The Editorial Team |

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

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

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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

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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

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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…

Zimbabwe Ruling Party Wants Old Mutual Out of Stock Exchange

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HARARE (Capital Markets in Africa) — Zimbabwe’s ruling party wants Old Mutual Ltd.’s listing on the Zimbabwe Stock Exchange terminated, an official said, clarifying a weekend statement in which it called for the company to be “ejected” from the nation’s financial system. “The statement was about the listing of Old Mutual on the stock exchange,” Tafadzwa Mugwadi, the Zimbabwe African National Union-Patriotic Front’s director of information and publicity, said by phone Monday from the capital,…

Nigeria Pleads in U.K. Court to Appeal $9.6 Billion Award

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LAGOS (Capital Markets in Africa) — Nigeria’s government is in a London court to ask for more time to appeal a $9.6 billion arbitration award, an amount that is more than the country’s income from oil last year. The country, Africa’s largest crude producer, wants more time to pursue its accusations that the 2010 gas-supply contract with Process & Industrial Developments Ltd. was a sham. Last year, a British judge upheld the arbitration award P&ID…

Nile Talks Founder, Escalating Tension Between Africa Powers

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LAGOS (Capital Markets in Africa) — African Union-brokered talks ended without an agreement on a disputed dam project on the Nile River’s main tributary, potentially ratcheting up tensions between two key U.S. allies on the continent. The negotiations over the Grand Ethiopian Renaissance Dam in Ethiopia have again foundered over the pace at which the country plans to fill the 74 billion cubic meter reservoir, stoking Egypt’s concern that it will lose control over its…

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