Company News in Brief
Standard Bank rallies as it reports growth in SAShares of Africa’s biggest lender by assets, Standard Bank, climbed almost 3% on Thursday after it upped its final dividend despite mediocre headline earnings growth amid pressure from a stronger rand.
Nevertheless, its local business grew its earnings by 12.5% to about R22 billion, with the group reporting a 4% climb in active clients to over 20 million - driven largely by SA.
Overall, Standard Bank reported a 4% rise in headline earnings to R44.5 billion for the year to end-December, which means this earnings metric, which excludes once-off items, grew less than the consumer inflation rate, which averaged 4.4%.
Standard Bank’s board approved a final dividend of 763c per share, up 4%, bringing its total dividend to 1 507c - 6% more than in the previous year.-FIN24
EIB reviews financing for $760 mln hydro project over DRC warThe European Investment Bank is holding off on decisions to finance the U$760 million Ruzizi III hydropower plant in Central Africa, due to fighting between Rwandan-backed rebels and the Democratic Republic of Congo, a spokesperson said.
Europe is ramping up pressure on the adversaries following January’s blitzkrieg by Congolese rebels that saw them overrun the strategic cities of Goma and Bukavu, attacks condemned by African leaders and Western countries.
The planned 206-megawatt Ruzizi III was being appraised ahead of financial closure expected later this year, project officials said, when Rwanda-backed M23 rebels launched their offensive.
“With the M23 gaining territory in South Kivu, the Ruzizi III project site is within the conflict area,” a spokesperson for the EIB, the lead arranger, said in response to questions.
“We are taking a ‘wait and see’ approach as to how to proceed with the project ... We are also closely coordinating with our co-financiers”.
Germany’s state-owned development bank KfW, the French Development Agency (AFD), the African Development Bank and the World Bank are among the investors.
A KfW spokesperson said the bank adhered to Germany’s policies and referred to a March 4 federal ministry statement saying new financial commitments were suspended amid a review of cooperation with the Rwandan government.
“The timeline for financial close will depend on the evolving situation,” an AFD spokesperson said.-REUTERS
Nevertheless, its local business grew its earnings by 12.5% to about R22 billion, with the group reporting a 4% climb in active clients to over 20 million - driven largely by SA.
Overall, Standard Bank reported a 4% rise in headline earnings to R44.5 billion for the year to end-December, which means this earnings metric, which excludes once-off items, grew less than the consumer inflation rate, which averaged 4.4%.
Standard Bank’s board approved a final dividend of 763c per share, up 4%, bringing its total dividend to 1 507c - 6% more than in the previous year.-FIN24
EIB reviews financing for $760 mln hydro project over DRC warThe European Investment Bank is holding off on decisions to finance the U$760 million Ruzizi III hydropower plant in Central Africa, due to fighting between Rwandan-backed rebels and the Democratic Republic of Congo, a spokesperson said.
Europe is ramping up pressure on the adversaries following January’s blitzkrieg by Congolese rebels that saw them overrun the strategic cities of Goma and Bukavu, attacks condemned by African leaders and Western countries.
The planned 206-megawatt Ruzizi III was being appraised ahead of financial closure expected later this year, project officials said, when Rwanda-backed M23 rebels launched their offensive.
“With the M23 gaining territory in South Kivu, the Ruzizi III project site is within the conflict area,” a spokesperson for the EIB, the lead arranger, said in response to questions.
“We are taking a ‘wait and see’ approach as to how to proceed with the project ... We are also closely coordinating with our co-financiers”.
Germany’s state-owned development bank KfW, the French Development Agency (AFD), the African Development Bank and the World Bank are among the investors.
A KfW spokesperson said the bank adhered to Germany’s policies and referred to a March 4 federal ministry statement saying new financial commitments were suspended amid a review of cooperation with the Rwandan government.
“The timeline for financial close will depend on the evolving situation,” an AFD spokesperson said.-REUTERS