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LUANDA: There is no shortage of cash or credit in Angola Africa's second oil producer but the struggle small businesses face to get loans is stimying efforts to diversify the economy.According to the central bank there was more than $22 billion in credit issued in Angola last year, around a fifth of total economic output.A fledgling banking sector, prodded by the government to make loans available for businesses not related to the energy sector, is starting to take flight. The volume of credit grew by 25 percent in the year to June 2012 alone.With the economy growing at 10 percent the services, construction and mining sectors have been major beneficiaries, according to a recent report by consultancy firm Deloitte. But all is not going to plan."Officially the amount of credit has increased," said Justino Pinto de Andrade, an economics professor at the Angolan Catholic University and an opposition member. "But ...
ATHENS: Greece's second-largest lender Piraeus Bank has hired four international investment banks as advisers on its 7.33 billion euro ($9.4 billion) share issue, two bankers close to the procedure told Reuters on Saturday."Goldman, Barclays, Deutsche Bank and Bank of America-Merrill Lynch will be acting as advisers," one of the bankers said.Greece's top four banks, including Piraeus, need a total of 27.5 billion euros to repair their solvency after losses on sovereign debt writedowns and bad ...
RYTRO: There is little chance that consumer inflation in Poland will quickly return to the central bank's 2.5 percent target, a Monetary Policy Council member said on Saturday, leaving scope for further monetary easing.Jerzy Hausner, one of the central bank's 10 rate-setters, also told Reuters that economic growth could accelerate to about 3 percent late next year, but there was also the risk of a more protracted slowdown.Earlier this week data showed Poland's economy, after ...
SAN FRANCISCO: Microsoft Corp is set to make a splash this week with the eagerly awaited unveiling of its new Xbox game console, eight years after the last version, as it seeks a larger share of the $65 billion a year global computer gaming industry.But the small device faces some big competition from the PlayStation 4 by Sony Corp and the Wii U by Nintendo Co Ltd in a shifting market.Gamers are gravitating to online ...
TOKYO: Japan will provide $2 billion worth of financial support over five years to back Japanese firms' resources development projects in Africa, media reported on Saturday.Japan's Trade Minister Toshimitsu Motegi made the announcement at the Africa-Japan Ministerial Meeting for Resources Development held in Tokyo on Saturday, Japanese news agencies Kyodo and Jiji said.The financial support is to be channelled through state-run Japan Oil, Gas and Metals National Corp (JOGMEC), reports said.A number of Japanese firms ...
MUMBAI: India's Tata Motors Ltd said its subsidiary TML Holdings Pte Ltd had issued and allotted S$350 million ($280 million) of senior notes due 2018.The notes carry an interest rate of 4.25 percent, Tata Motors, part of the salt-to-steel conglomerate Tata Group, said in a statement on Saturday.Net proceeds from the issue will be used to redeem preference shares issued to Tata Motors and for general corporate purposes, the company said.Australia and New Zealand Banking ...
COPENHAGEN: Danish conglomerate A.P. Moeller-Maersk reported on Friday a drop in net profit and sales in the first quarter amid sluggish economies in North America and Europe.Net profit fell by 33 percent to 4.46 billion kroner (598 million euros, $771 million), but was significantly higher than the 3.4 billion forecast by analysts surveyed by Dow Jones Newswires.The 2012 first quarter figure was boosted by exceptional items from divestments and a favourable settlement in an Algerian ...More Articles...
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