The Editorial Team |

Daimler Profit Falls as Mercedes Stumbles on Diesel Costs

LAGOS (Capital Markets in Africa) – Daimler AG’s profit slumped 14 percent in the third quarter as earnings at the Mercedes-Benz cars division dropped on costs to fix the emissions systems of older diesel cars. Earnings before interest and taxes declined to 3.46 billion euros ($4.1 billion) from 4.04 billion euros a year earlier, the Stuttgart, Germany-based manufacturer said Friday in a statement. As the company flagged in advance of the report, Mercedes booked 453 million euros in…

Engie Agrees to Buy Solar-Power Firm Fenix to Expand in Africa

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JOHANNESBURG (Capital Markets in Africa) – Engie SA agreed to buy U.S. energy-technology start-up Fenix International to help fund the roll out of solar-power systems for Africans with no access to the electricity grid. The French utility will provide capital and help raise debt to expand the electricity service into at least 10 African countries over the next five years, Fenix Chief Executive Officer Lyndsay Handler said in a phone interview. Courbevoie-based Engie decided on the…

HSBC, Standard Chartered Face U.K. Probe Over Gupta Ties

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LONDON (Capital Markets in Africa) – United Kingdom regulators are looking into whether HSBC Holdings Plc and Standard Chartered Plc facilitated money-laundering as a result of possible ties to South Africa’s politically powerful Gupta family. The Financial Conduct Authority probe comes after Peter Hain, a member of the unelected House of Lords, wrote a letter raising concerns about the banks’ possible exposure to the Guptas. In the letter, Hain said allegedly illicit funds may have passed through the…

Barrick Will Pay Tanzania $300 Million in Acacia Tax Fight

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DAR ES SALAM (Capital Markets in Africa) – Barrick Gold Corp. agreed to pay Tanzania’s government $300 million as talks about the state’s tax dispute with unit Acacia Mining Plc continue, Chairman John Thornton said. Acacia shares surged by a record. The payment is a “a show of good faith” as a working group comprised of representatives from both sides seek to establish an ultimate resolution to the disagreement, Thornton said at a briefing Thursday after a…

South African Airways Chairman Ousted in Boardroom Shake-Up

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JOHANNESBURG (Capital Markets in Africa) – South African Airways Chairman Dudu Myeni will leave the state-owned airline in a shakeup of the board scheduled for early next month, as the finance ministry puts new management in place to turn around the unprofitable carrier. Myeni, who is friends with South African President Jacob Zuma and heads his charitable foundation, is the most prominent of a number of directors being replaced following the arrival of new Chief Executive Officer Vuyani Jarana. Deputy…

Dangote Cement Profit Jumps on Lower Fuel Costs in Nigeria

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LAGOS (Capital Markets in Africa) – Dangote Cement Plc said nine-month profit surged 45 percent as Africa’s largest producer of the building material lowered fuel costs in its home market of Nigeria. Net income rose to 193 billion naira ($537 million) from 134 billion naira a year earlier, the Lagos-based company said in a statement on Thursday. Revenue increased 37 percent to 604 billion naira. Dangote Cement, controlled by Africa’s richest man Aliko Dangote, is cutting costs and…

Heineken Congo Cuts Jobs as It Blames High Taxes, Economic Slump

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KINSHASA (Capital Markets in Africa) – Bralima SA, Heineken NV’s subsidiary in the Democratic Republic of Congo, said it’s carrying out a reorganization to cut costs because of the country’s high taxes and continuing economic slump. The restructuring, which will include dismissals, was announced in a letter Bralima Director-General Marinus Maria Kruijt sent to employees on Oct. 11 that was seen by Bloomberg and verified by the company. The cost-cutting follows the closure of two of its…

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