Sasfin Fires KPMG in Wake of South African Gupta Scandal

Sasfin Fires KPMG in Wake of South African Gupta Scandal

JOHANNESBURG (Capital Markets in Africa) – Sasfin Holdings Ltd., a South African financial-services company, said it’s firing KPMG LLP as its independent sponsor and searching for a new auditor, becoming the second company to announce it has dumped the firm because of work it did for the politically connected Gupta family. The decisions were based on “the well-publicized concerns recently raised with regard to KPMG,” Johannesburg-based Sasfin said in an emailed statement on Tuesday. Deloitte…

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Kinross to Invest $820 Million to Tread Water on Production

Kinross to Invest $820 Million to Tread Water on Production

LAGOS (Capital Markets in Africa) – Kinross Gold Corp. is spending more than $800 million to essentially tread water as — like many miners — it faces a future in which new gold assets are increasingly difficult to find and costly to develop. The Canadian miner said Monday it will move ahead with expansions at mines in Mauritania and Nevada as part of efforts to maintain its production and lower costs. Construction for the Phase Two…

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AfriSam Is Said to Be Talking to Partner to Secure PPC Deal

AfriSam Is Said to Be Talking to Partner to Secure PPC Deal

JOHANNESBURG (Capital Markets in Africa) – AfriSam Group Pty Ltd. is in negotiations with an equity partner to recapitalize the company and enable South Africa’s second-biggest cement maker to push through a merger with larger rival PPC Ltd., according to two people familiar with the matter. Closely held AfriSam has a letter of intent from an investment company based in the Americas that’s willing to put up new funding, said the people, who asked not to…

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Nigeria launches $200 mln fund to help local oil and gas firms

Nigeria launches $200 mln fund to help local oil and gas firms

LAGOS (Capital Markets in Africa) – Nigeria launched a fund on Thursday with an initial value of $200 million to support local oil and gas firms, the oil minister said, part of a government drive to improve access to low-cost credit across the economy. The Nigerian Content Development Fund (NCDF) would be financed through allocating the fund one percent of the value of all contracts awarded in the state-run upstream oil and gas industry, Petroleum…

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Short-term Personal Loan and its Features

Short-term Personal Loan and its Features

JOHANNESBURG (Capital Markets in Africa) – Among the different types of loans that are, today, available in the market, the personal loan is one of the most popular ones. This kind of loan is borrowed for a short time-period and repaid in full along with the interest. Installments are also available for repayment of personal loans that continue on a per month basis until the whole loan amount is paid off at the pre-decided rate…

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Egypt Got $40 Billion in Investments, Transfers Since Float

Egypt Got $40 Billion in Investments, Transfers Since Float

CAIRO (Capital Markets in Africa) – Egypt has received $40 billion in investments and transfers from abroad since floating its currency in November and securing the largest International Monetary Fund loan to a Middle East nation. The funds include receipts from exports, investors selling dollars to buy Egyptian assets, and the exchange of dollars for Egyptian pounds, either on the local market or through remittances, central bank sub-governor Rami Aboul Naga said on Thursday. The figure does not include financing Egypt…

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Egypt Moves to End State Monopoly of Natural Gas Market

Egypt Moves to End State Monopoly of Natural Gas Market

CAIRO (Capital Markets in Africa) – Egypt is opening the door to private participation in its natural gas sector, moving to end the state’s monopoly as it pushes ahead with reforms meant to encourage investment and revive the economy. The new law signed by President Abdel-Fattah El-Sisi sets up a natural gas regulatory authority charged with licensing and devising a plan to open the gas market to competition. It also allows for the eventual import of natural…

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