The Barclays Africa Group is to rebrand to Absa Group by 2020, subject to receiving the appropriate regulatory and shareholder approval in all their operating countries. The Barclays PLC has since December 2017, reduced its stake in the Africa Operations from 62 to 15 per cent. Madam Maria Ramos, the Chief Executive Officer of Barclays … Read more
US consumer sentiment recovered to near record levels in July after falling for two months in a row, according to a monthly survey released Tuesday. Consumers reported rosier outlooks for the present and in the months ahead, but hopes for higher income cooled somewhat, according to the Conference Board. The Consumer Confidence Index rose 3.8 … Read more
Three British former foreign exchange traders for major banks have surrendered to US authorities to face criminal charges of market manipulation, the Justice Department announced Monday. The men were traders for affiliates of JP Morgan Chase, Barclays, Citicorp and the Royal Bank of Scotland and appeared Monday before a federal judge in New York. Richard … Read more
US manufacturing activity expanded in June with big jumps in all the key components, including production, new orders and employment, the Institute for Supply Management said Monday. “This was a really strong performance,” said Timothy R. Fiore, chair of ISM’s Manufacturing Business Survey Committee. The ISM purchasing managers index surged nearly three points to 57.8 … Read more
Barclays and four former executives have been charged with fraud over their actions in the 2008 financial crisis. The Serious Fraud Office case relates to the way the bank raised billion of pounds from Qatari investors enabling it to avoid a government bailout. Former chief executive John Varley is one of the four ex-staff who will … Read more
Former Barclays chief executive John Varley quit as a director of mining giant Rio Tinto on Wednesday after being charged with conspiracy to commit fraud in Britain. He was among four senior executives from the bank charged on Tuesday by Britain’s Serious Fraud Office (SFO) following a five-year investigation over emergency fundraising worth billions of … Read more
Germany’s Deutsche Bank has agreed to pay $170 million to settle a private lawsuit charging it conspired with other major banks to rig a key interest rate, according to a US court filing Monday. The class-action case concerns alleged fixing of the Euribor benchmark interest rate used for a wide range of financial instruments. Deutsche … Read more
The Finance Minister, Ken Ofori-Atta, has said critics of the cedi denominated US$2.25 billion bond risk scuttling government’s efforts at restoring the economy to a path of growth, following the devastating setbacks economic recovery efforts suffered in 2016. The minister came under heavy criticism from members of the opposition NDC, who accuse him of favouring … Read more
The minority in parliament says it is still pursuing the controversial 2.25 billion dollar bond issue by the Akufo-Addo government to prove that the bond was not issued in the right manner. It said the Finance Minister, Ken Ofori Atta failed to provide the House with full documentations as part of the requirement of the … Read more
The Finance Minister, Ken Ofori-Atta on Wednesday, stormed Parliament to address the brouhaha surrounding the US$2.25 billion bond issued by the ministry in April. He said the domestic bonds were issued in a competitive and transparent bidding process managed by Joint Book Runners namely, Barclays, Stanbic and Strategic African Securities (SAS). He claimed the book … Read more
Finance Minister Ken Ofori-Atta yesterday defused the controversy surrounding the issuance of the $2.25 billion bond. He indicated in parliament that the domestic bonds were issued in a competitive and transparent bidding process managed by Joint Book Runners namely, Barclays, Stanbic and Strategic African Securities (SAS). The book runners, he maintained, were engaged by the … Read more
The Minority in Parliament has expressed dissatisfaction with Finance Minister Ken Ofori-Atta’s response to issues surrounding the $2.25 billion domestic bond. The NDC MPs said the Minister cherry-picked the information that helped to put him in good light. Deputy Minority leader, James Klutsey Avedzi told Evans Mensah on Joy FM’s Top Story Wednesday, the Finance … Read more
There was drama in Parliament over whether the Finance Minister must present a document before he will be allowed to make a statement on the controversial $2.25bn bond issue. The Minority Leader Haruna Iddrisu insisted that the Minister, Mr. Ken Ofori-Atta who was on the floor of Parliament, ought to furnish the House with all … Read more
The Council of State, has been caught in a possible conflict of interest situation as it tried meeting the Minority National Democratic Congress (NDC) Members in Parliament to beg for the withdrawal of the various petitions filed against the US$2.25 billion Franklin Templeton Investments’ bond, because they were hurting investors’ confidence in the Ghanaian economy. … Read more
British banking giant Barclays said Thursday it has further reduced its stake in its South African operations as part of a global strategic re-think unveiled last year. Barclays said in a statement that it had placed a stake of 33.7 percent in Barclays Africa with institutional investors, raising some £2.224 billion (2.5 billion euros, $2.9 … Read more
Barclays PLC has announced its intention to sell 187 million ordinary shares in Barclays Africa Group, which represents approximately 22% of Barclays Africa’s issued share capital. This follows receipt of the required regulatory approvals, including approval from the South African Minister of Finance, for Barclays PLC to reduce its shareholding in Barclays Africa to below … Read more
Deputy Chief Scribe for the opposition National Democratic Congress (NDC), Koku Anyidoho is blaming President Akufo-Addo’s government for the recent media blitzkrieg on Franklin Templeton Investments over the $2.25 billion bond saga. He strongly asserts the current administration did not go through the proper means in concluding the transaction. According to Koku Anyidoho, though the … Read more
Barclays Africa says the decision by Barclays UK to exit from the region will not affect its operations in Ghana and others on the continent. The assurance follows fears that the sell down of Barclays PLC shares in Barclays Africa, which owns Barclays Ghana and others in nine countries could affect its operations in the … Read more
The Consumer Protection Agency (CPA) is calling on President Nana Akufo-Addo to take steps to ensure that “unfair” treatment meted out to Ghanaians who wish to travel to the UK ends. The Executive Director of the Consumer Protection Agency (CPA), Kofi Kapito, argued that the British High Commission was not refunding applicants’ fees when they … Read more
The Consumer Protection Agency (CPA) is calling on President Nana Akufo-Addo to take steps to ensure that “unfair” treatment meted out to Ghanaians who wish to travel to the UK ends. The Executive Director of the Consumer Protection Agency (CPA), Kofi Kapito, argued that the British High Commission was not refunding applicants’ fees when they … Read more