The Editorial Team |

Emirates Profit Slumps to Seven-Year Low as Oil Hits Margins

LAGOS (Capital Markets in Africa) – Emirates Group, owner of the world’s biggest long-haul airline, suffered a 44% decline in annual earnings as higher oil prices, a stronger dollar and lower occupancy levels hit margins at a time when the Dubai-based company faces increasing competition from rivals. Net income shrank to 2.32 billion dirhams ($632 million) in the year through March, the lowest since fiscal 2012, according to a statement Thursday. Staff won’t get a bonus after…

As Diamond Reshapes Africa Ambitions, a Kenyan Bank Benefits

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NAIROBI (Capital Markets in Africa) – Bob Diamond’s change in strategy to build Atlas Mara Ltd. into a pan-African lender are helping a rival Kenyan banker fulfill a long-held objective of expanding on the continent. The company founded by the former Barclays Plc chief executive officer in 2013 is exiting four of the seven African nations in which it operates in return for 6.3 percent of Nairobi-based Equity Group Holdings Plc. That gives James Mwangi, the CEO of Kenya’s biggest…

Equity Targets $4.2 Billion of Loans in Mobile-Banking Venture

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NAIROBI (Capital Markets in Africa) – Equity Group Holdings Plc expects to lend as much as 420 billion shillings ($4.2 billion) during the next five years through a venture with Kenya’s largest mobile-phone operator by targeting small businesses. The nation’s biggest lender by market value and Safaricom Plc said last month they agreed to collaborate on financial services for their combined base of more than 30 million customers, ending a nine-year-long rivalry. Safariom “will support us to…

Jihadist Threat Prompts Ivory Coast, Ghana to Raise Guard

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ABIDJAN (Capital Markets in Africa) – Some of West Africa’s biggest economies are increasingly vulnerable to attacks by Islamist militants, whose influence is spreading to the inland borders of coastal nations. Heavyweights Ghana and Ivory Coast as well as smaller neighbors Benin and Togo are strengthening security along their boundaries with Burkina Faso, which has seen a surge of attacks by al-Qaeda and Islamic State-linked insurgents this year. The raids have spread so fast that…

South Africa’s Rand Steady as Traders Wait for Poll Dice to Stop Rolling

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JOHANNESBURG (Capital Markets in Africa) – The rand traded in a narrow range as South Africa’s election results continued to trickle in, but don’t be fooled: the currency could tip either way as the final balance of power becomes clear. With less than half the votes counted, the ruling African National Congress has a strong lead, though with reduced majority compared with the previous election. The picture could change as results from outlying rural districts —…

Steinhoff Casts Doubt on Future as Writedowns Hit $17 Billion

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JOHANNESBURG (Capital Markets in Africa) – The global retailer at the center of South Africa’s biggest corporate scandal cut the value of its assets by 15.3 billion euros ($17 billion) because of accounting irregularities. The company also warned it won’t be able to keep going longer than 12 months unless its debt is reorganized and it skirts mounting lawsuits and possible regulatory fines. At risk is a business with 120,000 employees across chains including Mattress…

Sonangol Boss Fired by Angola’s President as Fuel Runs Dry

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LUANDA (Capital Markets in Africa) – Angolan President Joao Lourenco fired Sonangol EP Chairman Carlos Saturnino as he revamps the company amid persistent fuel shortages in the southern African nation. The presidency appointed Gaspar Martins to lead the state-owned company with a new board after incumbent members were dismissed, according to a statement late Wednesday. Lourenco met with oil industry officials on Tuesday, vowing to end shortages at gas stations across the country that imports almost all of its fuel. Lourenco…

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