The Editorial Team |

Egypt Scraps AOS, Al Wehda as Wheat Suppliers After Cargo Delays

CAIRO (Capital Markets in Africa) – Egypt, one of the world’s largest wheat importers, removed two of its top suppliers from a list of approved sellers after repeated delays in delivering cargoes, according to an official with the state-run buyer. Dubai-based AOS Trading DMCC and its Egyptian sister company Al Wehda will no longer be able to sell to the General Authority for Supply Commodities, said the official, who asked not to be named as…

Billionaire Sawiris Steps In to End Egypt Investors Dispute

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CAIRO (Capital Markets in Africa) – Egypt on Wednesday approved a deal settling a land dispute pitting the government against a group of international investors who owned a stake in a company controlled by one of the country’s richest men, a senior government official directly involved in the talks said. Investors including American businessman Sam Zell sued the government in an international arbitration court over the failure to fully honor a 2006 contract with Orascom Housing Communities. OHC is…

South Africa Reserve Bank Warns of Price Risks as It Holds Key Rate

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JOHANNESBURG (Capital Markets in Africa) – South Africa’s central bank warned of upside risks to inflation as it held the key interest rate at a two-year low. The Monetary Policy Committee unanimously decided to keep the repurchase rate at 6.5 percent Thursday. All 15 economists in a Bloomberg survey predicted the freeze. The rand had its worst month in more than two years in June as the U.S. and China exchanged tariff blows at a time when…

Ghana’s Economy Likely up to 40% Bigger, Reuters Reports

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ACCRA (Capital Markets in Africa) – Ghana’s economy could be as much as 40 percent bigger when the statistics agency publishes overhauled data on output in September, Reuters reported, citing government officials it didn’t identified. A bigger gross domestic product could improve Ghana’s debt ratio and get the government closer to achieving its budget-deficit target of 4.5 percent of GDP this year. The $45-billion economy is the seventh biggest in sub-Saharan Africa and one of…

Nigerian Senate to Probe `Irregular’ Oil Lease Renewals

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LAGOS (Capital Markets in Africa) – Nigeria’s Senate said it would probe the renewal process of energy leases undertaken by the oil minister and the Department of Petroleum Resources, in search of anomalies that could cost the government more than $10 billion in lost revenue. The Minister of State for Petroleum Resources Ibe Kachikwu and the DPR are renewing the “leases of companies that have brazenly and illegally refused to pay royalties,” lawmakers said in a motion…

MTN Is Said to Mull West African Unit Sale in Markets Cull

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JOHANNESBURG (Capital Markets in Africa) – MTN Group Ltd.’s sale of its Cyprus unit is just the start of a broader exit from small or problematic markets, with the Liberian unit leading a number of West African divisions being considered for disposal, according to people familiar with the matter. Africa’s largest mobile-phone company by subscribers sees the Liberia, Guinea and Guinea-Bissau businesses as ones it could do without, said two of the people, who asked…

Libya Kidnap Shows Oil-Supply Growth at Risk From Insecurity

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TRIPOLI (Capital Markets in Africa) – Just as Libya resumes oil exports from recently shuttered ports, an attack on its largest field is setting back progress yet again. An incursion by gunmen into the Sharara field Saturday and the kidnapping of workers there forced the National Oil Corp. to cut output and ban exports. It’s the latest in a string of security incidents that have hobbled Libyan shipments despite repeated attempts to restore flows in the politically…

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