The Editorial Team |

Angola’s banking system is stable despite weak economic activity

LUANDA (Capital Markets in Africa) – The International Monetary Fund indicated that Angola’s banking system is stable despite weak economic activity that has weighed on the banks’ capital metrics and asset quality in the previous three years. The sector’s risk-weighted capital adequacy ratio reached 18.9% at the end of 2017 relative to 19.2% at end-2016, but was well above the regulatory minimum of 10%. The IMF noted that Banco Nacional de Angola (BNA) introduced a new liquidity requirement that limits…

Eskom Says Some South Africa Power Stations Hindered by Protests

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JOHANNESBURG (Capital Markets in Africa) – Some South African power stations are operating below full strength as workers protest state-owned Eskom Holdings SOC Ltd.’s insistence that it won’t offer pay increases. All the facilities are still running though, and the company, which supplies most of South Africa’s electricity, is determined to “keep the lights on,” Chief Executive Officer Phakamani Hadebe told reporters in Johannesburg. The company is implementing contingency plans and will get court orders to stop…

Zuma’s Defiance Hampers Ramaphosa Bid to Reform South Africa

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JOHANNESBURG (Capital Markets in Africa) – Pressured to resign as the nation’s president in February, Zuma retains significant influence in the ruling African National Congress, and his successor, Cyril Ramaphosa, has been forced to keep some of the former leader’s allies in the cabinet. That’s hampered the new president’s bid to unify the party, fight corruption and implement policies to restore confidence in the economy. Zuma, 76, still attends ANC events, including at least one…

Centum Kenya to Fund-Raise, Exit Investments as Profit Falls

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NAIROBI (Capital Markets in Africa) – Centum Investment Co., Kenya’s second-largest publicly traded investment group, plans to raise funds by selling assets and will target third-party funding for projects, after it reported a plunge in full-year profit. The Nairobi-based company will reduce its stakes in investments that aren’t providing “good returns” and part of the proceeds will be used to help repay outstanding debt of 11.4 billion shillings ($113 million), Chief Executive Officer James Mworia said at…

Politicians Look Set for Easy Ride in Kenyan Graft Crackdown

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NAIROBI (Capital Markets in Africa) – Kenyan prosecutors have rounded up scores of officials they intend putting on trial for looting billions of shillings from state coffers. Few of their political masters — seen by many as the kingpins behind repeated scandals — look set to face similar censure. The spate of arrests are part of an effort by President Uhuru Kenyatta, who won a disputed election last year, to improve controls over public funds and…

Glencore Resolves Congo Dispute With $5.6 Billion Debt Deal

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KINSHASA (Capital Markets in Africa) – Glencore Plc reached a deal with the Democratic Republic of Congo’s state mining company to end a legal dispute and save of one of its most important growth projects. The agreement involves a $5.6 billion debt-to-equity swap for Katanga Mining Ltd., effectively reducing the debt load of the subsidiary which Glencore co-owns with Gecamines. The deal also involves a one-time payment of $150 million to Gecamines and waiver of…

Congo’s Miners Face Harsh New Reality as Mining Law Finalized

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KINSHASA (Capital Markets in Africa) – The options for mining companies battling new legislation in the Democratic Republic of Congo — Africa’s biggest copper producer and the source of two-thirds of the world’s cobalt — have just about run out. After six months of lobbying, companies including Glencore Plc and Randgold Resources Ltd. have got nowhere in their battle to push back against the mining law, which voids existing agreements and increases their costs. Congo approved the final part of…

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