Finance

LONDON (Capital Markets in Africa) – Billionaire Mike Ashley’s latest bid to control Debenhams Plc has sharpened battle lines with the troubled U.K. department-store chain’s lenders as it seeks to restructure its debt and avoid insolvency. Ashley, angling to add Debenhams’s roughly 240 U.K. and overseas stores to his empire that already includes Sports Direct International Plc and House of Fraser, has launched an effort he’s dubbed “Project Serpico” to expose what he says is an insider plot to steer…

CONGO (Capital Markers in Africa) – The Republic of Congo sought the assistance of former International Monetary Fund Managing Director Dominique Strauss-Kahn as the debt-strapped nation’s bid to secure a bailout stretches into a third year. Strauss-Kahn and Lazard France Chief Executive Officer Mathieu Pigassetraveled to the Congolese capital, Brazzaville, in January for talks with President Denis Sassou Nguesso, Finance Ministry spokesman Adrien Wayi Lewy said in an interview. “They have a great understanding of global finance and were…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s construction industry is being demolished. After 45 years of trading on Johannesburg’s stock exchange, Group Five Ltd.’s stock was suspended Tuesday after the company filed for bankruptcy protection, making it the fifth local builder to enter business rescue in less than a year. From a peak market value of 8.2 billion rand ($575 million) in 2007, it was worth less than 100 million rand when the shares stopped…

LONDON (Capital Markets in Africa) – U.K. organizations supervising accountants are too worried about pleasing their membership to live up to their duty to crack down on money laundering, setting back attempts to rid the country of billions of pounds of dirty money, according to a new report. Some of the U.K.’s 22 groups overseeing accountants and lawyers did no anti-money laundering supervision whatsoever, the Office for Professional Body Anti-money Laundering Supervision said in its…

ADDIS ABABA (Capital Markets in Africa) – By the time he was 29, Yared Getachew was the youngest captain at Ethiopian Airlines. Despite his relative youth, he had spent a decade with the carrier, eventually piloting wide-body jets that crossed continents and oceans. Like so many of the airline’s pilots before him, Captain Getachew, who died on Sunday in the crash of Flight 302, was a graduate of the Ethiopian Airlines Aviation Academy. The competitive school, which…

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV Chief Executive Officer Louis du Preez will give an update to South African lawmakers next week about the ongoing investigation into an accounting scandal that almost destroyed the retailer more than a year ago. Representatives of regulators and a local anti-graft police unit are also expected to appear at the parliamentary hearing in Cape Town starting March 19, Du Preez told reporters in the city on Monday. The…

JOHANNESBURG (Capital Markets in Africa) – Old Mutual Ltd. said earnings fell as a weak South African economy and sliding asset prices caused the insurer to miss one of its key operational goals. Full-year adjusted profit earnings declined to 11.51 billion rand ($798 million) from 12.95 billion rand a year earlier, the Johannesburg-based company said in a statement. “Persistently high unemployment rates, a value added tax-rate increase and fuel hikes contributed to lower real disposable incomes…