The Editorial Team |

South Sudan to Boost Oil Output With Resumption at Damaged Field

SOUTH SUDAN (Capital Markets in Africa) – South Sudan will raise oil production by 30 percent when output resumes “soon” at a field damaged by conflict four years ago, Petroleum Minister Ezekiel Lul Gatkuoth said. Greater Pioneer Operating Co. will initially pump about 40,000 barrels per day, raising national output to about 175,000 barrels, Gatkuoth said in response to questions sent by Facebook Messenger on Thursday. GPOC’s owners include China National Petroleum Corp., Malaysia’s Petroliam National…

Kenya Plans to Rebase Economy, Reconstitute Inflation Basket

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NAIROBI (Capital Markets in Africa) – Kenya’s statistics agency plans to revise the size of the East African economy and reconstitute its inflation basket after a survey of household incomes showed poverty levels fell in the past decade. It’ll be the second rebasing of statistics used in calculating gross domestic product since 2014, when the nation increased the size of its economy by a quarter to $55.2 billion. Annual output is now estimated at about…

Deutsche Bank Sees Robust Year for South Africa IPOs, Bond Sales

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JOHANNESBURG (Capital Markets in Africa) – Deutsche Bank AG sees initial public offerings and bond sales driving South African deals this year after a record 2017. The country’s capital markets are “buoyant,” driven by global sentiment, and a “backlog” of IPOs that were due to happen late last year will now happen in 2018, Simon Denny, head of corporate finance for Deutsche Bank’s Johannesburg-based unit, said in an interview. “Sentiment has swung around and I am bullish around…

As Commodities Roar, Africa Wants Bigger Slice of the Mining Pie

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LUSAKA (Capital Markets in Africa) – One by one, the biggest names in African mining are getting squeezed. The tactics might be blunt, but the message is clear: the countries where they operate want a bigger share of the proceeds. The collapse in commodities through 2015 hobbled some of Africa’s biggest resource economies, stunting growth and leaving budgets short. Since then a recovery in prices has sent the continent’s biggest miners soaring, boosted profits and…

Zambia President Wants Swift Deal in $7.9 Billion Mine-Tax Fight

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LUSAKA (Capital Markets in Africa)- Zambian President Edgar Lungu wants his tax authority and First Quantum Minerals Ltd. to speedily resolve a disputed $7.9 billion tax bill the copper producer received this week, his spokesman said. Shares in the Vancouver-based company gained. “It’s a policy of government not to interfere with independent assessments made by the tax authority,” Amos Chanda said by phone Wednesday from the capital, Lusaka. “All we do is to encourage quick negotiation of the…

Smugglers Cheer as Nigeria Tries to Keep Foreign Rice Away

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LAGOS (Capital Markets in Africa) – At Nigeria’s normally manic border post of Seme, Lasisi Fanu says business has all but ground to a halt. He and other customs agents who help clear goods coming into Africa’s biggest economy from its smaller neighbour Benin say the long lines of trucks loaded with rice that used to jam the crossing have dwindled. The slowdown is a result of import restrictions and tighter border policing as President Muhammadu Buhari seeks to…

Mozambique’s Bondholders See `Gaps’ in Restructuring Plans

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MAPUTO (Capital Markets in Africa) – A group of key Mozambique bondholders questioned the government’s proposals on restructuring about $2 billion of its foreign debt, saying they lacked “important” information. The so-called Global Group of Mozambique’s Bondholders, which says it has the backing of investors owning more than 80 percent of the nation’s $727 million of Eurobonds, had earlier dismissed the government’s initial restructuring plan announced March 20 as a “total non-starter.” The notes, which…

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