A group of holders of Ethiopia’s defaulted $1 billion eurobond will continue the process of suing the government after the latest round of restructuring negotiations fell through, according to a committee representing the investors.
A group of holders of Ethiopia’s defaulted $1 billion eurobond will continue the process of suing the government after the latest round of restructuring negotiations fell through, according to a committee representing the investors.
A group of holders of Zambia’s dollar bonds maturing 2053 is opposing the government’s tender to buy back the securities, saying it was conducted without negotiation and would harm investors’ interests.
A group of holders of Zambia’s dollar bonds maturing 2053 is opposing the government’s tender to buy back the securities, saying it was conducted without negotiation and would harm investors’ interests.
Traders at a market along a railway line in Lusaka, Zambia. Source: Bloomberg/Bloomberg
A London arbitration tribunal ordered Zambia’s majority state-owned investment company, ZCCM Investments Holdings Plc, to pay Trafigura about $92 million in a long-running dispute over a prepayment agreement between the commodity trader and Konkola Copper Mines.
A London arbitration tribunal ordered Zambia’s majority state-owned investment company, ZCCM Investments Holdings Plc, to pay Trafigura about $92 million in a long-running dispute over a prepayment agreement between the commodity trader and Konkola Copper Mines.
The Trafigura Group offices entrance in Geneva. Photographer: Fabrice Coffrine/AFP
Zambia started a cash tender offer to buy back its $1.36 billion bond due in 2053, becoming the latest African nation to repurchase outstanding debt as governments seek to reduce their servicing costs.
Zambia started a cash tender offer to buy back its $1.36 billion bond due in 2053, becoming the latest African nation to repurchase outstanding debt as governments seek to reduce their servicing costs.
Ethiopia’s finance ministry said restructuring talks with some bondholders fell through after they rebuffed its latest proposal for them to take a 12% loss, drawing out a default that dates back to December 2023.
Ethiopia’s finance ministry said restructuring talks with some bondholders fell through after they rebuffed its latest proposal for them to take a 12% loss, drawing out a default that dates back to December 2023.
Zambia’s state-controlled mining investment company, ZCCM Investments Holdings Plc, agreed to sell a majority stake in a lime and cement venture to a privately held Chinese company.
Zambia’s state-controlled mining investment company, ZCCM Investments Holdings Plc, agreed to sell a majority stake in a lime and cement venture to a privately held Chinese company.
The deal demonstrates how Zambia’s mining revival is rippling through industries such as copper processing and construction materials. Photographer: Waldo Swiegers/Bloomberg
Mozambique is disputing $2 billion in costs that TotalEnergies SE and its partners say they incurred during a years-long stoppage of their liquefied natural gas project that’s under construction in the southeast Africa nation, according to a person with knowledge of the matter.
Mozambique is disputing $2 billion in costs that TotalEnergies SE and its partners say they incurred during a years-long stoppage of their liquefied natural gas project that’s under construction in the southeast Africa nation, according to a person with knowledge of the matter.
Rwandan police guard the TotalEnergies Mozambique LNG project site in 2022.
Mozambique’s central bank kept its benchmark interest rate unchanged for the second time in a row as surging global energy costs push local prices higher and muddy the inflation outlook.
Mozambique’s central bank kept its benchmark interest rate unchanged for the second time in a row as surging global energy costs push local prices higher and muddy the inflation outlook.
Boats on the waterfront at dusk in Maputo, Mozambique, on Thursday, Nov. 28, 2024. The continued disruption following election results disputes is hitting the already strained state finances with annual inflation in Mozambique edged up to 2.7% in October.
The Arab Bank for Economic Development in Africa told investors last week that Senegal is in arrears with the lender, people familiar with the matter said, adding to signs of mounting financial strain on the government. The nation’s dollar bonds fell.
The Arab Bank for Economic Development in Africa told investors last week that Senegal is in arrears with the lender, people familiar with the matter said, adding to signs of mounting financial strain on the government. The nation’s dollar bonds fell.
Visitors look out towards the city skyline in Dakar, Senegal.
The Arab Bank for Economic Development in Africa told investors last week that Senegal is in arrears with the lender, people familiar with the matter said, adding to signs of mounting financial strain on the government. The nation’s dollar bonds fell.
The Arab Bank for Economic Development in Africa told investors last week that Senegal is in arrears with the lender, people familiar with the matter said, adding to signs of mounting financial strain on the government. The nation’s dollar bonds fell.
Visitors look out towards the city skyline in Dakar, Senegal.
Senegal is making progress toward a deal with the International Monetary Fund, according to the head of the Arab Bank for Economic Development in Africa.
Senegal is making progress toward a deal with the International Monetary Fund, according to the head of the Arab Bank for Economic Development in Africa.
Mozambique, one of the world’s poorest countries, raised diesel prices by 46% on Thursday as African governments lift regulated rates to catch up with higher global market prices caused by the war in Iran.
Mozambique, one of the world’s poorest countries, raised diesel prices by 46% on Thursday as African governments lift regulated rates to catch up with higher global market prices caused by the war in Iran.
Angola’s Cabinda oil refinery, among the first to be built in Africa in decades, has started shipping fuel, helping the crude producer bolster domestic supply and reduce reliance on imports.
Angola’s Cabinda oil refinery, among the first to be built in Africa in decades, has started shipping fuel, helping the crude producer bolster domestic supply and reduce reliance on imports.
Zambia’s talks with the US over a new $2 billion health-aid deal stalled because the proposed agreement included data sharing that would violate citizens’ privacy rights and was conditional on first agreeing to preferential access to mineral resources, the nation’s foreign minister said.
Zambia’s talks with the US over a new $2 billion health-aid deal stalled because the proposed agreement included data sharing that would violate citizens’ privacy rights and was conditional on first agreeing to preferential access to mineral resources, the nation’s foreign minister said.
Doctors care for patients in a clinic in Lusaka, Zambia.
Fitch Ratings cut its assessment of Mozambique’s foreign-currency debt by one notch to CC, saying a restructuring of the nation’s sole dollar bond had become probable.
Fitch Ratings cut its assessment of Mozambique’s foreign-currency debt by one notch to CC, saying a restructuring of the nation’s sole dollar bond had become probable.
Pedestrians walk past parked vehicles outside a Total SA gas station in Maputo, Mozambique, on Thursday, March 23, 2017. Mozambique missed a $119 million payment due Tuesday on a loan Credit Suisse Group AG arranged, the second debt repayment the government failed to make in as many months.
Zimbabwe’s currency is undervalued by almost half, the governor of the central bank said, pointing to the foreign reserves and gold that back the unit.
Zimbabwe’s currency is undervalued by almost half, the governor of the central bank said, pointing to the foreign reserves and gold that back the unit.
A twenty ZiG banknote Photographer: Cynthia R Matonhodze/Bloomberg
A group of Ethiopia’s bondholders formally began a process to sue the government over a defaulted $1 billion debt, according to people familiar with the matter.
A group of Ethiopia’s bondholders formally began a process to sue the government over a defaulted $1 billion debt, according to people familiar with the matter.
A group of Ethiopia’s bondholders formally began a process to sue the government over a defaulted $1 billion debt, according to people familiar with the matter.
A group of Ethiopia’s bondholders formally began a process to sue the government over a defaulted $1 billion debt, according to people familiar with the matter.
South African Reserve Bank Governor Lesetja Kganyago said the Iran war’s impact on oil prices has validated wariness over inflation, without giving a clear signal on what that means for interest rates.
South African Reserve Bank Governor Lesetja Kganyago said the Iran war’s impact on oil prices has validated wariness over inflation, without giving a clear signal on what that means for interest rates.
Lesetja Kganyago, governor of South Africa’s Reserve Bank, at the Semafor World Economy Summit during the International Monetary Fund and World Bank Spring meetings in Washington, DC, US, on Thursday, April 16
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