A decade after debt forgiveness, Africa still hooked on dollars
Businessam Staff
May 19, 2017
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt […]
Insurers get a new global accounting regime
Businessam StaffMay 19, 2017
Comparing like with like Insurers get a new global accounting regime The rules will change how profits are reported, giving investors greater transparency Listed firms in over 120 countries, including all large economies bar America, issue financial statements according to international financial reporting standards (IFRS) set by the International Accounting Standards Board (IASB). One industry, […]
Japan government investors tell Toshiba of plan to join chip unit bidding: sources
Businessam StaffMay 19, 2017
Two Japanese government-backed investors have formally informed Toshiba Corp (6502.T) of their intention to take part in bids for its prized flash memory chip business, sources familiar with the matter said. State-backed fund Innovation Network Corp of Japan (INCJ) and the Development Bank of Japan (DBJ) told the conglomerate of their intention on Friday, said […]
Dealmakers aplenty, SoftBank’s Son looks for wonks
Businessam StaffMay 19, 2017
Deep Nishar spends more time roaming university hallways than he does corporate boardrooms. A former electrical engineer who helped develop Google’s mobile phone business and grow LinkedIn’s users from 30 million to half a billion, Nishar is exactly the sort of industry specialist that SoftBank Group Corp CEO Masayoshi Son wants for his new $100 […]
European Union to fine Facebook 110m euro for deceit
Businessam StaffMay 18, 2017
European Union (EU) antitrust regulators on Thursday said they would fine Facebook 110 million euros (122.4 million dollars) for providing misleading information over its purchase of messaging service WhatsApp in 2014. Calling it a “proportionate and deterrent fine,” the European Commission, which acts as the EU’s competition watchdog, said Facebook had said it could not […]
U.S. stocks slump, bonds rally amid Trump turmoil: Markets wrap
Businessam StaffMay 17, 2017
Risk off sentiment grips markets with Washington on edge Stocks fall as volatility indexes, bonds gain; oil rises Assessing President Trump’s Fallout on the Markets The turmoil engulfing President Donald Trump’s administration spilled into financial markets as U.S. stocks fell the most since March, measures of volatility spiked higher and Treasuries rallied with gold. The […]
British Pound to Canadian dollar exchange rate benefits from Trump uncertainty
Businessam StaffMay 17, 2017
Despite Sterling weakness, the Pound to Canadian Dollar exchange rate has recovered from its weekly lows on Wednesday as the latest US political news puts investors off risk-correlated currencies like the ‘Loonie’. Early week trade saw GBP/CAD fall from opening levels of 1.7668 to a May low of 1.7534 on Tuesday. The pair clawed back […]
Spain calls for deeper euro zone integration, pooled debt
Businessam StaffMay 17, 2017
Spain’s conservative government has added its voice to calls for deeper integration in the euro zone, suggesting to Brussels in a paper that members of the bloc should pool some aspects of their debt management and share a budget to fight crisis shocks. German Chancellor Angela Merkel and France’s new President Emmanuel Macron agreed on […]
Aiteo strengthens group with appointment of international advisor
Businessam StaffMay 16, 2017
Mr Knezevic will lead Aiteo’s funds raising activities from global capital markets with the primary objective of reinforcing the Group’s growth and diversification targets in Nigeria and across Africa as a whole Aiteo Group has announced the appointment of Ratko M. Knezevic as Group Advisor on Business and Capital Development with effect from 5 May […]
More Brits than ever being targeted by banking fraudsters – despite industry action to ‘protect customers’
Businessam StaffMay 16, 2017
Consumer group Which? claims it has not seen enough evidence of industry progress to protect customers, as it calls on the next Government to take tough action on financial fraud Financial fraud is as rife as ever, a consumer group has warned, five months after a regulator found evidence that Britain is not doing enough […]