South Africa is experiencing wheat shortages prompting grain importation. The increased tariff has been approved but Treasury requested the Trade and Industry sector to review it as it will affect the prices of staple food.
Regions
Italian Banks Face a Bailout Following a Surmounting Bad Loans
Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate. The bank shares have lost close to half of its value in the last 12 months.
African Farmers Now Supported With Mobile Drought Insurance
Due to extreme dry weather conditions, African farmers are seriously affected by their crops failure with little or no more money to replenish their lands or support their families. With the mobile drought insurance, farmers are protected from such harsh conditions by paying a small surcharge fee upon purchase of seeds and fertilizers registered with an insurance company.
US court rejects $12.25-mln Lyft lawsuit settlement
A US Court has rejected $12.25-million legal case between Lyft and its drivers. Lyft and attorney of drivers need to sit back again on further discussions after the latest judgment.
European banks under regulators' scanner amid Panama Papers issue
European banking regulators have begun probing links between banks and tax havens in the wake of leakage of Panama Papers. Switzerland's financial watchdog FINMA has cautioned banks to crack down on money laundering. Geneva has also commenced a criminal enquiry into banks dealing with tax havens in the wake of Panama Papers.
Latest News
The inability to access export finance is causing sales loss for several US majors including Boeing Co. The board of US Export-Import Bank is yet to be accommodated with a third member, without this export finance exceeding $10 million can't be approved.
Oil price, Asian stocks and bond yields were trading marginally higher on Friday ending the week on positive mode. Japanese currency Yen continued to rise against US dollar and this also further aided Asian stocks.
Argentina government will market its $12.5-billion bond offer in North America by organizing road shows in New York, Washington and Los Angeles. The $12.5-bln bond offer will be marketed in the US and the UK.
Nigeria is suffering from fuel shortages as well as lack of hard currency. Four major oil companies agreed to finance the country’s $200 million fuel import along with the lack of the dollars to sustain the country’s fuel needs.
Google will provide seed funding in Asia's renewable energy that will start off in Taiwan. Through the Center for Resource Solutions, the funds will be used to set up renewable energy certification programs.
Sprint has announced on Wednesday raising $2.2 billion fund through selling and leasing back of network assets. The complex transaction structure has been facilitated by the internet carrier’s parent company SoftBank Group. Sprint chooses this deal out of other available options to remain solvent for more than 2 years.
Three Volkswagen dealerships operating in Illinois and Florida has sued the German automaker for being deceived through the diesel-gate scam. The dealerships also accuse VW for illegally favoring some dealers and forcing retailers into financing arrangements with a company-lending affiliate. The plaintiffs have sought class status for the suit and appropriate compensation from the accused.
One of India's largest highway and road developers prepared to recover after a massive loss in Wednesday. The company's stock slumped following the raid of tax officials.
Alipay is working on a plan to launch services in Europe this summer. The service will make it easier Chinese tourists to make transactions with European merchants using the app.
