Tokyo Banking Correspondent
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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.

Mar 15, 2012

SAfrican Goldman banker always stuck to principles

JOHANNESBURG, March 15 (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.

Mar 7, 2012

S.Africa’s MTN struggles to get money out of Iran

JOHANNESBURG, March 7 (Reuters) – South African mobile
phone operator MTN Group said it is struggling to get
its money out of Iran due to tougher Western sanctions,
reflecting the tightening international noose around Tehran.

Africa’s biggest mobile operator, which has units in the
Middle East, is no longer able to use Dubai-based banks to move
money out of Tehran and is looking for ways to swap cash with
companies that need to move payments in, Chief Executive Sifiso
Dabengwa told reporters following its annual results
presentation.

Feb 19, 2012

Japan’s Mizuho to cooperate with StanBank-sources

JOHANNESBURG/TOKYO, Feb 19 (Reuters) – Japan’s Mizuho
Financial Group will sign an agreement to cooperate
with South Africa’s Standard Bank in corporate lending
as early as this week, according to two people familiar with the
matter.

The non-exclusive agreement will focus on bringing more of
Mizuho’s Japanese clients to Africa and Standard Bank’s clients
to Japan, said one of the people, both of whom declined to be
identified because the information is not public.

    • 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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