The Editorial Team |

China Battles France for Business in Former African Colonies

ABIDJAN (Capital Markets in Africa) – When Ivory Coast put out a tender to build a bridge over the lagoon in its commercial hub of Abidjan, 10 out of the 18 companies that expressed interest were either Chinese firms or in partnership with them. China State Construction Engineering Corp. won the contract in May. The 109 billion CFA francs ($191 million) deal highlighted China’s growing muscle in a part of Africa that until recently its…

U.S. Senators Revive Bill to Counter OPEC `Price Fixing’

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JOHANNESBURG (Capital Markets in Africa) – U.S. Senator Chuck Grassley, along with a fellow Republican and two Democratic lawmakers, introduced legislation in the Senate that’s aimed at allowing the government to bring lawsuits against OPEC members for antitrust violations. Lawmakers in the other chamber of Congress, the House of Representatives, already introduced a version of the “No Oil Producing and Exporting Cartels Act,” or NOPEC, bill in May. Congress has discussed various forms of NOPEC legislation…

Lundin Bid for Nevsun Turns Hostile With $1.1 Billion Offer

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JOHANNESBURG (Capital Markets in Africa) – Lundin Mining Corp.’s effort to acquire Nevsun Resources Ltd.went hostile with a plan to make a C$1.4 billion ($1.1 billion) all-cash offer for the owner of the prized Timok copper-gold deposit in Serbia after its previous attempts were spurned. Lundin said Monday in a statement it will offer C$4.75 a share, representing a premium of about 13 percent to Monday’s closing price. The Toronto-based miner controlled by Swedish-Canadian billionaire Lukas Lundin intends to commence…

Angola Shows Some Investors Still Find It Hard to Resist Yield

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LUANDA (Capital Markets in Africa) – It takes some brazenness for a nation rated six steps into junk territory and with the world’s worst-performing currency to issue a Eurobond in this market. But Angola did just that on Monday, selling $500 million of 30-year debt in only the third dollar-denominated deal from an emerging-market government since May. The sale suggests that even with sentiment toward emerging markets turning much more bearish in the past three months, some investors still…

Nigerian Lender Sees Credit Surging as Banks Sign Up for Loans

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LAGOS (Capital Markets in Africa) – Development Bank of Nigeria Plc, a state-owned lender set up to improve access to credit in Africa’s largest economy, expects loans to small businesses to surge after the number of banks signing up to disburse the facilities more than doubled. The state-owned bank, targeting as much as 60 billion naira ($166 million) of loans this year, expects lending to small- and medium-sized companies to reach “hundreds of billions of…

Ethiopian Air in Talks to Back Nigerian Startup Carrier

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LUANDA (Capital Markets in Africa) – Ethiopian Airlines Enterprise said it’s in talks to back a start-up carrier in Nigeria in a move that would swell a network of alliances and equity holdings that’s extended the company’s reach across the continent. Tewolde GebreMariam, Ethiopian’s chief executive officer, plans to hold talks with a Nigerian government minister about the proposal later Tuesday at the Farnborough air show in southern England, he said in an interview in London….

Angola Annuls $1.5 Billion Port Deal With Dos Santos-Linked Firm

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LUANDA (Capital Markets in Africa) – A company with ties to Africa’s richest woman, Isabel dos Santos, is threatening to seek compensation from the Angolan government after losing concession rights to build a $1.5 billion port near the capital, Luanda. The decision to withdraw the contract to build and operate the Barra do Dande port appears to be yet another step by President Joao Lourenco to ease the grip of his predecessor’s family on the nation’s economy. Lourenco…

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