The Editorial Team |

Politics Hinders Ramaphosa’s Bid to Rouse South African Economy

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…

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…

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