Why Africa’s Top Oil Producer Is Low on Gasoline: QuickTake Q&A

Why Africa’s Top Oil Producer Is Low on Gasoline: QuickTake Q&A

LAGOS (Capital Markets in Africa)- Nigeria, Africa’s biggest oil producer and a member of OPEC, has suffered fuel shortages over the past few weeks. They complicated transport and hurt economic activity and, in the words of PresidentMuhammadu Buhari, ensured that for many Nigerians the Christmas holidays were “anything but merry and happy.” His administration says it’s working overtime to end the queues that have formed at gasoline stations throughout much of the country. Nigeria is about the…

Read More

Angola New President Fires Dos Santos Daughter as Sonangol Boss

Angola New President Fires Dos Santos Daughter as Sonangol Boss

LUANDA (Capital Markets in Africa)  – Angolan President Joao Lourenco dismissed Isabel dos Santos, the daughter of former President Jose Eduardo dos Santos, as chair of state-owned oil company Sonangol. Dos Santos, Africa’s richest woman, was relieved of her post along with the entire board of Sonangol, according to a presidential statement. She will be replaced by Carlos Saturnino, who was fired from Sonangol by Dos Santos last year. Saturnino was recently appointed the secretary of…

Read More

South Africa Budget Head Resigns Amid Education-Funding Spat

South Africa Budget Head Resigns Amid Education-Funding Spat

JOHANNESBURG (Capital Markets in Africa) – The head of South Africa’s budget office, Michael Sachs, resigned amid speculation President Jacob Zuma is bypassing the National Treasury to implement plans for free university education. Sachs, who headed the office since November 2013, is the third senior Treasury official to leave since Zuma appointed Malusi Gigaba to replace Pravin Gordhanas finance minister in March. Sachs won’t be leaving immediately, “to ensure a proper handover to another senior official and to allow for…

Read More

South Africa’s poor tax revenues to delay fiscal consolidation

South Africa’s poor tax revenues to delay fiscal consolidation

JOHANNESBURG (Capital Markets in Africa) – South Africa’s finance minister is expected to address concerns over dwindling tax revenues in his mid-term budget on Wednesday to reassure credit agencies of his commitment to a tighter purse, a Reuters poll found. Malusi Gigaba is due to give his first review on finances on Oct. 25 and economists expect him to announce a revenue shortfall of 40 billion rand ($3.0 billion) for the year that began in…

Read More

Bank of England Governor Mark Carney Confirms Rate Hike Is Near

Bank of England Governor Mark Carney Confirms Rate Hike Is Near

LONDON (Capital Markets in Africa) – Mark Carney reaffirmed that the Bank of England is close to its first interest-rate increase in over a decade, as inflation hit 3 percent and one of his colleagues said the economy is approaching a “tipping point.” In a series of testimonies to lawmakers, the BOE governor and the two newest members of the rate-setting Monetary Policy Committee signalled that the erosion of economic slack is dominating their thinking as they prepare for…

Read More

German Investor Optimism Gains as Economy and Stocks Power Ahead

German Investor Optimism Gains as Economy and Stocks Power Ahead

LAGOS (Capital Markets in Africa) – German investor confidence rose for a second month as stocks rallied and data signalled that Europe’s largest economy is on track for a solid expansion in the second half of the year. The ZEW Centre for European Economic Research’s index of investor expectations climbed to 17.6 in October from 17 in September. The reading compares with a median estimate in a Bloomberg survey for an increase to 20.0. After a…

Read More

Ghana’s Economy Expands Most Since 2014 as Oil Industry Grows

Ghana’s Economy Expands Most Since 2014 as Oil Industry Grows

ACCRA (Capital Markets in Africa) – Ghana’s economy expanded the most in three years in the second quarter as the oil and gas industry increased. The gross domestic product of West Africa’s largest economy after Nigeria’s rose 9 percent from a year earlier in the three months through June, Baah Wadieh, the acting government statistician at the Ghana Statistical Service, told reporters Wednesday in the capital, Accra. The median of five estimates in a survey…

Read More
1 2 3 27