The Editorial Team |

Tunisia’s Ruling Party Threatens to Quit Government Over `Coup’

TUNIS (Capital Markets in Africa) – Tunisia’s ruling Nidaa Tounes party demanded on Thursday that its members pull out of the cabinet or face suspension after Prime Minister Youssef Chahed announced a partial reshuffle without consulting President Beji Caid Essebsi. The cabinet changes strengthened Chahed’s hand but deepened a rift with Essebsi as the government seeks to shore up support to tackle strong inflation and strained finances. Both men are members of Nidaa Tounes, which has informally splintered…

Wartsila Wins Contract to Build Two Kenyan Solar-Power Farms

Posted on by The Editorial Team

NAIROBI (Capital Markets in Africa) – Wartsila Oyj’s East African unit won two engineering, procurement and construction contracts to develop grid-connected solar farms in Kenya, each with a capacity of 40 megawatts. Construction is expected to begin next year, according to George Oywer, a business development manager at Wartsila Eastern Africa Ltd. The East African nation, which has an electricity supply deficit, is boosting production from renewable sources including wind and geothermal as it cuts…

Julius Baer to Lure Wealthy South Africans With New Office

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Julius Baer Group Ltd. opened an office in Johannesburg as Switzerland’s third-largest wealth manager seeks to profit from a growing pool of high-net worth individuals in the country. Having a presence in South Africa is part of a long-term strategy to expand in the region, the Zurich-based company said in a statement Thursday. It will employ seven people in South Africa, five of which have been lured from local lenders…

MTN Nigeria $10 Billion Feud Puts South Africa at Risk

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) MTN Group Ltd.’s battles with Nigerian authorities over $10 billion in repatriated funds and back taxes could increase risk in South Africa’s financial system, the Reserve Bank said. Africa’s largest wireless carrier by subscribers is facing mounting pressure to return $8.1 billion to Nigeria after its central bank argued that the Johannesburg-based company had repatriated funds illegally. Separately, the West African nation’s attorney general’s office alleges the company owes $2…

Mozambique May Agree Deals on ProIndicus, MAM Loans This Year

Posted on by The Editorial Team

MAPUTO (Capital Markets in Africa) – The Mozambican government said it may reach an agreement with investors on restructuring about $1.2 billion of loans for state-owned companies ProIndicus and Mozambique Asset Management this year. “We expect that we can get that, but we are still in negotiations,” Finance Minister Adriano Maleiane told reporters in the capital, Maputo, on Thursday. He declined to comment on possible terms as that could jeopardize talks. Maleiane said he was “sure” that…

Carlyle-Backed Diamond Gets Cash Offer From Unnamed Investor

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Diamond Bank Plc has received an offer from a major investor to inject cash by increasing its stake, a move that would help the Nigerian lender keep its capital adequacy ratio above the required threshold, according to the outgoing chairman. The proposal was on condition that Chief Executive Officer Uzoma Dozieresigns, Seyi Bickersteth said in an interview in Lagos, the commercial capital, without naming the shareholder. Diamond’s biggest investor is U.S. private equity…

Ex-Finance Chief Fingers Zuma in South African Looting Spree

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Former South African Finance Minister Pravin Gordhan directly implicated Jacob Zuma in being part of an orchestrated campaign to loot billions of rand in taxpayer funds and decimate state institutions during his almost nine-year tenure as president. Gordhan, who now oversees state companies, made the allegations in a statement to a judicial panel that’s investigating claims that members of the Gupta family exploited their close relationship with Zuma to influence cabinet appointments and…

« 1 … 423 424 425 426 427 … 1,076 »