The Editorial Team |

South Africa’s Landmark Oil Find Opens Prospect of Drilling Rush

JOHANNESBURG (Capital Markets in Africa) – South Africa’s first deep-water discovery, reported Thursday by French oil major Total SA, may prompt a rush of activity offshore by competitors as the country works to cut its reliance on imported fuels. The Brulpadda find, estimated at about 1 billion barrels by Total Chief Executive Officer Patrick Pouyanne, could be enough to supply South Africa’s refineries for almost four years. That’s a boon for a country that has always been short of…

Carney Counts Brexit Cost as BOE Sees Weakest Growth in a Decade

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LONDON (Capital Markets in Africa) – Brexit uncertainty is cascading through the U.K. economy, rattling households and companies, according to Bank of England Governor Mark Carney. In its Inflation Report on Thursday, the central bank delivered a pessimistic view, with Carney warning that the “fog of Brexit” is creating tensions. Even based on a smooth exit from the European Union — which looks more unlikely as the March 29 deadline rushes closer — it still sees the economy…

Politics Hinders Ramaphosa’s Bid to Rouse South African Economy

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JOHANNESBURG (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…

Ascendis Health Is Said to Mull Further Unit Sales to Cut Debt

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JOHANNESBURG (Capital Markets in Africa) – Ascendis Health Ltd., already considering an offer for its Remedica unit, is planning to sell other key businesses as the South African company battles to service debt and ensure survival, according to people familiar with the matter. The debt-laden maker of multivitamins, probiotics and pet nutritional supplements received an unsolicited offer for Cyprian unit Remedica last month, providing relief for the worst performing stock on Johannesburg’s stock exchange last year. Ascendis…

Ugandan Central Bank Leaves Key Rate at 10% for Second Time

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KAMPALA (Capital Markets in Africa) – Uganda’s central bank retained its benchmark interest rate at 10 percent for a second time, saying risks to the inflation outlook over a 12-month period remain elevated. The Monetary Policy Committee left the rate unchanged even as projected economic growth momentum faces risks “including weather-related constraints to agricultural production and challenges relating to the financing of public investment programs,” Governor Emmanuel Tumusiime-Mutebile told reporters in the capital, Kampala. Key Insights The…

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

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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…

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