The Editorial Team |

OPEC Sees Rival Supplies Growing Most in Five Years in 2019

LAGOS (Capital Markets in Africa) – OPEC expects supplies from its rivals to increase by the most in five years in 2019, with extra oil from the U.S. alone sufficient to meet the growth in global demand. In its first detailed outlook for 2019, the Organization of Petroleum Exporting Countries indicated that the North American oil boom means OPEC members are already producing enough crude to cover what will be needed from them. That could still change,…

South African Airways to Urgently Seek Investment Partner

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JOHANNESBURG (Capital Markets in Africa) – South African Airways pledged to urgently begin a search for a private-sector partner to help turn around the troubled state-owned carrier and ease the burden on an already stretched National Treasury. The assurance followed an attempt by the Solidarity union to end SAA’s reliance on state funding and push the airline into business rescue. The carrier hasn’t made a profit since 2011 and last year needed a bailout to avoid…

Egypt Inflation Rate Accelerates for First Time in 11 Months

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CAIRO (Capital Markets in Africa) – Egypt’s inflation accelerated for the first time in 11 months in June after the government slashed fuel and electricity subsidies to help reduce the budget deficit. Inflation in urban parts of the country, the rate closely watched by the central bank, climbed to 14.4 percent from 11.4 percent in May, according to the state statistics agency. Prices rose 3.5 percent on the month, the most since January last year….

Quickest Growing Fossil Fuel Cuts Costs as Green Threat Rises

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LAGOS (Capital Markets in Africa) – The natural gas industry is on a mission to prove it can keep up with the green energy industry, whose price reductions are starting to become a competitive threat to fossil fuels. Gas and oil producers have slashed overheads by a third since 2014 and are finding deeper reductions harder to come by, according to energy consultants Wood Mackenzie. That’s spurring them to rewrite supply contracts, build mobile liquefied natural gas terminals and…

ARM of Kenya to Convert Tanzanian Unit’s Debt Into Equity

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DAR ES SALAAM (Capital Markets in Africa) – ARM Cement Ltd. will convert 21.6 billion shillings ($208 million) owed by its Tanzanian unit into equity, Chief Executive OfficerPradeep Paunrana said. The Nairobi-listed company guaranteed Maweni Limestone Ltd.’s debt, including facilities amounting to 5 billion shillings loaned by the Trade and Development Bank, Development Bank of Southern Africa Ltd. and the East African Development Bank. ARM’s auditors raised concerns over the loan because the company had not…

Buhari Faces United Opposition Challenge in Nigerian Vote

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LAGOS (Capital Markets in Africa) – Nigerian President Muhammadu Buhari rode to power three years ago on the back of a broad coalition determined to oust the ruling party. Now the West African nation’s opposition parties are planning to use the same maneuver to defeat him in February’s general elections. The People’s Democratic Party, which held power for 16 years until its 2015 defeat, signed an agreement with 38 other opposition groups to form the Coalition of…

Stress Tests for Miners Show BHP, Rio Can Endure China Shock

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LAGOS (Capital Markets in Africa) – It’s the question commodity investors dread: what happens if China slows and prices crash? S&P Global Ratings crunched the numbers for just that scenario and found the world’s five top miners including Glencore Plcand BHP Billiton Ltd. would be able to get by without a ratings cut. As prices will “run out of steam” sooner or later, S&P modelled a one-year collapse caused by a sudden shock to Chinese demand “as that’s…

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