Ecobank to Arrange $300 Million Ghana Refinery Loan

Ecobank to Arrange $300 Million Ghana Refinery Loan (Update1) Ecobank Transnational Ltd., the Lome, Togo-based lender, said it will “arrange and syndicate” a $300 million facility to finance the debt of Ghana’s lone oil refinery. Ecobank’s investment branch, Ecobank Development Corp., was contracted by the Ghanaian government to “advise on the financial restructuring of Tema [...]

Crisis Shows Bigger Banks Are Less Stable

Bank of England official Andrew Haldane said the crisis has shown that big banks are less stable than smaller ones and called for a revamp of lenders’ business models to make the financial system more resilient. “There is not a scrap of evidence of economies of scale or scope in banking — of bigger or [...]

German Investor Confidence Rises to Three-Year High

German investor confidence rose to the highest level in more than three years in September after the economic recovery gathered strength and stocks surged. The ZEW Center for European Economic Research said its index of investor and analyst expectations, which aims to predict developments six months ahead, increased to 57.7 from 56.1 in August. Economists [...]

European Stocks Gain for Seventh Day; Morrison, Actelion Climb

European Stocks Gain for Seventh Day; Morrison, Actelion Climb July 21 (Bloomberg) — European stocks advanced for a seventh day, the longest stretch of gains since August 2007, as companies from Caterpillar Inc. to DuPont Co. and UnitedHealth Group Inc. reported earnings that beat analysts’ estimates. William Morrison Supermarkets Plc jumped 10 percent after saying [...]

India says no to emission reduction

India’s minister for environment and forests Jairam Ramesh has ruled out the country’s agreeing to specific targets for reducing carbon emissions. “There is simply no case for the pressure that we [India] — who have among the lowest emissions per capita — face to reduce emissions,” Ramesh told visiting US Secretary of State Hillary Clinton [...]

Vodafone May Bid for Deutsche Telekom’s U.K. Unit

Vodafone Group Plc, the world’s largest mobile-phone company, is considering a bid for T-Mobile UK Ltd., the British wireless unit of Deutsche Telekom AG, a person familiar with the situation said. Newbury, England-based Vodafone may make an offer or form a joint venture, said the person, who asked not to be identified because the discussions [...]

European June Retail Sales Decline for 13th Month, PMI Shows

European June Retail Sales Decline for 13th Month, PMI Shows By Jurjen van de Pol European retail sales declined in June for a 13th month as the region’s worst recession in more than half a century and rising unemployment curbed household spending, the Bloomberg purchasing managers index showed. The measure of euro-region sales rose to [...]

China Allows Trade Settlement in Yuan in Hong Kong

China approved use of yuan to settle cross-border trade with Hong Kong, part of a drive to broaden the use of the currency and reduce reliance on the U.S. dollar. Hong Kong Monetary Authority Chief Executive Joseph Yam said he hopes the first transactions will start next month after signing an agreement with People’s Bank [...]

T-Mobile to sell new Google phone in August

T-Mobile USA will begin selling a new smartphone using Google Inc’s Android operating software in August, facing off against high-end devices such as Apple’s latest iPhone and the Palm Pre. T-Mobile, an arm of Deutsche Telekom and the No. 4 U.S. mobile service, said the myTouch 3G phone is a slimmer and more advanced version [...]

Nokia Siemens hopes to close Nortel deal by Q3

Nokia Siemens Networks (NSN) said on Monday it hopes to close its $650 million acquisition of Nortel Networks’ advanced wireless technology business by the third quarter of this year. Nokia Siemens Chief Executive Simon Beresford-Wylie told reporters in a conference call that the deal would be accretive and cash positive but did not provide any [...]

Next Page »