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Exclusive: China’s Wanda mulls sport unit IPO and sale of overseas assets – sources

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China’s Dalian Wanda Group is considering a Hong Kong listing for its sports assets as part of efforts to rationalize its portfolio that could also include other sales, according to five people familiar with the situation. The conglomerate last month tapped investment banks for a potential initial public offering of its sports businesses, three of the sources said. Citic Securities, ...

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U.S. judge clears Takata to seek creditor vote on bankruptcy plan

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The judge overseeing the bankruptcy of Takata Corp’s (TKTDQ.PK) U.S. unit on Wednesday cleared the way for the company’s creditors to vote on its Chapter 11 plan, which critics say limits the legal rights of those injured by its deadly airbags. Takata and its U.S. entity TK Holdings Inc filed for bankruptcy in June after more than 100 million of ...

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Asian shares scale ten-year peak, oil elevated on Iran unrest

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Asian shares vaulted to 10-year highs on Thursday as solid economic data from the United States and Germany reinforced investors’ optimism, while oil prices hovered at a 2-1/2-year high with unrest in Iran stoking supply disruption concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.3 percent, extending its gains so far this year to 2.4 percent. Japan’s ...

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Spotify makes confidential filing for U.S. IPO: source

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Music streaming service Spotify has filed confidentially with U.S. regulators for an initial public offering and is targeting a direct listing in the first half of 2018 that would allow some longtime investors to cash out, a source familiar with the matter said on Wednesday. If Spotify, which was valued at as much as $19 billion last year, goes ahead ...

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New Zimbabwe government seeks to sell stakes in state-owned companies

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Zimbabwe has invited bids to buy stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. “We are diluting our shareholding in those entities and our shareholding might go to zero percent in some entities,” Terence Mukupe said. – Credit: CNBC ...

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Nigerian power grid shut down by gas pipeline fire -ministry

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Nigeria’s electricity grid has been shut down by a fire on a gas pipeline, the ministry of power said in a statement on Wednesday. Gas supply to several power stations was cut off because of the fire on the Escravos Lagos Pipeline System near Okada in the southern state of Edo, the ministry said. “The sudden loss of generation due ...

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Tanzania increases fuel prices due to rising crude costs

A customer uses a petrol nozzle to fill up his tank in a gas station in Nice August 27, 2012.    REUTERS/Eric Gaillard

Tanzania’s energy regulator raised the maximum price for petrol, diesel and kerosene on Wednesday, citing rising international crude oil prices. Fuel prices have a big influence on the inflation rate in the East African country. In the 12 months through November inflation eased to 4.4 percent, from 5.1 percent the previous month, but the fuel price hikes could push the ...

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Kenya: AfDB to raise Sh826bn through capital markets

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The African Development Bank (AfDB) plans to raise $8 billion (about Sh826 billion) in the new-year tapping the capital markets with a view to lending to member countries on the continent. The bank expects to access a wide array of capital markets having previously raised cash mostly in the form of US dollars, Euros, Australian dollars and sterling pounds. “The ...

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East Africa: Morning fire burns part of NCPB depot in Eldoret

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A mysterious fire has burnt a section of the National Cereals and Produce Board (NCPB) Eldoret depot. The cause of the Thursday 4am inferno could not be immediately established but a mortar explosion in one of the driers housing three silos is suspended to have ignited it. Uasin Gishu County Secretary Peter Lelei and the county executive in charge of ...

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Kenya: Food imports overtake fuel, machinery on 2017 drought

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Prolonged drought experienced in part of 2017 saw food imports rise to overtake fuel and machinery in the third quarter of the year, highlighting the distorting effect of bad weather. Data released by the national statistics office shows the food import bill grew by 243 per cent from the Sh27.2 billion in the third quarter of 2016 to Sh88.2 billion ...

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