Tokyo Banking Correspondent
David's Feed
Mar 15, 2015

Rise of Turkish Islamic banks chimes with Erdogan’s ideals

ISTANBUL, March 15 (Reuters) – Selling fruit from a cart in
a working-class neighbourhood of Istanbul hasn’t made Mehmet
rich, but he’s adamant his modest savings won’t ever see the
inside of a bank.

“Getting paid interest is a sin,” he said, piling bunches of
grapes onto a rusty set of scales in the conservative Fatih

Mar 5, 2015

Citigroup sells stake in Turkey’s Akbank for $1.2 billion

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.

Mar 3, 2015

Turkey stock exchange to go public in bid to jump-start equity market

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.

Feb 10, 2015

Finance chiefs vow action to bolster growth at G20 meet, Greece weighs

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.

Jan 30, 2015

S.African private school firm denies race segregation charges

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.

Nov 25, 2014

South Africa’s Steinhoff expands discount offer with $5.7 billion Pepkor buy

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.

Nov 25, 2014

South Africa’s Steinhoff moves into clothes with $5.7 bln Pepkor buy

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.

Nov 17, 2014

Soweto microbrewer aims to tap South Africa’s ‘black diamonds’

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.

Nov 14, 2014

S.African, Norwegian e-commerce rivals bury hatchet in Brazil battle

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.

Nov 5, 2014

South Africa’s PPC taking legal action against former CEO

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.

    • 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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