The Editorial Team |

What a World Bank Critic Might Do as World Bank Head: QuickTake

LAGOS (Capital Markets in Africa) – It’s a story for our times: A critic of the World Bank takes over the World Bank, nominated by a nationalist U.S. president who rejects the principle of global consensus on which the institution has operated for decades. The scenario is looking increasingly likely. President Donald Trump will nominate senior U.S. Treasury Department official David Malpass as World Bank president, according to administration officials. That could mean change is in store for the development lender,…

Seadrill Limited: SDRL – Establishes new joint venture with Sonangol, Angola

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LUANDA (Capital Markets in Africa) – Hamilton, Bermuda, February 6, 2019 – Seadrill Limited (“Seadrill”) announces today that it has entered into a 50:50 joint venture with Empresa de Serviços e Sondagens de Angola Ltda, an affiliate of Sonangol E.P. (“Sonangol”). The new joint venture, Sonadrill, will operate four drillships, focusing on opportunities in Angolan waters. Each of the joint venture parties will bareboat two drillships into Sonadrill. The Seadrill drillships will be from our existing…

Sibanye Sees Potential for Buying South African Gold Assets

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s biggest gold producer would consider buying more assets in the country after paying off debt from previous acquisitions. Sibanye Gold Ltd. hasn’t discussed deals, but AngloGold Ashanti Ltd.’s Mponeng mine and Gold Fields Ltd.’s troubled South Deep operation would both fit into the company’s portfolio, Chief Executive Officer Neal Froneman said in an interview in Cape Town. Still, for the next 18 months at least, the CEO — nick-named “Mr Fix-It” for…

Rival Powers Claim Command of City Near Libya’s Biggest Oilfield

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TRIPOLI (Capital Markets in Africa) – Libya’s internationally backed government tapped a rival to eastern leader Khalifa Haftar to command a strategic city his army controls, the latest salvo in their struggle for power in the war-ravaged North African nation. The Presidency Council announced the appointment of Ali Kana, a member of the Tuareg tribe, as military chief in the southwestern city of Sebha on its Facebook page on Wednesday. Haftar’s Libyan National Army, the country’s largest…

Fake News Is Fair Game in Nigerian Social Media Battle for Votes

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LAGOS (Capital Markets in Africa) – As Nigeria’s presidential candidates travel around the vast West African nation holding rallies and making speeches, behind the scenes their supporters are engaging in a hot social media battle for the minds of mainly young voters. Nothing is sacred in the fight as volunteers for President Muhammadu Buharihunker down in a building in Nigeria’s capital, Abuja, trying to neutralize adverse reports on Facebook, Twitter, and Instagram. Across town, a similar…

Sygnia CEO Queries Costs at Africa’s Biggest Fund Manager

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JOHANNESBURGH (Capital Markets in Africa) – Sygnia Ltd. Chief Executive Officer Magda Wierzycka is questioning fees paid by South Africa’s state-owned money manager, citing an unverified document she says details a “sad litany of plunder” at the Public Investment Corp. The overseer of 2.1 trillion rand ($157 billion) of mostly civil-servant pension funds spent 960 million rand on advisory and transactional costs between 2014 and 2018, Wierzycka said in an opinion piece published Wednesday by Business Day. By…

Politics Hinders Ramaphosa’s Bid to Rouse South African Economy

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JOHANNESBURGH (Capital Markets in Africa) – Politics is tying the hands of South African President Cyril Ramaphosa as he weighs policy trade-offs needed to rejuvenate a moribund economy. The labor union leader-turned businessman took office a year ago, shortly after winning control of the ruling African National Congress by a razor-thin margin. With a large party faction remaining loosely aligned to his predecessor Jacob Zuma, Ramaphosa’s political control remains tenuous. He is due to announce the government’s policy…

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