The Editorial Team |

Tullow Sees 2017 Cash Flow Beating Forecast After Oil Rally

ACCRA (Capital Markets in Africa) – Tullow Oil Plc raised its expectation for free cash flow in 2017 as the crude-price rally offered a helping hand. The oil and gas producer expects to report $500 million of cash in its full-year results on Feb. 7, up from a previous forecast of $400 million, it said Wednesday. The company cited “rigorous cost discipline and a rising oil price” and said its West African output also beat forecasts….

Trump Denies Calling Haiti, African Nations `Shithole’ Places

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LAGOS (Capital Markets in Africa) – President Donald Trump on Friday denied labeling Haiti, El Salvador and African nations “shithole countries” during an Oval Office meeting with senators on immigration, despite accounts of three people briefed on the conversation. “The language used by me at the DACA meeting was tough, but this was not the language used,,’ Trump said in a Twitter posting on Friday morning, using an acronym for the Deferred Action for Childhood Arrivals, a program protecting…

Egypt Inflation Rate Drops as Currency Float Shock Eases

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CAIRO (Capital Markets in Africa) – Egypt’s monthly urban inflation rate fell for the first time in more than two years as the impact of lifting currency controls eased. The month-on-month inflation rate came in at minus 0.2 percent in December, its lowest rate since November 2015, while the annual inflation rate eased to 21.9 percent from 26 percent the previous month, according to the state-run statistics agency CAPMAS. Annual prices were affected by a slowing of…

Buffett Says Stock Ownership Became More Attractive With Tax Cut

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LAGOS (Capital Markets in Africa) – Warren Buffett said the U.S. tax cut will make companies more valuable by giving owners a bigger share of profits. “People who own the businesses, they now own 20 percent more of the domestic earnings,” Buffett, chief executive of Berkshire Hathaway Inc., said in an interview on CNBC Wednesday. Describing the change as a “big deal,” he gave as an example Berkshire Hathaway’s BNSF Railway. “The government doesn’t own the assets of…

Naspers Is Said to Plan $200 Million Investment in Swiggy

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JOHANNESBURG (Capital Markets in Africa) – Naspers Ltd. is in talks to lead an investment of as much as 2.5 billion rand ($200 million) in India’s Swiggy to increase its stake in the online food-delivery company, according to two people familiar with the matter. Africa’s biggest company by market value plans to team up with China’sTencent Holdings Ltd. to put together the new financing round, said the people, who asked not to be named as the information isn’t…

Calm Returns to Ivory Coast City After Military Dispute

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ADDIS ABABA (Capital Markets in Africa) – Calm returned to Ivory Coast’s second-biggest city of Bouake after a group of soldiers attacked a military special unit and ransacked its administrative headquarters late Tuesday. “This morning it’s calm,” Bouake mayor Nicolas Djibo said by phone Wednesday. “The population is going to work.” The soldiers fired shots as they approached the base of the elite unit, known as the CCDO, setting vehicles and property alight, the defense ministry said…

OPEC’s Angola Ditches Dollar Peg as Kwanza Falls at Auction

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LUANDA (Capital Markets in Africa) – Angola devalued its currency as the OPEC member sought to revive an economy still reeling from the oil-price crash four years ago. The kwanza fell 11 percent to 187.95 per dollar by 3:35 p.m. in Luanda and depreciated 10 percent to 221.75 against the euro. The move came a day after the central bank allowed the currency to weaken in its first auction of foreign exchange since announcing it would end a dollar…

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