The Editorial Team |

Zuma Exit Rejuvenates South Africa’s Once-Cowed Parliament

JOHANNESBURG (Capital Markets in Africa) – Jacob Zuma’s exit as South Africa’s president has given a new lease of life to the nation’s previously submissive parliament. While the African National Congress used its dominance of the legislature to shield Zuma and his appointees through repeated scandals, its lawmakers have found their voice since Cyril Ramaphosa replaced him as party leader in December and as president last month. Cabinet ministers and officials have been grilled over the misuse of…

Nigeria MPC Meeting Delayed by Up to 10 Days, Emefiele Says

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LAGOS (Capital Markets in Africa) – Nigeria’s Monetary Policy Committee meeting will be delayed by between a week and 10 days, central bank Governor Godwin Emefiele said. The postponement is to allow the Senate time to screen and approve nominees to the MPC, Emefiele said in an interview broadcast on CNBC Africa on Thursday. The meeting will take place “by latest, the first week of April,” he said. Senate lawmakers on March 13 finally agreed to start…

Djibouti Sees China Involvement in Port as No Threat to U.S

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DJIBOUTI (Capital Markets in Africa) – Djibouti’s government will embrace greater Chinese involvement in the nation’s ports and sees no reasons for U.S. concern that its strategic interests may be threatened, Finance Minister Ilyas Dawaleh said. Situated on a global shipping choke-point that links the Red Sea and Suez Canal, Djibouti has become increasingly important to regional and world powers. Smaller than the state of Massachusetts, it hosts the largest U.S. military base in Africa and China’s…

Cobalt Hoarder Doubles Down on Battery Boom

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KINSHASA (Capital Markets in Africa) – Anthony Milewski was among the first investors to realize that if electric-vehicle sales take off the way automakers expect, the world is going to need a lot more cobalt—an essential ingredient in lithium-ion batteries. But the market for cobalt isn’t very big, and there aren’t many easy ways for investors to bet on prices. The metal is a minor by-product of copper and nickel mining, and only a few places produce meaningful quantities. More than…

Cairn Energy Signals Possible Sale of Senegal Oil-Field Stake

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DAKAR (Capital Markets in Africa) – Cairn Energy Plc signalled it may sell a stake in a Senegalese oil field, cashing in on one of the largest recent discoveries off West Africa. Once the project development plan is approved this year and an investment decision made, Cairn will have “options in respect to potential farm-downs,” Chief Executive Officer Simon Thomson said Tuesday. Selling an interest in the field — called SNE — would allow the U.K. exploration company…

Desert Sun to Power Upper Egypt With $2.8 Billion Solar Park

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CAIRO (Capital Markets in Africa) – Egypt on Tuesday inaugurated the first solar power plant at a remote desert complex where the government plans to generate as much as 1.8 giga watts from the sun, cutting the most populous Arab nation’s reliance on dirty and expensive fossil fuels. The plant, developed by Germany-based Ib Vogt GmbH and a local company called Infinity Solar Systems, began supplying the national grid in December, Ib Vogt Chief Executive Officer Anton Milner…

South Africa Sees Receptive Market for $3 Billion Bond Sale

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JOHANNESBURG (Capital Markets in Africa) – South Africa plans to tap international markets for as much as $3 billion as the country seeks to take advantage of relatively low rates and strong demand from yield-hungry investors. “We will be coming shortly and taking advantage of the favourable market conditions,” Tshepiso Moahloli, chief director of liability management at the National Treasury, told reporters in London after meetings with investors. “The market is conducive and we’re keen to…

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