Latest Business News: To Realize Africa's Potential, Turn On the Lights

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Latest Business News: To Realize Africa's Potential, Turn On the Lights

by Wochit 1:17 mins

Latest Business News: To Realize Africa's Potential, Turn On the Lights

by Wochit 1:17 mins

President Obama is in sub-Saharan Africa this week where he is likely to find a continent at a crossroads. Economies are growing, the middle class is expanding, yet millions of Africans lack access to electricity. Taking on the challenge of increasing reliable electricity across the continent is not only a development imperative, but it is a great opportunity for businesses both in Africa and here in the U.S. to do well by doing good. Scott London, a former senior partner with accounting firm KPMG whose clients included Herbalife Ltd and Sketchers USA, pleaded guilty before a federal judge in Los Angeles to a charge of securities fraud arising from his involvement in insider trading. Barclays' promise to have a model relationship with industry regulators is already being tested as the bank tries to fend off pressure to meet stricter capital requirements without reining in lending. The Bank of England delivered a quick and sharp response on Friday when Barclays Chief Executive Antony Jenkins said he may have to cut lending to UK households and companies if he is forced to meet a 3 percent leverage ratio quickly. The BoE said it had made it "very clear" that any plans that restrict lending would not be accepted.

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