An elementary school art teacher snapped the picture of a great white shark in South Africa, with CNBC's Becky Quick.» Read More
PRETORIA- South Africa's central bank steps in to rescue unsecured lender African Bank Investments, placing it under external supervision and announcing plans for a $940 million capital injection underwritten by local lenders. Europe's fragile economy put to test as Ukraine, Iraq sour mood.
*African Bank placed under outside supervision. PRETORIA, Aug 10- South Africa's central bank stepped in to rescue unsecured lender African Bank Investments on Sunday, placing it under external supervision and announcing plans for a $940 million capital injection underwritten by local lenders.
JOHANNESBURG, Aug 7- Investors fled African Bank Investments on Thursday, as the South African lender faced a $790 million hole from a flood of unsecured loans gone bad and its furniture retail business applied for creditor protection.
JOHANNESBURG, Aug 7- Investors fled African Bank Investments on Thursday, sending its shares tumbling to a near-20 year low as the South African lender looked unable to plug a $790 million hole in its finances from a tide of unsecured loans that have gone bad.
Ebola virus and conflict in the Middle East and a possible trade war with Russia could all hurt air travel this year, the IATA said.
MONROVIA/ DAKAR, Aug 6- Poverty, then war, and now, a deadly plague. Among the world's poorest states at the bottom of global development indexes, Sierra Leone, Liberia and Guinea had shown signs of leaving behind brutal wars and leaping into Africa's economic boom- before a lethal Ebola epidemic struck.
CNBC's Eamon Javers reports two American aid workers infected with Ebola are being treated at Emory Hospital in Atlanta today and the U.S. Centers for Disease Control and Prevention is sending 50 additional experts to Africa.
Amadou Sy, Senior Fellow, Africa Growth Initiative at Brookings Institution, says the U.S. is still Africa's largest foreign investor, but warns of the need to diversify beyond natural resources.
*Recent surge in Angola bad loans due to economy slowdown. JOHANNESBURG, Aug 4- Angola appointed administrators to manage the indebted local unit of Portugal's troubled lender Banco Espirito Santo on Monday and said a sovereign guarantee for most of its loans would be revoked.
LONDON- Europe's largest bank HSBC warns that regulators' zeal to punish wrongdoing is putting its staff off taking reasonable business risks, as it reports a 12 percent drop in first-half profit. Portugal in $6.6 bln rescue of Banco Espirito Santo.
The U.S.'s decision to close its Export-Import Bank would damage U.S. companies trying to do business in Africa, GE's Jeff Immelt said.
President Barack Obama is gathering nearly 50 African heads of state in Washington for an unprecedented summit aimed in part at building his legacy.
JOHANNESBURG, July 31- South Africa's Sibanye Gold remains on the hunt for a platinum asset and has Anglo American Platinum's mines in its sights, ready to make a move if the owner decides on either a straight sale or a separate listing for the assets.
*Mobile money faces obstacles to growth outside Kenya,. DAKAR, July 30- IT technician Mansour Diagne is one of the lucky few in Senegal to have a bank account, but when he needs to pay some bills or transfer cash to his sisters on the other side of the crowded capital Dakar, he reaches for his mobile phone.
*Investors drawn by steady earnings, Africa prospects. JOHANNESBURG, July 24- Shares in Alexander Forbes surged 12 percent on their return to the Johannesburg bourse on Thursday, valuing the retirement fund manager at almost $1 billion as it dazzled investors with the prospect of steady earnings and growth across Africa.
*Move will cut over half of Amplats workforce. *CEO says would prefer to sell assets in one go. JOHANNESBURG, July 21- World number-one platinum producer Anglo American Platinum is to sell a swathe of its most labor-intensive South African mines after a five-month strike shattered its hopes of ever making them profitable.
*South Africa's union turf war rumbles eastward. MARULA PLATINUM MINE, South Africa, July 20- When a wildcat strike hit Impala Platinum's Marula mine in South Africa's Limpopo province this month, union leaders there had no idea it was coming.
LISBON, July 19- Angola's president personally ordered that the state guarantee up to $5.7 billion in troubled loans belonging to the Angolan unit of Portugal's financially compromised Banco Espirito Santo, a Portuguese newspaper said on Saturday.
JOHANNESBURG, July 18- South African pension manager Alexander Forbes priced its stock market listing in the middle of its marketed range on Friday, raising 3.7 billion rand in Africa's second-largest initial public offering this year. The pricing points to fairly strong demand when the company lists on the Johannesburg bourse next Thursday, a trader said.
*Woolworths confident of securing Country Road deal. SYDNEY/ JOHANNESBURG July 17- South Africa's Woolworths cleared the final hurdle to its $2 billion takeover of David Jones after an Australian court gave the upscale clothing and food retailer the green light on Thursday.