Features

JOHANNESBURG (Capital Markets in Africa) – Steinhoff International Holdings NV won backing for a standstill on its debt from more than 75 percent of its convertible bondholders, a significant step toward reaching a restructuring deal. The beleaguered South African retailer said it has sufficient support from holders of each of the three convertible bonds issued out of its Austrian unit Steinhoff Finance Holding GmbH. Those are worth a combined 2.7 billion euros ($3.2 billion). The company…

Africa Oil & Power will present H.E. Mohammed Barkindo, Secretary General of OPEC, with highest honors at annual Cape Town conference OPEC Secretary-General has restored global oil market stability through his strong leadership and guidance H.E the Secretary-General will provide the keynote address at Africa Oil & Power 2018 Cape Town — H.E. Mohammed Sanusi Barkindo, Secretary General of the Organization of the Petroleum Exporting Countries, will be bestowed with the “Africa Oil Man of the…

TRIPOLI (Capital Markets in Africa) – Societe Generale SA will pay about $585 million to resolve probes into the bribery of Libyan officials, and settled a U.S. investigation into interest-rate manipulation, drawing a line under two of the French bank’s biggest legal headaches. A French prosecutor told a court in Paris on Monday that SocGen agreed to pay 250 million euros ($292 million) to settle a bribery probe regarding payments to officials at the Libyan Investment Authority. The lender agreed…

JOHANNESBURG (Capital Markets in Africa) – South Africa’s Association of Mineworkers and Construction Union plans to demand a 12,500 rand ($950) monthly minimum wage from some of the country’s top gold producers in upcoming negotiations. The labor group decided on its demands on Sunday at a mass meeting near Carletonville, about 90 kilometers (56 miles) west of Johannesburg. It is the second-largest union at producers including AngloGold Ashanti Ltd., Sibanye Gold Ltd. and Harmony Gold Mining Co. Ltd., according…