The Editorial Team |

Zambia Tax Hike to Make Most Mines Unprofitable, Group Says

LUSAKA (Capital Markets in Africa) – More than half of the copper mines in Zambia, Africa’s second-biggest producer of the metal, will probably be unprofitable next year with thousands of jobs on the line, as the nation raises taxes for operators, the country’s biggest industry lobby group said. The effective tax rate will range from 86 percent to 105 percent, with about 27,900 jobs at risk, the Zambia Chamber of Mines said in a statement…

Access Bank Sees Diamond Takeover Lifting Earnings by 2021

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LAGOS (Capital Markets in Africa) – Access Bank Plc, which plans to create Africa’s largest retail lender by customers with the takeover of Diamond Bank Plc, expects that the deal will start adding to earnings by the third year. “Integration comes with issues,” Access Bank Chief Executive Officer Herbert Wigwe said in an interview in Lagos on Wednesday. “We want to ensure that all our staff get working so that we don’t suffer the problems most mergers have….

Total Poised to Start Exports From Big New Oil Field in Nigeria

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LAGOS (Capital Markets in Africa) – Total SA is poised to start exports of crude from a major new offshore field in Nigeria, adding to global supplies at a time when oil prices are plunging. Shipments of Egina crude from a floating offshore production vessel have been scheduled for February, according to a copy of a loading program for the new grade seen by Bloomberg. Initial exports should be just over 100,000 barrels a day but could double in the…

Africa’s Biggest Money Manager Shakes Out Its Purse for Denel

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JOHANNESBURG (Capital Markets in Africa) – For South Africa’s cash-strapped weapons company Denel SOC Ltd., there’s one fish that keeps on biting whenever it casts its net into debt markets, and that’s the Public Investment Corp. Earlier this month, the state-owned arms maker issued 290 million rand ($20 million) of government-guaranteed, senior unsecured notes maturing a year from now. The PIC, which manages most of the South African government’s pension-fund money, bought all of that new…

Congo Presidential Candidate Says Election Set to Be Delayed

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KINSHASA (Capital Markets in Africa) – A presidential candidate in the Democratic Republic of Congo said the country’s electoral commission plans to postpone elections scheduled for Dec. 23. National Independent Electoral Commission President Corneille Nangaa met candidates or their representatives earlier on Thursday to inform them of the delay, Tryphon Kin-Kiey, an independent candidate, said by phone. Nangaa is due to address a media briefing in the capital, Kinshasa, this afternoon. The electoral commission said…

IMF Boss Lagarde Urges South Africa to Shield Institutions

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JOHANNESBURG (Capital Markets in Africa) – South Africa should “never be complacent” about protecting key institutions such as the central bank or National Treasury as it tries to boost economic growth, International Monetary Fund Managing Director Christine Lagarde said. The rise of populism in developed economies has brought with it a wave of attacks on central banks in the U.S., U.K., Europe and South Africa, where Governor Lesetja Kganyago successfully fought off a proposal by the nation’s…

Tencent Joins Naspers in a $1 Billion Funding for India’s Swiggy

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JOHANNESBURG (Capital Markets in Africa) – Tencent Holdings Ltd. joined Naspers Ltd. in a $1 billion investment in Indian food delivery service Swiggy, which gains a potentially valuable ally in China’s largest social media and gaming company. Naspers led the financing, which snagged new backers Hillhouse Capital and Wellington Management in addition to existing investors DST Global, Meituan Dianping and Coatue. The funding round, which Bloomberg reported on in October, marks Swiggy’s third for 2018 and largest to date. Naspers, Africa’s most valuable company, said it put…

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