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Europe: Deutsche Bank sees progress toward IPO of asset management arm: memo

A Deutsche Bank logo adorns a wall at the company's headquarters in Frankfurt, Germany June 9, 2015. REUTERS/Ralph Orlowski/File Photo

Deutsche Bank (DBKGn.DE) said that it is making progress in its planned partial initial public offering (IPO) of its asset management unit, according to a recent memo to staff. Germany’s largest lender announced its plans for a partial IPO of the unit in March as part of a broader restructuring of the bank reeling from law suits and trading scandals. ...

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U.S. job growth accelerates in June, wages continue to lag

FILE PHOTO: Leaflets lie on a table at a booth at a military veterans' job fair in Carson, California October 3, 2014. REUTERS/Lucy Nicholson/File Photo

U.S. job growth surged more than expected in June and employers increased hours for workers, signs of labor market strength that could keep the Federal Reserve on course for a third interest rate hike this year despite sluggish wage gains. Non-farm payrolls jumped by 222,000 jobs last month, driven by hefty gains in healthcare, government, restaurants and professional and business ...

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U.S: Buffett bets big on power infrastructure with $9 billion Oncor deal

Berkshire Hathaway CEO Warren Buffett waits to play table tennis during the Berkshire Hathaway annual meeting weekend in Omaha, Nebraska, U.S. May 7, 2017. REUTERS/Rick Wilking

Warren Buffett’s Berkshire Hathaway Inc (BRKa.N) said on Friday it would pay $9 billion to pick up the parent of Texas power transmission company Oncor Electric Delivery Co from bankruptcy, stepping up its pursuit of steady returns in utilities. If the all-cash deal is approved by a bankruptcy judge and Texas regulators, it will hand Berkshire ownership of one of ...

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Algeria to Give Legal Status to African Migrants

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Algeria plans to grant residency rights and job permits to illegal African migrants amid a shortage of workers in farming and construction and after a surge in racist sentiment across the country. Prime Minister Abdelmadjid Tebboune’s plan follows the launch of an anonymous online campaign that blames African migrants for taking jobs and spreading the HIV virus that causes Aids. ...

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Toyota unit fights Kenyan buyers’ vehicle defect suit

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Toyota’s financing arm Tsusho Capital has denied receiving any complaints on mechanical defects affecting 45 Hino buses it sold to 11 companies and individuals. The buyers have lodged a product liability claim against it, its sister companies and the Kenya Bureau of Standards (Kebs). Tsusho claims that only one buyer, Martin Mwangi Njoki, among those listed in the suit, raised ...

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Kenya: KQ Gets Air Traffic Rights in U.S. Paving Way for Direct Flights

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Kenya Airways (KQ) has been granted air traffic rights to the United States (US) airspaces inching closer to direct flights to the US. Transport Cabinet Secretary James Macharia told Capital FM Business the airline now awaits other crucial licenses to see it fly to the US by March 2018. Among the crucial licenses include the Air Service License which gives ...

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IMF warns South Africa over economy’s vulnerability

IMF Greece Financial Crisis

The International Monetary Fund warned South Africa on Thursday its economy is extremely vulnerable to external shocks and funding shortfalls, although it stuck by its earlier growth forecast of 1 percent this year. In an executive report following a country visit in the last week of June, the Fund also said policy uncertainty linked to political turbulence would weigh on ...

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Nigeria, Libya Oil Output Threaten Global Market

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The increase crude oil output by both Nigeria and Libya has posed a threat to the global market, even as there are indications that the global oil market may see some rebound in the second half of the year. International Energy Agency, IEA, Chief, Fatih Birol, told Reuters in an interview that the development is seen as a distortion to ...

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Egypt Wants More Trade With Zambia

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Egyptian Foreign Affairs Minister Sameh Shoukry has said his country desires to increase trade and investments with Zambia. Speaking during a bilateral meeting with his Zambian counterpart Harry Kalaba in Addis Ababa, Ethiopia, on Saturday, Mr Shoukry said his country was looking for more investment opportunities in Zambia. He hailed the excellent relations existing between the two countries, and renewed ...

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