The Editorial Team |

Petronas Unit Said to Hold Talks With Shell Operator in Africa

JOHANNESBURG (Capital Markets in Africa) – Petroliam Nasional Bhd’s South African unit, Engen, is in talks with Vivo Energy Holding BV to combine some of their African fuel-retail assets, according to two people familiar with the matter. The deal would be worth as much as 3.5 billion rand ($256 million), or about 20 percent of Engen’s equity value, said the people, who asked not to be identified as the negotiations are ongoing. Engen, which is 26…

Former Nigerian Vice President Abubakar Joins Opposition PDP

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LAGOS (Capital Markets in Africa) – Nigeria’s former vice president Atiku Abubakar, a potential candidate for 2019 presidential elections, announced that he has re-joined the opposition People’s Democratic Party that he helped found. Abubakar said in a video posted to his Facebook account that the ruling All Progressives Congress Party, or APC, which he quit last month, had failed to improve lives and create the 3 million jobs a year it had targeted. “I left the PDP four…

Steinhoff Africa Retail Gains Most Since Listing as Profit Beats

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JOHANNESBURG (Capital Markets in Africa) – Steinhoff Africa Retail Limited rose the most since its September listing after South Africa’s second-biggest retailer reported debut earnings that beat estimates. The stock climbed as much as 6.6 percent and traded 1.1 percent higher at 25.99 rand as of 10:28 a.m. in Johannesburg, valuing the company at 90 billion rand ($6.5 billion). That brings its gain since listing to 27 percent. With more than 4,800 stores in 12 African countries, the…

South Africa’s Economic Heartland Backs Ramaphosa in ANC Race

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JOHANNESBURG (Capital Markets in Africa) – South African Deputy President Cyril Ramaphosa won the backing of African National Congress members in the nation’s economic heartland and extended his early lead in the nomination process to succeed President Jacob Zuma as head of the ruling party this month. Ramaphosa won the endorsement for the ANC presidency from 374 branches in Gauteng, tallies released Saturday at a party meeting in Pretoria, the capital, show. That’s the fourth province to back him. His…

Rio Tinto Picks Thompson for Chairman as Investors Seek Discipline

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JOHANNESBURG (Capital Markets in Africa) – Rio Tinto Group named industry veteran Simon Thompsonas chairman after shareholders rejected a plan to install a renowned dealmaker — reinforcing an industry-wide investor drive for higher returns and caution over project spending. Thompson, 58, a Rio director since 2014 and previously an executive director at Anglo American Plc, will succeed Jan du Plessis from March 5, London-based Rio said Monday in a statement. Du Plessis, who’s held the post since 2009, is stepping down after taking up…

Bitcoin Job Postings Are Surging on LinkedIn as Price Soars

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LONDON (Capital Markets in Africa) – Bitcoin-related job postings as a proportion of total listings on LinkedIn jumped more than nine fold in the financial services industry over the past three years and 4.6 times in the software technology industry, according to data from the career-oriented social network. While the number of listings within financial services is growing faster, the majority of crypto-related jobs — 70 percent — are still tied to software development. And as bitcoin’s…

Angola Plans to Open Up Telecoms Industry to Foreign Bidders

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LUANDA (Capital Markets in Africa) – Angola plans to sell a minority stake in a state-owned telecommunications provider and hold an auction for a fourth industry operator as new President Joao Lourenco shakes up the business environment and reduces the influence of his predecessor’s family. The government of the oil-rich west African country has received several expressions of interest from local and foreign investors in the new telecommunications license, state-owned news agency Angop said, citing the country’s…

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