Tokyo Banking Correspondent
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Jun 14, 2013

Africa’s taste for a top tipple draws in luxury brands

LAGOS/JOHANNESBURG, June 14 (Reuters) – With its rows of
wooden shacks selling street food and cut-price haircuts, Lagos
island’s McCarthy Street isn’t the kind of place you’d think to
raise a glass of bubbly. But turn into a side door on one of its
ramshackle buildings, and there’s a small bar stocking Moet &
Chandon, along with Hennessey brandy, Johnnie Walker whisky and
Bailey’s liqueur.

The regulars at the Corner Lounge, which on a recent night
included a bar worker and a fitness instructor, don’t have money
to burn like Nigeria’s oil-rich elite, but they might still
splash out now and then on a $110 bottle of champagne, says
manager Peter Ode.

Jun 8, 2013

Nelson Mandela in ‘serious’ condition in hospital

JOHANNESBURG (Reuters) – Former South African President and anti-apartheid hero Nelson Mandela was in a “serious but stable” condition after being taken to hospital early on Saturday with a recurrence of a lung infection, the government said.

The 94-year-old, who became the first black leader of Africa’s biggest economy in 1994 after historic all-race elections, has been in hospital three times since December. He has been battling the infection for several days, a statement said.

Jun 8, 2013

Mandela in “serious” condition in hospital

JOHANNESBURG (Reuters) – Former South African President and anti-apartheid hero Nelson Mandela was in a “serious but stable” condition after being taken to hospital early on Saturday with a recurrence of a lung infection, the government said.

The 94-year-old, who became the first black leader of Africa’s biggest economy in 1994 after historic all-race elections, has been in hospital three times since December. He has been battling the infection for several days, a statement said.

May 20, 2013

Abil profit fall raises concern over S.Africa credit boom

JOHANNESBURG, May 20 (Reuters) – South African lender
African Bank Investments posted a 26 percent drop in
first-half profit on Monday, sparking a rout in its shares amid
concern that a boom in unsecured lending is starting to unravel.

Abil, as the bank is known, has helped to pioneer unsecured
lending in Africa’s top economy, offering high-interest loans to
millions of low-income borrowers.

Apr 12, 2013

Africa urged to drive harder bargains with China

JOHANNESBURG (Reuters) – For more than a decade African governments have rolled out the red carpet for Chinese investors, trading oil, coal, iron ore and other resources for badly needed ports, roads and railways.

But policymakers and executives, worried the flood of cheap Chinese imports is sapping Africa’s own manufacturing potential, say the continent must drive harder bargains with China.

Mar 22, 2013

S.Africa’s Bidvest bids for control of Adcock

JOHANNESBURG, March 22 (Reuters) – South African
conglomerate Bidvest offered around $665 million in
cash and shares for control of the country’s second-largest but
underperforming drugmaker Adcock Ingram.

Adcock reaps almost all of its revenue from South Africa
where it is dwarfed by local rival Aspen Pharmacare,
which has made an aggressive push into overseas markets.

Mar 12, 2013

S.Africa’s Naspers buys 18 pct stake in Russia’s Avito

JOHANNESBURG/MOSCOW, March 12 (Reuters) – South African
media and e-commerce firm Naspers Ltd bought an 18.6
percent stake in Russian internet rival Avito Holdings with an
agreed merger of their local classified businesses and $50
million in cash.

Naspers said it planned to merge its Slando and OLX Russian
units into Avito and has injected $50 million to create a more
powerful presence in Europe’s largest internet market.

Feb 21, 2013

Pistorius case embarrasses South African police again

JOHANNESBURG (Reuters) – For the second time in six months, South Africa’s police have won themselves global attention for all the wrong reasons.

The lead detective in the Oscar Pistorius murder investigation was taken off the case on Thursday after it emerged he was facing seven attempted murder charges for opening fire on a minibus full of passengers.

Feb 20, 2013

Witness heard “non-stop shouting” from Pistorius home

PRETORIA, Feb 20 (Reuters) – A witness heard “non-stop shouting” coming from the home of Paralympic track star Oscar Pistorius shortly before his girlfriend was shot dead, the lead detective in the murder investigation said on Wednesday.

Warrant officer Hilton Botha, a detective with 24 years on the force, also told the Pretoria magistrates court that Pistorius’ girlfriend, model and law graduate Reeva Steenkamp, was hit by three bullets, in the head, elbow and hip.

Feb 20, 2013

Pistorius shot girlfriend through door – prosecutor

PRETORIA (Reuters) – “Blade Runner” Oscar Pistorius put on his artificial legs and walked across his bedroom before firing four shots through a locked toilet door, killing his cowering girlfriend in cold blood, prosecutors said on Tuesday.

Reeva Steenkamp, a 30-year-old law graduate and model, died after being hit by three rounds from a 9-mm pistol, prosecutor Gerrie Nel said.

    • 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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