The Editorial Team |

Rising Star of South African Politics Entangled in Scandal

JOHANNESBURG (Capital Markets in Africa) – Once a rising star in South Africa’s ruling African National Congress and mentioned as a possible future presidential contender, Malusi Gigaba is now fighting for political survival. Anti-graft ombudsman Busisiwe Mkhwebane has given President Cyril Ramaphosa 20 days to take disciplinary action against the former finance minister for lying under oath. Her finding comes seven months after the High Court said Gigaba, now home affairs minister, committed perjury when he denied authorizing a company owned…

Senegal’s Economic Growth Seen Above 6% This Year, IMF Says

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DAKAR (Capital Markets in Africa) – Senegal’s economy is projected to expand more than 6 percent in 2018, driven by both public and private investment, the International Monetary Fund said. “Growth is supported by strong performances in the construction and services sectors,” the Washington-based lender said Wednesday in an emailed statement. The West African nation’s economy grew 7.2 percent in 2017, according to the IMF. Senegal needs to attract more private investment, improve credit access and tackle energy and…

Nickel Bull Glencore Says Many in the Market Missing Vital Signs

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LAGOS (Capital Markets in Africa) – Commodity powerhouse Glencore Plc gave a ringing endorsement of the prospects for nickel, saying that most participants in the market don’t realize how strong demand for the metal now is and haven’t grasped the magnitude of the global deficit even as stockpiles dwindle. Worldwide consumption will outstrip supply by 124,000 metric tons next year after a shortfall of 178,000 tons in 2018 and deficits in the prior two years, the company said in…

Naira Stability Is Costing Nigeria as Reserves Fall, Yields Rise

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LAGOS (Capital Markets in Africa) – Nigeria’s central bank has done a good job keeping the naira stable, but it’s paying a high price. The currency of Africa’s biggest oil producer has barely budged this year, weakening less than 1 percent against the dollar. That compares with 14 percent for South Africa’s rand and 4.3 percent for major emerging-market currencies, which have been battered by the dollar’s strength and trade tensions between the U.S. and China. The cost for…

Mobile-Money Growth Fuels Safaricom’s 20% Jump in Profit

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NAIROBI (Capital Markets in Africa) – Safaricom Plc.’s profit grew 20 percent in the six months to end-September, underpinned by money-transfer income and even as growth in mobile-data sales slowed. Profit at East Africa’s biggest company by market value came in at 31.5 billion shillings ($309.6 million) while service revenue grew almost 8 percent to 118.2 billion shillings. While mobile-data sales climbed 11 percent to 19.5 billion shillings, that was slower than the 31 percent…

South African Gupta-Linked Firm Said to Be Liquidated Over Debt

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JOHANNESBURG (Capital Markets in Africa) – A South African mining contracting firm owned by the Gupta family has been put into liquidation, according to people familiar with the matter. Westdawn Investments, which also trades as JIC Mining Services (Pty) Ltd., has debt of almost 60 million rand ($4.2 million), said the people, who asked not to be named because the information isn’t public. The company received the liquidation letter on Friday from Chavonnes Badenhorst St….

Nigeria Wants to Be the Biggest Winner From African Free Trade

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LAGOS (Capital Markets in Africa) – Africa’s most-populous nation has not yet signed a continent-wide free-trade deal because it wants to make sure it’s the biggest winner, and not the biggest loser, from this pact. Nigeria seeks to make sure third parties won’t be able to dump products and threaten local producers once the African Continental Free Trade Area is established, Vice President Yemi Osinbajo said Friday at a conference in Lagos, the commercial capital. “We are…

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