Trump Flexible on China Tariff Deadline as He Seeks `Real Deal’

Trump Flexible on China Tariff Deadline as He Seeks `Real Deal’

LAGOS (Capital Markets in Africa) – President Donald Trump said he’s open to extending a March 1 deadline to raise tariffs on Chinese products if the two sides are near an agreement, sending a conciliatory signal amid talks to resolve the trade war between the world’s two biggest economies. “If we’re close to a deal where we think we can make a real deal and it’s going to get done, I could see myself letting that slide…

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Nigeria Expects $3 Billion in Diaspora Investment Funding

Nigeria Expects $3 Billion in Diaspora Investment Funding

LAGOS (Capital Markets in Africa) – Nigeria expects $3 billion in investment funding from citizens living mainly in the U.S. to support the agriculture, power, mining and transportation sectors, a senior presidential adviser said. The government will support “a diaspora investment fund,” Abike Dabiri-Erewa, President Muhammadu Buhari’s adviser on diaspora affairs, said in an interview in Abuja, the capital. “They’re planning a $3 billion investment in Nigeria. The fund will be driven by Nigerians in America.”…

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EIB Plans to Ramp Up Kenya Funding If State Red Tape Eases

EIB Plans to Ramp Up Kenya Funding If State Red Tape Eases

NAIROBI (Capital Markets in Africa) – The European Investment Bank plans to double its funding for infrastructure development in Kenya this year if government bureaucracy in approving projects eases. The Luxembourg-based lender targets to disburse 200 million euros ($227 million) of loans, half of which will be available for the Kenya Ports Authority to refurbish berths at East Africa’s busiest sea-port in Mombasa county, Catherine Collin, the bank’s East Africa representative, said Thursday in an…

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Egypt Dangles Incentives to Attract More Oil and Gas Investors

Egypt Dangles Incentives to Attract More Oil and Gas Investors

CAIRO (Capital Markets in Africa) – Egypt is finalizing details of a new type of oil and gas contract to attract even more foreign investment than the $10 billion already coming into its energy industry this year. The contract will provide investors with incentives to explore for fossil fuels in undeveloped areas, Egypt’s oil minister Tarek El-Molla said in an interview. He didn’t provide details of the changes to the contract. “We’re improving the cost-recovery process to…

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Rand Offers Zimbabwe Economy Salvation, Ex-Finance Minister Says

Rand Offers Zimbabwe Economy Salvation, Ex-Finance Minister Says

JOHANNESBURG (Capital Markets in Africa) – Zimbabwe should adopt South Africa’s rand as its currency, one of a series of fundamental reforms needed to restore economic stability in the country, former Finance Minister Tendai Biti said. His call is an endorsement of government efforts to link Zimbabwe’s economy to neighbouring South Africa’s currency as it grapples with a foreign-exchange shortage that’s spawned the fastest price increases since hyperinflation a decade ago. Zimbabwe abolished its own currency in…

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South Africa’s Landmark Oil Find Opens Prospect of Drilling Rush

South Africa’s Landmark Oil Find Opens Prospect of Drilling Rush

JOHANNESBURG (Capital Markets in Africa) – South Africa’s first deep-water discovery, reported Thursday by French oil major Total SA, may prompt a rush of activity offshore by competitors as the country works to cut its reliance on imported fuels. The Brulpadda find, estimated at about 1 billion barrels by Total Chief Executive Officer Patrick Pouyanne, could be enough to supply South Africa’s refineries for almost four years. That’s a boon for a country that has always been short of…

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Ascendis Health Is Said to Mull Further Unit Sales to Cut Debt

Ascendis Health Is Said to Mull Further Unit Sales to Cut Debt

JOHANNESBURG (Capital Markets in Africa) –  Ascendis Health Ltd., already considering an offer for its Remedica unit, is planning to sell other key businesses as the South African company battles to service debt and ensure survival, according to people familiar with the matter. The debt-laden maker of multivitamins, probiotics and pet nutritional supplements received an unsolicited offer for Cyprian unit Remedica last month, providing relief for the worst performing stock on Johannesburg’s stock exchange last year. Ascendis…

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