […]

Kenya government, banks agree to convert $405.3m of debt to equity

Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according […]

ToLet.com.ng acquires Jumia House to trade as PropertyPro.ng

ToLet.com.ng, Nigeria’s leading online property classifieds portal, has in conjunction with their existing investors, Frontier Digital Ventures, acquired Jumia House Nigeria, a competing property portal, for an undisclosed sum. The deal was concluded Friday November 10, 2017. ToLet.com.ng will now merge the two platforms over the coming months, under the new name of PropertyPro.ng, creating Nigeria’s […]

America’s Sprint targets MVNO deals as merger with T-Mobile crashes

Sprint, America’s fourth-largest wireless carrier, is targeting mobile virtual network operators (MVNOs) to compete for market share in the wake of the collapse of its merger deal with T-Mobile. An MVNO is a wireless communications services provider that does not own the wireless network infrastructure over which it provides services to its customers. Already, Sprint […]

Beijing kills Viacom’s $1bn movie-funding deal

Viacom’s Paramount Pictures said a $1 billion movie funding deal with China’s Huahua Media has been scrapped after Beijing tightened foreign investment policies. It’s the latest Hollywood-China tie-up to unravel due to regulatory pressure, following Wanda Group’s abandonment of a deal to buy production company Dick Clark Productions for $1 billion earlier this year. Under an agreement announced […]

Nigeria central govt. saves N24.7bn monthly via TSA, IPPIS/BVN implementation

President Buhari presents 2018 budget

President Muhammadu Buhari has said that the Federal Government has leveraged information and communication technology (ICT) as well as the enforcement of bank verification number (BVN) to make monthly savings of about N24.7 billion. The president disclosed this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency (NITDA) at […]

South Africa’s Foschini Group snaps up UK’s fashion brand Hobbs

Hobbs, the British high street fashion retailer known for being a favourite of the Duchess of Cambridge, has found a new owner in the form of South African retailer The Foschini Group (TFG). Hobbs chief executive Meg Lustman said this would help the brand to become “truly successful”. “With TFG’s existing experience managing desirable brands, […]

Apple sells debt to help fund $300bn capital return

Apple Inc. is selling bonds as the iPhone maker looks to fund stock buybacks and dividends. The company is selling fixed-rate bonds in as many as six parts, according to a person with knowledge of the matter. The longest portion of the offering, a 30-year security, may yield around 1.125 percentage points more than Treasuries, […]

FirstRand challenges U.K. lenders with Aldermore buy

Phillip Monks, Aldermore Chief Executive Officer

Africa’s largest lender by market value plans to take on Britain’s biggest banks with the takeover of Aldermore Group Plc as growth in its home market stutters. FirstRand Ltd. said Monday it agreed to buy all of Aldermore after winning the backing of the U.K. lender’s board and its largest shareholder. The offer, which values […]