Tokyo Banking Correspondent
David's Feed
May 11, 2012

Middle East investors slowly wake up to Africa

ADDIS ABABA, May 11 (Reuters) – Flush with cash from oil and
stuck with few options for growth in developed markets, Middle
East investors are increasingly looking to nearby Africa.

While the fast-growing continent offers plenty of
opportunities, bankers say there are also a raft of challenges
for Middle East investors, particularly due to the relatively
small size of potential deals.

May 11, 2012

Nigeria’s UBA shelves plans for $500 mln Eurobond

ADDIS ABABA, May 11 (Reuters) – Pan-African lender United
Bank for Africa (UBA.LG: Quote, Profile, Research) has shelved its plans for a $500
million Eurobond as it focuses on strengthening its existing
businesses, its chief executive said on Friday.

“What we’re doing right now is just to consolidate the
business,” Phillips Oduoza told Reuters on the sidelines of the
World Economic Forum on Africa in Addis Ababa.

Apr 19, 2012

Africa to be next boomtown for private equity

JOHANNESBURG (Reuters) – Africa is the next big thing, just ask Bob Geldof and other private equity bankers.

The Irish rocker made headlines in February when he announced the launch of his $200 million “8 Mile” fund, a sign the Live Aid organizer had turned from promoting debt forgiveness to private enterprise.

Apr 19, 2012

JPMorgan bets on transaction banking in Africa

JOHANNESBURG (Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) is pushing transaction banking in Africa and plans to add 50 new staff in Nigeria over the next five years, as it targets growing demand for trade finance from African firms, its head for the region said on Thursday.

John Coulter, JPMorgan’s senior country officer for sub-Saharan Africa, also told the Reuters Africa Investment Summit the U.S. bank was aiming to roll out a full branch in Nigeria, with local currency capabilities, by the end of 2013.

Apr 17, 2012

Actis targets $300 million a year in Africa deals

JOHANNESBURG (Reuters) – Emerging markets private equity firm Actis is looking to invest around $300 million annually in Africa, with much of that earmarked for bigger markets such as South Africa, the firm’s co-head for the region said on Tuesday.

John van Wyk also told the Reuters Africa Investment Summit that even with increasing competition in African private equity, the fast-growing continent still offered strong returns.

Apr 16, 2012

Zimbabwe’s “Tyson” goes the distance with foreign firms

HARARE/JOHANNESBURG, April 16 (Reuters) – Nicknamed “Tyson”,
Zimbabwe Empowerment Minister Saviour Kasukuwere doesn’t shrink
from a fight when it comes to taking on foreign companies that
own mineral rights in his country.

“Somebody has to get them to understand the message,” the
man who has forced global miners to give up majority stakes in
their Zimbabwe operations, told the Reuters Africa Investment
Summit in Johannesburg on Monday.

Apr 10, 2012

Analysis: Turkcell faces battle to bring MTN case in U.S

JOHANNESBURG (Reuters) – Turkish mobile operator Turkcell (TCELL.IS: Quote, Profile, Research, Stock Buzz) may struggle to make its case against MTN Group (MTNJ.J: Quote, Profile, Research, Stock Buzz) in a $4.2 billion legal battle over an Iranian mobile network license that hinges on U.S. human rights law.

Turkey’s biggest mobile firm filed the suit against MTN in a Washington court last month on the grounds that MTN’s significant U.S. business meant the case could be heard there.

Apr 10, 2012

Turkcell faces battle to bring MTN case in U.S.

JOHANNESBURG, April 10 (Reuters) – Turkish mobile operator
Turkcell (TCELL.IS: Quote, Profile, Research) may struggle to make its case against MTN
Group (MTNJ.J: Quote, Profile, Research) in a $4.2 billion legal battle over an Iranian
mobile network licence that hinges on U.S. human rights law.

Turkey’s biggest mobile firm filed the suit against MTN in a
Washington court last month on the grounds that MTN’s
significant U.S. business meant the case could be heard there.

Mar 30, 2012

S.Africa’s MTN slides on Iran corruption lawsuit

JOHANNESBURG, March 30 (Reuters) – Shares in MTN Group
(MTNJ.J: Quote, Profile, Research) slid on Friday after rival Turkcell (TCELL.IS: Quote, Profile, Research) filed a
$4.2 billion suit against the South African mobile operator,
alleging it bribed officials and lobbied support for Tehran’s
nuclear programme to win an Iranian licence. [ID:nL6E8ETA6U]

Turkcell, which lost the 2004 bid for the Iranian licence to
MTN, filed the suit in a U.S. federal court in Washington,
accusing the Johannesburg-based firm of using its influence with
Pretoria to arrange support for Iran’s military.

Mar 15, 2012

Goldman banker always stuck to principles – former teacher

JOHANNESBURG (Reuters) – Greg Smith was a principled and competitive student, the kind of person whose strong sense of right and wrong probably pushed him to resign from Goldman Sachs in a scathing letter to an international newspaper, his former teacher and coach said.

A quiet, unassuming child, the South African first attended the private Jewish King David’s High School in suburban Johannesburg before winning a scholarship to Stanford University in the United States.

    • About David

      "David Dolan covers banks, consumer lenders and financial regulation in the world's second-largest economy. Before that, he covered Tokyo's stock market for Reuters and also did reporting stints on Capitol Hill and Chicago's City Hall. He was born in Ireland and grew up in Chicago."
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