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The continent is rich in the commodities needed for the green energy transition and has abundant solar power, but many governments are also burdened with cripplingly high debts. "Eighty percent of the infrastructure Africa needs by 2050 has not yet been built," Gamboa said at the IMPACT conference. "They've come to a recognition that it is good development to leapfrog and go into the clean energy transition now." "We cannot and will not run away from doing fossil fuel-based investing because the development needs of the continent are so huge," the AFC's Gupta said. "The world still needs energy security, the world still needs energy source diversity.

Persons: John Muchucha, it's, Andrew Steer, Freddy, we've, Tom Mitchell, Sanjeev Gupta, Gupta, Cristina Gamboa, " Gamboa, ActionAid, Gloria Dickie, Jane Wardell, Sharon Singleton Organizations: REUTERS, Earth, Reuters IMPACT, International Institute for Environment, Development, London, African Finance Corporation, International Energy Agency, IMPACT, AFC, Thomson Locations: Africa, Nairobi, Kenya, London, Horn of Africa, Malawi, Mozambique, Madagascar, Sharm el, Sheikh, Lagos, Global South, Paris

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

☆ Liberty Steel agrees debt restructuring deal
▼ + stars: | 2022-11-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Nov 15 (Reuters) - The Liberty Steel group owned by commodities tycoon Sanjeev Gupta has reached an agreement to restructure much of its debt for global operations, it said on Tuesday, while negotiations continue on the debt of its European business. Liberty said in a statement that it had signed a term sheet subject to contract on an agreement in principle on debt restructuring with parties responsible for the main creditors of Greensill Capital UK Ltd, Greensill Bank AG and Credit Suisse Asset Management (CSGN.S). The company said in June that it had reached a standstill agreement with its largest creditor, Greensill Bank, on debt facilities for its European business. Tuesday's statement said Liberty was in the process of negotiating a similar term sheet for restructuring debt for the European business. German-based Greensill Bank is a subsidiary of Greensill Capital, which lent money to businesses by buying their invoices at a discount, but it collapsed after one of its main insurers declined to renew its cover.

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