Russia’s No. 2 Bank Seeks Mozambique Debt Talks After Default

Russia’s No. 2 Bank Seeks Mozambique Debt Talks After Default

MAPUTO (Capital Markets in Africa) – The head of Russia’s second-biggest bank wants to meet with Mozambican President Filipe Nyusi and other officials soon to attempt to start negotiations over restructuring about $2 billion in debt, which haveyet to formally begin since the country defaulted a year ago. “We would like to convince them to start more negotiations with investors for restructuring the debt,” VTB Group Chief Executive Officer Andrey Kostin said in a Bloomberg Television interview at the World…

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U.S. Offers Mozambique Help as Attacks Roil Gas-Rich North

U.S. Offers Mozambique Help as Attacks Roil Gas-Rich North

MAPUTO (Capital Markets in Africa) – The U.S. government is offering Mozambique help to end fatal attacks by suspected militants in the gas-rich Cabo Delgado region, the top American diplomat in the country said. Police have arrested more than 300 people since October after raids in Mocimboa da Praia in the country’s northeast, the first of which targeted police stations and the government blamed on a “radical Islamic sect.” Sporadic attacks have continued, including this month on…

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Heineken Starts $100 Million Mozambique Brewery in Africa Push

Heineken Starts $100 Million Mozambique Brewery in Africa Push

MAPUTO (Capital Markets in Africa) – Heineken NV, the world’s second-largest brewer, started building a $100 million plant in Mozambique as it seeks to compete with its larger competitor, Anheuser-Busch InBev SA/NV, in the southeast African country. The brewery, to be located in Maputo province, will have a capacity of 800,000 hectoliters and will start production in the first half of 2019, Heineken said in an emailed statement Monday. The world’s two beer-making giants are expanding…

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Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

Guaranty Trust Bank Nigeria Eyes Mozambique to Double Income From Africa

LAGOS (Capital Markets in Africa) – Guaranty Trust Bank, Nigeria’s biggest lender by market value, plans to open in Mozambique as it targets the country’s gas market to help prop up profit from African subsidiaries. The lender will enter Mozambique in the first quarter of 2019 “to capitalize on the country’s offshore gas boom,’’ after it opens in Tanzania in January next year, it said. The expansion will increase the contribution to profit by African…

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Credit Suisse Among Banks Probed on Mozambique, WSJ Reports

Credit Suisse Among Banks Probed on Mozambique, WSJ Reports

MAPUTO (Capital Markets in Africa) – U.S. authorities are investigating Credit Suisse Group AG, BNP Paribas SA and VTB Group for their roles in selling about $2 billion of bonds for Mozambique, the Wall Street Journal reported, citing unidentified people familiar with the matter. The Federal Bureau of Investigation is examining whether the banks facilitated corruption by enabling officials from the African nation to take money raised in the debt sales, the newspaper reported. The Justice Department…

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Anadarko May Not Decide on Mozambique Gas Until 2018, ENH Says

Anadarko May Not Decide on Mozambique Gas Until 2018, ENH Says

MAPUTO (Capital Markets in Africa) – Anadarko Petroleum Corporation isn’t likely to make a final investment decision on its $20 billion liquefied natural gas project in Mozambique before the end of next year, even as it races to get the fuel to markets ahead of rivals, its state-owned partner said. The venture may look at options to speed the process up, such as selling at a lower price to international LNG traders who would collect…

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Rio, Ex-CEO Face Fraud Charges on $3.7 Billion Coal Calamity

Rio, Ex-CEO Face Fraud Charges on $3.7 Billion Coal Calamity

LAGOS (Capital Markets in Africa) – Rio Tinto Group’s calamitous $3.7 billion coal deal in Mozambique, involving a plan to barge the fuel hundreds of kilometres down the Zambezi River, keeps coming back to haunt the world’s second-biggest miner — already grappling with another African misadventure. U.S. authorities filed fraud charges against London-based Rio, former Chief Executive Officer Tom Albanese and ex-Chief Financial Officer Guy Elliott, claiming they inflated the value of the coal assets acquired in 2011. The unit…

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