The Editorial Team |

Boeing Sued by Kenyan Family for Ethiopian 737 Max Crash

ADDIS ABABA (Capital Markets in Africa) – The family of a Kenyan man who died in a Boeing Co. 737 Max 8 that crashed in Ethiopia last month filed a complaint against the planemaker in a court in Illinois. George Kabau was an engineer with General Electric Co., according to his brother Tom Kabau. He was among the 157 people who died when the 737 Max plane went down shortly after take off from the Ethiopian capital,…

EOH Jumps Most on Record on Plans to Sell Non-Core Assets

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CAIRO (Capital Markets in Africa) – EOH Holdings Ltd. climbed the most on record as the South African technology firm announced plans to sell non-core businesses to generate about 1 billion rand ($71 million) to quash its debts. The Johannesburg-based company will organize its operations into four units and will sell assets that don’t fit into the new structure, it said in a statement Tuesday. “Within the next 12 to 18 months, we plan to sell…

Acumen Closes $70 Million Impact Fund for Clean Energy in Africa

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NAIROBI (Capital Markets in Africa) – Jacqueline Novogratz’s impact investing group closed an almost $70 million fund to back companies delivering affordable and renewable energy to mostly poor consumers in East Africa. KawiSafi Ventures seeks to bring clean energy to 10 million people with investments in fast-growing companies while also making competitive returns, according to a statement Tuesday from Acumen, a New York-based nonprofit founded by Novogratz. Early investors in the fund include TED curator Chris…

Botswana President Likens Elephants to European Migrant Crisis

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GABORONE (Capital Markets in Africa) – The president of Botswana, the nation with the world’s largest elephant population, likened the country’s travails with its numerous pachyderms to the number of Africans who have migrated to Europe to find a better life. Botswana, where the number of elephants is estimated at anything between 115,000 and a quarter of a million, has been praised for its wildlife policies, which have included a ban on both the hunting…

Ecobank Ghana Forecasts Sustained Profit Growth on Lower Costs

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ACCRA (Capital Markets in Africa) – Ecobank Ghana Ltd. is counting on an increase in deposits and rising use of its digital services to lower costs and help sustain profit growth after a knockout 2018 for earnings. The West African country’s second-largest lender is reaping the rewards of what the International Monetary Fund predicts will be the world’s fastest expanding economy this year. Lower interest rates are set to spur lending, while a regulatory cleanup that weeded out…

Privinvest Hits Back at Mozambique With $200 Million Claim

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MAPUTO (Capital Markets in Africa) – Privinvest Group began arbitration against three state-owned Mozambican companies to seek at least $200 million in compensation for losses the shipbuilder says it incurred after contractual breaches. The legal action marks a step change in Privinvest’s response to charges against employees including salesman Jean Boustani by the U.S. Department of Justice. It also signals a counter-strike against the southeast African nation that took it to court in London in February….

Glencore’s Congo Unit to Start Shipping Some Cobalt Again

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LAGOS (Capital Markets in Africa) – Glencore Plc’s Democratic Republic of Congo unit will restart some cobalt exports after it halted sales last year due to low levels of radioactivity. About 23 percent — or 930 tons — of the cobalt produced at Katanga Mining Ltd.’s Kamoto mine since January complies with regulations on uranium content, the company said in a statement. Katanga is controlled by Glencore and owns 75 percent of Kamoto. The unit halted sales…

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