The Editorial Team |

Once Bitter Foes, Ethiopia, Eritrea Promise `Bridge of Love’

ADDIS ABABA (Capital Markets in Africa) – Ethiopia and Eritrea signed a declaration of peace and agreed to re-establish key economic links after an unprecedented summit between the Horn of Africa nations’ leaders that marked the end of almost two decades of strife. The announcements by an Eritrean official and the Ethiopian state-owned broadcaster Fana followed Prime Minister Abiy Ahmed’s visit to the Eritrean capital, Asmara, on Sunday for talks with President Isaias Afwerki and their decision to…

Nigeria’s Lawmakers to Probe State Oil Company Over Remittances

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – Nigeria’s House of Representatives will investigate the state-owned oil company for allegedly not sending enough funds to the government. The lower chamber voted to start a probe after a motion on Tuesday from Nicholas Ossai, a member of the main opposition People’s Democratic Party and the chairman of the House Committee on Ethics and Privileges. There’s an “urgent need” to investigate Nigerian National Petroleum Corp.’s “under-remittances” to the so-called Federation Account,…

Western Monitors’ Return Kindles Hope for Free Zimbabwe Vote

Posted on by The Editorial Team

HARARE (Capital Markets in Africa) – An influx of Western observers is giving Zimbabweans some hope that this month’s elections won’t be a repeat of the tainted contests held during former President Robert Mugabe’s 37-year rule. While Zimbabwe’s past three elections were marred by allegations of rigging, violence and intimidation, new President Emmerson Mnangagwa has welcomed the return of monitors from Western nations whose governments were more critical of Mugabe than teams from African countries. He’s vowed that the…

Nigerian Regulator Says MTN Hasn’t Yet Filed IPO Application

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – MTN Group Ltd.’s Nigerian wireless unit hasn’t yet submitted an application for an initial share sale, the Securities and Exchange Commission said Sunday in a statement. MTN also has yet to announce how much it aims to raise from the listing, which MTN Group CEO Rob Shuter initially planned for the middle of this year, before pushing the deadline to the end of the year. Earlier this week, Lagos-based BusinessDay reported that the company plans…

McKinsey’s Sneader Says South Africa’s Eskom Was Overcharged

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – McKinsey & Co. has apologized to South Africa again over how business was handled with state-owned Eskom Holdings SOC Ltd., saying it overcharged the utility and was slow to admit wrongdoing. The consulting firm admitted in October to failing to follow its own procedures while doing business with the power company when it worked alongside Trillian Capital Partners Pty Ltd., a business linked to the Gupta family. McKinsey reached a settlement last week…

Libya Oil Chief Warns Output to Drop Every Day as Ports Halted

Posted on by The Editorial Team

TRIPOLI (Capital Markets in Africa) – Libya’s oil output will keep dropping day by day if major ports remain closed after clashes last month led to a political deadlock, the head of the country’s state energy producer said. “Today, production is 527,000 barrels a day, tomorrow it will be lower, and after tomorrow it will be even lower and everyday it will keep falling,” Mustafa Sanalla, chairman of the Tripoli-based National Oil Corp., said in a…

Impala Platinum Miner Weighs Plan to Curb Losses Amid Slump

Posted on by The Editorial Team

JOHANNESBURG (Capital Markets in Africa) – Impala Platinum Holdings Ltd. is facing some tough choices as the South African miner works to stem losses at aging shafts amid slumping prices for the metal. The world’s second-largest producer has already cut 2,500 jobs in the year through June and says there may be more to come. Only three of the 10 shafts at its sprawling Rustenburg mining complex were making money as of March. Things have only…

« 1 … 477 478 479 480 481 … 1,077 »