South African President Jacob Zuma said the government must push for increased black ownership of the continent’s biggest economy, signaling his policy focus as he prepares for a second term in office.
This time last year, the chairman and chief executive officer of Israel’s Teva Pharmaceutical Industries Ltd., the world’s biggest generic drugmaker, were foreigners. Miami billionaire Phillip Frost led the board and Jeremy Levin, a South African, was CEO. They were the first non- Israelis to hold those positions.
Prime Minister Tony Abbott said he won’t guarantee the debt of Qantas Airways Ltd. as Australia’s biggest airline prepares to cut 5,000 jobs and trim A$2 billion ($1.8 billion) in costs amid a battle for market share.
Norway’s sovereign wealth fund, the world’s largest, gained 692 billion kroner ($115 billion) last year as stocks rallied, forcing it to pare its equity holdings for the first time ever to comply with risk mandates.
Former Australian Prime Minister Julia Gillard is leading a global campaign to raise $3.5 billion by 2018 to support basic schooling in developing nations in homage to her father, who was denied an education in his Welsh coal-mining village.
Statoil ASA, Norway’s state- controlled oil company, would probably get the backing of lawmakers for an overseas acquisition in a deal that may dilute the state’s 67 percent stake, the opposition Labor Party said.