| Rwanda: Government to Reform Micro Lending Sector
The Minister of Finance James Musoni has said restructuring of micro finance sector where many people have lost large sums of money is under way. Musoni disclosed on Monday that the government intends to reform operations on small unsecured loans made to people at high interest rates yet most have no assets to guarantee repayment. .
Uganda: Bigwigs Share Tips On How to Succeed in Business
MORE than 500 delegates from the Commonwealth nations are at Sheraton Kampala Hotel for the Commonwealth Business Forum. The forum, which attracts global business leaders, heads of government and industry leaders, will help highlight Uganda and East Africa's position as a trade and investment hub. .
Subprime crisis highlights hypocrisy of the IMF and the US
This year marks the 10th anniversary of the East Asia crisis, which began in Thailand on July 2, 1997, spread to Indonesia in October and to South Korea in December. Eventually, it became a global financial crisis, embroiling Russia and Latin American countries, such as Brazil, and unleashing forces that played out over the ensuing years: Argentina in 2001 may be counted among its victims. There were many other innocent victims, including countries that had not even engaged in the international capital flows that were at the root of the crisis. Laos was among the worst-affected countries. Though every crisis eventually ends, no one knew at the time how broad, deep, and long the ensuing recessions and depressions would be. It was the worst global crisis since the Great Depression.
Nigeria: The Confidence to Live is in SA Life
STANDARD Life Assurance Company Limited popularly called SA Life is the product of the buy over and restructuring of the former Foundation Insurance Company. SA Life is today a specialist to Life Assurance Company which commenced full operations in January 2000. SA Life has successfully complied with the National Insurance Commission's insurance consolidation and recapitalization policies, an achievement which has enabled it to secure the approval to remain in business. .
Nigeria Willing To Write-Off $13 Million Debt Owed By Liberia
IBADAN, Nigeria -(Dow Jones)- Nigeria is willing to write-off $13 million of the total debt stock Liberia owes it, President Umaru Yar'Adua said. President Yar'Adua, in a letter sent to the Senate in Abuja to seek approval to forgive the debt, said Nigeria made "enormous sacrifices to bring peace to Liberia and writing off the debt would assist the country in its rebuilding program." Senate President David Mark read the letter on the floor of the Senate Tuesday. Yar'Adua added that Liberia owed Nigeria$48 million and said the government in Monrovia had pleaded with Nigeria to write off the debt. He said that the proposed partial debt write-off was part of a broader initiative by the international community to assist Liberia in clearing its huge debt arrears owed to the World Bank, the International Monetary Fund and the African Development Bank.
Venezuela issues another USD 500 million in debt bonds
A few days following the issue of Venezolano I debt bonds, the Ministry of Finance is launching USD 500 million in Venezolano II debt titles. While the Ministry of Finance was to create small combos with a value ranging from USD 100 million to USD 150 million, the issue starting as of Wednesday is higher. The official announcement explains that new issuance comprises a part in US dollars and two parts in Venezuelan bolivars. Therefore, the issue includes USD 250 million in foreign bonds 2038, USD 268.7 million in Vebonos maturing in 2013, and USD 268.7 million in Vebonos maturing in 2014. The minimum investment was set at USD 2,000 (VEB 4.3 million at the official exchange rate of VEB 2,150 per US dollar).
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k1049 BC-H&RBlock-CEO 2ndLd-Writethru 11-20 0683
Eds: UPDATES with comment from analyst, company spokesman, closing price. Moving on general news and financial services. KANSAS CITY, Mo. (AP) -- Mark Ernst has resigned as chairman, president and chief executive of H e tax preparation and accounting services company said Tuesday. Ernst is being replaced as chairman by former chairman of the Securities and Exchange Commission, Richard Breeden, who led a dissident shareholder group that won three seats on the H ormer Aetna Inc. executive Alan Bennett was named interim CEO while H r a permanent replacement. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. Ernst's departure follows the resignation of Chief Financial William Trubeck earlier this month.
Latest Delphi bankruptcy plan panned
Delphi Corp. said Thursday it had revised its plan of reorganization for the third time in recent weeks, but it failed to win the support of shareholders and creditors. The revisions reflect Delphi's difficulty borrowing money in a tight global credit market, and raise questions about whether it can win approval of the plan. Among the changes: Delphi proposed to reduce its settlement of financial disputes with former parent General Motors Corp. by $100 million. .
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