The Editorial Team |

Algeria’s President Promises to Resign, and to Leave His Mark

ALGEIRS (Capital Markets in Africa) – Battered by more than a month of protests, Algerian President Abdelaziz Bouteflika said he would step down before the end of his fourth term on April 28, but suggested he would still craft the foundations of the transition to come. The announcement on Monday appeared aimed at avoiding what could be a military-sanctioned, and embarrassing, constitutional push to have him declared unfit for office. It was also unclear whether it would…

Oando Auditors Question Its Ability to Continue Operations

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LAGOS (Capital Markets in Africa) – Ernst & Young, auditors for Nigeria’s Oando Plc, said there was material uncertainty about the energy company’s ability to continue as a going concern, even as it reported increased profit in the past financial year. While profit after tax rose 46 percent to 28.8 billion naira ($80 million), “the company recorded comprehensive losses for the year of 18.3 billion naira and, as that date, current liabilities exceeded current assets by…

Boeing Says More Time Needed to Finish 737 Max Software Fix

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LAGOS (Capital Markets in Africa) – Boeing Co. says it needs more time to finish a software upgrade for its grounded 737 Max jetliners as company engineers update a stall-prevention system linked to two fatal crashes in five months. The planemaker said last week it would submit final paperwork for the revamp to the Federal Aviation Administration by March 29 to make the system — known as MCAS — less aggressive in pushing down a plane’s…

What to Watch in Commodities: Trade, Aramco, Megadeal, OPEC, LNG

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LAGOS (Capital Markets in Africa) – Commodities posted good returns in the first quarter, although there are now concerns on whether gains can be sustained. As April opens, it’s deals that are on the radar: the U.S. and China plan more talks as they seek to narrow differences on trade, and in what could be the biggest deal in the gold-mining industry, Goldcorp Inc. shareholders vote on the merger with Newmont Mining Corp. Also key to events, mammoth oil…

Ghana Holds Rate at 6-Year Low as It Warns of Currency Risk

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ACCRA (Capital Markets in Africa) – – Ghana’s central bank maintained its benchmark interest rate at a six-year low, warning that it could tighten policy if inflation risks from a weaker currency materialize. The Bank of Ghana kept the rate at 16 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. All four economists in a Bloomberg survey forecast the unchanged stance. After an unexpected rate cut in January on favorable inflation outcomes, the cedi accelerated its…

Moody’s Hands S. Africa’s Ramaphosa Lifeline as Assets Rally

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JOHANNESBURG (Capital Markets in Africa) – Moody’s Investors Service’s brief comment on South Africa’s credit ratingsparked the rand’s strongest rally in five months on Monday and drove government bond yields to the lowest since May. More importantly, it bought President Cyril Ramaphosa more time to convince investors he has the ability to introduce reforms that would stimulate the economy, consolidate government spending and reduce corruption in Africa’s most industrialized economy. The rating company on Friday deferred a scheduled…

Equatorial Guinea Signs Deals to Boost Alen Unit Gas Production

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LAGOS (Capital Markets in Africa) – Equatorial Guinea signed agreements to develop natural gas from offshore blocks operated by Noble Energy Inc., which will feed the Punta Europa liquefied natural gas plant in an effort to boost exports of the fuel. The Alen Unit joint venture project, located in Blocks O and I, will install a 70-kilometer (44-mile) pipeline from its platform to the LNG plant, operated by Marathon Oil Corp. The gas will then be processed…

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