Citigroup disappointed by South Africa investment

first_imgJohannesburg: Citigroup Inc invested to expand in South Africa. Now all the New York-based bank needs is deals.“We have in the two last cycles appropriated additional capital to continue to grow our business, but we haven’t seen as big a deal flow to be able to execute against that,” said Citigroup chief country officer Peter Crawley. “We’re very much sitting on the side and battening down the hatches, planning for a difficult scenario. But hands on today, eyes on tomorrow.”President Cyril Ramaphosa’s slow progress in returning the continent’s most industrialised economy back to growth is stunting takeovers and bond issuance and causing equity-related deals to plummet to record lows. His administration is also grappling with how to deal with power utility Eskom Holdings SOC Ltd, which has debt equal to about 8% of gross domestic product.South Africa is one step away from falling out of the World Government Bond Index, with only Moody’s Investors Service assessing the nation’s debt as investment grade — a rating due for review in November. The economy has shrunk four out of the past nine quarters, weighing on business and factory confidence. Spending by households, which accounts for 60% of GDP, remains weak, while the government’s expenditure continues to outpace income. {{category}} {{time}} {{title}} Tags / Keywords: World 29 May 2019 South Africa’s Ramaphosa to announce new cabinet – presidency A number of foreign investors are “sitting on the sidelines” waiting for clarity on Eskom and Moody’s, Crawley said. More also needs to be done to appease foreign direct investors on property rights, he said, as the country debates how to give the majority black population greater land ownership. “Challenges are policy certainty and growth.”While the value of mergers and acquisitions in the first half of this year rose 25% to 2.25 billion rand (US$160mil) from the same period in 2018, there were no deals of over US$100mil in the second quarter, according to data compiled by Bloomberg.— Bloomberg Related Newscenter_img Banking , Investment , Citigroup World 25 May 2019 S&P keeps South Africa in ‘junk’ status, sees post-election reforms Related News Business News 11 Jul 2019 London beats New York in drawing Saudi ETF investor billionslast_img read more

Pakistan will not open airspace until India withdraws fighter jets from IAF

first_imgPakistan will not open airspace until India withdraws fighter jets from IAF forward airbasesPakistan had completely shut its airspace for Indian flights after the Balakot airstrikes on February 26 in the aftermath of the Pulwama terror attack.advertisement Press Trust of India IslamabadJuly 12, 2019UPDATED: July 12, 2019 19:03 IST Pakistan PM Imran Khan. (Image: Twitter)HIGHLIGHTSPakistan has said it will not open its airspace for Indian commercial flightsThe airspace was shut after Balakot airstrikes on Feb 26Pakistan has said until India removes its fighter jets from IAF forward airbases, it would remain shutPakistan has told India that it will not open its airspace for commercial flights until New Delhi removes its fighter jets from forward IAF airbases, Pakistan’s Aviation Secretary Shahrukh Nusrat has informed a Parliamentary committee.Pakistan fully closed its airspace on February 26 after the Indian Air Force (IAF) fighter jets struck a Jaish-e-Mohammed (JeM) terrorist training camp in Balakot following the Pulwama terror attack in Kashmir.Aviation Secretary Nusrat, who is also the Director General of the Civil Aviation Authority (CAA), on Thursday informed the Senate Standing Committee on Aviation that his department has intimated Indian officials that Pakistani airspace would remain unavailable for use by India until the country withdraws its fighter jets from forward positions, Dawn News reported.”The Indian government approached asking us to open the airspace. We conveyed our concerns that first India must withdraw its fighter planes placed forward,” Nusrat told the committee.This is probably the first time a senior Pakistani official has publicly stated Islamabad’s precondition for reopening its airspace after the Balakot air strikes.He further apprised the committee that Indian officials have contacted Pakistan requesting it to lift the airspace restrictions.”However, Indian officials have been told that Indian airbases are still laden with fighter jets and Pakistan will not allow resumption of flight operations from India until their removal,” said Nusrat.Last month, the CAA had extended the airspace ban till July 12. It had earlier extended the airspace restriction until June 30.After the restrictions, all the passenger flights are being diverted to alternative routes by India, The Express Tribune reported.The CAA official also contested India’s claim that Delhi had opened its airspace for Pakistan, the report said.”Pakistani flights from Thailand have not been restored since the closure of the Indian airspace. Pakistan International Airlines (PIA) flights for Malaysia also remain suspended,” the CAA DG informed the committee.Last month, Pakistan gave special permission to Prime Minister Narendra Modi’s VVIP flight to use its airspace for his official trip to attend the Shanghai Cooperation Organisation Summit in Bishkek, the capital of Kyrgyzstan.However Prime Minister Modi’s VVIP aircraft avoided flying over Pakistan. Earlier, Pakistan had allowed India’s former External Affairs Minister Sushma Swaraj to fly directly though Pakistani airspace to participate in the meeting of SCO foreign ministers in Bishkek on May 21.India aviation industry has suffered huge losses due to the airspace ban by Pakistan.On Thursday, Civil Aviation Minister Hardeep Singh Puri told Parliament that due to the closure of Pakistan airspace, Air India had to spend an extra Rs 430 crore on longer routes.Also Read | Air India suffers over 400 crore loss due to Pakistan airspace closureAlso Watch | No pleasantries exchanged between PM Modi, Imran Khan at SCO summit | WatchFor the latest World Cup news, live scores and fixtures for World Cup 2019, log on to indiatoday.in/sports. Like us on Facebook or follow us on Twitter for World Cup news, scores and updates.Get real-time alerts and all the news on your phone with the all-new India Today app. Download from Post your comment Do You Like This Story? Awesome! Now share the story Too bad. Tell us what you didn’t like in the comments Posted bySanchari Chatterjee Nextlast_img read more