Russia, Venezuela sign $3.15bn restructuring deal

Businessam StaffNovember 15, 2017

Russia signed an agreement to restructure $3.15 billion of debt owed by Venezuela, throwing a lifeline to a crisis-wracked ally that’s struggling to repay creditors. The pact gives Venezuela some breathing space as it faces the much more difficult task of restructuring its global debt owed to private lenders by the government and state entities. […]

Russia negotiating with more than 30 countries over sales of its MiG-35s

Businessam StaffNovember 14, 2017

Russia is targeting export sales of at least $10 billion for the new MiG-35, the country’s most advanced jet fighter, as it prepares to offer the aircraft commercially from next year. Negotiations are underway with more than 30 countries that fly the older MiG-29 about upgrading their existing fleets or adding extra planes, Ilya Tarasenko, […]

Kenya government, banks agree to convert $405.3m of debt to equity

Businessam StaffNovember 13, 2017

Kenya’s government and domestic lenders agreed to convert $405.3 million of Kenya Airways Plc debt into equity, giving the state a controlling stake and diluting other shareholders including Air France-KLM. The government, which has given Kenya Airways shilling and U.S.-dollar loans totaling $238.1 million, will increase its stake to 48.9 percent from 29.8 percent, according […]

ToLet.com.ng acquires Jumia House to trade as PropertyPro.ng

Businessam StaffNovember 12, 2017

ToLet.com.ng, Nigeria’s leading online property classifieds portal, has in conjunction with their existing investors, Frontier Digital Ventures, acquired Jumia House Nigeria, a competing property portal, for an undisclosed sum. The deal was concluded Friday November 10, 2017. ToLet.com.ng will now merge the two platforms over the coming months, under the new name of PropertyPro.ng, creating Nigeria’s […]

America’s Sprint targets MVNO deals as merger with T-Mobile crashes

Businessam StaffNovember 10, 2017

Sprint, America’s fourth-largest wireless carrier, is targeting mobile virtual network operators (MVNOs) to compete for market share in the wake of the collapse of its merger deal with T-Mobile. An MVNO is a wireless communications services provider that does not own the wireless network infrastructure over which it provides services to its customers. Already, Sprint […]

Rio, ex-CEO face fraud charges on $3.7bn coal calamity in US

Businessam StaffOctober 18, 2017

Rio Tinto Group’s calamitous $3.7 billion coal deal in Mozambique, involving a plan to barge the fuel hundreds of kilometers down the Zambezi River, keeps coming back to haunt the world’s second-biggest miner — already grappling with another African misadventure. U.S. authorities filed fraud charges against London-based Rio, former Chief Executive Officer Tom Albanese and ex-Chief Financial Officer […]

Israel gets $240mn Africa deal to protect aircraft from missiles

Businessam StaffSeptember 26, 2017

Israel’s Elbit Systems Ltd. said Tuesday it won a contract worth 240 million dollars to provide a wide array of defence electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder-fired missiles, […]

GE plans sale of industrial solutions unit as it divests non-core assets

Businessam StaffSeptember 22, 2017

General Electric Co. is nearing a deal to sell its industrial solutions unit to Swiss engineering company ABB Ltd (ABBN.S) in a deal valued at $2.5 billion to $3 billion, according to Bloomberg reports, which cited internal sources close to the deal. The companies are likely to announce an agreement by next week, the report […]