The Editorial Team |

Zimbabwean Bankers Want Some Pay in Dollars as Inflation Soars

HARARE (Capital Markets in Africa) — Bankers in Zimbabwe are demanding that part of their salaries be paid in dollars to cushion themselves against soaring inflation and a depreciating currency. Workers are asking that their pay be based on what they were earning in 2018, Shepard Ngandu, assistant secretary-general of the Zimbabwe Banks and Allied Workers’ Union, said by phone on Monday. Receiving pay in the local currency is of no value because of the…

FirstRand Eyes One-Stop Banking Shop in Ghana After GHL Deal

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) — FirstRand Ltd. plans to replicate its South African business, where it is a leader in car and home finance, in Ghana following the takeover of the West African nation’s biggest mortgage provider. First National Bank Ghana Ltd. will also expand GHL Bank Ltd.’s offerings to include insurance, personal loans, and investment products, said Dominic Adu, the chief executive officer of the combined entity. Until the deal in May, FirstRand…

Eskom Breaks Winter Prediction on South African Power Cuts

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa ) — South Africa’s state-owned power utility has reneged on its prediction that there would be only three days of electricity rationing during the nation’s winter season. Eskom Holdings SOC Ltd. implemented the nationwide rotational power cuts for a fourth straight day on Monday to replenish emergency generation reserves needed during the week, the utility said on Twitter. Pump-storage plants and turbines that burn costly diesel are used to meet peak…

OPEC+ Oil Tensions Ease After Saudis Speak to Iraq and Nigeria

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Saudi Arabia commended Iraq for implementing almost all its pledged oil-production cuts and Nigeria told the kingdom it was committed to hitting its target, in further signs that disputes among OPEC+ members over cheating of quotas are being resolved. Saudi Energy Minister Prince Abdulaziz Bin Salman spoke to his Iraqi counterpart Ihsan Abdul Jabbar, according to a joint statement from their offices on Monday. The prince said he was satisfied with Baghdad’s…

Isabel Dos Santos-Linked Firm Loses $850 Million Port Claim

Posted on by The Editorial Team

LUANDA (Bloomberg) — A Paris arbitration tribunal rejected an $850 million claim by Atlantic Ventures SA against the Angolan government for canceling a contract to build and operate a $1.5 billion port in the southwest African nation. The company, in which Isabel dos Santos — Africa’s richest woman and the daughter of the oil-rich country’s former president — has a direct stake, must also pay the government’s 133 million kwanzas ($232,000) tribunal fees, the Presidency…

TFG to Buy Some Edcon Jet Stores in $28.7 Million Rescue

Posted on by The Editorial Team

JOHANNESBURG (Bloomberg) — The Foschini Group Ltd. agreed to buy fellow South African clothing retailer Jet for 480 million rand ($28.7 million), the second deal agreed by administrators in charge of salvaging Edcon Holdings Ltd. from bankruptcy proceedings. TFG will acquire the Jet brand alongside at least 371 stores and stock valued at about 800 million rand, the Cape Town-based company said in a statement on Monday. Employees and some senior management will be retained alongside a…

Nigeria’s Central Bank Cuts Forex Access for Corn Imports

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) — Nigeria’s central bank has blocked access to foreign exchange for corn imports as it seeks to boost local farming output, even though the move is expected to add to already soaring food inflation. All authorized dealers must immediately stop processing requests for the hard currency used for importing corn, the central bank said Monday in a statement on its website. The announcement is the latest effort by the central…

« 1 … 153 154 155 156 157 … 1,072 »