AfDB makes its return to Australian dollar bond market with launch of US$463.9m 5yr bond

AFRICA – The African Development Bank (AfDB) has launched a A$600 million (US$463.9 million) 5.5-year Kangaroo bond, marking its return to the Australian dollar bond market. The transaction was led by Nomura and RBC Capital Markets. It is the institution’s first benchmark Kangaroo since early 2018 and it is first in the mid-curve since 2015. It is also the largest AUD trade ever issued by the Bank. More than 30 investors participated in the deal, with a total order book of more than A$775 million (US$598.47m), leading to an upsize…

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Aussie web-based food ordering platform Mr Yum launches in South Africa

SOUTH AFRICA – Mr Yum, an Australian start-up running a web-based food-ordering platform  has launched its service in South Africa allowing customers to order and pay for food from their favourite local restaurants through the Mr Yum website. Mr Yum is not a delivery service, but rather it allows restaurants to cut out the middleman and run their own deliveries while allowing for simple online ordering and payment by customers. “Our platform empowers restaurants to take back ownership of their customer relationship. We provide the infrastructure they need to remain operational,…

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Botswana retailer Sefalana acquires 40% stake in Australian supermarket chain operator

BOTSWANA – Sefalana Holding Company Limited, one of Botswana’s largest retail outfit has entered into an agreement with Australian based company, Seasons Group to acquire 40% stake in the company for  P74 million (US$6.1m). Seasons Group operates in the Fast Moving Consumer Goods (FMCG) sector with a chain of seven supermarkets in Australia’s capital, Brisbane. It is controlled by a consortium of shareholders, many of whom are also consortium members in the South African business in which Sefalana has a preference share interest. A cautionary announcement and subsequent updates were issued…

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Egypt to shift currency from paper to longer lasting plastic

plastic money

EGYPT – The Central Bank of Egypt has announced plans to shift the form of its currency from paper notes to plastic notes, starting with the LE 10 ($0.64) notes. Deputy Governor of CBE, Mr. Gamal Negm told Egypt Today that the shift to plastic was initiated because plastic currency lasts longer than paper notes. The deputy governor further noted that the bank will start the process of transition with the LE 10 plastic notes which will be printed in the New Administrative Capital’s printing facilities. The LE 10 plastic…

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GM restructures international operations to cut costs, shuts Australia, NZ operations

UNITED STATES – American multinational corporation, General Motors Company has said it would wind down its Australian and New Zealand operations and sell a Thai plant in the latest restructuring of its global business. The Thai plant, according to Reuters, will be acquired by Great Wall, one of China’s biggest sport-utility vehicle makers. The Chinese automaker said it will sell cars from the Thai manufacturing base, which also has an engine plant, in Southeast Asia and Australia as it seeks global sales amid a slowing domestic market. The moves which…

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Vodafone-TPG US$10bn merger receives approval from Australian court

AUSTRALIA – An Australian court has approved a A$15 billion (US$10.1 billion) merger between a unit of Britain’s Vodafone Group and internet provider TPG Telecom. The ruling is a reprieve for the two companies whose plan to merger had been rejected by the Australian Competition and Consumer Commission’s (ACCC). In giving its verdict, the ACC had argued that a tie-up between Vodafone’s joint venture with local telco Hutchison Telecommunications (Australia) Ltd and TPG would harm competition.     The ruling revives a plan to challenge the dominance of Telstra Corp Ltd…

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Australia’s Evolution Mining to buy Newmont Goldcorp’s Canadian gold mine for US$375m

CANADA – Australia’s Evolution Mining Ltd has agreed to buy Canadian gold mining complex Red Lake from Newmont Goldcorp Corp for US$375 million in cash. The Australian mining company also agreed to pay an additional $100 million to Newmont upon new resource discovery at the mine. “Red Lake is an under-capitalized asset which, through a committed investment in development and exploration, is intended to become a cornerstone asset in the Evolution portfolio,” said Jake Klein, Evolution’s executive chairman. Newmont, an American mining company, said in a statement that the sale…

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ConocoPhillips winds up its Northern Australia business with a US$1.4 bn sale to Santos

AUSTRALIA – American multinational energy corporation ConocoPhillips has agreed to sell its northern Australian business to partner Santos Ltd for $1.39 billion, in a deal that will hike the Australian group’s output by 25% and boost its position in the global gas market. Reuters reported that the deal marks the second major acquisition by Santos in less than a year, following a sharp turnaround in its fortunes under Managing Director Kevin Gallagher. ConocoPhillips, which has been recently increasingly focusing on its U.S. shale assets, will quit the Darwin LNG plant,…

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