COMPANY NEWS IN BRIEF

BRICS Bank sets ambitious landing target



REUTERS



The New Development Bank (NDB), set up by the BRICS group of emerging economies, aims to make about US$5 billion (N$95 billion) in loans this year, its vice president, Zhou Qiangwu, said on Tuesday.



"During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of the annual Boao Forum. Zhou did not elaborate on how the bank may have been off track, but said China and India have received slightly more investment from the bank than other members.



The New Development Bank (NDB), set up by the BRICS group of emerging economies, aims to make about $5 billion in loans this year, its vice president, Zhou Qiangwu, said on Tuesday.

"During the epidemic, our business has been somewhat affected, and now everything is going back on track," Zhou told Reuters on the sidelines of the annual Boao Forum.

Zhou did not elaborate on how the bank may have been off track, but said China and India have received slightly more investment from the bank than other members.



Zambia strikes preliminary deal on $3 bln international bond rework



REUTERS



Zambia said on Monday it had reached agreement with a group of private creditors on restructuring US$3 billion (N$57 billion) of its international bonds in a major step that brings the country closer to emerging from its long-delayed debt rework.

The latest deal proposes swapping Zambia's three existing instruments into two amortising bonds, one of which would deliver higher repayments if the country's economic outlook and capability of dealing with its debt burden improve.



"History has been made!," President Hakainde Hichilema said on social media platform X. "We are pleased to announce the agreement with our Eurobond holders."

Zambia defaulted more than three years ago and is reworking its debt under the Common Framework, a G20 platform to bring together big creditors like China and the traditional group of developed creditor nations, known as the Paris Club, to ensure swift and smooth debt overhauls for low-income countries.



Democratic Alliance not ruling out deal with ANC



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South Africa's second most popular party the Democratic Alliance (DA) would not rule out a deal with the ruling African National Congress (ANC) should the ANC fail to get the majority it needs to retain power in May elections, its leader said on Monday.

Pollsters expect the ANC to lose its legislative majority on May 29 for the first time since Nelson Mandela took power at the end of apartheid 30 years ago, with voters unhappy with poor service delivery, joblessness, crime and power cuts.



The ANC's Deputy Party Secretary Nomvula Mokonyane told Reuters earlier this month the party was not considering a coalition government with other parties, and that she did not think a power-sharing deal would work.

The DA has banded together with smaller parties to try to capture the more than 50% of the vote needed to take power.

They include the Zulu nationalist Inkatha Freedom Party, long a bitter rival of the ANC, as well as Freedom Front Plus, which appeals to rural white South Africans who feel politically marginalised since the fall of apartheid, and Action SA, which has built a platform on a tough anti-immigration stance and appeals to working- and middle-class voters.



Qantas flight lands safely on one engine



REUTERS



Pilots on a Qantas Airways' flight shut down one of its two engines after an issue on approach to Perth on Monday night, but the Airbus aircraft landed safely, the airline told Reuters on Tuesday.



The Airbus A330-200 aircraft requested a priority landing and taxied to the gate under its own power, a spokesperson for Australia's largest airline said. Australian media quoted passengers on the Melbourne to Perth flight as having heard a loud noise or bang from one side of the plane.



Qantas engineers are inspecting the aircraft, the carrier said. "We know this would have been unsettling for customers on board and we thank them for their cooperation and understanding," Qantas said.

Engine failures are rare events, but twin-engine planes are designed to fly on one engine and pilots are trained to do so. The twin-aisle aircraft is 21 years old, according to aviation intelligence provider ch-aviation.