The Editorial Team |

BT Chairman Pushes for Brexit Transition Deal of Up to a Decade

LONDON (Capital Markets in Africa) – Prime Minister Theresa May is struggling to make headway in Brussels securing a two-year trade transition after Brexit. Now, she faces a call to push for as much as a decade. Two years isn’t enough to transpose legislation and regulation from the European Union and negotiate new treaties, BT Group Plc Chairman Mike Rake said Friday in an interview on Bloomberg TV. Businesses need five to 10 years access to the single market and customs union,…

Egypt Calls for Less LNG in Tender as Domestic Gas Boost Looms

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CAIRO (Capital Markets in Africa) – State-run Egyptian Natural Gas Holding Co. is seeking 12 LNG cargoes for delivery in the first quarter of 2018 in a tender, according to two people with direct knowledge. That compares with more than 100 cargoes it planned to purchase via tenders or government-to-government contracts for this year. Traders are monitoring how much LNG Egypt will buy next year as Africa’s biggest gas market weighs it needs for imports against a…

Dos Santos Says Sonangol Turnaround May Not Finish on Her Watch

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LUANDA (Capital Markets in Africa) – Isabel Dos Santos, Africa’s richest woman, said work to get Angola’s state-owned oil producer Sonangol back on track won’t necessarily be completed during her term as chairwoman. Dos Santos is the 44-year-old daughter of former President Jose Eduardo dos Santos, who stepped down as head of state in September after ruling the energy-rich country since 1979. Her team was brought in to improve efficiency and profitability at Sonangol, which…

Nigeria Seeks to Boost Mining Reserves to Lure Investors

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LAGOS (Capital Markets in Africa) – Nigeria plans to spend 15 billion naira ($42 million) over the next year to explore for minerals and attract investors into mining and reduce its dependence on oil, Solid Minerals Development Minister Kayode Fayemi said. “Because we are starting from a low base, we want to have a portfolio of exploration activities in place that could whet the appetite of the average investor who wants to come in,” Fayemi said in…

Liberia Vice President, Ex-Football Star Head to Runoff Vote

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MONROVIA (Capital Markets in Africa) – Liberia’s soccer star turned politician George Weah and Vice President Joseph Boakai will face each other in a runoff vote for the presidency next month after neither candidate secured a majority needed for an outright win. Weah had 38.4 percent of the votes in the Oct. 10 election, while Boakai got 28.8 percent with all ballots counted, Jerome Korkoya, chairman of the National Elections Commission, told reporters on Thursday in the capital, Monrovia….

South Africa’s Rand Slumps as Ramaphosa Speculation Raises Risks

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JOHANNESBUR (Capital Markets in Africa)- South Africa’s rand led emerging-market currency declines against the dollar amid speculation that President Jacob Zuma is preparing to fire his deputy Cyril Ramaphosa days after removing another critic from his cabinet. The rand dropped as much as 1.3 percent and traded 1.1 percent weaker at 13.6309 per dollar by 9:37 a.m. in Johannesburg, bringing its slump this week to 2.7 percent, the most since the five days ending Aug….

Moody’s Sees Angola as No-Go Zone for U.S. Banks as Risks Remain

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LUANDA (Capital Markets in Africa) – Angola is still a long way off from tempting U.S. banks into resuming dollar-clearing services despite making progress in combating money laundering, according to Moody’s Investors Service. “American banks are unlikely to come back to Angola anytime soon,” Akin Majekodunmi, a London-based senior analyst at Moody’s, said in an interview on Wednesday. “This industry, if you like, doesn’t make much commercial sense for them anymore.” Bank of America Corp….

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