The Editorial Team |

Ramaphosa’s Announcement of ANC Leadership Ticket Riles Backers

JOPHANNESBURG (Capital Markets in Africa) Leaders of the ruling African National Congress in South Africa’s richest province said they oppose Deputy President Cyril Ramaphosa’s decision to announce a ticket of running mates in his bid to become the ANC’s next president, saying it has the potential to deepen divisions in the party. While ANC leaders in Gauteng province back Ramaphosa to replace President Jacob Zuma as ANC leader, they don’t support his announcement on Sunday of a…

Angola Sovereign Wealth Fund Denies Claims Investments Illegal

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LUANDA (Capital Markets in Africa) – Angola’s Sovereign Wealth Fund said all its operations are legitimate and denied allegations based on the so-called Paradise Papers about how its $5 billion of capital is invested. “A series of articles have been published in a certain section of the media with unfounded allegations and incorrect information about Fundo Soberano de Angola,” the fund said in a statement on its website on Tuesday. “We would like to reiterate that…

Kenya’s Western Allies Urge Talks to Break Elections Impasse

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NAIROBI (Capital Markets in Africa) – Kenya’s key western trading partners and political allies urged talks to resolve a deadlock over the country’s presidential elections, as the nation’s top court began considering petitions challenging the outcome of last month’s vote rerun. The Oct. 26 rerun of an annulled vote two months earlier has polarized the East African nation and exposed “deep tribal and ethnic rifts” that have characterized Kenyan politics in the past, the Atlanta-based…

Congo Opposition Parties Reject Plan for Presidential Vote

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KINSHASA (Capital Markets in Africa) – Opposition parties in the Democratic Republic of Congo presented a united front to reject plans for elections in December 2018 and insisted that President Joseph Kabila step down before the end of the year. Three large opposition groups issued identical statements on Tuesday denouncing a schedule published Nov. 5 by the Independent Electoral Commission that sets presidential and parliamentary polls for Dec. 23, 2018. The Rassemblement, an opposition coalition, along with…

KCB of Kenya Nine-Month Profit Growth Slows as Loan Income Falls

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NAIROBI (Capital Markets in Africa) – KCB Group Ltd., Kenya’s biggest bank by assets, posted slower growth in profit in the first nine months of the year as income from loans dropped. Profit grew to 15.1 billion shillings ($145.7 million) from a restated 14.4 billion shillings a year earlier, as earnings from loans decreased 1 percent to 35.7 billion shillings, the Nairobi-based bank said in an emailed statement. Non-interest income climbed by almost a fifth to…

Tullow Rises After Boosting Output Forecast on Africa Fields

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ACCRA (Capital markets in Africa) Tullow Oil Plc jumped to a five-month high in London trading after raising its oil-production forecast for the year. The company expects net production of 85,000 to 89,000 barrels a day from its West African operations, up from 78,000 to 85,000 barrels a day, according to a statement. Performance from the Jubilee and Tweneboa, Enyenra and Ntomme fields off Ghana has been “strong,” it said. It raised its free-cash-flow estimate to about…

Ethereum Creator Wonders Whether His Currency Should Be Scarcer

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LAGOS (Capital Markets in Africa) – Vitalik Buterin, the inventor of the ethereum blockchain, may have created too much of a good thing. The 23-year-old helped sell one of the first digital currencies in 2014 when he introduced ether to the public. Three years later he’s witnessed scads of other digital currencies raise more than $3 billion in 2017 via so-called initial coin offerings. The sheer number of coins now being created has made him ponder…

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