ISTANBUL (Reuters) – Citigroup (C.N: Quote, Profile, Research, Stock Buzz) has sold its nearly 10 percent stake in Turkey’s Akbank (AKBNK.IS: Quote, Profile, Research, Stock Buzz) for $1.2 billion, the U.S. lender said on Thursday, its latest disposal of overseas assets to cut costs and boost capital.
New York-based Citi has pared back internationally in recent years, pulling out of retail banking in Turkey and in long-established markets such as Japan.
ISTANBUL, March 3 (Reuters) – Turkey’s stock exchange Borsa
Istanbul said on Tuesday it plans to go public, in Ankara’s
latest move to bolster its $220 billion equity market that has
punched below its weight for years.
Borsa Istanbul, the country’s only stock exchange, plans to
list up to 43 percent of its capital through the sale of most of
the shares now held by the national Treasury.
ISTANBUL (Reuters) – Finance officials from the Group of 20 leading economies sketched an uncertain outlook for global growth on Tuesday and vowed to use monetary and fiscal policy if needed to stem any risk of stagnation.
The United States urged nations at the G20 meeting not to resort to currency devaluations to boost exports, an indication Washington is starting to feel wary of its allies manipulating their exchange rates to support growth.
JOHANNESBURG, Jan 30 (Reuters) – A popular South African
private school firm on Friday denied charges of racially
segregating classrooms, saying it sometimes separates children
based on culture, a policy that has provoked public anger 20
years after the end of apartheid.
A group of around 30 parents signed a petition this week
against what they said was racial segregation at the Curro
Foundation School in Roodeplaat, a town near Pretoria, according
to local media reports.
JOHANNESBURG (Reuters) – South Africa’s Steinhoff International (SHFJ.J: Quote, Profile, Research, Stock Buzz) will buy clothing retailer Pepkor in a $5.7 billion deal that gives the budget furniture firm exposure to Africa’s fast-growing apparel market and strengthens its business in eastern Europe.
The acquisition will allow Steinhoff, one of the world’s largest listed furniture companies, to diversify into clothing as rising sub-Saharan wealth lifts consumer demand.
JOHANNESBURG, Nov 25 (Reuters) – South African furniture
firm Steinhoff International will buy 92 percent of
clothing retailer Pepkor, it said on Tuesday, in a $5.7 billion
deal that gives it exposure to the fast-growing African apparel
Steinhoff, a furniture retailer targeting budget-conscious
shoppers in southern Africa and Europe, said it will pay 62.8
billion rand ($5.7 billion) for the stake in Pepkor, which owns
the Pep brand that sells everything from school uniforms to
household goods to mobile phones.
SOWETO South Africa (Reuters) – At just 30,000 litres a month, Ndumiso Madlala’s brewery produces as much beer as his biggest rival pumps out every six minutes. But that may be just enough to cause ripples in SABMiller’s long domination of the South African beer market.
Madlala’s Soweto Gold is one of hundreds of new South African microbreweries mounting a small, but visible, challenge to SABMiller’s 90 percent market share. While craft beer has found an audience among affluent whites, Madlala reckons he can bring it to a new market: the growing black middle class.
JOHANNESBURG/OSLO, Nov 14 (Reuters) – Two of the fiercest
rivals in online classifieds, South Africa’s Naspers and
Norway’s Schibsted, said they would team up in some emerging
markets, including fast-growing Brazil where they have battled
each other for years.
The two companies have transformed themselves from
traditional print publishers into e-commerce publishers,
focusing in recent years on emerging markets such as Brazil
where their competition has added to costs, eaten up resources
and slowed expansion.
JOHANNESBURG, Nov 5 (Reuters) – South African cement company
PPC is taking legal action against its former CEO for
being a “delinquent director” after he made comments the board
considers defamatory, PPC’s chairman said in a television
interview on Wednesday.
The acrimonious public row between PPC and former Chief
Executive Ketso Gordhan has undermined investor confidence in
the company and become one of South Africa’s biggest corporate
spats in recent memory.
JOHANNESBURG, Nov 5 (Reuters) – Four of South Africa’s
biggest banks are owed $53 million by Ellerine, the money-losing
furniture firm that African Bank Investments (Abil) cut
funding to just before the lender collapsed, documents showed.
The debt reflects the extent to which Abil’s failure in
August has rippled across corporate South Africa, knocking
credit ratings, investor confidence and even hurting small
suppliers such as florists and panel beaters.